Hybridan Small Cap Feast: 10/10/2024
10th October 2024
* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
What’s baking in the oven?
Potential** Initial Public Offerings:
30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand has confirmed its intention to float on the LSE Main Market. The Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers reported revenue of £86m and EBITDA of £25.9m. The Offer will compromise existing shares to be sold by certain existing shareholders of the Company. Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, will be disclosed in a Prospectus, if and when published.
Dual Listings:
4 October 2024: Pulsar Helium, a publicly traded company on the TSX Venture Exchange (TSXV:PLSR) and the OTC QB Venture Market (OTCQB:PSRHF) focused on helium exploration and development is planning to list on AIM also. The Company's primary focus is the exploration and development of helium at its appraisal-stage Topaz Project, located in Lake County, Minnesota in the United States of America. The Company also holds two exploration/prospecting licences in Greenland, comprising the Tunu Project. The Company's main country of operation is United States of America. Expected first day of trading mid October.
Banquet Buffet****
The gold, copper and silver producer focused in Azerbaijan provides the following production, sales and operational review for the three months to 30 September 2024. Authorisation to raise the Group's tailing dam wall received on 5 August 2024, first lift of 2.5 metres on track to be completed in November 2024. Total Q3 2024 production of 3,040 gold equivalent ounces (GEOs) (Q3 2023: 5,295 GEOs). Total gold bullion sales of 3,220 ounces at an average price of $2,497 per ounce (Q3 2023: 2,900 ounces at an average price of $1,949 per ounce). Net debt position of $14.0m at 30 September 2024 (30 June 2024: $12.0m) as a result of the partially suspended production during the year.
The developer and seller of the cloud video platform, Blackbird, and developer and distributor of the online collaborative video editing and content creation platform, elevate.io announces that it has been selected to join Innovate UK's Global Business Innovation Programme (GBIP) which includes a fully-funded trip attending the South by Southwest (SXSW) Conference in Austin, Texas in March 2025. Innovate UK is the United Kingdom's national innovation agency, part of UK Research and Innovation, aimed at driving economic growth by supporting businesses and organisations in developing and commercialising innovative ideas, products and services. Its primary goal is to help UK companies bring their cutting-edge technologies and innovations to market whilst fostering competitiveness on a global scale. Innovate UK's GBIP is a 9 to 12 month programme that aims to support innovative UK businesses to grow and scale on the global stage through building R&D, innovation collaborations and partnerships.
The clothing & footwear digital retailer announces its half year results 2024 for period ended 31 August 2024. Revenue decreased 6.7% to £277.2m (H1 2023: £297.0m), Adjusted EBITDA increased to £18.8m (H1 2023: £17.5m) and cash and cash equivalents increased to £66.0m (H1 2023: £49.1m). FY25 adjusted EBITDA expected to be in line with management expectations. The Board has continued confidence that the progress made against the Group's strategic transformation plans and its differentiated brands leave it well positioned to deliver future sustainable growth.
The provider of business intelligence, learning and specialist consultancy, provides a trading update. The Board expects December Y/E 2024 to be significantly below the current analyst consensus range. The revised expectations are for revenue of £34m in 2024, at an adjusted EBITDA margin of around 15%. The interim results in July, referenced marketing sector headwinds caused by macro-economic challenges which are continuing to drive restructurings in the marketing functions of many blue-chip customers. Leading to the curtailment of marketing budgets so although customers are retained, their spend is reduced. The prolonged impact of these challenges is materially reducing revenue and profit in H2 2024, which also impact revenue and profit expectations in 2025. There was £9.5m of net cash at end September 2024.
A provider of specialist energy and water efficiency solutions announces its interim results for the six months ended 31 July 2024. Revenue increased 15% to £29.9m (H1 FY24: £26.0m), Adjusted EBITDA loss before tax of £2.4m (H1 FY24: £0.8m profit) and Adjusted loss before tax of £3.8m (H1 FY24: (£0.4m)) reflecting the impact of the earlier than expected UK General Election together with the project mix in the period and the increased overheads needed to support the level of revenue for the year and Net cash (excluding IFRS16 liabilities) of £0.3m (H1 FY24: £0.5m). The Company expects a return to profit for H2 FY25 and to achieve Adj. PBT for FY25 in line with market expectations.
The designer and supplier of high quality sustainable bathroom and kitchen products, will announce its Interim Results for the 26 weeks to 29 September 2024 on 21 November 2024. In advance of this, the Group provides the following trading update. Reported revenue is expected to be 7% lower than the previous year at approximately £188m (2023: £201.6m). Underlying operating profit is expected to be at least £19.5m (2023: £21.4m) in the first half of the year.
The life sciences business developing probiotics to support cardiometabolic health announces a new commercial partnership with Mexico based raw materials and ingredients specialist Raff. Founded in 1999, Raff is a distributor of raw materials and value-added ingredients, with a particular focus on the dairy and nutraceutical sectors. Backed by a highly trained technical team, Raff specialises in the use and application of lactic and probiotic cultures, rennet, enzymes and preservatives. The five-year agreement enables Raff to act in partnership with ProBiotix, as the exclusive distributor of LPLDL to be used as an ingredient for the local manufacturing of finished products. The launch is planned for the first half of 2025, with commercial sales expected in late 2025/early 2026.
The diversified financial services provider and retailer provides the following trading update for the financial year ended 30 September 2024. FY24 has been another year of record performance and the Group expects to report profit before tax of at least £11m (FY23: £10.1m). Ramsdens intends to announce its FY24 results on 14 January 2025.
The manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the beverage, flavour and fragrance industries today publishes a trading update for the year ended 30 September 2024. Full year revenue growth of 5% (7% in constant currency) to c.£155.2m (FY23: £147.4m), Profit before tax and exceptional items (PBTE) growth of 9% to c.£18.8m (FY23: £17.3m), in line with Board expectations. This builds on the PBTE growth of 14% between FY22 and FY23, with PBTE having grown by 23% from FY22 to FY24 and year end net debt significantly reduced to £0.7m (FY23: £10.4m), ahead of Board expectations, reflecting the robust cash generation and discipline of the business.
The Maritime AI company announces a number of key business developments since the end of the first half of 2024. Customer wins in the commercial sector continue at a steady pace consistent with previous periods, including healthy business expansion from existing customers. In the ROW government sector, the Company won two new customers for a total of $1.9m of ACV. Additionally in Government renewals both ROW and US sectors, customer renewals are progressing as expected.
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