Hybridan Small Cap Feast: 12/11/2024

* 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

Admissions:  

None

Delistings:

None

What’s baking in the oven?

ITF announced:***

Potential**  Initial Public Offerings:

31 October 2024: Winking Studios: the AAA Art Outsourcing and Game Development business listed on the Catalist board of the Singapore Exchange Securities Trading Limited announces its intention to seek Admission to trading on the AIM market in November 2024 (the Dual Listing) to support, amongst other efforts, its expansion into Western markets. The Company has Partnerships with three major game publishing platforms: Sony, Microsoft and Nintendo and significant organic growth over the past four years, doubling headcount to 800+, increasing revenue to US$29.3m and growing Adjusted EBITDA to US$5.3m (FY23).


Banquet Buffet****
 

4Basebio £12.85 £164.6m (4BB.L)

The Company which develops and commercialises the large scale manufacture of synthetic DNA as well as nanoparticle delivery solutions announces the completion of a Strategic Investment following receipt of regulatory approval and clearance under the National Security and Investment Act 2021, for the investment by (i) Fort Aggregator LP, acting by its general partner, Elevage Medical Technologies, a Patient Square Capital platform and (ii) The Prudential Assurance Company Limited acting by its investment manager M&G Investment Management Limited, initially announced on 29 July 2024. As announced on 9 September 2024, the Strategic Investment is for a combined amount of £40.0m through an issuance of ordinary shares and the purchase of Ordinary Shares from an entity belonging to the Deutsche Balaton Group and certain directors of the Company at a purchase price per Sale Share equal to the Issue Price for an aggregate purchase price of approximately £29.4m.

Cake Box Holdings 190p £76.0m (CBOX.L)

The UK's largest retailer of fresh cream celebration cakes today announces its half-year results for the six months ended 30 September 2024. Revenue increased 4.3% to £18.7m (H1 2023: £18.0m), EBITDA increased 11.9% to £3.5m (H1 2023: £3.1m) and net cash came in at £5.6m (H1 2023: £5.9m). Trading has continued positively since the half year end, with total franchise sales 9.9% ahead in October 2024 and like-for-like sales up 4.0%, compared with the same period in the prior year. Seven new franchise stores opened since the period end taking the total to 14 stores to date in the current financial year (ten by the same date in FY24); confident in opening in excess of 25 new franchise stores by the year end. The Company is on track to deliver a full year performance in line with market expectations.

Concurrent Technologies 129.5p £110.9m (CNC.L)

The designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world's major OEMs announces that its Systems business unit in Los Angeles has secured a $3.72m contract, with a leading defence platforms provider in Asia. Working closely with the Company's local sales partner, Concurrent will deliver rugged systems to be used in next-generation armoured vehicle demonstrators, and earlier deliverables include air-cool R&D units to enable software development. Delivery of the finished systems is due during 2025, and therefore it is expected that most of the associated revenue will be recognised in that year. The demonstration trials may inform a future decision to make more of the same or similar system.

Crystal Amber Fund 105p £75.1m (CRS.L)

The activist fund investing predominantly in small and mid-cap UK equities where it identifies opportunities to enhance long-term shareholder value through active engagement with companies announces its final results for the year ended 30 June 2024. The NAV per share increased by 86.3% over the 12 months to 30 June 2024 from 93.3p to 173.9p a share. The NAV rose from £77.7m to £126.7m. During the year there was a buy back of 12.5% of the Company's issued share capital for cancellation at an average of 80.19p a share, a discount to year end NAV of 53.9%. Fund performance: according to Trustnet over the last year the Fund is second out of 22 peer group funds and over three years, first, with shareholder returns of 68.4% against a decline of 9.2% in the Investment Trust Smaller Companies Index. Completed successful exit of Prax Exploration Deferred Consideration Units.

First Property Group 15.5p £23.7m (FPO.L)

The property fund manager and investor provides a trading update for the six month period to 30 September 2024. Notwithstanding continued volatile property markets, the Group had a good first half of its current financial year. First Property has benefitted from a number of one-off events, including profits earned from the trading of properties by one of the funds which the Group manages and in which it holds an associated investment. In addition, the Group has benefited from the early receipt of fees in lieu of the remainder of the management agreement it has with one of the funds managed by the Group where the disposal of properties has been made ahead of schedule. Consequently, the Board now anticipates that the Group's profit before tax (on an unadjusted basis) for the year ending 31 March 2025 will exceed market expectations, with the Group's revenues being in line with expectations. The Group's performance for the year ending 31 March 2025 may be subject to the impact of any non-cash adjustments required to be made to property valuations.

Goldplat 6.7p £11.2m (GDP.L)

The Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry announces an operational update for the 1st quarter ended 30 September 2024. The two recovery operations achieved a combined operating profit for the quarter of £1.84m (excluding listing and head office costs, finance cost and foreign exchange losses) (FY Q1 2024 - £1.87m). The finance cost and foreign exchange losses incurred in Q1 mainly related to trading activities and resulted in a combined profit before tax excluding listing and head office costs for Q1 of £1.45m (FY Q1 2024 - £1.46m).

Time Finance 56p £51.2m (TIME.L)

The independent specialist finance provider announces that it has continued to enjoy positive trading momentum throughout the first five months of the 2024/25 financial year (FY25) and confirms that the Company will provide a scheduled trading update in respect of H1 FY25 on 19 December. This positive momentum year-to-date includes record revenues, a lending book hitting new heights, and arrears remaining well under control. As a result, the Board now has increased confidence that Group performance for FY25 will be ahead of current market expectations. Revenue and Profit Before Tax for FY25 are now expected to not be less than £35.1m and £7.2m respectively.

TPXimpact Holdings 36.5p £33.3m (TPX.L)

The technology-enabled services Company focused on people-powered digital transformation announces a major contract award from the Ministry for Housing, Communities and Local Government (MHCLG) and provides an update on its trading performance for the first half of the financial year ending 30 September 2024. The award from MHCLG of up to £19m over three years provides TPXimpact with a pivotal role in supporting the delivery of MHCLG's ambitious digital reform programme to modernise the planning systems utilised across England. A future state of data-driven, standards-based systems will be more efficient and robust, whilst making it easier for citizens and communities to engage in planning and development. This initiative is well-aligned with the Government's mission to promote sustainable economic growth and the cost-effective delivery of new housing to meet urgent national demand. Trading performance in H125 was in line with the update issued on 10 September 2024. The Board expects to report first-half revenues of almost £38m, down approximately 9% on H124. Adjusted EBITDA margins are expected to increase to c. 6% (H124: 4.8%).

Windar Photonics 39.5p £32.1m (WPHO.L)

The technology group which has developed its WindEye and WindTimizer wind sensors and its related 'Nexus' software, reports a Trading update.  Its  global order pipeline remains substantial, with significant trial and repeat orders expected in the North American market. The quantity of new customer discussions has however stretched the sales resources and capability and therefore, it is taking longer to conclude some of these discussions than had previously anticipated. The financial results each year will be sensitive to the timing of large orders. In the current financial year to December 2024, two specific orders with EUR4m of revenue attached are now more than likely to slip into 2025. Consequently, expectations are reset to achieve revenue of EUR6m - EUR7m which is up from  EUR4.7m leading to an EBITDA of between EUR0.4 and EUR0.9m. Any shortfall for 2024 will be fully recovered in 2025 and investors will be updated regarding these orders as they are received.

Zoo Digital Group 34.5p £33.8m (ZOO.L)

The provider of cloud-based localisation and digital media services to the global entertainment industry announces its unaudited financial results for the six months ended 30 September 2024.  Revenues increased by 29% to $27.6m (H1 FY24: $21.4m) as content output continues to recover following the Hollywood writers' and actors' strikes in 2023.  Adjusted EBITDA returned to profit, as previously guided, of $1.6m (H1 FY24: EBITDA loss of $7.1m) and a cash balance of $4.3m at the period end (H1 FY24: $16.8m). Entertainment industry recovery is expected to continue steadily in H2 FY25, gradually improving through calendar 2025.

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