Hybridan Small Cap Feast: 16/04/2025

* 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:  

Yesterday (15th April), MHA (MHA.L), the professional services provider of audit and assurance, tax, accountancy and advisory services, announced its Admission onto AIM. The Company raised gross proceeds of approximately £98m at 100p.  The placing raised £95.8m and the Retail Offer raised gross proceeds of approximately £2.2m.  The market capitalisation of the Company was approximately £271m on Admission. 

Delistings:  

Today, Ti Fluid Systems (TIFS.L) left the Main Market.

Yesterday (15th April), Alpha Growth (ALGW.L) left the Main Market and Equals Group (EQLS.L) left AIM. 
 

What’s baking in the oven?

Potential**  Initial Public Offerings:

18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected on or around 22nd April.  

Banquet Buffet****

Cirata reported Q125 Trading update for the 3 months to March 2025; its services accelerate data-driven revenue growth by automating data transfer and integration to modern cloud analytics and AI platforms without downtime or disruption. Revenue of $3m represents  the strongest quarter since Q1 2019  and
a 330% increase compared to Q124 driven by an enterprise-wide  Digital Integration (DI) contract with a leading UK retailer and DI being the core growth driver. The business mix continued to improve with DI accounting for 80% of bookings and DevOps software the remaining (Q124 DI 57%: DevOps 43%). The Q1 cash overheads reduced to $4.6m from Q1FY24 of $6.2m. The cash overhead annualised run rate is between $16m-$17m compared to $25.1m and the cash position as at March 2025 is $8.3m. The CEO states that the strong start to the year is a step forward in the recovery plan and drive towards growth.



The operator of Domino's pizza stores and restaurants across Poland and Croatia announced a trading update for Q1 2025. In Croatia, a 12.7% increase in revenue to EU1m is reported, with two new stores scheduled to open in the coming months. Revenue in Poland increased 6.5% to PLN66.3m. The Group continues to make strong progress with a clear focus on becoming the leading pizza brand in Poland. The business has reached a level of maturity that enables it to transition to the next phase of development. This will focus on acquisition opportunities, driving organic expansion, and accelerating the franchising of corporate owned stores.



The operator of  a growing estate of venues across the UK with an emphasis on providing first class cinema and hospitality yesterday reported finals for January 2025. Its revenue improved 17.9% to £107.2m
but with a flat EBITDA at £10.64m. The net banking debt was reduced by 6.7% to £18.1m. The Operating loss, excluding impairment charge, is £0.7m compared to a £0.7m profit. There were three organic openings during the year, including a five-screen venue in Cambridge. The membership base grew by 65% which helps increase guest frequency. Positive momentum in Q1 2025 is reported with trading helped by Bridget Jones’s Mad about the Boy. The management is confident of a strong performance in 2025, underpinned by a well-balanced, consistently phased film slate.



The UK's largest retailer of musical instruments and music equipment announces it has purchased stock and gives a Trading update. The stock has a cost value of £1.8m, including websites, trademarks, and commercial data, which was brought from administrator for a total consideration of £0.6m. The has been a marked improvement in UK and European like-for-like sales with a return to double-digit sales growth over the last 30 days providing the Board with further confidence in the outlook for the year FY March 2026. Gear4music believes that current consensus market expectations are for revenues of £153.8m, EBITDA of £10.9m and PBT of £2.65m.



The medical imaging advanced analytics Company delivering intelligent insights in neuroscience  provided a trading update ahead of  interims to March 2025. Revenues increased 26% to £3.2m and the LBITDA is  expected to be £0.7m, compared to a £1.3m loss. After the capital raise at the start of the financial year, there is no debt, and cash is £5m (H1 2024: £2.5m). Ixico is progressing the investment program by appointing key roles in the US, both commercial and operational. Ixico  has expanded its operational services across the US time zone, making itself more attractive to this critical market. There are
opportunities to accelerate growth, both organically and through value-accretive partnerships which may increase expenditure with the expectation of increasing revenues in 2026 and beyond.



The provider of information systems and technical services to transport operators and local authorities  announces its subsidiary, Infotec, has received a $2.5m purchase order from Outfront Media Group to supply displays for the New York City Metropolitan Transportation Authority (NYC MTA). The NYC MTA serves a population of 15.3m people across a 5,000-square-mile travel area surrounding New York City, Long Island, southeastern New York State, and Connecticut. The order is to supply approximately 600 high-definition optically bonded displays in two special configurations. 



The  life sciences business develops products which reduce hunger and food cravings yesterday announced it
had received its first order from a leading US weight management brand for SlimBiome brand as an ingredient which will be incorporated into a range of flavoured drinks, which supress appetite.  It is after 18
months of human studies which allows the brand to make health claims of hunger control. OptiBiotix expects further orders for a second product, a tablet containing SlimBiome, within H1 2025. It is too early to predict the potential scale of the opportunity although management anticipates more orders and product launches.



The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions is publishing a Peer Reviewed Article online in collaboration with Ankyra Therapeutics entitled ‘A pharmacokinetic and pharmacodynamic model of an interleukin-12 (IL-12) anchored-drug conjugate for the treatment of solid tumors’ in the Journal of Molecular Cancer Therapeutics, American Association for Cancer Research (AACR). This the third publication within three months. Yesterday, it announced a new contract with a  long-standing client, Numab Therapeutics AG, to address complex challenges with mathematical modelling and simulation techniques to inform pre-clinical development of a multi-specific antibody designed to activate anti-tumor immune responses for the treatment of cancer. This project is expected to be completed within the next two months.



The women's fashion brand creating quality, trend-led products for women of all age reports on a Trading Update for FY March 2025. There has been strong strategic progress with improved  margins and a return to PBT.  Revenue is expected to be 19.6% lower at £37.2m as Sosander transitions away from price promotions and gross margins have improved from 57.6% to 62.5%. The PBT is expected to be not less than £0.5m (loss £0.3m FY24) which is, however, lower than expectations. Six stores have been opened in FY25 as Sosander becomes a full-price multi-channel retailer. The net cash is £7.1m compared to £8.3m in FY24, after £1.2m of capital expenditure on rolling out stores. The Board is confident an inflection point has been reached and expects a return to sales growth in FY26. 



The franchisor of real estate agencies reports FY December 2024 results inline with management expectations. Revenue increased 17% to £10.79m, with a PBT up 10% to £2.36m and EPS of 13.73p (2023:13.02p). The year-end cash balance is £4.09m (2023: £4.55m) allowing a 5% increased dividend of 12.3p. Three new offices opened in the year (2023: 4) and five franchises resold to new operators. Helped by the strong sales market, almost half of it franchises and most of the London offices are in the top three by market share in their local areas and performance figures continue to improve.
 

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