GCIHybridan Small Cap Feast: 16/07/2024
* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour
Dish of the day
What’s baking in the oven? **
Potential**** Initial Public Offerings:
ITF announced:
8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m.
The pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines announces the successful completion of its eighth harvest of 2024. The Group's ability to control the plants' growing environment means that it expects to produce 15 harvests per year. The product from these harvests is being supplied to the two UK Pharmaceutical companies with which the Group entered sales contracts, as announced on 24 May and 5 September 2023. These contracts are anticipated to generate revenue of up to £1.4m per annum. The Group is targeting to provide a stable and continued supply of high-grade pharmaceutical product, helping to resolve the current availability issues in the UK.
The professional services group announces its audited results for the year ended 30 April 2024. The group’s revenue increased 6% to £172.5m (2023: £162.7m), the underlying profit before tax decreased 8.1% to £23.0m (2023: £25.1m) and the net cash balance decreased to £3.8m (2023: £4.3m). FY25 has started in line with the board's expectations, with a good pipeline of work, including steadily improving transactional services activity.
The exploration and production of iodine and manufacturers of specialty chemical products provides an update on its activities during H1 2024. Iofina Resources producing 276.1 metric tonnes (MT) of crystalline iodine from its six IOsorb iodine plants in Oklahoma during the period. This is an 14.3% on H1 2023 (241.5 MT), although output is traditionally lower in the first half of the year due to less favorable weather conditions. The sales of crystalline iodine, iodine derivatives and non-iodine derivatives products all performing in line with the Board's expectations. The iodine spot price has remained steady in the mid-sixties USD per kg and current indications are that prices are likely to modestly rise in H2 2024, with present iodine demand exceeding supply.
The innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, provides a trading update for the first half of 2024. With the strategic decision to decline low-margin business, the Company achieved unaudited revenues of $2.8m (H1 FY23: $4.0m), unaudited total gross profit margin exceeded 38% (H1 FY23: 28% ) and net unaudited cash and investments as at 30 June 2024 were $8.0m ($10.0m at 31 December 2023). Cash use reflected higher finished goods inventories, higher accounts receivable in Europe, and new investments in upgrades to its facilities in Stratham, New Hampshire to support growth. With these results for the first six months of 2024, the Board reiterates its revenue expectations of $6m to $6.5m and gross profit margin expectations of 36% for FY24.
The provider of information systems and technical services to transport operators and authorities, announces that it has secured two contract awards totalling £3.0m for the provision of its on-board CCTV and Automatic Passenger Counting (APC) solutions. The first contract is for £2.4m where Journeo will provide CCTV and APC, along with design and support services, to the Porterbrook Class 170 fleet. The second contract for £0.6m is with Arriva Train Care. Journeo will provide CCTV and APC, along with design and support services, to Angel Trains Class 158 fleet. It is anticipated that approximately £1.0m of revenue will be generated by the end of December this year. Whilst both contracts are included in management's expectations of performance for the current year, these add to the Company's strong order book and provide future revenue visibility.
The machine-readable high speed banknote authentication, brand protection technologies, security printing and gaming security software company, announces that on 15 July 2024 it entered into a contract worth $37.9m to manufacture sensors for an existing central bank customer. A second tranche of consideration of $1.7m is expected later this year upon signature of the related manufacturing contract. This would bring the sensor manufacturing revenues from the new contract to a total of $39.6m. The bulk of the revenues related to the contract are expected to be received from Q1 2025 through Q4 2027, with trailing manufacturing contract revenues of approximately $4.5m thereafter until 2029. Finally, the Board expects to execute a service agreement relating to the new sensors with this customer in Q1 of 2025.
Sosandar reports its finals to March 2024. After a poor H1 and £1.3m loss, H2 improved sharply reducing the years losses to £0.3m on a 9% increase in full-year turnover to £46.3m. This UK fashion brand creates quality, trend-leading clothes for women of all ages and the focus is on margin enhancement and profitability rather than increasing volumes. Since the year-end, gross profits improved further to 63.4% from 57%, but revenue is 28% lower at £8.2m. It is planning to open its first two stores shortly so becoming a true multi-channel retailer. Its customers currently buy online from Sosandar.com its core ‘outlet’, which was strengthened with the launch of an app. The plan is to hire a Head of Retail and Head of Retail Operations as it becomes true multichannel retailer, which also add brand -value. There are partnerships with Marks & Spencer, The Very Group, JD Williams, J Sainsbury and Next. The net cash position improved to £8.3m from £7.7m.
The supplier of specialist connection systems to the automotive sector announces a trading update for the six months ended 30 June 2024. Revenue decreased 15.3% to £4.8m (H1 2023: £5.6m), gross profit increased 12% to £1.7m (H1 2023: £1.5m) and adjusted EBITDA decreased to a loss of £0.8m (H1 2023: £0.0m). The Company expects FY24 and FY25 financial performance to be behind market expectations. The Board now expects that for FY 2024, revenues will be approximately £9.1m and adjusted EBITDA loss will be £1.9m.
The regenerative medical devices company provides an unaudited trading update for the six months ended 30 June 2024. Trading in the first half of 2024 has been strong, in line with the Board's expectations. Group revenues for the period are expected to be approximately $16.4m (H1 2023: $14.1m), representing a 16% increase from the prior year and setting a record first half for the Group. Furthermore, this performance marks the seventh consecutive reporting period of growth, which gives the Board confidence in the future performance of the Group. The Group's cash position remains sufficient to support the business expansion plans.
The Maritime AI company provides a trading update for the six month period ended 30 June 2024 (HY24). Revenue increased 37% to $17.6m (HY 23: $12.8m), EBITDA loss would be not more than $1.6m (HY 23: $3.8m) and the cash balance at the period end was $13.8m (31 December 2023: $17.3m). The Company is trading slightly ahead of market expectations on revenue for FY24, and confident in achieving an EBITDA break-even run rate during FY24.
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