Hybridan Small Cap Feast: 18/12/2024

* 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?

Potential**  Initial Public Offerings:

Amcomri Group PLC plans to raise £12m from its IPO on AIM giving the Company a market capitalisation of £39.5m.  This London-based company operates a 'buy, improve, build' strategy for specialist engineering services and industrial manufacturing.  Amcomri currently consists of two divisions: Embedded Engineering and B2B Manufacturing. It is led by co-founders Paul McGowan as non-executive deputy chair and Hugh Whitcomb as CEO.  Shares are expected to start trading on AIM on Friday 20th December. 


Banquet Buffet****


Abingdon Healthcare 7.75p £15.01m (ABDX.L)

There are two announcements from this developer, manufacturer and distributor of high quality, rapid diagnostic tests.  A contract worth $2m with US based, Find Out From Home LLC, for performance evaluation, regulatory services and clinical testing of four STDs (sexually transmitted disease) tests. It begins this month with an initial purchase order for $350,000. It will enable commercialisation of four lateral flow self-tests for HIV, hepatitis B, hepatitis C and syphilis in the USA, UK and EU.  Also announced is the opening of its analytical laboratory in Doncaster to be operated by Abingdon Analytical Ltd.  It was funded by the proceeds from the recent funding and forms a beneficial bridge with its contract development and manufacturing business.

Feedback 17.00p £7.23m (FDBK.L)

The clinical infrastructure specialist gave an Interim trading update to November 2024.  After raising £6.1m, its net cash is £7.3m and is to be used to roll out Bleepa for ICBs (Integrated Care Boards) under the ERF (Elective Recovery Fund), through the collaboration agreement with a large UK primary care partner. It is positioned for a step change in commercial prospects due to the ERF funding mechanism. This has the potential to be highly significant and it is currently in active discussions with several ICBs and continues to focus on converting the growing pipeline.  The Board believes that Bleepa is positioned to address one of the key underlying challenges to NHS reform and is perfectly aligned with the strategic aims of the Government. The recent fundraising both enables the Company to build scale for implementation and provides a runway for delivery.

Global Connectivity 0.6p £2.1m (AQSE: GCON)*

The Company focused on communication services and technologies that enhance connectivity announced that of the 95m Ordinary Shares that require payment by 31 December, 57.5m Ordinary Shares are being paid for or returned to the Company and cancelled on or before 31 December.  The total consideration of these transactions equates to potentially £950,000 in total.  The Executive Chairman Dr Keith Harris will surrender the 20m Ordinary Shares held directly in certificated form, which will be then cancelled by the Company and his SIPP, which is his pension, will buy newly issued Ordinary Shares simultaneously for a total consideration of £200,000 at 1 penny per share. Mrs. Meyer will surrender 32.5m Ordinary Shares which will be cancelled by the Company and will simultaneously pay £50,000 for the remaining 5m Ordinary Shares at 1 penny per share in full settlement of her £375,000 obligation to the Company. The Company has yet to hear from the former Consultant about the £375,000 debt for his 37.5m Ordinary Shares.

GSTechnologies 1.63p £32.08m (GST.L)

The fintech Company reported Interim results to September 2024. The net loss reduced to $69k from a $737k loss as the operating businesses gained traction while continuing to invest in developing its GS Money solutions. Revenue improved 9x to $2.2m and there was a reduction of 8% in admin costs to $2.3m. The Group is focused on developing a borderless neobanking platform to provide digital money solutions, both organically and through complementary acquisitions. Neobanking is a type of banking that operates exclusively online. The strategic preparations for a potential listing of its 67% owned subsidiary, Semnet, on NASDAQ are underway. The last funding was at 1.05p in April, raising £1.24m, and net cash is £2.3m.

Hardide 6.13p £3.73m (HDD.L)

The provider of advanced surface coating technology announced that it has signed a 10-year supply agreement with a major customer in the Aerospace sector for the coating of cargo door components.  Customer-funded equipment modifications are due to be largely completed in the first half of the financial year, together with subsequent tooling. Initial production volumes are together expected to benefit current financial year revenues by at least £0.5m.  Thereafter, based on the customer's anticipated build rates for the relevant aircraft, production revenues are expected to be within the range of £6m to £8m over the 10-year timeframe based on senior management expectations.

Incanthera 4.975p £5.82m (AQSE:INC)

The company focused on technologies in dermatology and oncology presents its interim results for the six months ended 30 September 2024.  Over the period, the Company geared up operationally and corporately towards the launch of their luxury skincare range Skin + CELL.  A total of £3.4m was raised in the period under review through an equity fundraise in June 2024 for £2.6m and various warrant exercises through the period of £0.8m.  This was invested into inventory across all five products in the Skin + CELL range.  Following the period end, the Company announced on 26 November 2024 that it had received unsupported allegations from a third party concerning a potential patent infringement in relation to the formulation of the Skin + Cell range of products. The Company considers the unsupported allegations to be without merit and is resolute in its commitment to a conclusion.

Shoe Zone 80.00p £64.02m (SHOE.L)

The footwear retailer announces that for the first two months of its financial year and the first half of December, it has experienced very challenging trading conditions, principally a weakening of consumer confidence and unseasonal weather, both of which have decreased revenue and profit.  The Company reported consumer confidence has weakened further following the Government's budget in October 2024, and as a result of this budget, the Company will also incur significant additional costs due to the increases in National Insurance and the National Living Wage.  As a result, the Company now expects adjusted profit before tax for the financial year ending 27 September 2025 to be not less than £5.0m, down from previous expectations of £10.0m.

The Artisanal Spirits Company 39.00p £26.46m (ART.L)

The creator of limited-edition whiskies and experiences around the world, and owner of The Scotch Malt Whisky Society (SMWS), Single Cask Nation & J.G. Thomson provides an update on trading and membership and announces a strategic investment in the Group's US operations.  The Group remains on track to deliver the consensus EBITDA forecast of £1m for FY24. This would represent a c£1.5m year on year improvement in reported EBITDA (FY23: £0.5m loss) and a c£1m improvement in Adjusted EBITDA (FY23: £0.1m).  Total SMWS membership has increased to around 42,000 (up 5% vs June 2024), with significant growth in the UK in H224, supported by a successful member referral programme.  The Company expect full year revenue to be broadly flat on FY23 (£23.5m) and to deliver further profitable growth in FY25 in line with the current business strategy. Revenue expectations remain in line with consensus forecasts.

Windar Photonics 56.00p £48.50m (WPHO.L)

The technology group that has developed wind turbine Monitoring and Optimisation solutions has landed a significant order.  It is out of the pipeline of potential orders and is for $2.5m for delivery to the US market in H1 2025. This order is the largest discrete order in the Company's history and will represent the seventh full wind farm in North America to be equipped with its solutions.  The Company is endeavouring to continue to convert its existing pipeline into confirmed sales.

Zotefoams 307.00p £158.75m (ZTF.L)

The operator in cellular materials technology provides an update on ReZorce circular packaging technology and confirms trading comfortably in line with market expectations for the full year. Given the capital investment, market access, and expertise required to achieve high volume production of finished packaging, the Board has consistently believed that a strategic partner is necessary to realise the commercial potential of the ReZorce technology. While this process has been extensive and included engagement with parties across the value chain, it has not identified a partner prepared to take the ReZorce technology forward at this time.  Zotefoams has continued to deliver a strong financial performance in a volatile market and the Board is confident that the Group will deliver a full year adjusted profit performance comfortably in line with the guidance provided at that time
 

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