Hybridan Small Cap Feast: 21/05/2024

* 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

Admissions:   

Delistings: 

What’s baking in the oven? **

Potential****  Initial Public Offerings:

ITF announced:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank as at 31st March 2024.  The Company's application to the AQSE Growth Market is not conditional on it raising funds.  The Company is seeking to raise up to £1m to support organic growth and acquisition. Expected AQSE Admission date is 29 May 2024.

15th May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

 Media speculation:

16th May: Media reports that Advanced Oxygen Therapy Inc (AOTI) is considering raising roughly £39.5m from an IPO on the AIM market. If successful, the flotation is likely to value AOTI at around £160m, the sources added. AOTI indicates that its wound care technology reduces the need for amputations in patients by more than two-thirds.

20th May: Applied Nutrition the producer of sports supplements, is considering a £500m float in London Q4 2024. Applied Nutrition is expected to see pre-tax profits of £25m in the 12 months to July 2024, supported by revenues climbing by a third to between £80m and £85m.

Reverse Takeovers:

13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.

Change of Market:

Dual Listing:

 Banquet Buffet***

Begbies Traynor Group 106.3p £167.9m (BEG.L) Follow | BEG

The professional services consultancy announces an update on trading for its financial year ended 30 April 2024. Revenue is expected to increase c.12% to £136m (2023: £121.8m), adjusted EBITDA expected to increase by c.9% to £29m (2023: £26.6m) and net debt of £1.4m (2023: net cash £3.0m). The Group is therefore confident of continuing to build upon their long track record of growth in the current year and beyond.

Calnex Solutions 55.5p £48.6m (CLX.L) Follow | CLX

The Company that produces and markets test and measurement instrumentation and solutions for the telecoms and cloud computing industries announces its Final Results for the full year. Revenue decreased 41% to £16.27m (2023: £27.45m), loss before tax was £384k (2023: profit £7.2m) and closing cash position was £11.9m (2023: £19.1m). The Company recently launched products that are gaining traction, providing confidence in a return to growth in FY25.

CleanTech Lithium 24p £34.8m (CTL.L) Follow | CTL

The exploration and development Company advancing lithium projects in Chile announces its audited Final Results for the twelve months to 31 December 2023.  The Company raised £8m in the calendar year 2023, the loss for the year increased to £6.9m (2022: £3.5m) and there was a cash position of £6.2m (2022: £12.4m). The Company has an exciting year ahead leading up to discussions with strategic partners later in the year.

Comptoir Group 7p £8.6m (COM.L) Follow | COM

The owner and/or operator of Lebanese, Middle Eastern and North African inspired restaurants announces its audited annual results for the period ended 31 December 2023. Revenue increased 1.4% to £31.5m (2022: £31.0m), adjusted EBITDA decreased to £0.1m (2022: £2.8m) and net cash of £7.0m (2022: £9.9m). The hospitality industry has been significantly impacted by a maelstrom of economic factors which have influenced guests spending habits and led to higher operational costs. The Group expect it will take a further 2-3 years before they can adjust pricing sufficiently to fully return to pre-Covid EBITDA margins.

Crossword Cybersecurity * 5p £5.1m (CCS.L) Follow | CCS

The cybersecurity solutions Company focused on cyber strategy and risk announces that with effect from 1 August 2024, Tom Ilube, Crossword's current CEO, will become non executive Chair and Stuart Jubb, who is currently Group Managing Director, will take on the CEO role. The current Chair, Sir Richard Dearlove will continue to serve on the Board as non-executive Director. These long planned changes are intended to best position Crossword for the next few years of growth as Crossword seeks to achieve EBITDA profitability in the second half of the year. In preparation for this transition to CEO, Stuart was appointed to the Board at the beginning of April this year. Stuart joined Crossword in February 2016 to head up Crossword's newly established cybersecurity consulting division. From 1 January 2022, Stuart has been Group Managing Director of Crossword, with responsibility for Consulting, Sales and Managed Services, and in September 2023 also became responsible for Product.

IXICO 7.4p £3.6m (IXI.L) Follow | IXI

The precision analytics Company delivering intelligent insights in neuroscience announces its unaudited interim results for the six months ended 31 March 2024. Revenue decreased to £2.5m (H1 2023: £3.2m), LBITDA increased to £1.3m (H1 2023: £0.6m) and there was a cash position of £2.5m (H1 2023: £5.0m). Since the business restructured during H1 2024, the Company has delivered £1.1m of cost efficiencies over the past twelve months that will be more visible in H2 2024.

Kibo Energy *  0.035p £1.5m (KIBO.L) Follow | KIBO

The renewable energy-focused development Company announces a business update by its subsidiary Mast Energy Developments PLC, a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market. Pyebridge has received the 2nd Advance from a Funding Agreement, and it has made the associated payments to the site's O&M contractor, Cooper Östlund in terms of the Engineering Works contract. The necessary preparatory works on site to replace the existing genset with the refurbished unit are well advanced and on track.

Oncimmune Holdings 25.7p £18.7m (ONC.L) Follow | ONC

The autoantibody profiling Company providing research services to the pharmaceutical and biotechnology industry to enable the delivery of precision medicine announces its unaudited interim results for the six months ended 29 February 2024. Revenue was £1.19m (H1 2023: £1.12m), the operating loss decreased to £0.76m (H1 2023: £3.53m) and a cash balance of £0.91m was reported (H1 2023: £3.21m).  The outlook remains positive, with commercial activity continuing to be high since the end of H1 FY2024.  As previously indicated, revenues for FY2024 are expected to be approximately £3m. 

Shoe Zone 172.5p £79.7m (SHOE.L) Follow | SHOE

The footwear retailer that sells men's, women's and children's shoes, boots and accessories announces its interim results for the 26 weeks to 30 March 2024. Revenue increased 1.5% to £76.5m (H1 2023: £75.5m), the profit before tax increased to £2.6m (H1 2023: £1.5m) and net cash of £4.1m was reported (H1 2023: £12.9m). The continuing disruption in the Middle East has increased shipping times and container prices which adds a minimum of £0.5m of cost and due to the large number of stores that have been closed, particularly in Scotland, the Company has provided for an additional £0.5m of dilapidations.

Watkin Jones 48.8p £125.3m (WJG.L) Follow | WJG

A developer and manager of residential property for rent, with a focus on the build to rent, student accommodation and affordable housing sectors announces its interim results for the half year ended 31 March 2024. Revenue increased 13.8% to £175.1m (H1 2023: £153.9m), profit before tax increased to £3.4m (H1 2023: £0.3m) and adjusted net cash decreased to £44.0m (H1 2023: £45.3m). Looking forward there was c.£400m of contractually secure forward sold revenue as at 31 March 2024, of which c. £150m is for delivery in the second half of the year. There is also a total secured pipeline of £1.4bn.

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