Hybridan Small Cap Feast: 23/04/2025

* 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, except Hybridan calculated the market capitalisation of Ethernity Networks based on the issuance of new shares.

Dish of the day

Admissions:  
None

Delistings:  

None

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 25th April.  

Potential Market Movers:

17th April 2025: RentGuarantor (AQSE:RGG), the provider of rent guarantee services to prospective tenants across the socio-economic spectrum wishing to rent property in the UK private rental sector, announces its intention to move to AIM from AQSE.  The Board currently expects that Admission to trading on AIM would occur this Summer.

Banquet Buffet****

The strategic communications group with offices in London, New York, and Cannes reports a renewed contract  with Stagwell (NASDAQ: STGW). It is to produce SPORT BEACH  at the Cannes Lions International Festival of Creativity in June 2025. The event includes a reimagined structural design, expanded capacity, new interactive elements and new brand partners, and global athletes. Sport Beach brings together athletes, marketers, and global leaders under one roof redefining sports, creativity, and culture at Cannes Lions. It is the third consecutive year for the event.


The critical metal-focused exploration and development Company announces it has signed a trade finance agreement with a global commodity trading and financial house. This Agreement marks a transformational step forward for Aterian's trading division and represents a tangible execution of strategic vision to build a scalable, revenue-generating platform supporting its exploration and development activities across Africa. The facility, for up to $ 4.5 m,  will help Aterian to become an operational trading entity capable of generating consistent revenues.


The supplier of data processing and PON semiconductor technology for networking appliances announces an update on trading FY December 2024 and on the potential ASIC business. Revenues of $1.38m are expected, which is down from $3.78m, with an EBITDA loss of $2.79m compared to loss of $3.86m after investing $2.45m in R&D. The investment has delivered a Network Operating System solution, as a result, the Company anticipates an overall increase in royalty payments during 2025 compared to 2024. Additional funds will be  required to settle payment obligations under the creditor settlement plan and several options are currently being explored. There are discussions at varying levels of advancement with four leading Western wireless vendors, collectively representing roughly half of the global wireless backhaul market.


The foreign exchange and payments solutions Company reports final for FY December 2024. Revenue increased by 19% to £11.4m, with gross profit margins  up from 63.4% to 65.7%  and a PBT  of £1.4m compared to £1.3m. Net cash increased to £0.6m from £0.2m. New counterparty partnerships are established which will broaden the number of currencies and countries where the Group can transact enabling it  to pay out to over 165 countries in 150 currencies. An agreement was signed with Mastercard and, post year end, Finseta launched a corporate card scheme. Trading is strong driven by continued growth in active customers and the Board expects that the Company is on track to report significant revenue growth for 2025.


The secure cloud services Company provides a pre close trading statement for FY March 2025. The core business ended the year with strong order bookings, reflecting the positive impact of recent investments in both service offerings and go-to-market strategy. The acquisition of Atech marked a strategic milestone in iomart's evolution into the higher growth area of the cloud computing market and extended the Group's ability to serve existing and new customers across the full public and private cloud infrastructure. Revenues are expected to increase 13% to £143m, including £21m from Atech. The Adjusted EBITDA is expected to be approximately £34.3m compared to £37.7m, with a PBT of £6.5m down from £15m partly due to increased depreciation, higher interest charges  and one off costs. The operating cash generation improved, and FY net debt is expected to be approximately £102m, an increase from last year’s £42.3m which reflects  the M&A-related cash payments of around £57m.  The CEO states that with the execution of the first phase of the Company’s 'Bigger Better Bolder' strategy, progress is made towards sustainable, long-term growth and value creation.


The technology training Group reports FY December 2024 results. Revenue increased by 24% to a record £8.8m, driven by diversification and rolling out new courses in high growth areas. The gross profit margin increased to 67% from 63% for an adjusted EDITDA of £1m up from £0.1m and a PBT of £0.4m compared to loss of £1.0m last year. The FY cash balance was £1.2m.  A 39%  increase in individuals trained to 3,976  reflects the constantly evolving  offering of new formats. The B2C Training bootcamp division continued to provide a bridge for UK consumers to enter the technology sector. A new course focusing on AI and Machine Learning will start in June 2025. In the latter part of FY24 and into Q1 FY25, there has been a positive shift in corporate engagement with three contracts won post the FY. The Department of Education contract provides visibility until June 2025 and there is confidence, although not certainty, of a decision about future structures. Looking ahead, the CEO reported that FY25 has started promisingly, whilst macro-economic challenges remain in the short term.


The global software business specialising in playout automation and integrated channel solutions for the broadcast and streaming markets announces its finals to December 2024. Its revenues were £0.9m lower
at £11.5m, reporting a LBT of £1.3m compared to PBT of £1.5m due to challenging market conditions and delays in the anticipated timing of project orders, which resulted in a 25% reduction in project revenue year on year. The Loss reflects the impact of a one-off impairment of £2.7m from an historical investment and without it the PBT would have been £1.4m compared to £1.5m. There is strong cash generation with a further £1.0m of debt paid down to £3.7m, compared to £4.7m. The potential growth makes the Board confident in the Company's ability to become a highly profitable business with a healthy cash position. 


The commercial stage pharmaceutical Company specialising in iron deficiency yesterday reported it had entered into an exclusive licence agreement for it lead product ACCRUFeR. VITAL-NET, Inc. of Japan will be responsible for all costs related to activities required to achieve marketing authorisation and commercialisation. Shield will receive an initial payment of circa $665,000 and is eligible to receive additional milestone payments related to approvals and sales targets and double-digit royalties. Japan is the third largest pharmaceutical market in the world,  and Iron deficiency is a prevalent health concern.


The marketing decision-making platform reports on trading for FY March 2025. Its revenues increased 25% to £37.4m, with a PBT of £5.2m which is 66% up year on year. The net cash increased by £4.0m, resulting in year-end net cash of £12.9m compared to £9.6m. New business performance was strong throughout the year, with over 300 new platform clients providing 23% of full year Platform Revenue.  It is too early for the CEO  to gauge the effect that the current volatility in global markets will have on clients' budgets, inevitably at this stage there is more downside than upside risk, and the Company will provide a further update at the results.


The global concierge technology platform driving customer loyalty for global financial institutions and other premium brands reports interims to February 2025. Net Revenue increased 3% to £31.8m, with an adjusted EBITDA of £6m which is a 13% improvement. Its net cash increased to £6.8m compared to FY 2024 of £3.9m. In the period, an extra large contract in the USA was won and launched with an existing global client, initially worth £5.0m per year, a medium sized contract was won in AMEA with a new client and two initially small contracts have been won. The Company launched Ten's Agentic AI product in beta with end-to-end booking capability, which is helping win new contracts and driving margin, efficiency, scalability, and service quality, and is expected to underpin profitable growth into FY 2026. 
 

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