GCIHybridan Small Cap Feast: 23/07/24
* 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.
Reverse Takeovers:
Georgina Energy Plc, a UK-domiciled company with helium, hydrogen, and natural gas development and production assets in Australia, has announced its intended reverse takeover of Mining Minerals & Metals Plc (MMM.L) and a capital raise to secure gross proceeds of £5m. The company’s first day of trading on the Standard Segment of the Main Market is expected to be in late July 2024.
Banquet Buffet***
The provider of hydrogen power generation solutions and technologies announces its interim results for the half year ended 30 April 2024 (H1 FY24). Revenue was £408k (H1 FY23: £201k) and the loss after tax was £8.3m (H1 FY23: £6.3m in loss). Cash and cash equivalents totalled £12.3m (H1 FY23: £32.7m) and post period, the Company raised £15.8m (gross) via a placing and subscription. The Company continued revenue growth in H2 FY24 through further sales to Speedy Hire and Speedy Hydrogen Solutions (SHS), its joint venture partner.
The end-to-end solutions provider for branded merchandise beats market expectations on adjusted operating profit and achieves record breaking results for the year ended 31 March 2024 (FY24). Revenues are expected to be up 33%, at constant currency, to £24.0m (FY23: £18.8m) with a record adjusted operating profit of £2.4m (FY23: £2.0m) up by 31%. The Group has doubled revenues since FY22 and increased adjusted operating profit by over 225% over the same two-year period. In the first full quarter of FY25, the Group continues to perform well across both its Services division and its rapidly scaling Merchanting division.
The global podcast Company announces its unaudited results for the six months ended 30 June 2024. H1 revenue was US$34.1m, up 7% on H1 2023 (US$31.8m). Adjusted EBITDA was US$0.3m (H1 2023: US$0.3m) - Q2 represented the third successive quarter of positive adjusted EBITDA. Group cash at 30 June 2024 was US$3.5m (31 March 2024: US$3.1m), with a further US$1.9m available via an undrawn overdraft. The Company has in excess of US$65m of revenue booked for 2024 - more than the total revenue for 2023. The Board continues to examine opportunities to maximise shareholder value including, amongst other initiatives, transactional opportunities and the option of Audioboom also being publicly listed in the US.
The technology and solutions provider to the pharma and biotech industry announces the following changes to its board. Deborah Davis has informed the board of her intention to step down as Non-Executive Chair effective 1 October 2024. Peter Keeling, a co-founder and Executive Director of Diaceutics will succeed Deborah as Non-Executive Chair effective 1 October 2024. Peter will also serve as a Non-Executive Director on the Remuneration and Audit & Risk Committees.
The SaaS technology Company that creates digital connections enabling personalised, real-time marketing, provides a trading update for the year ended 30 June 2024 (FY24). Group revenue increased 11% to £47.7m (FY23: £43.1m). Adjusted EBITDA was ahead of market expectations, increasing by 28% to approximately £11.3m (FY23: £8.8m). Net cash position was £10.4m (30 June 2023: £9.3m). The contract wins secured at the end of FY 2024 and into FY 2025 provide a strong basis for further growth through FY25 into FY26.
The Company developing green economy assets in Europe announces that the first stage of diligence on the Cyprus Copper Tailings Recycling Project at the past-producing Limni copper mine in Cyprus has delivered encouraging results across 68 samples. Acid soluble copper ranging from 0.41% to 0.92% found in crusts clearly demonstrates the presence of copper in water at surface. Results also indicate potential upside for gold, with samples of up to 1.48 g/t Au recorded from waste near the edge of the pit. EGT will now progress to the next stage of diligence as part of its option agreement (as announced on 29 April 2024) to develop a copper tailings recycling project through low-cost water treatment and tailings development, with subsequent potential for solar development.
The UK's largest pawnbroker and a leading retailer of high quality new and preowned jewellery and pre-owned watches issues a trading update for the six-month period ended 30 June 2024. Trading in the period since the Company’s previous update on 16 May 2024, has been in line with expectations. The capital value of the pledge book (excluding accrued interest and provisions) at 30 June was £105m (31 December 2023: £101m). All key pledge book metrics remain in line with expectations. Retail sales, through the demand for high quality new and pre-owned jewellery and watches, and foreign currency revenues, continue to perform in line with forecasts, while scrap margins are improving as expected.
The Advanced Materials and Paper & Packaging Company announces its audited results for the year ended 30 March 2024. FY24 revenue was down 21% at £103.0m (FY23: £129.7m) due to weaker end-market demand and energy surcharges. Adjusted operating profit was £2.0m (FY23: £4.8m) with the impact of revenue shortfall partly mitigated by falling raw material and energy prices and cost saving. Net debt was £15.5m, down £1.1m (FY23: £16.6m) reflecting an increased focus on cash management. FY25 year-to-date trading has been in line with the Board's expectations.
The researcher, developer and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry provides a trading update on the first half of the year (1H FY24). Reported revenue is expected to be approximately EURO 950,000, 46% lower than reported revenue for 1H FY23. This fall is more than accounted for by the fact that OHT's two largest customers of 2023 have yet to order product this financial year. Due to the concentrated nature of the Company's existing customer base and some uncertainty over ordering cycles, the Company intends to provide further guidance on outlook with its 1H 2024 results in September.
The life science business focused on skin health announces that it received the final Conversion Notice on 22 July 2024 from Macquarie for £480,000 of Convertible Bonds from the initial £5m convertible bond facility announced on 25 January 2024. The Company has drawn a total of £1.6m under the Facility, and will not be drawing any further funds from the facility, as announced on 28 February 2024.
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook).
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.