Hybridan 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.
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