Hybridan Small Cap Feast: 24/04/2025

* 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

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:  (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 provider of Decision Intelligence software for service operations, provided an update on trading for the year ended 31 March 2025. Group revenue is expected to have increased by 13% or 15% on a constant currency basis, to approximately £30.4m, reflecting upsell of the latest iterations of its Decision Intelligence software and the successful go live with several major new customers. SaaS revenues increased by approximately 13%, or 14% on a constant currency basis, up from 8% growth in the prior year. Net Revenue Retention remained healthy at 106%, resulting in Annual Recurring Revenue of approximately £28.4m at year end, an increase of 13% year-on-year, or 15% on a constant currency basis (FY24: £25.1m).



The global specialist dispute avoidance and resolution consultancy reports on trading for Interims to March 2025. After returning to profitability at the YE September 2023, the Group has continued to trade profitably and is performing well across its key markets in the UK, Europe, and the Middle East.  The US operations are in the process of being closed. The underlying PBT is set to be similar to H1 FY24 and, on the basis of current trading, expects to deliver FY25 results in-line with current market expectations. The current net cash balance is c. £3.0m post a further £0.4m of dividends paid.



The animal health company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, today announced a post year end trading update for the year ended 31 March 2025. As a result of strong trading in the final quarter of the financial year the Board expects, subject to audit, to report adjusted EBITDA for the year ended 31 March 2025 marginally ahead of market expectations. This above expectation profitability is driven by gross margins of greater than 45% (FY24 - 42.1%) and robust overhead cost control. For reference, market expectations for FY25 adjusted EBITDA and Revenue as at the date of this announcement are £7.2m and £85.3m, respectively. The Board is confident that on a constant currency basis these improved gross margins are sustainable. No changes to forecast guidance are being made for FY26 and FY27 at this stage.



The modular construction company has announced its new subsidiary Exo Buildings Senegal LLC hopes to address the market opportunities for modular housing in Senegal. The company has entered into a Memorandum of understanding with local partner G2 invest Group, a Dakar-based facilities management and logistics company. G2 has pledged a EUR1.75M investment into the new subsidiary to fund a new construction line and will be will be responsible for the day-to-day operations of the Eco Senegal including the set up and operation of the manufacturing facilities. Eco Buildings is in negotiation to construct an initial 10,000 homes for a Senegalese Government body.



The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announced the approval of an InnovateUK Launchpad grant application led by Fusion Antibodies plc in collaboration with Queens University Belfast (QUB). The company will receive up to £545K direct non-dilutive funding, which will run for 18 months. The therapeutic anti-DR5 antibody asset will be owned by both Fusion and QUB.



The critical minerals company has announced it has signed a binding term sheet for the conditional acquisition of uranium and vanadium exploration projects in the United States. The Squaw Creek Uranium Project in Wyoming and the Uravan Belt Uranium-Vanadium Project in Colorado will represent the Company's first North American assets, securing a foothold in commodities which are essential to U.S. clean energy generation, grid storage, and energy security.



The DRC-focused tin and base metals explorer has announced that after the temporary shutdown of drilling operations at its Bisie North Project due to the security situation, drilling operations are now being prepared to commence within the coming 10 days. This follows the news that the M23 rebel group have withdrawn from the region as well as that operations at other projects in close proximity to Rome, including Alphamin Resources, are now restarting. The objective of this fully funded, additional drilling programme is to identify high grade tin at deeper levels, in line with the Company's geological model of tin grades increasing at depth.



The holding company of a group of medical device businesses focused on the exploitation of long-term implantable biostable polymer (Elast-EonTM), announced a trading update for the 12-month period to 31 March 2025. Strong progress is reported in growing the contract manufacturing business and exploiting the IP. Revenue grew 86% to £2.2m as a result of strong trading in the underlying business together with the acquisition  of the Abiss Group announced in September 2024, with the acquisition revenue contribution being £1.3m. A continued strong focus on cost control resulted in a 22% reduction in like-for-like costs and is set to produce an EBITDA of £0.3m compared to a loss of £1.6m. The net cash of £3.7m is after lower cash utilisation from the £1.5m used in the business last year.  The Group is actively pursuing an opportunity to combine its textiles expertise with ElastEon to create a novel device for a global medical company.



The construction firm’s year-end update for the 12 months to 29th March maintained guidance for FY25E with underlying profits to be between £18m and £20m but with net debt better than expected and, a 9% uplift in the order book. P&L estimates are not being changed, which were at the bottom of the guidance range for FY25E.
Headcount was reduced by c.6%, with other cost reduction actions. Forecasts for FY26E and FY27E will be maintained, but the company continue to believe the latter are conservative. 



The international provider of actionable data, business insights and payment solutions, provided a trading update for the fiscal year ending 31 March 2025.  Revenue was £15.3m for FY25 reflecting a steady year-on-year increase from FY24, at £15.2m. Recurring revenue remained consistent representing over 85% of total revenue. The Company's full-year results for the year ended 31 March 2025 will be published on Tuesday, 10 June 2025.



 

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