Hybridan Small Cap Feast: 26/02/2025

* 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

Dish of the day
 

What’s baking in the oven?

Potential**  Initial Public Offerings:

Upcoming Market Movers:

6 February: GlobalData (DATA.L) has announced an intention to move to the Main Market from AIM.  An update on the timing and process to seek Admission will be provided in due course.  

6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. Timing is subject to various approvals, but for 31 March.


Banquet Buffet****

 

The omni-channel specialist fishing tackle and equipment retailer updates on Trading for the Y/E January 2025. The Board expects to report revenue and adjusted EBITDA slightly ahead of market expectations. Its revenue is 11.9% ahead at £91.3m and 7.1% higher on a like for like basis. Its European online sales increased 7.1% to £4.6m. The MyAD omni-channel customer loyalty club grew 86% to over 409k subscribers. Its cash reduced by £3.7m to £12.1m after buying back £732k worth of
shares since December 2024, which has reduced the shares in issue by around 2.5%. The strong trading performance has encouraged accelerating investment in new store roll outs and its own brand.
The CEO is excited by the opportunity  to continue to take  market share in both the UK and in Europe.



The international engineering group which designs, manufactures, and supplies original equipment, systems, and associated aftermarket services to the energy, medical, and industrial sectors reports its Interim to November 2024. Revenue increased by 21.2% to £79m and the PBT was stable at £4.5m (£4.4m).
Due to  increased investment, net debt rose from £6.1m to £8.9m, although the interim dividend is 0.1p higher at 1.9p. The order book would  achieve 95%+ of the FY25 market expectations so providing strong visibility and confidence in meeting targets. Avingtrans remains committed to pursuing carefully selected M&A opportunities, as well moving mature businesses towards exits.



The distributor and provider of specialist products and services to the UK construction industry updated on trading for the ten months ended January 2025. It is benefiting from its multi-channel structure and diversifying its revenue streams to deliver a solid performance despite market challenges.  Revenue for the four months to January increased by approximately 12.3% with the Bricks & Building Materials and Importing Division showing strong revenue growth. The Distribution Division continues to benefit with solar PV products from the renewables business. The regulatory focus on building safety continues to provide a supportive backdrop for the Contracting Division, which is benefiting from a multi-year pipeline and order book within its specialist cladding and fire remediation businesses. The Board now anticipates delivering adjusted EBITDA modestly ahead of market expectations for the Y/E March 2025.



The specialist staffing group provides an update on its strategy ahead of announcing its Finals to March 2025.
There are three pillars for growth in its core sectors of Professional, IT ,and Healthcare and the Company is seeking to  diversify services and to  grow its Offshore Services. This  strategy is  being  accelerated  with the  exit of  nonaligned operations  to create a more cohesive and streamlined business. These exits are expected to take up to two years to maximise the value achieved. Once complete, the net debt position is expected to be eliminated  and there should  be a significant reduction in overheads.



Interims to November 2024 were reported yesterday from this clinical infrastructure specialist service provider to help clinical teams make better decisions faster. Its Revenue increased 3% to £449k, with an EBITDA reduction in losses to £1.43m from £1.67m and a lower Loss before Tax to £1.85m from £2.1m. Net cash was £7.26m after raising £6.1m at 20p during the period. A collaboration with Vertex
broadens the product functionality and strengthens the global reach, for example with revenue generating opportunities in India. Its bleepa product approval for reimbursement through the Elective Recovery payment mechanism is pivotal. There is a  sales partnership with Moorhouse Consulting, which should speed up the roll-out. An MOU was signed with primary care solutions partner and an NHS Trust to pilot a novel Neighbourhood Diagnostics Solution. This is aligned with the Government’s vision of a digital-first, community centric healthcare system.



The  Anglo-Australian battery innovator  announced it’s been awarded  three more patents in relation to its core Lithium-Sulfur (LiS) technology, as well as the acceptance of one of its recycling patent applications by the United States Patent and Trademark Office. These grants further strengthen Gelion's comprehensive LiS IP portfolio, which now includes over 200 patents and patent applications across 44 families, covering anode, cathode, electrolyte, battery design/manufacturing, and battery management ensuring end-to-end protection across the entire Li-S battery value chain. Securing IP Rights is essential in building the confidence of supply chain partners for the commercialisation progresses.



The specialists in the field of real-time X-ray imaging for the security and industrial inspection markets provides a trading update ahead of its AGM.  Sales and orders for the current financial year have begun slowly and a loss is expected for the first half to March. The  results for the year will be significantly
more second half weighted than last year.  The Board remains committed to creating strategic growth opportunities, both organically and through partnerships or acquisitions. It is actively analysing acquisition targets that offer complementary products or technologies. Despite the slow start, the Company believes that market expectations for an increase in profitability year-on-year remains achievable.



The advanced computer vision technology Company provides an Interim trading update to December. Its  H1
revenue is expected to be US$25.3m, which is unchanged on last year, while the adjusted EBITDA loss should  reduce to around US$18m compared to US$26.5m. It secured a pivotal  £26.2m investment as part of its partnership with Mitsubishi Electric Mobility Corporation and following an additional purchase of shares, it now holds 19.9%. There is a  strong balance sheet, with cash of US$39.6m increasing from  US$23.4m, so providing a firm foundation for future growth.



The  provider of AI driven digital transformation services and products updates on trading for the YE December. Revenue increased 13.3% to £9.4m and the Board delivered on its commitment of reporting a positive EBITDA run rate during Q4 of FY24. Recent new client wins include Boots, Expo, Universal Music, and Rover, with a significant proportion of higher-margin revenue from its 4D AI data. There are also
new bookings from global blue-chip clients such as BMW and VISA. In November, the intellectual property rights of Codec AI, were acquired. This deal is earnings enhancing and progressing ahead of budget. SBDS has
already secured FY2025 bookings of more than £6m due to the strong, sustained demand for its AI-powered digital transformation services and products.




The  transport technology provider gave a trading update for its Interims to January 2025. Its revenue of
£36.3m is little changed from last year’s £35.5m as the decline in remote Condition Monitoring hardware revenue was only partly offset by the growth in UK Rail Technology. The  EBITDA margin  fell to
10% from 16% reflecting revenue mix changes and lower profitability. H2  revenue and EBITDA performance is, however, expected to strengthen underpinned by the order book including recent contract wins, and the underlying seasonality in Traffic Data & Events. Despite these short-term headwinds, robust cash balances and healthy cash generation position it to continue to invest in its technology base to drive organic growth, while exploring targeted acquisition opportunities.
 

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