Hybridan Small Cap Feast: 28/04/2025

* 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:  

Last Friday (25th April),  The Smarter Web Company (AQSE:SWC), announced its first day of dealings on the on the Aquis Stock Exchange.  The Smarter Web Company 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.  The company raised in excess of £1m through a retail offer, placing and subscription of new Ordinary Shares at 2.5p.  On Admission, the Company had a market capitalisation of approximately £3.7m at the IPO Issue Price.

Delistings:  

Oncimmune Holdings (ONC.L) has left AIM.

What’s baking in the oven?

Potential**  Initial Public Offerings:

Media Speculation:

Media reports Waves Audio, headquartered in Tel Aviv, is planning a £300m London IPO.
Waves Audio makes professional digital audio signal processing technology and audio effects used in recordings, mixing, mastering, post-production, broadcasting, and live sound.  It employs more than 200 people, and has a major international presence, including in Europe and the US.  The Company, which is majority-owned by founders Meir Sha'ashua and Gilad Keren, is expected to raise money from the sale of new shares, although the details have yet to be finalised.

Banquet Buffet****

The provider of Professional & Financial Services (PFS) and Stock & Inventory Systems & Services (SISS) to the hospitality, leisure, healthcare, medical, childcare & education, and retail sectors announced its audited preliminary results for the 12 months ended 31 December 2024.  Revenue on a continuing basis is up by 15.4% to £60.4m (2023: £52.3m) and operating profit before non-recurring costs improved to £2.0m (2023: £0.3m). The Group ended 2024 with an improved net funds position of £4.9m (2023: £0.6m).  The final dividend increased to 1.75p (2023: 0.50p) to give a total in the year of 2.25p (2023: 1.00p).

The IOT communication and smart metering solutions Company provides a trading update for FY March 2025.  As a result of a timing shift in India and resultant delay in shipments, the Board now expects FY25 revenue to be approximately £14m and the Company will report an EBITDA loss expected to be in a similar region to last year. Cash at 31 March 2025 was £5.8 m, and cash received from customers during the year totalled £14.2m.  The Company continued to experience strong demand for its smart metering solutions, and the contracted outstanding order book, grew from approximately £50m as at 31 March 2024 and now stands at approximately £180m. The majority of these orders are expected to convert into revenue over the next two to three years.

The exploration and development Company announced the following update in relation to grant funding by the EU for the Cinovec Project.  A Czech selection panel of the managing authority for the EU Just Transition Fund has approved a CZK800m (US$36m) grant to the Cinovec Project.  The grant is conditional on the Project Environmental Impact Assessment (EIA) being submitted by 31st December 2025 and approval of the EIA by the Czech Ministry of Environment by 30th June 2026.  The Cinovec Project is a Strategic Project under the EU Critical Raw Materials Act.  Cinovec mineral deposit is designated a Strategic Deposit by the Czech government for the purposes of the Czech Construction Code.

The clinical infrastructure specialist provides a trading update for the year-ended 31 May 2025.  The backdrop of the merging of NHS England with the Department of Health and Social Care, and the drive for a 50% reduction of operational costs across NHS Trusts and Integrated Care Boards (ICBs) at a national level, in addition to multiple changes to funding programmes being announced by the government and the NHS, has resulted in increased levels of near-term uncertainty and a delay in expected contract awards.
Revenue for the period is now expected to be approximately £0.9m (2024: £1.18m). The Company continues to conservatively manage its finances with cash and short-term investments of £6.6m as at 31 March 2025 following the £6.1m (gross) fundraise in November 2024.

The software and services provider to the publishing and media industries announces its final audited results for the year ended 31 December 2024.  Revenue decreased 5.6% to £10.2m (2023: £10.8m) as non-recurring consultancy revenue slowed down in 2024. Annual Recurring Revenue of £8.9m represented 87% of total revenue (2023: £8.7m, 80%). The net profit of £1.3m (2023: £2.3m) was impacted by non-cash deferred tax charges of £0.5m (2023: £0.3m credit) combined with non-cash foreign exchange charges of £0.1m, versus a credit of £0.2m in the prior year. Cash balances at the year end were £3.6m (2023: £2.7m) and a full year dividend of 4.1 pence (2023: 4.1 pence), with proposed final dividend of 2.6 pence per share (2023: 2.6 pence), was declared.  The Company reports they are currently trading in line with expectations with our focus on delivering sales growth.

The Investing Company announced that it has entered into a subscription agreement with Verus Financial Services Limited for £1m through the subscription for 100,000,000 new shares priced at 1p representing 72.19% of the Company's enlarged issued share capital following the issue of shares.  The Company intends to use the proceeds to make investments in line with its investing strategy.  The Company will update the market on further developments and target investment pipeline in due course.  Verus is an independent financial adviser authorised and regulated by the FCA which is ultimately owned by Mr Christopher Doran.

The technology Company focused on comprehensive communication and radio frequency solutions across multiple sectors announced that its subsidiary, P.S.K Wind Technologies Ltd, has secured a contract worth approximately $0.8m for the construction and delivery of a test range shelter for a defence application. The contract will be delivered before the end of 2025.

The Mongolian oil Company announced the signature of an Oil Sales Agreement for Block XX crude oil.  On 28 April 2025, Petro Matad and PetroChina Daqing Tamsag, the operator of neighbouring Block XIX, signed the Oil Sales Agreement covering storage, processing, transport, and export of Block XX crude oil production. Petro Matad's invoices for the production from the Heron 1 well for the period 24 October 2024 to 31 March 2025 have been submitted and, under the agreement, will be processed for payment during the month of May.  Petro Matad is required to submit an invoice for each month's production on or before the tenth day of the subsequent month and payment will be made during the last week of the month based on the average benchmarked price of Daqing crude oil for the month of production.

The clinical-stage biotechnology Company developing next-generation kinase inhibitors for autoimmune disease and cancer today provides an update on its TYK2/JAK1 and SRA737 programmes.
Sareum has recently conducted targeted preclinical studies to evaluate the potential of its TYK2/JAK1 compounds in central nervous system (CNS) indications. While further optimisation is still required, the results support the potential for Sareum's TYK2/JAK1 chemistry to be applied to CNS indications.  SRA737 is a clinical-stage oral, selective Checkpoint kinase 1 inhibitor that targets cancer cell replication and DNA damage repair mechanisms. Sareum has now received the full clinical dataset for SRA737.
SDC-1801, a selective TYK2/JAK1 inhibitor for autoimmune diseases, has completed Phase I clinical development, demonstrating a favourable safety and pharmacokinetic profile.  SDC-1802, a TYK2/ JAK1 inhibitor for immuno-oncology applications, remains in preclinical development. Sareum is continuing translational work to define optimal cancer indications and patient populations prior to advancing SDC-1802 toward first-in-human studies.

The provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients today announces its unaudited interim results for the six months ended 31 January 2025.  Revenues increased by 21.4% to EUR6.49m (six months to 31 January 2024: EUR5.35m) and annual recurring revenue (ARR) has increased to EUR9.4m by the end of the period.  Adjusted EBITDA came in at EUR128K (six months to 31 January 2023: EUR125K).  Cash balances were EUR1.9m at the period end - this does not include the proceeds from the sale of the Group's shareholding in Visibility Blockchain Limited of EUR1.8m which was received in April 2025.

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