Hybridan Small Cap Feast: 31/03/2025

* 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

Admissions:  

Creightons (CRL.L) moved from the Main Market to AIM today.

Brooks Macdonald Group (BRK.L) moved from AIM to the Main Market on Friday, 28th March.

Delistings:  

None

What’s baking in the oven?

Potential**  Initial Public Offerings:

17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market.  The Group is seeking to raise up to £125m to provide growth capital for the Company as well as enabling a sell down by certain partners.  Alongside the Placing, the Group intends to launch a retail offer to raise up to approximately £6m.

17th March: Quantum Base, the quantum science Company, announced its intention to apply for Admission to trading on the AIM Market during April 2025.  Quantum Base is a quantum science company creating a new global standard in authentication through its patented Quantum Identities - near unbreakable and non-replicable authenticity tags that can be applied to a vast array of products, significantly mitigating counterfeiting, and can be authenticated with a smartphone.  The Company is seeking to raise between £3m-£5m through a placing, alongside a retail offer.

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 2 April.

Banquet Buffet****

The international biomass based renewable energy business, today announced that its European patent application has been allowed under a Patent Application for its innovative "Process for Beneficiating and Cleaning Biomass". This forthcoming Patent strengthens the intellectual property portfolio underpinning the Company's CoalSwitch technology, a next-generation solution for producing sustainable biomass fuel. The newly allowed patent application will grant protection in several EU countries reinforcing Active Energy's innovation in the global biomass industry. This milestone underscores the Company's ongoing commitment to innovation and commercialising its proprietary technology to unlock maximum value in the CoalSwitch asset.



The creator of limited-edition whiskies and experiences around the world, and owner of The Scotch Malt Whisky Society, Single Cask Nation & J.G. Thomson announced its preliminary results for the year ended 31 December 2024. The Group delivered EBITDA of £1.1m, which was slightly above consensus expectation of £1.0m. The Company recorded a £1.5m net debt reduction in H2-24 resulting in a year end net debt of £25.5m. Assets include over 18,000 casks in stock, independently valued in July 2024 at £102m, while membership growth went up 4% against the prior year.



The provider of collaboration software services announced its audited preliminary results for the year ended 31 December 2024.   There is a 15% increase in Revenue to $7.7m and  reduction on Operational losses to $13.5m from $36.5m. Cash at December was $9.7m  and the cash overhead is $20.6m. The management does not, however anticipate an FY25 fundraise for working capital given its assessment of the current pipeline, the strategic actions to improve predictability and the significantly reduced cost base. A major win in the period included a $2m Live Data Migrator contract with a top 3 US bank for a one-year term and represents the largest implementation to date.  Post period it  announced a three year contract win with a leading UK retailer. This growth contract represents an expansion of value and scope and a deepening strategic relationship with this customer.



Citius Resources, to be renamed Harena Resources today provided an update on the Ampasindava Rare Earths Project in north-eastern Madagascar. Following a detailed review of historic exploration data that formed the basis for the current Mineral Resources Estimate (MRE) of 698.5m tonnes measured, indicated and inferred JORC 2012 compliant Resource reported on 1 November 2023 by SGS (and incorporated in the Company's prospectus dated 26 February 2025), the Company has identified significant high-grade rare earth zones. The MRE supports a potential mine-life of over one hundred years. This potential longevity creates flexibility in mine planning and the opportunity to target high grade zones during critical start up years. This forms part of the Company's strategy to enhance near-term project economics and cash flow generation.



The UK drug delivery company focused on the localised delivery of chemotherapy drugs, provided an update regarding its clinical trial authorisation application to evaluate irinotecan ChemoSeed in patients with  high grade glioma. CRISM has been working with the Medicines and Healthcare products Regulatory Agency (MHRA) to finalise the design of the first in-human trial of ChemoSeed and has confirmed it has received positive written scientific advice from the MHRA on the development, clinical trial programme and potential Market Authorisation Application for the commercialisation of ChemoSeed. The written advice confirms that further preclinical toxicology studies will not be required, which will significantly reduce the cost and time of the development work. The Company had previously estimated a cost of approximately £400k to conduct the toxicology studies. 


The global manufacturer of utility-grade energy storage, today announced that it has reached an agreement to proceed with the LODES project. The Company has acquired the rights to develop, build, own and operate an up to 20.7 MWh vanadium flow battery system using the Company's VS3 vanadium flow batteries on a site in the South East of England. The VFB BESS Project is anticipated to be co-located alongside a solar PV array which will be developed separately by a third party. The system will be the largest deployed by Invinity to date and would be one of the first commercial battery projects in the UK to co-locate a long duration battery energy storage system with on-site renewable generation. Having full ownership and control of the VFB BESS Project will provide Invinity with unrestricted access to trading and operating data concerning the site and enable the Company to fully optimise the battery to showcase its capabilities as well as receiving ongoing revenue from the system's grid balancing and energy trading activities.



The creative audio-visual solutions provider released an update ahead of their AGM today. In addition to the £500K revenues received since 1 January 2025 and announced in the 18 March trading update, the company has subsequently signed contract extensions and new projects worth approximately £300K with key customers including Pets at Home, Hyundai, Big Group Retail and Lululemon, to be delivered in the coming 12 months.  The Board expects to see further improvements in the Company’s financial performance, as key customers look to expand current contracts and continue to roll out digital signage installations across multiple sites.  MDZ continue to target further year-on-year growth and a return to profitability at the pre-tax level in FY25, having already recorded a positive EBITDA performance in FY24.



The Virtual Product Placement provider announces a partnership to integrate Mirriad's virtual video ads into Group  Black Inc’s slate of original content. This unlocks new monetization opportunities for advertisers.  GB is a media company driving growth for brands targeting diverse audiences. As part of this collaboration, Mirriad's contextual ad solution will be deployed across GB’s premium programming, which includes SkillHouse, a GenTV. It offers non-disruptive, in-scene brand moments that enhance storytelling while maximizing advertising impact as it can feature seamless, in-content placements that align brands with narratives.



The advanced security and surveillance solutions company announced that Ocular Integration, its systems integration business, has been awarded a project worth approximately £2.0m by West Midlands Police (WMP). The Project will see Ocular upgrade WMP's existing surveillance solutions infrastructure with leading-edge technology through the installation of new systems across custodial suites and police stations throughout WMP's estate. The first site is expected to go live in April 2025, with the remaining sites being delivered over the next twelve months. Ocular will also deploy Synectics' flagship Synergy software, which will deliver a range of security and surveillance capabilities, including multi-site management, secure video storage, and streamlined evidence management. As one of the largest police forces in the country, this Project is expected to play a significant part in further supporting WMP's vision to make the communities they serve safer.



Last Friday, the Manchester based residential developer focused on the North of England, announced its half year results for the six months ended 31 December 2024. Revenue was £1.97m (H1 FY24 for the six-month period to 31 December 2023: £9.15m) which primarily reflects a reduction in development sales and construction service activity. Gross loss increased by £0.87m to £0.71m (H1 FY24: profit £0.16m) as a result of increased impairments in the current year with the strategy to market bulk sales of some inventory, with a charge of £1.0m (H1 FY24: £0.33m) being recognised in the period. However, the Group recorded a smaller loss before tax of £0.07m (H1 FY24: loss £1.94m) following the disposal of four entities during the period. Net debt was £11.24m (H2 FY24: £16.98m) a decrease of £5.74m reflecting the disposal of entities with debt obligations and a £2.1m shareholder debt waiver.



 

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