Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Central Asia Metals 262.25p  £461.6m (CAML.L)

CAML has today published its 2021 Sustainability Report, which covers its approach and activities for the year ended 31 December 2021, both at Group level and at the Sasa zinc-lead mine in North Macedonia and the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan. The report is available to view on the Company’s website at: https://www.centralasiametals.com/investors/reports-and-presentations/ This is the Company’s third Sustainability Report and the second in accordance with the Global Reporting Initiative (‘GRI’) Standards ‘Core option’. It covers CAML’s approach to transparent business conduct, maintaining safe operations and healthy working environments, and its efforts to minimise negative environmental or social impacts. The document details the Company’s reporting efforts towards Task Force on Climate-Related Financial Disclosures, including its Climate Change Strategy, developed during 2021. CAML has committed to a 50% reduction in its greenhouse gas  emissions by 2030 versus a 2020 base, and to achieving net zero by 2050. CAML has committed to a range of specific targets with a view to maintaining momentum in its sustainability achievements for the future and will report on its performance in these key areas in next year’s Sustainability Report. Additional targets will be set going forwards as appropriate.

Diaceutics 121.5p  £102.4m (DXRX.L)

The diagnostic commercialisation company, has secured a five-year, multi-product subscription contract with a top 30 global pharma company, to deliver customised data insights via the DXRX platform. The total contract value is in excess of $1m spread across five years and subject to certain milestones, significantly expanding Diaceutics’ existing relationship with the company and setting Diaceutics up for future opportunities with the client. The contract will see Diaceutics deliver a core set of real-world data and insights on lab test results that identify physicians who are treating patients in their target cohorts. The demand for biomarker test results and interpretation customised to the client’s needs in oncology was a key value proposition for DXRX Signal, one of the primary products being taken. This contract further demonstrates the applicability and demand for new products enabled by the DXRX platform and supports the move towards enhanced multi-year recurring revenues, a key strategy for the Company going forward.

EMIS Group 1,354p  £857.2m (EMIS.L)

Ahead of its AGM being held later today, EMIS Group,  the UK leader in connected healthcare software and systems, issues the following update on trading. “The Board of EMIS Group is pleased to announce that trading for the year to date is in line with the Board’s expectations. As reported on 17 March 2022 at the time of its 2021 Full Year Results, the Group continues to have leading positions in specialist markets, benefits from high levels of recurring revenue and remains in a strong financial position, with a robust pipeline of potential new business, investment and acquisition opportunities for 2022 and beyond. The two acquisitions completed in the year so far (Edenbridge and FourteenFish) are performing well, with integration progressing on plan and new market opportunities emerging as expected. The Group continues to invest in its technology and cloud refresh strategy as well as in improved internal systems. These projects are expected to drive greater efficiencies in the coming years.”

FireAngel  15.5p  £28.1m (FA..L)

One of Europe’s leading developers and suppliers of home safety products, announces that it has launched a new range of optical sensor smoke and Thermistor sensor heat alarms that incorporate an array of innovative features. The new standalone range features optical sensing technology, which works by ‘seeing’ smoke as it enters the alarm, making it the perfect detector for slow burning fires. It also features a quiet-self-test and an escape light to ensure residents find their route to safety. The products which are being sold in DIY stores and online have already seen excellent uptake, with orders to date exceeding 315,000 units since launch at the end of March 2022. The supply for these standalone products has been secured and orders continue to be fulfilled.

Fonix Mobile 150p  £150m (FNX.L)

Fonix has been the mobile donation partner for the Disasters Emergency Committee (DEC) Ukraine Humanitarian Appeal. More than £6.8m has been raised by the UK public via text-to-donate so far, to support the aid effort in Ukraine and in neighbouring countries. Since the beginning of March text-to-donate has been promoted across the BBC, ITV, Channel 4, Channel 5, Sky, Radiocentre, BT Sport and Co-op to name a few. Concert for Ukraine, which took place in the UK on 29 March, raised more than £4.9m in mobile donations, helping contribute to the £13.4m raised on the night of the Appeal. The two-hour show brought together names from the world of music for a unique event spreading a message of hope and support, and most importantly, raising funds for the ongoing DEC Ukraine Humanitarian Appeal. The live show was broadcast across ITV, STV, ITV Hub and STV Player. The show promoted text-to-donate, allowing donors to donate via text at one of four price points: £10, £20, £30 and £40. Donations were charged to a donor’s mobile phone bill. Rob Weisz, CEO of Fonix, said: “We are so very proud to be able to work with the Disasters Emergency Committee to help the humanitarian effort to support those affected by the crisis in Ukraine.”

GetBusy 64p  £31.7m (GETB.L)

The provider of productivity software for professional and financial services, provides an update on trading ahead of today’s Annual General Meeting. “The Board is pleased to confirm continued strong trading momentum in the first four months of 2022. ARR at constant currency has grown by 19% year-on-year, reaching £17m at 30 April 2022. This has been driven by buoyant customer demand across the Group’s established brands, the continued benefit from monetisation initiatives and healthy net revenue retention levels.  The integration of the technologies acquired last year is progressing to plan and we are making encouraging headway building out the customer acquisition and operational models for the Group’s emerging products, Workiro and Certified Vault. Net cash remains solid, underpinned by the Group’s undrawn £2m debt facility. The Board reaffirms its expectations for 2022 with a very high level of confidence. Expectations, as outlined within the 2021 results issued on 1 March 2022, are: group revenue of not less than £17.0m, adjusted EBITDA approaching break-even.

i-nexus Global 5.25p  £1.6m (INX.L)

The provider of cloud-based Strategy Execution software solutions designed for the Global 5000, announced the appointment of Drew Whibley to the Board as CFO, with effect from 1 August 2022. Following over 10 years at i-nexus, and with the business continuing to deliver positive progress, current CFO, Alyson Levett, will step down from the Board at that time to pursue a portfolio career. In the near term, Ms. Levett will remain available to i-nexus in an advisory role to ensure an orderly hand over. The Board thanks Alyson for her committed stewardship of the business, alongside CEO Simon Crowther, from pre-IPO until now. Drew joins i-nexus from his role as Group Finance Manager at LSE listed software business Aptitude Software Group plc, where he has overseen both the internal and external reporting and budgetary requirements whilst playing a key role in delivering on the Group’s strategy.  Previous roles include Group Accountant at Frontline Limited, a listed shipping business with annual turnover of $750m and Audit Supervisor at Baker Tilly, where he qualified as a chartered accountant.

Personal Group 300p  £93.65m (PGH.L)

At the Annual General Meeting of Personal Group, to be held today at 2:00pm, Martin Bennett, Chairman of the Company, will make the following statement: “At this, my first AGM as chairman of Personal Group, I am delighted to say that 2022 has begun well. We have continued to make progress against our strategic objectives and are firmly on course to achieve year-on-year growth. As communicated in our recent results we have seen strong trading in Q1 including good momentum in insurance policy sales. Our five-year contract extension with Sage, announced at the start of the year, has continued to develop with c1,700 SME companies now on Sage Employee Benefits.   We were also delighted to have Col Dame Kelly Holmes, our new Chief Wellbeing Ambassador, share her insights with the Personal Group team at our annual conference recently. Dame Kelly has also been pivotal in shaping our new wellbeing proposition, Transform, which brings great additional benefit to our customers. The workforce benefits market is rapidly growing and as a business that sits at the heart of it, the demand for our services has never been greater or more relevant. Whilst we remain mindful of macro political and economic uncertainties, we are confident about the Group’s prospects as the importance of our service offering continues to rise. We believe we are now well placed to capitalise on the market opportunities available to us and are poised to accelerate our progress, driving forward initiatives to expand the business.”

Petards Group* 13p  £7.3m (PEG.L)

FY Dec 21 results from developer of advanced security and surveillance systems. The results for the year again showed a significant improvement against those reported in the prior year. Against a background of economic uncertainty arising from the legacy of Covid-19 and its various successor strains, and inflationary fears becoming a reality, the Group traded in line with market expectations with revenues increasing to £13,574,000 (2020: £13,001,000) and adjusted EBITDA increasing almost five-fold to a profit of £1,534,000 (2020: £320k). This improvement was seen across all other profit measures with profit before tax increasing to £502k from a loss of £1,238,000, and profit after tax to £865k from a £583k loss. Net cash generated from operating activities in the year totalled £745k (2020: £2,398,000) leading to closing cash balances at 31 December 2021 of £2,277,000 (31 December 2020: £2,204,000) and net funds of £1,510,000 (31 December 2020: £1,179,000). The Group closed the year with an order book of around £7m and trading for the first three months of 2022 has started well, with the Group trading slightly ahead of management’s expectations.  At present this is thought to be timing related rather than an indication of a better than expected performance for the year. With scheduled deliveries of £8m already secured for the current year by the end of the first quarter, the Board has confidence that the Group is positioned to make further progress in 2022.

UK Oil and Gas 0.17p  £26.8m (UKOG.L)

UK Oil and Gas announced that the Environment Agency has granted UKOG’s 85.635% owned Horse Hill oil field a full Production Permit. The PP enables production and water re-injection operations, incineration of waste gas, maintenance/workovers and the drilling of further development wells. To date, production at Horse Hill has operated under the umbrella of prior testing consents which excluded any ability to reinject produced saline formation water. UKOG can now proceed ahead with its plans to convert Horse Hill-2z into a water injector during 2022, which, if implemented, would remove the need for costly transportation and disposal of produced saline formation water at remote third-party sites. The initial application for the PP was submitted to the EA 31 months ago on 24 September 2019. Following the PP grant a review of the viability of reinstating Kimmeridge production and further new Portland infill drilling locations are now under way.

What’s cooking in the IPO kitchen?

GS Chain, a company established with the purpose of undertaking acquisitions of an interest in an operating company or business in the technology sector, intends to list on the Main Market (Standard). Timing TBC.

Altona Rare Earths, the AQSE listed mining exploration company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE.  The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Timing TBC

*A corporate client of Hybridan LLP

This document has been prepared by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook).


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