Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Boku 100.5p  £302.7m (BOKU.L)

The provider of global mobile payment solutions, announces its unaudited results for the six months ended 30 June 2022. Revenue of continuing operations was $30.3m  (1H21: $30.7m).  Operating profit was $4m, down 11% (1H21: $4.6m). Following the disposal of the Identity division on 28 February 2022, the results of this division are shown as discontinued in the 2022 interim results. Boku recorded a gain on disposal of $25.2m net of disposal costs and hence reported a profit after tax of $28.0m for the period.

Diaceutics 91p  £75.7m (DXRX.L)

The diagnostic commercialisation company which provides data, analytics and technology enabled services via its proprietary DXRX platform to the precision medicine market, announces its unaudited results for the six months ended 30 June 2022. Revenue increased 25% to £7.5m (1H21: £6m). Order book at 30 June 2022 grew to £10.2m, up 6x from £1.7m at December 2021, with £3.8m expected to be realised in H2 2022. The Board expects to report full year results in line with expectations.

eEnergy Group 7.6p  £25.8m (EAAS.L)

The net zero energy services provider announces the launch of eSolar, eEnergy’s in-house Solar Photovoltaic System offering, helping organisations to rapidly deploy on-site energy generation, on a capital-free basis. The onsite solar solutions are either funded via eEnergy’s capital free Solar as a Service, within the existing SUSI funding facility, or as a capital free power purchase agreement through funding partners. In either case the funding profile is targeted to deliver cash neutrality for eEnergy during the installation, with the financial partner taking on the credit risk and eEnergy receiving its cash profits at completion. The Board considers that solar funding is a well established asset class with a number of competitive providers active in the UK market.

Ergomed plc £11.62  £580.4m (ERGO.L)

The provider of specialised services to the global pharmaceutical industry, announces its results for the six months ended 30 June 2022. Revenue was £69.9m, up 25% (1H21: £56m) and adjusted EBITDA was £13.8m, up 14% (1H21: £12.1m), driven by both organic growth, value creation from the recent acquisitions including ADAMAS and expansion to new geographies. During the period, the company strengthened its Board and the management. Current trading is in line with current market expectations and the company is confident in the rest of this year and beyond.  

Gresham Technologies 145.5p  £121.4m (GHT.L)

The software and services company specialised in data integrity and control, banking integration, payments and cash management, today publishes a disclosure statement aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for the year ending 31 December 2021. The company recently completed a review of ESG considerations and developed a three-pillar ESG strategic direction under the umbrella proposition of ‘Scaling Up Responsibly’. Consideration of TCFD recommendations, and other environmental considerations, fall under the ‘Our World’ pillar of this ESG strategy.

K3 Capital Group 240p  £176.4m (K3C.L)

The multi-disciplinary group providing specialist advisory services to SMEs, announces its final results for the year ended 31 May 2022. Revenue increased by 50% to £70.7m (FY 2021: £47.2m) and adjusted EBITDA grew by 30% to £20.4m (FY 2021: £15.7m), with all divisions recording growth in revenues and profits and performing ahead of forecasts. FY23 Q1 has seen continued momentum, delivering turnover in excess of £20m and adjusted EBITDA of c.£6.5m in the 3 months to 31 August 2022. The Group maintains confidence in its outlook for FY23. 

MyCelx Technologies 33p £7.4m (MYX.L)

The clean water and clean air technology company announces its unaudited results for the six months ended 30 June 2022. Revenue was $3.7m, down 12% (1H21: $4.2m). Net loss was $2.9m, compared to the net profit of $450k in 1H21. Net cash position (excluding accounts receivable) was $1.6m at 30 June 2022. MyCelx is in negotiations with a major oil producer in the Middle East for the second EOR (Enhanced Oil Recovery) installation. However, it is unlikely to recognise the anticipated revenue for this project in 2022. The company now expects 10% year-on-year revenue growth for FY2022 with profitability adversely affected.

Personal Group 190p  £59.1m (PGH.L)

The workforce benefits and services provider announces its interim results for the six months ended 30 June 2022. Revenue increased 5.8% to £34.7m (1H21: £32.8m). Adjusted EBITDA dropped 63% was £1.5m (1H21: £4.1m), reflecting the anticipated reduction in contribution from insurance, investment in policyholder acquisition and increased claims costs. Net cash position was £21.8m (Dec 21: £22.9m). The company indicates that trading remains in line to meet market’s full year expectations. 

Tintra 190p  £28.2m (TNT.L)

The PPS Asset Realisation Co Limited, the special purpose vehicle that owns Prize Provision Services Ltd (PPS), and in which Tintra holds one-third of the voting rights, has provided an update regarding the disposal of certain of the assets of PPS’ external lottery administration business. PPS and Sterling Management Centre Ltd have exchanged what they anticipate is the final contract for the transaction (announced on 21 October 2021, when PPS was a subsidiary of Tintra). It is currently expected that the transaction will complete in October 2022.

tinyBuild  112p  £231m (TBLD.L)

The premium video games publisher and developer with global operations, announces its unaudited results for the six months ended 30 June 2022, slightly ahead of expectations. Revenue was $28.8m up 54% (1H21: $18.6m) reflecting a strong catalogue performance. Adjusted EBITDA increased 25% to $9.9m (1H21: $7.9m). The net cash position was $42.6m (Dec 2021: $48.8m). Early indicators of traction across the pipeline of over 30 titles, including Key Performance Indicators for Hello Neighbor 2, are very encouraging. The Board remains confident the Company is on track to deliver results at least in line with expectations, plus accretive acquisitions.

What’s cooking in the IPO kitchen?

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m.

Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.

The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. Raising £200m. Timing TBC.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 Nov 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late September.

Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.

*A corporate client of Hybridan LLP

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