Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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The mining services group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, announces an operational update for Q2. The two recovery operations continued to produce operating profit during Q2, albeit down 41% to £1.382m (Q2 2021: £2.356m). The Ghanaian operation continues to perform as a result of the steady supply of material and achieved an operating profit for Q2 of c.£1.026m (Q2 2021: £1.012m), however the South African operations have been impacted during the last two months of Q2 by electricity cuts in the country.

Harland & Wolff Group Holdings 15.4p £26.6m (HARL.L)

The UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management announces that it has secured six new contracts within the defence, cruise & ferry and commercial fabrication markets. These contracts are expected to be completed during the next 12-18 months and have an aggregate value in excess of £10m. The Board announced that the Company must continue to rely on securing and executing smaller projects across its yards to build on the experience and skills of the workforce.

Jade Road Investments* 1.25p £1.4m (JADE.L)

The London quoted global investment vehicle focused on providing shareholders with attractive uncorrelated, risk-adjusted long-term returns announces, following the Company’s announcement on 31 January 2023, that it has launched its Equity Fundraise of US$1.75m at a price of £0.0075p per share. The Company reports that circa $183k in gross proceeds have been raised by Hybridan LLP on behalf of the Company, reducing the total fundraise amount to $1.567m by the underwriting investor Heirloom LLC. The completion of the fundraise will provide additional working capital, as well as for new investments in accordance with the revised investing policy which is focused on looking for investing opportunities producing income returns with a secondary focus on capital gains for its shareholders.

Keystone Law Group 530p £166.2m (KEYS.L)

The network and tech enabled challenger law firm announces the following trading update for the year ended 31 January 2023 (FY 2023). The Company has a total of 507 fee earners at the year end, despite the ongoing competitive nature of the legal recruitment market. The Board now expects both revenue and adjusted profit before tax for FY 2023 to be marginally ahead of current market expectations.

LungLife AI 100p £25.5m (LLAI.L)

A developer of clinical diagnostic solutions for lung cancer announces its audited preliminary results for the year ended 31 December 2022. The Company generated revenues of US$24k in the year (2021 US$195k) comprising wholly of royalty income from its sub licensee in China. The total loss for the year was US$7.6m, (FY2021: US$7.4m). EBITDA loss for 2022 excluding share-based payments was $6,841,000 (FY2021: c.US$5.4m). Cash and cash equivalents at the end of the year was US$3.088m (FY2021 – US$9.2m). The focus is the conclusion of the Group’s clinical validation study and, while optional, subsequent submission to FDA, and planning for the clinical utility study as part of the commercialisation pathway.

Proteome Sciences 4.72p £13.9m (PRM.L)

A specialist provider of contract proteomics services to enable drug discovery, development and biomarker identification provides an unaudited trading update for the financial year ended 31 December 2022. The Company expects to report a c.53% increase in Group revenues to c£7.8m (2021: £5.1m), with sales, royalties and milestones attributable to TMT®/ TMTpro™ reagents increased by 56% to c£5.0m (2021: £3.2m). The Company expects to report an increase in operating costs to c£5.9m in 2022 (2021: £4.7m). The Company expects an estimated EBITDA of c£2.0m (2021: £0.6m) for the year. The Board anticipates growth in TMT®/TMTpro™ and strong progress for proteomics biomarker services, with over £1.1m in purchase orders being carried forward into 2023.

Roquefort Therapeutics* 7p £9.0m (ROQ.L)

The biotech company focused on developing first in class medicines in the high value and high growth oncology market, announces that it has signed an exclusive licence and royalty agreement, for the field of medical diagnostics only, with a leading international diagnostics company, Randox Laboratories Ltd (Randox), in relation to its Midkine antibody portfolio (Randox Licence Agreement). Roquefort Therapeutics has granted an exclusive worldwide licence (excluding Japan,) for a period of ten years to utilise its Midkine antibodies in the field of medical diagnostics. Roquefort Therapeutics estimates that the total overall transaction value to the Company over the life of the agreement is in excess of £5m. This highly complementary and synergistic partnership with the UK’s leading diagnostics company, Randox, enables Roquefort Therapeutics to remain focused on developing first-in-class medicines.

Tekcapital 16.925p £25.5m (TEK.L)

The UK intellectual property investment group focused on creating valuable products announces that it has raised a total of £2.25m (c.US$ 2.7m) before expenses at a price of 16p per share. The net proceeds of the Placing will primarily be used to accelerate the growth of the Company’s portfolio companies, specifically, £0.6m to build commercial inventory of MicroSalt Limited; £1m to purchase autonomous shuttles for Guident’s Remote Control Monitoring Centre; and the remainder of the funds will be used for working capital.

Ten Lifestyle Group 96.5p £80.9m (TENG.L)

The platform driving customer loyalty for global financial institutions and other premium brands announces that it has won a new mandate to launch a new digitally enabled concierge programme in the Americas to premium customers in the second half of calendar year 2023. A banking product on-sale with a corporate client in EMEA, that includes the Group’s digitally enabled concierge and lifestyle services, has proved popular with its customers, resulting in the corporate client agreeing to pay Ten more per member to further drive their customer loyalty objectives. These contract developments are incorporated within the Board’s current expectations for the year.

Tristel 330p £155.9m (TSTL.L)

The manufacturer of infection prevention products utilising proprietary chlorine dioxide technology announces its interim results for the six months to 31 December 2022. The Group announced revenues up 16% to £17.5m (2021: £15.1m); overseas sales up 12% to £11.2m (2021: £10m); UK sales up 24% to £6.3m (2021: £5.1m); and reported EBITDA up at £3.9m (2021: £0.2m). The Group further reports it has no debt and cash reserves of £8.4m (2021: £8.8m) after paying dividends of £3.3m (2021: £1.9m). Tristel have launched Tristel Duo into the North American ultrasound and ophthalmology markets and the Group looks to the future with confidence.

What’s cooking in the IPO kitchen?

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market. intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6%  of the total issued shares will be floated. Admission is expected 21 February.

*A corporate client of Hybridan LLP

** Content not provided by 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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