Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Begbies Traynor Group 137p £211.7m (BEG.L)

The UK’s leading Corporate Rescue and Recovery practice announces that Eddisons, the property advisory and transactional services division of Begbies Traynor Group plc (Group) has concluded the expansion of its operations in Sheffield through the acquisition of Mark Jenkinson & Son, a firm focused on property auctions. The group will pay a total cash consideration of £0.4m. The Mark Jenkinson & Son business generates annual fee income of c£1m and will be integrated into the Eddisons’ team.

Brooks Macdonald Group £20.30 £330.2m (BRK.L)

The Group offering a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts announces half-year results for the six months ended 31 December 2022. Total funds under management reached £16.2bn, up 3.6% (30 June 2022: £15.7bn), with annualised net flows of 4.4% compared to 4.0% for the same period; however revenue declined by 4.8% to £58.9m (H1 FY22: £61.9m). Underlying profit before tax was £14.5m, in line with prior guidance (H1 FY22: £17.6m). The Board indicated that the outlook remains uncertain, but the Group is well positioned to take advantage of the growth opportunities ahead.

Egdon Resources 2.8p £15.2m (EDR.L)

The UK firm focused on oil and gas exploration, production business and is developing opportunities for energy storage, hydrogen, geothermal and renewable generation advises further to the announcement of 20 December 2022 it has completed the acquisition of the entire issued share capital of Aurora Production (UK) Limited from Aurora Petroleum Limited (the Vendor). Egdon estimates that the transaction adds approximately 0.614m barrels of best estimate contingent and prospective resources of oil to its resource inventory. Egdon has received a cash sum from the vendor of £0.288m, less the interim period costs, which reflects the current estimate in relation to the abandonment liabilities.

Fiske 67.5p £8.0m (FKE.L)

The independent investment management and stockbroking firm announces its interim results for the six months ended 31 December 2022. (The company changed the end of the financial year from November to December in 2022). Fiske’s client assets invested internationally, assets under management and thus management fees were broadly level. Revenues decreased by 8.8% to £2.6m (November 2021: £2.85m). Profit before tax was £28k (Nov 2021: £6k in loss). Cash balances maintained at £3.1m. The Group is restructuring fee tariffs in order to boost income.

MediaZest* 0.073p £1.0m (MDZ.L)

The creative audio-visual company provides final results for the year ended 30 September 2022. Revenue grew 26% to £2.82m (2021: £2.246m), gross profit increased by 39% to £1.499m (2021: £1.075m), EBITDA improved by 184% to a profit of £220k (2021: £78k). Cash in hand was £45k (2021: £120k). Client demand in all three key sectors – Retail, Automotive and Corporate Office spaces – continued to be encouraging. Long term clients including Pets at Home, Lululemon, Hyundai all progressed roll out programmes or ongoing works during the financial year, and continued into the new financial year ending 30 September 2023. The Company also announces business wins outside of the UK with projects in Spain, the Netherlands, France and Germany. The Board remains positive about the Group’s future growth potential.

PoolBeg Pharma* 9.9p £49.5m (POLB.L)

The leading infectious disease focused biopharmaceutical company, announces the data readout from the bacterial lipopolysaccharide (LPS) human challenge trial for POLB 001, a viral strain to address the unmet medical need arising from severe influenza and other acute inflammatory conditions. Subjects treated with POLB 001 exhibited a marked reduction in multiple markers of systemic and localised inflammation compared with placebo. The typical LPS-induced rise in plasma cytokine levels (TNF-α, IL-6, and IL-8) decreased between 57-81% across all cytokines in subjects treated with 70 mg or 150 mg POLB 001 (all highly significant P values <0.0003). POLB 001 infiltration into inflamed tissues blocked localised cytokine release and reduced invasion of tissue damaging inflammatory cells. The results support continued clinical investigation and positive data with potential Pharma partners ahead of schedule.

Tyman 245.0p £480.9m (TYMN.L)

The international supplier of engineered fenestration components and access solutions to the construction industry announces results for the year ended 31 December 2022. Revenue for the year was £715.5m, up by 13% (2021: £635.7m) and adjusted operating profit increased by 5% to 94.6m (2021: £90.0m). However, profit before taxation decreased c.4% to £61.4 (2021: £64.0m). The Company has gained market shares with innovation, expansion and execution. The Board believes that Tyman is well positioned to take advantage of the structural industry growth drivers once housing market conditions improve.

Verici Dx 9p £15.3m (VRCI.L)

A developer of advanced clinical diagnostics for organ transplant, announces that it has successfully progressed its registration status to Compliance Certification by the Centers for Medicare & Medicaid for its commercial clinical operations to 45 US states. The Company launched its first product, Tutivia™, and this CLIA certification increases the ease of ordering a Tutivia™ test from laboratories and provides further validation of Verici’s tests and services for transplant clinicians across the United States. The Company will now proceed with its plan towards full accreditation in the remaining five states.

Vertu Motors 62.25p £217.2m (VTU.L)

The leading UK automotive retailer with a network of 191 sales and aftersales outlets announces the following update with regards to the five-month period to 31 January 2023. Group revenues increased by 9.4%, core Group service gross profit grew 5.2% vs. prior year. Year-end net debt is expected to be £80-85m (versus previous guidance of £100-110m). The Group are seeing signs of new car supply improving after extended period of disruption with significant supply constraints and are trading in line with management expectations.

Victorian Plumbing Group 86.65p £281.8m (VIC.L)

The UK’s online specialist bathroom retailer provides a trading update for the five months to 28 February 2023. The Group has delivered 10% revenue year-on-year growth year to date, combined with an improvement in gross margin and marketing spend efficiency. The Group has recently signed a 20 year lease for a new 544k square foot distribution centre in Lancashire, and continues to perform in line with the patterns of trade.

What’s cooking in the IPO kitchen?

Onward Opportunities Limited intends to join the AIM market. The Company’s investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market,  intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

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 delayed.

*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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