Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Agronomics Limited 11.85p £117.6m (ANIC.L)

The  company focused on the field of cellular agriculture, announces that two of its portfolio companies, precision fermentation egg producer Onego Bio and precision fermentation dairy producer Formo, have joined other European leaders in this category in the formation of Food Fermentation Europe (FFE). The alliance will work with policymakers and stakeholders to create the right market and regulatory conditions to embrace fermentation as one of the most sustainable pathways for the agri-food sector in Europe.  

Ceres Power 394.2p £757.8m (CWR.L)

The global leader in fuel cell and electrochemical technology has signed contracts with Linde Engineering and Robert Bosch GmbH (Bosch) to start a collaboration to validate the performance, cost, and operational functionality of its solid oxide fuel technology (SOEC) technology. The companies plan to prepare a two-year demonstration of a one-megawatt SOEC system, starting in 2024 at a Bosch site in Stuttgart, Germany. Ceres has committed  £100m for the development of its SOEC technology. Its first 100kW electrolyser module is currently on test and initial results are providing confidence that this technology can deliver green hydrogen at <40kWh/kg, around 25% more efficiently than incumbent lower temperature technologies. 

Cloudcoco Group 1.25p £8.8m (CLCO.L)

The UK-based provider of managed IT services and communications solutions to private and public sector organisations, announces its results for the year ended 30 September 2022 (FY22). Revenue increased by 198% to £24.2m (FY21: £8.1m), of which 67% was generated from recurring contracts. Gross profit increased by 147% to £7.9m. Pre-tax loss was £2.6m (FY: loss of £2.0m) after amortisation and depreciation of £2.0m. Cash at bank was £1.5m at 30 September 2022 (September 2021: £1.2m). The Company remains focused on driving organic growth and identifying strategic M&A opportunities.

European Metals Holdings 34.0p £66.4m (EMH.L)

The mining exploration company focused on advancing the Cinovec vertically integrated battery metals project in Czech Republic, announces its unaudited results for the half-year ended 31 December 2022. Total income was AUD565k, flat year-on-year. Net loss was AUD3.8m, widened by 94% partly due to AUD1.9m in share based payment expense. Gross cash was AUD17m (Dec 21: AUD 19m). Meanwhile, the Cinovec Project had been declared a Strategic Project by the Just Transition Fund (JTF ) (announced on 30 January 2023). Geomet s.r.o (the Cinovec project company) will apply for JTF Grant funding for the maximum amount of CZK 1.2bn (approx. EUR49m).

Gelion 40.5p £43.6m (GELN.L)

The Anglo-Australian energy storage innovator, announces its interim results for the six months ended 31 December 2022. Revenue remained nil. Loss on ordinary activities after taxation was £4.7m. The company has £8.2m in cash and £6.2m in term deposits as at 31 December 2022. In 2023, Gelion will continue to focus on cost management and capital deployment strategy. Strategic decisions to accelerate development and commercialisation such as the Johnson Matthey IP acquisition will be taken by the board. Guidance for the full FY23 is largely in line with expectations at the time of the IPO.

Greatland Gold 7.15p £362.4m (GGP.L)

The Company provides an exploration and development update for Havieron, its flagship gold-copper project located in the Paterson Province of Western Australia. (Newcrest Mining Limited is Greatland’s 70% joint venture partner in Havieron.) The main decline continues to progress ahead of the current schedule having surpassed 1,520m. The total advance is 10% ahead of the current schedule due to improved geotechnical conditions and the ongoing focus on productivity improvements. Drilling confirms the presence of high grade gold and copper mineralisation outside the current Mineral Resource with recent results including Northern Breccia (29.9m @ 3.9g/t Au and 0.01% Cu from 945.1m) and Eastern Breccia (57m @ 2.1g/t Au and 0.19% Cu from 1,262m).

Haydale Graphene 1.725p £13.6m (HAYD.L)

The global technology solutions company announces that it is working with City Energy Network and Plumbase Limited on developing and distributing its graphene underfloor heating (UFH). The proven ink heater technology applied to clothing worn by British athletes at the Tokyo Games has been applied in an initial prototype for domestic UFH with the potential to replace gas central heating and link into other energy efficient technologies. Once the product is ready and fully certified, Plumbase as the UK’s largest local plumbing supplier intends to distribute the product through nationwide branches with installation through City Energy’s installer network.

National World 23p £59.7m (NWOR.L)

The UK-based company with a portfolio of multimedia publications and websites, announced its results for the year ended 31 December 2022. Revenue was £84.1m, down 2%. Statutory profit before tax was £5.1m, up 325% from 2021, thanks to annualised costs savings of £4.0m. The company announces its maiden dividend of 0.5 pence per share subject to shareholder approval. Trading is expected to remain challenging for the first half of 2023. However, management continues to innovate and transition to a digital only operational model. The Group maintains its performance expectations for the year. Management is also pursuing investment and acquisition opportunities.

Restore 318.25p £436m (RST.L)

The UK’s leading provider of digital and information management and secure lifecycle services, provides its audited results for the year ended 31 December 2022. Revenue increased by 19.1% to £279.0m and adjusted EBITDA was up 9.8% to £81.5m. The Group has started 2023 with momentum of contracts wins, cost reduction actions and pricing changes implemented in H2 2022 and early 2023. Whilst the acquisition pipeline for FY23 remains strong, the focus in H1 will be on executing price rises, cost management and organic contract wins.

The Gym Group 98.85p £176.3m (GYM.L)

The nationwide operator of 230 low cost, high quality, 24/7 no contract gyms, announces its results for the year ended 31 December 2022. Revenue was £172.9m, up 63% from 2021Statutory loss for the period was £19.3m (2021: £44.2m), partly due to 32% increase in site costs. Non-property net debt was £76.1m, up 73% from the prior year. Revenue for January and February 2023 grew 18.7% year on year, reflecting membership growth of 8% and yield growth of 10%. In light of the difficult macroeconomy, the company anticipates the full year revenue increases from yield improvements and new site openings to be broadly offset by cost increases. A more measured approach is adopted for expansion, with 12 new sites planned in 2023 and all self-financed. As a result, leverage (calculated as non-property net debt divided by adjusted EBITDA less Normalised Rent) is expected to remain within the range of 1.5 to 2.0x.

What’s cooking in the IPO kitchen?*

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company’s main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Expected Admission 20th March 2023.

Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world’s leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/ gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission late March 2023.

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 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 Admission 17th March 2023.

*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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