Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Aquis Exchange 395p £108.7m (AQX.L)

The creator and facilitator of next-generation financial markets announces the launch of Aquis Equinox: a world-first, regulated market-grade 24×7 matching engine which never requires shut down or downtime. Traditional exchange models require downtime at set periods to ensure required actions including maintenance and software upgrades are implemented. Exchanges running on Aquis Equinox can guarantee continuous operation, with no need for shutdown. Aquis Equinox combines this uninterrupted availability with high regulatory standards, alongside extreme fault tolerance and proprietary engineering.

D4t4 Solutions 180p £71.7m (D4T4.L)

The data solutions provider provides the following trading update for the year to 31 March 2023. Due to the delays in the signing of a project with an existing customer ,which included a high proportion of low margin hardware, and a Celebrus multi-year contract with a new customer, results are expected to be lower than management expectations, with full year revenues in the region of approximately £21.5m (FY22: £24.5m) and adjusted profit before tax of  c.£3.5m (FY22: £3.3m). The cash balance was £17.7m at 31 March 2023 (FY22: £11.4m), with no debt. The Group will continue to invest in sales and marketing for the core business to build upon the growth.

Elixirr International 505p £233.2m (ELIX.L)

An established, global award-winning challenger consultancy announces its final results for the year ended 31 December 2022. Revenue increased by 40% to £70.7m (FY 21: £50.6m), adjusted EBITDA increased by 30% to £20.5m (FY 21: £15.7m), profit before tax increased by 29% to £15.7m (FY 21: £12.2m) and the Company holds net cash of £20.4m (FY 21: £31.8m). FY 22 momentum has continued during Q1 2023, with absolute revenue growth of 52%. FY 23 expectations upgraded to £85m-£90m revenue at an adjusted EBITDA margin of 28-30%.

EnSilica 73.5p £57.4m (ENSI.L)

A leading mixed signal chip maker announces that it has secured a contract with an existing European based customer for approximately $2.4m (Contract). The third Contract secured by EnSilica with this customer, is to develop a TSMC 12nm FinFET ASIC using multiple high-speed Ethernet network interfaces. The Contract revenue spans the current and next financial year of the Company. This most recent award follows a period of strong new business momentum with contracts announced totalling c.$13.5m and underpinning current market expectations.

Judges Scientific £85.80 £546.7m (JDG.L)

A group focused on acquiring and developing companies in the scientific instrument sector announces that it has acquired 100% of the issued share capital of Henniker Scientific Limited. A company specialising in deposition and plasma technology based in Runcorn, Cheshire. The initial consideration for Henniker is £1.8m in cash plus an earn-out payment due in 2024 and equal to four times EBIT for the year ended 31 March 2024, minus £1.8m. The consideration for the acquisition has been funded from the Group’s cash balances. The Board believes that Henniker is a solid, growing and profitable company manufacturing quality products.

MyHealthChecked 0.97p £7.6m (MHC.L)

The consumer home-testing healthcare company announces its preliminary results for the year ended 31 December 2022. Revenue up 36% to £22.3m (2021: £16.4m), adjusted EBITDA of £2.3m (2021: £2.7m) – reflecting the change in product mix away from higher margin PCR testing to the distribution of COVID Lateral Flows, and cash balance at year end of £7.6m (2021: £6.4m). The Company is developing B2B2C customer relationships in preparation to launch an expanded portfolio of at-home wellness tests nationwide in 2023. The Company aims to continue to solidify its position as a leading wellness company.

NetScientific 70p £16.4m (NSCI.L)

The investment and commercialisation group with an international portfolio of innovative life science, sustainability and industrial technology companies provides a business update for the year ended 31 December 2022. The Group expects an increase in Fair Value. H2 2022 saw a marked increase in activity, with companies achieving significant operational milestones and key fundraisings across the Group’s portfolio, an aggregate amount of c.£70m was raised through equity and venture debt by 18 companies. The Group introduced three new investments into the portfolio and the Board is optimistic about the potential for enhanced value creation and potential liquidity events.

Sirius Real Estate 77.25p £908.4m (SRE.L)

The leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the U.K. announces that it has completed the disposals of two assets for a combined total of EUR12.2m. The most recent disposal, which completed on 1 April 2023, was achieved at a 5.3% premium to book value (30 September 2022: EUR8.3m) originally acquired by Sirius in 2007 and sold for EUR8.8m. This disposal follows the EUR3.4m sale at book value (as at 30 September 2022) which completed in December 2022. The Company aims to use the returns investing into new opportunities within its portfolio where it sees an opportunity to create value.

Strip Tinning Holdings 52.5p £8.1m (STG.L)

A leading supplier of specialist connectors to the automotive sector announces that it has secured a new order for a large number of sample cell contact system modules from the Company’s leading EV customer, supplying into the autonomous vehicle industry in the USA. The value of the order is c.£775k, with the majority of the parts expected to be shipped in 2023 and the Company anticipates  next receiving C-sample orders as a result. This order renews the confidence in the Company for their commercial opportunity in the EV sector.

Tracsis 890p £266.0m (TRCS.L)

A leading provider of software, hardware, data analytics/ GIS and services for the rail, traffic data and wider transport industries announces its unaudited interim results for the six months ended 31 January 2023. 34% increase in revenue to £39.2m (H1 2022: £29.2m), adjusted EBITDA increased by 21% to £7.5m (H1 2022: £6.2m), 76% increase in profit before tax to £2.3m (H1 2022: £1.3m) and the Company holds cash balances of £17.0m with no debt. The Company has seen further growth in rail technology software licence usage and annual recurring revenue and the Board’s expectations for the year to 31 July 2023 remain unchanged.

What’s cooking in the IPO kitchen?**

Beacon Energy plc, intends to join the AIM market. In accordance with the Company’s strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m which will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected Admission date is 11 April 2023.

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. Admission delayed until 4th April 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.

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 capital raise on Admission of £7.5m and Market Capitalisation of £28.8m.  Expected Admission 6 April 2023.

*A corporate client of Hybridan LLP

** Content not provided by Hybridan LLP

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