Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Biome Technologies 123.0p £4.6m (BIOM.L)

The technology group with two divisions (Bioplastics and Radio Frequency) announces its results for the year ended 31 December 2022. Group revenues increased by 7.9% to £6.2m, consisting of £4.4m from Bioplastics and £1.8m from Radio Frequency. Bioplastics revenues declined 8.4%, due to a significant reduction in demand from a long established customer for filmic material. Radio Frequency revenue increased by 91.6% as the division continues to diversify its application base. Group LBITDA of £0.4m (2021: LBITDA of £0.6m) was better than market expectations. Cash position was £0.8m (2021: £1.0m) with no bank borrowings. Revenues for the quarter ended 31 March 2023 was £1.9m, 77% ahead of the same period last year (2022 Q1: £1.1m) and in line with management’s expectations. 

Challenger Energy Group 0.11p £10.2m (CEG.L)

The Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, provides the highlights from its technical assessment of the AREA OFF-1 block, offshore Uruguay. Initial prospect inventory of 1-2bn barrels has been defined from CEG’s 2D seismic reprocessing work, three sizeable prospects have thus far been identified and prospects are seismically-derived including: 1) Teru Teru prospect 460 km2 in areal extent, in excess of 700 MMboe2) Anapero prospect 500 km2 in areal extent; an estimated ultimate recoverable resource in excess of 500MMboe; and 3) Lenteja prospect 425 km2 in areal extent; an estimated ultimate recoverable resource c. 500MMboe. Next steps is to farm-out to industry partners to fast track 3D seismic acquisition.

Image Scan Holdings 2.3p £3.1m (IGE.L)

The specialist in X-ray imaging for the security and industrial inspection markets, announces its interim results for the six months ended 31 March 2023. Order intake increased by 81% to £1,858k (H1 2022: £1,029k),; revenue increased by 85% to £1,459k (H1 2022: £790k); profit before tax was £16k (H1 2022: loss of £345k), and the Company held bank balance of £1,003k (H1 2022: £777k). The Company delivered a large volume portable X-ray systems to a Spanish security customer and the Company aim to deliver full year results in line with market expectations.

Kibo Energy* 0.07p £2.1m (KIBO.L)

The renewable energy-focused development company announces that further to its RNS announcement on 11 April 2023, the Company has received notices to exercise 284,524,625 Kibo warrants for which 284,524,625 ordinary Kibo shares at a price of £0.001 will be issued to the Institutional Investor RiverFort Global Opportunities PCC Ltd. Among the proceeds of c.£284k, £68k is retained by the Institutional Investor as a reduction against the outstanding loan facility. Kibo has also awarded 1,262,300,283 warrants to the Institutional Investor under the agreed reprofiling terms of the facility. In addition, conversion notices have been received for the 7% Convertible Loan Note Instrument dated 7 January 2022.  The amount outstanding (including accrued interest) of £714,517 has been converted at a deemed price of 0.14p, resulting in the issue of 510,369,286 new shares. The noteholders include certain directors and senior management.

Physiomics* 3p £2.9m (PYC.L)

The leading mathematical modelling company supporting oncology drug development and personalised medicine solutions, announces the signature of a Collaborative Services Agreement with ValiRx’s wholly owned subsidiary Inaphaea BioLabs Limited. The agreement recognises the synergy between Inaphaea’s growing capabilities as a translational contract research organisation (tCRO®) providing in-vitro laboratory-based services and Physiomics’ in-silico capabilities for advanced statistical analyses, machine learning techniques, data handling and visualisation, as well as biological modelling. Under the agreement, service users of Inaphaea will be able to benefit from Physiomics capabilities in a single service contract with Inaphaea.

Polarean Imaging 24.25p £51.71m (POLX.L)

The medical imaging technology company announces that it has received its first order for a gas blend cylinder for the production of XENOVIEW from Cincinnati Children’s Hospital Medical Centre (Cincinnati Children’s). XENOVIEW is the only hyperpolarised contrast agent approved by the U.S. FDA for use with magnetic resonance imaging and evaluation of lung ventilation in adults and paediatric patients aged 12 years and older. The cylinder should provide adequate doses for over 100 patient scans. Cincinnati Children’s has conducted the pioneering research in adolescent children and expects to begin scanning of hospital clinic patients in May.

Sanderson Design Group 139p £99.3m (SDG.L)

The luxury interior design and furnishings group announces its audited results for the year ended 31 January 2023. Revenue was unchanged at £112.0m (FY2022: £112.2m), including licensing revenue up 25.0% at £6.5m (FY2022: £5.2m). Adjusted underlying profit before tax was £12.6m (FY2022: £12.5m). The Group held cash of £15.4m (FY2022: £19.1m). Significant licence renewals include Bedeck, NEXT and Williams Sonoma along with strong generation of new collaborations including Disney and performance from Japanese partnerships. The Board’s expectations for the year remain unchanged.

Skillcast Group 21.5p £19.2m (SKL.L)

The provider of content and technology for digital compliance transformation, announces its audited results for the year ended 31 December 2022. Revenue increased 17% to £9.8m (2021: £8.4m), with ARR up by 16% to £6.8m.  Adjusted LBITDA was £0.3m (2021: EBITDA of £1.1m) and the Company held cash of £7.7m (2021: £7.9m). Recurring subscriptions contributed to 68% of total revenues (2021: 62%) and total client numbers grew to over 1,000. Trading since the period end has continued to increase on the prior year and remains consistent with market expectations.

Warpaint London 210p £161.2m (W7L.L)

The specialist supplier of colour cosmetics and owner of the W7 and Technic brands, announces its audited results for the year ended 31 December 2022. Group revenue increased by 28% to £64.1m (2021: £50.0m), gross profit margin increased to 36.4% (2021: 33.8%) and EBITDA increased 56% to £11.7m (2021: £7.5m).  The Group held cash of £5.9m with no debt. USA sales grew by 55% in US dollar terms and the Group are confident to deliver profitable future growth.

Zinc Media Group 88.5p £19.3m (ZIN.L)

The award-winning television, brand and audio production group, announces its audited results for the year ended 31 December 2022. Revenue increased 72% to £30.1m (FY21: £17.5m). Adjusted EBITDA was £0.1m, compared to a loss of £0.6m in FY21 and loss before tax was £3.3m (FY21: £2.6m). The Company held cash 0f £3.6m. The successful acquisition of The Edge in August 2022 has brought a quality, high margin business with significant repeat revenue. Group’s pipeline remains strong with a further £6m of revenue and the Group is trading ahead of market expectations.

What’s cooking in the IPO kitchen?**

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. Expected Admission Early May 2023.

Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 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.

*A corporate client of Hybridan LLP

** Content not provided by Hybridan LLP

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