* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour
Dish of the day
Admissions:
Mining, Minerals & Metals Plc (MMM.L) has completed the acquisition of Georgina Energy Plc and will now be trading on the London Stock Exchange under the name Georgina Energy plc (GEX.L). Georgina is an early-stage well redevelopment company which has a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia. The ordinary shares were purchased at an issue price of 12.5p per share as well as a £5.0m fundraise at the issue price. On Admission and based on the Issue Price, the Company will have a market capitalisation of approximately £11.2m.
Delistings:
Hipgnosis Songs Fund Limited (SONG.L) has delisted from the premium segment of the main market of the London Stock Exchange
Banquet Buffet***
Altitude Group 40p £29.0m (ALT.L)
The technology and information business announces its audited Annual Results for the Year Ended 31 March 2024. Revenue increased 33% to £24.0m (2023: £18.8m), adjusted profit before tax increased 26% to £1.15m (2023: £915k) and Cash remained robust at £1.2m (2023: £1.2 million) following increased levels of investment, highlighting the financial stability. Adjusted basic earnings per share increased by 60.1% to 2.61p (2023: 1.63p). FY25 has started strongly, with commercial growth in Merchanting and with Services continuing to outperform the wider industry. The Company remain excited about their growth potential, and continue to trade in line with market expectations.
B90 Holdings 2.95p £13.0m (B90.L)
The online marketing company for the gaming industry provides a trading update for the six months ended 30 June 2024. The Company's turnaround strategy is proceeding well and results for the full year are expected to be in-line with current market forecasts. Revenue saw a notable increase compared to the same period last year, reflecting the positive impact of the Company's strategic shift in operations. The business has now maintained positive EBITDA for six straight months since the start of this year, demonstrating the success of its cost optimisation and revenue generation strategies. Looking to the second half of the year, the Group's focus will remain on expanding B2B partnerships, enhancing digital marketing capabilities, and maintaining stringent cost controls to drive further profitability and long-term revenue growth.
Coro Energy * 0.1375p £4.0m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio announces an update on its C&I rooftop solar business in Vietnam. The Company announced the Signature of a Power Purchase Agreement (PPA) in Vietnam with Mobile World Group (MWG) on 8 March 2024 and now announces that the first ten pilot sites (0.34MW capacity of the total 50MW project) are now operational and revenue generating. Following successful engagements with MWG last week, the Company expects to shortly broaden the current PPA to a further 430 sites (circa 15MW capacity). Construction on the next 30 sites (c. 1MW capacity) is expected to begin early August, and the Company is in advanced discussions with a number of parties regarding investing in its Vietnamese C&I rooftop solar business with a view to funding the next 430 sites and accelerating the roll out of the larger 50MW project. The Company also continues to work with HDBank to secure a local debt facility to cover 50% of the capital on the MWG project following receipt of their indicative offer letter announced on 12 April 2024.
The designer and manufacturer of products for the aerospace, defence, space and telecommunications infrastructure markets announces its full year results for the 12 months ended 31 May 2024. Revenue increased to £25.4m (2023: £16.3m), profit before tax increased to £3.4m (2023: £0.1m), basic earnings per share increased to 1.45p (2023: 0.22p) and net cash balance as at 31 May 2024 was £4.2m (2023: £0.3m). The demand drivers for their business, as I have outlined above, remain strong and the markets they serve are robust. They have increasing confidence in their ability to deliver further growth in the year ahead, but they recognise the need to work fast and not be complacent.
Gaming Realms 39.8p £117.3m (GMR.L)
The developer and licensor of mobile-focused gaming content announces a pre-close trading update for the half-year ending 30 June 2024. The Company is expected H1 2024 revenue of approximately £13.5m and adjusted EBITDA of approximately £5.8m, reflecting year-on-year increases of 18% and 21%, respectively. Excluding brand licensing from the first half numbers, where there was a £600k one-off item in H1 2023, the adjusted EBITDA for H1 2024 increased by over 45% year-on-year. The strong momentum experienced during this period provides the Board with the belief that the Company is on track to meet its full-year targets, as it continues to expand into new markets and launch new games with existing partners.
Microlise Group 145p £168.1m (SAAS.L)
The provider of transport management software to fleet operators provides a half year update on trading for the six months ended 30 June 2024. Revenue grew by 15.4% to £39.1m (H1 2023: £33.9m), Adjusted EBITDA grew by 17% to £5.2m (H1 2023: £4.5m) and the group's net cash position at 30 June 2024 was £8.9m, after the initial £7.65m cash payment relating to the acquisition of Enterprise Software Systems and the Group's maiden ordinary dividend of £2.0m that was paid on 28 June 2024. The outlook for the Group is positive, with growing sales pipelines across all regions bolstered by the ongoing expansion of Microlise's market-leading product offering. Following the strong customer wins in H1, Microlise has a strong order book of projects, either in delivery or for delivery in H2 2024, giving it confidence in meeting full year expectations for 2024.
NWF Group 167.5p £82.8m (NWF.L)
The distributor operating in UK markets today announces its audited final results for the year ended 31 May 2024. Revenue decreased to £950.6m (2023: £1,053.9m), profit before tax decreased to £12.5m (2023: £19.6m) and net cash decreased to £10.0m (2023: £16.3m). Performance to date in the current financial year has been consistent with the Board's expectations. Overall, the Board continues to remain confident about the Group's future prospects.
SDI Group 63.5p £66.4m (SDI.L)
The Group focused on the design and manufacture of products for use in the lab equipment, industrial & scientific sensors and the industrial & scientific products markets announces its final audited results for the year ended 30 April 2024. Revenue was £65.8m (2023: £67.6m), Adjusted profit before tax of £8.0m (FY23: £11.8m) and Net debt (debt less cash, excluding leases) of £13.2m (FY23: £13.3m), despite £3.4m of acquisition related spend. Following conclusion of strategic review, the Group is now well placed for the future and expects longer-term organic growth to be in the range of 5-8%.
Somero Enterprises 315p £173.3m (SOM.L)
The Company that manufactures laser-guided and technologically innovative machinery used in horizontal concrete placement provides an update on trading ahead of its interim results announcement scheduled to be released on Thursday, 29 August 2024. The Company now expects FY 2024 revenues of approximately $110.0m (previous market consensus estimate of $120.7m), EBITDA of approximately $30.0m (previous market consensus estimate of $34.0m), and year-end cash of approximately $27.0m (previous market consensus estimate of US$ 31.7m). The Company anticipates an improvement in H2 2024 over H1 2024 driven by a combination of new product revenue growth, including the launch of a third new machine, and an expectation of improved weather conditions.
Staffline Group 38.35p £54.6m (STAF.L)
The recruitment and training group announces its unaudited interim results for the six months ended 30 June 2024. Revenue increased 11% to £480.2m (H1 2023: £430.0m), loss before tax increased to £12.1m (H1 2023: £1.4m) and cash at the end of the period £4.6m (H1 2023: £12.2m). As a result of recent political uncertainty, delays in PeoplePlus' pipeline will likely result in the proportion of operating profit in FY 2025 being more favourable to recruitment as a result of market share gains delivered by Staffline's recruitment activities.
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