Dish of the day

Joiners: 

No joiners today. 

Leavers: 

No leavers today. 

 

What’s cooking in the IPO kitchen?** 

 Kitchen is empty currently.

 

Banquet Buffet*** 

ADM Energy* 0.5p  £1.8m (ADME.L) 

A natural resources investing company announces its half-yearly results for the six months ended 30 June 2023. During the period, the Company reduced administrative expenses to £292k (H1 2022: £897k loss), as a result the loss for the period decreased 55% to £460k (H1 2022: 834k loss). On 25 May 2023, the Company announced, alongside the acquisition of Blade V for US$1.6m, that it has entered into subscription agreements to issue Secured Convertible Loan Notes (SCLNs) with an aggregate face value of up to US$1.5m. The Company continues to work with the Aje Partners to progress development plans for the Aje Field. Blade V ties in with the Company’s strategy to identify near-term cash generating opportunities in established oil and gas regions. 

 

Concurrent Technologies 73.5p  £62.9m (CNC.L) 

The Company specialising in the design, development, and manufacture of deployable embedded computer solutions for critical applications announces the launch of a new product, the ruggedised plug-in-card, Buddon. The rugged board provides a technology upgrade for those customers who have deployed systems based on 3U CompactPCI and been designed to be backwards compatible with previous generations of CompactPCI cards. 

 

Crossword Cybersecurity* 9.25p  £8.7m (CCS.L) 

The cybersecurity solutions company focused on cyber strategy and risk announces its unaudited interim results for the six months ended 30 June 2023. Revenue increased by 27% to £1.9m for the six months ended 30 June 2023, as a result, ARR at the end of H1 2023 was £2.7m, growth of 35% compared to the same period in the prior year. Crossword is aiming to deliver EBITDA and cash breakeven on a monthly basis during the second half of 2024. The Company has also announced that its software engineering services revenue in H1 2023 has helped to strengthen ties with a key partner and provided a valuable development opportunity for staff. Crossword has a strong sales pipeline and is confident to achieve market expectations for the full year to 31 December 2023. 

 

Global Connectivity* 1.1p  £3.9m (AQSE: GCON) 

A provider of broadband services to rural areas of the UK through its investment in Rural Broadband Holdings Solutions Limited announces its unaudited half year results for the six months ended 30 June 2023. The Company’s net assets were up by £3.0m compared to 31 December 2022 mainly as a result of a net gain on financial assets at fair value through profit or loss of £3.2m. As at 30 June 2023, the Company holds cash of c.£33k. Following the merger with Voneus Broadband and the acquisition of Broadway Partners, GCON’s involvement in the broadband market has now been consolidated and it is expected that the Company’s asset value will be further enhanced. 

 

itim Group 28p  £8.7m (ITIM.L) 

A SaaS based technology company that enables store based retailers to optimise their businesses to improve financial performance announces its unaudited interim results for the six months ended 30 June 2023. Group revenue of £7.4m (HY22: £6.8m) an increase of  8.8%, and the annual recurring revenue marginally increased to £13.2m (HY22: £12.6m). There was an adjusted EBITDA loss of £0.2m (HY22: profit £0.3m) and the Company holds cash at the period end of £2.7m. The Group continues to benefit from its established client base with eighty customers resulting in recurring revenues. 

 

Physiomics* 1.85p  £2.5m (PYC.L) 

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions announces its audited results for its financial year ended 30 June 2023. Total income (revenue and grant income) decreased 33% to £606k (2022: £901k), as a result the loss after taxation increased 89% to £477k (2022: £253k), and the Company holds cash and cash equivalents at 30 June 2023 of £417k. The Company has further announced follow on contracts with existing clients Merck KGaA, Numab Therapeutics, Ankyra Therapeutics and Bicycle Therapeutics and has an order pipeline of potential projects that could start in the current financial year ending 30 June 2024 of over £1m. The Company remains focused on diversifying its client base, with the proportion of revenues derived from its largest customer falling from 85% in FY19 to less than 35% in FY23. 

 

Plant Health Care 7.6p  £26.0m (PHC.L) 

A provider of novel patent-protected biological products to global agriculture markets announces two new brands - MOSHY and TEIKKO - derived from the Company's PREtec technology platform (Vaccines for Plants) for launch in Brazil for the 2024 soybean growing season. MOSHY and TEIKKO provide specific benefits for growers of improved disease and nematode control, plant health and yield. Plant Health Care continues to expand into new markets. The Company is on track to achieve revenue of $30m by 2025. 

 

Science in Sport 12.5p  £21.6m (SIS.L) 

The performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community announces interim results for the six months to 30 June 2023. Revenue grew by 7% to £34.4m (H1 2022: £32.7m), as a result, gross profit increased 4.3% to £14.4m (H1 2022: £13.8m). The loss for the period reduced to £3.3m (H1 2022: loss £7.1m) and the Company holds cash at the period end of £1.2m. The Company expects H2 to mirror H1 at a revenue level and the Company’s strategy remains unchanged to continue to target profitable growth. 

 

Shield Therapeutics 7.9p  £56.3m (STX.L) 

A commercial stage pharmaceutical company announces a proposed equity fundraising by way of a subscription and Placing to raise c.£5.0m in aggregate at the Issue Price, being a price per share of 8.0 pence. The Issue Price represents a discount of approximately 17.9% to the closing price on 27 September 2023. The Company also announces that it has secured a US$20m senior secured debt facility from SWK. The net proceeds from the Equity Fundraising, together with the SWK Financing, will be used by Shield to further invest in US commercial activities. 

 

Trellus Health 7.75p  £12.5m (TRLS.L) 

A Company commercialising a scientifically validated and clinically proven personalised self-management solution for chronic health conditions at their intersection with mental health announces its interim results for the period ended 30 June 2023. Revenue marginally increased to US$14k (H1 2022: US$10k), adjusted EBITDA loss decreased by 30% to $3.16m, in line with expectations (H1 2022:: $4.61m loss). The loss for the period was US$3.57m (H1 2022: US$4.8m) and the Company holds cash at the end of period of US$15.8m. The Company further announced  it has launched a pilot program with a New York-based health insurance company with more than 1.8 million members to make Trellus Elevate IBD program available as a health plan benefit. 

 

* A corporate client of Hybridan LLP

** Arranged by most recent first

*** Alphabetically arranged

 

Status of this Note and Disclaimer

This document has been issued to you 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).

This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii)  persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.