* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
Admissions:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:
Cardiogeni PLC has announced its intention to IPO on the AQSE Growth Market. The Group’s platform technology is developing a new class of life-saving cellular medicines that enables the creation of unique (living) cells that are engineered with a therapeutic function. The Group’s lead product, CLXR-001, is a patented engineered cellular medicine to treat heart failure patients which is administered during coronary artery bypass grafting surgery. The Group’s novel technology was developed in-house by Professor Sir Martin Evans and is protected by a portfolio of circa 100 international patents and trademarks. Expected Admission is 31st January; market capitalisation and amount raised remains TBC.
RC Fornax, the UK-based engineering consultancy for critical military platforms, announced its intention to IPO onto the AIM market. The Company was founded in 2020 by Paul Reeves and Daniel Clark, two Royal Air Force veterans with a combined service of over 24 years. The Company generated revenue of £6.5m in 2024, resulting in £0.9m EBITDA. The Company is seeking to raise approximately £5m through a placing. Valuation TBC. RC Fornax's Ordinary Shares are expected to admit to trading on AIM in early February 2025.
Banquet Buffet****
Angle 15.25p £42.75m (AGL.L)
The innovative liquid biopsy Company with circulating tumour cell (CTC) solutions for research, drug development and clinical oncology reports successful trial results. Its dual circulating tumour DNA (ctDNA) and CTC-DNA workflow used, for the first time, an end-to-end Illumina solution for analysis. In the study, CTCs were isolated and harvested using the Parsortix system from a single blood tube taken from 27 lung cancer patients. CTCs and ctDNA were then analysed using Illumina's customised 79 gene lung cancer panel with NGS completed on the Illumina NextSeq 2000 platform. This provided evidence confirming the importance of including CTC-DNA analysis alongside ctDNA, so that clinically relevant cancer mutations are not missed. Analysing both analytes found twice as many mutations, which could be used as potential biomarkers to guide treatment.
Aptamer Group 0.45p £8.95m (APTA.L)
The developer of novel Optimer binders to enable innovation in the life sciences industry yesterday updated on interim trading to December 2024. Its revenue of £0.7m is significant higher than the prior period of £0.3m as its Fee for Service work benefits from with development projects with five of the top 20 pharmaceutical companies, of which 4 represent repeat business. The Group is also progressing potentially lucrative licensing discussions with multiple customers regarding developed assets for a range of applications. The Unilever partnership with a novel active ingredient for deodorants is progressing to person trials shortly.
There is also significant progress with Optimer binders to Neuro-Bio's innovative Alzheimer's disease biomarker. The Group continues to capitalise on the increased interest in its services and commercial progression is expected and the increasing revenue further extends its significant cash runway.
CT Automotive Group 33.50p £21.7m (CTA.L)
The developer and supplier of interior components to the global automotive industry makes a trading update for Y/E December 2024. It expects to deliver a highly resilient performance for 2024, with revenue no less than $117m, adjusted PBT no less than $8.6m, which are broadly in line with market expectations. Due to strong cash management, net debt was slightly better than expected at $7.5m. Q4 was however challenging with major OEMs seeking to destock, driven by higher interest rates and concerns over government set EV quotas. The Group is agnostic between ICE (Internal Combustion Engine) and electric vehicles and announced several significant new contracts with multiple OEMs. It includes a program valued at approximately $12m per annum with production commencing later this year in its Mexico facility. The CEO recognises the challenging times for the industry and prospects of increased costs and reduced volumes, but considers that the Group has leveraged AI, digitisation, and automation to lower product costs and so will be able to maintain profitability.
Hardide 6.25p £4.93m (HDD.L)
The provider of advanced surface coating technology reports finals for Y/E September 2024. After a
stronger H2, revenue of £4.7m is reported, which is a 14.5% decrease on 2023, while the profitable H2 turned the year to EBITDA break-even against a loss of £0.1m. An enhanced pre-coated product range was launched in March 2024 and is building traction. Aerospace revenues more than doubled and are expected continue growing as a major customer signed a 10-year supply agreement in Q1 FY25. This win is expected to yield at least £0.5m revenue in FY25 and future revenues of £6-8m over the 10-years. The Y/E net cash was unchanged at £0.7m and is improving, so the Board is not currently seeking further funding. It expects to deliver profitable growth for this year and beyond.
Litigation Capital Management 83.00p £105.14m (LIT.L)
The alternative asset manager specialising in dispute financing solutions internationally makes an Interim update to December 2024. During the period, it achieved four case wins and incurred three case losses, resulting in an aggregate multiple of invested capital (MOIC) of 3.7x on realisations. They reported a modest loss of A$6m compared to a A$7.3m profit. H1 new commitments are 72% lower at A$25m, but this ebb and flow of opportunities is not unusual. Net debt increased to A$40.1m from A$8.9m mainly due to increased investment into ongoing cases with a US$75m credit facility to support future growth. The CEO is confident that its capital will be effectively deployed to deliver attractive MOIC returns in H2.
Pressure Technology 38.50p £14.89m (PRES.L)
The specialist engineering group reported yesterday that subsidiary Chesterfield Special Cylinders (CSC)
won a strategically significant contract for delivery in Q1 2026. It’s the first contract to supply safety-critical pressure vessels to the US defence prime contractor, General Dynamics Electric Boat, the company responsible for the design, construction and lifecycle support of submarines for the US Navy. The program could run through to 2043, underpinning overseas defence order book development for CSC. Its Finals to September 2024 are to be reported on Wednesday 5th of February.
React Group 76.50p £20.33m (REAT.L)
The specialist support services provider of facility management (FM) reports Finals to September 2024. Its revenue increased by 6% to £19.6m of which 87% is recurring. Its gross profit margin improved marginally to 27.6% and the PBT increased 14.3% to £287k with EBITDA of £2.14m against £2.06m. After a record H1, the new government and its Budget are considered to have contributed to a slowing down, so H2 was subdued. Its range of services were greatly enhanced in October after acquiring 24hr Aquaflow so strengthening regional coverage of specialist FM support services alongside its nationwide specialist cleaning and window cleaning operations. As the acquisition is integrated, the CEO sees significant opportunities to enhance cross-selling and upselling efforts, while driving cost efficiencies.
RUA Life Sciences 13.0p £7.6m (RUA.L)
The holding Company of a group of medical device businesses focused on the exploitation of long-term implantable biostable polymer (Elast-Eon) announces a supply agreement for a multi-year supply contract with a global customer. The agreement is a 6x increase in business with the customer and covers
two product lines, unit volumes and unit pricing. The initial £0.5m revenue is expected during the current year and is anticipated to grow to a potential value of £3.3m over the five-year contact.
Tracsis 367.50p £114.87m (TRCS.L)
The transport technology provider reports the successful completion of a six-month pilot. Its customer ScotRail is expanding the availability of its Tracsis-developed pay-as-you-go ticketing app to its customers. ‘Tap&Pay’, is available for download in app stores, for travel initially in the Strathclyde area and routes between Strathclyde and Edinburgh. If successful, ScotRail will look to roll the app out more widely across its network. Tracsis earns a commission on each ticket sold through the app, but it is not expected to be a material contribution to FY25 revenue as this technology moves through its early adoption phase with customers.
Velocity Composites 31.50p £15.39m (VEL.L)
The supplier of composite material kits for aerospace reports finals to October 2024. Its revenue increased 40% to £23.0m with its US revenue quadrupling to £7.9m as production ramps up at the US facility. The gross profit margins improved from 18.8% to 25.9% reflecting a better sales mix, inflation adjustments and improved operational efficiencies. The A350 programme production rates are expected to increase significantly as the OEM strives to fulfil its order backlog. This is the largest programme in the UK to which Velocity is a supplier. Additional US programmes are being evaluated as the US site is expected to reach sustained production in H1. At 24 January 2025, the gross cash balance was £1.6m, with a CBIL loan balance of £0.8m and undrawn availability of £1.3m under invoice discounting facilities. The Board is confident of delivering another year of strong growth in FY25.
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