MrC's Smallcap Sweeps for Jan 2024

[MrContrarian]

Smallcap Sweep. 02-Jan-24
What's the score in '24?

Tan Delta Systems (TAND) another recent IPO (Aug) stiffs holders. Warns FY-Dec rev down c. 10%, below original management expectations. Blames customers delaying trials. Adj net loss broadly in line at c. £0.4m due to slow recruitment of new staff. Outlook: "we look forward to 2024 with great optimism". Why am I not reassured? [SP=21 Cap=17m]
Dialight (DIA) Sanmina litigation: court denied Sanmina's motion to dismiss Dialight's fraudulent inducement claim. Also court affirmed its prior opinion and denied Sanmina's motion for summary judgment on its accounts receivable claim. [SP=140.84 Cap=59m]
Jade Road Investments (JADE) proposed disposal of legacy Asian assets, restructuring exercise and strategic direction. Legacy assets will be moved into an SPV which will then be given to shareholders in specie. The some loan note rigmarole. Smells. [SP=1.75 Cap=7m]
Angle (AGL) $250k contract for pilot study for co's Portrait HER2 assay. [SP=11.7 Cap=31m]
LungLife AI (LLAI) validation of LungLB in multi-site, prospective clinical study. "LungLB performed strongly in participants with smaller lung nodules." [SP=50 Cap=12m]
Plant Health Care (PHC) Brazil approves TEIKKO to control nematodes in soybeans. [SP=3.4 Cap=13m]
Plexus (POS) $5.2m perpetual P Licence Agreement with SLB replacing an existing surface production wellhead licence. [SP=20.9 Cap=22m]
hVIVO (HVO) £6.3m contract to start H2 2024, with revenue recognised in 2024 and 2025. [SP=23.93 Cap=162m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 03-Jan-24
Fishing in foul waters

Supply@ME Capital (SYME) commitment (not a contract yet) provided by Italy's Banco BPM to fund an initial IMInventory Monetisation transaction up to €10m of an existing client of BBPM. [SP=0.07 Cap=40m]
East Imperial (EISB) wins accounts at 3 new New Zealand premises. Gives travel-magazine type hyperbolic descriptions of these including the fact that one has 'a cellar door'. Er, so what? Also on-trade channel rebounded strongly from Oct. Seeing significant margin improvement. Googling reveals a 'cellar door' is a local term for a winery tasting outlet with food. [SP=2.3 Cap=8m]
Intercede (IGP) $1m licence order with associated support and maintenance + $0.2m PA subscription. Guides FY24 ahead of market expectations (rev £18m and adj EBITDA £5.2m). [SP=94.8 Cap=55m]
Aurrigo (AURR) formal project agreement worth €0.58m with Schiphol airport for the deployment and demonstration of autonomous aviation solutions. [SP=91 Cap=42m]
C4X Discovery (C4XD) $11m preclinical milestone payment from AstraZeneca. [SP=8.88 Cap=22m]
Chill Brands (CHLL) re-iterates Jan launch into initial WH Smith travel locations, Morrisons stores and fuel stations. Talks on selling in select European markets. Developing an expanded range of reusable and rechargeable products. [SP=4.9 Cap=22m]
Ondo InsurTech (ONDO) deal with Danish mutual insurance company LB Forsikring to accelerate the distribution of the LeakBot system to its members. [SP=22.74 Cap=20m]
GETECH (GTC) eight contract wins worth £1.8m. Expects to book £0.6m in FY23 making FY23 rev c.£4m. ARR £2.8m (FY22 £2.4m). [SP=5.4 Cap=4m]
Hercules Site Services (HERC) Civils div won £5.75m of contracts in Q1-Dec [SP=23.5 Cap=15m]
Learning Technologies (LTG) completes disposal of Lorien Engineering Solutions. [SP=78.05 Cap=617m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 04-Jan-24
Topps to bottom

Topps Tiles (TPT) weakness continues with Q1 LFL down 7%. Sales to trade customers more resilient than to homeowners. [SP=50.8 Cap=100m]
TruFin (TRU) guides FY-Dec rev up 32%+, below exp due to significant platform deals at Playstack taking longer to negotiate and conclude. Adj pretax loss in line at £6.3m (£8.2m). [SP=48.75 Cap=52m]
RegTech Open Project (RTOP) RegTech Italy (owned by Alessandro Zamboni of Zoetic/Chill infamy) still hasn't paid c.£3m of working capital loan agreement. Exploring alternative financing options should there be continued delays. [SP=14.5 Cap=9m]
Shearwater (SWG) wins $3.15m 3 yr contract (includes previously deferred contractual spend from the client). Also £0.84m win from Gov't. [SP=46.8 Cap=11m]
Tekmar (TGP) wins £3.5m initial contract for a cable protection system. Delivery in 2025. [SP=10.5 Cap=14m]
Iconic Labs (ICON) following its exit from administration co is seeking an acquisition, will probably be an RTO. [SP=3.4 Cap=m]
Destiny Pharma (DEST) biz update. Not much new I think. "Pre-clinical results are expected imminently for XF-73 Dermal and, in addition, the Company expects to make further progress across its XF drug platform and assets with target indications established for both XF-73 Dermal and XF-70, a novel anti-fungal from the XF drug platform, later in 2024." Co funded through to Q1 2025. [SP=68.87 Cap=66m]
Likewise (LIKE) guides FY-Dec rev Gross sales revenue up 14%, 'Sales revenue' (must be different) ahead of market expectations andU/L profitability in line [SP=20 Cap=49m]
Angle (AGL) claims 'breakthrough' clinical results: "Combined DNA Next Generation Sequencing of CTCs and ctDNA from the same blood sample highlights potential for the Parsortix system to identify key variants (DNA mutations) missed by other approaches to help guide treatment decisions". CO says it's the critical next step after the FDA clearance. [SP=13.17 Cap=34m]
Microsaic Systems (MSYS) update on the Revised Fundraising and Acquisition. Still negotiating binding conditional commitments to the placing through Turner Pope Investments. Due diligence on acquisition target continues. [SP=0.01 Cap=258m]
Net Zero Infrastructure (NZI) abandons mooted acquisition of LINE Hydrogen (Australia) because co couldn't get it funded. Co considering another potential acquisition in a different sector of the market. Shares remain suspended. [SP=NA Cap=NA]
Aptitude Software (APTD) wins £1.3m contract commencing in March. [SP=280.93 Cap=161m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 05-Jan-24
Letting the air out if the week

Revolution Bars (RBG) LFL rev up 9% from 4 to 31 Dec. H1 LFL -2.8%. Will close 8 bars. "You say you want a Revolution." Well not if you live in Derby. [SP=5.53 Cap=13m]
Minoan (MIN) extends options which were granted in lieu of remuneration. Project at Cavo Sidero: "moving ahead...on the basis of the existing contract and associated documentation whilst it pursues further commercial discussions and negotiations with more hotel operators, financial and other types of partner". [SP=0.69 Cap=6m]
Woodbois (WBI) CEO resigns, but will continue to provide advisory support. Exec chmn takes on both roles. Claims it's to "enhance decision-making processes and improve operational efficiency". Board wasn't run properly if that's the case. Also "reinforcing the reporting of and competitive capital allocations to its distinct profit centres" to improve financial management and accountability. [SP=0.9 Cap=33m]
Supreme (SUP) buys out of administration of the trade and assets of FoodIQ UK, the protein manufacturer, for £175k. Co gets "access to a purpose-built, state-of-the-art, accredited, automated contract manufacturing facility that opened only 18 months ago and cost almost £1.2m to build". Will increase co's "wellness manufacturing capacity". You can manufacture wellness now? [SP=113.5 Cap=133m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Jan-24
The Man With No Gain

CMC Markets (CMCX) guides FY24 net operating income £290-£310m vs prev guidance £250-£280m. [SP=110.4 Cap=309m]
CMO (CMO) warns FY-rev only broadly in-line at c. £71.5m (£83.1m), adj EBITDA c. £1m (£2.1m), below previous guidance. Blames lower average orders values. [SP=26.56 Cap=20m]
Huddled (HUD) guides FY-Dec rev-cont £2.2m, almost all from Discount Dragon acquisition. Latter has exceeded mgmt expectations. [SP=3.91 Cap=13m]
Gulf Marine Services (GMS) contract extension for one small class vessel and a new contract for another small class vessel. Improved rates. [SP=15 Cap=152m]
Surface Transforms (SCE) guides FY-Dec rev £8.3m. Doesn't say if in line but F/C is £8.6m. No new technical problems have arisen. [SP=11.35 Cap=40m]
Arecor Therapeutics (AREC) expansion of its ongoing, exclusive formulation study collaboration with large pharma co. [SP=175 Cap=53m]
Celebrus Technologies (CLBS) several software contract wins. Guides FY24 in line. Mkk exp are for £32.1m rev, adj pretax £5.4m. [SP=213.75 Cap=85m]
Phoenix Spree Deutschland (PSDL) terminates forward funding commitment to a portfolio of development properties in Brandenburg due to decline in property values and and interest rates. Will lose initial payment of €5.5m. [SP=171 Cap=157m]
Elixirr (ELIX) guides FY-Dec in line. Will move to pay two dividends PA. Interim div 5.3p xd 18 Jan. [SP=615 Cap=291m]
MediaZest (MDZ) £120k placing at 0.04p, a 6% discount. Trading: ARR now c.£700k. [SP=0.04 Cap=1m]
DG Innovate (DGI) Lloyd's Register 'Approval in Principle' for Pareta e-drive system design following feasibility study. CO expects to get further grant funding to move towards a full demonstration vessel project. [SP=0.17 Cap=17m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 09-Jan-24
Holistic value proposition my [expletive deleted]

Tremor International (TRMR) becomes Nexxen (NEXN) tomorrow - "an exciting next step in the rebrand we embarked upon several months ago with a mission to unite our brands, simplify our story, better highlight the holistic value proposition blah blah blah". [SP=197.6 Cap=366m]
MJ Gleeson (GLE) warns FY-June gross margins falling below expectations by c. 1.5-2%..Blames additional costs relating to a number of older sites and weak demand. H1 saw 14% fewer units sold. [SP=530 Cap=309m]
Live Company (LVCG) re-iterates that it is in the process of finalising its accounts with completion envisaged by end of Jan. [SP=2.08 Cap=5m]
Mobile Streams (MOS) £300k placing at 0.06p, a 14% premium, to to fund the expansion of its operations in Mexico and for working capital [SP=0.06 Cap=3m]
Seeing Machines (SEE) to unveil latest Guardian technology at giant tech show CES 2024. It has Drowsiness Detection with refined microsleep detection and eye-gaze tracking. [SP=5.32 Cap=220m]
Intelligent Ultrasound (IUG) warns FY-Dec rev up only 10% to £11.2m. Simulation rev c. £1m behind expectations, mainly due to weak sales in Europe and China and recognised revenue being slightly less than expected in Q4. Guides FY24 rev £14m-17m and continues to expect reaching profitability with its current cash. [SP=10.2 Cap=33m]
Chamberlin (CMH) £830k placing at 2p, a 30% discount, for working cap. [SP=2.7 Cap=4m]
SIG (SHI) guides FY-Dec rev up 1% with LFL down 2%. U/L op profit in the upper half of £50-55m guided. FCF only c.£4m. [SP=32.07 Cap=379m]
Quartix Technologies (QTX) guides FY-Dec rev £29.8m up 8%, adj EBITDA (which it calls profit) £4.9m and FCF (excl purchase of Konetik Deutschland) £3.1m. ARR up 8%. 'Cash balance' £2.3m - is that net cash? May cut div from usual level. [SP=150 Cap=73m]
Hiro Metaverse Acquisitions (HMA1) to delust and pay £10.72/sh. Says it will not be possible to complete a business combination before the deadline. [SP=NA Cap=NA]
Kooth (KOO) launched its digital mental health platform and mobile app in California on 1 Jan. "As indicated previously, the contract has an expected value of $188m through to June 2027." [SP=314 Cap=114m]
Eden Research (EDEN) California approves Mevalone. [SP=6.1 Cap=33m]

In line: CRTA, DBOX, MTW, UTG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 10-Jan-24
No sparks from Marks

Belvoir (BLV) merger of equals with The Property Franchise Group. [SP=256.5 Cap=96m]
The Property Franchise Group (TPFG) see BLV [SP=344 Cap=111m]
Neometals (NMT) 50% owned JV Primobius gets €18.8m order for a hydrometallurgical refinery. [SP=10.5 Cap=130m]
Seeing Machines (SEE) appointment by three prominent commercial and bus manufacturers to supply Guardian Generation 3. No £££. [SP=5.35 Cap=222m]
Hostelworld (HSW) guides FY-Dec rev up 32% and adj EBITDA c. €18.3m vs guidance of €17.5m-18m. [SP=133.5 Cap=165m]
Distribution Finance Capital (DFCH) guides FY-Dex pretax £3m+, ahead of its prior expectations. [SP=23 Cap=40m]
Nightcap (NGHT) Dec rev up 12% LFL and 66% total. H1 rev LFL still down 10%. In line? [SP=4.92 Cap=11m]
Mercantile Ports & Logistics (MPL) warns FY-Dec rev c.£5.4m: "the recent acquisition of a port in the region had a short term impact on the trading volumes at Karanja in December...importers sought to clear stockpiles of existing supplies of coal". Debt restructuring talks taking longer than expected but remains confident of getting a facility with much more attractive terms. [SP=2.8 Cap=10m]
Light Science Technologies (LST) guides FY-Nev rev up c.13% and pretax c.-£1.3m (-£2.72m). In line? Outlook: CEM division is seeing forward orders and stock levels return towards pre-pandemic levels. [SP=2.21 Cap=7m]
Litigation Capital Management (LIT) successful resolution on an investment which forms part of LCM's Fund I portfolio. [SP=100 Cap=119m]
Sondrel (SND) warns FY-Dec rev only c.£10m. £1.7m has slipped into Jan-Feb. Worsens cash crisis. [SP=6 Cap=5m]
Totally (TLY) wins 1 year contract extension worth c.£13m PA. [SP=4.71 Cap=9m]
Costain (COST) framework agreement with Northumbrian Water worth up to £670m over 12 years. Guides FY23 adj op profit in line. [SP=62.57 Cap=173m]
Nichols (NICL) guides FY-Dec adj pretax slightly above current market expectations of £25.4m. Rev up 3.5%. [SP=1130 Cap=412m]
1Spatial (SPA) three contract wins. [SP=51.43 Cap=57m]
Marks Electrical (MRK) warns FY-Mar EBITDA only £5-6m as gross product margin did not increase to the levels expected. Rev £115-118m. [SP=91.5 Cap=96m]
Cornerstone FS (CSFS) guides FY-Dec rev up 100%, ahead of market expectations, and adj EBITDA c. £1.4m+, significantly ahead. [SP=26.1 Cap=15m]
Distil (DIS) Q3 rev up 39%, gross profit up 23%. In line? [SP=0.53 Cap=5m]

In line: PROC, SOS, GYM, WINK
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 11-Jan-24
SInk your teeth into the smallcap sandwich

Cellular Goods (CBX) pivot to becoming an AI recommendation agent for personalized skincare and beauty routines. Name will become Cel AI (CLAI). "The high end beauty buying experience is ripe for disruption and it is very clear that our prospects and customers want us to provide them with a full suite of product recommendations and beauty ideas." Is it? [SP=0.49 Cap=3m]
Dianomi (DNM) guides FY-Dec rev c.£30.1m, broadly in line with market expectations. Adj EBITDA -£0.3-0.4m. Is that in line? [SP=43.11 Cap=14m]
Gresham Technologies (GHT) guides FY-Dec rev £49m vs F/C £50.2m. Adj EBITDA at least in line with current market expectations of £11m. [SP=115.8 Cap=97m]
SIMEC Atlantis Energy (SAE) Battery Energy Storage System at Uskmouth has been granted planning consent with conditions. [SP=1.42 Cap=10m]
MyHealthChecked (MHC) guides FY-Dec rev £11m down 51%. Adj EBITDA breakeven (£2.3m). In line? [SP=13 Cap=7m]
CyanConnode (CYAN) wins order for 1m Omnimesh Modules plus infrastructure, software, maintenance etc. No £££. The installation will be completed within 27 months and followed by a 93 month Support and Maintenance contract. [SP=10.22 Cap=31m]
Ethernity Networks (ENET) reaches agreement to keep the wolf from the door. Creditors will be paid over 12 months. Needs court approval. [SP=1 Cap=4m]
Windward (WNWD) guides FY-Dec comfortably ahead of market forecasts with rev c.$28.3m and adj EBITDA c. -$5.1m. F/C $26.6m and -$7m resp. Has begun 2024 with continued good momentum. [SP=90 Cap=77m]
Robert Walters (RWA) guides FY-De net fee income down 10%. Pretax in line with market expectations of £20.5m. [SP=410 Cap=297m]
Mears (MER) guides FY-Dec modestly ahead of market expectations with rev over £1,050m and adj pretax over £43m. F/C £1031m and £40.9m. Sees FY24 materially ahead of market expectations of £888m and adj pretax £33.9m. [SP=313.5 Cap=318m]
Abingdon Health (ABDX) guides H1-Dec rev up 118% to £2.4m. Cash £1.9m. Outlook confident. [SP=12 Cap=15m]
XP Power (XPP) Q4 rev of £81.2m was slightly ahead of expectations but only because it delayed relocation of facility in California bringing forward £5m of revenues. Cost cutting going to plan. [SP=1290 Cap=305m]

In line: MPAC
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 12-Jan-24
Up and coming or investors' drubbing

Warpaint London (W7L) guides FY-Dec rev c.£89.5m vs £85m+ guided. Pretax £18m+, ahead of market expectations and co's £16m+ guidance. [SP=376.5 Cap=291m]
Kelso (KLSO) £1.8m placing at 3p, a 10% discount, " to continue to execute its mandate to unlock value in the UK stock market". Guides FY-Dec pretax £1.8m. NAV 2.33p/sh. [SP=3.26 Cap=10m]
EnSilica (ENSI) launches designs for a range of Post-Quantum (ie can withstand hacking by quantum computers) cryptography accelerators. Sells a license for one. [SP=37 Cap=30m]
Sivota (SIV) proposes c. £2.5m placing to provide an acquisition target with a convertible loan. Target is a leading online technology platform operating across the travel sector. [SP=35 Cap=4m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Jan-24
The goldfish bowl of news

Avon Protection (AVON) wins multi-million € order to supply its Multi-Role Rebreather for military diving operations. [SP=899 Cap=272m]
Audioboom (BOOM) guides Q4-Dec rev up 5% and 27% on Q3. Adj EBITDA turns positive at $0.2m. Expects record rev in FY24 and a return to adjusted EBITDA profitability. [SP=325 Cap=53m]
Iofina (IOF) missed H2 production guidance of 325-350MT with output of 318MT. "The iodine spot price softened by circa five percent over H2 2023 towards mid-to-upper sixties dollars per kilogram as prices have settled from historically high levels." [SP=25.34 Cap=50m]
IQGeo (IQG) guides FY-Dec ahead of expectations with rev over £44.2m up 66%, adj EBITDA over £6.4m. Bullish. [SP=290 Cap=179m]
Filtronic (FTC) wins contract from QinetiQ. Phase 1 worth £2m over 2 yrs. [SP=21 Cap=45m]
Kanabo (KNB) has signed a partnership with City Dock Pharmacy in London, to launch a walk-in pain clinic which will use Kanabo's Treat It online platform. [SP=2.58 Cap=15m]
Futura Medical (FUM) has extended until Jan 2029 its exclusive licensing agreement with Cooper Consumer Health for Eroxon rights in the European Economic Area, UK and Switzerland. [SP=34 Cap=102m]
OptiBiotix Health (OPTI) to launch LeanBiome in Muscletech, one of the leading sports nutrition brands in the industry. LeanBiome will be incorporated in Muscletech Nitro Tech Ripped range. I don't use that myself. Or go to the gym for that matter, as is clear if you meet me. [SP=24.5 Cap=22m]
Oracle Power (ORCP) general update. [SP=0.03 Cap=1m]
Hercules Site Services (HERC) FY-Sep rev up 71% above exp. Pretax £641k is below Stockopedia F/C of £772k. Outlook - Q1 'has been successful'. [SP=25 Cap=15m]

In line: RFX
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Jan-24
An application of leeches on the body corporate

Microsaic Systems (MSYS) £1.8m placing yesterday at 1.25p. AR and H1 results. Trading restored. [SP=0.01 Cap=m]
Access Intelligence (ACC) guides FY-Nov up 2%. Adj EBITDA £7m (£2.3m) slightly ahead of consensus expectations of £6.7m. [SP=54.45 Cap=70m]
Blackbird (BIRD) creator SaaS product elevate .io on track for end of Q1 2024 general release after successful early access [SP=6.13 Cap=23m]
e-therapeutics (ETX) progress roundup. Guides YE cash c.£20.1m, above mgmt exp. [SP=13.72 Cap=80m]
Hostmore (MORE) guides H2-Dec LFL rev flat (H1 -2%). H2 EBITDA £5.4m and positive in each month. Refinance talks continue. [SP=23.9 Cap=30m]
Norman Broadbent (NBB) guides FY-Dec net fee income up 44% and U/L EBITDA c. £0.9m (£0.1m). Q4 NFI up 13%. In line? "Increasingly confident in our ability to overachieve against our previously stated target of £1.25m of EBITDA in 2025." [SP=6.84 Cap=4m]
CAB Payments (CABP) guides FY-Dec income net of interest expense (excluding clearing costs) up c.25%. In line? [SP=96.7 Cap=246m]
Card Factory (CARD) guides Feb-Dec rev up 10%. Guides FY-Jan adj pretax at the top of the range of market expectations of £58.4-62m. [SP=107.8 Cap=372m]
4GLOBAL (4GBL) wins 2 contracts in Saudi Arabia worth £800k with the majority of the work scheduled for completion within the current FY. [SP=62 Cap=16m]
Northcoders (CODE) wins £10m 18 month Gov't contract for its bootcamp. [SP=130 Cap=11m]
N4 Pharma (N4P) places contract to start the formulation and sequence selection work to prepare its ECP105 product for testing in pre-clinical studies at Kings College, London. [SP=1.12 Cap=3m]
McBride (MCB) guides H1-Dec rev up 10% and adj op profit slightly ahead of mgmt exp. [SP=89.8 Cap=156m]

In line: THG, GAMA, EYE, DPP, EQLS, IQE
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 17-Jan-24
The double-sausage full smallcap breakfast

Mulberry (MUL) Q ending Dec rev down 8.4%. Co maintained its full price sales approach. Blames macro and and decline in luxury consumer spending. No FY guidance. [SP=160 Cap=96m]
Corero Network Security (CNS) guides FY-Dec rev up 11% and ARR up 17%. In line? "This strong performance continues to improve earnings visibility...well positioned for revenue growth in 2024." [SP=8 Cap=40m]
James Cropper (CRPR) warns FY-Mar rev c. £103m+ and only a small adj pretax, materially below management expectations. Blames weak Paper and Packaging sales and slowdown in the pace at which customers expect their rev to increase in the Future Energy hydrogen sector of the Advanced Material business. [SP=793.2 Cap=76m]
Portmeirion (PMP) guides FY-Dec rev at least £102m, marginally ahead of consensus and pretax in line. Outlook - expect sales to return to growth in 2024 with a "healthy operating margin improvement" but still challenging due to macro uncertainty and higher int rates. [SP=270 Cap=38m]
Concurrent Technologies (CNC) guides FY-Dec rev c.5% ahead of market expectations of £29.5m and adj pretax slightly ahead of exp of £3.5m. [SP=79.7 Cap=68m]
Nexteq (NXQ) guides FY-Dec rev only $114.8m down 4% but adj pretax comfortably ahead of market expectations which are $119.6m and $12.7m resp. Outlook - "market conditions continue to lead to a more normalised purchasing environment following exceptional demand in 2022, the quality of the pipeline remains strong across the Group's focused industrial applications". [SP=107.39 Cap=72m]
Churchill China (CHH) guides FY-Dec rev down 0.5% but profit in line due to improving manufacturing yields and a further reduction in agency staff. Outlook - expects demand to remain weak for at least H1. [SP=1317 Cap=145m]
Tialis Essential IT (TIA) warns FY-Dec rev £22m+ and adj EBITDA £2m+. "Results were affected by additional contractual delays on signing new business and the mix of revenues was less favourable than expected." Outlook - "expect further improvement in 2024 across revenue, profit and cash generation". [SP=60 Cap=15m]
Galliford Try (GFRD) guides FY-June rev c.5% ahead of mkt exp. with an equivalent increase in pretax. F/C are rev £1,435m to £1,490m and adj pretax £25.2m to £28.1m. Outlook - "order book of £3.7bn (£3.5bn) remains predominantly in long term frameworks and provides good visibility of future workload". [SP=241 Cap=247m]
Hornby (HRN) Q3 rev up 5% and margin 46%, up from 43.8% in H1. Outlook - "current forecast to year end March 2024 remains on track for year on year growth". Er, is than in line? [SP=16 Cap=27m]
Gulf Marine Services (GMS) guides FY-Dec adj EBITDA c. $86m at the top end of guidance. Maintains $87m to US$95m range for FY24. [SP=14.18 Cap=144m]

In line: BRK, TMG, WIN
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 18-Jan-24
Same old tune from Symphony

Symphony Environmental Technologies (SYM) guides FY-Dec rev up 3%. Gross margins and distribution costs in line with H1. Trials still being delayed. Still waiting for regulatory approvals for d2w and d2p products in some important markets. EU case judgement expected 31 Jan on single-use oxo-biodegradable plastics. [SP=4.22 Cap=8m]
Kromek (KMK) wins £1.6m in advanced imaging orders. Two are for delivery this FY and two are over the next 12 to 24 months. [SP=5.5 Cap=33m]
Robinson (RBN) guides FY-Dec rev down 2% and volume down 6%. However adj op profit in line with market expectations. Outlook - Paperbox factory still disrupted by the flood in Oct with orders are being met through sub-contracting. Plastics: "As a result of successful sales activity, we expect a substantial increase in sales volume in the plastics business in 2024". [SP=93.5 Cap=16m]
National World (NWOR) guides FY-Dec rev £88m, up 5%. Adj EBITDA over £9m, above expectations. Outlook - guides FY24 rev over £100m and improved EBITDA margin. [SP=15.8 Cap=42m]
Centaur Media (CAU) guides FY-Dec rev-cont slightly down but 'good' growth in adj EBITDA and adj EBITDA margin. The latter was over 25%. In line? Outlook cautious. [SP=44.18 Cap=65m]
M&C Saatchi (SAA) guides FY-Dec rev down 7% but pretax in line. Outlook - "Whilst economic headwinds remain, we are pleased with the progress we are making on building an enhanced and more connected operating model, which will accelerate our growth trajectory and achieve our ambitions". [SP=161.57 Cap=198m]
GetBusy (GETB) guides FY-Dec rev £21.1m, in line with mkt exp. Adj pretax loss slightly better than expectations. Net cash £1.9m. [SP=70.99 Cap=36m]
Arecor Therapeutics (AREC) gets 'key' EU patent for novel formulations of the Group's proprietary insulin products, AT278 and AT247. [SP=166.1 Cap=51m]
Judges Scientific (JDG) guides FY-Dec rev-organic up 15%. Adj EPS in line with forecast of 361.6p. [SP=9300 Cap=615m]
Zotefoams (ZTF) guides FY-Dec rev £127m, in line, and adj pretax £13.1m, ahead of market expectations of £12.5m. Wil invest c. £10m at Kentucky factory. ReZorce mono-material packaging is nearing commercial market trials,. [SP=334.72 Cap=164m]
Bango (BGO) warns FY-Dec adj EBITDA £5-6m, below mkt exp due to delayed rev recognition, c. $2m of unplanned cost of sales on a legacy business and $1m FX hit on intercompany loans. Rev up 62% [SP=182.5 Cap=141m]

In line: PEBB, HEAD, FRAN, BWNG, G4M, XPF, WINE, DEMG, RST, AVG, WRKS
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 19-Jan-24
How the hypey have fallen

Versarien (VRS) yet another placing: £400k at 0.08p, 47% discount, to keep the lights on. Are there any believers left in this POS? [SP=0.18 Cap=1m]
Wincanton (WIN) 450p rec offer, a 52% premium. [SP=297.5 Cap=371m]
Capital (CAPD) guides FY-Dec rev $318.4m, up 9.7%, missing $320-340m guided. Outlook - strong demand across each of its business divisions. [SP=91 Cap=176m]
Character (CCT) first 4 mths of FY rev flat but profitability improved. Guides FY-Aug profitability in line. [SP=273.6 Cap=53m]
N4 Pharma (N4P) its a novel delivery system for cancer treatments, gene therapy and vaccines, Nuvec, gets a patent in India. [SP=0.97 Cap=3m]
DFS (DFS) cuts FY-June rev guidance by c.4% but keeps U/L pretax at £30m-£35m with good operational performance, progress on gross margins and lowering its cost base. [SP=110.8 Cap=259m]

In line: TUNE
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Jan-24
Housebuilder gives holders the order of the BOOT

Henry Boot (BOOT) guides FY-Dec in line but warns FY24 profit significantly below mkt exp. [SP=209.5 Cap=281m]
Chapel Down (CDGP) guides FY-Dec rev up 13%. In line? Outlook bullish. [SP=65 Cap=111m]
Brave Bison (BBSN) guides FY-Dec ahead of market expectations with rev up 12%, net rev £20.8m up 23% and adj pretax £3.6m, up 38%. [SP=1.86 Cap=24m]
Eleco (ELCO) guides FY-Dec rev £28m up 11% in 'underlying and constant currency terms', ahead of consensus. ARR up 24%. Underlying rev? Profit also ahead of consensus but no number. [SP=89.5 Cap=74m]
Everyman Media (EMAN) guides FY-Dec rev up 17% and EBITDA up 19%. Figs are compared to FY22 with VAT benefit removed. Performance in H2 was marginally affected by the Hollywood strikes. Guides FY24 in line however. Slate of forthcoming films includes a film of a musical, a sequel, a sequel, a sequel, a sequel, etc etc. [SP=58.69 Cap=54m]
NetScientific (NSCI) portfolio company Glycotest has closed a $1m follow-on investment. [SP=59.24 Cap=14m]
Esken (ESKN) dispute with Carlyle Global Infrastructure Fund worsens, as it demand repayment of £194m convertible by 16 Feb citing technical breaches. "There have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations." ESKN and London Southend Airport investigating the validity of the claims. ESKN still seeking a buyer for the airport. [SP=0.85 Cap=9m]
Crimson Tide (TIDE) guides FY-Dec rev up 15%. EBITDA £0.4m+, above mgmt exp at the time of H1 results. Outlook positive. [SP=172.26 Cap=11m]
Boku (BOKU) guides FY-Dec rev up 30%+. Adj EBITDA at least $27.3m, up 33%, ahead of market expectations. [SP=157 Cap=466m]
H&T (HAT) warns FY-Dec pretax c.10% below market forecasts due to weak ending to year. Q4 volmes up 3% but with lower av ticket price. [SP=398 Cap=175m]
Cornerstone FS (CSFS) has signed an agreement with Mastercard to launch a corporate card scheme to launch Q3 2024. [SP=37.63 Cap=20m]
Tristel (TSTL) Canada has approved Tristel ULT as a Class II Medical Device for endocavity ultrasound probes and skin surface transducers. [SP=430 Cap=204m]
Yü (YU.) guides FY-Dec ahead of expectations with organic rev up 60% and EBITDA significantly ahead of market expectations. Guides operational cash inflow substantially ahead of market expectations in FY24. [SP=1115 Cap=187m]
World Chess (CHSS) launches Women's Wednesday Online Tournament Series, the "Swiss Queens Wednesday". [SP=6.6 Cap=40m]

In line: QUIZ, OHT, ECEL, STAF, NET
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 24-Jan-24
Revolution's 180. Twenty-two companies covered.

Anpario (ANP) guides FY-Dec rev £30.8m+. Adj EBITDA £4.4m+, adhead of market expectations. Get UK patent for flagship toxin-binder product, Anpro. [SP=260 Cap=48m]
Revolution Bars (RBG) does a 180 only 3 weeks after a reassuring Xmas stmt. Cuts FY24 IAS 17 EBITDA guidance to c.£3-3.5m. Blames 'soft' Jan trading after Xmas splurge and continuing train strikes. Hardly Nostradamus stuff. [SP=3.85 Cap=9m]
Tern (TERN) £400k placing at 2p, an absurd 30.4% discount despite being only a 5% dilution, "to invest further in one or more of Tern's portfolio companies in the near term and for general corporate purposes". [SP=2.07 Cap=8m]
Verici Dx (VRCI) proposed £5.5m placing at 9p, an 11% discount, for "product development and commercialization [sic]". Also Retail Offer. Need GM vote. [SP=9.06 Cap=17m]
X5 Retail (FIVE) Q4 rev up 25% and 13% LFL. [SP=NA Cap=NA]
Tekcapital (TEK) raises £565k by selling Bellescura shares. Holding reduced to 7.73%. [SP=8 Cap=14m]
Mirriad Advertising (MIRI) guides FY-Dec rev up 31%. In line? Outlook - "a firmer starting pipeline for revenue and multiple programmatic integrations underway to change the way inventory is sold, we are focused on delivering a substantial improvement in performance in the current year." [SP=2.09 Cap=10m]
ZOO Digital (ZOO) serial dissapointer warns Q4 rev significantly lower than exp leading to a greater loss. Blames completion of entertainment products taking longer than expected at main client Disney. The pipeline is consistent with current market expectations for FY25 and a return to profitability. [SP=44.98 Cap=57m]
Forterra (FORT) guides FY-Dec rec down c.24% but pricing remains resilient. FY adj EBITDA slightly ahead of mgmt expectations. Cost cuts over £20m PA with around £6m realised in 2023 and the balance in 2024. Cash restructuring costs £9m of which £4m will be paid in 2024. [SP=157.8 Cap=336m]
Ashington Innovation (ASHI) terminates RTO that it spent 4 months negotiating because it was not certain that the required funding would be available in current market conditions. Will request unsuspension. [SP=2.75 Cap=2m]
Avon Protection (AVON) gets $14.2m order from the U.S. gov't under the second-generation Advanced Combat Helmet framework contract. [SP=974.05 Cap=279m]
Impellam (IPEL) special div of 22.5p, 0.1p more than guided. [SP=852.76 Cap=380m]
System1 (SYS1) guides FY-Dec ahead of expectations with rev £29m and pretax comfortably above £2m and materially ahead of consensus. [SP=329.6 Cap=37m]
Frenkel Topping (FEN) warns FY-Dec rev up only 32% and adj EBITDA £8m. Both below expectations by c6-7%. Blames "clients channelling funds into high interest savings accounts and led to a general reluctance to invest in equities which unsurprisingly has meant high margin recurring revenue being impacted". It it was unsurprising then why the miss? [SP=50.88 Cap=65m]
Mobile Tornado (MBT) guides FY-Dec rev c.£2.25m and EBITDA c. -£0.26m. In line? [SP=0.75 Cap=3m]
Equals (EQLS) extends PUSU deadline to 21 Feb. Trading in line. [SP=121.2 Cap=229m]
Fonix Mobile (FNX) guides H1-Dec gross profit and adjusted EBITDA above mgmt exp and so expects FY adj EBITDA marginally ahead of management expectations. [SP=228 Cap=215m]
Hargreaves Services (HSP) H1-Nov. Hikes div to 18p from 3p due to "anticipated the slowdown in performance within HRMS, combined with the progress on the pension buy out". Guides FY in line. [SP=414.5 Cap=133m]
AIREA (AIEA) value FY-Dec trading stmt - sales low double-digit % up. £5m investment in its manufacturing facility. [SP=26.9 Cap=10m]
Nanoco (NANO) receives final litigation award from Samsing of $71.75m after Korean tax. Gets £58.8m due to heading at $1.22. Will return between £33.0m and £40.0m to holders as planned. [SP=21.42 Cap=67m]

In line: NAH, LORD
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 25-Jan-24
The three egg news omelette

SkinBioTherapeutics (SBTX) borrows $5m convert from with Macquarie Bank and CLG Capital. 1% over SONIA. Come with warrants. Strike is 93% of prevailing price. Death spiral then? [SP=14.75 Cap=28m]
Kromek (KMK) wins £1.4m+ order to supply D3M detectors and associated networkable solutions. Rev to be received this FY. [SP=5.25 Cap=31m]
Location Sciences (LSAI) $3m max unsecured term loan facility at 1.5% per month = 20% PA. [SP=0.14 Cap=4m]
Team17 (TM17) continues to expect FY-Dec adjusted EBITDA to be at least £28.5m. So in line. New CEO is ' extremely excited' about prospects. Steady on. [SP=211 Cap=308m]
Petards (PEG) warns FY-Dec rev c.£9.4m down 14% and 3% lower than market expectations. Cost cuts of over £0.4m PA. [SP=4.14 Cap=2m]
PPHE Hotel Group (PPH) guides FY-Dec above guidance with rev £413m+ and EBITDA £127m+. Guidance was £400m and £120m. RevPAR up 26%. Outlook - average room rate is now showing signs of stabilisation with occupancy gaining momentum. [SP=1195 Cap=506m]
Narf Industries (NARF) guides 12m to Dec rev up 130% and EBITDA positive (-$2.6m). Loss $1.15m ($18.4m). In line? Note FY end moved to March. [SP=0.7 Cap=12m]
SigmaRoc (SRC) guides FY-Dec rev up 8%. U/L EPS 8p, above mkt exp. FY24 exp unchanged. [SP=62.8 Cap=700m]
Foxtons (FOXT) guides FY-Dec rev and adj op profit ahead of consensus at c.£147m and c.£14m resp. F/C were for £144.5m and £11.8m. Outlook -"under-offer pipeline significantly ahead of the prior year despite weaker market conditions". [SP=53.28 Cap=161m]
Strix (KETL) guides FY-Dec adj pretax £20.1m and £20.6m at const FX. "Demand in kettle controls in the key export regulated markets remains subdued...the recovery has been slower than anticipated....unregulated and China markets, which represents c.20% of Strix's kettle controls' gross profit has shown more positive signs." Sounds like a miss then. [SP=73.9 Cap=162m]
Epwin (EPWN) guides FY-Dec U/L op profit towards upper end of market expectations. Consensus is £23.9m. FY24 trading in line. [SP=74 Cap=107m]
Tissue Regenix (TRX) guides FY-Dec rev up 20.6% and an adj EBITDA profit. Both are ahead of expectations. Outlook positive. [SP=57.2 Cap=40m]
Mortgage Advice Bureau (MAB1) guides FY-Dec rev up 4% and adj pretax slightly ahead of consensus. "Pick-up in mortgage volumes has continued into January, with written volumes substantially higher YoY." [SP=806 Cap=460m]
Acuity RM (ACRM) wins £103k 3 yr order, its first contract with a North American state organisation. [SP=4.9 Cap=6m]

In line: FSTA, PGH, ANCR, EMR, NCYT, AQX, STB, TET
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 26-Jan-24
Coral Products finds orders somewhat plastic

Motorpoint (MOTR) warns FY-Mar profit £5m-£6m below expectations due to continued falls in used car prices. Stabilised in Jan. Guides FY25 in line. To buyback up to 5% of shares. [SP=98 Cap=88m]
Active Energy (AEG) disaster as discussions to sort out delays with mfr of its Coalswitch reference plant, Player Design, fail. Latter says its no longer willing or able to commit to contract terms for production date or volumes. AEG retains ownership of some of the production equipment and components being used in the construction of the plant. [SP=1.66 Cap=3m]
Chill Brands (CHLL) £1.2m placing at 3.75p, an 11% discount. to support further growth. Also repays £1.2m debt with shares at 3.75p. "Uptake of our Chill vape products continues to exceed expectations and sustained demand for reorders from our current independent retailers is a clear indicator that our products are resonating well with consumers." What a winner! [SP=4.1 Cap=18m]
SAGA (SAGA) re media speculation: exploring a "partnership arrangement for Ocean Cruise...to move to a capital-light business model to support further growth and crystalise value, reduce debt and enhance long-term returns for shareholders." Ships operating at close to capacity. [SP=146.8 Cap=208m]
Wickes (WIX) guides FY-Dec LFL rev flat. Adj pretax "at the upper end of market consensus [sic] range of £44.9-£48.3m". Current Q1: expects delivered sales to be down. How much? [SP=144.9 Cap=363m]
On the Beach (OTB) AGM stmt: FY24 TTV so far up 27%. Co has "has taken the opportunity to price competitively and focus on volume growth" so expects FY profit in line. [SP=164 Cap=273m]
Coral Products (CRU) warns FY rev c. 10% down so profit will be below management and market expectations. Blames customers deferring re-stocking. Cancels H1 div previously announced. [SP=17.5 Cap=16m]
Thruvision (THRU) wns £1.3m of orders for delivery in H2. Guides FY rev in line. [SP=18.5 Cap=30m]
Dar Global (DAR) guides FY-Dec rev $340-360m and EBITDA $80-85m. Consensus is $250m and $62m resp. That's a huge beat. Surely co could have upgraded sooner? [SP=3.76 Cap=650m]
CT Automotive (CTA) guides FY-Dec rev $140m+ and U/L pretax c.$8m. In line? Outlook - healthy order volumes. Red Sea shipping situation: no material impact, continues to maintain buffer stocks to mitigate any short-term disruption. [SP=64 Cap=47m]
Stelrad (SRAD) guides FY-Dec rev down c.3% and c.13% LFL. However adjusted operating profit in line with expectations of £28.5m due to price and cost management. [SP=128 Cap=163m]

In line: AVON, LTG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 29-Jan-24
Dissolving the sugar coating

Superdry (SDRY) re press speculation: it euphemistically states that it's "working with advisors to explore the feasibility of various material cost saving options". Sky News reported that co was "initiating work on plans that could lead to a company voluntary arrangement (CVA) or restructuring plan" [SP=16.44 Cap=16m]
Team Internet (TIG) guides FY23 rev c.$835m and adj EBITDA c.$96m, above market consensus of $820m and $94m. [SP=130 Cap=344m]
Digital 9 Infrastructure (DGI9) troubled fund proposes managed wind-down. Maximisation of the value of Arqiva stake is likely to take longer than the other investments so will defer a sale process for that. We'll see if the stated NAVs are real. [SP=24.6 Cap=213m]
Chill Brands (CHLL) re Gov't plan to ban disposable vapes - co "preparing to launch a fully compliant reusable pod system vapour device and will accelerate its efforts to bring this product to market". [SP=3.9 Cap=17m]
RegTech Open Project (RTOP) £0.2m agreement with a leading Italian cooperative banking group. Replaces an existing software licensing agreement with a SaaS subscription and the provision of professional services for a data-resilience project. Only for 6 months initially. [SP=8.8 Cap=5m]
Literacy Capital (BOOK) NAV end Dec 500.4p/sh up 17.6p in Q. [SP=482 Cap=292m]
Inspecs (SPEC) warns FY-Dec rev flat and adj U/L EDITDA £18m, below market expectations due to weak Dec.. [SP=85.5 Cap=87m]
DG Innovate (DGI) signs JV with a tier one commercial vehicle components company to develop systems for heavy goods vehicles. Agreement "covers the first proof of concept stage, that will see prototypes produced in H1 2024, followed by on vehicle trials in H2 2024". [SP=0.21 Cap=22m]
accesso Technology (ACSO) guides FY23 rev up 6%. 'Cash EBITDA' in line with mgmt expectations. Outlook - guides FY24 rev up 9% and Cash EBITDA margin 17%+. [SP=524 Cap=219m]
Surgical Innovations (SUN) guides FY-Dec rev c.£12m, up 6%, marginally head of market expectations. Adj EBITDA £0.2m, in-line. Current trading in line. [SP=0.54 Cap=6m]
CAP-XX (CPX) to appeal patent judgment in favour of Maxwell Technologies. [SP=0.92 Cap=7m]
Intercede (IGP) wins over £0.6m of orders from 3 customers. They underpin revenue for FY24. [SP=105.5 Cap=61m]
Cohort (CHRT) wins £15.1m order for a lightweight Torpedo Launch System. To complete in 2030. [SP=554 Cap=230m]
PipeHawk (PIP) wins £0.7m order for a bespoke fully automated welding system. Due to be delivered in nine months. [SP=7.55 Cap=3m]

In line: APH, EKF, CSSG, SSTY
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Jan-24
Such stuff as downgrades are made of

Argentex (AGFX) warns FY-Dec rev £49.8m and op profit £8m, below mkt exp. "We are positive about the long-term outlook of Argentex." [SP=70 Cap=79m]
Renewi (RWI) warns FY-Mar below market expectations due to weaker regional economic environment. [SP=627 Cap=505m]
Location Sciences (LSAI) proposed acquisition of Sorted Holdings, 625:1 consolidation and £2m fundraise at 87.5p (nil discount). New name will be Sorted. [SP=0.17 Cap=m]
Speedy Hire (SDY) warns FY profit below mgmt exp. Q1-3 rev up 3%, slowed from 5% in H1. [SP=36 Cap=166m]
Dialight (DIA) guides 12 month to Dec rev £148.8m down 12% despite co continuing to take market share. Achived run rate operating profitability, despite subdued demand, in H2. Changes FY end to March. Outlook - expect to make progress. [SP=170 Cap=68m]
Impact Healthcare REIT (IHR) Q4 div 1.6925p as expected. Hikes FY24 div target 2.7% to 6.95p. [SP=86.9 Cap=360m]
Microlise (SAAS) guides FY-Dec ahead of market expectations with rev c. £72m (F/C £66.5-67m) up 13% and adj EBITDA c.£9.4m (F/C £9.1-9.2m), a margin of 14%. Outlook - operating margins expected to trend upwards in FY24 and beyond. [SP=120 Cap=131m]
Harworth (HWG) guides FY-Dec EPRA NDV slightly ahead of current market consensus of 194p/sh. [SP=126.5 Cap=410m]
Saga (SAGA) guides FY24 rev up 10-15% and U/L pretax more than doubled. Insurance weak. Not clear if this is in line. [SP=153.12 Cap=217m]
Diaceutics (DXRX) guides FY-Dec rev up 22%. In line? Order book up 57%. [SP=98.94 Cap=84m]
1Spatial (SPA) wins 3 year contract worth €9m of which 1Spatial will deliver €4.1m and partners will deliver the balance . [SP=52.2 Cap=58m]
Synthomer (SYNT) guides FY-Dec rev £2bn and underlying EBITDA £140-144m. Q4 continued with "subdued volumes and limited visibility reflecting ongoing challenging macro conditions throughout the chemicals industry". In line? [SP=138.61 Cap=227m]
Dillistone (DSG) guides FY-Dec sales weak but profit measures in line with expectations. No numbers. Tut. [SP=11 Cap=2m]
LifeSafe (LIFS) guides FY-Dec rev c.£5.9m, at the upper end of mgmt exp. LIBTDA c. £1.4m, in line. Wins first orders for industrial fluids for testing and certification purposes. [SP=16.39 Cap=5m]
hVIVO (HVO) guides FY-Dec rev £56m, slightly ahead of market expectations. EBITDA margins of c.22%. Guides FY24 rev £62m. [SP=28.3 Cap=193m]
Petards (PEG) wins £0.4m order for Artificial Intelligence enabled ANPR cameras for delivery in 2024. [SP=4.45 Cap=3m]
Luceco (LUCE) guides FY-Dec rev c.£209m and adj op profit £23.5m - £24m, ahead of expectations. No material impact from Red Sea situation. [SP=153.68 Cap=246m]
Cambridge Cognition (COG) guides FY-Dec rev up 7% and adj op loss £1.2m, better than market expectations. Outlook hopeful. [SP=51.7 Cap=18m]
Synectics (SNX) wins contrcats worth c.£4m as part of a framework agreement with National Grid. [SP=167.6 Cap=30m]

In line: GBG, FLO, FNTL, ATG, COM, CODE
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

@MrContrarian