MrC's Smallcap Sweeps for May 2024

[MrContrarian]

Smallcap Sweep. 01-May-24
Inspiration Healthcare gasping

Intelligent Ultrasound (IUG) FY-Dec in line with rev £11.2m. Outlook - guides FY rev £14-17m. "UK market is experiencing tougher trading conditions due to the current reduction in NHS capital expenditure spending but anticipate growing revenue from high margin AI-related products and non-UK related simulation markets". Still expects to reach profitability with its current cash resources [SP=8.63 Cap=28m]
Seeing Machines (SEE) expands programme with with an existing North American Tier-1 customer to 2032. Will cover 19 vehicle models. Worth estimated $26m. [SP=4.29 Cap=177m]
Altitude (ALT) guides FY-Mar at least in line with F/C of rev £26.1m and adjusted EBITDA £2.2m. Outlook: very strong start in Apr. [SP=31.5 Cap=22m]
Springfield Properties (SPR) wins £10m affordable housing contract to be delivered over next 18 months. [SP=93 Cap=110m]
Narf Industries (NARF) thin news as it trumpets accelerating work on "cutting-edge capabilities shown to be uniquely effective in battling a new generation threat to the global open-source software supply chain". Needs to work on some new buzzwords. [SP=1.08 Cap=18m]
Renold (RNO) wins Canadian Navy order worth £10.6m over 6 years. [SP=49.46 Cap=111m]
Mulberry (MUL) warns FY-Mar rev down 4%. Blames broader downturn in luxury spending in recent months. Outlook "trading environment in the UK and China remains challenging and we do not expect this to change in the short term". [SP=115 Cap=69m]
Novacyt (NCYT) court has dismissed the application by the Department of Health and Social Care for summary judgement in the defective tests case. [SP=72.65 Cap=58m]
Poolbeg Pharma (POLB) gets fully granted US patent for Immunomodulator II patent application, as expected. [SP=12 Cap=60m]
Castings (CGS) guides FY-Mar marginally ahead of market expectations. Outlook - "The backlog demand from the Covid period, and the well-publicised supply constraint issues, appears to have now been absorbed by the OEMs and forward schedules are now at a lower level". [SP=376.98 Cap=164m]
Global Ports (GPH) has begun operations at Saint Lucia Cruise Port. [SP=217 Cap=165m]
Cambridge Cognition (COG) FY-Dec in line with rev £13,5m. Outlook - increased contract wins in Q1 but with several major contract delays, the majority of new business is expected to occur in H2. Guides FY rev £13-15m. [SP=51.1 Cap=18m]

In line: NXT, DNM, ANX
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. 02-May-24
Anything You Can Screw I Can Screw Better

Revolution Bars (RBG) confirms meeting with Nightcap regarding a range of possible transactions including a possible offer for co. Nightcap is not participating in the Formal Sales Process. Nightcap doesn't have the cash to buy and sort out RBG! It'd be like two drunks propping up a bar. [SP=1.46 Cap=6m]
Argentex (AGFX) FY-Dec. Strategic Review conclusion - co will "drive growth within our existing FX market whilst expanding into adjacent complementary markets, both domestically and internationally." £5.1m placing at 45p, a nil discount, for the acceleration of the development of its Alternative Banking Platform. [SP=45 Cap=51m]
Kinovo (KINO) guides FY-Mar rev c. £64m and adj EBITDA-cont c.£6.7m, ahead of management expectations of £6.2m. [SP=40.75 Cap=26m]
Accsys Technologies (AXS) guides FY-Mar adj EBITDA ahead of exp of €2.5m due to resilient Q4 and cost savings. [SP=55.76 Cap=134m]
BATM Advanced Communications (BVC) gets €0.5m EU grant for the development of an advanced tuberculosis diagnostics solution. May be more at next stage. [SP=18.95 Cap=83m]
LifeSafe (LIFS) to supply its Multi-Purpose Fluid to Trinity Fire & Security. Worth up to £1.3m over 3 years. [SP=12.4 Cap=3m]
Smiths News (SNWS) trading in line. Refinances debt at lower rate. Divident limit removed - to adopt 2x div cover. Further returns to shareholders when appropriate. [SP=52.76 Cap=131m]

In line: RCH, HSW, PGH, SHI, KITW
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. 03-May-24
Poverty of expectations

Physiomics (PYC) warns FY-June rev only £600k-650k due to several large contracts taking longer to sign. [SP=1.4 Cap=2m]
Graft Polymer (GPL) as mooted, gets shot of Slovenia entity for a nominal consideration. [SP=0.15 Cap=m]
Polarean Imaging (POLX) sells upgraded hyperpolariser to Cincinnati Children's Hospital to replace the research polariser. No $$$. [SP=3.67 Cap=8m]
Angle (AGL) £550k order to develop a Parsortix-based Androgen Receptor (AR) detection assay for use in prostate cancer studies. [SP=13.62 Cap=35m]
Tekmar (TGP) sells loss-making Subsea Innovation Ltd for £1.9m. TGP retains premises worth £2.8m. A paltry £27k up-front. Will be broadly EBITDA neutral for FY24. [SP=9.15 Cap=12m]
Fletcher King (FLK) guides FY-Apr rev materially higher than management expectations with pretax 2-3x higher than FY23. [SP=33 Cap=4m]
Time Out (TMO) takes misuse of the word curation to the next level - 'editorial curation' of outlets in the new Time Out Market Porto. [SP=50 Cap=170m]
Hostmore (MORE) delayed FY-Dec out so should be unsuspended. Q1 LFL rev down 7% but EBITDA £0.3m (-£2.9m). [SP=20.9 Cap=25m]
Roadside Real Estate (ROAD) Cambridge Sleep Sciences stake sale and acquisition of rights: some rigmarole with Cambridge Sound Technologies. ROAD has received the £7.5m for the Cambridge Sleep Sciences stake. [SP=8.2 Cap=12m]


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. 07-May-24
SIPP-a-dee do dah

CAP-XX (CPX) YTD bookings up 14%. B/E target remains 2026. [SP=0.08 Cap=2m]
Revolution Bars (RBG) GM to approve fundraise delayed to "enable the Board to more fully update shareholders with respect to the progress of the FSP , M&A process and any other proposals". [SP=1.6 Cap=7m]
Northern Bear (NTBR) guides FY-Mar rev broadly in line but adj op profit at the lower end of expectations. Blames heavy rain in North East. [SP=60.25 Cap=8m]
Zotefoams (ZTF) alliance with China's Suzhou Shincell New Materials: agreements on technology licensing from Shincell to Zotefoams, development and market co-operation, and regional product distribution agreements. ZTF will pay c.£9m over 5 years. [SP=432 Cap=211m]
AdvancedAdvT (ADVT) buys Celaton and AI driven document management business of £5m net in a related-party transaction. Also vague trading update - "revenue and adjusted EBITDA continued to perform well". [SP=135.28 Cap=180m]
Frontier Developments (FDEV) guides FY-May rev £85m+. Adj EBITDA -£5m or smaller, better than previously guided. Cites "excellent reception to Planet Zoo's arrival on console and a good ongoing performance from our other CMS titles". [SP=265 Cap=105m]
MTI Wireless Edge (MWE) wins $3m of orders for delivery this FY. [SP=41 Cap=37m]
Aferian (AFRN) extends the maturity dates of its senior loan facilities and its shareholder loan. [SP=7.25 Cap=8m]
Mincon (MCON) Q1-Mar mixed. No orders for large construction projects. "Some contraction in construction activity in North America and Europe and a slight contraction in our mining & geothermal/waterwell revenue." However order books began to recover, positive about the outlook for the remainder of FY. [SP=46.6 Cap=98m]
Totally (TLY) guides FY-Mar rev £106m down 22% and EBITDA c. £2.3m. Cost cuts. Outlook - market continues to be difficult. [SP=5.25 Cap=10m]
Graft Polymer (GPL) gets patent for dual hydrogel multi-crosslinking haemostatic composition. Forgets to say what territory the patent covers. [SP=0.16 Cap=m]
Solid State (SOLI) wins $5.1m US order for delivery from Q2 calendar 2024 to 2025. [SP=1378 Cap=156m]

In line: SEE, MACF
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