MrC's Smallcap Sweeps for Feb 2024

[MrContrarian]

Smallcap Sweep. 01-Feb-24
Fool steam ahead

Live Company (LVCG) not dead yet. It "remains hopeful of completing all matters by the end of the week to enable re-trading of its shares on AIM." and avoid cancellation. [SP=2.08 Cap=5m]
Advanced Oncotherapy (AVO) not dead yet. However the hoped for investor fails to cough up initial tranche of funding. Expects this (c.$15) in Feb, Also talks on a short-term loan. [SP=1.75 Cap=9m]
Thruvision (THRU) has launched the LPC71 Series "focused on meeting the specific needs of the Retail Distribution market" ie checking staff aren't nicking stuff. Has new "future-proofed image processing software". Ooh. [SP=20 Cap=32m]
Wilmington (WIL) sells MiExact for £6.6m cash and £3m loan notes with a 7% coupon, deferred for up to three years. [SP=326 Cap=292m]
SEEEN (SEEN) FY-Dec update. Scroll a long way past the positives to find the dismal rev fig of $2.1m ($3.3m). Blames shift from lower value CSP business towards higher value media technology business. Gross margin over 20% (15.2%). Claims it can achieve cash flow breakeven with its current cash resources. [SP=5 Cap=5m]
Gresham House Energy Storage Fund (GRID) FY trading - "continues to be impacted by the weak revenue environment". Skips Q4 div. Intends share buyback. Will defer its investment in Project Iliad, [SP=58 Cap=333m]
Made Tech (MTEC) guides H1-Nov rev down 7% but adj EBITDA in line at c.£1.4m due to increase in billable utilisation, a reduction of contractor numbers and targeted restructuring initiatives. [SP=13 Cap=19m]
Vanquis Banking (VANQ) guides FY23 broadly in line with adj pretax now expected to be £25m. [SP=118.2 Cap=293m]
Arecor Therapeutics (AREC) guides FY-Dec total income £5.6m (£3.5m) inc grants. Rev £4.6m (£2.4m). Cash and cash equivalents £6.8m, ahead of market expectations [SP=166.72 Cap=51m]
Warpaint London (W7L) renews Ward & Hagon Management Consulting contract. [SP=380 Cap=294m]
Fusion Antibodies (FAB) recieves £280k tax credit. [SP=4.5 Cap=3m]
Anexo (ANX) guides FY-Dec trading in line with management forecasts but pretax only broadly in line with market expectations. Update on diesel emissions cases. [SP=69.66 Cap=82m]

In line: TND, B90, LSL, VLG, RCDO, VARE
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-Feb-24
Spat out of Hell

Tribal (TRB) guides FY-Dec rev marginally ahead of market expectations and adj EBITDA comfortably ahead. F/C are rev £84.2m and EBITDA £12.6m. Outlook - cost cuts, "sales cycles are still extended, the Group has a significant pipeline across the business". [SP=42.5 Cap=90m]
Gresham House Energy Storage Fund (GRID) follows yesterday's warning and div cut with a share buyback. No £££. [SP=51.5 Cap=295m]
Revolution Beauty (REVB) re comments by Chrysalis Investments on 29 Jan: has received a pre-action letter. Strongly contests the allegations. Chrysalis wrote to REVB on 22 Nov alleging misstatements and material omissions. REVB's only response has been to ask for more time to respond! [SP=30 Cap=95m]
Orchard Funding (ORCH) foresees a material adverse impact from a number of insurers withdrawing products from the guaranteed asset protection insurance market wich is sold as an add-on to motor insurance. [SP=33 Cap=7m]
Aukett Swanke (AUK) guides FY-Sept rev c.£14m (up 97%) and a small pre-tax profit, before acquisition-related exceptional items. In line? Outlook expects FY record rev, H2 weighted as usual. [SP=0.88 Cap=3m]
Sutton Harbour (SUH) update on city council alleging breaches of covenants on the long lease of the former Plymouth City Airport site. Co rejects allegations but is willing to engage in discussion with the Council. [SP=12 Cap=16m]

In line: YOU
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]

MrC's Smallcap Sweep. Do you believe in the truth fairy?
◄BIDS,APTA,SND,KMK,EISB,ESKN,TRAC,ENET,AVON,DUKE,REVB,CVCE,VCAP,GSF,CEPS,GMR►
Full text at:
https://drive.google.com/file/d/1iN9oc3 ... p=drivesdk
↠ Tip: Enlarge image: Right-click>Open image in new tab
◄Bidstack (BIDS)► delay on convertibles agreement with Irdeto so doesn't currently expect to make any further draw down. Therefor needs further working capital in the short term. Gets €3m from Azerion in settlement of all outstanding claims and disputes and for the establishment and activation of a new technical and commercial collaboration with BIDS. Strategic review. [SP=0.6 Cap=7m]
◄Aptamer (APTA)► guides H1-Dec rev only £0.3m (£1m). Co expects to progesss £1.4m of signed work and a proportion of the £1.5m of advanced stage sales pipeline in H2. [SP=0.94 Cap=4m]
◄Sondrel (SND)► has received £1.5m of payments from an automotive Tier 1 supplier. "Negotiations remain ongoing with suppliers to improve the terms of existing supply arrangements but the Group continues to need to secure additional capital prior to the end of March." [SP=5 Cap=4m]
◄Kromek (KMK)► gets £1.3m grant to participate in the Intelligent Radiation Sensor Readout System. [SP=7.1 Cap=43m]
◄East Imperial (EISB)► to supply Macau's Galaxy Entertainment Group. [SP=0.95 Cap=3m]
◄Esken (ESKN)► gets legal advice that London Southend Airport Co has not defaulted on a loan. However Esken will be submitting a proposal to lender with a view to reaching a negotiated settlement. The dispute has disrupted talks on other matters including a potential £20 million funding facility. [SP=0.65 Cap=7m]
◄t42 IoT Tracking Solutions (TRAC)► wins c.$7.5m three yr follow up order. Legals on extension of 2021 convertibles taking longer than expected. [SP=2.42 Cap=1m]
◄Ethernity Networks (ENET)► some relief as the Court in Lod has approved the proposed creditor settlement plan. [SP=1.24 Cap=5m]
◄Avon Protection (AVON)► gets another order worth $36m from the U.S. Army under the Next Generation Integrated Head Protection System. [SP=974 Cap=293m]
◄Duke Royalty (DUKE)► review outcome. To reframe product as 'hybrid capital' to more easily convey the attributes of its financing solution to business owners and investors. Will be able to take equity ownership of inveseees over 30%. Will change name to Duke Capital . [SP=32.11 Cap=136m]
◄Revolution Beauty (REVB)► settles dispute with Adam Minto, the Group's co-founder. He will pay £2.9m over 5 years. [SP=29.5 Cap=94m]
◄CVC Income & Growth (CVCE)► hikes annual dividend targets to 8.25p plus 7.25c (Euro). [SP=0.99 Cap=208m]
◄Vector Capital (VCAP)► guides FY-Dec rev £5.7m+, above mkt exp. "Since the year end, the Group has begun to see a softening in the interest rates offered by some lenders in the wholesale market, and a willingness in some cases to loosen loan to value requirements. Whilst this is encouraging, these are early days in the hoped for reduction in UK interest rates." [SP=29.7 Cap=13m]
◄Gore Street Energy Storage Fund (GSF)► reassures on liquidity, cash and divs. "Reconfirms its commitment to a diversification strategy, which has insulated it from the current dynamics of the GB market." [SP=68.3 Cap=338m]

In line: CEPS, GMR

[MrContrarian]

Smallcap Sweep. 06-Feb-24
From boom to boom

Filtronic (FTC) yet another contract win: £7.8m follow-on production order and a payload development contract. To be recognised in calendar year 2024, [SP=25.85 Cap=56m]
Beeks Financial Cloud (BKS) wins $2.3m Proximity Cloud expansion contract. Also Exchange Cloud contract (no £££). Guides FY24 in line and FY25 significantly ahead. Pre-RNS system working for some with SP up 11% yesterday! [SP=96.5 Cap=63m]
Fusion Antibodies (FAB) wins $650k 1 year follow-on project with a US based biotechnology co. CEO trills "It is always thrilling and satisfying to share in our clients' successes." [SP=4.97 Cap=3m]
Windar Photonics (WPHO) wins €1.3m of orders for delivery in 2024. Also a sales agency agreement with AC883 Nordic Trade Services, an established operator in the North American Wind Turbine sector. [SP=35.15 Cap=24m]
Eckoh (ECK) strong levels of contract wins has continued in H2 with over £20m of contracted business closed since 1 Oct. Underpins growth expectations for the next FY. [SP=43.4 Cap=126m]
Novacyt (NCYT) sale of Novacyt Taiwan falls through. The divestment is not material. Co "will continue to evaluate a number of options in relation to the future of the Taiwanese laboratory business." [SP=49.44 Cap=41m]
Mincon (MCON) guides FY-Dec rev in line. EBITDA slightly ahead of guidance of €20m. [SP=50 Cap=137m]
Roquefort Therapeutics (ROQ) update on its pre-clinical drug development programs, Randox licencing agreement and out-licencing discussions. [SP=5.9 Cap=8m]
MicroSalt (SALT) announces its first strategy objectives. Didn't it have those in its IPO doc last month? Nearer term profitable growth will primarily be driven by B2B. "Early-stage discussions with three of the largest UK supermarkets to use MicroSalt technology in their own-label products, as well as suppliers of ready-meals and a fast food burger company." [SP=70 Cap=NA]
Quadrise (QED) Collaboration Agreement with Cargill for trials of MSAR and bioMSAR fuels. [SP=2.09 Cap=33m]
Live Company (LVCG) gets FY22 and H1-Dec results out at last. "Will remain suspended until it concludes its refinancing arrangements, including the previously announced placing, following which it will clarify its financial position and seek a resoration [sic] of trading." [SP=2.08 Cap=5m]
React (REAT) FY-Sep. "Momentum from FY23 has continued into the new financial year, and despite the usual slow down across the festive period, the first few months of FY24 have delivered a record trading performance for the Group." [SP=1.35 Cap=14m]

In line: BIOM, PCIP, DSCV, ALU, MTW
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-Feb-24
Versarien afflicted by Ricketts

Versarien (VRS) former CEO RIcketts makes unquantified emplyment claims. Co vigorously defend the claims. You think he'd wind in that bull neck of his now. [ [SP=0.17 Cap=2m]
Pennant (PEN) guides FY-Dec rev up 13% and adj EBITDA doubled at £2.2m. Gross margin record of 50%. In line? [SP=33.35 Cap=12m]
Redrow (RDW) rev takeover by Barratts for 1.44 new BDEV shares, a 27% premium. [SP=600 Cap=1985m]
Redx Pharma (REDX) US Jazz Pharmaceuticals pays $10m upfront for KRAS (Kirsten rat sarcoma virus) inhibitor program. "Jazz and Redx will collaborate to advance candidates through IND-enabling studies." Jazz to pay for dev. "Potential for up to $870m in development, regulatory and sales milestone payments in addition to royalties on future net sales." [SP=19 Cap=74m]
Future (FUTR) AGM stmt: first 4 months broadly in-line with expectations. "Strong trading in price comparison and good growth in B2B are offsetting a slower start to the year in affiliate products and digital advertising." [SP=718 Cap=827m]
Sabien Technology (SNT) M2G cloud-enabled gas boiler energy saving solution installed at Hampton Court Palace. [SP=8.01 Cap=2m]
Palace Capital (PCA) has exchanged or completed sale of three properties for £15.2m, 2.3% below book. Several properties are currently under offer and their sale will enable various options for returning capital to shareholders, including a tender offer. [SP=213 Cap=80m]
Aurrigo (AURR) to deploy Auto-DollyTug at Munich Airport for autonomous cargo transport trials. Funded by German gov't. [SP=94.2 Cap=42m]

In line: ZIN
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. 08-Feb-24
Fountain of spoof

Hardide (HDD) FY-Sept. Outlook - slower than expected start to the year with a number of OEM customers de-stocking. Guides FY24 rev broadly flat; EBITDA positive from -£0.1m. £1m of additional funding is required before early March. [SP=9.8 Cap=6m]
Digital 9 Infrastructure (DGI9) more bad news as sale of Verne Global held up by "Phase II investigation" by Iceland competition authority. Takes up to 90 days or even 135 days. [SP=23.2 Cap=201m]
Revolution Beauty (REVB) guides FY24 rev up low single digits but adj EBITDA £11-12m driven by cutting lower margin items. Prev guidance was for rev up single digits and adj EBITDA not less than double-digits £. Has ambition for retail brand sales of £1bn by 2030, FY23 rev was £188m so good luck with that. [SP=32 Cap=102m]
Woodbois (WBI) signs term sheet for a $5m facility. Planning improvements in Gabon. "Confident that 2024 will mark a positive and decisive turning point for Woodbois, turning the Company into a reliable, cash generative and profitable business." [SP=0.7 Cap=26m]
Light Science Technologies (LST) £130k order from a new client in a new segment, the sports market. Other orders of totalling c.£1.4m. Guides H1 rev in line. [SP=2.58 Cap=9m]
TruFin (TRU) guides FY-Dec rev up 32%+. Adj EBITDA loss ahead of prior expectations at £3m. Adj pretax in line. Co fully funded to profitability. Playstack weak in Q4. [SP=48.75 Cap=52m]
Ten Lifestyle (TENG) partnership with the world's largest collection of international luxury travel agencies, Global Travel Collection. Has 1300 travel advisors. [SP=79 Cap=68m]

In line: SDG, SEE, NANO, FSJ, XLM
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. 09-Feb-24
Car lender S&U collides with economic reality

S&U (SUS) warns FY-Jan pretax 10% to 15% below consensus expectations of c.£38m. Loan advances motor finance 7% lower as more applications rejected. Uptick in lending activity in secured property bridging business. Increased bad debt provision. Does not mention the Martin Lewis programme this week encouraing more PCP mis-selling claims. [SP=2060 Cap=250m]
Renalytix (RENX) US Medicare and Medicaid draft Local Coverage Determination for KidneyIntelX and kidneyintelX.dkd testing. It specifies when the tests are reasonable and necessary. [SP=10 Cap=26m]
Hemogenyx Pharmaceuticals (HEMO) FDA has lifted the clinical hold on the Investigational New Drug application for HEMO-CAR-T for the treatment of acute myeloid leukemia. [SP=4 Cap=47m]

In line: KINO
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. 16-Feb-24
What the Heiq?

Microsaic (MSYS) update on integration of Modern Water. [SP=1.3 Cap=2m]
Plexus (POS) wins £1m nine month order for equipment and services for multiple plug and abandonment activities. [SP=15.08 Cap=16m]
Hemogenyx Pharmaceuticals (HEMO) shows in vivo that its Chimeric Bait Receptor can be delivered into the brain via programmed microglial cells for the potential treatment of brain cancers and certain neurodegenerative diseases. "This major breakthrough in the method of delivery of our CBR into the brain is a unique tool." [SP=3.15 Cap=37m]
XP Power (XPP) warns FY-Dec 24 significantly below market expectations, based on recent order intake, revenue performance and discussions with customers. Net debt below mgmt exp. [SP=1498 Cap=355m]
Heiq (HEIQ) £0.68m placing at 8.7p, a nil discount. Also €1.97m in converts with an 8.7p strike. The converts are just a dodge so that it can raise funds pending a GM. Will buy a new factory. Guides FY23 rev $41m, in line with mkt exp but EBITDA below expectations. Outlook - "widespread consensus in the industry that H2 2024 will see consumer confidence improve, inventories reduce to historical averages, and the industry will grow again from today's stabilized [sic] low levels". Auditor resigns. Extends FY by 6 months. [SP=8.7 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. 19-Feb-24
Warning: trading smallcaps may be harmful & quitting can improve your health

B.P. Marsh (BPM) FY-Jan trading. 'Funds' (cash?) £40.5m. NAV £204m, up £14m over July.. Will pay £6m in dividends over the next three years. [SP=450 Cap=167m]
CAP-XX (CPX) will not appeal Maxwell Technologies's case win after considering the fees and probability of success. [SP=0.66 Cap=5m]
SpaceandPeople (SAL) guides FY-Dec rev c.£5.8m, slightly above market expectations (adj for UK retail rev being recognised on a net basis). Cash at hand £1.9m. [SP=57.15 Cap=1m]
Currys (CURY) confirms report of 62p bid. Rejects it. [SP=47.08 Cap=534m]
Petards (PEG) wins £0.35m order for delivery during 2024. [SP=5.62 Cap=3m]
Transense Technologies (TRT) H1-Dec esrnings in line with expectations on slower revenue growth, partly due to a temporary reduction in overheads. . Guides modest reduction in short term profit expectations due to the carry-over of this investment into next FY. [SP=100 Cap=15m]
Esken (ESKN) subsidiary London Southend Airport has reached terms of settlement of the loan dispute. The recapitalisation proposal would mean Esken has only a minority interest in the airport. Esken has until 4 Mar to agree. Co v short of cash. [SP=0.39 Cap=4m]
Dialight (DIA) second interims (Dec) rev down 12%. Orders down 5% at constant currency. "Challenging market conditions expected to continue through 2024, however the Board remains confident in the refreshed strategy and the medium-term benefits of the transformation project." [SP=154 Cap=61m]

In line: WIL
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. 20-Feb-24
Created with AI: A̶r̶t̶i̶f̶i̶c̶i̶a̶l̶ I̶n̶t̶e̶l̶l̶i̶g̶e̶n̶c̶e̶ Actual Idiocy

Nightcap (NGHT) adds a grim trading miss almost as a footnote to "Acquisition of The Piano Works and other matters" RNS. Trading in 2024 'far softer' than mgmt exp. Greater than expected integration costs for two acquisitions. Still guides FY24 rev in line (how?) but adj EBITDA only £2-2.5m. Holders should call time on this. [SP=4.87 Cap=11m]
ENGAGE XR (EXR) wins 'major' contracts: a seven-figure contract with a large Middle East-based co plus an additional six-figure contract with an American bank. [SP=2.6 Cap=14m]
Journeo (JNEO) wins Framework Agreement with expected £5m rev through to January 2028. Rev included in this FY exp. [SP=261.77 Cap=43m]
SkinBioTherapeutics (SBTX) set to launch Pheet and Dermatonics Once Heel Balm in Asia, Middle East and Africa. Collaboration with the mfr and distributor Umesh Modi Group is currently at an early stage so no change to market expectations at this stage. [SP=10.4 Cap=20m]

In line: PODP, LOK
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. 21-Feb-24
The pasting-table for smallcaps

Gooch & Housego (GHH) warns FY24 adj pretax will be c.£3m below mgmt exp. Blames Industrial and Medical laser market customers cutting inventory and reporting weak demand. Also weak demand in semiconductor mkt. Some US A&D programmes will no longer go ahead or have been deferred. [SP=610 Cap=157m]
Aquila Services (AQSG) to cancel listing. No vote needed since its on the Standard List. Claims it will "provide an improved return to shareholders, maximise the retention of key skilled staff and to attract the best new talent". Co continues to trade well. [SP=20 Cap=7m]
Shield Therapeutics (STX) guides FY-Dec rev up 182%. Prescriptions c.77k, up 210%. Co "has recently identified that the projection methodology used by its third-party data provider resulted in an overstatement of total prescriptions in 2023. This development was partly responsible for the Group not achieving previously indicated guidance of total prescriptions in FY23 of 100k to 130k." Rev not affected by error. [SP=5.63 Cap=44m]
KRM22 (KRM) FY-Dec rev £5.2m up 21%. ARR £5.8m (£4.6m). In line? Net debt £3.6m. To cut £2.1m PA from costs. Co "expects to operate within its existing available cash and facilities and anticipated new contract signings." [SP=29 Cap=10m]
Ondo InsurTech (ONDO) adds another well-known US insurer to list of partners to offer LeakBot. [SP=25.9 Cap=22m]
Feedback (FDBK) radiology specialist Medical Imaging Partnership has agreed to pilot Bleepa-CareLocker. Expect modest revs in the early stages, post the evaluation and planning phase. Also H1-Nov rev £473k down 18% "primarily due to the timing of revenue recognition of the QVH/Sussex ICS pilot contract during the previous period and legacy product contracts reaching end of term". Pretax -£2.1m (-£1.6m). [SP=62.8 Cap=8m]
Keystone Law (KEYS) guides FY-Jan rev and adj pretax lightly ahead of market expectations of £84.8m and £10.9m. "Our ongoing financial and operational momentum has been accelerated by a more fertile recruitment environment." [SP=540 Cap=170m]
Equals (EQLS) extends PUSU deadline again as offer talks with Madison Dearborn continue. [SP=117 Cap=220m]
Cambridge Cognition (COG) partnership with ActiGraph, a leading provider of wearable technologies for clinical trials to deliver a broad suite of assessments to "provide a fully rounded view of mental and physical capabilities". [SP=51.09 Cap=18m]
H&T (HAT) buys certain assets of esses pawnbroker Maxcroft Securities for £11.3m. Also £25m of additional financing at c. 8.4%. [SP=370 Cap=163m]
Arcontech (ARC) H1-Dec rev up 7% and pretax up 45%. Guides FY rev in line and pretax slightly ahead of market expectations. [SP=86 Cap=12m]

In line: ARBB, ANG, CSSG
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. 22-Feb-24
Praise and malaise

Spirax-Sarco Engineering (SPX) the announcement nobody's been waiting for as co rebrands as Spirax Group "help everyone better understand who we are". [SP=10370 Cap=7651m]
MyCelx Technologies (MYX) sells Saudi Arabia business operations for $3.125m plus $4m earn out. It contributed 64% of consolidated group gross profit in FY22. Will use cash to boost "marketing and sales plan for its unique technologies in the Perfluoroalkyl and Polyfluoroalkyl Substances remediation and Enhanced Oil Recovery market". [SP=54.49 Cap=12m]
RBG Holdings (RBGP) troubled legal tinpot makes £2.7m fundraise at 9p, a 3% discount, to keep the lights on in a 'downside scenario'. Convex rev only £2.2m, down 58%. MBO talks on Convex. So yet another bnright idea of the ex-CEO get to go. [SP=9.29 Cap=9m]
1Spatial (SPA) wins £0.34m 1 year SaaS contract for Traffic Management Plan Automation. [SP=57.81 Cap=64m]
IQ-AI (IQAI) £300k placing at 1.5p, a 32% discount, to further the development of oral gallium maltolate, the oral anti-tumour agent. [SP=2.2 Cap=4m]
Marlowe (MRL) sells certain GRC software and services for £430m (EV-adjusted). That's 16.2x adjusted cash EBITDA. Will clear debt and return over £150m to holders. CEO will leave with the sold biz. [SP=415 Cap=402m]
Narf Industries (NARF) get $1.6m of orders under its exclusive US Government Omnibus contract vehicle. [SP=0.71 Cap=12m]
BSF Enterprise (BSFA) update on technical and commercial development of Kerato which is developing lab-grown human corneal products. [SP=9.13 Cap=9m]
East Imperial (EISB) guides FY-Dec rev only £2.35m, down 26% due to the operating constraints experienced in Q2 and Q3. Sales recovery in Q4 2023 with momentum maintained in Q1 2024. Expects cashflow breakeven in Q4 2024. I see it now only makes super-premium beverages, down from ultra-premium. Co remains sub-premium. [SP=0.46 Cap=2m]
Amicorp FS (AMIF) guides FY-Dec rev $12.8m, up 8%. Adj EBITDA only $2.6m ($4.2m) due to expanding its sales force by c.50% and undertaking automation projects. In line? [SP=1.5 Cap=180m]
Powerhouse Energy (PHE) signs initial 5-year framework agreement with Australian based National Hydrogen for for its intended roll out of multiple hydrogen-based projects across Australia, Italy, Switzerland, and Hong Kong. "Powerhouse will not be required to contribute any capital for these projects. Instead, the collaboration will be based on a license fee and royalties model." [SP=0.32 Cap=14m]
Plant Health Care (PHC) Mexico approves SAORI fungicide. [SP=3.65 Cap=12m]
Galliford Try (GFRD) wins three new infrastructure contracts totalling £98m. [SP=238 Cap=244m]
PayPoint (PAY) partnership with Royal Mail across PAY's Collect+ network so that parcels can be dropped off at 5,000 Collect+ stores. [SP=494.5 Cap=359m]

In line: TRCS
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. 23-Feb-24
The City's event horizon

STM (STM) guides FY-Dec rev £28m, ahead of mkt exp due to higher interest income. However 'overall performance' in line. [SP=56 Cap=34m]
Tribal (TRB) now entering into a mediation process with Nanyang Technological University. Latter has hikes its demand to $378k. [SP=43.4 Cap=92m]
Verditek (VDTK) extended current cash runway by a week, to 4 Mar as it talks to bondholders. [SP=0.09 Cap=m]
Yü (YU.) a 'transformational' new Hedging Facility with Shell whereby Yu won't have to deposit cash as collateral to support mark to market movements. Releases £52m. [SP=1160 Cap=194m]


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. 26-Feb-24
Everything’s Coming Up RNSes

Invinity Energy Systems (IES) agreement with its Taiwanese partner, Everdura, to undertake domestic manufacturing of its next-generation vanadium flow battery product for the Taiwanese and other markets. Co hopes to make agreements with one or more other partners in 4-6 weeks. [SP=24.28 Cap=47m]
Wincanton (WIN) it's win WIN as takeover offer hiked 30p to 480p, no doubt in response to another possible offerer emerging. [SP=449.34 Cap=560m]
Ondo InsurTech (ONDO) South West Water to deploy LeakBot product and service to an initial 6,000 customers by the end of March. [SP=25.36 Cap=22m]
Tristel (TSTL) gets recommendation for UK & EU and Medical Devices Regulation certification of TANK ClO₂ Sporicidal Disinfectant system. [SP=450 Cap=214m]

In line: EXR, BEG, MTEC, ENSI
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. 27-Feb-24
Spotting turkeys at the absurd sanctuary

Brickability (BRCK) warns FY-Mar adj EBITDA towards the lower end of market expectations of £44.8m to £47.2m. Also expects weaker FY25. [SP=76.4 Cap=243m]
Sondrel (SND) sweet & sour: wins $9m contract for a chip design. Guides production revenue $14m over 10 to 15 years from 2026. Also other orders worth $0.9m this FY. But needs additional capital by the end of Feb. "Advanced discussions with a potential provider of capital which would serve to extend this working capital runway." [SP=13.5 Cap=12m]
On the Beach (OTB) customers will be able to book Ryanair flights though OTB's website. Resolves outstanding litigation. [SP=141.4 Cap=236m]
Proton Motor Power Systems (PPS) guides FY-Dec rev flat. In line? Order intake down at £2.5m (£2.7m). [SP=3 Cap=48m]
Fusion Antibodies (FAB) gets first purchase order (c. £60k) under the master services agreement announced 14 Feb. Most will be booked next FY. [SP=3.8 Cap=2m]
OptiBiotix Health (OPTI) strategic overview that seems to have nothing new. Long and bullish progress update. [SP=22.5 Cap=21m]
Silver Bullet Data Services (SBDS) another order from Mars Petcare, for $2.3m, to be booked through cal 2024. [SP=155.25 Cap=27m]
Ocean Harvest Technology (OHT) get a second patent, "covering a wide range of claims about the benefits of using its OceanFeed product in the diets of a range of animals". [SP=11.62 Cap=15m]
World Chess (CHSS) announces some moves which don't amount to much. [SP=3.5 Cap=22m]
itim (ITIM) wins 5 year multi-million contract for its Omni channel retail platform from QUIZ clothing. [SP=22 Cap=7m]
SkinBioTherapeutics (SBTX) positive interim data from acne treatment tests. "The supplement containing the lead formulation, being supplied to participants in powder-form." Lead? Oh, not the poisonous metal. [SP=9.5 Cap=18m]
PCI-PAL (PCIP) H1-Dec rev up 20% . Pretax -£1.3m (-£1.9m). Says "KPIs continue to show performance better than expectations" but doesn't guide FY ahead of exp. [SP=48.39 Cap=32m]
McBride (MCB) H1-Dec. Guides FY adj op profit 10-15% ahead of mgmt expectations. Net debt/(adjusted EBITDA) now expected to be below 2x by 30 June. [SP=73.6 Cap=128m]
Synectics (SNX) FY-Nov exceeding market expectations. Rev up 26%. U/L EPS 14.2p (6.9p). Final div 3p up 50%. Outlook confident. [SP=181 Cap=32m]
Diaceutics (DXRX) significantly increases the number of labs through which it's sourcing data in Europe. [SP=96.1 Cap=81m]
Aptamer (APTA) progress update for new Optimer+ platform. Tests show it's better than existing aptamer-based approaches. [SP=0.84 Cap=4m]

In line: ITX, VIC
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. 29-Feb-24
Buy and fold investing

Iconic Labs (ICON) trading suspended by the FCA after c.138% rise yesterday. Co confirms it's in RTO talks. [SP=5.38 Cap=1m]
Kin and Carta (KCT) notes that a 2 yr contract worth over $90m ended yesterday. KCT is providing services on a rolling basis and 'engagement with the client continues to be robust'. ?? FY outlook unchanged. [SP=128 Cap=228m]
Renalytix (RENX) US adds kidneyintelX.dkd to its 10-year Government wide Acquisition Contract for early-stage kidney disease bioprognostic testing services. Also US National Government Services looking at approving KidneyIntelX and kidneyintelX.dkd testing. [SP=30.4 Cap=36m]
Supply@ME Capital (SYME) guides H2-2023 rev broadly in line with H1. Expects contracts for its initial IM transaction (€10m funding) be completed by the end of March. Update on funding from The AvantGarde Group: £1.76m still outstanding. AvantGarde promises to cough up and is seeking finds to do so. Long-winded biz and funding update. [SP=0.03 Cap=19m]
BSF Enterprise (BSFA) MoU with fashion company Maison Amelie Pichard to develop and sell accessories that incorporate lab-grown leather. [SP=8.39 Cap=9m]
Mercia Asset Management (MERC) adds £207m to funds under management by British Business Bank. [SP=28.4 Cap=125m]
Zytronic (ZYT) AGM stmt: FY rev exp unchanged. However "While disciplined cost control remains a priority during this period of reduced revenue generation for the Group, management recognises the need for increased investment in personnel, travel, marketing, and product development". [SP=73 Cap=7m]
Hemogenyx Pharmaceuticals (HEMO) $4.2m placing at 2p, a 20% discount, to facilitate the development of the Company's Chimeric Antigen Receptor T-cells. [SP=2.41 Cap=28m]
Facilities by ADF (ADF) slight miss in FY-Dec with rev £34.8m and adj EBITDA £7.3m vs F/C of £35m and £7.5m. Impact of 'Hollywood' strikes has carried on into H1-FY24. More guidance with FY23 results. [SP=53 Cap=43m]
Getech (GTC) enters JV to pursue copper exploration in Kazakhstan. Gets nil-cost options in JV in lieu of cash for services. Sounds a desperate way to get business. [SP=8.15 Cap=5m]
Polarean Imaging (POLX) strategy update inc financing - needs $10m min "with an anticipated launch in Q2". [SP=5.2 Cap=11m]
Blackbird (BIRD) £1.05m placing at 6p, a 13% discount, to grow the elevate.io product. [SP=6.99 Cap=26m]
EnSilica (ENSI) cash-strapped co has received the 2023 R&D tax credit. [SP=72 Cap=59m]
Silver Bullet Data Services (SBDS) guides FY-Dec rev up 42% and adj EBITDA loss down 65%+. In line? Strong start to this FY. [SP=190 Cap=33m]
itim (ITIM) guides FY-Dec rev up 15% (in line) and EBITDA £0.68m, ahead of market expectations of £0.3m. Pretax loss also ahead of market expectations. "In alignment with prevailing economic conditions, itim is currently in the process of "right sizing" its business. This strategic pivot involves a shift away from 'free' implementation services towards a continual focus on increasing services revenues and EBITDA." [SP=35 Cap=11m]


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]

[deleted]