Hybridan Research: 01/12/2023: DXS International Plc: Innovate UK grant to advance precision medicine AI solution

DXS International yesterday announced its success in securing £409,000 of grant funding jointly with Health Innovation East from Innovate UK – the UK’s national innovation agency - for further Research and Development (R&D) of its Artificial Intelligence (AI) medicines optimisation prescribing solution, ExpertCare. The Innovate UK grant will enable DXS to accelerate its efforts in advancing ExpertCare, a product promising to revolutionise medicine optimisation. The funds channelled into intensi

Hybridan Small Cap Feast 30 Nov 23

30th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Hybridan Research: 25/07/2023: DXS International PLC: Aiming to achieve £4.7m revenue for calendar year ended December 2024

DXS International today announced its results for the financial year to 30 April 2023: revenue up by 3% to £3.4m (2022: £3.3m) and a profit after tax of £225k, up 1% from 2022 and after a tax credit of £323k. Cash in the bank at the period end was £372k (2022: £452k). During the period, DXS borrowed £750k and repaid £269k on bank and third-party loans. Post period, DXS raised gross proceeds of £500k in May 2023 to fund its growth plan. Guidance revised: The Board indicates that the market expe

Small Cap Feast 25 07 2023

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in

Hybridan Small Cap Feast - 14 Jun 23

14th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

Hybridan Research: 17/05/2023: DXS International plc (AQSE:DXSP): Aiming for 40% annual revenue growth for this financial year ended April 2024

DXS International today provided a trading update for the financial year ended in April 2023 (FY23): total revenue of £3.3m and a small profit after tax. Meanwhile, DXS announced an equity raise for £500k at 4p per share from institutional investors and a Stakeholder Issue (i.e., conversion of debt to equity) also at 4p per share for a total of £130,628 of salaries and fees sacrificed by management and consultants. Dilution: The equity raise by issuing 12,500,000 shares represents a dilution o

Hybridan Small Cap Feast - 17 May 23

17th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 25 Apr 23

25th April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Research: 20/01/2023: DXS International plc: On track for first commercial contract of ExpertCare

DXS International announced its unaudited interim results for the half year ending 31 October 2022. Revenue for the period was up 2% at £1,652k (2021: £1,618k). Profit/Loss before tax was a loss of £131k and profit after tax of £28k, benefiting from £159k in tax credit. Cash on hand at 31 October 2022 was £399k. Results overall are in line with projections. The reduced profit is largely due to increased operating costs and depreciation. We note that DXS raised a £500k long-term loan during the p

Hybridan Small Cap Feast - 19 Jan 23

19 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Research: 22/08/2022: DXS International plc: Growth resumes post NHS reorganisation

Good Morning, DXS International plc announced its results for the financial year ended 30 April 2022. We have published research on this which is attached and a snapshot of the research is below. The clinical decision support solution company has today announced its results for the financial year ended 30 April 2022 (FY22). Revenue was £3.3m, down 9% from FY21 and 14% lower than our forecast. Thanks to £321k tax credits, net profit of £225.3k was 25% higher than our expectation as we modelled

Hybridan Small Cap Feast 18/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

On track to meet FYApr22E profit forecasts, as investment in chronic condition management solutions accelerates

On track to meet FYApr22E profit forecasts, as investment in chronic condition management solutions accelerates The digital clinical decision support company has announced its unaudited interim results for the half year ending 31 October 2021. Revenue for the six-month period has held well at £1,618,439 (2020: £1,716,424). Profit before tax is £21,427 (2020: £150,556) and profit after tax £137,352 (2020: £224,825). DXS finished the period with cash on hand of £543,000. DXS commented that result

Resilient performance sees double digit top and bottom line

DXS International PLC, has reported their FY April 2021 results. We have published research on this which is attached, and a snapshot of the research is below. The healthcare information and digital clinical decision support systems provider this week announced its FY April 2021 results. Turnover increased 10% to £3.6m despite the unprecedented interruption to business during the financial year. Operating profit was down marginally to £288K. This was more than offset by tax credits, and profi

Sondrel Holdings - Siemens Holding

Following the news on Friday 1 December that Siemens has, subject to completion, disposed of its 11.2% holding in Sondrel at 6p per share, we see a significant buying opportunity. We believe the sale was for Siemens AG organisational convenience rather than in relation to Sondrel’s fundamentals. We have summarised the history of the relationship, our view on the rationale for the sale and touch on the latest industry outlook. We reiterate our 1-year price target of 74p which is just shy of the h

Intercede - Record contract win

Intercede has secured a major contract win with a large US Federal Agency, $6.6m of which represents licence fee for immediate recognition, with a further $1.4m in maintenance and support. The contract win lifts FY24 forecasts substantially higher, on the back of a previous upgrade last month, by +31% in revenue and +186% in EBITDA, with further improvement in FY25 and FY26 from associated support and maintenance. The order for Intercede’s MyID Credential Management Solutions came after a rigoro

CML Microsystems+ (CML, House Stock at 388p) - Growth in new and existing markets

LIBERUM: Cerillion: Learnings from the CMD

iomart - Solid interims demonstrate stability

iomart has delivered interims to September in line with unchanged expectations, alongside a small vertical focused acquisition, demonstrating the benefit of organic and acquired growth. 18% group revenue growth included cloud services growth of 20%, which comprised modest organic growth, price adjustments after last year’s strong energy price movements, and some slowdown in organic non-recurring revenue, before the benefit of the Concepta (August 2022) and Extrinsica (June 2023) acquisitions, ad

Morning Note – 4 December 2023

PROGRESSIVE: CML Microsystems: The unusually reliable semis co delivers, again

CML’s interim results to 30 September show that, despite challenging markets, the group continues to make progress. Revenue improved by 5% to £10.6m, up from £10.1m in H1 FY23. Profit from operations was flat at £1.9m, prior to third-party acquisition related costs from the MwT transaction of £0.3m and share-based payments. Cash balances at the period-end were £20.95m (31 March: £22.26m), after significant expenditure on product development, share buybacks and the FY23 final dividend. With the M

Morning Note – 5 December 2023

TPXimpact 1H24 Interim Results

TPXimpact reported a strong 1H24 performance and maintains FY trading guidance; we make some small tweaks and overall retain our expectations.

Journeo - The Merry Journey Continues

Journeo has released a positive trading update following strong business activity in October and November. The company references strong trading in its core Fleet and Passenger Systems divisions, as well as the newly acquired Infotec and MultiQ divisions. We expect that the investment made in the Infotec factory to facilitate higher production speed has contributed to clearing the prior backlog and the ability to win new orders. We believe the positive trading momentum will continue into FY24E a

Morning Note – 6 December 2023

Morning Note – 28 November 2023

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

Concurrent Technologies - FY23 trading update – revenue growth accelerating

Concurrent Technologies has released a FY23 trading update stating revenues in the current year are expected to be ahead of market expectations. Strong order intake has continued throughout the year and the significant investment in product development undertaken to target design-in wins has brought new customers (especially large Defence sector prime contractors), larger average single order sizes, and an increasing diversification of end markets. So far this year, Concurrent Technologies has w