Small Cap Breakfast

Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft. Mid May admission expected. Offer details TBC. Shearwater Group—Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules. ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle

Small Cap Breakfast

Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Creo Medical Group

AIM Breakfast

The Mission Marketing Group (TMMG.L) | Rex Bionics (RXB.L) | Frontier Developments (FDEV.L) | W Resources (WRES.L) | Netscientific (NSCI.L) | President Energy (PPC.L) | CPP Group (CPP.L) | Eagle Eye Solutions Group (EYE.L) | Dorcster (DAR.L) | Avesco (AVS.L)

AIM Breakfast

Fusionex International (FXI.L) | Rex Bionics (RXB.L) | Crossrider (CROS.L) | Cerillion (CER.L) | Sunrise Resources (SRES.L) | Premier Asset Management Group (PAM.L) | Faron Pharma (FARN.L) | Frontera Resources Corp (FRR.L) |

AIM Breakfast

CONCURRENT TECHNOLOGIES (CNC LN) | ELLERSTON GLOBAL INVESTMENTS (EGI AU) | ITM POWER (ITM LN) | LXB RETAIL PROPERTIES PLC (LXB LN) | OSIRIUM TECHNOLOGIES PLC (OSI LN) | P2P GLOBAL INVESTMENTS PLC (P2P LN) | PETRO MATAD LTD (MATD LN) | REX BIONICS PLC (RXB LN) | SAN LEON ENERGY PLC (SLE LN) | SOUND ENERGY PLC (SOU LN)

AIM Breakfast

CONCURRENT TECHNOLOGIES (CNC LN) | ITM POWER (ITM LN) | LXB RETAIL PROPERTIES PLC (LXB LN) | OSIRIUM TECHNOLOGIES PLC (OSI LN) | P2P GLOBAL INVESTMENTS PLC (P2P LN) | PETRO MATAD LTD (MATD LN) | REX BIONICS PLC (RXB LN) | SAN LEON ENERGY PLC (SLE LN) | SOUND ENERGY PLC (SOU LN)

AIM Breakfast

Physiomics* (PYC.L) | Tricor (TRIC.L) | Concepta (CPT.L) | Akers Biosciences (AKRL) | Rex Bionics (RXB.L) | Empresaria Group (EMR.L) | YOLO Leisure & Tech (YOLO.L) | Nostra Terra Oil and Gas (NTOG.L) | EG Solutions (EGS.L) | Hydro Dec Group (HYR.L)

Initial orders point to start of commercialisation

Rex Bionics, a pioneer in the medical exoskeleton field, has recently reported a number of encouraging updates, including interim financial results, new distributors for the key US and China markets and positive interim metrics from its RAPPER II clinical trial. The company is focused on rehabilitating and improving mobility in patients with spinal cord injury. Its two key markets are rehabilitation centres and home use. Clinical trials demonstrating the medical benefits to patients and commerci

RAPPER II first cohort generates positive results

Rex Bionics' RAPPER II clinical trial interim data were presented at the Australia and New Zealand Spinal Cord Society meeting last week. Trial interim results show that the Rex unit is safe for patient use. Positive RAPPER II results are expected to facilitate the company’s commercialisation strategy for the Rex exoskeleton. We will revisit our forecasts following H1 results in December.

RAPPER II trial off to a good start

RAPPER II is a 100-patient study to measure the time taken for wheelchair users to mobilise in a Rex unit and complete an exercise regime. The study also intends to provide a better understanding of the severity of injury that can be safely treated with a Rex unit. The first patient has successfully completed the assessment and the data from the first cohort of patients are expected to be presented before the end of 2015. Trials such as this and RAPPER I, are key to driving adoption and therefor

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Morning Note – 9 April 2024

Morning Note – 8 April 2024

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Hardman & Co Research: Tissue Regenix (TRX) - Six consecutive periods of >20% growth

TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Morning Note – 22 March 2024

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash

Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY

Zoetis Inc.: Launch Of CircoMatch & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar

Morning Note – 12 February 2024