MrC's Smallcap Sweeps for Sept 2022

[MrContrarian]

Smallcap Sweep. 13-Sep-22
A dozen in line

Pelatro (PTRO) wins contracts worth up to $600k. [SP=22.49 Cap=10m]
Transense Technologies (TRT) MoU with Meggitt for the evaluation of potential market opportunities for future deployment of SAW technology in the aerospace sector. [SP=48 Cap=8m]
Yu (YU.) adj EBITDA, operational cashflow and net profitability has significantly exceeded management expectations. Guides FY adj EBITDA over £4.7m [SP=185 Cap=31m]

In line: MEAL, ONT, HEIQ, ADF, TPFG, ELCO, RBGP, TRST, GTLY, ACSO, EXR, CNS
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 14-Sep-22
Flattening RNSs with a road-roller

Tintra (TNT) Temenos, provider of core banking software, will provide its core banking software to Tintra, which will be integrated with Tintra's innovative artificial intelligence-based approach to customer and transaction identification. [SP=202 Cap=30m]
Bioventix (BVXP) guides FY-June 'likely to be' significantly ahead of market expectations. [SP=3100 Cap=161m]
N4 Pharma (N4P) operational update on its development plans for commercialising Nuvec. "Completed initial testing on loading Nuvec® with two generic siRNA probes, GFP (Green Fluorescent protein) and EHMT-2 (Euchromatic Histone Lysine Methyltransferase 2) at the same time." [SP=1.56 Cap=3m]

In line: BOTB, HRN, EPWN, RCDO
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 15-Sep-22
Waking up in the city gutter

MYCELX Technologies (MYX) guides FY22 rev up only 10% and profit 'adversely affected'. Blames expected Middle East contract unlikely to be signed this FY. [SP=43.66 Cap=12m]
Open Orphan (ORPH) re reports of insider trading - co "satisfied that there are no implications for the Company in the resolution of this allegation and confirms that no employee, executive, director or anyone connected with the Company had any involvement". [SP=8.71 Cap=58m]
Morses "It's not a" Club (MCL) funding and covenant waivers extended. Facility cut to £25m from £35m. [SP=5.2 Cap=7m]
Kinovo (KINO) guides H1-Sept rev up 26% and adj EBITDA c. £2.3m (£1.8m). Expect this positive momentum to continue into H2. In line? [SP=37.7 Cap=23m]
Croma Security Solutions (CSSG) guides FY-June EBITDA £1.5m+. In line? Investment in technology and new service offerings impacted profitability in the short term. Four new contract wins worth £6.1m PA. [SP=64.99 Cap=10m]
Avation (AVAP) guides FY-June rev c. $115m and a return to net profit. In line? [SP=81.6 Cap=56m]
Petards (PEG) H2-June rev down 29% and pretax £101k (£430k). Guides "a satisfactory and cash generative performance for year". [SP=9.65 Cap=5m]
DFS (DFS) FY-June rev and adj pretax withn guidance. Seeing "a reduction in the volume of orders, which we believe is consistent with the overall furniture retail market, although our elevated order bank will provide some resilience as we enter our 2023 financial year." [SP=135.8 Cap=331m]

In line: CSH, ETP, SUP, FRP, FCAP
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 16-Sep-22
Licking dust off the bowl of news

Science in Sport (SIS) CFO gone. He is not thanked. Replacement starts in a month. [SP=27.75 Cap=39m]
Light Science Technologies (LST) first milestone, to develop a cloche lighting system for Zenith Nurseries and demonstrate viability, is now complete, resulting in revenue of £51k. Gov't grant to LST for project inc to £621k (from what?). [SP=6 Cap=NA]


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/index.aspx?limit=-1

@MrContrarian

[Hallucigenia]

Fans of companies telling their shareholders that they don't have a clue about the business will enjoy this one from TransGlobe (TGL) in response to these two releases from a fund who have gathered 20% of the shareholders in opposing their merger with VAALCO :

https://www.globenewswire.com/news-rele ... y-Inc.html
https://www.globenewswire.com/news-rele ... ers-t.html

and TGL's response :
https://www.investegate.co.uk/transglob ... 00046836Z/

A flavour :
"TransGlobe Responds to Spurious Claims That Misrepresent the Combination with VAALCO...While TransGlobe welcomes constructive strategic input focused on enhancing shareholder value, TransGlobe firmly believes the assertions in Horizon's press release to be selective and misleading in its presentation of the facts. The Company therefore recommends that shareholders disregard Horizon's claims"

Also since everyone loves a boardroom dustup, it seems the iGas board had a big falling out - the CEO seems to have wanted renewables and in particular geothermal in Stoke, the chairman wanted fossil fuels and in particular shale gas in the East Midlands. A non-exec who also works at a "climate-led" fund left a few weeks ago, the CEO departed earlier this week.

[MrContrarian]

Smallcap Sweep. 20-Sep-22
Strafing news in the Smallcap Stuka

SThree (STEM) guides FY-Nov pretax at least 7% ahead of market consensus of £71.2m. [SP=350 Cap=468m]
Bidstack (BIDS) starts strategy for the accelerated growth in US. Will "increase the promotion of its full product offering in the US...is actively focused on recruiting US-based sales, gaming and marketing professionals with significant experience in digital advertising and with local market knowledge". [SP=3.7 Cap=34m]
ZOO Digital (ZOO) guides H1 rev $51m+ up 89% and aa substantial improvement in its cash position. Confident. [SP=128 Cap=113m]
Fuller, Smith & Turner (FSTA) rev of 25 weeks to Sep 17 up 3% on pre-covid. Bought additional forward energy contracts. “While sales continue to recover from the effects of the pandemic, we are conscious that consumers face increasingly challenging times ahead." [SP=508 Cap=202m]
Belluscura (BELL) signs distribution agreement, for the distribution of the next generation X-PLOR, with a leading Durable Medical Equipment provider and distributor in the US. [SP=70 Cap=85m]
Osirium Technologies (OSI) 3 yr Privileged Access Management licence extension. Worth over £290k. [SP=5.82 Cap=3m]
OptiBiotix Health (OPTI) GoFigure range was officially launched by Apollo Hospitals, as trailed. Customer has 5,000 pharmacy outlets throughout India. [SP=17 Cap=15m]
DX (DX.) corp governance investigation concludes. Employees obtained confidential information from another company by offer of a bribe. "In the course of examining and reviewing the Investigation, certain actions were highlighted as falling short of good corporate governance. Insufficient importance was attached to ensuring that the Investigation was conducted according to best practice and to its fullest extent, in particular with the Investigation being curtailed and information flows restricted. Insufficient disciplinary action was taken at the time in respect of the employees involved in the allegation of bribery." Big four accountant to review the Group's compliance policies and procedures. Trading continues to be encouraging. Still suspended. [SP=30 Cap=172m]
Boku (BOKU) 3 year agreement for Boku to supply its digital wallet and other local payment methods to Amazon. Revenue based on a percentage of Prime Video transaction value that it processes. Boku gives warrants (81.2p strike) to Amazon and costs will be matched to and offset against revenues generated. [SP=77 Cap=229m]
Alfa Financial Software (ALFA) guides FY rev c.£2m better due to improved contractual certainty and strong trading. [SP=165 Cap=492m]
Ethernity Networks (ENET) follow-on contract worth $4.6m. Rev will be booked in 2023 and 2024. [SP=11 Cap=8m]
FIH (FIH) AGM stmt. Momart and the Portsmouth Harbour Ferry Company rev to Aug broadly in line with expectations. Delays to project delivery in the Falkland Building Services housing and construction division, expected to reverse in H2. [SP=227 Cap=29m]

In line: ADT, APP
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Sep-22
There's no fuel like an old fuel.

Quadrise Fuels (QFI) Joint Development Agreement with lignin biofuel specialists, Vertoro. Will seek to progress the use of Vertoro's crude sugar oil (CSO) as a potential cost-effective supplement or alternative to glycerine in Quadrise's bioMSAR fuel. [SP=1.19 Cap=17m]
SRT Marine Systems (SRT) AGM stmt. H1 will be materially better YoY due to "excellent financial and operational progress during H1 across both its transceiver and systems divisions". In line? [SP=25.2 Cap=46m]
Cellular Goods (CBX) launch of three 'rejuvenating' skincare products. [SP=1.71 Cap=9m]
WANdisco (WAND) $25m contract with a top ten global communications company. Guides FY22 bookings significantly ahead of market expectations. [SP=400 Cap=266m]
AB Dynamics (ABDP) guides FY-Aug ahead of current market expectations with rev up 22% and adj op profit beat. Comples acquisition of Ansible Motion, a leading provider of advanced simulators to the global automotive market. for £19.2m + £12m earn-out. [SP=1230 Cap=278m]
SourceBio (SBI) HMRC confirms verbal position that PCR testing services were VAT exempt. [SP=120 Cap=89m]
Hostmore (MORE) H1. Recent 10 weeks LFL down 14% on FY19. Guides H2 LFL down 11% "in the absence of further Government support measures having been confirmed". Energy costs (partly hedged) hit c.£5.8m in FY23. [SP=23.25 Cap=29m]
Dianomi (DNM) H1-June. Guides FY rev and profit to be behind market expectations. [SP=134 Cap=40m]
Galliford Try (GFRD) FY-June. FY div 8p to 70%. £15m (initially) share buy-back. Outlook 'confident'. [SP=157.06 Cap=174m]

In line: SDI
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Sep-22
Crock a bye baby

Made.com (MADE) decides it can't get a placing away so last throw of the dice is a Formal Sale Process. Withdraws FY guidance. Blames "deterioration of trade and the current financial position of the Group impacting its trading stance...combined with the unexpected events of the past two weeks." Only one unexpected event I can recall. [SP=5.75 Cap=23m]
Revolution Beauty (REVB) Well, there's bad news and there's bad news and there's bad news and there's bad news. Auditor has identified a number of serious concerns re Group's ability to provide sufficient and accurate audit evidence and the validity of certain commercial arrangements. Appoints independent investigators into these matters. Guides FY23 materially below market expectations and the previous guidance. Plus accounting adjustments in FY22 may hit FY23 as well. Co currently in breach of its bank facility agreement since audit is late. [SP=19 Cap=59m]
7digital (7DIG) £500k 1 yr shareholder unsecured loan at 5%. Cheap! Chmn resigns to focus more time on the development of eMusic Blockchain. He becomes a NED. [SP=0.21 Cap=6m]
In The Style (ITS) AGM stmt sounds in line. [SP=26.25 Cap=14m]
Colefax (CFX) £5.4m share buyback. [SP=765 Cap=63m]
Crossword Cybersecurity (CCS) £3.6m placing at 21.7p, a 15% discount. [SP=26 Cap=20m]
Cellular Goods (CBX) lucky US fans of CBD on yer face can now buy from co's website. [SP=2.3 Cap=12m]
Nuformix (NFX) stopping its current study of NXP002 delivered by nebulisers due to "pre-clinical inhalation disease model chosen has proven to be complex, and unlike previous studies in human IPF tissue, it continues to be challenging to achieve consistent and reproducible results." [SP=0.53 Cap=4m]
TheWorks.co.uk (WRKS) FY-May. Current trading in line. [SP=28 Cap=18m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 26-Sep-22
GILD reaches for the Sky.

Eden Research (EDEN) US Environmental Protection Agency approved co's three active ingredients and two formulated products (Mevalone and Cedroz). [SP=3.52 Cap=14m]
Guild Esports (GILD) 3 yr global sponsorship agreement with Sky UK. No £££. [SP=1.75 Cap=9m]
Cellular Goods (CBX) proposed RTO of Cannaray, the owner of Cannaray Brands & Love CBD Health for £14.2m, only £1m of which is cash. Also earn-out. Cannaray will initially own 54% of the enlarged group. [SP=2.12 Cap=11m]
One Media iP (OMIP) £1.9m loan note (at 7% int) refinanced by bank loan at base + 3.5%. [SP=7.15 Cap=16m]
musicMagpie (MMAG) guides FY-Nov profit below mgmt and mkt exp. [SP=27.5 Cap=30m]
Pendragon (PDG) gets highly conditional bid approach. [SP=22.7 Cap=317m]
OptiBiotix Health (OPTI) exclusive distribution agreement for distribution of Longlive's xylooligosaccharide prebiotic into the human nutrition markets (foods & beverages and supplements) in Europe and Africa. [SP=17.25 Cap=15m]
genedrive (GDR) NICE to accelerate evaluation of the Genedrive MT-RNR1 Test. The test is "world's first rapid point-of-care test to screen infants in an urgent care setting for a genetic variant that can cause life-long hearing loss". [SP=11.8 Cap=11m]
Gulf Marine Services (GMS) H1-June. EBITDA guidance for FY remains at $70 - 80m. Outlook: expects improvements in day rates and utilisation, but at a slower pace than originally envisaged. [SP=6.72 Cap=70m]
SpaceandPeople (SAL) H1-June. Outlook "higher energy costs and inflation will have an effect on discretionary spending in the run up to Christmas". [SP=98.88 Cap=2m]

In line: ECK
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 27-Sep-22
Saga sag, OMG OMG.

Saga (SAGA) H1-July. Cut FY U/L pretax guidance to £20-30m due to inflationary pressures within the insurance market. [SP=134.76 Cap=189m]
Kooth (KOO) agrees terms of a contract from Pennsylvania worth $3m in its pilot year. "The Contract will run initially for the academic school year and, if the pilot is successful, could be extended to include more of the State's 500 school districts." Contract expected to be formalised in the coming days. [SP=114.2 Cap=38m]
Instem (INS) settlement of contractual licence dispute from 2017 with a former customer. Co to pay €1.48m of which insurer will pay €0.45m. Co had provided only £0.25m in accounts. [SP=665 Cap=151m]
Oxford Metrics (OMG) will miss FY-Sep mkt exp due to delay in c.£3.5m of shipments. Blames supply chain issues. Has mitigated the margin impact of the deferred orders to some extent. [SP=88.5 Cap=115m]
Fulcrum Utility Services (FCRM)IT systems hacked. They have been securely reinstated. "The majority of the Group's field operations were able to continue. However, access to and visibility of managerial and system information has been limited and work is ongoing to ameliorate this and assess the impact on the business, if any. No data was breached or accessed during the Activity." [SP=8.5 Cap=34m]
Smoove (SMV) AGM stmt. Instructions and completions through eConveyancer increased by 29% and 42% respectively for the 5 months to end Aug. Mix has lower higher margin purchase and sales so verage yield per completion will be lower year-on-year. Gross profit was flat for the period. [SP=48 Cap=31m]
Redde Northgate (REDD) AGM stmt. "Continued to trade well." In line? [SP=298.42 Cap=703m]
Pressure Technologies (PRES) AGM stmt. Guides FY adj op loss - recovery has been significantly below that expected. Expects to breach covenants in Oct, in constructive dialogue with Lloyds Bank. [SP=63 Cap=20m]
Cohort (CHRT) AGM stmt. Sounds in line. [SP=486.55 Cap=201m]


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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 28-Sep-22
Profits melt in the summer heat

MGC Pharmaceuticals (MXC) Australia fine co A$306k for 23 infringements of therapeutic goods advertising laws in its promotion of medicinal cannabis product. Website shut till Nov for a 'rebranding exercise'. [SP=0.88 Cap=32m]
Nanoco (NANO) Samsung litigation trial delayed again. Was 3 Oct. New date TBA. [SP=42.4 Cap=137m]
booHoo (BOO) H1-Aug rev down 10%. Even UK rev down 4%. "As a result of the impact that the macro-economic and consumer backdrop has had on the Group's revenues in the first half, our expectation is for a similar rate of revenue declines to persist over the remainder of the financial year if these conditions continue." Whipfroth was right to forcast another warning. [SP=39.69 Cap=503m]
Amigo (AMG) AGM stmt. Trading in line. Intends to do a £40m placing with massive dilution. "The structure remains under consideration and, due to its complexity and the uncertainties of the market." Finalising details with FCA to commence a lending pilot. [SP=NA Cap=NA]
DX (DX.) corporate governance inquiry complete. Futher disciplinary actions and governance changes. FY21 and H1-22 published. Divs resumed. Guides FY22 significantly above management targets. Confident. [SP=30 Cap=172m]
CML Microsystems (CML) guides FY-Mar significantly ahead of mgmt expectations. [SP=355 Cap=56m]
Mode Global (MODE) some guff about soft launch of a multi-token trading capability. [SP=4.09 Cap=4m]

In line: DWF, 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.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 29-Sep-22
LOAD up, Attraqtive offer.

Crestchic (LOAD) H1-June. Mgmt expectations increased for 2022 and 2023. Guides ROI well in excess of the 20% target. [SP=265.5 Cap=75m]
Symphony Environmental Technologies (SYM) Indian JV gets significant increase in sales of d2w. over £250k pcm from early 2023. [SP=15.33 Cap=29m]
Invinity Energy Systems (IES) H1-June rev £1.4m (£0.015m); posttax -£11.6m. CFO scarpers. He is thanked. [SP=29.75 Cap=35m]
Attraqt (ATQT) 30p rec offer, a 71% premium. [SP=16 Cap=32m]
Narf Industries (NARF) guides FY rev $4.4m. In line? [SP=1.6 Cap=25m]
Rosslyn Data Technologies (RDT) wins £500k 3 yr contract from major multinational medtech co. [SP=1.68 Cap=6m]
Light Science Technologies (LST) orders worth c.£500k from Rentokil, to be fulfilled between November 2022 and March 2023. [SP=6.9 Cap=NA]
Angle (AGL) further positive headline results from its ovarian cancer clinical verification study, showing Parsortix® blood test can be used to determine if a woman is at risk of a malignant tumor. [SP=64 Cap=168m]
Braemar (BMS) guides H1-Aug rev up 47% and U/L op profit £10.5m+, up 88%. In line? "Trading has been very strong with all sectors of the core Shipbroking business generating higher revenue." [SP=281 Cap=92m]
Gulf Marine Services (GMS) contract at improved rates, with a total duration of 72 months, for both an E-Class and K-Class vessel. [SP=6.16 Cap=64m]
NWF (NWF) all three divisions have traded ahead of mgmt expectations in Q1. [SP=240 Cap=119m]
Volvere (VLE) H1-June pretax -£1.12m (-£0.29m). NAV 1333p/sh, down 16p since Dec. "Acceptable result from Shire Foods...but poor performance from Indulgence Patisserie". Blames increased raw material prices. £1.1m increase in the value of the Indulgence properties. Indulgence: "manufacturing has been suspended indefinitely as finished stock levels of £0.60 million are sufficient to satisfy foodservice and existing retail customers for several months. We continue to assess the ongoing viability of the Indulgence business". [SP=925 Cap=23m]

In line: CFX, VANL, CRU
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/index.aspx?limit=-1

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Sep-22
They Shoot Morses Don't They?

Morses "it's not a" Club (MCL) trading performance has continued to be impacted by the level of claims in the HCC division so "continues to be materially loss-making, with the additional impact of constraining available cash to generate future revenue." Agreeing a Scheme of Arrangement to limit compensation is even more urgent. [SP=4.51 Cap=6m]
RA International (RAI) £35m max 5 yr MoD contract. [SP=19.06 Cap=35m]
Science in Sport (SIS) £5m placing at 15p, a 36% discount, to cut debt. Hoists For Sale flag. [SP=23.4 Cap=33m]
Inland Homes (INL) get waiver of covenant breach on revolving credit facility which is also extended to Oct 2023. Pulls mooted £25m land sale to add further value through planning enhancement. [SP=18.5 Cap=41m]
Polarean Imaging (POLX) FDA has granted a 90-day extension to the review timeline of the New Drug Application to end Dec. [SP=41.02 Cap=87m]
Gelion (GELN) first industrial production of 'Endure' non-lithium battery. [SP=72.6 Cap=78m]
Real Good Food (RGD) battling in the bunker as it's besieged by 30% higher costs and 29% fall in volume. More redundancies planned. "The recovery plan is well defined and includes significant price re-sets with customers and circa £3.2 million of overhead cost savings to take the business back to profitability." Advanced discussions to secure an additional £2.5m of funding. [SP=1.27 Cap=1m]
Insig AI (INSG) £200k contract, to complete Jan 2023. [SP=29.6 Cap=31m]
Ince (INCE) on track to have increased trading activity in FY23 but H1-Sep not expected to have positive LFL. ""In my short time as CEO I am delighted with the progress we have made as a team." [SP=4.6 Cap=11m]
Numis (NUM) guides FY-Sep rev down 33%. "Uncertain global economic environment has caused capital markets activity to remain subdued throughout H2...M&A pipeline is strong and we are currently acting as financial adviser on nine announced public bids with an average transaction value of more than £1.5bn. However, the macro-economic and geo-political environment remain highly volatile." [SP=241.5 Cap=269m]
TPXimpact (TPX) warns FY rev only £90m, adj EBITDA £7-7.5m. H1 below mgmt exp. Mgmt "underestimated the impact of the integration project on its people and, in particular, that moving to a centralised sales, growth and bid management team had led to some internal inefficiencies". Staff hires have significantly increased operating cost base. CEO and CFO (the founders) resign as co now needs, er, 'different skill sets'. [SP=105 Cap=96m]
SIMEC AtlantisEnergy (SAE) H1-June. Only a summary in RNS, rest at simecatlantis.com/wp-content/uploads/2022/09/22-06-SAE-interim-report-FY2022.pdf . Can't make out if it's in line. Still material uncertainty going concern stmt. [SP=1.65 Cap=12m]

In line: EDEN
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/index.aspx?limit=-1

@MrContrarian