MrC's Smallcap Sweeps for Apr 2023

[MrContrarian]

Smallcap Sweep. 03-Apr-23
Bear necessities

Cineworld (CINE) conditional agreement with lenders for restructuring. Nil for shareholders. [SP=3 Cap=39m]
Redx Pharma (REDX) mooted merger with Jounce formally lapsed. [SP=32 Cap=104m]
WANdisco (WAND) CEO and CFO resign. The independent investigation has confirmed that orders of $14.9m for FY22 are false and sales bookings of $115.5m recorded in FY22 are also false. [SP=1310 Cap=884m]
CyanConnode (CYAN) MoU with Alfanar, a leading engineering, procurement, and construction co, "to explore joint investment opportunities in Advanced Metering Infrastructure projects." [SP=16.65 Cap=45m]
Provexis (PXS) update on attempt to sell excess Fruitflow stock. Still expects to need equity finance or loan finance in the coming months. [SP=0.86 Cap=18m]
WH Ireland (WHI) warns FY-Mar rev only c.£26m and U/L pretax loss over £2.2m. Blames lack of transactional activity across Capital Markets. [SP=19.9 Cap=12m]
Intercede (IGP) majority of contract opportunities have been closed and several support and maintenance contracts renewed before YE (Mar). Total $6m, which will be recognised from FY24 onwards. [SP=59 Cap=34m]
Tekmar (TGP) £7.3m placing and £1m Retail Offer at 9p, a 6% premium. [SP=9 Cap=5m]
Industrials REIT (MLI) final possible cash offer of 168p, a 42% premium. Board intends to recommend it. [SP=118 Cap=7783m]
Surface Transforms (SCE) reported production problem solved but Jan-Feb volumes wer lower and scrap costs higher than planned. Warns FY23 profit below market expectations. Still has enough cash. [SP=29.5 Cap=73m]
EnSilica (ENSI) $2.4m contract with an existing customer, spanning this and next FY. [SP=72.5 Cap=56m]
Filtronic (FTC) $0.8m contract, expected to be recognised in FY24. [SP=11.87 Cap=26m]
D4t4 Solutions (D4T4) warns FY-Mar rev c.£21.5m (£24.5m) and adj pretax c.£3.5m (£3.3m). Blames delays in signing of a project with an existing banking customer. [SP=165 Cap=66m]
Saietta (SED) c.£5m order for 3,000 eDrive units from existing US customer, AYRO. Production starts in Q3. Final batch scheduled for delivery in Q4 2024. [SP=43 Cap=44m]
Chill Brands (CHLL) £1m placing at 4p (10% discount) and £1.6m convertible at 12%, 8p strike. Both are from a high net worth investor. CEO trills "We are thrilled to have secured funding..." I bet you are. [SP=4.5 Cap=12m]
Zinc Media (ZIN) £7.3m multi-series win (136 hours of Bargain Loving Brits) with £5m expected to be recognised in 2023. That's only £54k per hour. [SP=85 Cap=19m]
Numis (NUM) guides H1-Mar rev c.£64m, down 14%, "despite weaker overall investment banking markets". Institutional income and trading businesses experiencing a weaker end to H1. Warns "unlikely that the IPO market will see any meaningful pick-up during the remainder of our financial year".# [SP=216 Cap=238m]
Litigation Capital Management (LIT) receives £22m profit in realisation of a case. [SP=71.6 Cap=84m]
SRT Marine Systems (SRT) new distributor in US. [SP=42 Cap=76m]

In line: PEEL
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. 04-Apr-23
Pre-open prep

Light Science Technologies (LST) is pleased to announce a £1.5m placing and retail offer at 1p, a humiliating 73% discount, "for product development and intellectual property protection" and of course to keep the lights on. It should be "ashamed to announce". [SP=4 Cap=7m]
Anexo (ANX) guides FY-Dec rev £135-137m, Pretax £24-26m, at the upper end of this range, broadly in line with market expectations. [SP=105 Cap=124m]
R&Q Insurance (RQIH) reviewing strategic alternatives to separate Accredited and Legacy Insurance to set each on a more favourable footing. Guides FY-Dec pretax loss £30-40m. In line? [SP=72.45 Cap=272m]
Digital 9 Infrastructure (DGI9) not aware of any portfolio specific factors that have led to the recent decline in the share price. [SP=61.4 Cap=532m]
Smarttech247 (S247) Principal subsidiary FY-July (really?) rev up 41%, pretax up 18%. H1 2023 trading is ahead of budget. [SP=34.75 Cap=NA]
Aukett Swanke (AUK) sells lossmaking non-core Live Events business for £1. It was acquired as part of the recently completed acquisition of Torpedo Factory. [SP=2.51 Cap=8m]
Libertine (LIB) warns FY-Mar rev £200-400k below the current guidance, dependent on agreement in relation to certain revenues for work completed. Blames development delays. [SP=17 Cap=24m]
WANdisco (WAND) $1.5m contract renewals, 5 yr term. [SP=1310 Cap=884m]
Feedback (FDBK) nine-month, fixed-term contract extension of its contract for the Sussex Health and Care Partnership Integrated Care System. No £££. [SP=153.9 Cap=21m]
Argo Blockchain (ARB) March Bitcoin production down 10% on Feb due to increase in network difficulty. [SP=14 Cap=86m]
Physiomics (PYC) guides FY rev obly c.£750k. Blames squeeze in biotech funding and £200k of projects unexpectedly delayed, Co "pursuing growth through a number of strategic initiatives". [SP=3.57 Cap=3m]
Ramsdens (RFX) guides H1-Mar ahead of mgmt exp with strong trading across all key income streams.. Up FY pretax guidance to not less than £9.5m (FY22: £8.3m) [SP=215 Cap=68m]
OKYO Pharma (OKYO) applies to delist from LSE due to listing costs. Will still trade on Nasdaq. [SP=1.8 Cap=30m]
Solid State (SOLI) guides FY-Mar at least in line with consensus expectations of rev £120.3m, and adjusted pretax £10.45m. [SP=1097.5 Cap=124m]

In line: LIKE, GHH
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. 05-Apr-23
Shareholders to get Bear hug

Distribution Finance Capital (DFCH) guides FY-Dec materially ahead of management expectations, CItes increased net interest income and cost management. Expects pretax £1m+. End Q1 loan book up 15%. [SP=36.6 Cap=66m]
Topps Tiles (TPT_ Q2 LFL rev up 3.5% but gross margin down.but expects to see gross margin increase sequentially in H2."Our continued growth gives us confidence that we will deliver our market share goal of '1 in 5 by 2025' ahead of schedule" [SP=NA Cap=NA]
[b]Crimson Tide (TIDE) c£250k contract over 3 yrs. "The project is anticipated to increase in size and contracted revenue later in the year." [SP=2.59 Cap=17m]
Northern Bear (NTBR) to pursue a "dividend growth strategy". FY div 4p + 1p special. Co "intends to further increase its engagement [from nothing at all!] with the broader investment community" Guides 'strong' FY op profit (before amortisation & one-off costs) £2.75m before £500-£750k write-down, to account for certain unprofitable contracts. [SP=36 Cap=7m]
Airea (AIEA) FY-Dec rev up 16.5%, pretax up 11%. In line? No trading stmt since July! Vaguely positive outlook stmt. [SP=39.99 Cap=17m]
Drumz (DRUM) conditionally agreed RTO of Acuity Risk Management. Currently owns 25% for £3.6m, mostly in shares. Share consolidation. £1.45m placing at 4.55p, a 33% discount to last traded price (adj for consolidation). Acquiree has monthly ARR of only £0.14m. WIll be re-admitted to AIM with name Acuity RM and ticker ACRM. [SP=0.66 Cap=3m]

In line: SDY
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. 06-Apr-23
Geared for disappointment

Xpediator (XPD) agrees 42p + 2p special div offer. That's 2p better than mooted. [SP=38 Cap=54m]
Rosslyn Data Technologies (RDT) guides FY-Apr £2.9m and ARR £2.6m Adj EBITDA loss £2.4m (£3.9m loss). Cash at hand £0.8m. In line? [SP=0.71 Cap=2m]
Real Good Food (RGD) another choker from this teetering tinpot. £550,000 short-term loan from shareholders at 12% and 35% redemption premium. Q4 rev below exp. Significant price resets and cost savings having been achieved. Guides FY24 EBITDA £2-4m, and cashflow generative. [SP=1.1 Cap=1m]
Gear4music (G4M) warns FY-Mar rev £152m and EBITDA £7.3-7.7m cf f/c £155.1m and £8.9m. Blames economy. If only there had been some signs. "We are confident, however, of profitability recovering in FY24." [SP=86.2 Cap=18m]
Lords Group Trading (LORD) refinanced £70m facilities with £95m on improved terms with material interest cost savings. [SP=69 Cap=112m]
Helical (HLCL) positive sounding update. [SP=301 Cap=371m]
SigmaRoc (SRC) Swedish state appeals case it lost. [SP=54.44 Cap=378m]
Motorpoint (MOTR) guides FY-Mar rev up 9% and pretax broadly break even. In line? "Whilst the impact of higher interest rates and inflation will continue into FY24, new car registrations rose 18% in March, with the fleet market driving this eighth consecutive month of growth, which will in turn benefit used vehicle supply. This, coupled with continued market share gains and progress on our key initiatives, will enable Motorpoint to emerge from the current environment a highly profitable market leader." [SP=131 Cap=118m]
Robert Walters (RWA) Q1 net fee income up 4% and flat at const FX. "Market uncertainty we experienced in the latter stages of last year has tipped over into the first quarter." Asia Pacific and the UK weak. "A return of confidence to the Chinese economy, a stabilisation of the technology sector and a continued decline in inflation should have a positive effect on the global outlook." [SP=438 Cap=328m]

In line: FCRM
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. 11-Apr-23
Claims processing

Ilika (IKA) first customer shipment of Stereax miniature batteries from its UK manufacturing facility. It ''launched' the Stereax battery in 2016! [SP=45 Cap=71m]
MGC Pharmaceuticals (MXC) £1.2m placing at 0.44p, a 21% discount, to advance clinical trial progress. Also CannEpil, a CBD drug for Drug Resistant Epilepsy, now available by Named Patient Request in UK [SP=0.55 Cap=30m]
Woodbois (WBI) Q1 update. Rev up. "Further efficiency and cost reduction measures to allow for additional, profitable growth are planned, including some reconfiguring of production lines, but these are anticipated to be implemented during the annual closures in December 2023" [SP=1.1 Cap=27m]
GSTechnologies (GST) re SP rise: "The Sandbox Application has been assessed by the FCA who have verbally indicated that it is eligible for, and undergoing," [SP=1.1 Cap=18m]
EnSilica (ENSI) $1.3m contract extension. To be booked this and next FY. Royalties now estimated at $15m (was $5m) over 5 yrs. [SP=69.7 Cap=54m]
Spectral MD (SMD) to get Nasdaq listing via Business Combination with Rosecliff Acquisition Corp, a special purpose acquisition company listed on Nasdaq. Values co's EV at $170m, equivalent to c. 101p per share (assuming no redemptions). Will raise $20m (assuming no redemptions). [SP=29 Cap=39m]
MJ Hudson (MJH) to sell its Data & Analyticsand Business Outsourcing Divisions for up to £40m (debt free). Co owes c. £33.7m "and it is expected that further funding will be required to the point of completion of the sale of the Business Outsourcing Division". Highly unlikely to be a substantial, or any, amount available to Shareholders. Proposes de-listing. [SP=13 Cap=27m]
Global Invacom (GINV) audited FY op expense, loss and EPS different from Feb's unaudited stmt.. EPS now -$5.72, was -$4.85. Change due to treatment of the deregistration of a wholly-owned subsidiary. [SP=4.7 Cap=12m]
LSL Property Services (LSL) sells remaining D2C brokerages for £7.8m (for First2Protect) plus up to £10m for Embtace (7x calendar '24 EBITDA). FOllows strategy to focus financial services activity on business-to-business services. [SP=257 Cap=269m]
Hollywood Bowl (BOWL) guides H1 rev up 11% (up 3.5% LFL). "Cash generation has been strong, with a net cash position of £44.1m (£49.6m." [SP=235 Cap=404m]
Rockwood Strategic (RKW) guides FY-Mar) NAV total return 21%. [SP=1781.1 Cap=46m]


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. 12-Apr-23
De La Rue in [expletive deleted] Street

Sosandar (SOS) guides FY-Mar rev up 44%, in line. Pretax £1.6m+, a miss on f/c of £1.9m. [SP=24 Cap=60m]
Narf Industrie (NARF) $2m invoice Financing Facility Agreement with the CEO! Interest 4.86%, fixed to FED rate. Formalises existing undocumented $1.3m non-interest bearing loans from CEO to the Operating Subsidiaries. Undocumented! [SP=0.93 Cap=16m]
Invinity Energy Systems (IES) awarded £11m matched-funding gov't grant to deploy a 30 MWh vanadium flow battery. Conditional on executing a sales contract with a project partner. [SP=33 Cap=63m]
Windar Photonics (WPHO) €0.87m order from an existing Chinese customer for delivery in 2023. [SP=22.15 Cap=15m]
Oxford Cannabinoid Technologies (OCTP) regulatory license renewed. Programme update. [SP=1.1 Cap=11m]
De La Rue (DLAR) wanrs FY-Mar adj op profit mid-single digit percentage below market expectations and in the low £20m range. "The demand for banknotes has been at the lowest levels for over 20 years, resulting in a low order book going into FY24. However there are encouraging signs that the market is recovering." Has requested a deferral of the next £18.75m of pension deficit repair contributions. [SP=50 Cap=98m]
Georgia Capital (CGEO) $10m share buyback over 3 months. [SP=770 Cap=347m]
Enteq Technologies (NTQ) sells XXT MWD (measurement while drilling) intellectual property and the associated assets for c.$1.89m. Also selected customer account receivables and inventory have also been sold for up to c.$1.27m. Guides FY-Mar rev c.$6.1m with olny $1.9m n H2. Blames "move away from sales of lower margin products and a loss-making business to manage working capital more efficiently". Adj EBITDA loss $0.8m. [SP=11.5 Cap=8m]
System1 (SYS1) guides FY rev £23.4m down 3%. Up 26% in Q4. Profit slightly above mgmt exp. [SP=163.9 Cap=21m]
Marks Electrical (MRK) guides FY-Mar rev up 21.5%. Q4 up 20%. Beat mgmt exp on profit and cash conversion. Outlook: "strong exit in March and a positive start to April". [SP=94 Cap=88m]
Petrofac (PFC) FY-Dec additional EBIT reduction of $140-160m due to "incremental project costs and a cautious view of the quantum and timing of recognition of certain revenue claims that would have partly offset those costs". Total EBIT loss $150-170m. Approximately 50% of these additional costs are expected to be paid over the remainder of 2023. "Agreement in principle with its lenders to extend borrowing facilities by 12 months." [SP=74.01 Cap=387m]
Cambridge Cognition (COG) wins two 5 yr contracts worth £2.1m [SP=95.25 Cap=33m]
Smiths News (SNWS) News UK contract renewed. Represents 19% of current newspaper and magazine revenues. [SP=48.7 Cap=119m]

In line: IOM, TET
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. 13-Apr-23
Cash gushers and flushers

System1 (SYS1) details about activism by former CEO. Rebuttal to Maynard Paton's article. [SP=207 Cap=26m]
Angle (AGL) contract to use Portrait Flex assay in prostate cancer study. No £££. [SP=17.55 Cap=46m]
Science in Sport (SIS) six month strategic review concludes with no change. Trading in line. [SP=8.75 Cap=15m]
Distil (DIS) warns FY-Mar rev slightly below market expectations at £1.32m down 55% and pretax loss higher at £0.71m. Outlook "Despite this, the outlook for the coming financial year is positive. Q4 delivered the strongest revenues of the financial year." [SP=0.46 Cap=3m]
Home REIT (HOME) extension of PUSU offer deadline to 11 May. [SP=NA Cap=NA]
Synectics (SNX) wins £3.5m order for delivery this FY. [SP=114.75 Cap=20m]
Watkin Jones (WJG) H1 trading. Project margins in line "with the exception of our scheme in Exeter where the Group has incurred certain additional costs following the liquidation of a contractor". Expects to close a number of transactions in H2. [SP=95.99 Cap=246m]
Oxford Instruments (OXIG) guides FY-Mar rev up 22% or 14% at const FX. Adj op profit ahead of mgmt exp. [SP=2436.78 Cap=1406m]
Avation (AVAP) sells an off-lease plane for above book value. [SP=114.5 Cap=82m]

In line: PZC, NRR, VP., NXR, XPP
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-Apr-23
An RNS enema to unblock profits

Superdry (SDRY) guides FY23 rev only £615-635m and withdraws ‘broadly breakeven' profit guidance due to poor Feb-Mar. Partly blames cost-of-living crisis and weather. Wholesale performance continues to lag the rest of the group. Plans initial cost savings of over £35m by end FY24. Considering an equity raise of up to 20% of cap. [SP=106.8 Cap=88m]
Non-Standard Finance (NSF) agrees provisional terms for £71m d4e. Current shareholders will be dilutes to negligible value unless they participate in the equity raise.Trading still encouraging. "Collections performance remains ahead of expectation and delinquency performance has returned to historically normal levels." [SP=0.43 Cap=1m]
Industrials REIT (MLI) rec offer of 168p, as mooted. [SP=163 Cap=11165m]
Carclo (CAR) guides FY-Mar rv down but reduction in net debt compared to end H1. "Cash-intensive top-line growth strategy was unsustainable in the current economic climate. Focussing on "on margin expansion through operational excellence and balance sheet strengthening via cash generation". [SP=13 Cap=10m]
AO World (AO.) guides FY-Mar rev in line and profit at top end of Feb's guidance. £80m revolving credit facility renewed. [SP=67.35 Cap=389m]
Creo Medical (CREO) buys final 5% of Albyn Medical for €1.2m since earn-out terms met. [SP=27.5 Cap=96m]

In line: VANL
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. 17-Apr-23
Cold Comfort Pharm

Nuformix (NFX) subscription for £70k at 0.2p, a 35% discount, for it NXP002 programme. Warrants at 0.25p as well, as if the massive discount wasn't enough. [SP=0.28 Cap=2m]
Supreme (SUP) guides FY-Mar rev £150m+ and adj EBITDA £19.3m+, comfortably ahead of market expectations of £138m and £18.5m. Guides FY24 slightly ahead of market expectations. [SP=98.25 Cap=116m]
DeepVerge (DVRG) restates FY22 rev guidance after new CFO's finds a number of contracts have been incorrectly recognised in excess of works completed. New rev guided 50-55% less than £17.2m guided before. "The vast majority of the revenue shortfall in 2022 is now expected to be recognised in 2023, although some is unlikely to be realised." Current order book for Modern Water and Glanaco exceeds £10m. Exploring funding options including trade finance since cash tight. [SP=1.44 Cap=11m]
S4 Capital (SFOR) Sir Martin Sorrell will work as normal most of the time in coming months as he gets cancer therapy following an operation. [SP=160.81 Cap=924m]
BATM Advanced Communications (BVC) Edgility edge computing and virtual networking solution rollout is progressing ahead of schedule. [SP=21.6 Cap=94m]
Harland & Wolff (HARL) Islandmagee hydrogen Storage Facility study finds that, subject to regulatory approval, hydrogen can be stored in the salt caverns. Capex projected £168m. Needs further detailed conversations on mechanisms to monetise the project. [SP=15 Cap=26m]
Quiz (QUIZ) guides FY-Mar rev up 17% and gross margins in line with mgmt exp. Guides pretax £2m+, at least in line with market expectations. Macro environment has reduced visibility for FY24. [SP=15.25 Cap=19m]
Eden Research (EDEN) authorisation for Mevalone in Poland. [SP=4.69 Cap=17m]
Intercede (IGP) guides FY-Mar rev up 21-22% (12-13% at constant currency) and, as announced in Jan, slightly ahead of market forecasts [SP=62 Cap=36m]
Tekcapital (TEK) £2m placing at 15p, a 14% discount. [SP=17.5 Cap=29m]
Omega Diagnostics (ODX) warns FY-Mar EBITDA loss £2m with rev in line. Blames lower-than-expected production yields and higher raw material costs, Cash at hand in line at £5m. Taking action to improve operational efficiency and manufacturing capability. Purpose-built facility in Ely not delivered and co has rejected the terms of the landlord's current proposal. Mediation on potential repayment of a pre-production payment of £2.5m to Gov't. [SP=2.91 Cap=7m]
Renold (RNO) guides FY-Mar underlying trading profit materially ahead of the previous revised market expectations of £19.8m. F/C for U/L pretax was £14.3m. [SP=24.9 Cap=56m]
More Acquisitions (TMOR) preparations for the publication of a prospectus for the RTO are well advanced. [SP=NA Cap=NA]

In line: SYS, CRDL, CER
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. 18-Apr-23
Success foretaste or toxic waste

Volex (VLX) guides FY-Apr ahead of market expectations. Rev up at least 15.5%. U/L op profit at least 17.4% higher. [SP=212.55 Cap=338m]
Kromek (KMK) seven-year agreement with a Tier 1 OEM to develop CZT-based detectors. No £££. Trading in line. [SP=5.5 Cap=24m]
Cineworld (CINE) fails to sell 'Rest of World' business for a value level required by its lenders. [SP=0.91 Cap=13m]
Zenova (ZED) gets £300k order from distributor Zensafe for sale via Amazon. [SP=7.1 Cap=7m]
CAP-XX (CPX) Continental Automotive GmbH, a global Tier 1 automotive supplier, has granted the Part Submission Warrant to CAP-XX. [SP=2 Cap=10m]
Spectral MD (SMD) $4m award from the Medical Technology Enterprise Consortium as funding to support military battlefield burn evaluation via a handheld DeepView. [SP=48 Cap=66m]
Light Science Technologies (LST) £1.6m placing at 1p, a 17% discount. [SP=1.15 Cap=2m]
ASA International (ASAI) Jan-Mar update. All subsidiaries had collection efficiency of more than 90% with 10 countries more than 95% with the exception of India and Nigeria. [SP=85 Cap=86m]
Crossword Cybersecurity (CCS) wo UK universities have gone live with co's third party supply chain assurance platform Rizikon Assurance. [SP=9.97 Cap=9m]
Triple Point Social Housing REIT (SOHO) share buyback. [SP=48.15 Cap=195m]
Advanced Oncotherapy (AVO) strategic review, update on financing discussions & formal sale process. Looking at a possible sale to NASDAQ quoted corporate vehicles. Will review potential partners with the technical expertise, strategic mindset and financial backing. Loan note talks. [SP=2.5 Cap=13m]
Franchise Brands (FRAN) AGM stmt: good start to 2023. [SP=188.95 Cap=246m]
FireAngel Safety Technology (FA.) re delivery and production agreements with Techem Energy Services. "The total income opportunity for FireAngel has grown significantly to an aggregate of up to c.$7.50 per alarm (comprising fees, royalties, and purchase price of the Company's own CO sensor)." Total opportunity has now increased to up to $53m from $38m. Shipments to start in 2024. [SP=10.15 Cap=18m]
Induction Healthcare (INHC) guides FY-Mar rev up 12%. On track to hit objectives of self-sustaining growth and cash breakeven in 2024.. [SP=20.75 Cap=19m]
LifeSafe (LIFS) launches new StaySafe All-in-1 fire extinguisher with 'next generation fluid'. [SP=31.2 Cap=7m]
Journeo (JNEO) 1-year extension to April 2024 for framework agreement with Arriva UK Bus. Expected to generate c.£1.1m. Supports the Company's medium term growth expectations. [SP=177 Cap=29m]
Porvair (PRV) AGM stmt: last 4 months LFL constant currency revenue growth was 8%. Order book up on all previous years. [SP=602 Cap=279m]
Silver Bullet Data Services (SBDS) Q1 rev up over 100%. In line? Significant visibility for expected revenues for the full year. [SP=48 Cap=8m]
Futura Medical (FUM) MED3000, under the brand name Eroxon, is now available for purchase in the UK. Stocked by Boots. [SP=43.31 Cap=125m]
N4 Pharma (N4P) siRNA update. We are very pleased with the EGFR results which show excellent knockdown of the siRNA..." [SP=2.02 Cap=5m]


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. 19-Apr-23
Pricks go nuts at AGY

Redde Northgate (REDD) guides FY-Apr adj pretax around the top end of consensus range of £149.6 - £164.4m. "Constraints in UK&I van supply continued for the majority of the year, but more recently there has been better visibility of future supply starting to improve, as has already been seen in the car market. In Spain, new vehicle supply for both vans and cars is already close to normal levels. Residual values have remained strong across both markets, positively impacting disposal profits." [SP=361.5 Cap=829m]
AFC Energy (AFC) ACCIONA "orders first 50kVA H-Power generator". Or does it? Details reveal it will rent it for 6 months with an option to purchase or extend. [SP=19.4 Cap=145m]
Amala Foods (DISH) unsuspended. Has until end Dec to make an RTO. [SP=0.23 Cap=1m]
Amigo (AMGO) knows of no reason for huge SP rise. Still expects no value for shareholders. [SP=0.99 Cap=5m]
Cornerstone FS (CSFS) guides Q1 rev c. £1.95m, ahead of mgmt exp. Does not expect this exceptional Q1 trading to continue at the same rate in Q2. [SP=7.16 Cap=4m]
Oracle Power (OCRP) co-operation agreement with PowerChina International to collaborate in the potential joint development of a 1 Gigawatt solar based power plant. [SP=NA Cap=NA]
Kromek (KMK) greement to collaborate with Analogic on the development of next-generation Cadmium Zinc Telluride based detectors for improved medical and security CT scanners. [SP=6.5 Cap=28m]
Angle (AGL) Agreement with BioView to develop an assay using Parsortix. Expects c.£1m of rev over a year. [SP=16.81 Cap=44m]
Allergy Therapeutics (AGY) skin-prick testing in peanut allergic patients in Phase I PROTECT vaccine trial "supports its safety protective potential". [SP=NA Cap=NA]
MTI Wireless Edge (MWE) wins two contracts worth $2.2m over >5 years. [SP=54 Cap=48m]
Renalytix (RENX) case studies show positive rssults for KidneyIntelX. [SP=92.83 Cap=107m]
Pendragon (PDG) guides FY23 comfortably ahead of mgmt exp after strong Q1. "here are encouraging signs of improvement in production and supply of new vehicles, although used vehicle supply is expected to remain tight for the foreseeable future." [SP=17.2 Cap=240m]
M Winkworth (WINK) FY-Dec in line. Outlook - "The sales market continues to be supported by the shortage and high cost of rental property, pent-up savings post-pandemic, a strong employment market, and private sector wage inflation. After a positive start to the year, we expect the property market to perform towards the higher end of expectations." [SP=179.3 Cap=23m]

In line: PROC, BOOM, CBOX
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. 20-Apr-23
All's Well That Ends Well Up On The Day

Manolete (MANO) guides FY-Mar pretax -£3.9m. H2 pretax £1.6m. UK insolvency market returned to more normal operating conditions following a two-year suppression. [SP=220 Cap=96m]
Filtronic (FTC) $1.1m order for Morpheus X2 high power modules. Will be shipped in FY24. [SP=11.57 Cap=25m]
Rank (RNK) guides FY-June U/L op profit at the upper end or slightly ahead of the previously guidance of £10-20m. [SP=71.2 Cap=334m]
i(x) Net Zero (IX.) strategic review concludes co should "execute profitable investment realisations from the existing investment companies in the short term". Will cut operating expenditure to 2% of NAV, less than half previous fig. $7.5m loan at 10.5%. [SP=9 Cap=7m]
Kape (KAPE) final offer of 290p. [SP=286 Cap=1225m]
WANdisco (WAND) FCA to investigate mis-statements. [SP=1310 Cap=877m]
Trakm8 (TRAK) £6m+ 3 yr contract. [SP=17.53 Cap=9m]
IG Design (IGR) guides FY-Mar rev c.$890m down 8%. Adj pretax c.$9m, ahead of market expectations, "Due to the recently deteriorated trading, and very limited pricing expectations for Christmas 2023 in the United Kingdom, the Group is likely to incur a one-off, non-cash write-down to the historic goodwill." Current trading ahead of exp. [SP=184 Cap=179m]
Dekel Agri-Vision (DKL) Q1 production in line and cashew price slightly ahead of exp. [SP=2.4 Cap=13m]
DG Innovate (DGI) re collaboration with BRIST Axle System and BASE Studio Arge - agree a detailed plan to develop a series of commercial offerings, incorporating co's technology. [SP=0.08 Cap=7m]
Ondo InsurTech (ONDO) signs channel partnership with US's WNS to accelerate LeakBot deployment in North America and worldwide. [SP=6.69 Cap=5m]
PayPoint (PAY) guides FY-Mar pretax at top end of range of market expectations. [SP=453.5 Cap=329m]
ME Group (MEGP) 0.6p special div. [SP=134.33 Cap=508m]

In line: MUL, DPP, FOXT, CAPD, DNM
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-Apr-23
Dancing to the City's tune or sitting out?

Sureserve (SUR) 125p rec offer, a 39% premium [SP=90 Cap=150m]
Thruvision (THRU) guides FY-Mar rev up 48%, adj EBITDA loss c.£0.2m (£1.7m). In line? [SP=24 Cap=35m]
iEnergizer (IBPO) proposes de-listing. Blames costs, 17% free float and listing unlikely to provide significantly wider access to capital; [SP=310 Cap=587m]
Kelso (KLSO) will provide an update on its Proposed Placing next week. Buys CFDs in THG. [SP=3.11 Cap=6m]


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. 24-Apr-23
Taking the butcher's cleaver to the body of news

OTAQ (OTAQ) final Q broadly in line with management’s expectations. This Q1 in line. [SP=NA Cap=NA]
Insig AI (INSG) guides FY-Mar ev £2m+. In line? This FY has started positively. [SP=17.9 Cap=17m]
Medica (MGP) rec offer of 212p, a 33% premium. [SP=NA Cap=NA]
CentralNic (CNIC) trading at least in line with market expectations. [SP=122.54 Cap=351m]
Asimilar (ASLR) delayed finals. Trading restored. Proposed delisting from AIM to save costs. [SP=1.88 Cap=2m]
Mind Gym (MIND) guides FY-Mar rev up 12% (4% at const FX) and pretax broadly in line with expectations. Cash at hand £7.6m, ahead of expectations. [SP=64.19 Cap=64m]
Christie (CTG) FY-Dec rev up 13%, pretax up 13%.FY div 3.75p (3p). Outlook positive. [SP=124 Cap=32m]
Checkit (CKT) FY-Jan ahead of market expectations. Rev up 23%, pretax loss £12.3m (£8.5m). ARR up 28%. Guides FY24 in line. [SP=28.77 Cap=30m]

In line: REAT
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. 25-Apr-23
It's the words that MrC rejects that makes Smallcap Sweep the best

Hornby (HRN) guides FY-Mar behind internal budgets. Expects modest underlying pretax loss. Outlook cautious. [SP=25 Cap=42m]
Guild Esports (GILD) £4.5m three-year global sponsorship deal with Bitstamp will end in Jan, a year early by 'mutual agreement'. Really? [SP=1.05 Cap=5m]
McBride (MCB) guides FY-June adj operating profit and pretax loss to be between £5m and £10m ahead of market expectations. Cites new business wins combined with favourable demand levels for private label products. [SP=28.2 Cap=49m]
ActiveOps (AOM) guides FY-Mar ahead of market expectations with rev £25m+ and positive adj EBITDA. F/C are £24.6-25.1m and -£0.5m resp. Cites "good uptake of the newly launched CaseWorkiQ solution, as well as securing multiple new wins and contract expansions for its existing software solutions, ControliQ and WorkiQ". [SP=74 Cap=53m]
NAHL (NAH) sells Homeward Legal for £150k = book value. Gets only £30k up front and rest over 2 years! Homeward rev was £1.2m and op profit £13k. [SP=47.16 Cap=22m]
SigmaRoc (SRC) AGM stmt: Q1 slightly ahead of management expectations but guides FY in line. [SP=54.2 Cap=376m]
Deltex Medical (DEMG) £0.25m bridging loan from chmn to help fund working capital associated with accelerated production of new monitor to be launched in June. [SP=1.29 Cap=9m]
FireAngel Safety Technology (FA.) returns to form with warning of FY-Dec 2023 rev slightly below F/C but EBITDA materially below market expectations. Blames component shortages and an expected contract not gained yet. [SP=11.5 Cap=21m]
Smoove (SMV) the alternative to PEXA's bid approach announced yesterday not proceeding. [SP=44 Cap=25m]
Mobile Tornado (MBT) reseller get order for 200 (initially) user licences for push-to-talk over cellular comms. [SP=1.95 Cap=8m]
Redcentric (RCN) guides FY-Mar rev up 52% and adj EBITDA £24.8m (£23.7m). Implies latter is a miss due to higher electricity costs (by of c.£1.7m) and higher than expected software license costs (by £0.7m). [SP=121.42 Cap=190m]
Loungers (LGRS) guides FY-Apr rev up 20% and LFL up 7%. EBITDA broadly in line with market expectations. "New roadside concept, Brightside, has opened well". [SP=206 Cap=213m]
Superdry (SDRY) lender to increase the borrowing availability level until completion of the previously announced sale of the APAC business. [SP=85.7 Cap=70m]
Eckoh (ECK) guides FY-Mar adj op profit at least £7.6m, slightly ahead of market expectations of £7.5m. [SP=33 Cap=96m]
Spectra Systems (SPSY) $885k of additional, high margin revenue for currently in-use sensors with a central bank contract. Mostly in 2025-2027. [SP=165.2 Cap=74m]

In line: IWG, TRAK
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-Apr-23
Supply of credibility?

Supply@ME Capital (SYME) commitment for first Inventory Monetisation transaction from traditional funding sources. WIll monetise up to €1.2m of warehoused goods. Zomboni trills "we are breaking down remaining barriers to Supply@ME being recognised by potential funders, globally, as the unique access point to a novel and untapped real asset class...". Whatever. [SP=0.05 Cap=29m]
Narf Industries (NARF) audited FY-Dec will miss end Apr deadline because auditor asks for "additional evidence regarding invoices and the timing of revenue recognition that involve very sensitive and confidential United States Government contracts and their associated milestones". Shares wil be suspended .Trading in line. [SP=0.92 Cap=16m]
Brickability (BRCK) guides FY-Mar rev up 31% and 4% LFL. Adj EBITDA £50+, ahead of market expectations of £47.1m. [SP=65.68 Cap=197m]
Trifast (TRI) guides FY23 adj pretax marginally ahead of the Feb guidance. confident of a marked improvement in FY24. [SP=62.6 Cap=85m]
Arecor Therapeutics (AREC) get US patent for "a novel formulation platform that enables the development of enhanced monoclonal antibodies". [SP=267 Cap=82m]
Polarean Imaging (POLX) first order for XENOVIEW gas blend One cylinder. [SP=24 Cap=51m]
Physiomics (PYC) signs Collaborative Services Agreement with ValiRx's subsidiary Inaphaea BioLabs. "Service users of Inaphaea will be able to benefit from Physiomics capabilities in a single service contract with Inaphaea." [SP=2.82 Cap=3m]
Warpaint London (W7L) FY-Dec. Current trading sounds in line plus "significant further expansion in the US with H-E-B stores, CVS BIRL stores, where initial sales have been ahead of expectations". [SP=195 Cap=150m]
RBG Holdings (RBGP) FY-Dec. Current trading sounds in line. [SP=44.24 Cap=42m]

In line: SDG, DAR, NICL, IGE, BIOM
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-Apr-23
HOTC fails to egg on profit

Literacy Capital (BOOK) NAV 467p/sh, up 11% in 3 months. [SP=NA Cap=NA]
Hotel Chocolat (HOTC) guides FY-23 rev slightly lower than market expectations and U/L pretax breakeven. Blames "Easter period sales lower than expected due to some range gaps which could not be addressed this year due to transition year efficiency focus," [SP=NA Cap=234m]
EnSilica (ENSI) guides FY-May rev in line and EBITDA significantly above current market expectations of £1.18m. [SP=NA Cap=NA]
Naked Wines (WINE) guides FY-Apr rev in line and pretax £2-5m, in line. Adj EBIT £15-18m, at the top end or slightly above the guided range. [SP=NA Cap=84m]
Yourgene Health (YGEN) guides FY-Mar rev £19m, above market expectations but in middle of Dec's guidance. Why is mkt exp below co's own guidance? Adj EBITDA loss in line. [SP=NA Cap=NA]
Volex (VLX) wins $30m EV power product contract. Full production to commence during 2024. [SP=NA Cap=NA]
International Personal Finance (IPF) guides Q1 ahead of mgmt exp. "No discernible impact from the cost-of-living crisis on customer repayment behaviour." [SP=NA Cap=212m]
Driver (DRV) guides H1-Mar rev £24.2m and U/L pretax over £0.65m. In line? [SP=NA Cap=NA]

In line: KYGA, 4GBL, SNX, EXR, TEP, QXT, BYOT
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