This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
28th November 2025
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Advancing technology should benefit these two companies
MTEC Helping Big Brother
TCF Passing Milestones
Made Tech Group 27.75p £41.43m (MTEC.L)
Financial Calendar:
Year End May, Reported 24 September, Interims to November, to be reported by the end of February 2026
Top Three Shareholders:
Rory MacDonald (Founder and CEO ) 28.53%, Chris Blackburn 14.5%, Stonehage Fleming Family 8.52%
Key Investment Points:
Increasing productivity, Expanding Cyber Security, Funds for growth
Made Tech is a provider of digital, data and technology services enabling central government, healthcare, local government and regulated industries to digitally transform operations. The mission is to "positively impact the future of society by improving public services technology".
To achieve this, the Company has four key strategic missions: Modernise legacy technology and working practices; Accelerate digital service and technology delivery; Drive better decisions through data and automation; and Enable technology and delivery skills to build better systems.
The Finals for FY May 2025 reported a 20% increase in revenue to £46.4m and despite gross profit margins reducing to 32% from 34.2%, the PBT increased to £3.9m, up from £1.4m in FY2024, which was adversely affected by impairments. The net cash increased 36% to £10.4m with strong positive cash flow. Management attention is on improving profitability through increased productivity, driven primarily through improved capacity management, reporting and processes. The focus remains on government services and the NHS, and extending the cyber security capabilities.
The UK Government's emphasis on digital transformation, highlighted in the State of Digital Government report, the UK's Modern Industrial Strategy, and the Strategic Defence Review, continues to underline the scale of the long-term opportunity. The contracted backlog increased 52% to £92.2m and underpins FY26 expectations. The robust cash position provides more than sufficient funds for organic growth and there is financial flexibility to take advantage of acquisitive opportunities.
The Interims to November 2025 are due to be reported by the end of February 2026, and should show the progress being made towards the consensus FY May 2026 forecasts on Alpha Terminal for a 7% increase in turnover to £50.1m, a 60% increase in PBT to £3.15m and an EPS of 1.55p. The EBITDA is expected to be £3.9m, according to Alpha Terminal. Hybridan calculates that these forecasts give a prospective P/E 17.7x and an EV/EBITDA of 7.4x, which drops to 13.75x and 5.9x respectively for 2027.
Hybridan Comment: MTEC seems extraordinarily well positioned to benefit from increases in Government and NHS spending to improve productivity and digital security.
TheraCryf 0.19p £4.08m (TCF.L)
Financial Calendar:
Year End March, Reported 3 June, Interims to end June, to be reported 3 December
Three Main Shareholders:
Northern Standard Ltd (Mr. Edward James Norman Wardle, a non-executive director of TheraCryf, holds a 49% ownership interest in Northern Standard Limited) 20.01%, First Equity Limited 8.33%, T&I Ltd 7.45%
Key Investment Points:
Addiction Program, Passing Milestones, Funding for 2026
TheraCryf is developing novel medicines for people with brain disorders initially focusing on addiction. The lead programme is orexin-1 antagonist (OX-1), targeting binge eating disorder, with an aim to be clinic ready in 2026. The interims to September are to be reported on Wednesday 3rd December.
In February 2025, £4.24m was raised with around £2.8m of this to be used to complete the pre-clinical development of Ox-1. The Company expects this to provide a sufficient cash runway to the end of 2026 and allows for key inflection points to be delivered. Addictions, particularly Substance Use Disorders, are a chronic, relapsing group of disorders with a high unmet medical need for up to 2.2% of the global population and there are limited long-term pharmacological options. In the UK, addiction was the cause of more deaths than road traffic collisions, and it costs the UK economy more than £21bn per year. Alcohol addiction costs the NHS a staggering £3.5bn plus a year.
A milestone was passed ahead of schedule on 3 November with the compound scale-up, from small gram quantities to 0.5kg. This allows a range of formulations to find the optimal dosage to be used in an in vivo study to identify the 'therapeutic index'. This is the range between which the dose is expected to have a therapeutic effect and the highest dose of compound reached before any harmful effects. Data from this study will inform dosing in the key 28-day toxicology studies scheduled to commence in early 2026.
The Company's other priority asset is SFX-01, which is being prepared for administration to Glioblastoma (GBM) patients in 2026 under a Netherlands grant programme. The Company has also now initiated work through its partner, Pharmaron, to manufacture drug product for human use in the Ph1 healthy volunteer study. This process is conducted to a regulatory standard to ensure the product can be given to people. Data from this activity will form part of the regulatory package required for the clinical trial application. The COO, Dr Helen Kuhlman, is confident on achieving the data required to support a clinical trial submission in 2026.
The finals to March 2025 reported net cash of £4.1m and a reduced loss to £1.9m, although increased development activity will increase losses. Progress is being made in developing the OX-1 addiction programme to the point of clinical readiness, which is a potential commercialisation point.
Hybridan Comment: The share price is unchanged from February 2025 when 1.21bn of new shares were issued. We expect the interims to at least reiterate the addiction program is progressing on budget and ahead of schedule.
Jon Levinson MBA
jon.levinson@hybridan.com
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