* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Dish of the Day
Admissions:
Princes Group (PRN.L) a leading international platform in the UK and European food and beverage sector, announced the commencement of unconditional dealings in the Ordinary Shares on the LSE. The Offer Price was 475 pence per Ordinary Share, equating to a market capitalisation of approximately £1.162bn at the commencement of conditional dealings. The Offer comprises raised primary capital of approximately £400m, to support the Company with further inorganic growth via acquisitions.
Falconedge (AQSE: EDGE) announced its IPO onto the Aquis Growth Market, Access Segment. The Company has raised £1.44m at IPO and will have a market capitalisation of approximately £10.5m. The Company, founded in 2024, is a provider of turnkey advisory solutions for asset and fund managers.
Delistings:
Future Metals (FME.L) left AIM.
Downing Renewables & Infrastructure Trust (DORE.L) left the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission on or around 11 November 2025.
Banquet Buffet****
Blackbird 2.60p £11.91m (BIRD.L)
The developer of the browser-based collaborative video editor elevate.io, today launches AI image generation within elevate.io. At the same time, a token system will be added to the platform allowing users to redeem tokens for services. Further User Interface enhancements have also been released including thumbnails on the timeline and larger video tracks. This release marks a strategic inflection point for elevate.io, signalling the start of a scalable monetisation framework that will extend to further services such as AI video generation and automated captioning. AI image generation is the second AI feature to be added to elevate.io. These features enhance the user's experience and build on the platform's intuitive, creator-friendly editing experience.
Corero Network Security 9.40p £44.81m (CNS.L)
The distributed denial of service (DDoS) protection specialists and champion of adaptive, real-time service availability announced good sales traction across Q3 2025, driven by a number of new customer wins and product enhancement launches, as well as a key customer renewal and expansion order in October delivering a strong start to Q4 2025. Corero delivered a strong Q3 2025, with order intake of $7.4m (Q3 2024: $6.0m) and new contract wins secured across the US, UK, Europe, Brazil and Singapore. Two additional CORE customer wins were secured in Q3 2025, following the first two CORE contracts secured in Q2 2025. Management reaffirms the guidance for the year ending 31 December as announced on 16 July of revenue between $24.0m and $25.5m (FY 2024: $24.6m) and EBITDA between $1.5m loss and $0m (FY 2024: $2.5m profit).
First Tin 8.75p £35.02m (1SN.L)
The tin development Company with advanced, low-capex projects in Australia and Germany, announces that it has received a non-binding Letter of Interest (LI) from the Export-Import Bank of the United States (EXIM), outlining potential financing support for the Company's Taronga Tin Project in New South Wales, Australia. The LI indicates EXIM's capacity to consider up to US$120m in financing for a maximum repayment term of 12 years. The potential facility would support the development of Taronga, linked to the supply of tin concentrate to the U.S., which currently has no domestic tin mine production.
Headlam Group 49.90p £45.76m (HEAD.L)
The UK floor coverings distributor provides a trading update for the four months ended 31 October.
The Group has continued to experience challenging market dynamics and execution during the Period. Revenue was down 5% in the Period. This performance is below management expectations outlined at the interim results in September 2025, and therefore the Board expects full year performance to be below expectations. In response, the Board has already initiated a comprehensive programme of restructuring, cost reduction, and operational improvements and is accelerating the implementation of these measures. Further details of the programme will be presented on 11 November 2025.
Kitwave Group 214.00p £172.50m (KITW.L)
The delivered wholesale business provides a trading update for the 12-month period ended 31 October.
Since reporting its half year results at the start of July, trading during the six months to Period end has been as anticipated. As such, the Board expects profit to be in line with market expectations for the Period.
The Group intends to provide the market with a detailed trading update in January 2026, covering the 12-month period to October 2025, and then expects to publish its 2025 audited annual accounts in April 2026. In addition, David Brind, CFO, has informed the Board of his decision to retire from an executive role and leave the Group after the publication of the 2025 audited accounts.
Redcentric 119.00p £191.12m (RCN.L)
The UK IT managed services provider provided a trading update for the six months ended 30 September. Revenues for the continuing Managed Services Provider (MSP) business for H1 FY26 totalled £67m (H1 FY25: £69m). This is in line with management expectations. Adjusted EBITDA for the continuing MSP business for H1 FY26 totalled £9.1m (H1 FY25: £8.9m). This is modestly above management expectations reflecting the focus towards higher margin business and continued tight expense control, driving higher quality of earnings. The Company will report its Interim Results for the six months ended 30 September on 10 December.
TPXimpact Holdings 13.75p £13.02m (TPX.L)
The technology-enabled services Company focused on people-powered transformation provides an update on its first half performance of the financial year ending 30 September ahead of its Interim results on the 2 December. The Company remains confident in achieving the full-year guidance previously provided for Adjusted EBITDA of £6-7m. Net debt as at 30 September 2025 (excluding lease liabilities) is expected to be below £7.5m (FY25: £8.5m), driven by the cash benefit of stronger profitability.
Velocity Composites 17.50p £12.03m (VEL.L)
The supplier of advanced composite material kits to the aerospace market announces a trading update for the twelve months ended 31 October. The Company expects to publish its FY25 Results on 27 January. Unaudited revenue for FY25 of £20.7m (FY24: £23.0m), lower than FY24 due to lower-than-expected A350 production rates and delays in programme transfers from a US customer. FY25 Adjusted EBITDA is impacted by lower revenue, but expected to be more than double FY24 (FY24: £0.4m). The gross cash balance as at 31 October was £0.4m (FY24: £1.6m) and net cash (being cash less bank loans, excluding lease liabilities) as at 31 October of £nil (FY24: £0.7m). FY26 cash requirements are expected to be manageable given the availability of finance facilities, positive adjusted EBITDA, and cash generation during the year.
Water Intelligence 280.00p £44.81m (WATR.L)
The multinational provider of preventive maintenance solutions for water and wastewater infrastructure ranging from wireless monitoring to precision, minimally-invasive leak detection and remediation provided its Q3 Trading Update for the nine-month period ended 30 September. Group Revenue increased by 9.2% to $69.3m (Q3 2024: $63.5m) and Group Adjusted PBT increased by 23% to $8.5m (Q3 2024: $6.9m). Cash and equivalents was $9.2m and Net Total Debt $23.2m. The Company continues to be in-line with market expectations for 2025 and is increasingly confident about expectations for 2026.
Union Jack Oil 3.35p £5.57m (UJO.L)
The UK and USA focused onshore hydrocarbon, production, development, exploration and investment Company announces that, further to the Company's announcement of 24 September, the Company is providing an update on the Sark well, located in Central Oklahoma, USA. Union Jack holds a 53% interest in Sark. Sark was drilled to a Total Depth of 5,391 feet and the Prue interval was highlighted on electric logs as hydrocarbon bearing following evaluation. Temporary production facilities were installed and a 30-day test programme was undertaken. The production test of the Prue Sandstone failed to produce commercial hydrocarbons.
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