* 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 Closing Price on prior day to Publication.
Dish of the day
Admissions:
Delistings:
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th July: Scotch Corner Designer Village, a newly formed single asset real estate company (to be re-registered as a public limited company) which is developing a retail outlet and leisure destination, announces it may consider an IPO on the newly launched Aquis Real Asset Market (ARAM) of the Aquis Stock Exchange. Timing and deal details TBC.
Banquet Buffet****
Altitude Group 20p £14.5m (ALT.L)
The end-to-end solutions provider for branded merchandise reports FY results to March 2025. Revenues increased 23.5% to $7.1m with an 8.6% increase in gross profit to $14.2m and PBT of $1.6m up from $1.4m. The cash reduced to $0.7m from $1.5m following increasing investment for growth. The Group is currently securing an increase in its total financing facilities from the current undrawn $3m to support working capital fluctuations and growth. The US delivered adjusted operating profit growth before central costs of 11.7% reaching $5.4m as the Gear Shop Solution has 29 University programmes across 46 campus locations, with an estimated total lifetime contract value of c.$83m from $45m. Altitude are focused delivering profitable growth in FY26 and trading is in line with expectations.
Blackbird 3.1p £14.2m (BIRD.L)
The developer of a cloud video platform Blackbird and the browser-based collaborative editor elevate.io, announces a contract win with an OEM partner for use at the global Winter Games in 2026 which is for fifth year in a row. This Winter Games deployment will involve Blackbird's cloud video editing platform being used to edit and publish content from multiple live streams and the full editing suite made available to rights holders all over the world.
Celsius Resources 0.35p £10.7m (CLA.L)
The company and its Philippines affiliated, Makilala Mining Company Inc. (MMCI) report progress at the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB). The MCB project is approximately 320km north of Manila and its the flagship project within the MMCI portfolio which also contains other key prospects in the pipeline for permit renewal/extension. The Feasibility Study highlights include a Post tax NPV (8%) of $464m and IRR of 31%, assuming a copper price of $4.00/lb and gold price of $1,695/oz, which are both currently significantly below currently prevailing market prices. The update Feasibility Study is also applying current and future commodity price assumptions for Gold and Copper and foreign exchange rates. There are active financing discussions with several non-exclusive parties. The focus is on securing the funding for the construction to ensure the Project is technically sound and financially robust, while being best possible value to shareholders. Celsius and MMCI remain firmly committed to commencing copper-gold concentrate production from the MCB Project before the end of 2027.
ECR Minerals 0.215p £4.9m (ECR.L)
The exploration and development company focused on gold in Australia, announces the adoption of a Bitcoin and Digital Asset Treasury Management Policy. The policy reflects ECR's evolving long-term financial strategy, given ECR's ambition to work towards a potential revenue-generating phase, particularly at its Blue Mountain gold project in Queensland. The Board considers this may be a viable commercial gold resource. ECR will hold a portion of its treasury reserves in digital assets, such as BTC mainly as a partial hedge against fluctuations in gold prices.
Empresaria Group 45.5p £22.32m (EMR.L)
The international specialist staffing group reports interim results to June 2025. Revenue increased 3% to £117.8m although Net Fee Income is 8% lower at £23.4m. There is an adjusted 55% increase in operating profits to £1.7m with PBT rising to £0.9m against £0.2m. Net debt increased to £16.1m from £15.3m driven by the impact of foreign exchange movements. Progress is reported in the US as net fee income improved 38% and Offshore Services are up 11% outweighing a 9% reduction in the UK which continues to be challenging. There is however year-on-year growth in Q2 with net fee income increasing 2.0% so the FY results are expected to be in line with expectations.
KRM22 40p £14.49m (KRM.L)
The technology and software investment company with a particular focus on risk management in capital markets issued a trading update for the six months ended 30 June 2025 which is in line with market expectations. Annual Recurring Revenue (ARR) increased 20% to £7.2m but as around 50% of the ARR is in dollars using a constant FX rate the increase would have been 15%. It was driven from cross selling and there is a substantial pipeline of sales opportunities. This growth was partially offset by a single institutional customer cancelling their $100k subscription to the Market Surveillance application. There is an unchanged EBITDA of £0.3m with cash balances increasing to £1.4m from £1.0m. The Company expects to operate within its existing cash and debt facilities, although remains focused on careful cash management.
Macaulay Capital 18p £2.72m (AQSE: MCAP)
The company formed to originate and manage corporate transactions, raise funds from third parties, announces its Interim June 2025. Revenues increased 24% to £156.8k while expenses were higher at £383,209 compared to £316,367. Largely due to increases in professional fees, which included legal fees of £15,730 on an aborted transaction. The balance sheet shows cash of £778,691 compared with £996,376, and unchanged investments valued at £1,028,440. The group continues to see interesting opportunities to invest in established companies at attractive valuations.
React Group 51p £12.05p (REACT.L)
The support services provider to the Facilities Management (FM) industry reports a series of recent contract wins across the Group since April 2025. The Group has secured a high volume of small and medium-sized contracts in each of its divisions. The Cleaning Division has new customers while 24hr Aquaflow continues to perform well. Its contract wins include a multi-site residential agreement with Smart Managed Solutions and CCTV inspections agreement with Homes England. The other divisions also showed progress. The progress reflects the successful execution of the strategic focus targeting new business generation, high levels of contract retention, and effective cross-selling of services.
Sanderson Design Group 53.5p £38.6m (SDG.L)
The luxury interior design and furnishings group updates on trading for Interims to July. Sales are 4% lower at £48.3m while the licensing revenue increased 22% to £4.4m. The factory restructuring resulted in a recovery and is expected to achieve at least break-even. The net cash is around £7.5m and up from £5.8m reflecting a planned inventory reduction. Cost efficiencies are well-advanced with a new initiative to further reduce central overheads by around £1m pa. The Group is on track to achieve expectations for the full year.
Union Jack Oil 5.05p £7.4m (UJO.L)
The US and UK focused onshore hydrocarbon production, development, exploration and investment company, updates on West Newton plans for early monetisation of gas production through a new cryptocurrency mining operation. Union Jack holds a 16.67% working interest in PEDL183, and its partners have conducted an innovative feasibility study. The study evaluated the potential for an early development and monetisation strategy, using gas from the existing discovery wells to generate on-site electricity to power cryptocurrency mining activities. The partners believe that cryptocurrency mining offers a significant near-term value generating opportunity, providing early production and cash flow. West Newton is estimated to contain gross recoverable 2C gas resources of almost 200 billion cubic feet, according to an independent assessment undertaken by RPS in 2022 and the decision on the planned full gas field development is yet to be made.
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