* 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:
Delistings:
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, announced that it is considering an IPO onto the Main market. The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group's own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.
12th August: B HODL has announced its application for Admission to the AQSE growth market. The Company is focused on generating low-risk, sustainable revenue through operational activities focused on the acquisition, accumulation, and management of Bitcoin. The Company’s initial business model centres around the operation of Lightning Network nodes, which generate revenue by charging fees for routing Bitcoin transactions. By leveraging the scalability and efficiency of the Lightning Network, B HODL aims to capitalise on transaction fee income and provide inbound liquidity to other Lightning node operators as its first lines of business. The expected Admission date is on TBC.
Market Movers
Pan African Resources (PAF.L) announced its intention to move from AIM to the Main market. The Company is currently progressing workstreams to facilitate the Admission, is expected to occur prior to 31 December 2025.
Banquet Buffet****
Chill Brands Group 1.85p £8.86m (CHLL.L)
The consumer packaged-goods distribution Company announced that it has entered into a strategic partnership with SYP Global Limited, a company developing a pioneering new nicotine delivery system. SYP is developing a new nicotine delivery technology that fundamentally differs from conventional electronic nicotine systems. The platform avoids heating elements and using the solvents typically found in conventional vape liquid, thereby preventing the formation of harmful thermal by-products such as carbonyl compounds and metallic particles. This reduction in potential toxicant exposure is expected to deliver a cleaner aerosol profile and a smoother user experience compared with existing nicotine delivery devices.
The fintech creator of the Plugin Overdraft recently re-admitted to trading on AIM following the Acquisition of Everfex P.S.A., today announces its unaudited half-year results for the six months ended 30 June 2025. The Company announced non-binding heads of terms for its first white-label deal with a UK bank, providing an AI-driven Banking-as-a-Service (BaaS) platform that includes its Plugin Overdraft. The UK bank is expected to launch this product in Q4 2025. As at 30 June 2025, the Company's cash balance was £643,490. The loss before tax for the period was £980,338. This reflects the increased costs associated with the development of the white-label solution and the preparatory work for the Everfex P.S.A. acquisition.
Gaming Realms 44.30p £148.61m (GMR.L)
The developer and licensor of mobile focused gaming content announced its interim results for the six months to 30 June 2025. Total revenue increased 18% to £16.0m in H125 (H124: £13.6m) and group Adjusted EBITDA grew 30% to £7.5m (H124: £5.8m), representing a 47% Adjusted EBITDA margin (H124: 43%). Profit before tax increased 19% to £4.2m (H124: £3.5m) and net cash at the period end was up 28% to £19.0m (Dec24: £13.5m). Trading in the first half of 2025 was in line with expectations, and the Board remains confident that the Company will maintain this positive trajectory through the remainder of the year.
Hemogenyx Pharmaceuticals 1,000.00p £38.23m (HEMO.L)
The clinical stage biopharmaceutical Company developing new medicines and treatments to treat blood and autoimmune diseases announced a manufacturing partnership with Made Scientific, a U.S.-based cell therapy contract development and manufacturing organisation, to advance HG-CT-1, the Company's autologous Chimeric Antigen Receptor T-cell (CAR-T) therapy for the treatment of relapsed/refractory acute myeloid leukemia in adults. Under the agreement, Hemogenyx will leverage Made Scientific's specialized expertise in CAR-T cell therapy technology transfer and manufacturing at its GMP facilities in Newark and Princeton, NJ, which are equipped for both clinical and commercial supply of cell therapies.
Invinity Energy Systems 21.00p £85.91m (IES.L)
The global manufacturer of utility-grade energy storage announced that it has signed a non-binding Memorandum of Understanding (MoU) with Xiamen C&D Corporation Limited targeting the establishment of manufacturing facilities for the Company's Vanadium Flow Battery projects in Xiamen, China. The MoU envisages that C&D, with the assistance of the Xiamen Municipal Government, will support the proposed Consortium in scaling up Chinese manufacturing capabilities for Invinity batteries in the region. Furthermore, C&D have indicated willingness to offer the proposed Consortium working capital support and also provide it with access to C&D's global supply chain platform, which is intended to accelerate the proposed Consortium's plans to optimise procurement, logistics, and distribution for large-scale production.
The global supplier of compound semiconductor wafer products and advanced material solutions provides a trading update for the full year ending 31 December 2025. As previously noted, trading in H1 2025 was impacted by macroeconomic uncertainty and as a result, some end customer demand was fulfilled with existing inventory. The Company has continued to experience weakness in wireless markets.
Accordingly, revenue for FY 2025 is expected to be between £90.0m to £100.0m, resulting in an adjusted EBITDA position of between £(5.0)m to £2.0m. H1 2025 revenue is expected to be at least £44.0m with an £(0.4)m adjusted LBITDA. The Company will report its interim results on 23 September.
The Board is now expanding the scope of the previously announced Strategic Review to also incorporate the potential sale of the Company and is seeking buyers.
Likewise Group 25.00p £61.41m (LIKE.L)
The UK Flooring Distributor announced the granting of planning permission to extend its facility in Newport South Wales. The Group owns the freehold of the current 35,000 square foot underutilised Warehouse and the land to extend the property by 20,000 square feet to create a 55,000 square feet Distribution Hub. The existing Warehouse had not been fully utilised in preparation for the intended construction process, however this will now enable a particularly cost-effective addition to the Group's operational capability. The investment and development will be funded through internal cash flow.
Solid State 157.50 £85.13m (SOLI.L)
The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that Custom Power, its customised battery and power systems division, has joined forces with Volklec, the UK's only independent battery manufacturer, to deliver a sovereign, end-to-end energy solution for the UK defence sector. This strategic partnership creates a fully integrated capability, from cell development through to battery pack design, manufacture, delivery and support, tailored to meet the rigorous demands of defence Prime providers. At its core, Custom Power's bespoke battery management systems and integration solutions are paired with Volklec's proven 21700 lithium-ion cell technology to ensure consistent, high-performance energy delivery in the most challenging operational environments.
SulNOx Group 40.5p £53.1m (AQSE:SNOX)
The greentech company delivering lower fuel costs and emissions announced it has signed an agreement with C-Quip Ltd - a UK distributor of marine equipment - to market and distribute Sulnox Eco to its network in the leisure marine market. The UK leisure marine sector alone generated £4.41bn in revenue in 2022-23 (Source: British Marine) and includes more than 57,000 registered leisure vessels across the UK (Source: UK Government), providing a meaningful channel for extending adoption of Sulnox Eco - alongside the Company's wider commercial activities.
Trellus Health 0.55p £1.29m (TRLS.L)
The healthcare Company delivering Trellus Elevate, a digital platform that integrates data analytics with personalised, scientifically proven resilience programs and value-based solutions to manage complex chronic conditions, announces its unaudited interim results for the six months ended 30 June 2025. The Company had net cash of $1.6m at 30 June 2025 (31 December 2024: $4.3m), with the Company's cash runway extending into early November 2025. The adjusted EBITDA loss was $3.5m, in line with management expectations (30 June 2024: $3.6m loss) and revenue year-to-date is $379k (30 June 2024: $50k). Given the Company's cash runway, the Board intends to explore a possible fundraising over the coming weeks.
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