* 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: Today, Mobile Tornado (MBT.L) left AIM
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
8th September: 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****
Cadence Minerals 2.25p £6.06m (KDNC.L)
The early-stage mineral resource Company announces that, together with its partners in the Amapá Iron Ore Project, it has signed a Heads of Terms with an international shipping and trading group for a US$4.6m Prepay to finance the restart for the Azteca Plant in Amapá, Brazil. Cadence will contribute approximately 10-15% of the Prepay, earning the same economic returns on a pro-rata basis. The Azteca plant is forecasted to be net cashflow positive from the first shipment providing a strong financial foundation for the development of the larger 5.5 Mtpa Direct Reduction-grade project.
Challenger Energy Group 8.25p £19.95m (CEG.L)
The Atlantic margin focussed energy Company provides an operational update on its AREA OFF-3 in Uruguay. The first phase of the Company's technical work programme has successfully been completed, with multiple new seismic attribute supported anomalies identified. There is material aggregate resource potential from two primary prospects, comprising a best estimate (Pmean) of 380m barrels oil of recoverable, and an upside (P10) case of 980m barrels of oil recoverable. The Company also provided an update that the sale of its Trinidad and Tobago business has been finalised, resulting in a complete exit from all operations and exposures in that country. The Company reports a strong cash position, with all planned operations fully-funded into 2027.
Cirata 22.00p £27.16m (CRTA.L)
The provider offering Active Data Replication, a patented collaboration software technology, has launched 'Cirata Symphony', a powerful new data orchestration platform designed to simplify, secure, and accelerate the continuous movement and management of data within the enterprise. Cirata Symphony eliminates data silos, streamlines operations, and enables organisations to unleash Artificial Intelligence with controls from a single, unified control plane. Already trusted by global enterprises in industries like manufacturing, banking, and retail, the launch of Cirata Symphony builds upon the Company's 15 years of data migration expertise.
Eco Buildings Group 4.75p £4.20m (ECOB.L)
The Modular construction Company provides a production update further to the announcement of the signing of a EURO 2.2m contract on 4 September, with the successful delivery of the first full-scale Eco Wall components to the construction site of the 18-unit apartment block in central Tirana, Albania. This marks the start of on-site assembly using Eco's prefabricated system driven by its manufacturing process and proprietary IP. The Tirana factory is now operating at full capacity and already has 40% of the stock required to produce the walling for the first apartment block.
Flowtech Fluidpower 67.00p £38.91m (FLO.L)
The supplier of technical fluid power products provided its 2025 Half year report for the six months ended 30 June 2025. The Company delivered a performance for H125 in line with the Board's expectations with further improvements in gross margin up 100bps to 39.2% and continued focus on cost control and overall customer service levels. Momentum has improved during Q225 and into Q325 with self-help growth initiatives strengthening the sales pipeline and orderbook. Revenue increased by 2.1% compared with H124 and 10.3% compared with H224. Net Debt rose from 13.5m to 18.5m for H1 25.
Fulcrum Metals 6.38p £5.12m (FMET.L)
The Company recovering precious and critical metals from mine waste announced the commencement of the characterisation programme consisting of a significant auger drill campaign and phase 3 testing with Extrakt at the Company's highly prospective Teck Hughes tailings project in Kirkland Lake, Ontario. The auger drill programme underway will provide detailed data for minerology and to support a Mineral Resource Estimate, marking a major step in advancing the Teck Hughes project towards production. Phase 3 testing with Extrakt and their proprietary cyanide free leach and solid-liquid separation TNSTM technologies will provide detailed metallurgical data to process the tailings. This includes optimising and scaling up resource recovery, maximising yield and process efficiency, tailings dewatering, and recovery of water and reagents.
Northcoders Group 37.5p £2.68m (CODE.L)
The UK market technology training business announces that its challenger consultancy brand, Counter, has successfully secured a new 12-month contract with a leading global provider of business management software. The agreement, starting in Q4 2025 and valued at over £500k over the next 12 months, is expected to deliver a strong gross profit margin. Furthermore, it reflects the quality and attraction of Northcoders’ offering in the Corporate sector, as changes in the landscape drive demand for Counter's model. This partnership highlights the Company's ability to attract and serve prominent clients within the technology and service sectors.
Pulsar Helium 23.30p £30.48m (PLSR.L)
The helium project development Company announces that it has signed a Limited Notice to Proceed (LNTP) with Chart Industries, Inc., marking a strategic milestone toward full development of the Company's flagship Topaz helium project in Minnesota, USA. This LNTP authorises Chart to begin early engineering and procurement activities for the planned helium recovery and CO₂ capture facility at Topaz, building on the Letter of Intent Pulsar signed with Chart's subsidiary Earthly Labs in November 2024. The LNTP solidifies Chart's role as a key partner in bringing the Topaz project to production and underscores Pulsar's commitment to fast-track project development for the benefit of shareholders and the growing helium market.
Thruvision Group 1.75 £7.63m (THRU.L)
The international provider of walk-through security technology today announces the addition of Westminster International Limited and Worldwide Security to its Value-Added Reseller network on a non-exclusive basis. The agreements enable both VARs to provide product supply, installation and commissioning, support and maintenance, and end-user training services for Thruvision products. Westminster International, headquartered near Oxford, UK, will provide the services in the Middle East, Africa and the United Kingdom.
Quantum Base Holdings 17.50p £10.57m (QUBE.L)
The quantum science Company focused on creating a new global standard in authentication announces that it has secured a £250k expansion of an existing contract with its largest customer - a major international security printer. This revenue is due in the current financial year ending 30 April 2026 and is in addition to a previous expansion of £96k on the same contract. Under a framework agreement, Quantum Base enables this Customer to market and sell the Company's Q-ID technology to its clients, with the first application of Q-IDs being on tax stamps for a government customer. The amended contract now accounts for additional features and supported devices.
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