* 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: None
Delistings: None
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****
Anpario 480.00p £87.02m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for animal health, nutrition, and biosecurity reports interim to June 2025. There is a 34% increase in sales to £22.7m, with a 53% increase in EBITDA to £4.1m and the PBT is up 62% to £3.4m giving an EPS of 16.01p against 11.16p. There was strong sales in the Americas, Asia, and Europe, slightly tempered by a levelling off in India, the Middle East and Africa. There is notable growth in the pHorce product in the US swine market as customers see the dual benefits of feed hygiene and improved animal performance. Net cash improved to £11.1m, from £10.5m. Sales growth for its natural and sustainable feed additive solutions is continuing and several new products are being launched.
Arcontech Group 92.5p £11.83m (ARC.L)
The provider of products and services for real-time financial market data processing and trading reports finals for the year ended June 2025. Turnover increased 6.4% to £3.11m, with a reduced PBT to £0.99m from £1.1m and an EPS of 7.05p compared to 7.98p. Clients and prospective clients continue to seek alternatives to their existing market data platform solutions, and the Group has several new Request for Information which are at various stages. These projects are involved and take time and, although none have yet been confirmed, the CEO is optimistic of winning several new mandates. The dividend was increased to 4p a share from 3.75p. Cash increased by 3.3% to £7.4m and according to Geoff Wicks, Chairman and Non-Executive Director, consolidation in the market may provide opportunities to acquire smaller competitors.
(The) Artisanal Spirts Company 43.5p £30.8m (ART.L)
The creator of limited-edition whiskies and owner of The Scotch Malt Whisky Society, J.G. Thomson, and Artisan Casks report Interims to June 2025. Revenue decreased 4% to £9.7m, with a reduced gross margin to 59% from 63%, leading to an EBITDA loss of £1.5m versus (£1m). The Loss Before Tax increased to £3.3m from £3.1m. Net debt rose to £29.5m from £27.0m with cask inventory increasing 11% to 28.1m. The strategy remains to invest in whisky stock providing an asset base which satisfies requirements well into the next decade, while delivering a significant uplift in value allowing selected cask sales. Management also have various new initiatives focused on revenue diversification and cost efficiency, to navigate a challenging global whisky market.
Finseta 18.00p £12.87m (FIN.L)
The provider of foreign exchange and payments solutions to businesses and individuals through its proprietary technology platform reports Interim results to June 2025. Revenue grew 16% to £5.9m, with a dip in gross margins to 62.7% from 65.7%, leading to a reduced EBITDA of £0.3m from £0.8m. This partly reflects planned investment to broaden capabilities and accelerate growth. Cash is £2.4m compared to £2.6m in December 2024. There is a significant increase in new customers onboarded to the platform but these are yet to transact. The Finseta Corporate Card scheme to provide customers with an alternative payment method has recently been launched. The CEO expects that the strategic actions taken should position Finseta to substantially accelerate sales growth and increase profitability over the medium term.
Great Southern Copper 2.15p £12.33m (GSCU.L)
The Company focused on copper-gold-silver exploration in Chile reports the start of Phase III diamond drilling at Cerro Negro, which is part of the Especularita project. The fully funded Phase III drilling is the next step towards extending the deposit beyond the existing Mostaza mine pit. There is 2,000m of drilling planned to test extensions to high-grade Cu-Ag results in Phase I and II. The Company holds an option to own 100% of the Cerro Negro prospect, including the Mostaza mine.
Helix Exploration 23.00p £48.44m (HEX.L)
The helium exploration and development Company with near-term production assets within the ‘Montana Helium Fairway', provides an update on flow testing and gas analysis results from the Inez #1 well in the Rudyard Field Project, Montana. The rate is lower than Linda #1, but the outcome provides valuable insight demonstrating the variability in deliverability between zones. The reduction in flow rates compared to the 3 previous wells was not unexpected and can be explained by the comparably small perforation zone of 55ft at Inez (Linda 218 ft, Darwin 236ft). The Company plans to perforate the upper Souris River formation in the coming month subject to the availability of a workover unit.
Nexteq 78.00p £47.31m (NXQ.L)
The technology solutions provider to customers in selected industrial markets announces Interims to June 2025. Sales are 16% lower at $40.7m, with a reduced gross margin at 33.1% from 37.3%, giving an EBITDA of $1.9m down from $5.8m and a PBT of $0.9m compared to $4.7m. The Company continues to face the challenges associated with reduced demand for historic services, while refocusing on increasing order intake, and continuing revenue diversification across products and customers. The order intake is significantly ahead of the comparative period as multi-year purchase orders have been secured from key customers and new Gaming Hardware Platforms have been delivered in record time. The net cash is $28.1m compared to $29.1m and according to Duncan Faithfull, Chief Executive Officer, with good operating cash generation the Company is well positioned in driving organic and acquisitive growth.
Ondine Biomedical Inc 15.5p £79.05m (OBI.L)
The life sciences Company pioneering light-activated, non-antibiotic infection prevention therapies, announces that its Steriwave nasal photodisinfection technology received media attention when it was highlighted yesterday on CNBC's Worldwide Exchange by the former President of Mexico, Vicente Fox. The interview emphasised the global need to address antibiotic resistance (AMR), particularly in combatting hospital-acquired infections and protecting healthcare workers. Mr Fox is serving as Chair of the Light Against AMR Initiative, a strategic program co-sponsored by Ondine Biomedical and the International Photodynamic Association.
Prospex Energy 4.18p £20.15m (PXEN.L)
The energy investment Company reports Interims to June 2025. The Net Asset Value increased by £938,246 to £25,528,400 at the reporting date and the loss after tax reduced by 34% to £180,101.The Selva Malvezzi investment continues to provide steady and reliable income from gas production, with a supportive and stable regulatory regime in Italy emphasising the security of energy supply. A third producing onshore European gas field was added, lifting production across the portfolio by 230%. At the end of the reporting period, £1.2m was raised at 4.5p a share. The CEO is confident that the growing portfolio of producing assets offers significant upside potential, while converting contingent and prospective resources into proven producing reserves will drive long-term value.
Tekmar Group 4.80p £6.39m (TGP.L)
The provider of asset protection technology and offshore energy services globally announced a significant new contract worth more than $10m with an international Engineering Procurement & Construction contractor. The contract is for the design and manufacture of Tekmar's polyurethane cable protection system, TekDuct, for a major offshore energy project in the United Arab Emirates. Work on the contract will commence immediately, with final delivery scheduled for Q1 2026. The CEO reports there is a pipeline of good quality orders suggesting sustained growth for 2026 and beyond.
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