* 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:
The Generation Essentials Group (TGE.L), a French media and entertainment company and the parent company of the fashion magazines L'Officiel, L'Officiel Hommes, and London/New York City based The Art Newspaper has today admitted to the equity shares (commercial companies) category of the official list of the FCA and to trading on the London Stock Exchange's main market for listed securities. It is already listed on the Paris, New York and Singapore exchanges.
Delistings:
Ocean Wilsons (Holdings) (OCN.L) has delisted today.
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £137m. Expected Admission date is 17th December.
2nd December: Pathos Communications, the technology-enabled, human-led PR Company announced its intention to IPO onto AIM by 16th December. The Company collaborates with its clients to create and distribute articles and media across a variety of platforms, including established news outlets, digital media and podcast channels. The Company's client base comprises SMEs, including micro-SMEs, which can benefit from public exposure through media and news publishers. The Company is incorporated in the UK, with its primary operations in Dubai. The Company's offerings to its clients are supported by its proprietary AI-driven technologies, which are used to generate ideas, undertake market research and create news articles with limited human input required to generate highly efficient outputs. £5m is to be raised for the Company through the placing of new shares and approximately £0.6m to be raised from selling shareholders. Anticipated market capitalisation on Admission will be £20m and expected Admission date is 16th December.
27th November: Power Probe, the producer of automotive electrical diagnostic tools for professional service technicians, announced its intention to IPO onto AIM. The suite of electrical diagnostic tools and accessories offered by the Group are compatible with all major vehicle engine types and manufacturers and can be used in all types of commercial and passenger road vehicles, including light and heavy goods vehicles and motorcycles. The Company's main country of operation is the US. The Company will raise £11.2m at 82p, giving a market capitalisation of £60.4m. Expected Admission date is 11th December.
25th November: Connecting Excellence Group (XCE), the international executive recruitment Group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth. Admission is expected to occur on or around the 11th December. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth. The Company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
Market Movers:***
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC); The independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
Banquet Buffet****
Aptitude Software Group 293p £161.44m (APTD.L)
The provider of finance transformation software solutions specialising in fully autonomous finance announces a significant contract renewal and a go-live for its Fynapse intelligent finance data management and accounting platform. The customer is a US-based global communications organisation and has renewed its contract for a further three years for £7.6m, which also includes the renewal of licences for Aptitude's leasing and revenue recognition engines. Aptitude has also completed a successful Fynapse go-live trial highlighting Fynapse's ability to support mid-market and Tier 2 organisations with modern automation capabilities and rapid, efficient implementation.
Bluebird Mining Ventures Ltd 0.28p £2.1m (BMV.L)
The gold streaming and treasury Company provides an update on the progress it is making on its gold-streaming and treasury platform, BTC-linked opportunities, institutional-infrastructure build-out, and the advancement of legacy assets. The workstreams covering treasury governance, execution protocols, reporting standards and digital infrastructure are being finalised ahead of increased deployment activity expected from January 2026. This includes institutional-grade controls designed to support both gold-streaming flows and the Company's broader treasury objectives. A pipeline of transactions have been identified that have significant potential to materially contribute in the short to medium term.
Dekel Agri-Vision 0.50p £5.71m (DKL.L)
The West African agriculture Company focused on building a portfolio of sustainable and diversified projects provides a November production update for its Ayenouan palm oil project in Côte d'Ivoire. Strong momentum continues at the cashew processing plant at Tiebissou, Côte d'Ivoire. Stock-purchasing facilities have been secured to support the 2026 production targets, with the procurement scheduled between late February and June in line with the harvest season. The quarterly production and sales data for the cashew operation will be reported in January 2026.
Everyman Media 27.50p £32.37m (EMAN.L)
The independent, premium cinema chain provides an update for FY January 2026. Despite the challenges, the Group is on track to achieve growth across all key metrics in FY25, including improvements in revenue, EBITDA, F&B spend per head, paid-for average ticket price and market share. The UK Box Office performance in Q4 FY25 has, however, been weaker than anticipated so revenue will be no less than £114.5m against £107.2m and EBITDA no less than £16.8m verus £16.2m. Accordingly, net debt is now expected to be approximately £24.0m compared to £18.1m. The CEO is confident of the long-term growth opportunity of the premium cinema sector.
Made Tech Group 32.50p £39.56m (MTEC.L)
The provider of digital, data and technology services to the UK public sector updates on Trading for the six months to November. Revenue for H1 FY26 increased 27% to £27.7m following good Sales Bookings momentum in the second half of FY25. The Adjusted EBITDA for H1 is expected to be 33% higher at £2.4m as margins increased from 8.2% to 8.7%, resulting from operational efficiencies, and offset by a higher than target contractor base. Net cash improved to £11.9m from £10.4m reflecting the continuing strong operating cash flow conversion and Made Tech remains debt-free. The contracted Backlog was £74.0m although lower than FY25: £92.2m and it provides good contractual coverage for the remainder of FY26 and into FY27. Sales bookings for H1 FY26 were softer than the strong prior year performance, but the Sales Booking pipeline remains very active with a number of opportunities expected to increase the Contracted Backlog position in H2. The Board now expects trading for FY26 to be significantly ahead of current market expectations, with revenue expected to be 10% higher and Adjusted EBITDA margins increasing, reflecting improved operational gearing. The Group will announce its Interim results to 30 November 2025 in February 2026.
Netcall 113.50p £182.14m (NET.L)
The enterprise software Company that unites automation and customer engagement in one AI-powered platform has acquired Jadu Holdings a UK-based provider of digital experience platforms. The initial consideration is for £15.2m, with an earn-out of up to £4.0m, bringing the maximum total consideration to £19.2m. Jadu expands Netcall's presence in UK local government from one-in-three to one-in-two UK councils, strengthening Netcall's competitive positioning in the public sector. This broadening of the addressable market provides cross-selling potential across the Netcall portfolio, and supports international growth via an established US partner channel and customer base. The deal is expected to be earnings enhancing in the current financial year.
Optima Health 193.5p £170.89m (OPT.L)
The UK provider of technology enabled corporate health and wellbeing solutions reports interims to September 2025. Revenue grew 17% to £59.5m which is in line with market expectations. The EBITDA of £8.3m declined from £8.7m, primarily reflecting the impact of national insurance increases and plc costs. The cash generated from operating activities improved strongly to £6.5m from a £0.6m outflow. The Acquisition of Cognate Health completed and successfully rebranded as Optima Health Ireland and is the first acquisition outside of the UK. The mobilisation underway on a £210m contract to deliver medical assessment services to UK Armed Forces partnered with Serco and there is a strong new business pipeline of £11.5m of annualised revenue. There is a transformation programme to enhance the platform, to further improve customer solutions and increase margin. The Board will continue to evaluate opportunities including identifying and executing M&A to accelerate growth.
Physiomics 0.29p £0.9m (PYC.L)*
The mathematical modelling, data science and biostatistics Company announced a new contract in the biometrics department with a new client, GARDP Foundation. GARDP is a not-for-profit research and development organisation that addresses global public health needs by developing new or improved antibiotic treatments, while endeavouring to ensure sustainable access. In this project, Physiomics will provide expert consultancy support to GARDP to optimise the design of an efficacy trial in their Serious Bacterial Infections programme. The work for this project is expected to begin January 2026 and is expected to complete within three months. This project represents an important development in Physiomics’ Biometrics department, being their second major client in this space.
ProCook Group 37.00p £35.96m (PROC.L)
The direct-to-consumer specialist kitchenware brand reports Interims to October. ProCook designs, develops, and retails a high-quality range of direct-sourced and own-brand kitchenware which provides customers with significant value for money. Revenues increased 20.6% to £34.1m and EBITDA increased 246% to £2.2m, while the reported loss before tax decreased 9% to £2.9m reflecting continued cost discipline, partly offset by a £0.6m dilution from investment in new store openings which is expected to reverse as these new stores progress towards maturity. Year on year, the reported operating loss was 31.2% lower. Net debt was little changed at £4.1m, after a £2.3m capital investment in new stores, with £11.9m in available liquidity of cash and facilities. Momentum has continued to build, with record numbers of customers discovering the brand for the first time and the growing active customer base generating higher repeat purchases. The CEO is confident of delivering 100 UK retail stores, £100m revenue and 10% operating profit margin, a strong full year performance, in line with market expectation.
SpaceandPeople 225p £4.45m (SAL.L)
The brand experience, retail and promotional specialist announces a new multi-year exclusive agreement with Gropius Passagen to manage pop-up retailing, promotional and experiential activities within the shopping centre. This covers 95,000m2 in Berlin's largest shopping centre and is home to more than 150 tenants. The appointment strengthens the existing relationship as SpaceandPeople is selected to manage commercialisation exclusively at Gropius Passagen and aims to deliver promotional experiences at this key retail destination, transforming this space.
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.