* 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.
Whilst we were away, a list of joiners and leavers over the festive period
Dish of the Day
Admissions:
23rd December: Sintana Energy (SEI.L), the oil and natural gas exploration Company listed on the Toronto Venture Exchange, dual listed onto 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.
Delistings:
Amazing AI (AQSE:AAI) left AQSE
Tissue Regenix Group (TRX.L) left AIM
PRS Reit (PRSR.L) left the Main Market
Minoan Group (MIN.L) left AIM.
Bisichi (BISI.L) left the Main Market
Clean Invest Africa (AQSE:CIA) left AQSE
Menhaden Resource Efficiency (MHN.L) left the Main Market
OPG Power Ventures (OPG.L) left AIM
Polarean Imaging (POLX.L) left AIM
Slingsby (H.C.) (SLNG.L) left AIM
Ananda Pharma (AQSE:ANA) left AQSE
What’s baking in the oven?
Market Movers:***
12th January: The Smarter Web Company (AQUIS: SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
12 December: Ultimate Products (ULTP.L) the owner of a number of leading homeware brands including Salter and Beldray has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Reverse Takeover:***
31st December: Ovoca (OVB.L) announced a reverse takeover of Tadeen, a UK-registered company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. Capital to be raised on Admission is £1.155m with an anticipated market capitalisation on Admission of approximately £4.9m. Expected Admission date is 28th January.
Media Speculation:
Rumours for IPOs in 2026 for Oslo-based Visma, one of Europe’s biggest software companies, backed by the UK-based private equity company Hg Capital, suggested to be worth at least Euro 20bn (£17.5bn). Other possibilities include the Bristol-based veterinary group IVC Evidensia, which would also be a larger cap float and a similar size to Visma. IVC Evidensia operates from 2,700 sites in 19 countries, the UK is its biggest single market, owned by a private equity consortium led by EQT. Other names include the RAC roadside recovery business, the combined Waterstones and Barnes & Noble bookshop chains, fintech payments platform Ebury and online travel agent Loveholidays.
Banquet Buffet****
Bow Street Group 0.41p £9.16m (BOW.L)
The owner and operator of Wildwood and dim t restaurants updates on trading for FY December 2025. Trading stabilised in Q4 of FY25 and the Group's restaurants had a successful four weeks in the run up to Christmas. Group revenue for the four weeks ended 28 December rose by over 1.3% on a like-for-like basis. The Company expects to report FY25 results in line with current market expectations. In September 2025, £10.1m of new funds (before expenses) were raised and David Page was appointed as Executive Chairman and Nick Wong was appointed as CFO. The Company was also renamed Bow Street Group. A comprehensive review of the Group's estate commenced immediately following the fundraising and over 280 work streams have been set up to improve performance in all areas of the business.
Corero Network Security 12.0p £51.2m (CNS.L)
The distributed denial of service (DDoS) protection specialists with real-time service availability provides the following trading update for the year ended 31 December 2025 and reports that the positive trading momentum in Q2 2025 continued throughout H2 2025. The Company, subject to audit, expects to report revenue at the upper end of guidance and EBITDA ahead of guidance for FY 2025. Annual Recurring Revenues increased by 23% to $23.m, revenue increased by 4% to $25.5m and EBITDA is expected to be in excess of $1.3m. Net cash at the year end was $4.0m, with positive cash generation in H2 2025.
The energy services Company whose objective is to capitalise on the drive for global decarbonisation reports FY December 2025. Trading is in line with expectations as the Company develop its strategic buy and build growth plans. The allocation of capital since listing the business in August 2024 has been successfully managed with the costs of acquiring three businesses, and the cash and profit impact of setting up two new subsidiaries has been significant in the 18 months to 31 December 2025. The core of the strategy is building long term partnerships with new and established clients in the public and private sectors, responsible for residential and non-residential property portfolios. Contracts were recently awarded in the public sector in Dorset and Leeds, which will also offer significant opportunities for long term profitable growth.
Futura Medical 1.50p £7.59m (FUM.L)
The consumer healthcare Group behind Eroxon that specialises in the development and global commercialisation of innovative and clinically proven sexual health products reports positive results of the WSD4000 Early Feasibility Study which comprised of 12 women suffering from some degree of sexual dysfunction. The positive trends and high response metrics demonstrate that the product has the potential to deliver a significant improvement in impaired sexual function in women. Given the lack of known regulatory-approved OTC treatment available for this condition in women, this represents a significant opportunity for WSD4000 globally.
The global supplier of compound semiconductor wafer products and advanced material solutions provides a trading update for the full year ending 31 December 2025. The Group saw strong trading momentum in H2 2025 due to faster than expected funding releases for some US military and defence programmes, previously anticipated for 2026. This is expected to result in a performance at the upper end of the previously announced FY 2025 forecast range, with revenue of £97m resulting in an adjusted EBITDA position of at least £2.0m due to improved operating leverage as capacity utilisation improves.
The Board is negotiating non-binding offers for the Group as a whole in addition to separate bids for certain other Group assets with a view to maximising shareholder value.
Journeo 485.0p £87.05m (JNEO.L)
The provider of intelligent systems for transport networks and critical national infrastructure announced it has received £1.6m in purchase orders for hardware, software and support services to provide real time information systems throughout Cornwall. In total, five purchase orders have been received from Cornwall's highway subcontractor, Enerveo Limited, for Journeo to upgrade the region's existing real time information systems, bringing it in line with the latest technology and open industry standards. Work has already commenced, and it is anticipated that approximately £1m will be delivered in this financial year. The purchase orders provide Journeo Portal licencing and support services for the new and legacy displays technology through to April 2030.
MicroSalt 51.0p £26.67m (SALT.L)
The manufacturer of full-flavour natural salt with approximately 50% less sodium provided the following trading update and continuing advancement of its B2B bulk business for the financial year ended 31 December 2025. Unaudited sales for FY25 exceeded the Board's original revenue expectations of $2.0m, increasing by 287% year-on-year to $2.14m (2024: $745k). The Company continues to project 2026 sales to total $7.0m based on in-hand volume estimations and its current customer base, rising to more than $15.0m in 2027.
Nativo Resources 0.55p £2.29m (NTVO.L)
The gold-focused mining Company with interests in Peru announced that initial assays from surface trenching along interpreted veins within the Tesoro Concession confirm historical data and support Nativo's plan to recommence gold production activities at Bonanza. This confidence is underpinned by positive near-mine sample results, the successful completion of underground rehabilitation and preparation of existing mine workings. Additional prospectivity within the Tesoro Concession has also been confirmed. Surface sampling returned localised values reaching Au 19.5g/t and averaging Au 10g/ t, confirming gold mineralisation associated with narrow mesothermal veins and veinlets in close proximity to existing Bonanza workings.
Quadrise 2.75p £56.17m (QED.L)
The technology Company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels announced the extension of the Exclusive Global Collaboration and Emulsifiers Sales Agreement with Nouryon, a global specialty chemicals leader, for the exclusive supply of goods, services and IP for future MSAR and bioMSAR projects. The Agreement, the terms of which were announced on 8 October 2019, was renewed on 9 January 2026 to cover the period up to and including 31 October 2026.
Zentra Group 2.625p £1m (AQSE:ZNT)
The Manchester-based residential developer, development manager and property manager focused on the North of England announced that it has entered into a joint venture with experienced property management professional Connor Moylan to enhance the Group’s Assured Shorthold Tenancy lettings and property management capability through a new subsidiary, ZPAS Limited. The Board believes that the JV structure represents a capital-efficient way to strengthen service standards, grow recurring fee income and retain control over customer relationships and data, while aligning incentives between the Group and the operating partner through appropriate governance and performance protections.
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.