* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
Admissions:
None
Delistings:
None
Market Movers:
Vinanz Limited (BTC.L) has moved from AQSE to the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:
Cordel Group 7.375p £16m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announced a new contract with Network Rail to deliver a package of enhancements to Cordel's ongoing Railway Gauging Data Solution (RGDS). Based on the requirements from over 600 RGDS users within Network Rail and its customers and suppliers, Cordel was able to recommend an efficient approach to the urgent need to procure, curate, store and manage historical data, while building in additional functionality. Cordel will also deliver a package of user-efficiency improvements, based on re-engineering user interfaces and processes throughout the data supply and utilisation chain, and provide updates to maintain alignment with new standards. Cordel will manage, develop and test all elements of the enhancement in a single package of work, and streamline support to Network Rail's Users to facilitate User Acceptance Testing and appropriate user documentation.
Eagle Eye Solutions 365p £108.1m (EYE.L)
The SaaS and AI technology Company that creates digital connections enabling personalised, real-time marketing at scale, has signed a five-year global original equipment manufacturer agreement with a multinational enterprise software vendor. Under the agreement, features of Eagle Eye's AIR platform will integrate with the vendor's new cloud-based loyalty solution, launching in 2025, with the first customers expected to be live in early 2026. This is the first OEM agreement secured by Eagle Eye and represents a significant global expansion opportunity for the Group, providing entry into new sectors and geographies. Once the product is live, management believes the agreement provides the opportunity for a significant contribution to Eagle Eye's Annual Recurring Revenue over time, with a minimum three-year commitment commencing in the current year.
EnergyPathways 8.5p £14.3m (EPP.L)
The energy transition Company developing low carbon integrated energy solutions in the UK has announced Licence Operatorship approval for Block 110/4a that includes the Company's Marram Energy Storage Hub (MESH) project and a subsea engineering service agreement with PDi Ltd. The Company announces that the North Sea Transition Authority has granted approval to EnergyPathways for the Licence Operatorship of Block 110/4a. Management see this as an important milestone for the development of MESH and a prerequisite for the upcoming submission of the Field Development Plan and Environmental Statement.
Filtronic 93.75p £205.3m (FTC.L)
The designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets announced that order intake for delivery in the current financial year is at a higher rate than anticipated. Consequently, the Board now expects to deliver stronger results for the full year than the recently upgraded market expectations.
Huddled Group 2.95p £9.5m (HUD.L)
The circular economy e-commerce Group provided an unaudited update on Q4 2024 and FY 2024 trading. 2024 was a year of growth across all brands with Group revenue in excess of £14m for FY 2024, a circa 485% increase compared to FY 2023. Q4 2024 was a record quarter for the Group, with revenue of circa £5.4m. The Company ended 2024 with cash of £1.6m. The directors remain confident that the Group has sufficient resources to take the business into profitability.
MediaZest 0.08p £1.4m (MDZ.L)*
The creative audio-visual solutions provider provides an update to shareholders on a positive performance for the year ended 30 September 2024, following strong Q4 trading with key customers continuing to roll-out digital signage installations across multiple sites. The Company has delivered a return to year-on-year growth, with annual revenues up around 30% to approximately £3.0m (FY 2023: £2.34m). MediaZest expects to announce a significantly improved performance for FY 2024 compared to FY 2023, showing a return to positive EBITDA (FY 2023: £0.23m EBITDA loss). Cash at the year-end is also expected to have improved from the previous year end cash position.
Quartix Technologies 170p £82.3m (QTX.L)
The supplier of subscription-based vehicle tracking systems, software and services announced that it will publish its results for the twelve-month period ending 31 December 2024 on 3 March 2025. The Board estimates that the Group will report revenue, adjusted EBITDA, pre-tax profit and free cashflow for the Period of £32.4m, £6.2m, £6.0m and £2.5m respectively. The Company's net cash balance at the period-end was £3.1m. The Company reported they finished 2024 on a strong note and the Board now believes that this will lead to a slightly higher level of profit in 2025 than previously estimated.
The women's fashion brand creating quality, trend-led products for women of all ages, provides a trading update covering the three-month to Dec 2024 (Q3 FY25). Revenue is 14.7% lower at £12.2m because of the strategy to move away from promotional pricing. Its gross margins improved to 64.7% from 58.3%. The lead up to Christmas saw strong sales of partywear, as well as particularly strong sales in its core categories of knitwear and denim. Overall trading remains in line with market expectations for Y/E March 2025 of revenues at £40.5m and PBT of £1.0m. The Company believes that the net cash of £8.2m is sufficient for the planned role out of new stores.
SulNOx Group 94.5p £119m (AQSE:SNOX)
The manufacturer of conditioners, emulsifiers, and emulsion stabilisers for hydrocarbon fuels announced the signing of a significant agreement with Eastern Pacific Shipping Pte Ltd (EPS), one of the world's largest privately-owned shipping companies. This Agreement encompasses both investment into SulNOx and a major new product supply contract for its SulNOxEco fuel conditioner. Under the Agreement, EPS will adopt SulNOxEco on a minimum of 30 vessels for a minimum of 18 months use per vessel. The Agreement itself will generate significant revenue and secure committed minimum product volumes of 250,000 litres. In addition, EPS Ventures Pte. Ltd. (EPSV) will become a strategic shareholder in SulNOx. EPSV will subscribe for new ordinary shares at a price of 2 pence per Ordinary Share, in tranches to be issued on the payment for purchase of SulNOxEco by EPS during the initial 18 months of the Agreement.
Technology Minerals 0.15p £2.7m (TM1.L)
The Company focused on creating a sustainable circular economy for battery metals announced that its 48.35% owned battery recycling business, Recyclus Group Ltd, has signed an agreement to recycle lithium-ion battery packs from a global automotive company. Under the terms of the contract, Recyclus will process hundreds of electric vehicle Li-ion battery packs at its Wolverhampton industrial scale Li-ion battery recycling facility. The batteries will be sourced both domestically and internationally following a battery recall programme by the Customer and represent Recyclus' first contract for recycling batteries from overseas.
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