* 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:
Henderson International Income Trust (HINT.L) left the Main Market
Whilst we were away
Admissions:
On Friday 12th Sep, Third Point Investors (MLHL.L) was re-admitted to the Main Market following a Reverse Takeover.
Delistings: None
What’s baking in the oven?
Potential** Initial Public Offerings:***
15th 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, has confirmed its intention to float on 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.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. Deal details TBC and admission expected late September 2025.
Banquet Buffet****
The Company that enables content providers to reach more paying customers through global partnerships today announces its Interim Results for the six months ended 30 June 2025. Total Revenue increased by 5% to $25.2m (1H24 $24.1m), with Total Transactional Revenue flat at $16.4m (1H24 $16.4m).
The gross profit margin increased to 84.3% (1H24 80.8%) and ARR was up 20%. Net debt rose to $7.3m at 30 June 2025 (30 June 2024 $5.1m) driven by planned working capital movements and supported by the previously announced enhanced loan facility with NHN and the $15m NatWest revolving credit facility. These were secured to strengthen the balance sheet and enable acceleration of planned efficiency improvements.
The owner of premium drinks brands announced it has conditionally raised £755,000 at an issue price of 0.13p per share. The net proceeds of the Placing of approximately £680,000 will be used by the Company for general working capital purposes and to enable the completion of the audit for the year ended 31 March 2025. The Directors consider that the net proceeds will provide the Company with sufficient working capital for the next 12 months, subject to achievement of sales over the period in line with the Board's expectations.
The technology consultancy providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations, has been appointed official technology transfer services provider to the Chile-based GreenTech Innovation Platform as part of its strategic partnership with the Universidad Autónoma de Chile. The GreenTech Innovation Platform is used by over 400 members who have the potential to be GenIP clients, including universities, corporates, entrepreneurs, and public sector organisations, fostering collaboration to accelerate sustainable innovation in sectors such as commerce, services, and tourism.
The provider of software and services to the global publishing industry announces interim results to June 2025. Group revenue is £5.2m compared to £5.1m of which 88% is recurring against 87%. There is an equally moderate improvement in Gross profit margins to 51% from 48% and EBITDA increased 29% to £0.9m. The PBT is £1.2m compared to £0.615m, but was helped by currency and exceptional gains to give an EPS of 5.86p compared to 4.25p. The cash generated from operations increased 75% to £0.4m and cash balances of £3.9m are up from £3.0m. The Interim dividend was increased 17% to 1.75p. The Board is confident that the current year is in line with expectations.
Itaconix 130.00p £17.53m (ITX.L)
The innovator in sustainable plant-based polymers used to decarbonise everyday consumer products announced its unaudited interim results for the six months ended 30 June 2025. First half revenues reached $4.8m, a 30% increase from $3.7m in H2 2024, and a 73% increase from $2.8m in H1 2024. The first half loss after tax improved to $(0.4)m, compared to $(0.9)m in H2 2024 and $(1.0)m in H1 2024. As at 30 June 2025, cash and investments were $5.7m, compared to $7.8m as at 30 June 2024.
Litigation Capital Management Ltd 31.70p £44.57m (LIT.L)
The alternative asset manager specialising in dispute financing solutions internationally announces that it has terminated its investment in a class action brought on behalf of commercial fishermen against Gladstone Ports Corporation for losses alleged to result from the large-scale contamination of the Gladstone harbour and surrounding waters from toxic dredge spill in 2011-12. This decision to terminate this investment comes as a result of LCM's review of its portfolio of investments following recent adverse case outcomes with a focus on balance sheet discipline and efficient deployment of capital. For some time, LCM has been actively evaluating its strategic options and this process has now progressed into a formal strategic review. To support this effort, LCM has appointed Luminis Partners, a leading financial and corporate advisory firm, to provide independent expertise and guide the review. Management will present the 2025 financial year results to the market on 1 October 2025.
Renalytix 12.75p £41.4m (RENX.L)
The precision medicine diagnostics Company, with kidneyintelX.dkd, the only FDA-approved and Medicare reimbursed prognostic test to support early-stage risk assessment in chronic kidney disease, announces that it has signed a collaboration agreement with Tempus AI, Inc. (NASDAQ: TEM). The collaboration will make kidneyintelX.dkd prognostic blood testing more widely available for eligible patients within its US network of healthcare institutions. Eligible patients have type 2 diabetes with chronic kidney disease, impacting nearly 15 million individuals in the US. Renalytix's kidneyintelX.dkd will be the first test offered in Tempus' portfolio in the chronic kidney disease category, indicated for use as an aid in predicting level of risk (high, moderate, low) for progressive decline in kidney function in type 2 diabetes patients with diagnosed chronic kidney disease stages 1-3b.
S4 Capital 21.00p £144.87m (SFOR.L)
The Company focused on the provision of new age/new era digital advertising and marketing services announced its interim results for 2025. Net revenue of £328.2m was down 12.7% and down 10% like-for-like. Operational EBITDA was in line with expectations at £20.8m, down 30.9% and down 30.4% like-for-like. The Company generated free cash flow of £16.0m, an increase of £12.9m compared to H1 2024. The Company is targeting like-for-like operational EBITDA to be broadly similar to 2024 and for the year end net debt to remain at £100m to £140m.
Shield Therapeutics 8.05p £93.75m (STX.L)
The commercial-stage pharmaceutical Company specialising in iron deficiency announces the completion of a placing to raise gross proceeds of £1.5m at a price of 7.5 pence per share. The Company remains confident in turning cash flow positive by the end of 2025 and this fundraise further strengthens the Company's working capital position allowing the Board and management to focus completely on accelerating sales of ACCRUFeR.
Windar Photonics 63.00p £59.27m (WPHO.L)
The Company with WindEye and WindTimizer LiDAR wind sensors designed to efficiently and cost effectively increase the power output and reduce lifetime operating costs of wind turbines reports Interims to June 2025. Revenue increased 18% to EUR2.7m although the loss before tax rose to EUR0.7m from EUR0.3m after an adverse currency loss of EUR0.5m. The Gross profit margin increased to 62% from 60%. Cash is EUR6m compared to EUR2.8m which is to support future investment in marketing the expanded product range. In August, the Company won a significant US order for $2.6m, under the new import tariffs. The strengthening sales organisation and building sales pipeline give the Board confidence that the full year market expectations for H2 2025 of EUR3.6m sales will be met.
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