* 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:
Richmond Hill Resources (RHR.L) has moved from AQSE to AIM. The Placing and WRAP Retail Offer, raised in aggregate gross proceeds of £1,476,278 at 1p. The company acquired the entire issued share capital of Bulawayo CC Ventures for a consideration of £3,300,000 to be satisfied through the issue of 315,000,000 Ordinary Shares and £150,000 in cash. Market capitalisation on Admission of approximately £5.9m. Net proceeds of the Placing will be used to provide funding to further explore, maintain and develop the Saint-Sophie and provide the Company with ongoing working capital to support its business operations.
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, confirmed its intention to proceed with an IPO onto the Main Market. The Offer will comprise new Shares to be issued by the Company, with the intention to raise £50m of net proceeds, and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. In addition, it is expected that Shares representing up to a further 15 per cent of the Offer would be made available pursuant to an over-allotment option. Any additional details in relation to the Offer, including the indicative price range and size range for the Offer, will be disclosed in a Prospectus which is expected to be published in connection with the Offer in mid-late October 2025. Trading on the Main Market is currently expected to occur in early November 2025.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, confirmed its intention to proceed with an IPO on the Main Market. The Group's branded product portfolio includes leading, recognised brands such as 'Princes', 'Napolina', 'Branston', 'Batchelors', 'Flora', 'Crisp 'N Dry', 'Delverde', 'Naked Noodle' and 'Vier Diamanten'. The Group achieved proforma revenues of £2.1bn in the 12 months to 31 December 2024, generating pro forma adjusted EBITDA of £122.3m at a margin of 6.0%. The final offer price will be determined following a bookbuilding process. It is currently expected that trading will commence by the end of October. The offer would be comprised of new ordinary shares to be issued by the Company to raise net proceeds that support the Group in adding further inorganic growth via further acquisitions.
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, which as updated on 23 September, is expected to occur on around 23 October 2025.
Banquet Buffet****
ActiveOps 213p £152.0m (AOM.L)
The provider of Decision Intelligence software for service operations updates on trading for Interims to September 2025. The Group expects to report overall revenue growth of approximately 45%, or 50% to around £20.8m reflecting strong expansion activity across existing enterprise customers and the successful onboarding of new customers. This solid performance is expected to deliver double digit adjusted EBITDA growth and an increase in profit before tax for H1 2026. ActiveOps has no debt and is cash generative, with net cash of £13.3m compared to £13.4m, which is after the £5.5m funding to acquire Enlighten. Enlighten's integration is progressing to plan, with synergies being realised both in operational costs and opportunities for cross selling.
Alkemy Capital Investment 245p £24.2m (ALK.L)
The special purpose investment company announced its unaudited financial statements for the 6 months ended 31 July 2025. The Chairman commented the period has marked a pivotal phase in Alkemy's development of its wholly owned subsidiary, Tees Valley Lithium (TVL), as it advances through the Front-End Engineering Design (FEED) study for its flagship lithium hydroxide refinery in Teesside. The FEED study is now fully funded and underway representing a major step towards achieving Final Investment Decision (FID) in early 2026. The net loss is £1.13m compared to £0.68m. Alkemy remains focused on advancing TVL through the FEED study to FID, while continuing to evaluate future opportunities across the broader battery-materials sector.
Audioboom 620p £111.43m (BOOM.L)
The global podcast company reports on Q3 Trading for the 3 months to September 2025. There is record performance in several key areas such as Q3 EBITDA up 18% to $1.2m with revenue of $20.4m, which is an 9% improvement. The Q3 average monthly distribution increased 40% to 135m download and video views. This reflects the acquisition of Adelicious as well as the growth of its video podcast which is ranked number 1 on the Podscribe chart. The gross profit for the nine months to September of $11.7m is comparatively up 23%. The group cash is $2.9m compared to June 2025’s $2.5m with a further$3.4m available via an overdraft facility. The Board and the Company's advisers are strategically reviewing opportunities and considering a broad range of possible outcomes that may include a sale. There has not been an approach, and announcements will be made as appropriate.
Buccaneer Energy 0.023p £2.65m (BUCE.L)
Th international oil & gas exploration and production company with development and production assets in Texas, secures a drilling rig. It is to drill the first of two potential development locations in the Fouke area of the Pine Mills Field. The well, Allar 1 (WI: 32.5%) is tentatively planned to spud during the last week of October. This spud date is dependent upon completion of the drilling pad construction, which is expected to commence in the next few days. The well is anticipated to take up to 2 weeks to drill and evaluate once spud. If it comes in as expected, it will produce at the field allowable rate of 124 bopd gross.
Hercules 34.3p £27.31m (HERC.L)
The technology-enabled labour supply company for the UK infrastructure and construction sectors, has acquired a 70% shareholding in Warrington-based Lyons Power Services Ltd (LPS). LPS is a specialist UK and overseas provider of power and energy infrastructure services and costs £702,800 , which is to be satisfied half in cash and half in shares. The remaining 30% will continue to be held by LPS’s owner manager who will remain involved in driving future growth. In the year ending 31 January 2025 LPS generated revenues of £1,387,000 and profits before tax of £287,000. The Acquisition aligns with Hercules' growth strategy by expanding its service offering into complementary and high-growth infrastructure sectors.
Ixico 12.25p £11.12m (IXI.L)
The neuroscience imaging and biomarker analytics company, using its AI-driven platform to help advance drug development in neurological disorders, has signed a new commercial contract. The new contract, with a leading global biopharma company, will run around three years and will use IXICO's platform to facilitate the analysis of a prospective blood-based biomarker test to aid the diagnosis of a neurodegenerative disease. IXICO has also entered a contract extension on an existing Alzheimer's Disease (AD) clinical trial. The combined value of the new contract and contract extension is around £1.2m. There has been a sustained period of contract extensions and along with the new contract strengthens IXICO's long term order book.
KRM22 42.5p £15.3p (KRM.L)
The technology and software investment company, with a particular focus on risk management in capital markets, has closed its placing having raised approximately £9.2m at 40p share which is a 3.61% discount to the last closing price. This is subject to AGM approval. Existing substantial shareholders, Kestrel Investment Partners and Canaccord Genuity have each agreed to subscribe for 4,050,000 and 3,475,000 Placing Shares, respectively, in the Placing and subscription of 23,112,500 new shares. The new shares are expected to be admitted by 20 November 2025.
Light Science Technologies 3.95p £12.08m (LST.L)
The innovative technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, reports progress at the AgTech division. The partnership has been extended an agreement to distribute lighting solutions for controlled environment agriculture, comprising glasshouses, polytunnels and other indoor growing. The framework agreement with Gavita International B.V, a global supplier of horticulture lighting solutions, will run for a further 12 months to end December 2026. The pipeline of global opportunities relating to this partnership has grown to more than £24.0m from approximately £10.3m when it was originally announced on 10 February 2025. This reflects the strong demand for global food security and sustainable growing solutions. The company see distribution agreements as key to the low-risk, low-cost growth strategy to target international clients.
Oxford Metrics 39p £45.02m (OMG.L)undefined
The smart sensing and software company, servicing life sciences, entertainment, engineering and smart manufacturing markets, updates on trading for FY September 2025. The Group expects to report EBIT in line with market expectations with Revenue of £46.2m and EBIT of £2.3m. Vicon, the motion division delivered a robust performance in the US despite the headwinds and improved activity elsewhere. In smart manufacturing, both IVS and Sempre performance was strong, with healthy growth driven by improved management and product delivery execution. The YE cash balance was £37.0m after acquisition consideration of £5.4m, £4.2m on dividend payment and £8.3m spent on share buybacks. Innovation
has continued with the launch of new products, strengthening the Company’s position across its diversified, high-value niches so is well placed for growth.
Sanderson Design 53.5p £38.59m (SDG.L)
The luxury interior furnishings group, reports interims to July 2025. Revenue decreased 4% to £48.3m with unchanged PBT of £2.2m for an EPS of 1.41p compared to 1.46p and the dividend is unchanged at 0.5p. Progress is reported with the Group's omnichannel strategy including the relaunch of the Trade Hub website and the launch of a direct-to-consumer site for the Harlequin brand planned in the second half. The strengthened balance sheet with net cash of £7.8m compared to £5.8m in January, reflecting inventory reduction. Brand sales improved in the first 9 weeks of the current half with growth in North America, UK and Rest of the World. The Board is confident in meeting full year expectations despite the macro-economic environment.
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