* 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 Closing Price on prior day to Publication.
Dish of the day
Admissions: None
Delistings: None
What’s baking in the oven?
Potential** Initial Public Offerings:***
Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be delayed. A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed. Deal size and timing remains TBC.
Banquet Buffet****
Alien Metals Limited 0.09p £7.53m (UFO.L)
The minerals exploration and development Company reports its joint venture partner, West Coast Silver Limited, has announced drilling has completed. The inaugural diamond drill program (12 holes for 1,183m) at the high-grade Elizabeth Hill Silver Project in the Pilbara region of Western Australia has delivered exceptional results, with shallow, high-grade silver assays returned from the first two drill holes. The Project, in which Alien retains a 30% free-carried interest through to a decision to mine, is operated by West Coast Silver. The additional eight drill holes have been dispatched to the laboratory for assay with results expected progressively over the next 6-8 weeks.
Capital Metals 2.75p £11.8m (CMET.L)
The material sands Company approaching mine development stage at its high-grade Taprobane Minerals Project in Sri Lanka has received the first drill assay results. These are from the Phase 1 drilling programme in the northern EL168 area and have been returned from the Company's laboratory partner, Scientific Services Geological Laboratories, based in Cape Town. The exceptional Heavy Mineral grades of over
60%, which were visually observed and announced on 11 June, have now been confirmed by laboratory assay results. Separately announced, further to the 29 May 2025 announcement regarding Ambeon's strategic investment of US$2m into the Company, Capital Metals is in active discussions with a number of Ambeon's strategic partners and the Board believes that it is close to finalising agreements for the total amount of US$2m pursuant to the Ambeon Option agreement at an issue price of 2.75 pence per share. Consequently, the parties have agreed to extend the option period for a further 30 days to 11 August 2025.
Cordel Group 7.25p £15.73m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics reports on progress for the FY to June 2025. Revenue is expected to grow by 8% to £4.79m and there is an uplift in software revenues, compared to hardware revenues. The ongoing careful expense management improved operating margins and contributed to a strong positive cashflow with closing cash of £1.5m ahead of plan and last year’s £1.02m. The project backlog, sales pipeline support, and contract wins with two major USA railroads gives visibility on the FY26 growth trajectory, although there is caution about external economic factors and growth target targets are reduced.
Corero Network Security 14.75p £75.54m (CNS.L)
The distributed denial of service protection specialists updates on Trading for the six months to June
2025. The Group delivered a 25% increase in Annualised Recurring Revenues in H1 2025 driven by an increase in DDoS Protection as-a-Service solution sales. H1 2025 revenue, however, will be 10.6% lower at $10.9m than last year due to fewer upfront capex license sales in H1 2025, with an EBITDA loss of $1.4m compared to a $0.7m profit. This reflects the change in revenue recognition and ongoing investment in long-term growth initiatives. The order intake rebounded in Q2 2025, and grew 13% year-on-year to $7.8m helped by the first two CORE (Corero Observability and Resiliency Ecosystem) deals signed worth $1.8m over the life of the contracts. The cash balance at June 2025 was $3.1m compared to $7.9m and the Group has no outstanding debt. The Group is in advanced discussions with its banking partner to put in place an overdraft facility to manage the increased working capital requirements because of the shift in revenue mix.
Creightons 43.0p £29.4m (CRL.L)
The beauty and well-being brand owner and manufacturer reports results for the year ended March 2025. Revenue increased 1.6% to £29.2m, with a 5.8% increase in gross profits to £1.3m and margins up to 44.7% from 42.9%. The Profit after tax increased to £2.5m for an EPS of 3.29p. The comparable period loss of £3.5m included an £4m impairment charge although the underlying improvement was due to cost mitigation measures, labour shift rationalisation, manufacturing efficiencies, and reduced distribution costs. The net cash of £3.0m is up from £2.2m and there is a proposed final dividend of 0.50p compared to 2024’s 0.45p.
Itaconix 126.5p £17.06m (ITX.L)
The innovator in plant-based specialty polymers used to decarbonise everyday consumer products reports the renewal of the global agreement with Croda Inc. The agreement is on odour control products, extending and expanding a successful supply collaboration that was last renewed in 2022. The new supply agreement is for a dry powder format, to the two current ZINADOR products that Croda market and sell globally in home care applications. The dry form offers new market potential for the proprietary ZINADOR odour neutralising ingredients, especially within laundry applications where malodours are a major issue for consumers.
Kefi Gold & Copper 0.53p £50.00m (KEFI.L)
The gold and copper exploration and development Company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, reports
the community resettlement programme is being triggered this month. This is due to the successful field preparations for full launch of the Company's Tulu Kapi Gold Project. The payment of compensation for Phase 1 of the Resettlement Action Plan is funded from KEFI's existing cash resources following the recent capital raise. The Chairman commented that it is an exciting time for KEFI as major international gold investment institutions become shareholders, including Ruffer Gold, Konwave/Gold 2000, and Phoenix Gold Fund. The next few weeks are expected to deliver more material milestones and enable the full launch of Tulu Kapi.
Journeo 405.00p £68.73m (JNEO.L)
The Danish subsidiary of this provider of information systems and technical services to transport operators and local authorities has won a contract worth a minimum of £1.2m. It is to provide Umove, Denmark's largest privately owned public transport operator, with a wide range of its Intelligent Transport Systems and services on approximately 100 buses. This includes passenger counting, real time information, fleet management and infotainment software, voice-over IP communications and AI-powered driver awareness system. Journeo is well-positioned to generate additional recurring SaaS revenues with Umove.
Physiomics 0.47p £1.41m (PYC.L)*
The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions reports a new contract with Numab Therapeutics AG, a long-standing client and will use PK/PD modelling and simulation approaches. This will be to inform understanding and selection of appropriate clinical dosing for a First-In-Human study for an antibody in Numab Therapeutics' Inflammation pipeline. The work for this project is expected to begin imminently and to complete within six months. Supporting the development of a therapy targeting inflammation is a further service expansion beyond oncology for the Company.
Strip Tinning Holdings 27.50p £5.01m (STG.L)
The supplier of specialist connection systems to the automotive sector has, as part of a grant consortium of companies, been successful in the government’s DRIVE35 funding programme "Industrialising net zero automotive technology". The consortium included Jaguar Land Rover, Warwick Manufacturing Group, Lubricants UK and Novelis. Strip Tinning's role in the Inter Connected Cell Assembly project is to develop the individual cell sensing and communication to the Battery Management System. The grant awarded to the Company is for £857,000 and the 2.5 year project starts in Q3 2025.
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