Our daily digest of news from UK Small Caps
* 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:
None
What’s baking in the oven?
Reverse Transactions:***
18 February: AIM quoted Beacon Energy (BCE.L) suspended on 27 June 2025, has today published an Admission Document in relation to the Proposed Transaction announced on 7 October 2025 to make a significant strategic investment in LNEnergy Limited which constitutes a reverse takeover and raise gross proceeds of approximately £3.75m. The AGM is set for 5 March with restoration of trading of the enlarged shared capital expected on 6 March.
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
Centaur Media 44.0p £66.32m (CAU.L)
The media Company’s Influencer Intelligence has formed a new strategic partnership with Smartzer. As social commerce accelerates and consumers increasingly expect to shop directly from the content they engage with, brands are under growing pressure to deliver measurable ROI from creator partnerships. By combining Influencer Intelligence's in-depth talent insights with Smartzer's interactive, clickable video capabilities, this collaboration enables brands to identify the right creators with precision, activate immersive shoppable content, and track performance from inspiration through to conversion into sales. Though this strategic partnership, the new product enables influencers to efficiently transform their content into fully integrated, shoppable video landing pages.
Celsius Resources Limited 1.08p £38.18m (CLA.L)
The developer of the Maalinao-Caigutan-Biyog Copper-Gold Project updates on the project financing and on several matters that have been the focus of recent Company efforts. An interim chairman has been appointed with more than 40 years’ experience of the mining industry. The divestment of the Opuwo project has been undergoing a process in which Celsius holds 95% and several groups are currently
conducting Due Diligence. The Company is reorganising its holdings and corporate structure for the Philippine Securities and Exchange Commission requirements to facilitate funding.
Crimson Tide 92.50p £5.59m (TIDE.L)
The provider of a compliance platform reports a contract renewal. The renewal is with Koenig & Bauer (UK), which is part of one of the world's oldest and most established printing press manufacturers. The renewal is for 36 months and reflects the longstanding partnership between the two companies and the continued relevance of mpro5 in Koenig & Bauer's operations. The contract improves the Company earnings visibility.
Keystone Law Group 583p £184.59m (KEYS.L)
The tech-enabled platform law firm updates on trading for FY January 2026. A further 61 new Principals were recruited, together with a net increase in Pod members of 36, this has driven the total fee earners numbers up by 13.5% to 654. This supports the strong performance across the business, with buoyant trading conditions underpinned by ongoing client demand delivering an increase of just under 10% on FY 2025 revenue per Principal and an improved financial performance. The Board now expects the Group to deliver FY 2026 revenue and adjusted PBT marginally ahead of current market expectations for revenue of £108.9m and adjusted PBT of £14.4m. Keystone will be announcing its final results for the year ended 31 January 2026 on 29 April.
KR1 19.25p £34.19m (KR1.L)
The digital asset technology Company starts a new infrastructure income stream through the Nexus Mutual (NXM) protocol. Phase one is now operational, with further NXM allocations expected during the first half of 2026 with an aggregate fair value of approximately £1.5m. These tokens are committed as underwriting capital and the Company intends over time to utilise a substantial majority of its remaining NXM holdings within the broader Strategy. The Financial Infrastructure operations extend the productivity of KR1 digital asset holdings, generating additional income through the active deployment of the Nexus Mutual protocol
Seeing Machines 2.99p £206.32m (SEE.L)
The advanced computer vision technology Company reports on trading for the six months to December 2025. Revenue for H1 FY2026 is expected to be in the range of $23.4m - US$24.0m which is lower than last years $25.3m. The decrease reflects lower non recurring engineering activity as major automotive programs mature and transition into production phases, as well as reduced license revenue. The cash is $3.4m compared to $22.6m although since December an accelerated lump sum royalty payment of approximately $14.1 was received. The Adjusted EBITDA loss expected to be lower in the range $13.1m - $13.7m compared to $17.7m. The Company is entering a key phase as it prepares for the 7 July 2026 EU General Safety Regulation deadline, which mandates camera-based Driver Monitoring System technology for all newly registered vehicles and production volumes are expected to increase materially over the coming quarters.
Symphony Environmental Technologies 8.25p £18.91m (SYM.L)
The specialist that makes plastic products smarter, safer and sustainable reports a consultancy agreement. The Company has entered a 5-year consultancy and sales agreement with a consultant resident of the Dominican Republic. The Consultant will act as the Company's ambassador there and Symphony shall grant options over 200,000 shares at 20p in lieu of cash remuneration.
Trellus Health 0.95p £0.84m (TRLS.L)
The healthcare Company delivering Trellus Elevate reports a contract extension with Johnson & Johnson Health Care Systems (J&J). The contract will continue the provision of support to J&J patients with active inflammatory bowel disease. It is being extended to mid-2026 on the same economic terms, including a fixed monthly management fee. Revenue for FY December 2025 is expected to be $545,000 with the monthly cash burn reduced to c.$400,000 from c.$440,000 in October 2025. The Company has secured a £5m convertible facility with Alumni Capital LLC, and the proceeds of the First Tranche and Second Tranche Notes are expected to extend the Company's cash runway into late Q1 2026.
Upland Resources Limited 3.40p £54.50m (UPL.L)
The oil and gas Company focused on building a scalable onshore portfolio in Southeast Asia has completed a placing raising gross proceeds of approximately £2.0m at 3.5p per share. The executives, senior management and geological team are investing around £1.5m alongside external investors showing conviction in the long-term value creation potential of these opportunities. The funding provides growth capital to secure the Company's participation in two high-impact onshore licence opportunities in Southeast Asia, both currently under exclusive and direct negotiation. Upland has undertaken substantial preliminary technical and commercial assessments on both opportunities. These assets represent material scale with significant oil and gas in place for significant exploration upside and credible development pathways within proven producing basins.
Zenith Energy Limited 3.45p £22.4m (ZEN.L)
The international energy production and development Company has commenced construction-phase activities for the first assets within its Italian solar pipeline. Zenith has selected three projects in the Puglia region of Italy, totaling 7 MWP, for construction. Zenith, has also acquired two new ground-mounted photovoltaic projects in the Puglia region of Italy. The consideration for the land is EUR 779,000 and conditional upon the achievement of all necessary permits to reach Ready-to-Build status. The construction-phase of the first Italian solar assets marks an important step in the execution of Zenith's renewables strategy which can deliver scalable and recurring electricity production revenues.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
Hybridan Chefs
research@hybridan.com
Status of this Note and Disclaimer
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.