* 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:
Belluscura (BELL.L) has left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
27th November: Power Probe, the producer of automotive electrical diagnostic tools for professional service technicians, announced its intention to IPO onto AIM. The suite of electrical diagnostic tools and accessories offered by the Group are compatible with all major vehicle engine types and manufacturers and can be used in all types of commercial and passenger road vehicles, including light and heavy goods vehicles and motorcycles. The Directors believe the Group is well positioned to benefit from a number of positive, long-term tailwinds in this market, including the non-cyclical growth of the global Car Parc, the increasing average age of vehicles, and increasing vehicle complexity. The Company's main country of operation is the United States. Offer details TBC and timing expected mid December 2025.
25th November: Connecting Excellence Group, the international executive recruitment group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth.
Admission is expected to occur on or around the 9 December under the TIDM 'XCE'. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth. The Company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds, UK. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
Market Movers:***
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC); The independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
Banquet Buffet****
Augmentum Fintech 81.80p £136.84m (AUGM.L)
The European fintech fund announces its unaudited Half Year Results for the six months ended 30 September.
The Company currently trades at an approximately 45% discount to the NAV per share after the
performance fee of 159.5p. Cash reserves with no debt was £22.4m, down from £29.3m on 31 March 2025. The portfolio currently comprises of 27 companies, with eight exits since inception, realising an average premium of 33%. During the period, the Company deployed a total of £5.8m, with £4.1m invested into two new companies. Post period end, the Company partially exited its investment of Parafi, returning £2.7m, which is equivalent to the initial total cost.
Global Connectivity 1.05p £3.4m (GCON.L)*
The investing Company focused on strategic holdings in high-growth, connectivity-aligned technologies, has been informed that its investee company PLUG Group Limited has raised £1.05m issuing 50,000 shares at £21. A director in GCON, Mr Michael Langoulant, was interested in 5,000 Ordinary Shares or £105k directly in the PLUG Placing. GCON's holding in PLUG was at a total cost of £175,250 at a £2 per share valuation for a 7% ownership and this is the fair value in the interim accounts. After this fundraising, GCON now holds a 6.73% share in PLUG.
Image Scan Holdings 1.85p £2.53m (IGE.L)
The specialist supplier of X-ray screening systems to the security and industrial inspection markets announces results for FY September 2025. Sales declined by 44% to £1.6m, and despite higher gross margins and lower administration expenses, the Loss before Tax increased to £0.3m from £0.2m. The year-end order book improved by £0.2m to £4.67m after a stronger H2. Net cash was £1.1m versus £0.91m last year and the Chairman is optimistic for a much improved performance in 2026 after the global uncertainty and delayed procurement decisions impacted 2025.
Michelmersh Brick Holdings 86.00p £78.94m (MBH.L)
The specialist brick manufacturer today announces a pre-close trading update ahead of its final results for the year ending 31 December 2025. Following the interim results announcement on 2 September 2025, whilst trading and profitability have been ahead of the first half, there has been a notable slowdown in the construction market and activity levels in the final quarter, as has been widely reported. These activity levels have been impacted by a challenging macro-economic outlook and the uncertainty of UK Budget policy announcements. Despite this challenging backdrop, the Company has continued to see positive order intake levels, which are underpinning the Group's balanced forward order book. During the year, the Group returned £1.8m to shareholders through a buy-back in the period to date and expects to complete the £2m allocation announced in April by the close of the year. With the change in market conditions in the fourth quarter, the Board expects revenue for the year to be £69m with adjusted EBITDA of approximately £12.5m, in line with the capital allocation strategy. This expectation is also for a broadly cash neutral balance sheet as at 31 December.
Petards Group 10.75p £4.55m (PEG.L)*
The AIM quoted developer of advanced security, communication and surveillance systems, announces that its subsidiary, Petards Joyce-Loebl, has been awarded a contract worth £2.2m by Rheinmetall BAE Systems Land Limited. The contract is for the provision of initial engineering design and obsolescence management services in support of RBSL’s Challenger 3 Upgrade Programme under which RBSL will deliver 148 Challenger 3 Main Battle Tanks to the British Army. Activities are planned to commence immediately with this initial order scheduled to be fully delivered by the end of 2026.
Quantum Data Energy 6.80p £4.90m (MAST.L)
The UK–based multi-asset operator in the Reserve Power market announced that it has made progress with procuring funding for its existing portfolio of flexible generation power projects, and opportunistic acquisitions of existing operational flexgen assets to expedite the Company's progress to its first target of building a 300+ MW portfolio of flexgen assets. The funding which is being discussed will be structured at SPV project level, therefore non-dilutive to PLC shareholders, and will enable the Company to get each project into construction through to production and income generation in the case of development projects and, enable the acquisition of existing operational flexgen assets. A key milestone for the Company has been the appointment of Sustainable Investing Solutions to assist the Company with its growth funding at project level process.
RentGuarantor Holdings 26.00p £37.04m (RGG.L)
The provider of rent guarantee services to prospective tenants across the socio-economic spectrum has been selected as the 'Supplier of the Year: Products & Services Business' at the Negotiator Awards 2025, beating a shortlist of 25 reputable companies from across the sector. The Negotiator Awards is an independent UK awards programme, celebrating excellence across estate and letting agents, industry suppliers, and the wider residential property sector.
Rome Resources 0.20p £13.37m (RMR.L)
The DRC-focused tin and copper explorer announced that the mobilisation of equipment and personnel to its Bisie North Project is now underway. This marks the start of the next phase of exploration following the Company's maiden Mineral Resource Estimate released on 30 October. The MRE confirmed Bisie North as a large, multi-metallic system, with significant tin, copper, zinc and silver mineralisation defined at Kalayi and Mont Agoma. Importantly, drilling to date has only tested a small portion of the licence area and only to shallow depths of approximately 220-250 metres. Internal geological modelling by the Company indicates exploration targets across the two deposits of between 102k and 260k aggregate tonnes of contained tin, highlighting the scale of potential growth as the system is drilled deeper and along strike. Drilling will commence first on Mont Agoma, where the three rigs are currently positioned, before moving to Kalayi once the initial sequence of drill holes is completed.
Severfield 29.1p £88.26m (SFR.L)
The structural steel Company announces its results for the six-month period ended 27 September. Revenue was down 18% to £206m, while underlying profit before tax was down 96% to £0.6m, reflecting lower volumes and challenging market conditions. Net Debt was reduced to £21.7m from £43.1m, including amortising term loans of £13.8m. In the UK and Europe, the market for structural steelwork remains subdued and competitive bidding environment continues to drive tighter prices, however Tendering activity is improving, principally in the distribution and data centre sectors. There are large-scale projects coming to market, particularly for FY27 and beyond. The Company continues to identify new markets, positioning itself in India, which has an encouraging outlook for structural steel. The Group is on track to achieve its full year earnings expectations and has good visibility over H2 revenues through orders already secured in the order book. The order book stands at £429m at 1 November, with £324m due for delivery in the next 12 months.
TPXimpact Holdings 17.00p £14.18m (TPX.L)
The technology-enabled services Company focused on people-powered digital transformation reports Interims to September. Revenue decreased 4.3% to £36.2m, while Gross profit margins increased to 31% from 26.2%, reducing the operating loss to £1.1m from £3.4m and the adjusted EBITDA is up 39% to £3.2m. The Company is approaching the end of a three-year turnaround plan which has materially improved operating efficiency and all key profitability metrics improved. Investment continues in Business Development, Account Management and aligning marketing activities with a simplified operating structure of three business units. There is much improved profit conversion and reduced debt to £7.0m from £8.5m. The Board reaffirms adjusted EBITDA outlook for 2026 of £6-7m.
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