* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
Admissions:
None
Delistings:
Britvic (BVIC.L) has left the Main Market following its takeover by Carlsberg.
What’s baking in the oven?
Potential** Initial Public Offerings:
Cardiogeni PLC has announced its intention to IPO on the AQSE Growth Market. The Group’s platform technology is developing a new class of life-saving cellular medicines that enables the creation of unique (living) cells that are engineered with a therapeutic function. The Group’s lead product, CLXR-001, is a patented engineered cellular medicine to treat heart failure patients which is administered during coronary artery bypass grafting surgery. The Group’s novel technology was developed in-house by Professor Sir Martin Evans and is protected by a portfolio of circa 100 international patents and trademarks. Expected Admission is 31st January; market capitalisation and amount raised remains TBC.
Banquet Buffet****
CAP-XX Limited 0.1475p £8.5m (CPX.L)
The Company involved in the design and manufacture of thin, prismatic supercapacitors and energy management systems announced that the Australian Tax Office has approved the Company's R&D tax credit of A$1.23m (net) and these funds have been received by the Company.
CleanTech Lithium 14.75p £12.4m (CTL.L)
The exploration and development Company advancing sustainable lithium projects in Chile announces an updated resource estimate for its Laguna Verde project that has been included by the Chile Government as one of the six salar systems to be prioritised for development. The total updated resource is 1.63m tonnes of Lithium Carbonate Equivalent (LCE), at a grade of 175 milligrams per litre (mg/l) lithium, of which 0.81m tonnes is in the Measured + Indicated category at a grade of 178 mg/l lithium. This current resource estimate is based on the proposed polygon area included in the Company’s recently submitted application for a Special Operating Contract for Lithium. Lithium concentrations obtained in the 2024 campaign were below the average grade of other exploration wells impacting the average lithium grade of the resource.
Cordel Group 7.75p £16.8m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announced a new partnership with VRSD, a subsidiary of Vossloh AG. VRSD is engaged in railway related services, with expertise in rail infrastructure and rail technology markets. It provides various types of rail services and has at its disposal technical capabilities and expertise relating to stationary and mobile machines as well as personnel for railway services. In order to assess the technical capabilities of Cordel LiDAR and AI technology deployed on VRSD grinding machines, Vossloh AG and Cordel are conducting an initial Proof of Concept project. Key aspects of the project, beyond establishing technical feasibility, include a joint market strategy, extended fleet integration, data insights, data-based consulting for end customers and profit-sharing, all aimed at maximising value for both parties.
Croma Security Solutions Group 90p £12.4m (CSSG.L)
The Company engaged in providing security services announces the following update on trading for the first six months of its financial year ending 30 June 2025. During the six month period, the Company expects to report revenue of £4.6m (H124: £4.27m), up 8% on the previous year. The Company reports trading is firmly on track to meet market expectations for FY 2025 as a whole. The Group has seen organic growth in both divisions across its core markets in the education, utilities, health and leisure sectors, with several new orders from existing clients, particularly in the healthcare sector. Croma has no debt and cash of £4.1m as at 31 December 2024, with a further £2.5m due from the disposal of Vigilant over the next six quarters.
The locator of subsurface resources provided the following trading update for the financial year ended 31 December 2024. The Company expects to report a 17% increase in revenues to £4.7m (2023: £4.0m). The Group orderbook as at 31 December 2024 was £4.1m (2023: £4.5m), with the slight reduction due to the successful unwinding of the contracted orderbook to revenue during the year. Annual recurring revenue (ARR) in FY24 was £2.9m (2023: £2.8m) with the management team continuing to focus on expanding ARR income through a subscription model and aiming to both add new clients and increase the scope of services and value-add provided to existing clients. As at 31 December 2024, the Company had net cash of £0.9m (including a £0.1m project security bond).
Powerhouse Energy Group 1.225p £51.4m (PHE.L)
The integrated technology Company that converts non-recyclable waste into low carbon energy together with a revenue generating engineering consulting division (Engsolve) announced that the Company has agreed to collaborate with Avioxx Ltd to integrate PHE's technology for its pilot scale facility to produce 200 tonnes per annum of Sustainable Aviation Fuel (SAF). Avioxx, based in London and Cheshire, has developed a patented process to produce SAF from non-recyclable wastes. Under the proposed collaboration, PHE will work with Avioxx on its pilot scale facility, Project Eden, which is expected to produce 200 tonnes per annum of SAF.
Sanderson Design Group 45.5p £32.8m (SDG.L)
The luxury interior design and furnishings Group announces a trading update for the financial year ending 31 January 2025. The Group's half year results announced on 16 October 2024 stated that the Board's expectations for the full year were reliant on a projected improvement in the trading environment. The Board now expects Group sales for the year to be approximately £101m (FY24: £108.6m), a shortfall of less than 5% to its earlier expectations, but the resultant sales mix will have a significant impact on full year profitability. The Board now expects underlying pre-tax profits for the year ending 31 January 2025 to be in the region of £4.0m to £4.8m. Net cash at 31 January 2025 is expected to be approximately £5m. The Group expects to announce its results for the financial year ending 31 January 2025 in April 2025.
Technology Minerals 0.12p £2.2m (TM1.L)
The Company focused on creating a sustainable circular economy for battery metals is pleased to announce that its 48.35% owned battery recycling business, Recyclus Group Ltd, has completed a programme to recycle fire-damaged lithium-ion (Li-ion) battery packs from an electric vehicle original equipment manufacturer (EV OEM). Recyclus processed complete vehicle EV Li-ion battery packs from the EV OEM after the batteries had been compromised by a thermal event. It marks the third new customer announced this month, including two majors in the automotive sector and a leading online retailer.
XL Media Group 10.25p £26.6m (XLM.L)undefined
The sports and gaming digital media Company announces that it will shortly be posting a Circular setting out the details of a proposed return of capital to Shareholders of up to £16.0m as an initial distribution from the proceeds of the asset sales related to the Europe Disposal and the North America Disposal. The Company expects to make a further distribution of capital to Shareholders in the second quarter of 2025. Further to its announcement on 16th December 2024, the Company is seeking to return up to approximately £16m (circa. $20m) of cash to Qualifying Shareholders by way of the Tender Offer. The Tender Offer will be conducted at a fixed price of 11.5 pence per Ordinary Share, which represents a premium of approximately 24 per cent. to the volume weighted average price of 9.27 pence for the one-month period ended 17 January 2025.
Zephyr Energy 3.5p £61.3m (ZPHR)
The oil and gas Company confirms that operations to drill the extended lateral on the State 36-2 LNW-CC-R well have commenced. The extended lateral will be drilled horizontally from near the base of the existing wellbore and will target an additional 5,500 feet of the Cane Creek reservoir. Drilling operations are expected to take approximately 30 days. Immediately after drilling operations have concluded, the Nabors rig will be demobilised at which point equipment for the completion and production testing of the well will be moved to site. It is currently expected that the results from the production test on the well will be available by the end of March 2025.
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