* 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:
Eckoh Plc (ECK.L) left AIM on Tuesday 21st.
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.
RC Fornax, the UK-based engineering consultancy for critical military platforms, announced its intention to IPO onto the AIM market. The Company was founded in 2020 by Paul Reeves and Daniel Clark, two Royal Air Force veterans with a combined service of over 24 years. The Company generated revenue of £6.5m in 2024, resulting in £0.9m EBITDA. The Company is seeking to raise approximately £5m through a placing. Valuation TBC. RC Fornax's Ordinary Shares are expected to admit to trading on AIM in early February 2025.
Banquet Buffet****
Afentra 51.4p £118.51m (AET.L)
The upstream oil and gas Company focused on acquiring production and development assets in Africa provides an operational and financial trading update for Y/E December 2024. The CEO called 2024 a transformative year, due to the successful completion of the Azule transaction which was for a 30% interest in Block 3/05 and a 21.33% interest in Block 3/05A. These asset acquisitions have delivered strong cash flow and, following the receipt of proceeds from the Q4 lifting, achieved acquisition payback. Good operational progress has been made in executing the redevelopment plan achieving improved production performance and a substantial increase in water injection capacity. The Azule transaction was complete without raising equity so preserving and enhancing shareholder value. Management is focused on continuing the
asset redevelopment strategy and remains on track to deliver long-term production growth.
Christie Group 110p £29.18m (CTG.L)
The professional business services group with 33 offices across the UK and Europe catering to its specialist markets in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors reported yesterday that it anticipates an improved full year operating profit for 2024 because of a stronger than anticipated end to the year in its Professional and Financial Services division. The Group now expects to report an operating profit, before exceptional items of more than £1.4m, which represents a £2m improvement from a first-half operating loss of £0.6m. The year ended with a positive cash balance of £4.9m as it received £4.0m of the proceeds from the sale of Orridge Holdings. There is caution moving into 2025, due to the uncertain impact of the increased tax burden, but underlying activity remains encouraging.
Cordel Group 7.88p £17.08m (CRDL.L)
The AI platform for transport corridor analytics announces Interims to December 2024. Total expenses increased by 12% as the Group executes on its strategy to invest in growth and despite this the EBITDA loss of £159k was a 72% improvement. The number of clients increased from 8 to 11 in the six months to December, including a new customer contract with Southeastern and Network Rail after the certification for Overhead Line Equipment. In the USA, there are new customer contracts with Genesee & Wyoming and Amtrak Metro-North. In Australia, a contact was extended with its largest freight operator. The net cash was slightly ahead from the prior period at £1m and management state that the first half is setting them up for a strong second half for both customer wins and technology development.
ENGAGE XR Holdings 1.88p £3.61m (EXR.L)
The immersive technology Company unveils its comprehensive education offering for the first time at the world-leading EdTech conference, Bett 2025, in London. The ENGAGE XR education package allows educators to utilise a comprehensive suite of teaching software to enable them to create and share content with pupils. Students can participate in virtual field trips, explore historical events, and engage in hands-on science experiments using curriculum-focused content, all within a safe and controlled digital space. Significant growth opportunities are anticipated in the global education sector as the price of headsets continues to fall.
Ilika 21.5p £35.13m (IKA.L)
The pioneer in solid-state battery technology yesterday reported its half-year figures to October 2024. Total revenue was £1.0m which was mainly grant funding of £0.9m and it is comparatively lower from £1.3m on the prior period. The EBITDA loss was unchanged at £1.9m as was the Operating Loss at £3.1m. Significant progress has been made with both Stereax and the Goliath battery brands. Stereax is a miniature solid-state battery (SSB) for powering medical devices and industrial wireless sensors in specialist environments. It should commence revenues in 2025 following the licensing agreement Cirtec. Goliath is a large-format solid state cell for electric vehicles (EVs) and compact cordless appliances. It has passed safety and performance development milestones and is progressing towards the completion of the Minimum Viable Product (MVP) by the end of 2025. This should underpin licensing opportunities. After raising £2.3m the Cash is £10.1m, which supports the Stereax and Goliath roadmaps to commercialisation.
IQ-AI Limited 1.85p £3.99m (IQAI.L)
The parent company of Wisconsin-based Imaging Biometrics updates on operations. It is focused on the use of AI to help deliver quantitative imaging platforms and therapeutics that transform how clinicians diagnose and treat patients more efficiently and effectively. The imminent release of the new version of IB Clinic will include the incorporation of an AI model to improve diagnostic accuracy and speed. Based on positive results of its preclinical research, an FDA-approved Phase 1 trial of gallium maltolate for the treatment of patients with relapsed glioblastoma was initiated. The trial is nearing completion. It is estimated that the final patient (in the expansion phase) will be enrolled on the study by the end of the first quarter or early in the second quarter of 2025 and that a full report to the FDA will follow.
Itaconix 157.5p £20.9m (ITX.L)
The innovator of plant-based specialty polymers used to decarbonise everyday consumer products gives a trading update for Y/E December 2024. It is in line with expectations with Revenues of $6.5m and an increase in gross margins to c. 35% from 31%. Revenue diversification has improved significantly, with increased contributions from a wider array of products across a broader customer base. The Cleaning Sector remains a key strength and leading source of revenue. It is increasingly able to provide North American brands with new generations of consumer products with ten new products expected to be launched. Net Cash is $6.7m and although down from $10m should be sufficient to fund growth. The Board believes it is well positioned to become a higher margin specialty ingredient business.
The Mission Group 32.5p £29.82m (TMG.L)
The Brand Performance Group comprising of digital marketing and specialist communications Agencies
yesterday provided a resilient trading update for the December 2024 Y/E. It expects to report a 2% rise in revenue of £88m and, resulting from its diligent cost control, operating profit is expected to be circa £9.1m which is up approximately 38% on the prior year and in line with market expectations. Headline operating margins are expected to be 10.5% for FY2024, an improvement of 40% on FY2023. Net debt, following receipt of the proceeds of the disposal of April Six, was £9.4m and there is a further £4.2m due as part of earn out payment. There is a commitment to return up to £1.5m to shareholders by way of an on-market Share Buyback.
The Revel Collective 0.3p £6.01m (TRC.L)
The operator of premium bars and gastro pubs trading mainly under the Revolution, Revolución de Cuba and Peach Pubs brands, updates on Christmas and H1 trading. The like for like Christmas sales across the group increased 1.6% in the four weeks to January 3rd and a 32 weekly food and drink sales records were broken during the festive period. The Peach Pubs brand performed the best, while sales, however
in the Revolution brand, the late-night market continues to be challenging and has not recovered as quickly as anticipated. Lower Sales in sales in H1 and higher costs arising from the Budget will affect the final quarter of the financial year and EBITDA is expected to be in the range of £2.0-4.0m. Net debt on 21 January 2025 was £14.4m and while there is headroom in banking facilities, the discretionary spending and capital investment will be restricted. The chairman stated that ‘recent budget announcements are regressive and offer no clear pathway for economic growth within the hospitality sector’.
They are looking forward to being able to implement new sales initiatives, including launching the new brand proposition for Revolution.
Transense Technologies 152.50p £24.35m (TRT.L)
The provider of specialist sensing solutions and measurement systems announces a trading update for the six months to December. Its strong revenue growth provided opportunities to invest in operational capabilities in anticipation of further growth. So, while revenue was 37% ahead and gross margins were maintained at 87%, the Operating expenditure has increased reflecting planned investment. Consequently, net earnings are expected to be approximately 20% below the Prior Period, but with payback anticipated in the second half of the financial year. All three business segments have increased new business opportunities, and the full year outcome is in line with expectations.
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