* 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:
Yesterday (22nd July), Fd Technologies (FDP.L) left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
Banquet Buffet****
Caspian Sunrise 2.15p £50.6m (CASP.L)
The oil and gas exploration company with interests in the BNG Conract Area in the Pre Caspian basin in Western Kazakhstan reports that a further approximately $7m has been received in connection with the disposal BNG Contract Area's shallow MJF and South Yelemes structures bringing the total received to date to approximately $69.1m of the $88m total consideration. Formal completion of the Disposal is expected before the end of August 2025, following the transfer of various operational consents and licences. Of the remaining approximately $18.9m due, approximately $5.1m is due to be received over a 12 month period commencing 6 months after formal completion and a further $13.8m is due to be received quarterly over the next 5 years to match the obligations relating to the remainder of the original $32m MJF Historic Costs assessment.
Christie Group 110p £29.19m (CTG.L)
The agency and advisory business, published several Mid-Year Reviews, highlighting positive investment conditions across several of its core sectors. The Reviews reflect on specific market conditions and sentiment in sector specialisms, including Childcare & Education, Retail & Leisure, Pubs & Restaurants and Hotels. The Care, Dental and Pharmacy Market Review is expected to be reported in the autumn. There are numerous opportunities that exist for buying, selling, financing and insuring businesses despite the geopolitical uncertainty as investment into these sectors continues to prove attractive.
Cyanconnode 7.75p £26.9m (CYAN.L)
The provider of narrowband RF smart mesh networks for smart metering and IoT applications reports for the FY March 2025. Revenue is 24% lower at £14.2m in FY25, largely because of delays in deployments outside of the Group's control. As a result of this, gross profit is reduced to £4.9m from £5.6m, despite an increase in the GP margin to 35%. The Loss before tax decreased to £3.7m from £4.2m in FY24. The increase in cash and other financial assets to £5.8m in FY25 from £0.8m is after a short-term loan for £5m from significant shareholder, Axia Investments Ltd and a capital raise of £5.4m in September 2024.
The innovator in plant-based specialty polymers used to decarbonise everyday consumer products, reports that trading the six months to June 2025 is in line with Board expectations. These are for a record half year results with revenues up 73% to $4.8m compared to H1 24, and gross profit margin were maintained. The increase was led by an 87% surge in cleaning products with Itaconix's scale inhibitors in detergents and initial success with the Company's SPARX formulated solutions. The net cash and investments in June 2025 is $5.7m, is down from $7.8m in 2024, largely reflecting investments in raw material and finished goods inventories. In June 2025, BIO Asterix, was launched and is a new line of specialty monomers and binders targeting the high-value paints, coatings, and adhesives sectors. In July the global supply and marketing collaboration with Croda Inc was extended and the updated agreement includes a new Itaconix ingredients for odour control in fabric cleaning.
Manx Financial Group 24p £28.73m (MFX.L)
The holding company providing a range of diversified financial services to the Isle of Man and UK announces new lending agreements. Its wholly owned subsidiary Payment Assist Limited (PAL) has entered into five new key partner lending agreements. These five agreements are with car lenders including the Retail Automotive Alliance Ltd (RAA) whose member network collectively ranks as the fourth largest car retailer in the UK. Through this partnership, PAL is actively engaging with RAA members to deploy Buy Now Pay Later finance solutions across their service and repair centres. These five agreements are expected to increase annual advances by £27m and drive additional revenue growth of over £5m. Monthly advances in the first six months increased by 36% to over £19m.
MyHealthChecked 12p £6.1m (MHC.L)
The consumer home-testing healthcare company reports a partnership agreement with Patients Know Best. This will enable customers using. MHC’s at-home Blood and DNA tests to access their laboratory test results via the NHS App and runs for an initial three years. The NHS App is live with 22 of the Integrated Care Systems in England and one Health Board in Wales gives patient a single source of health information helping to make informed decisions.
Personal Group 318p £97.34m (PGH.L)
The workforce benefits and insurance provider, updates on trading for the six-months to June 2025. Revenues are up 11% to £23.3m with more than 90% recurring producing a 41% increase in EBITDA to £5.5m. There were record new H1 insurance sales of £7.4m, up 7% on previous year. The cash position remained firm with £26.9m in June 2025, compared to £27.4m for YE Dec 2024. There is a growing product offering and expanding partner programme, supported by a strong balance sheet. The momentum has continued to build across the business, with another record period for insurance sales with new customers and partners.
Software Circle 28.6p £111.56m (SFT.L)
The serial acquirer and operator of Vertical Market Software businesses reports finals for the FY March 2025. Revenue increased 12.9% to £18.3m making a reduced loss to £0.4m from a £2.4m loss in 2024. There is net cash of £2.2m compared to debt of £6.9m. The focus is on mission-critical systems, deeply embedded in the day-to-day workflows of users. Three acquisitions have been made - The Brand Experience Ltd, Link Maker Systems Ltd and Total Drive Ltd. A £16.7m debt facility is secured to extend deployable capital which is ‘dry’ powder for future acquisitions.
Shield Therapeutics 4.45p £46.36m (STX.L)
The commercial-stage pharmaceutical company specialising in iron deficiency, updates on Q2 2025 trading. Reporting revenues from its lead product ACCRUFeR doubled to $12.8m, since Q1 2025 revenues of $6.4m. ACCRUFeR total prescriptions grew strongly to c. 47,000 prescriptions with an average net selling price of $231 compared to c. 36,800 and $187 respectively in Q1 2025. The increase in cash balance to $10.8m compared to Q1 2025 was primarily driven by the milestone payments. The building momentum behind ACCRUFeR is going into the 2nd half of the year reinforcing belief of the significant market potential. The Company remains on track to achieve its prior guidance of turning cash flow positive by the end of 2025.
The ground engineering contractor, reports on the continuing operations for the FY April 2025. Revenue at £130.5m is 6.2% lower and PBT reduced to £4.6m from £7.1m for the comparable period. The net funds at £1.1m are down from £5.5m but a 1.2p dividend is being maintained. The Board believe this is a resilient performance delivered against a backdrop of uncertainty and headwinds with the residential sector softness and significant delays to the Building Safety Act approvals process. Order book has grown to £41.5m as at 30 April 2025 (30 April 2024: £35.1m), and increased to £52.7m as at 30 June 2025 (30 June 2024: £35.3m). The Board remains confident in achieving the recently revised market expectations for the current year
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