* 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?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market. The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group's own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, is expected to occur prior to 31 December 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. Deal details TBC and Admission expected late September 2025.
Banquet Buffet****
The media investor analysis company provide a trading update ahead of interims to June 2025 to be reported on 29 September. The North America operations, which represent approximately 85% of the Group’s revenue have experienced a negative impact on client spending and decision-making due to the uncertain macroeconomic environment. As a result, the Group now expects to report full year revenues in the region of £75m, in line with 2024 revenues, and an adjusted operating profit in the region of £5.5m. The Group maintains a robust financial position with cash balances of £8.9m as at 30 June 2025, with comfortable headroom above covenants and £11m of undrawn facilities. The Group has restructured the North American leadership team and is implementing targeted cost savings to improve profitability.
Hemogenyx Pharmaceuticals £15.575 £83.6m (HEMO.L)
The clinical-stage biotechnology company announces that it has signed a Letter of Intent with Cellin Technologies OU, an Estonian cell therapy company, to explore the commercialization of the Company's HG-CT-1 CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia through the hospital exemption pathway under Estonia's Medicinal Products Act. The collaboration represents the first potential near-term revenue opportunity for HG-CT-1.
The full-service early phase Contract Research Organisation and provider in human challenge clinical trials, announces its unaudited interim results for the six months ended 30 June 2025. Revenue of £24.2m (H1 2024: £35.6m), in line with expectations of £47m for the full year. These revenues include £5.2m and £0.3m revenue contribution from CRS and Cryostore respectively. EBITDA is at £3.0m, compared to H1 2024 which was £8.7m, while the EBITDA margin was 12.5%, down from 24.5% in H1 2024. The company recorded cash of £23.3m as at 30 June 2025 down from £37.1m in June 2024 reflecting the acquisition purchases made during the year.
Safestay 22.5p £14.6m (SSTY.L)
The European Hostel group reports Interims to June 2025. Revenue from continuing operations declined to £10.1m from £10.7m reflecting the challenging and competitive trading environment while food and beverage sales increased 10% to £1.1m. The adjusted EBITDA from continuing operations fell to £2.3m from £3.2m due to higher staff costs and cost inflation causing a decline in EBITDA margin to 23.3% from 29.9%. Although the PBT from continuing operations increased to £591,000 against a £113,000 loss, it reflected the receipt of an insurance claim. Net cash decreased 23.8% to £1.7m from June last year with a net asset value 47.8p against 49.8p. The Group’s revenue is typically second half weighted, and the Company is experiencing significant price pressures which are impacting revenue.
Switch Metals 10p £11.8m (SWT.L)
The critical metals focused mining company with assets located in Cote d'Ivoire, announces the completion of its pitting and soil sampling programme on the second Mineral Resources Estimate target area of its 100% owned Badinikro Issia Project. Work on the MRE 2 target area covered an additional 1.3 km2 of exploration alongside the initial MRE 1 target area of 2.5km2. These target areas form part of Permit PR0895 which covers an area of 112 km2 of the 1,015 km2 district-scale Issia Project. The Company's plan is to define a resource and complete technical and economic studies on the shallow surface coltan placer deposits in the near-term, in parallel with demonstrating further upside potential in the deeper hard rock targets.
Mast Energy Developments 151p £35.8m (MAST.L)
The UK-based multi-asset operator in the Reserve Power market announces that, further to its RNS announcement dated 31 July 2025, that the Company's 100% owned Pyebridge 8.1 MW operational flexible generation power asset has significantly boosted its income with a guaranteed 15-year Capacity Market contract. The UK Capacity Market is a government-backed scheme designed to ensure security of electricity supply by providing guaranteed income payments to reliable sources of capacity, such as MAST's flexible generation power assets. Assuming that the upcoming T-4 CM auction price clears at the same price as last year of £60k per MW/annum, which is expected, means that Pyebridge's new CM contract will have a cumulative total guaranteed gross profit income value of c. £6.5m (before annual inflation increases), in addition to the c. £1.7m of its existing CM contracts., totalling c. £8.2m.
N4 Pharma 0.75p £6.2m (N4P.L)
The UK biotech developing Nuvec, its proprietary gene delivery system to enable advanced therapies for cancer and other diseases, has announced a collaboration with CMAC, based at the University of Strathclyde in Glasgow. CMAC is an international manufacturing research centre with a unique configuration of academic research, applied projects and pre-competitive programmes. Working with industry partners, academic institutions and innovation collaborators, CMAC's mission is to transform medicine development, manufacture and supply.
Pharos Energy 23p £94.7m (PHAR.L)
The independent energy company with assets in Vietnam and Egypt, has announced that it has received approval from the Executive Board of the Egyptian General Petroleum Corporation for the consolidation of the El Fayum and North Beni Suef Concession Agreements into a new consolidated concession agreement. Pharos will retain a 45% working interest in the Consolidated Concession, with IPR Lake Qarun Company continuing as operator with a 55% working interest. In addition to the 12 development leases of the EF and NBS concessions, the Consolidated Concession will include three new exploration areas.
Tap Global Group 1.95p £14.5m (TAP.L)
The innovative digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app, provides a trading update for the year ended 30 June 2025. Revenues are expected to be approximately £3.44m, an increase of 30% on the prior year. Tap Group's income for the year will be further boosted by approximately £0.42m of other income from the recovery of Bitcoin announced on 30 May 2025. This performance reflects continued user growth and product momentum across the platform. With the benefit of the Bitcoin income, and after stripping out one-off expenses associated with the AIM listing in June 2025 and non-cash share option expenses, the Directors expect Tap Group to be materially EBITDA positive for the full year.
The Artisanal Spirits Company 42.5p £30.3m (ART.L)
The creator of limited-edition whiskies and experiences around the world, and owner of The Scotch Malt Whisky Society, Single Cask Nation, J.G. Thomson and Artisan Casks has successfully concluded negotiations and signed a new financing agreement with Santander plc to replace, and on preferential terms to, its current revolving credit facility which was due to expire on 19 June 2026. The key elements of the improved Asset Based Lending Facility with Santander plc are: £35m facility availability, a 2.05% headline margin rate, and a four-year term to September 2029. The new agreement increases the facility by £13.5m, reduces the headline margin rate by 20bps, and includes no financial covenants over the four-year term.
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