* 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, 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. Beauty Tech Group plc announced the price range for its planned IPO at 251 to 291 pence per Share, implying an estimated market capitalisation at Admission of between approximately £280m and £320m. The Offer comprises up to 11,553,785 new Shares to raise primary capital of approximately £29m, to ensure a debt-free position at IPO with sufficient working capital, and up to 29,316,398 existing Shares to be sold by shareholders of the Company, subject to pricing. It is currently expected that Admission will occur in October 2025.
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, which as updated yesterday on 23 September, is expected to occur on around 23 October 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****
Accsys Technologies 67.00p £169.89m (AXS.L)
The supplier of premium, high performance, and sustainable wood building materials, updates on Trading for the five months to August 2025 ahead of its AGM. Trading is strong with revenue 22% higher at EUR71.6m although in line with management expectations. Accoya USA is at an inflection point with 55% year-on-year growth in North America demonstrating positive momentum in the Accoya USA JV. This is driven by expanded distribution and accelerated sales following the start-up in 2024. The positive momentum across all regions is accelerating demand for the high-performance, differentiated products, and increasing utilisation of the Company’s facilities.
Chapel Down Group 42.50p £72.04m (CDGP.L)
The English vineyard and wine producer reports interims to June 2025. Revenue increased 11% to £7.9m, with lower gross profit margins at 46.1% from 48.0%, and a reduced EBITDA of £1.2m compared to £1.6m. The operating loss is £318k compared to a £218k profit, with an increase in net debt to £11.3m from £5.8m. A New executive leadership team has been appointed and stated that with over 1,000 acres of vineyards already planted in some of Kent's finest terroir, Chapel Down has laid the foundations for sustained profitable growth in the medium-term. Chapel Down has also announced a NED change today that Martin Glenn, Chair of the Board since 2020, further to its announcement of 31 July, has stepped down as Chair and Director of the Company, and Michael Spencer has been formally appointed as Chair, immediately.
Cordel Group 6.85p £14.86m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics reports a track innovation partnership with Transport for London (TfL). Cordel is conducting an initial Proof of Concept project with TfL to demonstrate the technical capabilities of LiDAR AI technology. The key aspects of the project include capturing point cloud data along the complete Central line route and processing it through Cordel's AI platform. This will enable maintenance to be optimised with the minimum downtime. Cordel will provide automated, AI-enhanced outputs to TfL, data deliverables, together with accurate geolocation and access to the Cordel Connect Data Management Platform. The Company is confident that the automated scanning and analysis will provide a compelling business case for TfL, showing the value of integrating Cordel technology onto London Underground trains.
Directa Plus 10.50p £10.96m (DCTA.L)
The producer and supplier of graphene-based products for use in consumer and industrial markets reports interims to June 2025. Revenue increased 15% to EUR3.9m, with an improved margin to 54% from 52%, reducing the EBITDA loss to EUR1.3m from EUR1.8m. The loss before tax decreased to EUR1.66m from EUR2.48m. Net cash reduced to EUR2.97m from EUR4.98 and cash discipline remains a key priority, with management carefully balancing investment in growth with financial sustainability. The revamping of the Group's production line is due to be fully commissioned in Q4 2025 and will deliver a fully automated and scalable facility capable of processing multiple precursors. New project wins include a contract worth up to $1.5m for offshore tank cleaning in the Black Sea with several strategic contract renewals also secured, including Ford Otosan, Cummins, and Metchem. Trading in H2 started well and the Board remains confident that FY25 EBITDA will show a material year-on-year improvement.
Dianomi 22.50p £6.76m (DNM.L)
The provider of targeted digital advertising services to premium clients in the Business, Finance, and Lifestyle sectors reports Interims to June 2025. Revenue decreased 7% to £13.2m reflecting lower publisher traffic levels and softer advertiser demand in a challenging market environment. The Gross margin marginally declined to 25.5% from 26.2% and there was an EBITDA loss £0.6m against a £0.1m EBITDA profit. The net cash of £5.7m reduced from £8.8m and there are no borrowings. The strengths of the Dianomi platform is that no other digital ad company can offer the same premium collection of leading US financial mega-brands under one roof. Operational highlights include 43 new high-quality advertisers which is 59% up on last year and two major publishers were added to the platform. The pipeline of new advertisers is building although revenue in July and August was flat year on year, but positive signs from new budgets commencing in September indicate a stronger second-half.
IntelliAM AI 110.00p £21.06m (AQSE:INT)
The software Company leveraging the power of AI and machine learning in the manufacturing industry announces that it has signed a Co-Development Partnership Agreement with a global engineering manufacturer. The partnership is to forge the commercial integration of advanced artificial intelligence and industry-leading lubrication technology. This should establish a new standard in connected maintenance solutions by embedding AI and machine learning into the manufacturer's lubrication systems. Customers benefit from predictive insights, optimised machine performance, reduced downtime, and lower total cost of ownership. The CEO states that the agreement represents a transformational milestone.
Made Tech Group 35.5p £60.46m (MTEC.L)
The provider of digital, data, and technology services to the UK public sector reports final for YE May 2025. Revenues increased 29% to £46.4m, while the gross margin reduced to 32% from 34%, which was compensated by improved productivity and cost control to produce a PBT of £2m against a loss of £0.3m. The net cash is 36% ahead at £10.4m as there is no debt and positive free cashflow. There is a 128% increase in sales booked to £82.1m reflecting the focus on client delivery. The UK Government emphasising the significant role technology will play in delivering its priorities increases the Group’s confidence for long term growth.
Quantum Blockchain Technologies 0.68p £10.62m (QBT.L)
The investment company focusing on a R&D and investment programme within blockchain technology reports interims to June 2025. The primary goal of the R&D programme is to develop Bitcoin mining tools and techniques, via its technology-driven approach, which the Company believes will significantly outperform existing market practices. The is no revenue and losses increased to EUR1.54m from EUR1.34m and the net liabilities reduced to EUR4.5m, compared to EUR5.4m for December 2024. The Group’s cash position was EUR1.7m, compared to EUR0.6m at December 2024. Management reports that the careful financial management and expanding commercial engagement positions QBT to become a key enabler of next-generation Bitcoin mining solutions.
Seeing Machines Limited 2.64p £124.77m (SEE.L)
The advanced computer vision technology Company designs AI-powered operator monitoring systems to improve transport safety announces that it has signed an Agreement to deliver Guardian Generation 3 to its first 'referral customer' from Mitsubishi Electric Automotive America (MEAA) agreement. This initial deal is with a modest sized family-owned company and was completed more rapidly than the standard sales cycle. This shows the benefit of the Referral process and is one of several promising opportunities currently being pursued. The CEO stated the relationship with MEAA across the Americas is opening more doors in this competitive market.
Time Finance 55.50p £54.58m (TIME.L)
The independent specialist finance provider reports finals for YE May 2025 and a Q1 Trading update. Despite wider macro-economic headwinds, Revenue, Profit Before Tax, and EPS all saw double-digit growth, with PBT and EPS both showing growth more than 30% growth. Revenue of £37.1m increased by 12% and PBT at £7.9m increased 34%. There is strong growth in secured lending with both the 'Hard' subset of the Asset Finance division and the Invoice Finance division up 31% to £111m and 8% to £70m respectively year-on-year. There is a continued focus on spread and diversification with no single industry sector making up more than 15% of the lending book, and the top ten sectors less than 35% of the book. The Q1 trading continued with strong demand for the Group's multi-product funding offering which has resulted in further growth across all key financial metrics. The lending book has grown for seventeen consecutive quarters, while the continued lending discipline has delivered unchanged levels of arrears and write-offs.
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.