* 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, announced the price range for its planned Main Market 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. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. 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****
Centaur Media 41p £60.4m (CAU.L)
The international provider of business intelligence, learning and specialist consultancy has announced that the group has signed an unconditional sale and purchase agreement with Haymarket Media Group Limited for the sale of MWCR Limited, being the operating company of Marketing Week, Festival of Marketing and Creative Review, for an enterprise value of £3.9m. The consideration for the Transaction is £3.9m, will be received in cash later today. The Transaction follows the sale of MiniMBA by the Group which completed on 18 July 2025 and the sale of The Lawyer announced on 11 September 2025. The disposals are a consequence of the announcement on 12 December 2024 stating that, led by Martin Rowland, Executive Chair, the Board were to review Centaur's business operations and strategy and to maximise shareholder value.
Cobra Resources 4.15p £38.5m (COBR.L)
The mineral exploration and development company announces its financial results for the six months ended 30 June 2025. Continued staged aircore and sonic resource drilling at Boland confirmed increased continuity of rare earth mineralisation within the Palaeochannel system, while lab-scale production of first mixed rare earth carbonate produced industry standout grades, low impurities, and strong recoveries. The Palaeochannel landholding expanded by 36% to c3,365 km sq through licence acquisitions, adding highly prospective palaeochannel ground in the same geological setting as Boland.
Eco Animal Health Group 93p £62.8m (EAH.L)
The global animal health company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, announced an update for the six months ending 30 September 2025. Trading in the first half of this financial year has been significantly stronger compared to the same period last year despite currency headwinds and tariff challenges, with an expected increase in revenue of over 15% (H1 2025: £33.2m). This revenue strength has been particularly evident in the China/Japan segment (greater than 40% growth) and North America (greater than 25% growth). Continuing strength in Brazil has been offset by some weakness elsewhere in Latin America. The South East Asia region has recovered much of the ground lost in the prior year. The Company also expects to report improved gross margins for the period, which will translate into a material increase in adjusted EBITDA compared with the first half of the prior year (H1 2025: £0.4m).
First Tin 6.15p £27.8m (1SN.L)
Saxore Bergbau GmbH, a wholly owned German subsidiary of First Tin plc, listed in London and Frankfurt, will participate in an EU-funded XTRACT consortium project to demonstrate that indium can be extracted directly from the ore body using bioleaching. The XTRACT consortium consists of 14 research and development partners with a total budget of approximately EUR5m, of which cEUR0.2m is allocated to the German pilot site of Saxore. Saxore has signed an agreement with the operator of the Zinnkammern Pohla e.V. visitor mine to cooperate on the implementation of the research project. The owner of the Pohla mine, the state-owned Wismut GmbH, has also given its approval for the joint use project. The popular visitor mine, which boasts the largest tin chambers in Europe, provides researchers from the TU Bergakademie Freiberg and project partners with safe access to the deposit. Work can begin underground as soon as approval has been granted by the Saxony Mining Authority.
GENinCode 4.85p £13.9m (GENI.L)
The predictive genetics company focused on the prevention of cardiovascular disease and risk of ovarian cancer announces its collaboration with the North Central London Cancer Alliance and University College London Hospitals NHS Foundation Trust, which becomes the first hospital trust in the UK to provide the Risk of Ovarian Cancer Algorithm surveillance test service as part of its Familial Cancer Clinic. The service, in line with new NICE guidance, is for women who have a high risk of ovarian cancer due to inherited BRCA1 or BRCA2 gene alterations, who wish to defer preventative surgery.
Kazera Global 1.6p £15.9m (KZG.L)
The AIM-quoted investment company, provided an operational update on its subsidiary, Deep Blue Minerals, located in Alexander Bay, South Africa. The announcement follows Kazera's 2 September 2025 update which reported the successful completion of diamond plant optimisation and the commencement of initial test recoveries. The company completed the first full-scale test run and confirmed that the newly installed diamond Final Recovery Plant is performing to expectations, showing processing potential of up to 20 tonnes of gravel per hour. The company also processed 150 tonnes of in-field screened material to date, including the c.100 tonnes reported on 2 September 2025, as well as recovering 133 diamonds weighing a total of 68 carats, including a 6.13-carat stone with an average stone size of 0.51 carats.
PHSC 10p £1.2m (PHSC.L)
The provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, provided an update ahead of its Annual General Meeting to be held today. The Board notes that the group's unaudited consolidated management accounts show revenues for the five month period to 31 August 2025 of approximately £1.31m, compared to £1.32m for the equivalent period last year. While revenues were broadly in line, cost of sales and general overheads were marginally higher compared to the same period last year. LBITDA for the five-month period to 31 August 2025 was £52k, a reduction of £60k when compared with EBITDA of £8k for the same period last year. This was mainly due to increased PLC costs for additional support with finance and operations and certain board changes. A more detailed update will be provided in the forthcoming unaudited interim results for the half year, expected to be published in mid November 2025.
Polarean Imaging 0.625p £6.94m (POLX.L)
The commercial-stage medical device leader in advanced magnetic resonance imaging of the lungs reports interim results to June 2025 and updates on guidance for 2025. Revenues declined to $0.6m from $1.1m, reflecting the challenging US market for capital equipment. Consumable sales for H1 2025 increased by 36% due to increased utilization by existing customers although unlike last year there were no Xenon MRI system sales. The loss before tax increased to $5.1m from $4.0m. Cash and cash equivalents was US$7.3m as at 30 June 2025 (31 December 2024: US$12.1m) and management continues to expect this to support operations through to the end of Q2 2026. The guidance for the current year, however, is to achieve a similar level of sales to 2024’s $3.1m.
Portmeirion Group 124p £17.1m (PMP.L)
The global homewares brands group announced its results for the six months ended 30 June 2025. Revenue increased 1.3% to £37.1m (H1 2024: £36.6m) despite the significant disruption caused by US import tariffs. Headline loss before tax was £2.8m (H1 2024 £2.0m) also due to significant disruption from tariffs in the company’s largest and most profitable market, with net profitability in the USA also down $0.8m. Free cash flow improved by £2.4m, however net debt increased by 10.4%.
Zoo Digital Group 11.75p £11.5m (ZOO.L)
The tech-enabled localisation and digital media services partner to the global entertainment industry made a trading Statement at today’s AGM. The Chairman commented that ZOO is well placed to capitalise on the growing demand from streaming platforms for localisation services within reduced timeframes, and the increased use of AI. Revenues for H1 FY26 are expected to be on target at approximately $22m, with the revenue from higher margin media services and subtitling expected to grow by 20%. The cost savings implemented are being realised, and the favourable revenue mix has improved profitability. The Group is continuing to normalise its working capital position.. It recently successfully completed a dubbing project in 24 hours, compared with 2-3 weeks which is more typical in the industry, and integrated AI for a key customer. Further consolidation in the industry means customers are working with a smaller number of genuine end to end providers, such as ZOO.
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