* 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: None
Yesterday’s dish of the day
Admissions:
25th March: Supersearch Plus (ASQE:SUP) the holding company of a Hong Kong-based frozen seafood importer and wholesaler which specialises in offering a diverse and wide range of frozen seafood products with more than fifty product varieties joined the Access segment of the AQSE market. It raised approximately £279k at a price of 10p per share.
Delistings:
25th March: Hargreaves Lansdown (HL.L) delisted yesterday 25th March, from the Main Market.
What’s baking in the oven?
Upcoming Market Movers:
6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. It is expected that the last day of dealings in the Ordinary Shares on the Main Market will be 28 March 2025. Dealing in the Ordinary Shares is expected to commence on AIM, at 8.00 a.m. on 31 March.
Potential** Initial Public Offerings:
17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market. The Group is seeking to raise up to £125m to provide growth capital for the Company as well as enabling a sell down by certain partners. Alongside the Placing, the Group intends to launch a retail offer to raise up to approximately £6m.
17th March: Quantum Base, the quantum science Company, announced its intention to apply for Admission to trading on the AIM Market during April 2025. Quantum Base is a quantum science company creating a new global standard in authentication through its patented Quantum Identities - near unbreakable and non-replicable authenticity tags that can be applied to a vast array of products, significantly mitigating counterfeiting, and can be authenticated with a smartphone. The Company is seeking to raise between £3m-£5m through a placing, alongside a retail offer.
18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected 2 April.
Banquet Buffet****
Aeorema Communications 43p £4.17m (AEO.L)
The strategic communications Company announced interim results to December 2024. Its revenue improved 9.8% to £7.2m, while its loss before tax reduced by 51% to £119,104, cash at December was £2.75m. Driving the improved performance were cost reductions and the continued growth at Cannes Lions International Festival of Creativity. Since the period end, its secured the Global Economic Forum in Davos which is expected to open new opportunities in the financial and professional service sectors. Management forecasts an underlying profit before tax for FY June 2025 of no less than £550,000 (FY2024: £437,000), and a reported profit before tax of no less than £350,000 excluding one-off restructuring costs.
Aptitude Software Group 271p £151m (APTD.L)
The provider of finance transformation software solutions specialising in autonomous finance reports FY December 2024 numbers. Revenue of £70m was 6% lower, of which there was an increase of 7% of recurring revenue to 78%. The Adjusted Profit Before Tax improved 2% to £9.9m giving an EPS of 8.8p, net cash is £20.3m after spending £4m on share buybacks and it will be paying an unchanged 5.4p dividend. Management is transforming the business to enable long-term, scalable growth, by embedding a new operating model.
DigitalBox 4.35p £5.13m (DBOX.L)
The mobile-first digital media business whose websites include Entertainment Daily, The Daily Mash, The Poke, The Tab and TV Guide yesterday reported finals to December 2024. Revenues improved 30.6% to £3.65m, with a 41.6% increase in EBITDA to £0.624m, and its net cash is 20% higher than last year at £2m. The expanded portfolio is more balanced with eight trading brands, including the recently launched Royal Insider and Reality Shrine. There was particularly strong growth reported in the TV Guide whose traffic in Q4 increased 90%, while the Daily Mash subscriber revenue grew 108%. Management considers it is well-positioned in the open advertising market, with the agility to adapt in real time.
Lifesafe Holdings 9p £3.6m (LIFS.L)
The fire safety technology business with innovative fire extinguishing and prevention fluids and fire safety products has signed an exclusive global distribution agreement with two subsidiary companies of IDEX Fire & Safety. It is an exclusive global supply of the LIFS’s wholesale and industrial fire extinguishing and prevention products into the professional fire sector. There is no guaranteed minimum income, however Lifesafe estimates revenue of between £6-8m over the next three years. IDEX Fire & Safety has thoroughly tested the product and fluid ranges which will sell alongside their impressive brand portfolio of products. Lifesafe believes the agreement will rapidly open up new territories and market sectors.
Sareum Holdings plc 11.25p £15.02m (SAR.L)*
The biotechnology Company developing the next generation of kinase inhibitors for autoimmune disease and cancer yesterday reported Interims to December (H1 25). Cash at H1 2025 was £4.1m and after the period end, a further £1.07m was raised. The losses after tax are £1.2m in line with expectations after £1.7m of losses in H124, which included clinical trial activity. The lead candidate SDC-1801 successfully completed phase 1 as a potential new therapeutic for a range of autoimmune diseases and its IP position has been strengthened. Control of the licence for SRA737 as acquired and an Investigational New Drug application has been approved by the US Food & Drug Administration. Sareum renegotiated significantly improved economic terms, securing 63.5% of all future revenues compared to 27.5% under the former agreement. The additional funding secured in October 2024 has enabled further translational and preclinical development studies on SDC-1802. Management states important strategic advances enhancing the pipeline are being made to its promising therapeutic candidates.
SkinBioTherapeutics 23.35p £53.1m (SBTX.L)
The life science Company focused on skin health reports half year results to December 2024. Its Revenues improved significantly to £1.58m from £0.11m (H124) while the Operating loss reduced 25% to £1.04m, the period end cash was £1.24m. There were positive cashflows from the newly acquired businesses, plus two placings in the period including a £5m convertible bond facility. The commercialisation by Croda of the SkinBiotix lysate has begun with the official launch in April 2025. Following the completion of the second acquisition, BTS, the Group reports to be in a much stronger financial and operational position, creating a platform to reach profitability in the medium term.
The Mission Group 25.5p £23.6m (TMG.L)
The Brand Performance Group in digital marketing and specialist communications agencies yesterday reported its FY December 2024. The Operating profits on continuing operations increased 20% to £7.9m, with a 19% PBT of £5.1m compared to £4.2m and a reduction in net Bank Debt to £9.5m from £15.4m, which is supported by a by a new, three-year revolving credit facility. Progress is being made in its ‘Value Restoration Plan’, which was originally announced in December 2023. Since the two disposals of non-core Agencies have been made, the Group has become a leaner and less complex business. 56% of its revenue currently is from Clients who have been with the Group for over 5 years. Its strategic new Client wins over the year included Mastercard, BNP Paribas, FatFace, GoHenry, Okta, Popeyes, England Cricket Board, Southampton FC, Guinness Homes, Fonterra, Neuro UK and McCarthy Stone. The CEO remains cautious given the wider macro-economic uncertainty, but trading in 2025 has started in line with our expectations.
TMT Investments $2.65 $83.3m (TMT.L)*
The venture capital Company investing in high-growth technology companies reported its finals to FY December 2024 yesterday, showing a stable Net Asset Value (NAV) of $205.9m which is little changed from £208.1m (Dec 2023). The NAV on a per share basis is $6.55 from $6.62. The IRR from inception to FY 2024 is 14.5% per annum compared to 16.0% for FY 2023. The stable NAV was despite the continuing divergence between good and poor performers. There was $5.9m of additional investments made which was matched by $5.9m of sales. The largest holding is Bolt, which is valued at $78m in the portfolio and is potentially on a runway to an IPO. The administrative expenses are $1.4m which is marginally higher than last years $1.3m. There is no debt and $4.8m in cash and cash equivalents as of 24 March 2025. TMT’s management is confident of being well positioned for the current market volatility.
Trufin 79p £83.7m (TRU.L)
The holding Company of an operating group comprising three growth-focused technology businesses operating in niche markets: early payment provision, invoice finance and games publishing reports FY December 2024 results. The results show a 203% increase in Gross Revenue to £55m, with a reduced Gross Profit Margin to 45% from 72%. This feeds through to an Adjusted EBITDA of £7.6m from a £3.5m loss in FY23. The PBT increased to £0.9m against a £6.6m loss with FY cash of £14.9m. These results were driven by its games publishing company Playstack Ltd, which grew revenue by more than 455% to £44.6m, after releasing two hit games - Balatro and Abiotic Factor. The divisions EBITDA increased 2,146% to £11.3m. Playstack also won the "Best UK Publisher" award in March 2025 and plans to release seven additional titles during 2025. The board is currently considering the strategy regarding current and future excess capital including investing in its subsidiaries, making targeted acquisitions, and exploring other ways to maximise shareholder returns.
Virgin Wines 48.5p £27.36m (VINO.L)
The direct-to-consumer online wine retailer reports interim results to December 2024. Its revenue is £34.1m, a little lower than last year’s £34.3m, but with PBT increasing 20% to £1.3m, with no debt and net cash of £17.3m. There was a 29% increase in new customers during the period as it continues to focus on strategic marketing and promotional activity to drive loyalty and growth. A strategic growth plan is also announced focusing on four key areas: customer acquisition, commercial partnerships, Warehouse Wines and the development of a mobile app, projecting revenues to increase to £100m over the duration of the plan.
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