* 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
What’s baking in the oven?
Potential** Initial Public Offerings:
Cardiogeni PLC has announced its intention to IPO on the AQSE Growth Market. The Group’s platform technology is developing a new class of life-saving cellular medicines that enables the creation of unique (living) cells that are engineered with a therapeutic function. The Group’s lead product, CLXR-001, is a patented engineered cellular medicine to treat heart failure patients which is administered during coronary artery bypass grafting surgery. The Group’s novel technology was developed in-house by Professor Sir Martin Evans and is protected by a portfolio of circa 100 international patents and trademarks. Expected Admission is 31st January; market capitalisation and amount raised remains TBC.
RC Fornax, the UK-based engineering consultancy for critical military platforms, announced its intention to IPO onto the AIM market. The Company was founded in 2020 by Paul Reeves and Daniel Clark, two Royal Air Force veterans with a combined service of over 24 years. The Company generated revenue of £6.5m in 2024, resulting in £0.9m EBITDA. The Company is seeking to raise approximately £5m through a placing. Valuation TBC. RC Fornax's Ordinary Shares are expected to admit to trading on AIM in early February 2025.
Banquet Buffet****
Abingdon Health 8.5p £16.1m (ABDX.L)
The international developer, manufacturer and distributor of rapid tests announces that it has been awarded approximately £800,000 as part of total project funding of EUR 5m to develop, and transfer to manufacture, a new intervention for malaria elimination as part of a distinguished group of Institut Pasteur (and its affiliates in Madagascar and Senegal), the Armauer Hansen Research Institute in Ethiopia, FIND, London School of Hygiene & Tropical Medicine (LSHTM) and Walter and Eliza Hall Institute of Medical Research (WEHI). The project is scheduled to begin in February 2025 and be delivered over 24 months.
Brave Bison 2.175p £21.1m (BBSN.L)
The digital media, marketing and technology Company issues a Trading Update for Y/E December 2024. Its Net Revenue increased 2% to £21.3m with a 5% improvement in EBITDA to £4.5m, while the adjusted PBT was 8% ahead at £3.9m. The acquisition of Engage was made in December and makes a contribution for the Y/E 2025. Net cash increased by £0.7m year-on-year to £7.5m after the acquisition and there is a Revolving credit facility of £3m remaining undrawn. The Board states that these are a strong set of results, despite a challenging macroeconomic environment, and it remains comfortable with current market forecasts for FY25 of Net Revenue of £21.0m, Adjusted EBITDA of £4.4m and Adjusted PBT £3.7m.
Concurrent Technologies 182.5p £156.3m (CNC.L)
The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets by some of the world's major OEMs has received a significant order for the Company's VME-based 6U computer boards, from a long-standing European customer, for a total value of £3.4m. The order is scheduled to be delivered throughout 2025, 2026 and 2027.
Coral Products 6.5p £5.79m (CRU.L)
The designer, manufacturer and supplier of plastic products report Interims to October 2024. Revenue decreased 8.1% to £15.8m and the loss before tax is £1.1m, compared to a £0.8m profit in the prior period. The underlying EBITDA is £0.87m compared to £2.3m and the dividend has been halved to 0.25p per share. In a background of challenging market conditions, the reduced orders level continued and there were problems with new machines and tooling which have been resolved. New manufacturing capacity is operating, and several new bio-based products are a launched with an increasing use of recycled materials. The Chairman stated that, “the cost savings, operational improvements and strengthened financial position provide the Group with the financial resilience to deliver a much-improved performance.”
The specialist contract research organisation (CRO) announces that it has signed a letter of intent with ILiAD Biotechnologies to conduct a pivotal Phase 3 human challenge trial for its lead Bordetella pertussis vaccine candidate, BPZE1. ILiAD is a late-stage biotech development company, which has raised over $100m to date, and is dedicated to the prevention of whooping cough, a life-threatening disease caused by Bordetella pertussis. hVIVO and ILiAD are currently working to finalise the definitive agreement,.
Good Energy Group 475p £87.89m (GOOD.L)
The 100% renewable electricity supplier and energy services provider has announced the boards of Esyasoft and Good Energy have reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Good Energy. Under the terms of the Acquisition, each Good Energy Shareholder will be entitled to receive 490p per share. The Cash Consideration represents a premium of approximately 66 per cent. to the Closing Price of 295 pence per Good Energy Share on 25 October 2024 (being the last trading day before the commencement of the Offer Period).
LendInvest 23.5p £33m (LINV.L)
The UK property finance business today announces it has passed a key milestone with more than £5bn in Funds Under Management. The FUM total now stands at £5.14bn, boosted by a £500
m upsize from one of the business' existing institutional investors. Today's FUM announcement follows a series of major funding uplifts for LendInvest in recent months, including the £300m renewal of its funding syndicate with BNP Paribas, Barclays and HSBC, and the £1.5bn funding agreement with JP Morgan announced last September. LendInvest has also just agreed a renewal of its £300m funding facility with Lloyds.
Renalytix 10.25p £34.2m (RENX.L)
The company commercialising kidneyintelX.dkd, the only FDA-approved and Medicare reimbursed prognostic test to support early-stage risk assessment for chronic kidney disease provides an unaudited trading update for the six months ended 31 December 2024 (H1 FY25) and confirmation that the Company remains on track to deliver against revenue targets for the year ended June 2025. The Company expects to report revenues for H1 FY25 of $1.3m relating to commercial sales of kidneyintelX.dkd. The Company confirms that it remains on track to deliver against financial expectations for FY25 and FY26, which assume an average of 20% quarterly revenue testing volume growth. Renalytix expects to announce its unaudited results for H1 2025 in March 2025.
Tekmar Group 6.5p £8.9m (TGP.L)
The provider of products and solutions for the global offshore energy market announced a new contract award with a total value in the region of £5m for a UK-based offshore wind farm project. The contract is for the design and supply of Tekmar's flagship Generation 10 cable protection system (CPS) and associated ancillaries, including cable hang-off clamps. Tekmar Group will leverage its in-house engineering expertise and holistic CPS design capabilities to deliver a solution optimised for the project's specific requirements. The project will commence immediately, with delivery scheduled for completion in CY2025.
Vela Technologies 0.0065p £1.2m (VELA.L)
The AIM-quoted investing Company focused on early-stage and pre-IPO disruptive technology investments today announces an investment update for the quarter ended 31 December 2024. The value of Vela's total assets (including cash) decreased by £385,000 during the quarter to £2,670,000 from £3,055,000 (quarter to 30 September 2024 - an increase of £251,000). The fair value of the investment portfolio (excluding cash) at 31 December 2024 was £2,623,000 (30 September 2024 - £2,952,000). During the quarter, a loss of £10,000 was realised on sales of investments and there was a net unrealised loss of £276,000 on the remaining listed investments. Vela's cash balance stood at £47,000 (30 September 2024 - £103,000).
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