Our daily digest of news from UK Small Caps
* 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:
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What’s baking in the oven?
Potential** Initial Public Offerings:***
25th November: Connecting Excellence Group, the international executive recruitment group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth.
Admission is expected to occur on or around the 9 December 2025 under the TIDM 'XCE'. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth.
The company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds, UK. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission is for around 28th November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 1st December 2025.
Market Movers:***
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC); The independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
Banquet Buffet****
Altitude Group 20.8p £15.17m (ALT.L)
The end-to-end solutions provider for branded merchandise reports interims to September. Revenue improved 18% to $21.6m with an 8% increase in operating profit to $1.6m while net debt increased 188% to $2.3m. The uplift in net debt reflects the working capital investment required to bring new Gear Shop sites into operation, including the increase in total inventory held across the expanded store base. The leadership changes are aimed at providing clearer focus on margin improvement and disciplined execution. A portfolio-wide review highlighted a set of actions to improve efficiency and strengthen future margin performance, informing the next phase of operational changes designed to support a more scalable model. These changes did not materially affect first-half performance but set the conditions for stronger earnings and cash generation over the medium term so positioning the Group for sustainable growth into FY27 and beyond.
DP Poland 7.75p £73.1m (DPP.L)
The operator of Domino's pizza stores and restaurants across Poland and Croatia, announced that its wholly owned subsidiary DP Polska S.A. has agreed new financing arrangements with BNP Paribas Bank Polska S.A.
The new facilities comprise a five-year non-revolving loan facility of up to PLN5m, a one-year overdraft facility of up to PLN7m, and a one-year revolving framework agreement of PLN3m.
The facilities are expected to strengthen the Groups working capital position and provide additional capital to modernise the Lodz warehouse and consolidate dough production into a single site. They are also expected to support the continued conversion of Pizzeria 105 restaurants to the Domino's system, an important step in the Group's strategy to scale beyond 200 locations.
Facilities by ADF 15.25p £16.4m (ADF.L)
The provider of premium serviced production facilities to the UK film and high-end television industry, provided an update on trading in respect of the financial year ending 31 December 2025, with the Group expecting to report revenues of £42.6m and adjusted EBITDA of £10.0m for the year ending 31 December 2025. During the second half of the year the Group has worked on a number of key productions and expanded its activities outside of the High-End Television (HETV) and Film Industry. All three business units were involved with the latest seasons of the Witcher for Netflix, Disney's Rivals and Apple's Slow Horses. Beyond HETV and Film, Location One has experienced significant growth in their Commercials division, recently supporting a prestige shoot for Prada, and Autotrak is supplying ground protection for a number of major Christmas events. Unaudited Group cash balances at 31 October 2025 were approximately £1.7m, with net debt of approximately £13.8m as at that same date (30 June 2025: £13.2m). Debt balances principally relate to hire purchase contracts against the hire fleet and all of the Group's debt is covenant free. The Company's recruitment process to appoint a permanent CEO and CFO are each at an advanced stage, and further announcements will to be made.
First Property Group 15.75p £23.3m (FPO.L)
The property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its interim results for the six months ended 30 September 2025. Revenue was £3.65m with profit before tax being £1.48m (30 September 2024: £1.16m), and cash at £3.29m (31 March 2025: £4.82m). Group cash as at 31 October 2025 increased to circa £7m following the sale of two directly held Group Properties which generated circa £4m of cash. Net debt at 30 September 2025 was £10.09m compared to £19.55 on 31 March 2025. Shortly after the period end, two Group properties were sold, one being the commercial property purchased in the UK during the period and the other being the Felix office block in Bucharest, Romania. The combined sales consideration for these two properties amounted to £4.1m which, after sales costs, increased the Group's cash balance by £4m. The gain on sales before tax amounted to circa £1.2m.
Gelion 19.25p £44.15m (GELN.L)
The global energy storage innovator announced its audited final results for the year ended 30 June 2025. The company is transitioning into the commercial revenue phase with the first commercial revenues to deliver a 36% increase to £2.7m. The operating loss narrowed by 25.7% to £6.0m, reflecting continued progress in cost management and the development programs. Cash was boosted by the £10.5m raised in November 2025 for this next stage of growth. Operational highlights include the expansion of the global strategic partner network, strong technological progress across the entire battery chain with a breakthrough performance in the medical use Sodium Sulfur (Na-S) coin cells. The CEO is confident of the scale of the opportunity in unlocking the next generation of energy storage.
Kazera Global 1.45p £15.7m (KZG.L)
The investment company focused on heavy mineral sands and diamond production in South Africa, provided an update on its interest in African Tantalum (Pty) Ltd, the associated Namibian tantalum assets, and the status of the arbitration award and ongoing legal enforcement. The Company has had engagement with three independent parties exploring the potential development or commercialisation of the Aftan mine, with two parties under confidentiality agreements at an advanced stage, including detailed geological review and site assessment. The third party is in preliminary discussions and early stage due diligence. The Company has also had ongoing enforcement of the US$11.9m arbitration award, plus accruing interest and full cost recovery.
Macfarlane Group 68.7p £107.9m (MACF.L)
The packaging company today provided a trading update today with the Board anticipating the Group's performance for the year ending 31 December 2025 will be in line with full year expectations. Following the tragic incident at the Pitreavie business, which was acquired by the group in January 2025, operations are gradually recovering. The Group has committed £1.2m of investment in new equipment to restore the business to full operational capability by the end of Q1 2026, helping to accelerate the process of recovery and creating capacity for growth. The Group is also positioning the pension scheme for a possible buy-in to reduce future risk and minimise any further requirement for cash contributions. As part of this process a non-recurring accounting charge, currently estimated at between £2m and £3m, will be accrued to recognise an increase in the expected cost of historic equalisation of pensions.
Metals One 3.316p £27.3m (MET1.L)
The critical and precious metals exploration and development company, announced it is making a strategic investment of up to US$1.8m in Lions Bay Resources (LBR) by way of convertible loan notes. Lion Bay Resources is a South African private company formed earlier this year to hold partnership assets. It is jointly owned by Lions Bay Capital Inc. (Metals One: 19.1%) and by the Salamander Mining management team headed by Graham Briggs, the former CEO of Harmony Gold, and Lloyd Birrell, the founder and former CEO of Theta Gold (ASX). LBR has secured an option for US$1.36m over a large cogeneration plant located in the Karbochem Industrial Park, Newcastle, South Africa. Research and planning has commenced around modifying the Plant to produce power and steam whilst also roasting refractory gold concentrates, common to mines in the region. Metals One and LBR have recently conducted due diligence on the Plant and have agreed to apply part of the funds from the CLN to exercising the option.
Palace Capital 204p £41.3m (PCA.L)
The property investment company announced unaudited results for the six months ended 30 September. The company made progress on its strategy to return capital to shareholders through the disposal of HQ Office, York, for a gross price of £10.0m and returning cash of £20.8m by way of a successful, oversubscribed tender offer in September 2025. Since the updated strategy of the Company was announced in July 2022, the Company has sold over £160m of assets, repaid all bank debt and returned over £64m of cash to shareholders. Dividends paid to shareholders since July 2022 total approximately £18.7m. The Company now has only five investment properties remaining, which were valued at £41.3m as at 30 September 2025, and is now debt free. The financial results shower adjusted profit before tax was £1.1m (September 2024: £2.1m) reflecting the reduction in income following disposals offset in part by the significant reduction in recurring administrative expenses and finance costs. IFRS profit before tax for the period was £0.3m (September 2024: £0.9m loss) primarily due to the valuation surplus of £0.3m and the profit on property disposals of £0.3m offset by EPRA earnings of (£0.2m).
Revolution Beauty Group 2.49p £21.7m (REVB.L)
The multi-channel mass beauty brand, today announced its unaudited Half Year Results for the six months ended 31 August 2025. Revenue declined by 31.8% to £49.4m, primarily driven by disruption carried over from prior-year strategic and operational issues. Transitional challenges also weighed on net sales performance, most notably the shift from Relove to Revolution at Walmart, which contributed to short-term softness in sales and operational efficiency during the Period, while Gross margin was 32.2% (H1 25: 32.0%). In September and October, following the early action taken on costs, the Group moved back to generating positive EBITDA.
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