* 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:
The Smarter Web Company (SWC.L) announced it Admission to the Main Market after withdrawing from AQSE.
Delistings:
None
What’s baking in the oven?
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
Cadogan Energy Solutions 5.0p £11.9m (CAD.L)
The diversified energy Company announced that on January 30th it has successfully launched its new electricity production operations in Ukraine, with a first tranche of 4.6 MW. The remaining 7.7 MW of capacity is scheduled to be operational in the coming weeks. This achievement marks a significant milestone in Cadogan's strategy, shifting the business model to a multi-energy group and entering the power generation sector for the first time in the Company's history. The gas-to-power project and its gas infrastructure, which utilises the non-commercial gas from oil production, are fully complete and awaiting final approval to commence operations imminently.
Chesterfield Special Cylinders Holdings 54.0p £18.37m (CSC.L)
The provider of bespoke, high-pressure gas containment solutions and services gave an update ahead of its AGM today. The update was on its defence orderbook which was strengthened in January with a strategically significant contract award from French prime contractor, Naval Group, for specialised pressure vessels on its Scorpène-class submarine programme. Within the first half of 2026, the Company expects further overseas defence contract awards for newbuild programmes and Integrity Management services. A major contract award for large-scale hydrogen storage systems under the long-awaited UK government's first Hydrogen Allocation Round is also expected in the first half of 2026, driving further growth from this emerging sector from FY27.
The energy services Company whose objective is to capitalise on the drive for global decarbonisation reports increased activity following the recent Government announcement of their Warmer Homes Plan (WHP). There is increased order activity from the Social Housing Sector who are keen to access up to £15bn of spend to upgrade their housing stock, helping up to one million households out of fuel poverty by 2030. The scale of the plan is the largest ever public investment to upgrade British homes and cut bills reducing fuel poverty. The plan will cover the cost of solar panel installation, batteries, and heat pumps, and fund home upgrades for low-income and fuel poor households.
EnSilica 52.5p £49.85m (ENSI.L)
The fabless chipmaker of mixed-signal ASICs (Application Specific Integrated Circuits) announced its unaudited results for the six months ended 30 November 2025. The Company recorded H1 FY26 revenues up 37% to £12.7m, while chip supply revenue increased 34% to £3.9m. The EBITDA profit was £1.7m and cash and cash equivalents on 30 November 2025 was £2.0m. With 95% of business already booked, the Board has confidence in achieving management expectations for FY26.
Hardide 21.0p £12.61m (HDD.L)
Following on from the announcement on 1 December 2025, the provider of advanced surface coating technology today announced it has received an additional follow-on order worth $1.0m from the same customer. This order is expected for delivery in the second half of Hardide's financial year ending 30 September 2026. Accordingly, the Company now anticipates financial performance for FY26 to be ahead of previous expectations. During the course of FY26, the Company intends to begin a programme to upgrade infrastructure at its Martinsville plant to improve operational efficiency in meeting the significant uplift in demand in the North American region. The investment is expected to be funded by proceeds from this new order and the Group's existing resources.
PCI-PAL 56.50p £39.49m (PCIP.L)
The global cloud provider of secure payment solutions for business communications announced a trading update for the six months to 31 December 2025. The Group delivered a further record H1 for new business won, which together with increasingly efficient customer deployments, has contributed to a record real-term increase in ARR for a six month period. At the end of H1, ARR stood at £20.3m, a 21% increase year on year (25% on a constant currency basis), and CARR, the Company's leading indicator of future ARR, reached £24.0m, an increase of 18% year on year (21% on a constant currency basis). Revenue for the Period was £11.3m, while cash at period end was £2.6m.
Portmeirion Group (PMP.L) 96.00p £13.67m
The global homeware brands Group today issued a trading update in respect of its financial year ended 31st December 2025. Group Sales in FY 2025 are expected to be c.£91m, up 1% year-on-year at constant currency. Excluding the US market, impacted by tariffs, sales were up 8%. The Group has made proactive commercial changes in the US product offer and distribution, along with reduction of excess / end of line inventory, initial margin investment in accelerating the Made in Stoke-on-Trent onshoring initiative, as well as some upfront investment in future growth opportunities. As expected, the short-term impact of these measures when combined with the previously disclosed impact from the US import tariffs in what is the Group's largest and most profitable market, and significantly higher energy costs, National Insurance and minimum wage increases, will result in a headline loss before tax of c.£3.5m. The Group's net debt position was £17.5m at 31 December 2025 (FY24: net debt of £12.1m).
Quantum Data Energy 3.61p £6.18m (MAST.L)
The provider of Dynamic Electricity Generation capabilities and power supplies for datacentres announced, further to its RNS announcement dated 6 January 2026, that its 100% owned Pyebridge 8.1 MW flexible generation power asset has achieved another new record high electricity generation and revenues for any single calendar month to date in January 2026. Pyebridge achieved electricity generation output and sales of c.1.8 Gigawatt/hours for January, while it generated and sold c.116 GWh of electricity during the 12-month rolling period up to January 2026 representing an increase of c.64% compared to the same prior year 12-month rolling period. Further, the Company’s third flexible generation power has progressed to financial close and into construction and commercial operations.
Shearwater Group 51.0p £11.2m (SWG.L)
The cybersecurity, advisory and managed security services Group, announced that one of its companies, Brookcourt Solutions, has secured a c.£9m three-year contract renewal and expansion with a Global Financial Organisation. The contract win further supports the delivery of FY26 market expectations, with £2.7m to be recognised in FY26. Under the terms of the contract, Brookcourt has agreed a renewal of the customer's Advanced Email Gateway and Insider Threat Management arrangements, and expansion of the Secure Email Gateway capacity. Brookcourt Solutions will deliver, implement and support a complex, market-leading email security solution across the customer's global estate.
Trellus Health 0.73p £1.72m (TRLS.L)
The healthcare Company provided a business update. In October 2025, the Company entered into two 12-month contracts with global CROs (ICON plc and PIS Inc.) to support clinical trials for Takeda and Sanofi. The Company has also been granted preferred vendor status by both ICON plc and PSI Inc., which is expected to facilitate access to pharmaceutical sponsors and streamline future contracting processes. In addition, the Company continues to support an ongoing Phase 2 IBD clinical trial pursuant to its licensing agreement with AstraZeneca. The Johnson & Johnson Health collaboration continues to progress and the agreement with Pfizer was renewed. The Company expects revenue for FY 2025 to be c.$545k, while its monthly cash burn has been reduced to approximately $400k.
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