* 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****
eEnergy Group 4.5p £17.4m (EAAS.L)
The UK based Energy-as-a-Service and Lighting-as-a-Service business to the education and healthcare sectors, announced a trading update for the year ended 31 December 2024, together with an update on the Board's outlook for FY2025. In addition, the Company announced adjustments to its results for FY2023. H2 delivered record revenue of circa £21.1m (H2 2023 restated £10.5m). Adjusted EBITDA for H2 2024 of £2.4m (12% EBITDA margin). Wins announced in Q4 including appointment to the NHS Commercial Solutions Sustainable Estates Framework Agreement and a £975,000 LED lighting contract with Newcastle College Group Strengthening of the Company's financial control environment and introduction of a sharper focus on operational performance with steps taken to reduce the fixed cost base of the business.
Futura Medical 19.29p £58.6m (FUM.L)
The consumer healthcare company behind Eroxon, that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, today provided an unaudited trading update for the year ended 31 December 2024 and an update on the outlook for the year ending 31 December 2025. Initial launch of Eroxon in October 2024 in the US through Futura's commercial distribution partner Haleon, triggered a milestone payment of $5.0m which was received in H2 FY24. Eroxon has now launched in 15 countries across the Americas, Middle East and Europe and is on track for another five by the end of 2025. US sales in FY25 expected to be lower than previously anticipated based on the pace of initial consumer uptake and general awareness resulting in FY25 revenue and profits to be materially below current market expectations
Inspecs Group 43p £40m (SPEC.L)
The designer, manufacturer and distributor of eyewear announced a trading update for the year ended 31 December 2024 ahead of reporting its final results on 10 April 2025. Group revenue for the year was £200.5m (2023: £203.3m) and on a constant currency basis, revenue increased £2.3m to £205.6m. The Group expects to deliver an Underlying EBITDA of £17.5m (2023: £18.0m) in line with recently updated market expectations. The Group is targeting revenue growth in 2025 together with improving EBITDA margin as key priorities. The Group's net debt (excluding leases) decreased by £1.3m during the year to £22.9m (31 December 2023: £24.2m).
Kromek Group 7p £44.9m (KMK.L)
The developer of radiation and bio-detection technology solutions announced that it has entered into multi-year agreements with Siemens Medical Solutions USA, Inc. to provide know-how and use rights of IP on a non-exclusive basis, as well as furnaces and related services, under an Enablement Agreement and Patent Licensing Agreement. Kromek will also supply cadmium zinc telluride (CZT) based detector tiles to enable the production of CZT detectors for SPECT application (single-photon emission computed tomography). Under the Enablement Agreement, the Group will be paid a total of $37.5m in cash in four instalments over a four-year period, with the first instalment of $25.0m to be received in the current financial year.
Mosman Oil and Gas 0.025p £4.9m (MSMN.L)
The helium, hydrogen and hydrocarbon exploration, development and production company, announced an update on the Vecta helium project and the Sagebrush project acquisition. Vecta Oil and Gas Ltd, operator of the Vector Helium project in which Mosman has 20% WI, has signed a drilling contract with Desert Eagle Drilling (DED) to drill five wells. DED is the drilling arm of Desert Eagle Operating LLC which has successfully drilled and is producing helium at the Red Rock field wells in Las Animas County, Colorado. The drilling contract includes the intention to commence drilling as soon as possible, depending on timing of various routine matters and weather conditions.
Petards Group 5.57p £4.9m (PEG.L)
The AIM quoted developer of advanced security, communication and surveillance systems, provided a trading update for the financial year ended 31 December 2024. While both revenues and Adjusted EBITDA are up on those reported for the first half year, the Board anticipates trading for the full year ended 31 December 2024 will be below its expectations as at the time of its interim results on 30 September 2024. Group order book stood at £7.1m as at 31 December 2024 (31 Dec 2023: £2.4m), with over 80% scheduled for delivery in FY25. Integration of Affini into the Group is progressing following its acquisition. QRO has recently launched an in-car mobile version of its successful Harrier AI ANPR camera with which it is targeting new markets.
Physiomics 1.1p £2.2m (PYC.L)
The mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, has announced the Board expects that total income for the current financial year, driven by contracts already signed, will be in line with market expectations. The Company is actively discussing a number of further contracts although there is no guarantee they will be signed within the current financial year. The Board also expects the Company's loss after tax for the same period will be slightly lower than current expectations. The Company expects to report its Interim Results for the six months ended 31 December 2024 in early March 2025.
Ricardo 274.5p £170m (RCDO.L)undefined
The global strategic environmental and engineering consulting company announces its scheduled trading update ahead of the half-year results on 5 March 2025. The company recently completed two transactions, both of which support the Group in simplifying and focusing its portfolio on long-term sustainable growth. The acquisition of E3 Advisory (E3A), an Australian infrastructure advisory firm, offers Ricardo an opportunity to add further scope to the Energy and Environment business and operational scale in Australia. At the same time, the timing of the disposal of Ricardo's Defence business has optimised cash for the Group, while accelerating its transition in line with its strategic priority of becoming a global leader in environment and energy-transition solutions.
Rosslyn Data Technologies 4.8p £3.55m (RDT.L)
The cloud-based enterprise spend intelligence platform reported interim results to October 2024. Its revenues marginally increased to £1.5m, with gross margins up from 35.5% to 40%, while Administration expenses are 27% lower at £1.6m. The EBITDA loss reduced to £1m from £1.5m last year, with a 55% decrease in the monthly cash-burn to £125k. The first commercial customer for its new AI-powered classification solution has been won after live testing with four customers. There is cash and cash equivalents of £3.0m, following raising gross proceeds of £3.3m through equity and convertible loan notes. The business pipeline has increased from £3.3m to £5.5m in the six months to October 2024.
Vianet Group 88.5p £25.8m (VNET.L)
The international provider of actionable data, business insights, and payment solutions provided a trading update on the nine months to 31 December 2024. Driven by customers reassessing their Capex and Opex budgets following the UK Budget in October, December and January saw a 219% increase in anticipated H2 rental sales, as many customers opted for rentals over upfront Capex investments. While this shift reflects current economic challenges and impacts margins in the short term, the total number of units placed in the market increased. The anticipated 3G network shutdown, initially planned for December 2024 and completed by Vodafone and EE, is now expected to extend into late 2025 due to delays from Three and O2. This has driven increased urgency from both new and existing customers, resulting in a 30% rise in new sales during the second half of the year compared to the first half.
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