* 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 Closing Price on prior day to Publication.
Dish of the day
Admissions: None
Delistings:
K3 Business Technology Group has left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th July: Scotch Corner Designer Village, a newly formed single asset real estate company (to be re-registered as a public limited company) which is developing a retail outlet and leisure destination, announces it may consider an IPO on the newly launched Aquis Real Asset Market (ARAM) of the Aquis Stock Exchange. Timing and deal details TBC.
Banquet Buffet****
80 Mile 0.25p £9.84m (80m.L)
The exploration and development Company has signed a Memorandum of Understanding (MOU) between Greenswitch, in which 80 Mile holds a 49% interest, and NACATA Commodities a leading renewable energy distributor. The MOU outlines a potential five-year supply and offtake agreement for the Ferrandina plant in southern Italy, under which NACATA would supply up to 120,000 metric tonnes per annum of feedstock and purchase and distribute the resulting end products. These include an expected 40,000t per annum of esterified bioliquid and 80,000t per annum of biodiesel. The Ferrandina plant is fully permitted and recently refurbished and is capable of refining secondary feedstocks including palm oil mill effluent, used cooking oil, animal fats, and acid oils. The MOU significantly enhances the Group’s ability to deliver high-quality renewable energy products to the European market.
ECO (Atlantic) Oil and Gas Ltd 8.55p £26.95m (ECO.L)
The oil and gas exploration Company focused on the offshore Atlantic Margins reports results for the year ended March 2025. There was cash and cash equivalents of US$4.7m and total assets of US$21.6m. Two acquisitions have been made in the year in South Africa and also, in June, a 75% interest in Block 1 Offshore South Africa Orange Basin was made. Eco's Geophysical & Geological team is busy preparing the seismic interpretation and target selection. The Company is planning to open a farm out process and data room in Q3 2025. The CEO reports that the remainder of 2025 and into 2026 has the potential for news flow from the farm-out processes underway, data analysis, and a drilling campaign.
Hostelworld Group 121.5p £153.54m (HSW.L)
The social network powered Online Travel Agent focused on the hostelling category reports Interims to June. EBITDA of Euro 3.6m. The Operating profit is 47% lower at Euro 2.1m compared to Euro 4.0m in H1 2024. Trading was impacted by several external factors, although there are encouraging positive trends for improvement including growth in booking volumes and average booking values. The net cash position is Euro 6.1m, up from Euro 2.0m. An Interim Dividend of Euro cent 0.82 per share is payable on 19 September 2025. A £5m share buy-back programme started on 19 June 2025. Directors are confident of the differentiated growth strategy and full year guidance is in line with market consensus.
Northcoders Group 38.00p £3.04m (CODE.L)
The provider of technology training updates on trading for the Interims to June 2025. Revenues for H1 are expected to be 15.9% lower at £3.7m, reflecting the slower access to Government funding. Nevertheless, the gross profit margin is expected to increase to 70% from 67%, driven by improved efficiency and cost control. Adjusted EBITDA is anticipated to be around £0.4m which is comparatively unchanged. The cash balance is £2.3m against £1.3m, and likely to be higher at £2.7m at 31 July 2025, which is sufficient to continue selective strategic investments. The Group remains cautious due to the uneven regional funding landscape.
Ondo InsurTech 29.5p £39.78m (ONDO.L)
The claims prevention technology for home insurers reports on YE March 2025. Revenue increased by 44% to £3.9m of which recurring revenue is £2.5m which is an 80% increase. The net cash is £4.0m and the working capital requirement has been successfully reduced with a prepaid contract model. The operating loss increased to £5.2m compared to £3.2m, and a positive EBITDA is anticipated by YE March 2025. The total registered customers increased by 59% to 151,000, with further growth to over 170,000 by end June 2025. The USA is a key driver of growth with expansion from 4 to 25 states and with an 8x increase in volume of leaks. There are partnerships with some of the largest names in US insurance like Nationwide and Liberty Mutual.
Petro Matad Ltd 0.78p £14.41m (MATD.L)
The Mongolian oil Company provides an update on the Heron-1 production stable in the range of 150 to 160 barrels of oil per day with the next oil sales payments expected in August. A busy 2025 work programme has commenced focusing on operating cost reduction and production with continuing Farm out discussions. The Renewable energy projects are progressing which offer significant value potential when ready-to-build status is achieved.
STRIX Group 44.90p £103.21m (KETL.L)
The designer, manufacturer, and supplier of kettle safety controls and other components and devices involving water heating, filtration, and temperature control updates on interim trading to June 2025. As flagged in the Group's FY24 outlook statement, macro-uncertainties, particularly surrounding indirect tariff impacts and a weaker US$, have led to reduced Q2 2025 sales volumes and contributed to order delays in the Group's Controls division. Trading volumes are expected to return to a more typical H2 weighting, consistent with historical trends. A competitive refinancing process has been formally initiated to provide cost effective and flexible funding to support the Group's medium-term investment-driven growth aspirations.
TPXimpact Holdings 20.50p £18.89m (TPX.L)
The technology-enabled services Company focused on people-powered digital transformation reports a debt facility renewal update and refinancing. The substantially improved new banking agreement consists of a £11m Revolving Credit Facility (RCF), with a £5.5m accordion and a £4m overdraft (renewed annually) for working capital purposes. The new RCF has an initial term of three years and may be extended. This is expected to give a financially stable footing as shareholder value is created.
Winking Studios Ltd 12.5p £55.05m (WKS.L)
The recently listed AAA game art outsourcing studios and an established game development Company gives a trading update for the six months to June. At least a 20% increase in revenue is expected compared to H1 2024 of $15.2m, which is in line with expectations. The improved revenue performance is mainly driven by the contribution from the Shanghai Mineloader Digital Technology acquisition made in April 2025. The EBITDA in H1 2025 is expected to be higher by a range of between 10% to 20% than H! 2024 of $2.1m. The business strategy to pursue strategic acquisitions to deepen its market presence and strengthen its investments across Southeast Asia.
Zephyr Energy 2.90p £60.92m (ZPHR.L)
The technology-led oil and gas Company focused on responsible resource development in the Rocky Mountain region of the US made and AGM Statement and updated on an acquisition. The Paradox Project is at a pivotal stage after the success of the recent drilling operation and production tests. An updated Competent Person's Report is underway, with the results due by the end of September 2025. There are discussions with potential industry and finance partners as part of a structured asset level funding process to accelerate drilling activity. The remaining documentation is being finalised ahead of its proposed $7.3m acquisition of working interests in a mature and accretive Proved Developed Producing production assets in the Rocky Mountains.
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.