* 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:
Inspired (INSE.L) has left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, announced the price range for its planned Main Market IPO at 251 to 291 pence per Share, implying an estimated market capitalisation at Admission of between approximately £280m and £320m. The Offer comprises up to 11,553,785 new Shares to raise primary capital of approximately £29m, to ensure a debt-free position at IPO with sufficient working capital, and up to 29,316,398 existing Shares to be sold by shareholders of the Company, subject to pricing. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. It is currently expected that Admission will occur in October 2025.
Market Movers
8th September: Pan African Resources (PAF.L) announced its intention to move from AIM to the Main Market. The Company is currently progressing workstreams to facilitate the Admission, which as updated on 23 September, is expected to occur on around 23 October 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. There will be a placing to raise £1.4m at 1 pence per share and Admission of the enlarged ordinary share capital to trading on AIM expected to commence on 15 October 2025.
Banquet Buffet****
The global player in Location Master Data Management software and solutions announced that it has signed a US$1.7m annually renewing Enterprise Agreement (EA) with the California Department of Transportation. The agreement consolidates multiple bilateral software licences into a single EA, simplifying the process and broadening the six-year relationship with Caltrans. The Agreement also enables Caltrans to rapidly deploy additional 1Spatial licences as required, which includes annual enterprise licences of US$1.5m representing a 50% increase in licence revenue on FY25.
The UK design-led specialist flooring Company supplying both the UK and international markets announced its interim results for the six months ended 30 June 2025. Group revenue increased by 5.8% to £9.82m (2024: £9.28m) while underlying operating profit increased by 30.5% to £0.629m (2024: £0.482m). EBITDA increased to £0.667m from £0.622m in 2024, while cash generated from operations was £1.759m (2024: (£0.928m)). The Company reports strong trading for both July and August supported by a strong order book, while also committing to expanding its presence in overseas markets including Dubai and the Middle East.
GenIP, the technology consultancy providing Generative Artificial Intelligence services to help research organisations and corporations commercialise their innovations, has issued an update on its products and commercial strategy. Building on the foundations of GenIP's first year since incorporation, the Company is transitioning from project-based service provider to a scalable AI-powered innovation platform, positioning for revenue growth and market penetration. The Company is consolidating its brand architecture by bringing Invention Evaluator and Talent Search under a unified platform identity (GenIP.ai) which creates clearer service tiers and integrated cross-selling opportunities for clients. The Company today also reported its interim results to 30 June 2025: during the period, it won its biggest contract with a Saudi Arabian research organisation to deliver 400 GenAI-enhanced Invention Evaluator analytical assessments and technology commercialisation consulting services, with the order expected to be fulfilled during this financial year. The Company recorded £125k in revenue for H1, with a cash balance of £1.077m and order book of £813k as at 30 June 2025.
The investment Company provided an update in relation to its Barb Gold Project and Bear Twit Project in Canada, in which the Company has a 100% legal and beneficial interest. For the Barb gold project, Critical Discoveries has now been in the field for twelve days with an estimated nine days left in this field campaign. Numerous samples have been collected and work has mainly concentrated on identifying historic veins on the claims and identifying possible extensions and potential parallel structures. The Bear Twit Project
had Assay results from the recently completed field program sent to the lab and results are expected to be received in October 2025.
Kelso Group Holdings 2.70p £10.66m (KLSO.L)
The main market listed acquisition vehicle announced its consolidated unaudited interim results for the six months ended 30 June 2025. The Company was founded in November 2022 with the aim of creating a basket of investments to capitalise on a depressed UK stock market by targeting established but undervalued UK-listed small and mid-cap companies. To June 2025, Kelso has achieved NAV/share returns of 55.8% since inception in January 2023 (2023: 51.0%, 2024: 3.24%, 2025 H1 0.0%).
Malvern International 17.50p £4.03m (MLVN.L)
The global learning and skills development partner announced its interim results for the six months ended 30 June 2025 with revenues, excluding agent commission, increasing 25% to £6.36m (H1 2024: £5.10m). Underlying operating profits were £0.57m (H1 2024: £0.39m), while statutory operating profit was £0.57m (H1 2024: £0.35m). Cash at 30 June 2025 was £2.48m (FY 2024: £1.39m and H1 2024: £1.31m). Group debt continues to reduce with £1.58m remaining at the period end (FY 2024: £1.86m and H1 2024: £2.02m).
The global provider of fast response mobile and point-of-use water and environmental testing technology today announced its unaudited interim results for the six months ended 30 June 2025. Revenue increased 828% to £919k (H1 2024: £111k), reflecting strong sales momentum following the 2024 reset. Microtox LX instrument sales increased to £368k (H1 2024: £40k), while Reagent revenue increased to £117k (H1 2024: £41k), including approximately £26k of reagent revenue from three previously installed and active continuous monitoring installations in Hungary and Poland. The loss was reduced to £(304k), which is more than half from the prior year, driven by the higher revenues and gross profit. The cash balance was £585k compared to £982k in the prior period as a result of the successful fundraise of £780k on 10 June.
The global media and technology platform that delivers AI-infused Key Video Moments to drive increased views and revenues across all video content has announced its unaudited Interim Results for the six months ended 30 June 2025 and an update on current trading and the outlook. Revenue increased by 87%, driving gross profit increase of 62% which resulted in the first full six months of positive EBITDA. Cash at 30 June 2025 was $1.4m (FY24: $1.0m), with the revenue expectations to exceed £5m for FY2025.
Verici Dx 0.65p £9.8m (VRCI.L)
The developer of advanced clinical diagnostics for organ transplant announced its unaudited interim results for the six months ended 30 June 2025. The first half was a period of commercial progress, with two products now fully validated and commercially available, and the first revenues from lead product Tutivia recognised. Total revenue for the period was $1.9m (H1 2024: $3.3m; FY 2024: $3.3m), with EBITDA at a loss of $2.8m (H1 2024: EBITDA loss of $1.1m; FY 2024: EBITDA loss of $5.4m). Post period end, the Company raised £6.35m (gross) to support the scale up of revenues, extending the expected cash runway into H2 2026.
Watkin Jones 32.80p £76.74m (WJG.L)
The UK's developer and manager of residential for rent announced the sale of a new 784 bed purpose-built student accommodation scheme in Glasgow to a newly created joint venture owned 95% by Maslow Capital and 5% by the Group. The Glasgow scheme will deliver high-quality accommodation in one of the UK's prime cities for student living, in a central location highly accessible to Glasgow's main universities. The transaction, which has a projected Gross Development Value of £182m at completion, will generate secured revenues for the Group of approximately £115m over the course of its three-year construction period. In addition, there is the potential to generate further revenue through the sale of the property once completed.
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