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:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £137m. Expected Admission date is 17th December.
2nd December: Pathos Communications, the technology-enabled, human-led PR Company announced its intention to IPO onto AIM by mid-December. The Company collaborates with its clients to create and distribute articles and media across a variety of platforms, including established news outlets, digital media and podcast channels. The Company's client base comprises SMEs, including micro-SMEs, which can benefit from public exposure through media and news publishers. The Company is incorporated in the UK, with its primary operations in Dubai. The Company's offerings to its clients are supported by its proprietary AI-driven technologies, which are used to generate ideas, undertake market research and create news articles with limited human input required to generate highly efficient outputs.
Offer details TBC.
27th November: Power Probe, the producer of automotive electrical diagnostic tools for professional service technicians, announced its intention to IPO onto AIM. The suite of electrical diagnostic tools and accessories offered by the Group are compatible with all major vehicle engine types and manufacturers and can be used in all types of commercial and passenger road vehicles, including light and heavy goods vehicles and motorcycles. The Company's main country of operation is the US. The Company will raise £11.2m at 82p, giving a market capitalisation of £60.4m. Expected Admission date is 11th December.
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 11th December 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. 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%.
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****
Ariana Resources 1.575p £36.8m (AAU.L)
The mineral exploration, development and production company with gold project interests in Africa and Europe, has announced that it has entered into a strategic investment term sheet with Hongkong Xinhai Mining Services Ltd. to provide the Company with A$8m in immediate funding and to conduct a Metallurgical Sampling and Testwork Programme and to progress the Definitive Feasibility Study at the Dokwe Gold Project in Zimbabwe which is 100% owned by Ariana. Xinhai will provide the technical services in relation to a Metallurgical Sampling and Testwork Programme for A$1m and complete the Definitive Feasibility Study of Dokwe, under the management of Ariana, for up to A$2m to be paid in CHESS Depositary Interests at the Issue Price.
Aterian 29.5p £4.6m (ATN.L)
The critical mineral exploration and development company focused on Africa, announced the signing of a binding Heads of Terms for a strategic, AI-powered earn-in joint venture with Lithosquare SAS, a Paris-based next-generation exploration company combining foundational AI, advanced data science and deep geological expertise to accelerate mineral discovery. The JV features a EUR1.4m exploration acceleration programme for Aterian's Moroccan and Botswana copper and critical mineral targets.
Cloudbreak Discovery 0.7p £9.8m (CDL.L)
The natural resources company has announced that it has decided to exercise the option to acquire exploration licence application E45/6690 covering 57km sq. known as the Crofton Gold Project located 120 kilometres east-southeast of Marble Bar and 75km northeast of the mining centre town of Nullagine in the Pilbara region of Western Australia. The company aims to drill a significant gold resource at Crofton next year, which would result in having a gold asset with two treatment plants within easy trucking distance.
GreenRoc Strategic Materials 2.8p £7.8m (GROC.L)
The company focused on the development of critical mineral projects in Greenland, has announced that the Government of Greenland has granted a 30-year exploitation permit for the graphite project at Piiaaffik Amitsoq. This follows the Government of Greenland's approval, on 4 December 2025, of the Amitsoq project Terms of Reference and associated White Paper. Greenland Graphite is in the process of preparing the project descriptions for the EIA report and SIA report. Following the approval of the EIA and SIA reports by the Government of Greenland, Greenland Graphite will have until 31 December 2028 to submit a mining and decommissioning plan and must commence mining activities by 31 December 2030, unless otherwise approved.
Insig AI 22.5p £28.1m (INSG.L)
The provider of AI-led analytics and machine learning solutions announced its unaudited interim results for the six months ended 30 September 2025 and an update on the Company's progress post the half year end. The operating loss was £1.1m in H125, compared to £5.2m in in H124, with H1 revenue growth of 164% to £438k. The cash at period end was £0.03m after a £1m fundraise at 30.5p per share, with plans to deploy capital into the digital assets and AI space. The company entered into two new vertical markets, with two new customer wins post period end.
IXICO 12p £11.2m (IXI.L)
The leader in neuroscience imaging and biomarker analytics reported finals to September 2026. Revenue grew by 13% to £6.5m with an increase in Gross margin to 49% from 47% leading to a 20% reduction in EBIDTA losses to £1.3m. The net cash was £3.5m compared to £1.8m reflecting the investment in expanding the operational footprint in the US. The closing order book for FY2025 is £13.8m down from £15.8m but since then the commercial traction has accelerated resulting in a 27% increase in the order book. This included a £3.5m global Phase 3 clinical trial contract for Huntington's disease. The continued development of the scientific capabilities with the next-generation IX platform enables IXICO to deliver impact to biopharma and diagnostics partners. The diversification of revenues with new and existing clients across therapeutic areas, clinical phases and geographies increases the CEO’s confidence in 2026.
MediaZest 0.1025p £1.8m (MDZ.L)*
The creative audio-visual solutions provider has announced a major debt restructure and provides a trading update for the year ended 30 September 2025. Annual revenues are expected to be up 30% to approximately £4.0m (FY 2024: £3.07m), with the Group expected to report a modest profit after tax and a substantial EBITDA profit. Cash in hand at the year-end is also expected to be up 50% to circa. £100k (FY 2024: £64k). The company continues to increase the number of longer-term recurring revenue contracts, with a recurring annual run rate currently in excess of £1.2m, compared to approximately £900k at 30 September 2024. The Group has successfully restructured its debt obligations, with £529k worth of interest written of and leaves a principal sum of £789,609 to repay over the next six years.
Oxford Metrics 42.5p £48.85m (OMG.L)
The smart sensing and software company servicing life sciences, entertainment, engineering and smart manufacturing markets, report FY to September 2025. Revenue increased 8% to £44.8m with a 29% increase in EBIT to £2.2m while the PBT decreased to £0.1m from £0.5m. An unchanged dividend of 3.25p is being paid and net cash is £37.3m down from £50.7m. As two acquisitions were made by the Smart Manufacturing division aimed at turning projects into products faster to improve margins and expand the addressable market. The next generation Markerless Motion Capture product has been launched which also expands the opportunities. Q1 is reported to be in line with the new Boards expectations who are refining the strategy with a three-year framework which is to be set out in H1 FY26.
Pharos Energy 20.125p £83.3m (PHAR.L)
The independent energy company with assets in Vietnam and Egypt, released its unaudited Trading and Operations Update for recent operational activities. Year to date average production was 5,391 boepd net, in line with 2025 guidance of 5,200 to 6,000 boepd. The company expects full year production to be in line with the YTD average production. In Vietnam the fully funded six-well drilling programme commenced on 18 October with two drilling rigs, GunnLod and Thor, running in parallel (the first rig operational since October and the second rig since early December). All wells can be brought immediately into production utilising existing facilities, with the drilling programme to be completed by mid-2026. In Egypt, the company received approval in September from EGPC's Executive Board for the consolidated Concession Agreement. Full Parliamentary ratification is expected in early 2026, with improved fiscal terms effective from 5 October 2025. On the financial side, the cash balance is c.$16.6m and the company remains debt free.
Zinc Media 51p £12.6m (ZIN.L)
The award-winning television and content production group expects to deliver strong revenue and profitability growth for the fifth consecutive year. The Trading update for the year ending December 2025 shows strong commission momentum and revenue is expected to grow by 27% to £41m with an EDITDA of no less then £1.9m, which is also a 27% increase on last year. Significant progress is reported against the three strategic pillars of IP monetisation, diversification into Entertainment formats, and expansion in the Middle East. Zinc's new entertainment quiz format The Inner Circle and its companion show The Celebrity Inner Circle delivered a strong series one performance, with episodes of the Saturday night show reaching over 4m viewers. The good forward visibility and confidence in the strategic growth pillars means the Group is on course to deliver its medium-term targets of £50m turnover and £5m EBITDA.
Hybridan Chefs
research@hybridan.com
Status of this Note and Disclaimer
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.