* 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:
Today: RC Fornax (RCFX.L), the UK-based engineering consultancy for critical military platforms, announced its First Day of Dealings 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 of EBITDA. The Company raised gross proceeds of approximately £5.15m for the Company, and approximately £1m for certain selling shareholders, in each case at a price of 32.50p. At the Issue Price, the Company will have a market capitalisation on Admission of approximately £18.15m.
On Tuesday 4th, yesterday, International Paper Company (IPC.L) listed on the Main Market. International Paper Company produces and sells renewable fibre-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company was founded in 1898 and is headquartered in Memphis, Tennessee. International Paper Company is already listed on NYSE. IPC recently acquired UK company DS Smith (SMDS.L) which delisted on the same day.
Delistings:
On Tuesday 4th, yesterday, DS Smith (SMDS.L) delisted from trading on the Main Market and was acquired by the above mentioned Company International Paper Company (IPC.L), which separately listed on the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:
Banquet Buffet****
Aptitude Software Group 335p £177.71m (APTD.L)
The provider of finance transformation software solutions, specialising in fully autonomous finance provided an update for Y/E December 2024, which are to be reported on 26th March. Revenue and profits are in line with expectations and it is advancing in its strategic goals. Its Annual Recurring Revenue (ARR) for its AI Autonomous Finance solutions grew 12% year-on-year to £17.1m. Selected wins include a US-based insurance brokerage, a leading interactive entertainment provider, a global insurer operating across over 50 countries, and a major contract win with one of Australia's largest financial services groups. Additionally, it
continued its expansion with the Aptitude Accounting Hub and Fynapse through a Big-4 accountancy firm's managed service. The Group's balance sheet remains strong with net funds of £20.3m reflecting the strong underlying cash generation which is funding dividends and the share buy-back program. The new year has started well, with a £5.7m contract from a Top 10 US Health Insurer. The business is in a materially improved position compared to last year.
B90 Holdings 3.05p £13.44m (B90.L)
The online gaming industry marketing company specialising in customer acquisition reported a trading update, yesterday for its Y/E December 2024. Trading in Q4 continued well and EBITDA remained positive for every month of 2024, so it expects to at least meet market expectations. The continued shift to a B2B-focused model in H2 2024 has proven instrumental in driving increased EBITDA. Building on this momentum, continuing organic growth is anticipated this year. It is underpinned by the streamlined operational model and innovative marketing initiatives. This is successfully driving customer acquisition and positive results for its 200+ partners which include Bet365 and Stake.com. The focus remains on organic growth and the CEO states that B90 is stronger, more innovative and is delivering short term results as well as being positioned for long-term success.
Dillistone Group 6.88p £1.4m (DSG.L)
The software and services provider for recruiters made a Trading update for the Y/E December 2024. These show continuing progress, with profit measures comfortably in line with expectations, and a significant improvement in operating results from last year. This is despite a challenging business climate. The improvement is being led by Talent, its executive search software which saw a significant increase in demand that is continuing into 2025. The new AI driven Interview Simulation platform was launched in November and is already generating revenue. DSG reports being back to operationally cash generative and continue to paydown its Covid era CBIL loan in line with schedule.
Made Tech Group 32.25p £41.43m (MTEC.L)
The provider of digital, data, and technology services to the UK public sector reports interims to November 2024. Revenue increased 14% to £21.8m, with a PBT of £0.4m compared to a prior period loss of £1.0m. Its gross profit margin increased a little to 35.8% while EBITDA improved 29% to £1.8m.
The Government’s strategic drive to use technology to transform public services in an agile and cost-effective manner means that Made Tech is well placed to deliver long term growth. There was a 233% jump in Sales Bookings to £42m, with a 44% increase in the contracted backlog to £80.8m. Net cash is £9.1m and the Company is on track to deliver positive free cash flow. The CEO expects double-digit revenue growth in FY25 and reports the business is in great shape to benefit from the public sector digitalisation programmes.
Pressure Technologies 34.50p £14.89m (PRES.L)
The specialist engineering group reports its finals to September 2024. A significant change has been made following the sale of the PMC division for £6.2m which was completed at the end of FY24. The ongoing
business is Chesterfield Special Cylinders (CSC). Trading across the two divisions was mixed, with PMC reporting a strong financial performance, while CSC was impacted by operational delays and delayed order placement. Revenue of £14.8m were weaker than expected, although deferred revenues are in the current year. Last year its defence revenues passed the peak activity on a high-value UK defence contract. There was a recent agreement for a strategically significant new order for supplier qualification and delivery to the US naval submarine programme. This key milestone highlights CSC's global credentials and opens new market opportunities. Significant revenue growth is expected in FY25, with a return to Adjusted EBITDA profitability for the full year after central costs. The Company’s name is to be changed to Chesterfield Special Cylinders Holdings (CSC.L) at the AGM in March 2025.
Shield Therapeutics 3.35p £29.69m (STX.L)
The commercial stage pharmaceutical Company specialising in iron deficiency provides a trading update for Y/E December 2024. Net cash was $6.5m at the Y/E with an additional $10.0m received post year end. Shield's rate of cash burn remains highly dependent on the rate of sales growth for ACCRUFeR . In Q4, it grew strongly with a 56% increase in revenue to $11.2m as the average net selling price increased to $237 from $167 in Q3. A significant step-up in revenue, alongside successfully streamlining the cost base should be sufficient capital to become cash flow positive in 2025.
Surface Transforms 0.31p £4.10m (SCE.L)
Manufacturers of carbon fibre reinforced ceramic automotive brake discs yesterday reported a financing, trading and operational update for Y/E December 2024. Revenue was 12% ahead at £8.2m, while capital expenditure continued with £5.5m during FY24. There remain numerous challenges to grow output and revenue at the pace required by customers. Its key customers are engaged in improving the Company's manufacturing yield, output and financial stability with discussions on optimising payment terms. This has included increased pricing, funded manufacturing expertise and cash advances of over £4m to support working capital. There is a £13.2m loan agreement solely for use against capital expenditure of which £4.9m had been drawn down at the year end, with further drawdowns having been made. The CEO is optimistic a solution will be found for the constrained working capital which at the Y/E was £0.5m.
Tandem Group 185p £8.76m (TND.L)
The designer, developer, distributor and retailer of sports, leisure and e-mobility products gave a trading update for the Y/E December 2024 which will be announced on 24th March. A stronger H2
drove an 11% improvement in full year revenue to £24.6m, which is despite the ongoing challenges suppressing already subdued consumer spending. As a result of disciplined execution, cost controls, and operational resilience, it has returned to profitability in FY24. The Board is confident that profit before tax and exceptionals will be in line with market expectations. Innovation remains a key strategic priority with efforts centred on developing new products, introducing enhanced features, designing new electric and mechanical bikes, as well as advancing Home and Garden product development.
Venture Life 34.00p £42.77m (VLG.L)
The developer, manufacturer and distributor of products for the self-care market yesterday made a trading update for the Y/E December 2024. Its revenues improved 1% to c.£51.8m including the contribution from the Health and Her acquisition made in early November 2024. This was added to its VLG Band division, and its integration is progressing well. The new product range contributed £0.8m to revenues and should add £1m of EBITDA in 2025. The Customer Brands division revenue, which represents c. 34.6% of turnover, is lower year on year due to unexpected destocking. The combined H2 gross margins improved to c.42% from 39.2%, with a greater weighting of revenues from the higher margin VLG Brands. Adjusted EBITDA was a marginal 2.6% lower at £11.3m. Net debt gearing increased to 1.7x from 1.3x due to the debt drawn to support the acquisition and the timing of revenues.
The CEO is confident of progress in 2025 resulting from continuing investment in sales and marketing with the additional acquisitive growth.
Xeros Technology 0.625p £2.73m (XSG.L)
The creator of technologies that reduce the impact of clothing on the planet delivered a trading update for Y/E December 2024, due to be published in May 2025. The Y/E net cash at was £2.8m and with an
ongoing focus on operating cost discipline and this is anticipated to be sufficient to take the Group to month-on-month cash flow break even during the year. There are clear near-term commercial deliverables. A Letter of Intent has been signed with a major electronics distributor for an initial order for the XF3 external microfibre plug and go filter. There is growing interest in the Group's FABRIC CARE technology which recently entered a paid-for technical verification process with a leading global washing machine brand. Other OEM’s are in final stage evaluations, which would head towards a commercial launch during 2026. The CEO states that the washing machine industry is ripe for innovation and any one of these evaluations could be transformational.
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