* 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: 4global (4GBL.L) and Totally (TLY) have both left AIM.
What’s baking in the oven?
Potential** Initial Public Offerings:***
Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be delayed. A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed. Deal size and timing remains TBC.
Banquet Buffet****
CleanTech Lithium 6.00p £6.02m (CTL.L)
The sustainable lithium developer in Chile is collaborating with DuPont Water Solutions, a business unit of DuPont, to test lithium processing technology. DuPont has developed a new nanofiltration (NF) membrane technology which aims to remove impurities and maximise lithium recovery. NF is applied in CleanTech Lithium's direct lithium extraction downstream process. The Company report trials have recently been completed with highly encouraging results.
Crimson Tide 63.50p £4.18m (TIDE.L)
The provider of the process management platform mpro5 announced that Booker, a leading UK wholesale provider, has renewed its contract with the Group. The new contract relates to the provision of the Group's mpro5 platform for a term of three years. It is greater in scope and value than its predecessor and provides for the generation of over £1m in revenue over its term.
Eneraqua Technologies 29.0p £9.6m (ETP.L)
The specialist provider of specialist energy and water efficiency solutions announces that for the year ended 31 January 2025 the Group expects to report revenues of £63m and adjusted profit before tax in line with market expectations. During FY26, the Company has experienced significant delays in the receipt of payments due from some clients and the deferral of certain energy projects which has placed significant strain on the Company's balance sheet and supply chain. The Company is accordingly managing working capital closely and actively engaging its finance provider through its invoice discount facility, who have been supportive of the Company. The Company is in the closing stages of finalising the disposal of a non-core subsidiary with net initial proceeds of £1m to be applied for general working capital purposes by the Group. The Company is working to address these matters and finalise its audit ahead of 31 July 2025.
IntelliAM AI 105p £20.1m (AQSE: INT)
The software Company leveraging AI and machine learning in the manufacturing industry announces its unaudited financial results for the twelve months ended 31 March 2025. Actual results for the period, reflecting only 9 months trading as a Group; Revenue of £3.2m, split as revenue from the Consulting Division £2.6m and revenue from Platform and Platform services £617k. The adjusted EBITDA loss was £157k and cash at end of the period stood at £2m. Having reviewed the progress made in the last financial year, the Company believes that ARR should grow to £2m in the current year. The Company is confident that it has sufficient cash resources to invest in the business and achieve its financial goals. Revenue growth expected to be in the range of 75-90%.
Cropper (James) 220.00p £21.02m (CRPR.L)
The Advanced Materials and Paper & Packaging Company provides an update on trading in advance of its full year results for the financial year to 29 March 2025 which will be published later this month.
The Board's expectations for the Paper & Packaging business in FY26 remains for it to report a significant improvement in Adjusted EBITDA against FY25, and the achievement of run-rate Adjusted EBITDA breakeven in the final quarter. Revenue in the Advanced Materials business grew by approximately 10% in the first quarter of FY26 compared to the same period in FY25. Overall, the Board is confident that the Company will deliver significant growth in Adjusted EBITDA profitability in FY26 against FY25.
MediaZest 0.08p £1.36m (MDZ.L)*
The creative audio-visual solutions provider announces it has signed a significant new contract with First Rate Exchange Services to provide digital currency boards installations for First Rate’s clients. This will include deployments across approximately 1,200 locations in the UK representing a significant investment by First Rate in its business over the next 5 years, predominantly delivered in the next 24 months.
First Rate and MediaZest are working together to develop and deploy solutions for multiple First Rate clients as part of this partnership, as First Rate continues to deliver innovative solutions to those clients as the leading foreign currency provider in the UK.
Mkango Resources Ltd 31.00p £101.39m (MKA.L)
The Company engaged in the exploration and development of rare earth elements announced first production runs for the commercial scale Hydrogen Processing of Magnet Scrap (HPMS) vessel, which is currently being commissioned by the University of Birmingham with the support of commercial partner, HyProMag Limited, as part of the new scaled-up rare earth magnet recycling and manufacturing plant located at Tyseley Energy Park, Birmingham. The HPMS vessel is fundamental to the Plant, producing a high grade, recycled neodymium-iron-boron alloy powder for commercial sale or to feed downstream magnet manufacturing. All major equipment for the Plant has been constructed on site and will be commissioned sequentially over the coming months.
MTI Wireless Edge Ltd 45.00p £38.79m (MWE.L)
The technology Company focused on comprehensive communication and radio frequency solutions across multiple sectors announced that its antenna division has secured contracts from three existing customers for the delivery of military antennas worth a total of approximately US$1.6m. These contracts are to be delivered over the next 20 months.
Plexus Holdings 9.25p £15.97m (POS.L)
The wellhead services business provided an update on operations and trading for the year ended 30 June 2025.
Financial results for the year to 30 June 2025 are expected to be in line with market expectations. Following the £3.5m fundraise in March 2025, Plexus has placed orders for four of the planned eight new Exact EX rental wellhead systems. These units are currently in production and are scheduled for delivery in Q4 2025. Once delivered, they are expected to begin generating revenue in Q1 2026. The previously announced Middle East contract is progressing with equipment being prepared for shipment to the United Arab Emirates. Approximately $1m of revenue is expected from the initial campaign.
Thor Energy 0.48p £4.77m (THR.L)
The Company focused on Hydrogen and Helium exploration announced positive results of its recent soil geochemistry study at its HY-Range project (RSEL 802) in South Australia. Results showed significantly elevated hydrogen and helium with several natural hydrogen values more than 1,000ppm, with the highest reading of 3,000ppm. The Board believes these results are promising and derisk the presence of active and potentially prolific natural hydrogen and helium systems in their licence.
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