* 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:
London & Associated Properties (LAS.L) has left the Main Market.
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission was slated for around 11 November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 28th November.
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.
Banquet Buffet****
Creightons 28p £19.9m (CRL.L)
The beauty and well-being brand owner and manufacturer, reports interims to September 2025. Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion. This was offset by a decline in contract manufacturing. The Gross profit margin increased 0.7% to 44.7% helped by successful new launches and operational efficiencies from targeted manufacturing investments. The EBITDA was lower at £2.2m compared to £2.5m with a PBT of £1.5m compared to £1.7m. The net cash increased £1.4m to £2.9m because of strong working capital management and improved operational efficiencies. Revenue momentum is expected to increase, supported by private label growth, brand diversification, and international expansion initiatives.
Eagle Eye 275p £82.04m (EYE.L)
The SaaS and AI technology company that creates digital connections enabling personalized, real-time marketing at scale, updates on Trading at the AGM. Trading in H1 has started well, with new wins in the UK, Thailand and notably in North America, where Eagle Eye has recently secured a new five-year contract with a large independent food retailer, with the potential for expansion. The transformational OEM launch event in October 2025 for the OEM's new loyalty solution was well attended. The Board is confident in maintaining a double-digit adjusted EBITDA margin for FY26 and improving adjusted EBITDA progression as the year progresses, with a target FY26 exit run rate EBITDA margin of 20%. The pipeline continues to build, with an increasing number of well-progressed opportunities, demonstrating the growing traction of Eagle Eye's offering.
Likewise Group 25p £62.31m (LIKE.L)
The UK Flooring Distributor provides a trading update for the current financial year ending December 2025 and directors’ dealings. Sales continued to increase in H2 by 7.4% with a new record month in October resulting in the year to date increasing by 8.9%. This is despite challenging markets. Due to increased costs, however and the changing revenue mix the increases in the underlying Profit Before Tax is lower than expectations although significantly ahead of previous years. The Group is on course to achieve its medium-term objectives of growth in both Sales Revenue and Profitability in 2026. Three directors have purchased an aggregate of 116,253 shares through the reinvestment of the Company's interim dividend.
Manolete Partners 82.5p £36.14m (MANO.L)
The insolvency litigation financing company, reports interims to September 2025. Revenue at £12.7m is 12% lower than previously and the EBIT was £0.1m compared to £0.7m. The net cash generated from completed cases improved 3% to £7.8m with an increase in cash balance to £1.1m from £0.6m and net debt
reduced to £10.8m from £11.9m in the previous year. There was a record number of case completions in H1 FY26 up 7% to 146 albeit at a lower-than-normal average value. The new case investments increased 15.9% to 146 and at the end of H1 Manolete had 446 live cases in-progress compared to 413. The total expected settlement value of the cases signed during H1 was 31% ahead of last year and the focus is on adding and completing more higher value, claims.
Northern Bear 125p £17.7m (NTBR.L)*
The Company providing specialist building and support services announced its unaudited interim results for the six months to 30 September 2025 (H1 FY26). Revenue was £49.4m (H1 FY25: £37.6m), Gross profit of £12.2m (H1 FY25: £8.9m) and Gross margin improved to 24.7% (H1 FY25: 23.8%). Operating profit of £4.1m (H1 FY25: £1.7m) and Cash generated from operations £3.1m (H1 FY25: £2.2m). Equity dividends paid in the Period of £0.5m (H1 FY25: £0.3m). Both revenue and profits were ahead of management expectations, and the forward order book remains stable and should support the Company’s trading performance in the coming months.
Ondo Insurtech 31p £43.1m (ONDO.L)
The provider of claims-prevention technology for home insurers, reports that the Indiana Farm Bureau Insurance (IFB) is expanding its LeakBot programme. Having successfully completed the pilot programme which delivered significant claims savings and a positive ROI. It has now contracted to rollout a further 20,000 devices commencing before the end of the year. The combination of strong ROI and exceptional customer feedback shows how LeakBot helps insurers predict and prevent costly water damage.
PCI-Pal 53.5p £38.8m (PCIP.L)
The cloud provider of secure payment solutions for business communications makes a new connection. It is integrating the service to Epic, a world electronic health record systems enabling healthcare providers to process payments securely across any channel, without exposing sensitive data to agents or internal systems. The PCI Pal integration enables secure, omnichannel payments via phone, keypad, or digital link within the familiar Epic environments. This helps healthcare organisations by connecting payments to the same workflows resulting in faster collections, and a reduced compliance burden.
Sabien Technology Group 9p £2.41m (SNT.L)
The provider of CO₂ and energy-reduction technologies with its core M2G intelligent boiler optimisation solution, updates on its strategic relationship with City Oil Field Inc of Korea. The previous memorandum of understanding MOU is being processed into a proposed strategic agreement. Sabien will acquire a minority equity interest in COF in return for COF acquiring an interest in Sabien. In addition, and subject to contract, Sabien's existing exclusive UK Sales Agency Agreement with COF will be extended for a further ten years and expanded to include additional international territories outside the Republic of Korea. In a new development, the agreement will also include a shared intention to explore and develop international trade opportunities for sustainable oil products produced at the Wave Jeongeup plant for sale into the UK and EU. The Proposed Strategic Agreement is expected to bind Sabien and COF in joint enterprise to ensure mutual success.
TMT Investments 252c $79.3m (TMT.L)*
The venture capital company investing in high-growth technology companies has started an on-market share buyback programme for an aggregate consideration of up to USD$2m. The directors believe that the current share price trades at a significant discount to the intrinsic value. The purpose of the Programme is therefore to take advantage of this discount to enhance Net Asset Value per share, reduce the Company's share capital, and return value to its shareholders. The Company intends to repurchase up to 800k shares representing approximately 2.54% of its issued share capital and the shares will be cancelled. The Programme will operate until 19 December 2025, unless completed earlier or extended.
ZOO Digital Group 11.25p £11.06m (ZOO.L)
The cloud-based localisation and digital media services to the global entertainment industry, reports Interims to September 2025. Revenues decreased 19% to $22.4m as workflow stabilise after benefiting last year from the backlog of work due to the Hollywood strikes. The gross profit margin improved to 45% from 37% so the gross profit was unchanged at $10.1m despite these lower revenues. The operating loss reduced to $1.2m from $2.5m as a result of cost rationalisation. The gross cash balance is $3.3m from H2 FY25 of $2.7m with a focus on cash management and positive operational cash flow. Momentum is reported to be increasing and outperforming Q1 on all financial metrics. There is a growing number of new opportunities and projects being progressed by customers deploying ZOO's tech-enabled proposition to enhance their end-to-end localisation and digital media strategies and a return to growth is expected in 2027.
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.