* 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:
B HODL (HODL:AQSE), the Company involved in Bitcoin accumulation and revenue generation from the Bitcoin in its treasury, announced its first day of dealings on the AQSE Growth Market. The Company has raised £13,335,256 at 14 pence per share. In addition, B HODL has raised a further £2,000,000 before expenses through an increased and oversubscribed WRAP Retail Offer. The Directors have a long-term vision to become a global player in Bitcoin services, with a focus specifically on Lightning liquidity and infrastructure, which they believe will be required for the Bitcoin eco-system to mature and spread to mainstream adoption.
Delistings:
None
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, has confirmed its intention to float on the Main Market. The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group's own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.
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, is expected to occur prior to 31 December 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. Deal details TBC and Admission expected late September 2025.
Banquet Buffet****
AOTI Inc 45.00p £47.86m (AOTI.L)
The medical technology Company focussed on the durable healing of wounds and the prevention of amputations announces interim to June 2025. There is continued progress in establishing Topical Oxygen as a new market category and validation of the TWO2 therapy value proposition for the durable healing of chronic wounds. Revenue growth delivered across all segments increased 20.9% to $31.8m, with a 9.5% reduction in EBITDA profits to $3.1m. This is due to the negative impact from US government efficiency and the One Big Beautiful Bill Act initiatives in common with its peer group. Net debt was $5.4m from cash of $5.5m, with an $11m loan agreement in place. US headwinds are seen as transitional, and the Company is prioritising the commercial development of its main revenue generating opportunities, while strategically investing in the drivers that will allow for accelerated growth in the mid-term to restore the growth momentum.
B90 Holdings 4.15p £16.31m (B90.L)
The online marketing Company for the global gaming industry announced its unaudited interim results for the six months ended 30 June 2025 (H1 2025). Revenues increased by 75% to EUR 2.41m (H1 2024: EUR1.38m) and the net loss significantly reduced to EUR0.04m (H1 2024: loss of EUR0.32m). The cash balances at the period end was EUR0.40m (H1 2024: EUR0.30m) with positive operational cash flow of EUR36,948 for the period.
Beeks Financial Cloud Group 207.00p £130.82m (BKS.L)
The cloud computing and connectivity provider for financial markets announced that it has entered into an agreement with TMX Datalinx, the information services division of TMX Group, the Canada based financial services company which owns and operates exchanges across equities, fixed income, derivatives, and energy markets, including the Toronto Stock Exchange.
Under the terms of the agreement, TMX Datalinx intends to offer Beeks' Exchange Cloud platform, the co-located Infrastructure-as-a-Service designed specifically for capital markets environments, as TMX Elastic Market Access to its clients, subject to regulatory approval. This partnership is a revenue share deal, with revenue recognition expected to commence in early 2026, contributing towards the Board's FY26 expectations and further adding to the Company's high proportion of multi-year, recurring revenue.
Creo Medical 12.25p £50.01m (CREO.L)
The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients report Interims to June 2025. Revenue increased 40% to £1.6m, with a 43% reduction in operating losses to £6.8m, reflecting deeper clinical adoption of its product range. Cash and cash equivalents were £20.5m compared to £8.7m and the remaining 49% stake in CME held as EUR36m (£29.5m) investment asset provides future balance sheet strength and delivers a meaningful share of profits and future cashflows via dividends. After regulatory clearances, SpydrBlade Flex has been commercially launched in the US, UK and the EU. Management reiterates a 40% to 60% revenue growth target for YE December 2025.
The solid-state battery technology Company announces further to its release on 15 July 2025, the commencement of its PRIMED programme, effective 1 August 2025. The programme welcomes Jaguar Land Rover and Professor Paul Shearing of Oxford University in strategic steering roles, alongside existing partner HSSMI, a consultancy group that helps manufacturers in the battery technology sector.
Supported by the Advanced Propulsion Centre UK through its Demonstrate fund, PRIMED represents another significant step towards commercialising Ilika's innovative solid-state battery technology. The programme will utilise the electrode production facilities at the UK Battery Industrialisation Centre.
Manx Financial Group 33.50p £43.22m (MFX.L)
The holding company providing a range of diversified financial services to the Isle of Man and the UK announces that its wholly owned subsidiary, Conister Bank Limited, has entered into a £2m convertible loan note agreement with Fiinu plc, an AIM-listed technology platform provider. This two-year note carries an annual interest rate of 10% and is convertible into 20m ordinary shares of Fiinu at a conversion price of 10 pence per share (representing approximately 5.2% of Fiinu's existing share capital), with the conversion being at the discretion of Conister. Manx has also today announced its interim results: a 16% increase in Profit Before Tax, amounting to £4.1m (30 June 2024: £3.5m), and a significant improvement in EPS. The Group reported a 0.5% rise in Net Interest Income margin to 62.4% (30 June 2024: 61.9%), net loan book growth of £19.8m to £392.6m since the year-end (31 December 2024: £372.8m), and an improved net yield of 7.6% (30 June 2024: 7.3%). The balance sheet reflects an increase in the loan book of £19.8m to £392.6m (31 December 2024: £372.8m), and the Group holds £82.m (31 December 2024: £95.3m in liquidity via cash and short dated gilts.
N4 Pharma 0.75p £4.16m (N4P.L)
The UK biotech developing Nuvec, its proprietary gene delivery system to enable advanced therapies for cancer and other diseases, announced further details of its collaboration with the R&D institute SRI on the targeted delivery of RNA into cells using Nuvec. Following detailed additional analysis, the resulting data are now shaping a new scope of work focused on utilising Nuvec for targeted treatments in oncology. The Company's collaboration combined SRI's targeting molecules with Nuvec successfully delivering therapeutic RNA (siRNA) payloads to specific cell types, specifically non-small cell lung cancer cells.
Time To ACT 17.5p £2.6m (AQSE: TTA)
The engineering-led Company focused on technology for the energy transition supply chain has agreed Heads of Terms on the disposal of £1m of surplus coating compound held as stock with a balance sheet value of zero. The disposal contributes in its entirety to sales, gross profit, and to the bottom line. The proceeds will be allocated to paying off the remaining HSBC CBILS loan as well as for general working capital purposes and ensuring the operational capacity at Diffusion Alloys while it prepares for the expected growth from its end markets. The transaction is expected to close in the coming weeks. Chris Heminway, Executive Chairman of Time To ACT plc said: "Large project activity at our key customers is slow globally and yet we can again demonstrate our resilience by part-realising a "hidden asset" on our balance sheet. Referencing an average gross profit margin target of 40% in our basic coating activity, we'd need coating revenue of £2.5m to generate the £1.0m of gross profit that we will book on this transaction. Our financial position is secured without any shareholder dilution. We are again demonstrating that shareholder value creation is about more than simply booking revenues."
Van Elle Holdings 33.00p £40.03m (VANL.L)
The UK's largest ground engineering contractor provided the following trading update for the year ending 30 April 2026 (FY26) ahead of its AGM on 25 September 2025. Challenging trading conditions experienced throughout FY2025 continued into the new financial year. The expected improvement across its core sectors is yet to materialise, attributable to spending constraints and delays to contract starts across all sectors, particularly related to Building Safety Act approvals for high-rise residential buildings. Due to these factors, year to date revenues have not increased as anticipated and consequently, full year trading and profitability is expected to be materially below market expectations, and below the prior year. The Company will provide a trading update for the six months ending 30 October 2025 in early December.
Wellnex Life Limited 14.00p £9.15m (WNX.L)
The consumer healthcare business announced that through its wholly owned subsidiary, BSPS Aust Pty Ltd, it has received the opening order from its global partner Haleon plc (HLN.L) for its TGA registered Liquid Paracetamol and Ibuprofen softgel for the United Arab Emirates (UAE). The UAE order opens a fourth national market (after Australia, New Zealand and the UK) in the Haleon global network that will be supported by Wellnex Life and brings an additional product line to the relationship with Haleon in addition to the already launched Liquid Paracetamol softgel. Wellnex Life since 1 July 2025 has currently received confirmed purchase orders from various contract manufacturing customers of $4.6m. These confirmed purchase orders are in addition to the contract manufacturing orders of $800K already invoiced this financial year (total:$5.4m) and revenues from the Company's other business operations.
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