24th November 2025
@HybridanLLP
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:
On Friday 21st, Woodbois (WBI.L) left AIM.
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 is for around 28th 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 1st December 2025.
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****
DSW Capital 50.00p £12.57m (DSW.L)
The mid-market, challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands reported strong revenue and EBITDA growth in its Interims to September. Revenue improved from £1.1m to £2.2m with EBITDA up from £0.1m to £0.7m. The cash balances of £2.2m is allowing an interim dividend of 1.2p per share to be paid to shareholders on the register on 12 December. The Company's strategic aim is to build a resilient and diversified group of licensee businesses, as demonstrated by the acquisition of DR Solicitors in November 2024. Following this acquisition, the Company's dependency on M&A activity reduced significantly to 32% from 67% of network revenue. The results are typically weighted towards the second half of the financial year.
Fusion Antibodies 11.75p £13.64m (FAB.L)
The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications reports its interims to September. Revenue declined 30% to £0.84m and the loss reduced by 32% to £0.51m despite increasing R&D to £0.53m from £0.18m. The cash position was £0.25m compared to £0.4m in March, with a further £0.54k owed by existing debtors. A patent in the US was granted covering the library design and method used in OptiMAL. There are two separate new contracts, both covering humanisation of multiple targets, announced with specialist divisions of large pharmaceutical companies. The CEO states that substantial progress has been made towards its core strategic objective of developing OptiMAL in readiness for a commercial launch of the technology. The Company also expects significant growth as clients seek to rapidly start new projects to meet the growing demand for therapeutic and diagnostic antibodies.
ImmuPharma 8.00p £49.07m (IMM.L)
The specialist drug discovery and development Company announced an update on P140 partnership discussions. Based on the engagements with potential partners to date, the Board now expects the completion of any partnership deal to extend beyond the end of 2025, with the aim being to move to completion of a deal as soon as practicable in 2026. The Company confirms the current cash runway extends into Q4 2026 and that it has no intention to raise further funds and will look to further strengthen its cash position as a result of deals with potential commercial partners.
Kropz 0.65p £7.99m (KRPZ.L)
The emerging African phosphate producer and developer announced a trading update for the period to 30 September. Elandsfontein produced 87,496 tonnes of phosphate concentrate in Q3 2025, representing a 17% increase compared to the previous quarter. Sales for the period totalled 72,408 tonnes, a 28% increase quarter on quarter. The quarter closed with a record production month in September, during which 34,070 tonnes of phosphate concentrate were produced. The mine remains in its trial production phase.
M&C Saatchi 115.50p £154.04m (SAA.L)
The advertising and marketing Company issued updated trading guidance for the twelve months ended 31 December. Trading in the second half of the year has been adversely impacted by the US Government shutdown. As a result, the Company does not expect to recover this lost revenue in FY 2025, which will therefore materially impact prior growth and profitability expectations. The Company now expects a like for like net revenue decline of around 7% (or a decline of around 1.5% excluding Australia) with operating profit in the range of £26m to £28m, indicating an operating profit margin of around 12.5% - 13.0%, which is below the expectation set out in the Company's interim results. The Board has decided to commit funds to a share buyback programme of up to £5m over the next 12 months, with the possibility to either extend the programme or increase its value.
Microlise Group 97.50p £161.74m (SAAS.L)
The provider of transport management software to fleet operators announced a trading update in relation to the year ending 31 December. Based on trading results for the year to date and pipeline for the remainder of FY25, the Group now expects to deliver FY25 revenues below current market expectations of not less than £84m, up 4% versus FY24 adjusted revenues of £81.0m. As a result of the underperformance in sales, adjusted FY25 EBITDA is to be below current market expectations, and not less than £8.3m. The reduction in expected revenue for FY25 is a result of lower order volumes from global OEM customers and direct customer sales in the UK have been softer. Cash is anticipated to be approximately £11m as at 31 December (FY24: £11.4m).
MTI Wireless Edge Ltd 46.5p £36.63m (MWE.L)
The technology Company focused on comprehensive communication and radio frequency solutions announced its financial results for the nine-month period ended 30 September. Highlights include a 12% increase in revenues for the Period to $37.8m (9 months to 30 September 2024: $33.7m) and 21% improvement in profit from operations to $4.2m (9 months to 30 September 2024: $3.5m). The net cash position rose to $6.4m as at 30 September (30 September 2024: $4.8m). The Company reports the cash position and cash generation supports a progressive dividend; anticipated to be declared during Q1 2026.
Polarean Imaging 0.10p £1.03m (POLX.L)
The commercial-stage medical imaging technology Company announced it has signed an exclusive distribution agreement with DK Healthcare Co., Ltd. for the distribution of Polarean's Xenon MRI platform in South Korea. Through this partnership, Polarean is strategically positioning its innovative Xenon MRI platform for entry into one of the world's most advanced medical imaging markets. The Company will collaborate with DK Healthcare to obtain the necessary regulatory clearances ahead of commercial launch in South Korea.
Synectics 272.5p £46.7m (SNX.L)
The provider of advanced security and surveillance solutions announced it has signed a five-year extension to an existing framework agreement with Stagecoach, one of the UK's largest bus operators. Under the terms of the Agreement, Ocular Integration, the Company's wholly owned systems integration business, will continue to supply and install advanced CCTV systems integrated with Synectics' Cloud Transport Services on Stagecoach's fleet of new, factory-built buses.
Trellus Health 0.65p £0.85m (TRLS.L)
The healthcare Company delivering a digital platform announced it has entered into an unsecured loan agreement with the Company's long standing substantial shareholder, Icahn School of Medicine at Mount Sinai, with a principal amount of US$600,000. The Loan Note will be non-interest bearing for the first six months. Thereafter, it will accrue interest at an annual rate of 8%. The proceeds from the Loan Note will support the continued execution of the Company's commercial strategy and extend its near-term cash runway to late January 2026. The Company remains in active discussions regarding a potential equity fundraising to extend the cash runway further.
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