* 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:
Lifesafe Holdings (LIFS.L) has left AIM
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, announced the price range for its planned Main Market IPO at 251 to 291 pence per Share, implying an estimated market capitalisation at Admission of between approximately £280m and £320m. The Offer comprises up to 11,553,785 new Shares to raise primary capital of approximately £29m, to ensure a debt-free position at IPO with sufficient working capital, and up to 29,316,398 existing Shares to be sold by shareholders of the Company, subject to pricing. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. It is currently expected that Admission will occur in October 2025.
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, which as updated on 23 September, is expected to occur on around 23 October 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ) announced its intention to move from AQSE to AIM. There will be a placing to raise £1.4m at 1 pence per share and Admission of the enlarged ordinary share capital to trading on AIM expected to commence on 15 October 2025.
Banquet Buffet****
Coro Energy 0.43p £3.91m (CORO.L)*
The South East Asian renewable energy developer announces its unaudited interim results for the six-month period ended 30 June 2025. The Company added a further 2.2MW of commercial and industrial (C&I) rooftop solar capacity with Mobile World Group (MWG) bringing the Group's total aggregate operational capacity in Vietnam to 6.4MW with estimated run-rate annual cash flows of approximately US$720,000. The Company is in advanced negotiations with an industrial customer for a new 10MW project across several factory locations in Vietnam. Coro completed the full recapitalisation and strengthening of the Company's balance sheet through a £2.1m equity fundraising, a 100:1 share capital reorganisation, and the deemed redemption of 75% of the Company's existing secured listed bonds with the balance being converted into equity.
EnergyPathways 8.55p £12.57m (EPP.L)
The energy transition Company announced that the Rt Hon, Ed Miliband, the UK's Secretary of State for Energy Security and Net Zero, has formally directed that the major elements of the Company's flagship MESH project be treated as a development of national significance requiring development consent under the Planning Act 2008. With the Secretary of State's decision, the major elements of the MESH project will now follow the priority development authorisation processes under the Planning Act 2008, reserved for projects of national significance in energy and other sectors.
The licensor and innovator of proprietary syngas technology for clean conversion of the world's waste into sustainable energy and biofuels announces a trading update and its unaudited, interim results for the six months ended 30 June 2025 (H1 2025). Revenue of EUR0.6m (H1 2024: EUR1.4m) and Gross profit of EUR0.5m (H1 2024: EUR0.8m). The Company completed cold and hot commissioning at the AgriGas plant in Larissa in August, with final enhancements on pellet line completed in September; it also secured revenues; signed a maintenance support contract; and hosted investor visits. The Company is expecting to receive acceptance of a new proposal for a waste-to-liquid project in France, targeting revenues of EUR300,000 in 2025.
Future Metals NL 1.70p £14.14m (FME.L)
The mineral exploration Company announced the appointment of Mr Keith Bowes to the position of the Managing Director and CEO. Keith is a resources executive with over 30 years of experience in project development, metallurgy, and operations across Africa, South America, and Australia. He is a process engineer by training and spent 20 years working for Anglo American and BHP on a variety of projects across various jurisdictions and commodities. Of most relevance was his involvement in copper projects in Zambia, zinc projects in Namibia and nickel operations in Western Australia and South America.
Huddled Group 2.60p £11.94m (HUD.L)
The circular economy e-commerce business announced its unaudited interim results for the six months to 30 June 2025, along with an update on trading for Q3 2025 to date. Revenue increased 81% to £9.48m (H1 2024: £5.25m) with over 292,000 orders in the Period, up 98% from H1 2024. The Group expects to report its maiden net operating profit across all brands before head office costs in September 2025. A partnership with THG Ingenuity was announced, enabling quicker turnaround times, highly scalable capacity and improved proximity to potential stock suppliers.
itim Group 61.50p £19.48m (ITIM.L)
The SaaS-based technology Company that enables store-based retailers to optimise their businesses to improve financial performance announced its unaudited interim results for the six months ended 30 June 2025. Group revenue of £8.0m (HY24: £8.8m; FY24: £17.9m), with booked recurring revenue of £6.6m (HY24: £6.6m; FY24: £13.4m), representing 83% of Group revenue (HY24: 75%; FY24: 75%). Annual recurring revenue (ARR) of £13.3m (HY24: £13.2m; FY24: £13.0m), reflecting annual growth of 1% (HY24: 0%; FY24: -1%) and a (Loss)/profit before tax of £(0.7)m (HY24: £(0.1)m; FY24: £0.2m). Net cash was £1.8m (HY24: £3m; FY24: £3.8m).
Physiomics 0.47p £1.46m (PYC.L)*
The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions announced its audited results for its financial year ended 30 June 2025. Total income (revenue and grant income) increased 46% to £834,156 (2024: £570,561), meeting market expectations. The operating loss decreased 32% to £457,791 (2024: £670,816) and Cash and cash equivalents at 30 June 2025 of £461,242 (30 June 2024: £191,072).
The Company continues to build its pipeline with the average total value of contract wins over FY24 and FY25 averaging over £1m per annum; a 63% increase on the yearly average of the previous five years. The Company started the new financial year ending 30 June 2026 (FY26) with approximately £594k of contracted revenue that is projected to be recognised within the year.
Poolbeg Pharma 3.95p £27.19m (POLB.L)
The clinical-stage biopharmaceutical company with a core focus on transforming the cancer immunotherapy field announces its unaudited interim results for the six months to 30 June 2025. Cash balance of £10.0m as at 30 June 2025 providing a cash runway extended into 2027, supporting the delivery of multiple key clinical milestones. Specialist blood cancer trials organisation Accelerating Clinical Trials Limited appointed to conduct POLB 001 Phase 2a trial, and supply of an approved biospecific antibody drug secured for the trial at no cost to the Company. Trial due to take place at The Christie NHS Foundation Trust and other leading UK specialist cancer centres, with interim data expected summer 2026.
Spectra Systems Corporation 158.5p £92.17m (SPSY.L)
The provider of machine-readable high speed banknote authentication, security printing, brand protection technologies and gaming security software announced its interim results for the six months ended 30 June 2025. Revenue of $34,965k (2024: $22,739k) up 54% and Adjusted EBITDA up 101% at $15,764k (2024: $7,847k). Cash of $2,556k (2024: $4,444k) and debt of $3,718k (2024 $4,803k) at 30 June 2025.
The Company focused on value creation from Internet of Things (IoT) technology businesses announces an Open Offer to raise up to £642k at an Issue Price of 0.50p per Open Offer Share. The Open Offer is open for acceptance from now until 14 October 2025. Details of the Open Offer will be set out in a Circular to be sent to shareholders later today.
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