Potential**** Initial Public Offerings:
ITF announced:
22nd May: Following the confirmation of the ITF, Raspberry Pi announces the successful pricing of its IPO at 280 pence per Ordinary Share on 11 June. It is due to start trading on 14 June. Based on the Offer Price, Raspberry Pi's market capitalisation will be approximately £541.6m at the commencement of conditional dealings on the Main Market of the London Stock Exchange. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.
4th June: Advanced Oxygen Therapy Inc (AOTI): The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its Schedule One and expected first day of trading on the AIM market of the 18th June. The Group expects to raise $25m.
Media speculation:
2nd June: Online fashion firm Shein from China is preparing to file a prospectus ahead of a potential London float which could value it around £50bn.
Reverse Takeovers:
Change of Market:
Dual Listing :
Cake Box Holdings 180p £70.0m (CBOX.L)
The UK’s largest retailer of fresh cream celebration cakes announces its audited full year results for the twelve months ended 31 March 2024. The revenue went up by 8.7% to £37.8m (2023: £34.8m), reflecting an increase in franchise store like-for-like sales and the addition of twenty new stores opening in the year. Net cash increased by 19.5% to £7.3m (2023: £6.1m). The demand in the market is expected to be further boosted to tackle the uncertainty in the trading environment in 2025 by the opening of new stores, investment in marketing, alongside a brand refresh roll out and new website of the company.
Chariot Limited 8.03p £91.2m (CHAR.L)
The Africa focused transitional energy Company announces its audited final results for the year ended 31 December 2023 today. The loss after tax was US$15.6m, an increase of US$0.7m from last year. The cash position was £6.0m on 31 December, a decrease by 50%, mostly due to the investment in exploration campaigns Offshore and Onshore Morocco, business development within the Transitional Power and Green Hydrogen businesses, and administration activities. The Company is committed to continuing to progress its Moroccan gas portfolio, South African renewable generation and power trading business and green hydrogen assets as well as considering new venture opportunities.
Eckoh 38p £107m (ECK.L)
The global provider of Customer Engagement Data Security Solutions announces its full year audited results for the year ended 31 March 2024. Revenue was £37.2m (FY23: £38.8m), down 4% largely because of the timing of the new business wins and the ongoing transition of clients to the cloud, which removes one-off hardware fees and reduces set up costs. Adjusted operating profit increased by 8% to £8.3m (FY23: £7.7m), including a £0.1m FX loss versus a FX gain of £0.5m in FY23. The Company expects new business coming from existing clients to grow significantly with the enhanced product set and the increasing interest in AI bots for contact centres provides a further opportunity for growth.
Empires Metal Limited 11.3p £69.5m (EEE.L)
The AIM-quoted resource exploration and development Company announces its final results for the year ended 31 December 2023. The loss before tax was £2.2m (2022: £1.0m), and the cash position was £2.8m (2022: £1.5m). Total drilling comprises 101 Reverse Circulation holes for a total of 15,010m as well as seven diamond core holes for a total of 2,025m, all completed in 2023 and H1 2024 and over a 30km strike length. Fundraisings have been successful in September 2023 and January 2024, raising a total of £6m to support exploration and development work throughout 2024.
Global Connectivity (AQSE:GCON) 0.65p £2.3m
The Company focused on communication services, and a shareholder in leading UK broadband provider Voneus, announced that on 6th June, a further combined capital investment of £18m was made into Voneus by its shareholders and lender. This latest investment in Voneus increases Rural Broadband Solutions Holdings Limited’s (RBSHL) stake to 41% from 38%. Global Connectivity owns a 15% stake in RBSHL's common equity. The historic valuation of approximately £6.8m or 1.9p per GCON share is in the audited accounts for the year ended 31 December 2023, but reflects neither RBSHL’s increased percentage ownership of Voneus since the 25% starting point, nor the growing maturity and success of the underlying business.
IDOX 67p £294.4m (IDOX.L)
The leading supplier of specialist information management software and geospatial data solutions to the public and asset-intensive sectors announces its unaudited half year results for the six months ended 30 April 2024. Revenue increased by 21% to £43.1m (H1 FY23: £35.8m), the statutory diluted EPS was 0.71p (H1 FY23: 0.73p) and free cashflow was £13.0m (H1 FY23: £12.9m). Idox is expecting to make use of significant financial resources to deliver profitable organic and inorganic growth.
Iomart Group 137p £161.6 m (IOM.L)
The cloud computing company and IT managed services business providing hybrid cloud infrastructure, network connectivity, cyber security, and digital workplace capability announces its final results for the year ended 31 March 2024. Revenue grew by 10%, achieving record revenues of £127.0m (FY23: £115.6m) supported by two acquisitions in the year and a further year of organic growth within cloud managed services, the area which is the key focus of commercial and product strategy. Cash generation from operations was £36.6m with an 8% increase compared to FY23. The underlying drivers for cloud computing, increasing complexity of the technical landscape and customers looking for a trusted and experienced service partner, might further the long-term growth for the business.
Oxford Metrics 99.5p £148.53m (OMG.L)
The smart sensing and software company, servicing life sciences, entertainment and engineering markets, announces unaudited interim results for the six months ended 31 March 2024. Revenue was £23.5m, up 10.5% (H1 FY23: £21.3m), the net cash position was £54.8m as at 31 March 2024 (H1 FY23: £63.6m), providing considerable resources to continue pursuing targeted M&A. The Group continued to make good progress against its five-year plan, which aims to increase FY21 revenues 2.5x and deliver an adjusted profit before tax margin of 15% by the end of FY26. The plan is about extending sensing capabilities, enhancing analysis modes and embedding IP in other areas.
Renew Holdings 1062p £850.0m (RNWH.L)
The leading Engineering Services Group supporting the maintenance and renewal of critical UK infrastructure announces that it has acquired Excalon Holdings Limited for a total consideration of up to £26m. The valuation of the business was based on Excalon generating a sustainable EBITDA of at least £3m per annum and the profitability of Excalon is expected to be in line with Renew's current Engineering Services operating profit margin. The Acquisition allows Renew to expand into the electricity transmission and distribution market. This is consistent with the Group's strategy of targeting end markets where maintenance and renewals programmes benefit from long-term, non-discretionary funding programmes.
Vianet Group 115.7p £31.5m (VNET)
The leader in delivering actionable data and business insights through an integrated ecosystem of hardware devices, software platforms and smart insights portals announces its unaudited results for the year ended 31 March 2024. Revenue for FY2024 increased by 7.6% to £15.18m (FY2023: £14.12m), the profit before tax was £0.78m (FY2023: £0.45m), and year-end cash reserves rose to £1.82m (FY2023: £0.07m). The Group is expected to take advantage of opportunities in remote asset management, contactless payment and market data insights both in their core and new markets, and the end-to-end product suite to achieve earnings growth and expand future strategic options.
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