Admissions:
None
Delistings:
Ricardo (RCDO.L) left the Main Market on Friday 10th.
What’s baking in the oven?
Potential** Initial Public Offerings:***
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, announces that it is considering an IPO onto the Main Market. From 31 December 2013 to 30 June 2025, the Group grew its loan book significantly from £1.4bn to £17.0bn, whilst simultaneously delivering growth in its underlying profit before tax at a compound annual growth rate of 30 per cent. and a 20 per cent. median adjusted return on tangible equity. The Offer would comprise new Shares to be issued by the Company and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, would be disclosed in a Confirmation of the Intention to Float announcement and/or in a Prospectus, if and when published.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, announces that it is considering an IPO on the Main Market The Group's branded product portfolio includes leading, recognised brands such as 'Princes', 'Napolina', 'Branston', 'Batchelors', 'Flora', 'Crisp 'N Dry', 'Delverde', 'Naked Noodle' and 'Vier Diamanten'. The Group achieved proforma revenues of £2.1bn in the 12 months to 31 December 2024, generating pro forma adjusted EBITDA of £122.3m at a margin of 6.0%. Deal details and timing TBC but offer would be comprised of new ordinary shares to be issued by the Company to raise net proceeds that support the Group in adding further inorganic growth via further acquisitions.
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****
1Spatial Holdings 53.0p £60.87m (SPA.L)
The global Location Master Data Management software and solutions provider reports Interims to July. Revenue increased 9% to £17.7m with a 50% increase in SaaS Term licenses to £0.8m and ARR grew 11.9% to £19.1m. The is EBITDA improved to £2.1m from £2m, while the LBT increased to £0.3m from £0.2m. There were some strategically important multi-year licence deals signed with existing clients including $1.1m with Montana and £1.1m each with Defra and Network Rail. Already in H2 there is a $1.7m Enterprise Agreement with the California Department of Transportation and £1m Streetworks contract with UK Power Networks. The borrowings increased to £2.5m from £0.9m reflecting ongoing investment in product development. The focus, the CEO states, remains on accelerating SaaS adoption, converting the robust pipeline, and deepening the presence in the substantial US market.
Angus Energy 0.24p £12.0m (ANGS.L) Suspended for a Reverse Takeover
Further to the announcement of 21 July 2025, the Company has agreed to non-binding terms with Trafigura to restructure its debt subject to final agreement on new covenants, and subject to agreeing revised terms with the Overriding Royalty Interest holders and the Deferred Consideration owed to Forum Energy Services Ltd. The restructuring is expected to provide a stable financial platform to support future operations and deliver long-term shareholder value. By consolidating and refinancing existing debt facilities, the Company will be better positioned to raise new capital in support of organic growth, increased production, and potential M&A activity. The Company is benefitting from higher oil and gas prices and continues to carefully manage its working capital position in conjunction with its lenders. Further to the announcement of 19 May 2025, the Company is also continuing with its due diligence on the purchase of a group of producing assets located in the Gulf of America.
Aptamer Group 1.05p £28.32m (APTA.L)
The developer of next-generation synthetic binders for the life sciences industry announces a new fee-for-service development contract valued at £112k with a top 10 global pharmaceutical company. This agreement with an existing client is success-based repeat business focusing on the development of Optimer binders against two protein targets. These binders are required to function in "real-life" biological matrices, which is more challenging, and success here will be a further differentiation of Optimer from traditional antibodies. This latest agreement marks the fifth significant contract for FY26 and further diversifies the Group's revenue streams. The Group seems positioned for growth subject to project timings and conversions revenue recognition which can vary significantly due to the nature of the business.
Cordel Group 6.85p £14.86m (CRDL.L)
The AI platform for transport corridor analytics reports an expansion to a contract. Following the successful conclusion of the initial 6-month contract with a significant customer based in the Middle East, Cordel has been awarded a second phase covering approximately double the amount of track mileage capture and analysis, which is to be delivered over the next 6 months. Rail corridor data will be captured and aligned to the customers network model with precise locational information. The data outputs are mainly used for clearance and gauging purposes. This enables railway operators to rapidly and efficiently obtain safety information for all routes in their network. There is considerable further investment being made in rail across the Middle East.
Helix Exploration 24.00p £47.1m (HEX.L)
The helium exploration and development Company with near-term production assets within the 'Montana Helium Fairway' has provided an update on its flagship Rudyard project as it progresses towards first helium gas production. Mobilisation of the Pressure swing adsorption (PSA) plant to site is due to commence this week, with it being fully tested and ready for production. Site preparation and construction of the custom-built housing facilities are 100% complete, while the final key components of PSA are scheduled to arrive in November 2025 with production anticipated to commence shortly after this.
Norman Broadbent 252.50p £4.68m (NBB.L)
The Executive Search and Interim Management firm updates on trading update for Q3 to end September 2025. The NFI (Net Fee Income) increased 26% to £2.29m giving year to date runway of £8.9m which is 31% ahead of last year. Despite persistent market challenges, the business turnaround is complete, and the financial position has improved. There is disciplined investment in self-funded organic growth while seeking acquisition opportunities. The increased momentum suggests a strong close to the year.
Seascape Energy Asia 87.00p 55.55m (SEA.L)
The E&P Company focused on Southeast Asia has announced that the joint venture partners in Deepwater Block 2A PSC located off the coast of Sarawak, offshore Malaysia, have approved entry into the second exploration phase of the PSC and drilling of the giant Kertang prospect, subject to Petronas MPM formal approval. Formal commitment allows the joint venture to now focus on securing a suitable drilling rig and identifying the precise drilling location to test the Kertang structure which has over 200 km2 of four-way dip closure and total unrisked mean prospective resources in excess of 9 TCF, based on a CPR undertaken by ERCE Sproule. Seascape anticipates the Kertang well to be part of a wider deepwater exploration drilling campaign across multiple blocks in Malaysia during 2026 and 2027 to be undertaken by Block 2A operator INPEX CORPORATION. Seascape will provide further details regarding the anticipated timing of drilling once available.
Strategic Minerals 0.65p £11.16m (SML.L)
The international mineral exploration and production Company reports its wholly owned subsidiary; Cornwall Resources Ltd, has received outstanding drillhole assay from its Redmoor tungsten-tin-copper project in Cornwall. The laboratory assay results for borehole CRD033, the first of the 2025 drilling programme, confirm multiple zones of high-grade tungsten mineralisation throughout the full 90m thickness of the Redmoor Sheeted Vein System. The Managing Director reported that these initial results demonstrate high tungsten grades and support Redmoor's position as one of the highest-grade global deposits. The geological log and analytical data are being reviewed.
Time to Act 17.5p £2.59m (AQSE: TTA)
The engineering-led Company focused on technology for the energy transition supply chain has signed the final agreement in respect of the disposal of £1m of surplus coating compound held as stock with a balance sheet value of zero. The sale is to be completed in two equal instalments of £500k each, to be made in by 21 October 2025 and 1 December 2025. The £1m proceeds will be used to pay-off the remaining HSBC loan as well as for general working capital while it prepares for the expected growth.
Tristel 355p 170.86m (TSTL.L)
The manufacturer of infection prevention products for hospitals announces its audited results for the year ended 30 June 2025, with trading in line with both market expectations and internal performance targets. The Company has delivered another year of double-digit revenue growth, strong growth in pre-tax profits and maintained strong cash generation from the operations. It continues to be debt free and at the end of year has cash and short-term investment balances of £12.8m. The Company's core business is the sale to hospitals of its proprietary chlorine dioxide chemistry for the decontamination of medical devices under the Tristel brand (87% of total sales), and for the sporicidal disinfection of environmental surfaces under the Cache brand (8% of total sales).
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