* 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.
Admissions:
None
Delistings:
None
What’s baking in the oven?
IPOs:***
14th January: Roundhouse Digital, an operational AI services business with complementary strategic treasury management (Ethereum denominated), has announced its intention to IPO onto AQSE. Offer details TBC and expected Admission date 27 January.
Market Movers:***
12th January: The Smarter Web Company (AQSE:SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
19th December: Medcaw Investments (MCI.L), the fully listed shell, has announced a potential move the Main Market to AIM and trading in the shares is suspended. The switch is dependent on acquiring 90% of the Eagle Lake gold project in Ontario. Medcaw will pay £170k in cash and £4m in shares at 1.5p each. Eagle Lake has 95 mining claims in the Wabigoon Greenstone Belt of Ontario, which already has suitable infrastructure. Data compilation and digitisation is already being funded by 10% owner AIM-quoted Gunsynd. That will identify drilling targets. Cash raised in the move to AIM will fund initial work on the better targets. Cairn has been appointed nominated adviser. The date of the acquisition completion and AIM admission are uncertain.
12th December: Ultimate Products (ULTP.L) the owner of a number of leading homeware brands including Salter and Beldray has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Reverse Takeover:***
31st December: Ovoca (OVB.L) announced a reverse takeover of Tadeen, a UK-registered company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. Capital to be raised on Admission is £1.155m with an anticipated market capitalisation on Admission of approximately £4.9m. Expected Admission date is 28th January.
Media Speculation:
Rumored IPOs for 2026 include Oslo-based Visma, one of Europe’s biggest software companies, backed by the UK-based private equity company Hg Capital, suggested to be worth at least EUR20bn (£17.5bn). Other possibilities include the Bristol-based veterinary group IVC Evidensia, which would also be a larger cap float and a similar size to Visma. IVC Evidensia operates from 2,700 sites in 19 countries, the UK is its biggest single market, owned by a private equity consortium led by EQT. Other names include the RAC roadside recovery business, the combined Waterstones and Barnes & Noble bookshop chains, fintech payments platform Ebury and online travel agent Loveholidays.
Banquet Buffet****
Alkemy Capital Investments 244.5p £26.07m (ALK.L)
The Company updated on progress for its wholly owned subsidiary, Tees Valley Lithium Limited (TVL) for which its Front-End Engineering Design (FEED) study for TVL's UK lithium refining facility based in Teesside is now approaching completion and is expected to confirm TVL as one of Europe's lowest capital and operating cost refineries. It is a time of strengthening lithium market conditions, with lithium prices having increased by more than 60% over the year, reinforcing the strategic importance of progressing a cost-competitive, battery-grade lithium refining capability in the UK. TVL, according to the Chairman, is well positioned to deliver a highly competitive, low-cost and sustainable lithium refining facility, supporting both shareholder value creation and the UK's critical minerals ambitions.
Cirata 24.40p £25.55m (CRTA.L)
The Company reported a Q4FY2025 Trading Update of accelerating data-driven revenue growth by automating data transfer and integration to modern cloud analytics and AI platforms, with the Total Contract Value in Q4 FY25 the strongest bookings quarter in the Company's history. In total, 6 contracts were signed in the quarter of which all were growth contracts. The Company announced a 3-year DI (Digital Integration) growth contract of $3.1m for the deployment of Live Data Migrator with a leading US insurer. This contract represents the largest direct contract in Cirata's history. In addition, the Company announced a 3-year DI growth contract of $6.7m to support a financial services company through its OEM agreement with IBM, which is the largest OEM contract in Cirata's history. The cash burn in Q4FY25 was $1.3m, representing a 59% reduction compared to Q4 FY24. Management expects an improvement in sales activity levels, both through direct sales efforts and via partners.
DP Poland 7.63p £68.44m (DPP.L)
The operator of Domino's Pizza stores and restaurants across Poland and Croatia provides an update on Q4 Trading for the FY December 2025. Group System Sales are £61.4m for FY 2025, a year-on-year (YOY) increase of 8.3% on a constant currency basis. The sales growth accelerated towards the end of the year, with Q4 system sales up 14.1% YoY on a constant currency basis. The Group starts 2026 with a clear focus on accelerating the transition to a franchise-led, capital-light operating model, which is expected to be the primary driver of system sales growth, margin expansion and improved returns. The proportion of franchise-owned stores is expected to continue to increase, building on the progress achieved in 2025, with the objective of having over half of the Domino's system franchised by the end of 2027. The Group anticipates double-digit system sales growth in 2026, supported by the expected Q4 completion of the Pizzeria 105 conversion programme, continued store rollout across both corporate and franchised formats, and ongoing like-for-like system sales growth.
Firering Strategic Minerals 1.35p £5.09m (FRG.L)
The producer of lime products and explorer of critical minerals updates on operations at its producing lime asset in Zambia, Limeco Resources Ltd, along with an update on portfolio developments. Limeco continues to advance towards higher output from its integrated limestone mining and processing operation. Over recent months, Limeco has built up an inventory of approximately 5,000 tonnes of finished product, providing near-term supply flexibility as production scales. The commercial momentum is building with a growing pipeline of sales discussions progressing through the typical three-month qualification process, including laboratory testing, bulk sampling, site inspections and trial orders. The Company now holds a 90% interest in Atex and a 51% interest in Alliance, both lithium-tantalum projects are in Côte d'Ivoire. These assets are fully unencumbered and Firering has received third-party interest in both reinforcing their underlying the portfolio’s value.
Jersey Oil & Gas 107.5p £33.81m (JOG.L)
The independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, provides a corporate update and outlook. The Company's YE December 2025 cash balance was approximately £11m with no debt. The cash running costs of the business were reduced by approximately 50%, total cash expenditure in 2025 is expected to be approximately £1.5m, with 2026 costs projected to be around the same. The UK wide regulatory delay has allowed the time to verify and engineer the best possible development solutions ultimately enhancing the overall value of the project.
Mirriad Advertising 0.01p £1.28m (MIRI.L)
The provider of virtual product placement updates on Trading for FY December 2025. Revenue is expected to be just over £0.4m, compared to £1.0m. The quieter than expected Q4 followed a broader industry-wide underperformance in media sales during 2025. The Company continues to work closely with partners to established JVs in key emerging markets and expectations are for a significantly stronger sales performance in 2026. The YE net cash is £1.2m including the £350k R&D tax credit received in December. Costs continue to be carefully managed, and the current cost base is c.£220k per month.
Mulberry Group 112.5p £74.11m (MUL.L)
The luxury brand reports a strong Q3 trading performance for the 13 weeks to 27 December 2025:
revenue increased 5.3% with growth across all markets focusing on full-price sales. The strength of this performance reflects the Group's ongoing delivery of its new strategy on simplifying the business, refreshing the brand, and more fully leveraging customer insights. The Mulberry Spirit strategy seems to be re-engaging the existing customer base, as well engaging new shoppers across both retail and digital.
ProCook Group 38.7p £42.17m (PROC.L)
The direct-to-consumer specialist kitchenware brand reports Q3 trading for the 12 weeks ended 4 January 2026. Revenue improved 28% to £32.8m with like for like revenue increasing by 17.2%. There were four new stores opened in Q3 in prominent retail destinations, taking the year to date total up to ten new stores and the total retail estate to 75. The strong cash generation led to a net cash position of £7.8m compared to £1.0m, with available liquidity of £23.8m. The expanding retail footprint and enhanced product offering gives growing confidence in delivering a strong full year performance. The CEO also states the Company is on track to achieve the medium-term ambition of 100 UK retail stores, £100m revenue and 10% operating profit margin.
M Winkworth 182.50p £24.66m (WINK.L)
The London franchisor of real estate agencies updates on trading for FY December 2025 and the results are expected to be announced around 15 April 2026. Revenues in H2 FY25 were broadly in line with the comparative period. Certain costs were incurred however during the year, including one-off administrative costs along with a planned increase in marketing spend in prime central London. Consequently, the PBT is expected to be lower at around £2.1m, compared to £2.35m and is 20% below current market expectations. The YE net cash should be at least £3.9m compared to £4.1m and the 3.3p dividend pre-share is to be maintained. The CEO believes the business is well positioned for 2026.
Xaar 110.00p £81.41m (XAR.L)
The inkjet printing technology Group reports on trading for FY December 2025: Revenue is expected to be up 16.6% on a like-for-like basis to £60.3m, with gross margins benefiting from volume performance and cost control. The Group expects full year adjusted profits to be marginally ahead of expectations. Xaar's differentiated technology allows the precise deposition of specialist fluids and this unique capability can be applied t0 new applications beyond its core ceramics market. The Board is optimistic about the range and scale of the opportunities ahead. The year-end net cash position is around £4.8m, compared to £8.2m, after capital investment of £3.1m.
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