* Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
** Arranged by type of listing and date of announcement.
*** Potential means Intention to Float (ITF) or similar announcement has been made.
**** A corporate client of Hybridan LLP.
Airtel Mobile Commerce (AMC.L), a scaled digital financial services platform operating across 13 African markets, began trading today on the Main Market of the London Stock Exchange. As of 30 June, Airtel served approximately 53m monthly active users with a suite of mobile financial services such as micro-loans, savings accounts, insurance, wealth products. It was founded in 2011. Its growth to date has been helped by its relationship with Airtel Africa (AAF.L), its founding shareholder. In the year to 31 March 2026, it generated revenue of $1.346bn and an EBITDA margin of approximately 50%.
None
The podcast Company has released a trading update for the quarter ended 30 September. Over 90% of the revenue is generated in the US and it reports in US Dollars. Revenue for the period increased by +17% YoY to $23.8m, and gross profit rose by +30% to $5.6m. This took gross profit for the first nine months of the current financial year to a record $15.5m (up +32% on the same period last year). Adjusted EBITDA for the same 9m period is up +84% to US$5.5m, and Audioboom stated that it now expects to generate an adjusted EBITDA of at least US$7.7m for the year ending 31 December. Showcase – their ad-tech driven global advertising marketplace – continues to be a prime driver of their growth, with Q3 revenue up +20% YoY.
Angus is an AIM quoted independent oil and gas Company and the leading onshore gas producer in the UK. It has a 100% interest in the Saltfleetby Gas Field, and additional interests in conventional oil production fields at Brockham and Lidsey. It announced today that a rig has been secured for the planned workover of the BRX4Z well at the Brockham Oil Field, in which Angus holds an 80% interest and is the operator. Mobilisation is expected in early November as all long-lead items required for the workover programme have been ordered. Workover operations are expected to take approximately three weeks and will include perforation and acidisation of the Portland reservoir interval. The programme is intended to bring the suspended wellbore, BRX4Z, onto production to increase recovery from the Brockham asset. The programme forms part of the Company's strategy to maximise recovery and value from its existing operated asset base through targeted investment in existing wells and infrastructure.
Corero is a provider of distributed denial of service (DDoS) automatic detection and protection solutions. Its customers are primarily internet service providers, hosting providers, cloud providers and SaaS (software as a service) providers. They revealed this morning that orders received in the three months to 30 September orders were up +50% YoY to $11.1m. This has taken orders for the first 9m of the year to $25.4m, a +28% increase on the same period last year. The strong demand was attributed to an expansion in Corero's “geographic reach” across North America, Western Europe, the Middle East, Southeast Asia, Central America and Oceania and new Tier-1 telecommunications customers in the US and UK (two markets where demand for network protection is being driven by regulation and infrastructure growth). The UK telecommunications contract is a $3.4m five-year managed services award. The customer is already subject to the Telecommunications Security Act and is preparing for the heightened network-resilience and incident-response requirements expected under the Cyber Security and Resilience (Network and Information Systems) Bill, which is progressing through Parliament. The US contract is a 3-year, $1.4m deal with one of the largest wireless carriers in the US, “a Tier-1 global brand with worldwide reach”. In September 2026, Corero also announced a three-year $0.5m contract with a US NeoCloud provider. The initial deployment covers two data centres, with scope to extend across further facilities in the customer's portfolio. Corero now protects three of the largest NeoCloud providers, giving it an established reference base in the fast-growing AI and cloud data centre market.
The operator of Domino’s Pizza stores and restaurants across Poland and Croatia announced an unaudited trading update for the nine months to 30 September. System sales in Poland increased by +14.4% YoY, with like-for-like (LFL) + 4.3% YTD. LFL performance returned to growth in September, balancing softer trading in July and August. This was price driven, as LFL system orders declined by -2.0% YoY. Croatia delivered total 9m system sales growth of +34.7% YoY, supported by network expansion. LFL system sales were up 4.8% YoY, but LFL system orders declined by -4.2% YoY. DP Poland Chief Executive Officer, Łukasz Ostrowski, commented: “Trading in Poland was subdued through July and August, before like-for-like sales moved back into positive territory in September and mitigated part of the summer shortfall….Cash remained stable during the quarter and current trading is consistent with management expectations. With tight control of liquidity, a larger franchised estate and further operational improvements, we believe the Group is well positioned to create durable value for shareholders.”
Galantas announced that it has received positive results from its ongoing drilling program, and from surface and underground sampling, at its Indiana gold-copper project near Copiapó in the Atacama district of Chile. All six drill holes reported today returned gold-copper intersections, the majority of which are in newly identified structures outside the current Mineral Resource Estimate (MRE). The Company has completed 16 drill holes totalling 5,960 meters (m) of a planned 12,500m programme. It intends to complete the full drill programme to further evaluate the potential of the new mineralised structures identified and the potential for bulk mineralisation before making a production decision at Indiana. Completion of the Preliminary Economic Assessment (PEA) will be deferred to incorporate the drill results of this program into an updated MRE and to provide the exploration team time to evaluate the project. Mario Stifano, the Company’s CEO, commented: “Every drill hole reported today returned mineralized intersections, and most of them are in new structures outside the current MRE….Rather than prioritizing short-term production, the Company will be focusing on exploration both from surface and underground to fully understand what appears to be a significantly different mineral deposit than was previously identified. The PEA that was underway is being deferred pending further exploration results.”
The primary helium explorer that holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado today announced that it has raised gross proceeds of £3m by way of a placing at a price of 0.29p per share. The net cash raised from the Placing will be used to fund the continued development of the Galactica-Pegasus Project in Colorado, USA; and for the payment of the annual mining licence fee on the southern Rukwa Helium Project in Tanzania. The Galactica–Pegasus project commenced helium production and generated first revenues in July 2026, with six development wells tied in and producing. At full capacity, the plant is designed to produce approximately 2,200 Mcf of helium and 44,500 Mcf of CO₂ per month, equivalent to combined annual sales gas volumes of 560,400 Mcf. In addition to the helium, the Operator is targeting commencement of the CO2 revenue stream in Q1 2027, subject to commissioning of the required liquefaction unit. The Operator has further reported that three additional development wells are planned to be drilled across Galactica in Q4 2026, subject to permitting, followed by a further six development wells in 2027 and the deepening of three existing wells. A previously disclosed farm-out process for the Southern Rukwa Project remains ongoing.
Orosur announced an update on the progress of exploration activities at its exploration project at Anzá in Colombia, with assay results revealing a 267m intersection from the first hole drilled at the El Cedro prospect at 0.65g/t of gold from surface. The CEO Brad George commented: “With temporary drilling issues resolved, CED001 (the first drill hole) continues to deliver, providing evidence of a mineral system of substantial scale.” The Anzá Project comprises a number of granted exploration titles and applications totalling roughly 530km2, within the Mid-Cauca gold belt, west of the Colombian city of Medellín. Since acquiring 100% control of the Project, the Company has focussed its attention on El Cedro - a cluster of gold/copper porphyry intrusions and associated flanking hydrothermal systems in the south of the Project area; Pepas - a shallow, high-grade gold deposit; and APTA - a high-grade body of gold mineralisation that has seen approximately 40,000m of drilling since 2012, with drilling ongoing.
Provexis, the business that develops, licenses and sells the Fruitflow heart-health functional food ingredient, announced audited preliminary results for the year ended 31 March. Total revenue was £1.26m (2025: £1.29m), with £0.9m generated in the second half of the year. The underlying operating loss for the year was £192,000 and down on the 2025 total of £278,000. The largest element of this change was a £90k decrease in research, patent and trademark costs and cash at the year-end was £893,000. Provexis said that it expects to report total sales for the six months ended 30 September in excess of £1.05m. It also stated that the planned launch by BYHEALTH, a circa £2bn listed Chinese dietary supplement business, of a number of Fruitflow based products in the Chinese market has been progressing well, with “potential sales volumes remaining at a significant multiple of existing Fruitflow sales”. The two parties entered into a supply and distribution agreement for Fruitflow in 2021.
The AIM-quoted exploration and appraisal Company focused on gas assets in the Asia-Pacific region announced that its application for a new petroleum exploration permit (PEP) within the offshore area of the Taranaki Basin on the west coast of New Zealand’s North Island has now become exclusive. The PEP application area, amounting to approximately 645 km2, contains the Awakino-1 and Awakino South-1/ST1 gas condensate field, originally discovered in 1985. Sunda has committed to technical studies of the existing well and field data and, within 36 months, reprocessing of 450 km2 of 3D seismic data. The programme is designed to delineate the gas field for possible future appraisal and development, along with the evaluation of the area’s exploration potential. New Zealand Petroleum and Minerals, the government agency responsible for regulating the exploration and development of the Crown’s mineral and petroleum resources, will now consider the proposal in detail before deciding on granting the permit.
Reveille Resources, a uranium exploration and development Company with a primary focus on Italy's largest uranium deposits, confirmed the appointment of Mike Pompeo, the former US Secretary of State, as Non-Executive Chairman of the Company. Mr Pompeo served as the Secretary of State from 2018 to 2021, having previously served as Director of the Central Intelligence Agency from 2017 to 2018. He has been granted options to acquire 7m shares at 7.25p per share (the mid-market price on AQSE at the time of his appointment). Mr Pompeo commented: “I look forward to helping Reveille engage constructively with Italian stakeholders, broaden its access to US institutional capital and funding, and evaluate further opportunities to strengthen its position in this strategically important sector.”
13 October: Voltage X, the AI-native creative and communications Company, announced its intention to IPO onto AIM. Founded in 2021 and headquartered in Melbourne, Australia, the Group provides public relations, digital marketing, content creation, marketing analytics and influencer management services to an international client base, with a primary focus on the real estate, hospitality, sports and retail sectors. The Company intends to raise gross proceeds of US$3-4m by way of a placing. Anticipated market capitalisation on admission is TBC and expected Admission date is late October 2026.
12 October: TEK4 Group announced its intention to IPO onto AIM. The Company is a precision engineering business focused on the design, manufacture and support of specialist hole-drilling systems used in the production of aero engine and industrial gas turbine components. The Group provides customers with a broad suite of specialist cooling-hole manufacturing solutions from a single supplier, including electrical discharge machining, laser drilling, laser ablation and shaped tube electrolytic machining, enabling customers to produce the complex cooling-hole geometries required by increasingly high-temperature aero engines and industrial gas turbines. The Group's customers include a number of leading aerospace and industrial gas turbine manufacturers and tier one component suppliers. Deal details TBC and expected Admission date is 26th October.
5 October: Liberty Minerals announced its intention to IPO onto AIM. The mineral exploration Company is focused on tungsten and associated minerals including antimony, molybdenum, copper, silver and zinc in Arizona and Idaho. On Admission to AIM, it will own the Boriana and Buckhorn projects, comprising unpatented mining claims on US Bureau of Land Management land. Boriana, historically one of Arizona’s principal tungsten producers, is the Company’s primary exploration focus, with Buckhorn a longer-term target. Liberty Minerals raised £662,000 through a pre-IPO fundraise in June 2026 and intends to raise further funds through a placing to finance exploration and development. Deal details remain TBC and first day of dealings expected late October 2026.
5 October: Axies Ventures a junior mineral exploration Company focused on the discovery and development of copper and gold assets in Cyprus and Canada, has announced its intention to float on AIM with an expected Admission date of mid-October 2026. The size of the listing has not been disclosed, but Axies has stated that its Cyprus Projects cover an area of approximately 36km2 and are predominantly located on the northern flanks of the Troodos Mountains. In addition, the Company holds a number of mineral claims across four non-contiguous properties in Canada. These cover an area of approximately 43km2 and are all located in the province of Ontario.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
