Admissions:
None
Delistings:
Epwin Group (EPWN.L) has left AIM.
What’s baking in the oven?
Potential** Initial Public Offerings:***
6th October: Shawbrook Group, the high-growth, high-return UK digital banking platform, confirmed its intention to proceed with an IPO onto the Main Market. The Offer will comprise new Shares to be issued by the Company, with the intention to raise £50m of net proceeds, and existing Shares to be sold by the Company's existing sole shareholder, Marlin Bidco Limited. In addition, it is expected that Shares representing up to a further 15 per cent of the Offer would be made available pursuant to an over-allotment option. Any additional details in relation to the Offer, including the indicative price range and size range for the Offer, will be disclosed in a Prospectus which is expected to be published in connection with the Offer in mid-late October 2025. Trading on the Main Market is currently expected to occur in early November 2025.
3rd October: Princes Group, a leading international platform in the UK and European food and beverage sector, confirmed its intention to proceed with 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%. The final offer price will be determined following a bookbuilding process. It is currently expected that trading will commence by the end of October. The 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.
Banquet Buffet****
Eco Buildings Group 10.00p £10.00m (ECOB.L)
The technology-driven modular housing Company provided an operational market update outlining its geographic expansion strategy and technology roll-out. The Company has completed the computerisation and integration of the entire modular housing production process, creating fully automated, high-precision housing manufacturing platforms. At the heart of the system is the Company's proprietary Vertical Panel Casting Machine combined with Glass Fibre Reinforced Gypsum wall technology, a blend of advanced materials science, precision automation, and architectural flexibility. Each production line can deliver up to six completed homes per day. The Board's objective is to deploy its technology platform in key markets across the world, enabling governments, developers and communities to address urgent housing needs through a standardised, certified, rapidly deployable system.
EnSilica 43.5p £43.95m (ENSI.L)
The chip maker of mixed signal ASICs (Application Specific Integrated Circuits) reports a mixed update on trading for FY May 2025 and 2026. Following a strong run of contract wins, booked Non-Recurring Engineering (NRE) revenue is over $40m for the next two financial years, with a healthy pipeline of opportunities expected to drive further growth. The new design and supply contract wins are two ahead of expectations at six and the total lifetime revenue from supply contracts is expected to deliver over $250m in chip supply revenues. There have however been extended delays on a contract with a European Component distributor MICROELETTRONICA, so a bad debt provision of £1.6m is being made in 2025. An automotive customer has also suffered a cyber-attack, and the impact is being calculated. The Company now expects to deliver revenues of between £28m/ £30m down from £33m for the 12 months ending May 2026, with approximately 80% of revenue already covered by existing customer contracts. EBITDA is now expected to be between £3.5m and £4.5m down from £5.1m. For FY2025, expectations are for £18.2m revenue as expected but an EBITDA loss of approximately £1.3m, excluding the bad debt when a positive EBITDA of around £0.3m had been expected.
Fusion Antibodies 12.5p £15.06m (FAB.L)
The Company involved in pre-clinical antibody discovery, engineering, and supply for both therapeutic drug and diagnostic applications announced that at the Company's AGM, being held later today, Simon Douglas, Chairman, will provide an update on trading for the first half of the current financial year ending 31 March 2026 (HY26). Unaudited revenues for HY26 were approximately £838k (H1 2025: £1.2m, FY25: £1.96m). The unaudited gross margin for the period was 30%, compared to 22% in the prior year. Cash as at 30 September 2025 was £251k and is tracking in line with management's expectations. Based on internal estimates by the Company, it has a cash runway into FY27.
Helix Exploration 25.75p £44.72m (HEX.L)
The helium exploration and development Company with near-term production assets within the 'Montana Helium Fairway' announced results from its flagship Rudyard Project. An independent study by Dr. Michael Hofmann of AIM GeoAnalytics has confirmed that rock cuttings from the Rudyard wells contain the same minerals that naturally generate hydrogen deep within the Earth-including serpentine, olivine, and magnetite. These minerals occur in mafic and ultramafic rocks, which release hydrogen when they react with water under heat and pressure, underscoring significant potential for geological hydrogen generation at the Rudyard Project. If confirmed at commercial scale, the hydrogen at Rudyard has the potential to represent one of the cleanest and most cost-effective hydrogen resource known on Earth-potentially meeting and exceeding the U.S. Department of Energy's "Hydrogen Shot" goal, which aims to reduce the cost of producing clean hydrogen to $1 per 1 kilogram within one decade.
Insig AI 32.5p £40.09m (INSG.L)
The provider of AI-led analytics and machine learning solutions is today holding its AGM and issues the following update, together with an extension of the terms of certain convertible loan notes and warrants. Revenue for the six months to 30 September 2025 is now expected to be marginally higher at just under £440k, which is more than 164% ahead of the equivalent period last year. The Company has also recently raised gross proceeds of £1.0m for general working capital purposes. The Company also announced the redemption dates of the Company's existing convertible loan notes (CLN) of £1,000,000 and £500,000 issued to Richard Bernstein and David Kyte respectively, have been extended by 15 months to 31 December 2026. All other terms of the CLNs remain unchanged.
Iofina (London) 24.75p £44.13m (IOF.L)
The specialists in the exploration and production of iodine and manufacturers of specialty chemical products today provides an update regarding its activities during Q3 2025. In the Period, Iofina Resources produced 215.8 metric tonnes (MT) of crystalline iodide from its eight IOsorb plants in Central and Northwest Oklahoma (Q3 2024: 163.9 MT). This represents a 32% increase in production, with 75 MT produced in September 2025 after IO11 came online in July 2025. With water volumes to plants expected to remain consistent through Q4 2025, production for H2 2025 is on track to be within the production range of 400-440 MT. Pricing and demand for raw iodine have remained strong. The average realised iodine spot price is steadily above $70/kg, trending towards the mid-seventies, and prices are expected to remain at these levels for the rest of the year. The Company continues to experience strong demand for its crystalline iodine, with global iodine consumption expected to approach 40,000 MT in 2025.
IXICO 12.25p £11.58m (IXI.L)
The Company engaged in neuroscience imaging and biomarker analytics using its AI-driven platform to help advance drug development in neurological disorders today announced a trading update, pre-audit, for its financial year ended 30 September 2025. FY25 revenues exceed market expectations at £6.5m (2024: £5.8m). Year-on-year revenues increased by 13% reflecting new contract wins, existing contract extensions, and a broadening of market offering into new verticals. The Year-end order book was £13.8m (2024: £15.3m). In H2, the order book increased from £13.1m (31 March 2025) reflecting £4.2m of new contract wins and contract extensions offset by £3.3m of revenues recognised and £0.2m of minor project scope and foreign exchange adjustments. Year-end cash was£3.5m (2024: £1.8m) and the (EBITDA) is expected to be slightly improved on market expectations at no more than a £1.6m loss (2024: £1.7m loss).
Shuka Minerals 6.00p £3.34m (SKA.L)
The African focused mine operator and developer provides an update on the financing for the Company's proposed acquisition of the Zambian mining and exploration company, Leopard Exploration and Mining Limited (LEM) and the Kabwe Zinc Mine. Gathoni Muchai Investments Limited (GMI) informed the Company that remittance of funds, pursuant to the increased loan entered into on 30 June 2025 and to be used by the Company to satisfy the $1.35m balance of cash consideration due to the LEM vendors, has been further delayed while GMI completes the alternate means to expedite payment to the Company. However, GMI has informed the Company that payment is now in process. The Company currently expects that the funds will be cleared into the Company's bank account next week.
Synectics 287.50p £50.27m (SNX.L)
The Company involved in advanced security and surveillance solutions announces it has secured its first contracts in the renewables and decarbonisation markets, marking an important milestone in the Company's strategic diversification into the broader energy market. The contracts, scheduled for delivery in FY2025 and FY2026, include projects in both industrial carbon capture and offshore wind energy.
The first contract, valued at £1.2m, is for the supply of advanced surveillance solutions to a carbon capture, transport and storage project being developed as part of a full-chain hydrogen and carbon capture industrial decarbonisation initiative in the North-West of England. In addition, Synectics has been awarded a contract to supply its COEX camera range for an offshore wind project in the Dutch and German sectors of the North Sea.
Tissue Regenix Group 8.50p £6.43m (TRX.L)
The regenerative medical devices Company announces the following financial updates and organisational changes with immediate effect. Upon review of the financial inaccuracies in relation to year-end inventory and cost of sales for the financial year ended 31 December 2024 (FY24), there will be a restatement of FY24 adjusted EBITDA from $1.9m to an EBITDA loss of $1.0m. The restatement does not affect the Company's revenue numbers for FY24. This restatement has had a cascading effect on H125 adjusted EBITDA of $0.2m to an EBITDA loss of $2.3m. The Company also announced Daniel Lee, Chief Executive Officer, will leave the Board and the Company with immediate effect. Jay LeCoque, newly appointed Executive Chairman, will become the Acting CEO and Executive Chairman, also with immediate effect. The cash position as at 30 June 2025 was $1.1m, with debt facilities of $16.0m of which $10.4m is drawn down.
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