Admissions:
Delistings:
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market. The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices. In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group's own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.
12th August: B HODL has announced its application for Admission to the AQSE growth market with an Admission target of 22 September. The Company has conditionally raised approximately £13.3m through a subscription at 14p per share and is proposing to raise a further £500k via a WRAP retail offer.The Company is focused on generating low-risk, sustainable revenue through operational activities focused on the acquisition, accumulation, and management of Bitcoin. The Company’s initial business model centres around the operation of Lightning Network nodes, which generate revenue by charging fees for routing Bitcoin transactions. By leveraging the scalability and efficiency of the Lightning Network, B HODL aims to capitalise on transaction fee income and provide inbound liquidity to other Lightning node operators as its first lines of business.
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, is expected to occur prior to 31 December 2025.
8th September: Richmond Hill Resources (AQSE: SHNJ), announced its intention to move from AQSE to AIM. Deal details TBC and admission expected late September 2025.
Banquet Buffet****
Corero Network Security 9.25p £47.38m (CNS.L)
The distributed denial of service protection specialists reports Interims to June 2025. Revenue decreased 10% to $10.9m for a return to EBITDA losses of $1.4m, compared to a profit of $0.4m. The Annualised Recurring Revenue (ARR) grew 25% to $21.6m, with a 98% customer retention rate. The first two customer wins for the recently launched Corero Observability & Resiliency Ecosystem solution total $1.8m. Cash as at 30 June 2025 was $3.1m compared to $7.9m, due to the change in timing of invoicing and cash receipts as a result of the change in sales mix. Management is confident in driving sustained ARR growth and adapting to a higher margin revenue underpinned by an improved pipeline and Alliance Partner opportunities, although there is a shift in customer demand away from upfront licenses to ARR.
East Star Resources 1.80p £7.79m (EST.L)
The gold and copper explorer provided an update on drilling activities which have been ongoing at the Company's VMS copper targets and the Verkhuba Copper Deposit in East Kazakhstan since mid-June. Drilling has now been completed with five of the holes logged, cut, sampled and sent to the ALS laboratory in Karaganda, Kazakhstan, for assay. The remaining four holes will be sent over in the coming weeks, with assay results expected from the end of Q3 and into Q4 2025. Although assay results are pending, East Star can confirm that all holes have recorded sulphides in the target formations.
Eleco 152.00p £132.44m (ELCO.L)
The specialist software provider for the built environment has announced its Interim Results for the six months ended 30 June 2025, based on unaudited management accounts. The ARR was £30.7m (H1 2024: £25.8m), an increase of 19% while total revenue came in at £18.4m compared to 16.3m in H1 2024, an increase of 13%. The Company recorded an increased EBITDA of £3.8m compared to £3m in H1 2024, while also recording a healthy cash balance of £12.2m and remaining free of any debt.
Focusrite 188.50p £97.40m (TUNE.L)
The global music and audio products group supplying hardware and software used by professional and amateur musicians and the entertainment industry provides an update on trading for the 12 month period ended 31 August 2025. Revenue for the six months to 31 August 2025 is expected to be approximately £87m (H2 FY24: £81.6m), with revenue for the Period expected to be approximately £168m (FY24: £ 158.5m), representing reported growth of approximately 6% versus the 12 months to 31 August 2024, notwithstanding the negative translational impact of a weakening of the US dollar across the year. Net debt continued to improve year-on-year, closing at approximately £11m as at 31 August 2025 (31 August 2024: £12.5m; HY25: £17.9m). The next audited results will be for the 18 month period to 28 February 2026.
Gunsynd 0.15p £2.14m (GUN.L)
The investment Company provides an update in relation to the Barb Gold Project and the Bear Twit Project in Canada, in which Gunsynd has a 100% legal and beneficial interest. At the Barb Gold Project, Critical Discoveries has now completed its work with respect to the digitisation of historical data and has mobilised for the field campaign as per the announcement of 4 September 2025, with field work expected to commence shortly. Field Work has also now been completed at the Bear Twit project, with updates to be released shortly.
Kromek 5.25p £31.77m (KMK.L)
The developer of radiation and bio-detection technology solutions announces its final results for the year ended 30 April 2025. Revenue increased 37% to £26.5m (2024: £19.4m), with the Advanced Imaging business bringing in £20.3m (2024: £9.0m) and Chemical, Biological, Radiological, and Nuclear business contributing £6.2m. Profit before tax was significantly ahead of market expectations at £3.1m (2024: £3.5m loss), which is positive for the first time in the history of Kromek. Cash and cash equivalents at 30 April 2025 were £1.7m (30 April 2024: £0.5m) with $5m received post year end and an undrawn credit facility of £6.0m plus a £0.5m asset finance facility.
Manx Financial Group 37.00p £42.50m (MFX.L)
Manx Financial Group Plc's subsidiary, Conister Bank Limited, has entered into an exclusive strategic partnership with Fiinu Plc to introduce an overdraft product in the UK, subject to regulatory approval. This collaboration aims to enhance the Bank's short-term lending products, including Buy Now Pay Later and insurance premium finance offers. The Bank has signed a Master Services Agreement with Fiinu for a minimum three-year exclusivity period to integrate Fiinu's overdraft technology into its product suite.
MedPal AI 10.25p £40.28m (MPAL.L)
The UK-based digital health and artificial intelligence Company focused on wellness management announces a strategic partnership with Independent Gyms Ltd, giving members of over 2,000 independent gyms free access to the MedPal AI app on iOS and Android. The app collates data from multiple wearable fitness devices, which is analysed by AI to produce personalised programmes including workout, nutrition, and recovery plans. Provision of the app to Independent Gyms will help associated gyms compete with larger chains and add value for members.
OptiBiotix Health 11p £10.59m (OPTI.L)
The life sciences business developing products which reduce hunger and food cravings announces Interims to June 2025. Sales increased by 102% to £557k, but with a 47% increase in administration expenses to £1.74m, the Operating losses increased to £1.43m from £1.1m, with cash balances unchanged at £1.3m. Trading highlights included the first order received from Brenntag, the Company's new Australian distributor and the launch of products in the US with two new partners and Amazon E-commerce sales have increased 87.6% to £93,767. The focus is on further margin improvements by negotiating reductions in the cost of goods from volume discounts, and supplying Asia from India, which has lower manufacturing costs. The CEO reports that the Company it is set to deliver future revenue growth.
tinyBuild Inc 11.00p £38.73m (TBLD.L)
The premium video games publisher and developer with global operations, announces its unaudited results for the six months ended 30 June 2025. Revenue from continuing operations was $17.0m (H1 2024: $16.8m), which is broadly flat year on year. Adjusted EBITDA from continuing operations is $4.2m (H1 2024: $2.3m loss), a large increase due to favourable revenue mix and lower operating costs, while Gross profit improved to $10.4m (H1 2024: $3.1m), reflecting a reduction in the impairment of development costs to $1.1m (H1 2024: $3.0m) and lower cost of sales (ex-impairment 33% of revenue vs 64% in H1 2024). Net cash from operating activities increased to $6.8m (H1 2024: $2.0m), mirroring the earnings uplift from higher-margin mix and tighter operating spend.
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