* 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.
Dish of the Day
Admissions:
None
Delistings:
Devolver Digital (DEVO.L) has left AIM
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Cirata 7.80p £18.96m (CRTA.L)
The data orchestration technology Company announced its unaudited interim results for the six months ended 30 June 2026. Revenue for the Period was $1.0m (H1 FY25: $4.8m) and the Adjusted EBITDA loss was $5.3m (H1 FY25: loss of $4.6m). Cash was $2.6m (30 June 2025: $6.1m) and short-term trade receivables were $0.2m as at 30 June 2026 (cash plus short-term trade receivables of $2.8m). Q1FY26 delivered the Company's first-ever reported positive cash flow quarter and the pipeline grew materially in value during H1 FY26 with an improving mix to new logos. Whilst commercial momentum and pipeline build is set to continue to grow through H2, this may delay the Company’s ambition to be cash flow breakeven, which was previously projected for FY26 overall and was subject to bookings timings and working capital movements.
Empyrean Energy 0.05p £4.15m (EME.L)
The oil and gas exploration and development Company with interests in Australia, Indonesia, and the US announced that it has successfully raised gross proceeds of £1,000,000 through a placing at a price of 0.05p. On 14 September, Empyrean announced that it had entered into a binding Heads of Agreement (BHoA) with ADX VIE GmbH (ADX.V) and that, in order to capitalise on the opportunity presented through participation in the GOLD Cluster project and to the fund its share of the costs envisaged under the BHoA, the Company required to raise additional capital. The net proceeds from the Placing will be used to fund Empyrean’s share of costs under the BHoA for drilling as well as for its general working capital purposes.
EnergyPathways 8.10p £20.7m (EPP.L)
The UK energy transition Company announced that it has filed patent applications covering key technology innovations it has developed in-house. The patent technologies are expected to enhance the value of its modular Compressed Air Energy Storage (CAES) system which the Company is developing for its MESH Long Duration Energy Storage (LDES) project. The project, designated by the Government as being of national significance, is set to be the UK's largest LDES project at 300MW / 55GWh / 100+ hours duration and is designed to lower the UK's energy costs and strengthen energy security by storing renewable energy at scale for when it is needed most. The patent applications cover the Company's innovative technology for storing heat or thermal energy created through the compression phase of its CAES system.
Facilities by ADF 11p £12.1m (ADF.L)
The provider of premium serviced production facilities to the UK film and high-end television (HETV) industry announced its unaudited half year results for the six months ended 30 June (HY26). Revenue declined 4.6% to £16.6m, reflecting the weak UK film and HETV production market where overall production spends declined 15.6% in the same period. Adjusted EBITDA decreased from £2.2m to £1.7m, primarily due to the shortfall in revenue and operational deleverage. Net debt rose to £14.5m (H1 FY25: £13.2m), reflecting a deferred consideration payment for the Autotrak acquisition and the timing of cash flows.
Current indications are that market sentiment for 2027 is improving; the order book and weighted pipeline as at 7th September for FY27 is 4.5% ahead of the equivalent position for FY26 at the same point last year.
Focusrite 252.50p £158.39m (TUNE.L)
The global music and audio products group supplying hardware and software used by professional and amateur musicians and the entertainment industry provided an update on trading for the six months ended 31 August, ahead of the publication of its interim results, which it expects to announce in early November. The Group is expected to deliver 3% revenue growth, improved underlying operating profit and strong cash generation in the first half of the year. The results also benefitted from approximately £2.3m of US tariff refunds relating to prior periods, which are expected to be treated as an adjusting item in the interim results. Revenue and profitability are expected to be more heavily weighted towards the first half of the current financial year reflecting the phasing of sales into distribution channels ahead of the Winter Holiday season. The Board's expectations for the full year ending 28 February 2027 remain unchanged.
Great Western Mining Corporation 3.90p £16.22m (GWMO.L)
The strategic minerals exploration and development Company announced highly encouraging initial metallurgical results from bench-scale flotation test work on representative run-of-mine material from its Defender Tungsten Project in Nevada, USA. Initial metallurgical test work at Defender has delivered high tungsten recovery and a substantial increase in tungsten grade. 92.98% of the tungsten was recovered from the pre-treated material into a rougher concentrate grading 7.21% WO3, compared with a starting bulk sample grade of 0.35% WO3. The results compare favourably with similar rougher test work undertaken by other regional skarn-hosted tungsten projects and support the potential to process Defender mineralisation using established flotation methods. Further test work will now focus on increasing the tungsten concentrate grade towards potential marketable product specifications.
M Winkworth 162.50p £22.27m (WINK.L)
The London franchisor of residential real estate agencies announced its unaudited interim results for the six months ended 30 June. Revenues were down by 10% at £4.7m (H1 2025: £5.20m) and profit before taxation was down by 5% to £0.78m (H1 2025: £0.83m), after £0.11m of exceptional legal costs incurred during the period. Cash balance at 30 June of £3.73m (30 June 2025: £3.86m) and no bank debt at either period end.
Whilst underlying profit before exceptional costs is expected to be slightly ahead of market expectations, ongoing legal and advisory costs, which are considered exceptional in nature, are expected to result in reported profit before tax for FY 2026 being materially below market expectations.
Quadrise 1.08p £21.54m (QED.L)
The manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry provided an update on its project with Valkor Technologies in Utah, USA. Valkor has informed the Company that drilling has commenced at two new pilot wells, incorporating findings from a comprehensive Core Laboratories study that confirmed the technical viability of its modified enhanced oil recovery project at the Asphalt Ridge site. An eight-well drilling programme is expected to commence later this year, targeting production of approximately 1,000 barrels per day (bpd) in 2027. Site installation works for Valkor's 500 bpd oil sands pilot plant are also underway, with production expected to commence in Q1 2027.
Following the achievement of significant project milestones during Q3 2026, Valkor has advised the Company that it expects to pay the outstanding US$0.95m balance of the site licence fee by the end of October 2026 upon receipt of project funding due next month.
System1 Group 335.00p £42.51m (SYS1.L)
The Company providing market research data and insight services announced the rejection of Brave Bison Group’s (BBSN.L 81.00p £94.22) Fourth Offer. Shareholder support to reject the Fourth Offer, including from Lord Ashcroft, Brave Bison’s largest shareholder. Brave Bison are valuing the Fourth Offer at 360 pence using a 20-day-volume weighted average closing share price of 94 pence on 10 July 2026. Using Brave Bison’s closing share price on 15 September, the value of the Fourth Offer is 328.9 pence. System1 Board unanimously and unequivocally rejects the Fourth Offer.
AQSE Market:
Coinsilium Group Limited 2.10p £10.32m (AQSE:COIN)
The digital asset growth and venture builder announced that it has entered into a Convertible Loan Agreement (CLN) and 12-month strategic advisory agreement with Beating Heart, a Singapore-incorporated company developing an AI-powered advertising and commercial content-production platform.
Coinsilium provides BeatingHeart with a convertible loan facility of up to US$250,000 and to provide strategic support under a 12-month advisory agreement. BeatingHeart is progressing towards commercial launch during 2026 and intends to commercialise its platform through a subscription-based model designed to generate recurring revenues. The proceeds of the convertible loan will be used by BeatingHeart to support platform development, commercial launch, business development and working capital requirements.
What’s baking in the oven?
Potential IPOs:***
5th August: 1947 Oil & Gas, the newly incorporated oil and gas production Company focused on acquiring, operating and growing a portfolio of producing assets in the US, announced its intention to IPO onto AIM. In connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC, a privately held, Houston-based oil and gas production Company with interests in eleven fields located in the shallow-water Gulf of America. The Company is raising an updated amount of £40m and the expected market capitalisation of the Company on Admission will be £70m. Admission is expected to occur in mid-September.
Dual List:***
18th August: Aimia Inc. (TSX: AIM; JSE: AII) the Canadian diversified conglomerate announced plans to dual list on AIM. It owns a selection of businesses which include: (i) an 100% interest in Cortland International Inc., a global designer, manufacturer and supplier of synthetic fiber ropes, nets, slings and tethers; a 10.85% indirect stake in Clear Media Limited, the largest operator of bus shelter advertising panels in China; and iii) the Company holds a portfolio of publicly listed securities amounting C$12m as of 30 June 2026. No capital is expected to be raised on Admission and deal details remain TBC.
Expected first day of dealings 22 September.
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