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****
Autins Group 6.00p £5.46m (AUTG.L)
The European based manufacturer of proprietary ‘Neptune’ melt-blown material and specialist in the design, manufacture, and supply of acoustic and thermal insulation solutions updates on trading at today’s AGM. The "Survive and Thrive" strategy has focussed on winning new business in the UK and Germany as well as cost control and efficiency improvements, which have resulted in materially reduced losses. There is continued difficult automotive trading conditions due to delayed new models, confusion over government legislation and changing trade tariffs. Additionally following the cyber incident, JLR stopped all production in the UK on 1 September, which has had a material effect on Autins.
Eden Research 2.60p £15.20m (EDEN.L)
The sustainable biopesticide and biocontrol technology Company reports Interims to June 2025. Revenue decreased to £1.2m from £1.9m with an increased operating loss of £1.7m from £1.3m. The current cash was £1.8m compared to £4.9m and the reduction reflects several payments that came in H2. The Company does not expect to need additional funds for working capital in the foreseeable future. Operational highlights include the approval of the flagship fungicide product, Mevalone, for the control of powdery mildew on grapes in California; and the formation of a strategic partnership with Royal Holloway to expand the development of Eden's seed treatment product to include new cereal and vegetable seeds. The Y/E is to be changed to March 2026 and the Company has set a revenue guidance of £5m the 15-months.
Feedback 13.25p £5.81m (FDBK.L)
The clinical infrastructure specialist announces results for the YE May 2025. Revenue decreased to £0.89m from £1.18m, of which Bleepa contributed 90%. The EBITDA loss increased to £3.06m from £2.73m and the loss before tax included a £3.19m impairment charge and is £7.29m, up from £3.60m. The net cash at end May was £5.95m, an increase from £3.88m having raised £6.1m in November 2024, which management considers to be sufficient runway to 2027. The Bleepa technology base provides digital solutions that will enable increased efficiency for the NHS. The delays and changes to government and NHS funding programmes have impacted the performance but the relationships and systems are in place to scale sales rapidly when the NHS 10-year plan and Spending Review are finalised.
Hercules 39.0p £30.65m (HERC.L)
The technology enabled labour supply Company for the UK infrastructure and construction sectors reports a series of new contracts from its clients in the UK water sector worth £6.5m. Hercules has a growing position within the UK water sector as its clients are delivering crucial upgrades and increased capacity at clean and wastewater treatment sites across the UK. Following regulatory reviews by Ofwat, water utility companies are expected to invest more than £104bn in 2025 and Hercules recently became a member of British Water, a trade association which represents the interests of UK water and wastewater supply chain companies.
KRM22 41.50p £15.01m (KRM.L)
The technology and software investment Company with a focus on risk management in capital markets reports Interims to June 2025. Revenue increased 10.6% to £3.6m with a 15.4% increase in H1 ARR (Annual Recurring Revenue). The EBITDA improved to £0.4m from £0.3m although the Loss before Tax also increased to £1.6m from £1.3m. Net cash is £1.4m compared to £1m. Its applications and Services team successfully handled increased market volatility following changes to US economic policy announced in April 2025. Sales momentum is being driven by sustained demand for Risk Manager and the pipeline remains robust for a strong close to 2025.
Mycelx Technologies Corp 23.50p £6.33m (MYX.L)
The clean water and clean air technology Company transforming the environmental impact of industry reports Interims to June 2025. Revenue decreased to $1.7m from$3.5m which is due to the sale of Saudi Arabia branch assets in 2024. The EBITDA is a negative $1.8m compared to a negative $1.1m which included the gain on the asset sale. Net cash reduced to $0.7m from $2.1m, but with a further $600,000 of payments received in early July 2025 and there is a $500,000 line of undrawn credit. Post the period end, the Company completed Factory Acceptance Testing of REGEN equipment for a customer in Nigeria and recognised revenue of $5.5m, which also triggers invoicing of the last two milestone payments representing in aggregate $1.1m. The outlook from management is for a step-change in growth as revenue is expected to materially increase, fuelled by delivery of major contracted projects.
Nexteq 85.50p £47.91m (NXQ.L)
The technology solutions provider to customers in multiple markets reports that its Quixant brand, which serves the land-based gaming market, has secured an initial contract in the Brazilian market. It is the first mass production purchase order from a Brazilian state video lottery operator which follows the launch of a specifically engineered solution developed in anticipation of this emerging market opportunity. The Brazilian gaming market is strategically significant as the order is the first step in developing a series of opportunities. This mass production purchase order is expected to deliver revenues in 2026.
Quadrise 3.52p £62.99m (QED.L)
The technology Company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels report on testing. The proof-of-concept and emissions testing programmes for its MSAR and bioMSAR fuels at the Sparkle Power SA plant in El Giral, Panama has been successfully completed. The key success criteria met are improved Engine efficiency, a reduction in NOx emissions with bioMSAR by 25% and 32% with MSAR and particulate matter emissions were reduced by 20% using both fuels. These trials mark the first successful application of the two products and the Company islooking forward to advancing discussions to establish a commercial supply facility serving the power and marine sectors across Central America.
Ten Lifestyle Group 59.00p £55.28m ( TENG.L)
The concierge technology platform driving customer loyalty for global financial institutions and other premium brands updates on trading for YE August 2025. Net Revenue is expected to be 5% ahead at £62.9m reflecting a 7% increase in Active Members. The EBITDA increased to £14.6m from £12.8m and is ahead of market expectations. In H2, the Group secured two Medium contracts and several strategically important Small contracts. The Group also renewed several existing contracts, including a multi-year renewal of a Large contract in Europe with an uplift in fees for a digitally-led service. The net cash is around £9.8m compared to H1 2024 of £6.8m and the FY 2024: £3.9m. The Group continues to maintain its investment in AI-driven technology and a digital platform to enhance efficiency, scalability and service quality. The CEO reports that the Group is undergoing a step change in customer services and there is a robust pipeline of opportunities.
Trufin 106.00p £109.23m (TRU.L)
The holding company of an operating Company comprising three growth-focused technology businesses operating in niche markets of early payment provision, invoice finance, and games publishing announces its half year report, a share buyback programme and Board changes. Gross revenue increased 42% to £36m, with an 136% increase in EBITDA to £6.9m and in PBT to £4.6m from £0.2m. Playstack recorded exceptional revenue growth of 52% to £30.7m (H1 2024: £20.2m) due to extremely strong performances from the back catalogue and one PC game released (Dark Water). The Company has continued the planned work required for the release of 6 games in H2 2025. Having grown revenues, the operational leverage is coming through. Due to a healthy cash balance, the Board feels confident in initiating a second buyback of £4m shares. A new NED called Sean Brennan has joined and there is a departing NED.
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