* 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:
None
Banquet Buffet****
London Stock Exchange: Main Market and AIM
AB Dynamics 844.0p £189.6m (ABDP.L)
The designer, manufacturer and supplier of advanced testing, simulation and measurement products and services to the global transport market provided a trading update in respect of the year ended 31 August. Further to the update issued on 28 July, the Board confirmed that the trading in the remainder of the final quarter was as anticipated and consequently performance for FY2026 is expected to be in line with the guidance provided at the time and current market expectations. Revenue for the year from continuing operations is expected to be £91.6m and adjusted operating margin is in line with the Group's medium-term target of 20%. The year end order book was £31m, which provides good coverage into the first half of FY2027.
Alkemy Capital Investments 335.0p £34.8m (ALK.L)
The 100% owner of Tees Valley Lithium Ltd announced that TVL has received an Offer in Principle for capital grant funding of up to £18.3m under the UK Government’s DRIVE35 Automotive Transformation Fund programme, delivered by the Department for Business, Innovation, Science and Trade (BIST) in partnership with the Advanced Propulsion Centre UK, towards Phase 1 of TVL’s merchant lithium refinery at the Billingham Chemical Complex, Teesside. This offer remains subject to final approvals and TVL is working with BIST to complete the remaining due diligence and conditions required to access the funding. Phase 1 is expected to produce 25,000 tonnes per annum of battery-grade lithium hydroxide monohydrate, sufficient for more than 550,000 electric vehicles per year, scaling to 100,000+ tonnes per annum, resulting in one of Europe’s largest lithium refineries at full capacity.
Atlantic Lithium Limited 15.30p £119.02m (ALL.L)
The Africa-focused lithium exploration and development Company targeting the delivery of Ghana's first lithium mine advised that approval has been received from the Foreign Investment Review Board in respect of the proposed acquisition of Atlantic Lithium by Zhejiang Huayou Cobalt Co., Ltd by way of an Australian scheme of arrangement, pursuant to the Scheme Implementation Deed entered into between the Company and Huayou on 7 May. Atlantic Lithium has been advised by Huayou that the Australian Treasury has provided written notification under section 75 of the Foreign Acquisitions and Takeovers Act 1975 that the Commonwealth Government of Australia has no objection to the Scheme. As a result, the condition precedent under clause 3.1(a) of the SID relating to FIRB approval has been satisfied.
Billington Holdings 435.0p £54.0m (BILN.L)
The structural steel and construction safety solutions specialist announced two further significant contract wins for data centre projects with an expected combined value of circa £42m. These large contracts are with new clients for the Group. The first project secured is the initial phase of a much larger development and will see Billington commence work in Q4 2026 with delivery principally during H1 2027. The second project will commence in Q1 2027 and continue into 2028. The Company will release its interim results for the six months ended 30 June on 29 September.
Mindflair 0.38p £1.97m (MFAI.L)
The Company focused on investing in AI related technology announced its unaudited interim results for the six-month period ended 30 June. The Company continued to generate realisations from its portfolio with cash proceeds of EUR 600k being generated from the partial realisation of its investment in CameraMatics as part of a new investor making a EUR 49m investment in the Company. At the same time, the CameraMatics transaction allowed Mindflair to still retain an investment position in a very well-funded high growth company. NAV per share as at the period end was 1.454p (31 December 2025: 1.787p) compared with the share price of 0.375p as at 16 September. The cash balance at the end of the period increased to £683k during the period (31 December 2025: £610k).
Revolution Beauty Group 4.75p £36.96m (REVB.L)
The multi-channel mass beauty brand announced a successful first half of FY27 as its turnaround strategy gathers pace. The Group expects to report adjusted EBITDA of not less than £2m which compares to a £12.5m loss in the first half of the previous year. Despite the first half of the prior year having been materially flattered at the top line by discount sales to generate cash and sales of discontinued brands and SKUs, this year’s first half produced revenues broadly in line with last year but with a gross margin more than 10 percentage points higher. Looking forward, the second half of the year seasonally contributes more than the first half: the Group’s online sales, which are a good forward indicator, grew 22% in the first half of the year as against the comparable period last year. The Company will provide greater detail in its interim results in October, but at this stage the Board considers that the Group is trading comfortably ahead of market expectations.
Serval Resources 30.00p £11.85m (SRVL.L)
The Company focused on building an independent copper and future metals developer announced an update on the work programme currently underway on two of its key prospects in the Kalahari Copper Belt. The work programme on two prospects are along the interpreted strike, especially the previously drilled Sweet Thorn Pan prospect, and are located near Khoemacau (owned and operated by MMG Limited), a long-life copper-silver mine with a total resource of 450 Mt at 1.4% Cu and 18 g/t Ag. The AMT, IP and drone magnetic surveys on the Somelo prospect have now been completed, while the drone magnetic survey on the Sweet Thorn Pan prospect is ongoing. This work programme, including associated field work, is scheduled for completion within September 2026. Processing of the data has already started and an integrated interpretation using the combined data sets is expected to be completed during October 2026, with expected follow-up targets to be delivered around the end of that month.
SysGroup 28.50p £20.93m (SYS.L)
The trusted partner for cloud, cybersecurity, and AI enablement, delivering end to end solutions at the intersection of cybersecurity and digital transformation for the UK mid-market released a statement at its AGM today on the continuation of the positive sales and margin trajectory reported earlier in the year as they approach the end of H1 FY27. The Group’s trading trajectory since the start of the current financial year has continued in line with the exit run rate achieved in Q4 of FY26, with both sales growth and margins holding consistently. The Board remains confident that the Group will deliver full-year results in line with current market expectations. Alongside this, the Sys announced its appointment as an approved supplier on the UK Government's G-Cloud 15 framework, enabling public sector organisations to procure cloud services directly from the Group. This complements SysGroup's existing business serving public sector customers through intermediaries, and reflects the Group's continued investment in expanding its public sector proposition. The Group has also secured its first contract under the framework with a UK public sector organisation.
Tertiary Minerals 0.08p £5.01m (TYM.L)
The Mineral and Development Company focused on energy transition metals announced the highest grade silver-copper intersection to date from the recent Phase 4 drill programme at the Discovery Zone in Target A1, Mushima North Project in Zambia. The new results follow the Company’s news releases regarding the laboratory analytical results on 1, 7 and 15 September 2026 and are from a further four drill holes. All four holes intersected near surface, silver-copper-zinc mineralisation, with two holes ending in mineralisation and so both increase the known depth of mineralisation beyond the exploration target boundary and confirm that it remains open at depth. These results also included 82m at 89 g/t Ag, 0.20% Cu and 0.38% Zn (107 g/t Ag equivalent) from 8m downhole (26TMNRC-066; drillhole ends in mineralisation), and 37m at 165 g/t Ag, 0.28% Cu and 0.58% Zn (191 g/t Ag equivalent) from 53m downhole.
AQSE Market:
Time to Act 25.0p £5.5m (AQSE:TTA)
The specialist engineering Company provided a business and trading update. The acquisition of Metal Treatment & Engineering in May 2026 has been transformative, its range of activities are complementary to those of the existing Diffusion Alloys (DA) business. The Thermal Processing division's scope will be further expanded over time with additional synergistic high-temperature processing technologiesand its short-cycle business is operating at an annual sales run-rate of £5-6m. At around the middle of this range, the short-cycle business alone covers all core cash overhead costs meaning that the core businesses (which excludes the GreenSpur development activity) is profitable on a cash basis (EBTDA). Despite the DA Project activity remaining subdued and contributing little revenue in the period, the core businesses recorded sales of £1.55m during the three-month period of June to August and was meaningfully profitable on the above-defined cash basis.
What’s baking in the oven?
Potential IPOs WIP:***
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 WIP:***
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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