Admissions:
Cornish Metals (TIN.L) the mineral exploration and development Company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, announced that, further to completion of its previously announced re-domicile to the UK by way of a plan of arrangement on 16 December 2025, the Company has re-listed on AIM today as a PLC. The Board believes that establishing Cornish Metals as a UK-domiciled Company provides a stronger long-term corporate, regulatory and governance platform aligned with the Company's primary asset, stakeholder base and strategic ambitions.
Delistings:
BigBlu Broadband (BBB.L) has left AIM
What’s baking in the oven?
Potential** Initial Public Offerings:***
8th December: Greengage & Co Group has announced its intention to IPO onto AQSE. The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients. It provides business-to-business (B2B) introductions to electronic-money (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. Offer details TBC and expected Admission on or around 24th December.
3rd December: Sintana Energy, the oil and natural gas exploration Company listed on the Toronto Venture Exchange, has announced its intention to dual list on to AIM. The Company’s interests include eight licences in two countries, Namibia and Uruguay, as well as a pending indirect interest in a licence in Angola (and legacy assets in The Bahamas and Colombia), thus providing diversified exposure to a range of geologic plays, basins, operators, regulators, and geopolitical regimes. The portfolio is anchored by an indirect interest in the significant discoveries in the Mopane Complex (contained in Petroleum Exploration License 83 in the Orange Basin, Namibia), together with additional high-impact exploration catalysts across multiple other assets. No capital being raised on Admission and the anticipated market capitalisation on Admission will be £111m. Expected Admission date is 23rd December.
Market Movers
12 December: Ultimate Products (ULTP.L), the owner of a number of leading homeware brands including Salter and Beldray, has announced its intention to move from the Main Market to AIM.
The Company’s current market capitalisation is approximately £50m and no capital will be raised on Admission on 15 January 2026.
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc.The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January 2026, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Banquet Buffet****
Chesterfield Special Cylinders Holdings 39.50p £15.08m (CSC.L)
The provider of bespoke, high-pressure gas containment solutions and services reported its audited results for the year ended 27 September 2025. The Company enjoyed a revenue increase of 12% to £16.6m from £14.8m in 2024, with gross profit up 22% to £6.4m at a 39% margin. The reported loss before tax was £0.8m compared to £2.7m in 2024. The Company sold its PMC division in October 2024 which strengthened the Company's balance sheet and supported an improved year-end net cash position of £2.1m (2024: £0.1m). Progress was made towards 2028 targets with strategically significant contracts secured in defence and hydrogen markets and record growth in Integrity Management services. The defence outlook for FY26 is underpinned by overseas defence contracts secured in FY24 and FY25 for submarine and surface ship programmes for the Royal Australian, Royal Canadian, US and Spanish navies.
CyanConnode Holdings 6.25p £26.02m (CYAN.L)
The Company focused on narrowband radio frequency (RF) mesh networks reports Interims to September. Revenue grew 32% to £7.4m driven by increased shipments of hardware. Gross profit fell to £1.9m from £2.3m, reflecting a lower gross margin of 25% versus 41% in H1 FY 2025, due to lower software and services revenue. The Operating loss rose to £3.0m from £2.1m, driven primarily by the £0.9m of foreign exchange losses. The cash declined to £1.6m from £3.7m with an additional £6m held in a fixed deposit. Working capital is being supported by $15m raised through two convertible loans to enable the pursuit of further contract tenders. During the year, the largest contract was won in Goa under the Advanced Metering Infrastructure Service Provider (AMISP) scheme. This milestone win has significantly increased the scale and strengthened the Company’s ability to win additional AMISP contracts, alongside ongoing subcontracting opportunities. In India alone, the Serviceable Obtainable Market is £231m.
DXS International 1.25p £0.8m (AQSE.DXSP)*
The healthcare information and digital clinical decision support systems has announced that it has suffered a security incident affecting its office servers, which was discovered in the early hours of Sunday morning, the 14th December. There was minimal impact on the Company's services and the Company's front-line clinical services remain unaffected and operational. The Company does not currently anticipate that this incident will have a material adverse impact on its financial position or on the market forecasts for its financials for FY 30 April 2026. The Company also held its AGM at 11,30 today. The Board is expecting current trading for the half year ending 31 October to be broadly flat and the outturn at the half year is expected to be a marginal loss.
Eden Research 2.6p £12.8m (EDEN.L)
The developer and supplier of sustainable biopesticide and biocontrol technology announced the appointment of Syngenta Crop Protection AG as the Company's exclusive distribution partner for professional uses in indoor and outdoor ornamental crops in several EU countries and the UK. Working under a Distribution Agreement, Eden and Syngenta will register and develop the market for Eden's novel fungicide product, to be marketed by Syngenta as "Evelta", for uses such as cut flowers, pot plants, trees, shrubs, and bulbs. Eden shall be responsible for, and maintain ownership of, the product registrations, whilst Syngenta will invest in, conduct, and provide access to, the biological efficacy data needed for registration purposes. Syngenta has a global reach with more than 30k employees across over 90 countries.
First Development Resources 2.85p £3.90m (FDR.L)
The UK-based, Australia-focused exploration company with mineral interests in Western Australia and the Northern Territory, provides an update on its gold focussed exploration at the Selta Project in Australia's Northern Territory. A High-resolution aeromagnetic and radiometric geophysics survey is scheduled for early January 2026 over the prospective Lander West Gold Target, which is designed to map key structural features and hydrothermal alteration zones within the bedrock to enhance interpretation of potential gold-mineralised trends and controlling structures, with results expected to directly inform and refine drill targeting. Additionally, a first-pass rare-earth element sampling programme focused on two priority REE target areas, Ingallan and West Nintabirnna, was successfully completed earlier this month, with the samples now submitted for laboratory analysis.
Ilika 39.00p £69.08m (IKA.L)
The UK player in solid state battery technology announced it has commenced shipping prototype Stereax M300s to customers. The initial deliveries will be allocated to the 21 customers which form Ilika's existing order book, many of whom have previously received Stereax batteries for evaluation from the Company's UK pilot line. A number of batteries from the initial batches will be allocated to the M300 testing programme, which is designed to generate a larger body of test data relevant to exciting applications in active implantable medical devices. Applications include powering implanted sensors, neurostimulators, orthopaedic implants, orthodontic wearables and ophthalmology devices. With its small footprint and charging capabilities,
Naked Wines 70.00p £47.62 (WINE.L)
The wine and spirit retailer reports on its expected FY26 financial performance, with adjusted EBITDA expected to be towards the top end of published guidance. The Company’s recent strategy of removing inefficient investment will see revenue at the lower end of guidance. The Company will publish a fuller Trading Update in mid January 2026.
Nexteq 71.50p £49.74m (NXQ.L)
The technology solutions provider to customers in selected industrial markets updates on trading. Trading in 2025 has remained robust across both divisions and is expected to report Group revenue and adjusted PBT in line with 2025 market expectations of $86.5m revenue, $6.0m adjusted EBITDA and $3.6m adjusted profit before tax. The focus on technology development and innovation is driving delivery of the product roadmap and therefore building pipeline opportunities for longer term, sustainable growth. The Group expects to show significant improvements in pipeline growth, revenue from new IP and an increase in $1m+ customers. The Gaming division, however, has been operating in a an uncertain market and not helped by the acquisition of the Group's historically largest customer, so the reduction in volume in FY26 may not be replaced. The Board now expects revenue for FY26 to be not less than $85m with a consequential impact on profitability.
Tekmar Group 9.75p £11.48m (TGP.L)
The provider of asset protection technology and offshore energy services reports a significant contract award for more than EU8m with an existing Engineering, Procurement and Construction (EPC) customer. The scope of work comprises the supply of Tekmar's 10th Generation Cable Protection System (CPS) and associated ancillaries for a major UK offshore wind farm. Tekmar will deploy its in-house engineering expertise and holistic CPS design capabilities to deliver an optimised technical solution for the project. Subject to Final Investment Decision in early 2026, delivery will be late 2027, with revenue phased across the Company's FY26 and FY27 financial periods. This contract reinforces Tekmar's position in subsea asset protection, with its technologies protecting two thirds of the world's installed offshore wind capacity.
Synthomer 61.10p £97.65m (SYNT.L)
The specialty chemicals Company announced it has entered into a trade receivables purchasing arrangement with Rainbow State Limited, a subsidiary of its largest shareholder Kuala Lumpur Kepong Berhad Group (KLK). The Company has put this temporary arrangement in place with the support of KLK to provide additional short-term financial flexibility and ensure a prudent level of banking covenant headroom at the year end. Under the arrangement, the Company and KLK have agreed that KLK will purchase £50m of Company trade receivables due on or before 28 February 2026, which are not eligible for inclusion in the Company's existing committed EUR200m non-recourse receivables financing facility. It is anticipated that receivables purchased under the arrangement and in the existing committed receivables financing facility together will not exceed EUR200m (c.£175m).
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
