* 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.
Admissions:
None
Delistings:
Bakkavor Group (BAKK.L) left the Main Market
What’s baking in the oven?
IPOs:***
14th January: Roundhouse Digital, an operational AI services business with complementary strategic treasury management (Ethereum denominated), has announced its intention to IPO onto AQSE. Offer details TBC and expected Admission date 27 January.
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology companyexpects to submit its application to move to the Main Market from AIM and to take place at 8.00am on 5 March.
12th January: The Smarter Web Company (AQSE:SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek Admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
11th November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, 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.
Reverse Takeover:***
31st December: Ovoca (OVB.L) announced a reverse takeover of Tadeen, a UK-registered Company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. Capital to be raised on Admission is £1.155m with an anticipated market capitalisation on Admission of approximately £4.9m. Expected Admission date is 28th January.
Banquet Buffet****
Anpario 495p £97.83m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provided the following trading update for the year ended 31 December 2025. Revenue of approximately £47.1m (up 23% YoY, 2024: £38.2m), Adjusted EBITDA expected to be not less than £9.4m (2024: £7.0m) and net cash as at 31 December 2025 of £12.4m (31 December 2024: £10.5m). The Company expects adjusted EBITDA to be ahead of current market expectations and not less than £9.4m (2024: £7.0m) and to publish its FY 2025 results on or around 31 March.
Cambridge Cognition Holdings 28.5p £13.06m (COG.L)
The neuroscience technology Company announced a trading update for the year ended 31 December 2025. Revenues of c.£9.4m down 10% (2024: £10.3m), Adjusted EBITDA loss in line with market expectations (2024: loss £43k) and Cash of £1.1m (June 2025: £0.4m, December 2024 £1.3m). The Company reports to enter 2026 with a strong pipeline of opportunities and expects the investments in the commercial team to support further growth in new sales orders throughout the year.
Christie Group 132.50p £31.83m (CTG.L)
The professional business services Group announced that further to its trading update on 23 December 2025, it now anticipates reporting a FY25 performance from its continuing operations considerably ahead of its previously upgraded expectations. Revenues from continuing operations for the twelve months ended 31st December 2025 are now expected to exceed £70.0m (2024: £59.2m) with operating profit from those continuing operations expected to exceed £6.5m (2024: £3.5m). The Group has also ended the year with a cash balance of over £9m.
Distil 0.11p £2.69m (DIS.L)
The owner of premium drinks brands provided a trading update for the third quarter (October - December 2025) of its current financial year ending 31 March 2026. Revenues decreased 26% to £173k (October to December 2024: £233k), volumes into distributors decreased 39%, and gross margins were flat at 42% (October to December 2024: 42%). The medium-term outlook continues to be challenging for the industry. A further alcohol duty increase announced in the latest UK budget, effective February 2026, will further squeeze consumer spending and prolong market recovery.
Hercules 53.5p £45.5m (HERC.L)
The technology enabled labour supply company for the UK infrastructure and construction sectors announced that it has secured a place on Balfour Beatty's Preferred Supplier List (PSL) for its Power Transmission & Distribution work. Being added to the PSL strengthens Hercules' longstanding relationship with Balfour Beatty, which is developing some of the UK's most ambitious power transmission and distribution projects. Hercules will provide specialist substation, cable and civils labour support.
LPA Group 49.0p £6.42m (LPA.L)
The innovation led engineering specialist in electronic and electro mechanical components and systems announced the successful refinancing of the Group's banking facilities, which were due to mature in January 2027. The new facilities, provided by Arbuthnot Commercial Asset Based Lending Limited, comprise of an up to £8.75m Revolving Credit Facility secured over property and receivables. These facilities replace the existing bank loan and overdraft arrangements and provide additional working capital to support the Group's growth plans. The new agreement runs for a minimum term of three years.
Nexteq 71.50p £40.97m (NXQ.L)
The technology solutions provider to customers in selected industrial markets updates on Trading for the FY December 2025 which is expected to be in line with expectations. Revenue is 4% ahead at $90.2m driven by an increasing number of $1m customers. Full year adjusted profit before tax is expected to be not less than $3.6m. Quixant secured a new and its largest customer in 2025. The Board expects continuing momentum from new products including an innovative Gaming Software solution, LaunchPad, launched in January 2026. The finals are expected to reported on 18th March.
Pennant International Group 20.00p £9.51m (PEN.L)
The systems support software and training solutions Company updates on trading for FY December 2025. Revenue decreased 27.6% to £10m with the ARR from software sales of £2.4m, which is a Group record. Gross margins remained at 50% and a reduced LBT of £0.2m against £2.3m. Debt is reduced to £0.2m from £2.3m after a property disposal programme and equity subscriptions. Pennant has a three-year contracted order book of £23.3m, including £9.7m that is scheduled for delivery in FY26, representing around 75% of market expected revenues. Software ARR is expected to exceed £3.0m and alongside the benefits of the 2024/25 cost restructuring, management expects the Group to return to a breakeven this year.
Sulnox Group 70.00p £95.11m (AQSE:SNOX)
The greentech Company delivering lower fuel costs and emissions announced that it has secured its second important patent in South Africa, marking its fourth in the significant fuel oil reclamation market and extending protection to 49 countries worldwide. The IP protected is an improved oil / water separation methodology developed by Sulnox, incorporating its already patented emulsification products. This development, which was recognised by patents for the Company for Europe, Nigeria and Eurasia during 2025, has considerable potential for supporting the maritime industry in tackling its perennial problem of "ships' slops", a hydrocarbon-rich industrial waste produced in various parts of a ship's operations; including tank cleaning, purifying fuels and use of ballast water.
Surface Transforms 1.75p £22.79m (SCE.L)
The manufacturer of carbon fibre reinforced ceramic automotive brake discs announced the following unaudited trading and operations update for the year ended 31 December 2025. Revenue increased circa 120% to £18.0m (FY24: £8.2m) representing further ongoing improvement with a record second half revenue of £9.9m, up from £8.1m in the first half of 2025. Operating loss before interest and tax reduced nearly threefold to approximately £8.7m (FY24: £23.4m), with second-half losses improving significantly to £3.5m (H125: £5.2m loss). Gross cash was £1.0m as at the year end (FY24: £0.5m). Management expects to deliver FY26 revenue of approximately £27.0m with an EBITDA breakeven.
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”.
