Small Cap Feast

20th July 2026

Dish of the day
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Our daily digest of news from UK Small Caps

* 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:    

Carillion (CLLN.L) left the Main Market.

Nanoco Group (AQSE:NANO) left the Aquis market


 
 

What’s baking in the oven?

It's a little empty

 
  

Banquet Buffet****

London Stock Exchange: Main Market and AIM

Croma Security Solutions Group 71.50p £9.43m (CSSG.L)

The security solutions Group updates on trading for the FY to 30 June 2026. Revenue is likely to be up 15% to around £11.0m which is slightly ahead of market expectations. EBITDA is also expected to be marginally ahead of expectations at around £1m although lower than previous period of £1.1m, reflecting the planned increased investment in the business. The performance reflects contributions from the two acquisitions completed in H2 together with growth driven by healthy demand from both retail and commercial customers. The Group's balance sheet remains robust, with no bank debt, and net cash (excluding lease liabilities) at 30 June 2026 ahead of market forecasts at £4.9m against £4.4m in the prior period. The CEO claims Croma is financially stronger than at any point in its history, with a debt-free balance sheet and growing cash resources. The platform seems set for further expansion of the strategy of acquiring high-quality independent locksmith businesses looking to benefit from being part of a larger organisation.

Helix Exploration 24.50p £66.92m (HEX.L)

The US based helium production and liquefaction Company updated on helium sales and the departure of the Company's first high-pressure jumbo tube trailer, loaded with approximately 160 Mcf (thousand cubic feet) of high-grade helium produced from the Rudyard facility. This milestone represents the Company's first physical helium sale and marks Helix's transition into a revenue-generating producer, achieved just over 24 months after the Company's IPO, a significant milestone for a Company that has progressed from exploration through development, commissioning, production and now commercial sales in little over two years. After a period of well optimisation, the tube trailer is now starting regular transit to the Company's industrial gases customer pursuant to the short-term spot sales arrangement announced in May with prices reflecting current spot market rates.

Kazera Global 1.60p £15.99m (KZG.L)

The AIM-quoted investment Company announced that it has received the initial advance payment of US$750k from South Africa AT Investments (SAI), as provided for under the long-term Mining Cooperation and Production Sharing Agreement between SAI and the Company's South African subsidiary, Whale Head Minerals Ltd which was announced on 9 July. Receipt of the payment represents the first commercial milestone under the strategic partnership and demonstrates SAI's commitment to the long-term development of WHM's Heavy Mineral Sands assets. The Agreement establishes a fully funded long-term strategic partnership for the development of WHM's existing Walviskop operations, and, subject to the grant of the 2A Mining Right, the future industrial-scale development of the substantially larger 2A Project.

Medpal AI 3.50p £26.17m (MPAL.L)

The AI-native digital health and pharmacy Company announced the acquisition of Solid State Technologies Ltd, trading as eMARx, a UK provider of electronic medication administration record software to care homes and pharmacies. The Acquisition is the missing piece of MedPal's Health OS: the Group now combines NHS pharmacy dispensing at scale, a B2B care home supply business, a private clinic, the Juno agentic AI health companion and, with eMARx, the software layer that sits inside care homes themselves. eMARx adds established, recurring software revenues and profits: unaudited revenue of £0.74m (up 19 per cent year on year and approximately trebled over three years) and profit after tax of £0.11m for the year ended 31 March 2026, at a gross margin of approximately 82 per cent.

Oracle Power 0.04p £7.13m (ORCP.L)

The international project developer updated on the progress of the Native Vegetation Clearing Permit and the Mine Development and Closure Proposal, covering the Northern Zone Gold Project (M25/389), part of the Company's Kalgoorlie Gold Project, which is located 25 km east of Kalgoorlie in Western Australia.  The Site clearance permit and Native Vegetation Clearing Permit applications are due for submission this month, including the Fauna and Flora reports, while the Mine Development and Closure Proposal is progressing.

Plexus Holdings 3.35p £5.09m (POS.L)

The AIM quoted wellhead services business announced that it has entered into an agreement with Cactus Wellhead LLC, an international service company, to develop and qualify a range of wellhead products for offshore energy applications. Under the terms of the agreement, Plexus will undertake engineering, analysis and testing services for Cactus, leveraging its core expertise in wellhead engineering and offshore energy applications. The Company will receive an initial commitment payment of £1m and expects to generate additional revenue of approximately £1.5m over the duration of the programme. There is also potential for the scope of work to expand during the programme, which may result in additional revenue.

Sunrise Resources 0.02p £1.27m (SRES.L)

The precious metals Company announced that it has established a new copper-silver-gold project in Nevada, USA, which it has named the Lake Copper-Silver-Gold Project after its location in the Lake Mining District in Churchill County, Nevada. The project located at the south-west end of the prospective Humboldt Range is host to numerous large-scale current, planned and past producing gold and silver deposits. The Company has secured a low entry-cost lease & option to purchase agreement over a mining claim covering copper-silver-gold mineralisation originally discovered in 1985 by Utah International (a subsidiary of BHP) and has staked a further ten adjacent mining claims. Utah International drill hole MH-4 intersected 50m from surface grading 0.73% copper, 31g/t silver (1oz/t) and 0.2g/t gold in skarn-type mineralisation.

Synectics 200.00p £35.14m (SNX.L)

The Company focused on advanced security and surveillance solutions announces that its security and surveillance platform, Synergy, has achieved Cyber Assurance of Physical Security Systems (CAPSS) certification from the UK National Protective Security Authority. The certification independently verifies that Synergy meets the UK Government's stringent cyber security standards for physical security systems, reinforcing the platform's suitability for deployment across critical national infrastructure, including utilities, transport, policing, government facilities and public spaces. CAPSS is UK-Government endorsed and reflects internationally recognised cyber security best practice, providing additional confidence for organisations protecting critical assets around the world.

Zenith Energy 4.65p £33.2m (ZEN.L)

The independent energy Company announced that it has entered into a binding Letter of Intent and Exclusivity
for the acquisition of 100% of the issued share capital of an Italian biogas development company, which owns the rights to develop a fully permitted and engineered biogas production facility in Italy, subject to completion of the proposed acquisition. The Project is fully permitted, fully engineered and construction-ready, with all material permits, licences and engineering approvals already obtained. Once operational, the Project will produce approximately 3 million cubic metres of methane gas per annum, for injection into the Italian gas network, sold at Italian gas prices and benefiting from 15-year government incentives.

AQSE Market

Sulnox Group 55.00p £83.38m (AQSE:SNOX) The greentech Company delivering lower fuel costs and emissions with zero capex announced that its fuel conditioning technology, Sulnox Eco, has been recognised for the 2026 Superyacht UK Sector Sustainability Award. The award was won by Barrow International, one of the Company's distribution partners for the superyacht sector, whose entry featured the fuel saving, emissions reduction and engine protection capabilities of Sulnox Eco. The award was voted for by members of Superyacht UK, the British Marine association representing the UK's superyacht industry, including yacht builders, designers, shipyards and specialist suppliers.

What’s baking in the oven?

Potential IPOs:***

Dual List:***

Bravura Solutions (ASX: BVS) the global provider of enterprise software for the wealth management and funds administration industries has announced its intention to dual list on AIM. Bravura is currently listed on the Australian Securities Exchange (ASX) and Admission to AIM is being sought via the AIM Designated Market Route.  No capital to be raised on Admission with a market cap on Admission of circa £500m.  Expected Admission date is 28 July. 

20 July 2026
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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