Small Cap Feast

21st July 2025

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What’s baking in the oven?

 Potential**  Initial Public Offerings:***

Banquet Buffet****

AOTI Inc 90p £95.72m (AOTI.L)

A medical technology Company focused on the durable healing of wounds and the prevention of amputations announces its trading update for the six months ended 30 June 2025 as well as an update to FY 2025 guidance.  The Company expects to report revenue for the Period of not less than $31m (H1 2024: $26.3m), representing growth of not less than 18% (H1 2024: 26.4%).  In the first three months of the Period, the Company recorded revenue growth of approximately 26%. Revenue growth in the six-month period ended 31 March 2025 was approximately 37%.  The Company now expects revenue growth for FY 2025 to be in the mid-teens and adjusted EBITDA margin to be low double digit. The Company expects to announce its interim results for the six months ended 30 June 2025 in September 2025.  The Board is confident that the Company is well-placed to deliver on its strategic priorities and growth drivers in the medium term.

Artemis Resources Ltd 0.19p £4.69m (ARV.L)

A gold, copper, and lithium focused resource Company announced it has received firm commitments for a capital raising of A$4.75m.  Artemis will issue 1,187,500,000 new shares at $0.004 per share. The issue price is a 27% discount to the 15 day Volume Weighted Average Price (VWAP).  Artemis will utilise this additional funding to undertake a substantial drill program of up to 5,000m including extensional drilling and technical studies at the Carlow Gold and Copper Project, RC drilling at Titan, and exploration at Cassowary.

Creo Medical Group 12.5p £51.56m (CREO.L)

The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients provided a trading update for the six-month period ended 30 June 2025 (H1 25). H1 25 Core Technology revenues from continuing operations were up 40% to £2.2m (H1 24: £1.6m), in line with management expectations for first half performance. The Board believes the Company is tracking on plan for 40% to 60% revenue growth for the full year, in-line with prior guidance, with a continued historical H2 weighting. Cash and cash equivalents at 30 June 2025 was £20.5m (31 December 2024: £8.7m).  The Board of Creo remains confident in the outlook for 2025 and expects another year of strong growth in Core Technology. 

Imaging Biometrics 0.63p £1.54m (IBAI.L)

The Company involved in quantitative imaging and novel therapeutics for CNS malignancies today announces a soft close to its Phase 1 clinical trial of oral gallium maltolate (GaM) in adult relapsed or refractory glioblastoma. The trial remains active for currently enrolled participants, with no additional patients being recruited at this time. While final internal approvals from the Medical College of Wisconsin Cancer Center are pending, the soft close enables the trial team to transition toward data consolidation, endpoint analysis, and Phase 2 protocol finalisation - key steps in advancing the development of oral GaM.  IBAI is actively evaluating the feasibility of independently financing the phase 2 trial while concurrently exploring strategic partnerships. The Company will provide further updates as the trial progresses toward formal closure and data dissemination.

Kromek Group 5.45p £35.70m (KMK.L)

A global detection Company delivering solutions for the advanced imaging and detection markets announced that it has received its first contract, worth £1.7m, under the UK Government's Radiological Nuclear Detection Framework for the procurement of radiological nuclear detection equipment and supporting services for the Home Office.  The total value for this contract is £1.7m, of which a significant majority is scheduled to be received in the Group's current financial year and which will contribute towards the expected revenue growth in the CBRN (chemical, biological, radiological, and nuclear) Detection segment. 

Metals One 11.74p £35.16m (MET1)

A minerals exploration and development Company announced the completion of its acquisition of the Squaw Creek Claims (SQ Claims) in Carbon County, Wyoming, United States which hold the Squaw Creek Uranium Project as originally announced on 24 April 2025. The SQ Claims represent the Company's second uranium project in the U.S., and complement the recently completed acquisition of the Uravan Uranium-Vanadium Project in Colorado, as announced on 2 July 2025.  The consideration comprises US$50,000 in cash and the issuance of 500,000 new ordinary shares in Metals One Plc at a price equivalent to a 5% discount to the five-day volume-weighted average price (VWAP) immediately prior to execution, being 19.0363 pence per share.  The Board believes the acquisition of the SQ Claims further consolidates Metals One's position in the U.S. uranium sector, aligned with the Company's strategy to advance critical mineral assets essential to the clean energy transition.

Portmeirion Group 133.50p £18.72m (PMP.L)

The global homeware brands group today issues a trading update for the six months to 30 June 2025.  Group Sales are expected to be £37.1m, up 1.3% year-on-year in the period and up 2.8% in constant currency.  H1 is traditionally the Group's quieter half.  Net debt on 30th June 2025 is expected to be £14.8m (prior year £13.4m), marginally higher due to much earlier shipment of product into the USA market for the Holiday and Christmas season, and the associated cost of funding tariff payments.   The Company anticipates modest sales growth in H2, primarily due to short term caution on the US market.  The Board anticipates the UK to be flat - low single digit growth driven by good Wax Lyrical performance, and continued improvement in South Korea and International markets.  The Group expects to report its Interim results for the six months ending 30 June 2025 in late September 2025.

The Pebble Group 48.50p £77.29m (PEBB.L)

The provider of technology, products, and related services to the global promotional products industry announces, further to its Half Year Trading Update on 10 July 2025, that it is proposing to return up to £6.5m to Shareholders by way of a Tender Offer pursuant to which Qualifying Shareholders are invited to tender some, or all, or their Ordinary Shares at the Tender Price of 61 pence per Ordinary Share. The Tender Offer is for a maximum of 10,655,737 Ordinary Shares.  The Tender Price represents a premium of approximately 25.8% to the closing price of 48.5 pence per Ordinary Share on the Latest Practicable Date and a premium of approximately 38.6% to the closing price of 44 pence per Ordinary Share on 2 June 2025. 

Verici Dx 0.88p £2.12m (VRCI.L)

A developer of clinical diagnostics for organ transplants announced it is conducting a placing to raise a minimum of £5m at a price of 0.5 pence per new Ordinary Share.  The Issue Price represents a discount of 42.9 per cent. to Verici Dx's closing mid-price on 18 July 2025.  The Company is proposing a WRAP Retail Offer to new and existing shareholders for up to 100,000,000 new Ordinary Shares at the Issue Price to raise up to an additional £0.5m.  The net proceeds of the fundraise will provide the Company with additional working capital to support the commercial scale up of a suite of its blood-based tests for the kidney transplant market.

Zentra Group 2.75p £1.06m (AQSE: ZNT)*

The Manchester-based residential developer and development manager announced that it has completed the transfer of its listing from the Access Segment of the Aquis Stock Exchange to the newly launched Aquis Real Asset Market (ARAM).  The Company's ordinary shares began trading on ARAM at 8am today.  ARAM has been developed as a dedicated platform for the listing and trading of real asset-backed securities — including equity and debt at both the company and asset level.  Zentra Board has said that ARAM represents an opportunity to operate in a market that is better suited to the way the business is structured and how its developments are funded.

21 July 2025
*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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