Admissions:
None
Delistings:
On Tuesday 20th, Serinus Energy (SENX. L) left AIM
Potential** Initial Public Offerings:
12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market in June 2025. Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds. For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m. The current intention is to maintain a progressive dividend policy, and the dividend for FY2025 is expected to be set at approximately 50 per cent. of adjusted profits. Deal size TBC but timing is expected late June 2025.
8th May: Riverfort Global Opportunities (RGO.L) has entered into a sale and purchase agreement to acquire certain subsidiaries of Aquis listed S-Ventures. The Proposed Acquisition constitutes a reverse takeover under the AIM Rules for Companies. On completion of the Proposed Transaction, the Company will be renamed Tooru Plc on Admission and become a health and wellness operating company traded on AIM. The Company expects to raise between £0.5m to £1m at 0.75 pence giving an anticipated market capitalisation on Admission between £12.5m to £13m.
Expected Admission date is 28th May 2025.
Market Movers:
12th May: Sundae Bar Plc, formerly Kondor AI Plc, a technology Company mainly operating in the UK, announced its intention to move to AIM from the Access Segment of the Aquis Stock Exchange Growth Market. The Company's objective is to create a unified marketplace for businesses and AI agents that will address the growing demand for scalable, accessible AI solutions while simplifying the end-to-end process of bringing AI agents to market. The Company's securities are currently suspended on AQSE and concurrently with the Admission to AIM, the Aquis listing will be cancelled. £2m is expected to be raised with an anticipated market capitalisation on Admission of circa £33m at the Placing Price of 8p.
Aurrigo International 65.5p £37.9m (AURR.L)
The international designer and developer of fully integrated smart airside solutions for the aviation industry, which included automated vehicles, systems and software, announces an agreement with Swissport International. Swissport is a provider of airport ground services and air cargo handling and the three-year strategic partnership agreement is to deploy autonomous solutions at Zurich Airport. The agreement includes a six-month project which will be signed in the coming days, for an Auto-Sim contract to model Zurich airport and the trial of an Auto-Dolly Tug. The Auto-Sim modelling is expected to start shortly with delivery of the Auto-DollyTug expected in H2 2025. This agreement will contribute towards the Board's expectations for the current financial year.
Great Southern Copper 3.70p £21.87m (GSCU.L)
The Company is focused on copper-gold exploration in Chile and today provides an update on the exploration activity across its Especularita Project. Its scout diamond drilling programme targeting gold-silver mineralisation at the Viuda Negra prospect is completed with four holes drilled for a total of 553.05m. The targeted outcropping Maricunga-style vein alteration with gold grades in rock chip and channel samples is up to 4.2g/t Au and 145g/t Ag. The samples from the drill holes have been dispatched to ALS Laboratories with the remaining holes due to be sampled before the end of May. Planning and permitting for geophysics surveys and Phase III drilling at Cerro Negro is in progress.
RTC Group 90.0p £12.24m (RTC.L)
The business which focuses on white and blue-collar recruitment, providing temporary and permanent labour to a broad range of industries and customers, in both domestic and international markets, gave a Trading Update at the AGM. In the first quarter of 2025 the Company continued its trajectory of positive trading and cash generation. There are concerns, however that the increases to employer's NI contributions and minimum wage will reduce companies' appetite to recruit workers. The Group retains a clean balance sheet which continues to improve through the generation of strong operating cash flows. The strategy of being positioned across targeted sectors sees the Company well placed to capitalise on new and emerging growth opportunities.
Shoe Zone 92.5p £42.8m (SHOE.L)
The Town Centre, Retail Park, and Digital footwear retailer, offering low-price, high-quality footwear for the whole family, reports Interims to March 2025. Total revenue is 6.5% lower at £71.5m, although the proportion from digital revenue has improved 6.4% to £18.2m. The Loss before tax was £2.3m (2024 H1: Profit £2.6m), with lower net cash at £1.7m from last year’s £4.1m. The backdrop of macro/global economic volatility has continued and the number of stores at 278 is 31 lower than 12 months ago. In the Chairman’s statement, it said “Our original full year profit before tax forecast was £10.0m, which was revised down to £5.0m” as a result of the weak consumer confidence, unseasonal weather condition, and additional national insurance and national living wage costs in the second half of this financial year.
Staffline Group 41.2p £50.72m (STAF.L)
The recruitment group updated at its Annual General Meeting. The strong momentum is continuing with a 6.2% increase in gross profit for the first four months of 2025 compared to last year. This is driven by a year-on-year uplift in temporary worker hours in Recruitment GB, up 6.6% over the same period. A substantial new contract with a leading logistics company was recently announced which has materially enhanced performance expectations over the next three years. The Group's strong trading cash flows have been used to repurchase 15.5m shares, at an average price of 31.2p, for a total consideration of £4.8m, as part of the first tranche of the 2025 share buyback programme. The Board is therefore confident that trading across FY 2025 is on track to deliver results in line with recently revised management expectations.
Stelrad Group 136p £173.2m (SRAD.L)
The specialist manufacturer and distributor of steel panel and design radiators in the UK, Europe, and Turkey, updated on current trading, at the AGM. Despite the ongoing macroeconomic uncertainty, trading is in line with management expectations. Although the steel market continues to face uncertainty globally, Stelrad's supply arrangements remain stable and there is little exposure to any US-related steel tariffs due to the European orientation. The Group's full year outlook is unchanged from that given in the full year results in March 2025. The Financial performance reflects proactive margin management and ongoing cost discipline which are continuing to underpin profitability.
The Artisanal Spirits Company 55.0p £38.9m (ART.L)
The creator of limited-edition whiskies and experiences around the world, and owner of The Scotch Malt Whisky Society Single Cask Nation & J.G. Thomson, provided a trading update statement at its AGM. The positive start to the year is continuing with double-digit revenue growth in the last four months, with improving profitability. In January 2025, the investment in the SMWS America business resulted in owning a greater proportion of the value chain and is already delivered improvements in operating and an optimised cost base. This is to be further developed to offset most of the impact of US import tariffs. In the coming months, a new private cask and luxury experience programme will be launched. The EBITDA improvement to £1.5m is in line with expectations.
Time Out Group 27p £96.5m (TMO.L)
The media and hospitality business gave a trading update for FY June 2025. The media revenues are expected to be approximately 20% lower than the prior year, primarily due to local commercial conditions in the US. A review of the Media divisions strategy has commenced to maximise the return on capital expenditure and improve the quality and forward visibility of revenues. Media is now expected to make a narrow EBITDA loss for FY25 compared to FY24 £5.3m EBITDA profit. The Markets divisions business continues to grow and there is a strong pipeline of further opportunities. The divisional EBITDA is expected to be in the range of £11-£13m which is little changed from last year’s £12m. OPEX reductions are underway, with an annualised £7m of savings already actioned, ensuring the Company remains cash generative.
Tortilla Mexican Grill 38.5p £14.62m (MEX.L)
The fast-casual Mexican restaurant group in the UK and Europe announces FY results to December 2024. Revenue increased by 3.5% to £68m due to the strategic acquisition of Fresh Burritos in France, the addition of one UK company-owned site, and a strong contribution from the franchise network. The gross profit margin held strong at 76.6% (2023: 77.3%) and the adjusted EBITDA of £4.5m was little changed from 2023’s £4.6m. The increased UK contribution was offset by the expected early-stage losses from the acquisition. The higher loss before tax of £3.3m (2023: £1.1m) was due to one-off exceptional costs relating to the acquisition, and an impairment charge of a small number of UK locations. The cash generation increased to £10.7m from 2023 £9.9m, demonstrating strong underlying cash flow. Four new franchise locations have opened so far this year driving UK sales volumes. The strategic focus is on launching the refreshed brand in France and leveraging new technology and loyalty initiatives for sustained profitable growth.
URU Metals Limited 4.50p £2,17m (URU.L)
The exploration and development Company which identifies and invests in quality mineral projects worldwide announces the results of an advanced geophysical interpretation over its flagship project in South Africa. There are a series of high-priority drill targets identified with strong potential to host high-grade nickel-copper-PGE sulphide mineralisation. The results confirm key elements of Zeb Nickel's exploration model, pointing toward a conduit-style magmatic sulphide system with striking similarities to the well-known Uitkomst Complex, which is a nickel-producing deposit in South Africa associated with the Bushveld Complex, and formed through the accumulation of dense sulphide minerals at the base of an ultramafic intrusion. This interpretation marks a significant milestone in the projects development and provides a clear framework for drilling.
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