Small Cap Feast

21st September 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:  

None


 
 

 
  

Banquet Buffet****

London Stock Exchange: Main Market and AIM
 

Accsys Technologies 64.40p £176.62m (AXS.L)

The supplier of sustainable wood building materials provided a trading update for the five months ended 31 August. Accsys reported revenue of EUR 56.9m for the five months ended 31 August, down 6% from EUR 60.4m. Trading in the first five months of FY27 has started slower than expected due to inflationary pressures, interest rate increases, cautious purchasing patterns, delayed project activity and reduced consumer confidence. The Group experienced significant distributor destocking across all regions.  The Group expects sales growth in H2 and anticipates a stronger second-half weighting to revenue and profit. FY27 adjusted EBITDA is expected to be EUR 21m–EUR 23m, ahead of the prior year.

B90 Holdings 4.60p £21.38m (B90.L)

The performance marketing and MarTech business for the global gaming industry announced its unaudited interim results for the six months ended 30 June.  Revenue increased by approximately 38% to EUR 3.325m (H1 2025: EUR 2.407m), reflecting continued growth in marketing activities and increased activity across its partner base.  Adjusted EBITDA remained positive at EUR 0.31m (H1 2025: EUR 0.30m) and cash and cash equivalents increased to EUR 1.47m at 30 June, compared with EUR 0.97m at 31 December 2025 and EUR 0.40m at 30 June 2025.  The Board remains confident in the Group's prospects for the remainder of the year and based on current trading, expects the Group to deliver results in line with management expectations for the full year.

Cambridge Cognition Holdings 27.50p £14.86m (COG.L)

The neuroscience technology Company and C2N Diagnostics announced a partnership with The Alzheimer's Trust, a newly formed subsidiary of The Cancer Screening Trust, on World Alzheimer’s Day to address the urgent and growing burden of Alzheimer's disease and related dementias in the UK.  The collaboration creates an integrated, scalable pathway for earlier and more accurate diagnosis of Alzheimer's disease and related dementias in the UK.  The Alzheimer’s Trust said this collaboration with C2N and Cambridge Cognition enables them to offer the best tests available to those in need and to address the issue with sensitivity and integrity.

CRISM Therapeutics Corporation 9.75p £7.72m (CRTX.L)

The clinical-stage drug delivery Company focused on the localised and sustained delivery of chemotherapy drugs announced its unaudited half-year results for the six months ended 30 June.  Across the period, the Company advanced its proprietary ChemoSeed drug delivery technology and opened its Phase 2 clinical trial. CRISM’s initial therapeutic focus is in glioblastoma, an aggressive form of brain tumour, owing to the significant unmet need and attractive market size, estimated at $2.5bn in 2026 (rising to $5.0bn in 2033).  The Company raised £2.745m in May 2026 and net cash at 18 September 2026 was £1.9m.

Eco Buildings Group 9.60p £14.32m (ECOB.L)

The AI technology-led housing manufacturing Company announced that it has entered into a binding Strategic Investment Framework Agreement with Lumen Holdings Limited, a co-signatory to the Agreement, and with the Ministry of Interior (Hon. Abdoulie Sanyang) and the Ministry of Defence (Hon. Sering Modou Njie) of the Republic of The Gambia, for the establishment of the ECO Buildings West Africa AI-Powered Centre of Excellence in The Gambia.  The Agreement creates the formal framework for what the Board considers to be the most significant international development in Eco's history to date. The Key Terms and Strategic Commitments include a minimum 10,000-home housing programme, including an initial phase and minimum order of 1,000 homes, as set out in the Agreement.

GETECH Group 3.50p £4.96m (GTC.L)

The locator of subsurface resources announced its unaudited interim results and report for the six months to 30 June.  H1 2026 revenue of £2.4m (H1 2025: £2.1m), representing a 15% increase compared with the prior period.  Annualised Recurring Revenue was £3.0m at 31 August 2026 and adjusted EBITDA profit of £0.2m (H1 2025: Adjusted EBITDA loss of £0.1m).  The cash balance was £0.6m at 30 June (31 December 2025: £0.2m).  Trading momentum remains positive and the Company is well placed to meet market expectations for FY 2026.

Invinity Energy Systems 19.25p £112.77m (IES.L)

The vanadium flow battery technology Company announced its unaudited consolidated results for the six months ended 30 June and an update on trading in the year to date. Customer Orders increased nearly threefold to 34.2 MWh during the period (H1 2025: 11.7 MWh). Revenue and Project Grant Income increased to £1.7m (H1 2025: £0.9m) and the loss for the Period increased by 14% to £12.1m (H1 2025: £10.6m) reflecting increased investment in R&D to deliver the Company's cost-down programme. Net Cash was £10.5m and the Company confirms that trading remains in line with management expectations for the full year, with revenue recognition expected to be strongly weighted towards H2 2026, subject to anticipated project delivery timings.

Iofina 55.00p £97.85m (IOF.L)

The Company involved in the exploration and production of iodine and manufacturers of specialty chemical products announced its unaudited Interim Results for the six months ended 30 June.  Record H1 revenue of $31.3m, up 7% (H1 25: $29.2m), Profit Before Tax of $4.9m, up 196% on an adjusted basis (H1 25: $1.7m excluding subsidies $1.8m) and Net Cash of $7.2m (H1 25: Net Debt: $0.8m).  Iofina stated that it expects to produce 460-485 MT of crystalline iodine in H2 2026 and the Board believes it is on track to meet market expectations for the full year. 

MedPal AI 5.35p £46.99m (MPAL.L)

The AI-native digital health and pharmacy Company announced that it has conditionally raised gross proceeds of £5m at a price of 5.0 pence per share.  The Company also provided an update on trading for September to date.  Based on trading from 1 to 19 September 2026, the annualised revenue run rate is now over £35m.  The net proceeds of the Placing will be applied to working capital for medication stock and expansion of the GLP-1 line. 

Mothercare 0.13p £1.15m (MTC.L)

The British heritage brand announced an update on its financial outlook.  Mothercare was notified by the liquidators of Mothercare UK Limited (which entered administration in 2019), that imminently a further £0.8m cash dividend will be paid to a wholly owned subsidiary of the Company.  It does not materially change the outlook for the business nor the matters disclosed in the announcement of 18 September.  At this stage the outcome of the review and the longer-term solvency of the Company remains highly uncertain.  

What’s baking in the oven?

Potential IPOs WIP:***

5th August: 1947 Oil & Gas, the newly incorporated oil and gas production Company focused on acquiring, operating and growing a portfolio of producing assets in the US, announced its intention to IPO onto AIM.  In connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC, a privately held, Houston-based oil and gas production Company with interests in eleven fields located in the shallow-water Gulf of America.  The Company is raising an updated amount of £40m and the expected market capitalisation of the Company on Admission will be £70m.  Admission is expected to occur in mid-September. 

Dual List WIP:***

18th August: Aimia Inc. (TSX: AIM; JSE: AII) the Canadian diversified conglomerate announced plans to dual list on AIM. It owns a selection of businesses which include: (i) an 100% interest in Cortland International Inc., a global designer, manufacturer and supplier of synthetic fiber ropes, nets, slings and tethers; a 10.85% indirect stake in Clear Media Limited, the largest operator of bus shelter advertising panels in China; and iii) the Company holds a portfolio of publicly listed securities amounting C$12m as of 30 June 2026.  No capital is expected to be raised on Admission and deal details remain TBC.
Expected first day of dealings 22 September. 

21 September 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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