* 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:
Imara Gold (IGLD.L) has left the Main Market
What’s baking in the oven?
Potential IPOs:***
17 March: Vista Parcs Group has announced its intention to IPO onto AIM. The newly incorporated entity is proposing to acquire a portfolio of 13 UK-based holiday and residential parks currently owned by Barney Group 2 Ltd (BG2) and operated by Baslow Parks Ltd. Deal details TBC and expected Admission date anticipated late March 2026.
11 March: Halo Minerals, a mineral development Company focused on the evaluation and potential development of mineral assets, announced its intention to IPO onto AIM. The Company's principal asset is the Playa Verde Project comprising 6 mining concessions over an area of approximately 13.57km sq. of copper-bearing tailings located in northern Chile. The Company plans to advance the Playa Verde Project on an accelerated timeline to production, utilising the funds raised on Admission, which is expected to take the project to a final investment decision, or to a stage when alternative material project funding options are available for the Project. £4m is expected to be raised on Admission with a market capitalisation of approximately £20m. Expected Admission date is 30 March 2026.
4 March: Scotch Corner Designer Village Holdings plc, which is developing a largely pre-let retail and leisure destination in the North of England, announced its intention to apply for Admission to trading on the Aquis Real Asset Market (ARAM) segment of the Aquis Stock Exchange Growth Market. The Company is seeking to raise £25.5m. The listing is expected to complete in April 2026.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L),the Main Market listed biotech Company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. and at the same time moving to AIM. £8.5m is to be raised on Readmission at an issue price of 10 pence per share with an anticipated market cap of £42.6m. Expected Admission date is 27 March 2026.
Banquet Buffet****
Blackbird 1.95p £9.85m (BIRD.L)
The technology licensor, developer and seller of both the cloud native video editing platform, Blackbird, and the multiplayer editor in a browser, elevate.io, announced its audited results for the year ended 31 December 2025. Adjusted EBITDA (pre LTIP and share option costs) of £0.71m in 2025 (2024: £0.49m Adjusted EBITDA pre LTIP and share option cost) and a net profit of £0.38m (2024: £0.02m). Revenues of £1.38m for the 12 months to 31 December 2025, down 14% year-on-year (12 months ended 31 December 2024: £1.61m) primarily due to the loss of some deals in the Blackbird division together with the non-recurring revenues from the global Summer games in 2024. At 31 December 2025 the Company had cash and short-term deposits of £2.72m (2024: £3.77m) and no debt.
Frontier IP Group 12.25p £9.64m (FIPP.L)
The specialist in commercialising intellectual property announced that portfolio company Alusid Limited has reached a significant milestone in its European roll out plans following an agreement between Dutch sustainable materials specialist FRONT Materials BV and Tegelgroep Nederland, a leading wholesaler across Belgium, the Netherlands and Luxembourg. The partnership will initially see Alusid's tiles made widely available in the Netherlands. Tegelgroep has already started stocking Alusid's products and will sell them directly to businesses across the country. More broadly, the Wholesaler also sells to more than 600 retail outlets in Benelux. It is part of BME Group, which generates more than EUR5.5bn a year in revenues and operates across Germany, Switzerland, Spain and Portugal, as well as Benelux.
Naked Wines 66.00p £44.62m (WINE.L)
The online wine retailer announced the launch of a share buyback via Reverse Accelerated Bookbuild (RABB Buyback) to purchase ordinary shares of 7.5 pence each in the capital of the Group up to a maximum aggregate consideration of £1m. This RABB Buyback is in line with the Company's publicly stated capital allocation policy and follows the £1m buyback completed in early March 2026. It reflects the Board's view that shares will be purchased at prices well below their intrinsic value, thereby increasing intrinsic value per share for all remaining shareholders. The RABB Buyback will be closed at 16:35 on 23 March 2026.
Pennant International Group 20.50p £10.22m (PEN.L)
The systems support software and training solutions Company reports finals to December 2025. Revenue is 42% lower at £9.7m in a challenging year. The Group has completed a major restructuring of the Training Systems business and suffered unexpected delays in the award of certain Defence contracts. Gross margins are 49% and little changed from last year’s 50% while 60% of revenue is reoccurring. The loss before tax reduced to £2.5m from a £3.0m loss. Cashflow was positive due to continued working capital discipline and an R&D tax receipt resulting in net debt reducing to of £0.5 from £2.3m. A growing proportion of the Group's trading is coming from the higher margin Software and Technical Services segment which combined with cost savings increases the management’s confidence of achieving profitable growth over the next three years in line with the strategic plan.
Quadrise 1.70p £30.09m (QED.L)
The technology Company focused on the decarbonisation of shipping and heavy industry announced its unaudited interim results for the six months ended 31 December 2025. The cash balance was £4.0m as at 31 December 2025 (31 December 2024: £1.4m) and H1 FY26 loss after tax of £2.0m (H1 2025: £1.7m). Total assets were £8.3m at 31 December 2025 (31 December 2024: £5.2m). The Company's strategy is to generate demand within the shipping industry and other sectors, while stimulating the supply of its fuels around global marine bunkering hubs. Quadrise remains confident in demonstrating meaningful progress during 2026 and beyond, accelerating its transition towards commercial operations.
Quantum Helium Limited 0.04p £11.66m (QHE.L)
The helium, hydrogen and hydrocarbon exploration, development, and production Company with projects in the US and Australia, reports oil revenue as steady oil production of 11,709 barrels has generated revenue from its Sagebrush Project in which it holds a 90% working interest. Quantum’s net sales revenue in 2025 is around $409,000 (before lease operating costs). The oil sales support helium exploration and development which is a key component of Quantum's self-funding development strategy.
RTC Group 107.5p £13.5m (RTC.L)
The recruitment business that focuses on white and blue-collar recruitment announced its audited results for the year ended 31 December 2025. Group revenue from continuing operations was £95.5m (2024: £96.8m) and profit from operations was maintained at £2.5m (2024: £2.5m). The Company reported no term debt, and no borrowing other than lease liabilities and cash and cash equivalents of £3.9m (31 December 2024: £0.9m). The Directors propose a final dividend for the year of 5.5p (2024: 5.0p) per share, subject to approval of shareholders at the AGM on 27 May.
Tandem Group 175.00p £9.24m (TND.L)
The designers, developers, distributors and retailers of sports, leisure and mobility equipment, reports finals for FY December 2025. Revenue increased 6.2% to £26.2m with growth reported across three of the Group’s four categories. Bicycles revenue grew 37.5%, Toys, Sports & Leisure revenue decreased 17.5%, Golf sales increased 8.6% and Home & Leisure revenues increased 30.1% to £3.0m. The underlying profit before tax increased 35.7% to £692k reflecting the benefit of deferred tax credits during the year. Net income was £850k compared to a loss of £60k. Net debt reduced significantly to £1.9m from £4.3m and reflecting the improved performance, a 3p dividend is proposed. Despite the continued market volatility, trading momentum is positive and in line with the Board's expectations.
TheraCryf 0.21p £4.41m (TCF.L)
The biotech Company developing new medicines for addiction and other neuropsychiatric disorders, announced completion of preclinical dose range finding studies for its lead orexin-1 (Ox-1) receptor antagonist programme being developed for addiction, a market worth US$42bn and an area attracting significant clinical and commercial interest from large pharmaceutical companies. Findings from this study are consistent with data reported for other Ox-1 and dual Ox-1/2 antagonists that have achieved full marketing approval. Based on these results, doses have been selected for the pivotal 28-day toxicology studies, the final major pre-clinical studies required for submission for regulatory approval for the first in human clinical study. These studies will commence imminently, with final reporting on schedule in Q3 2026.
Zentra Group 2.625p £1.02m (AQSE:ZNT)*
The residential developer focused on the North of England announced its half year results for the six months ended 31 December 2025. Revenue was £0.94m (H1 FY25 for the six-month period to 31 December 2024: £1.97m) reflecting a reduction in development sales construction service activity. Gross profit increased by £1.16m to £0.45m (H1 FY25: loss of £0.71m). Whilst the Group recorded a larger loss before tax of £0.64m (H1 FY25: loss £0.07m), the prior period result included a non-recurring exceptional item of £2.56m from the disposal of four entities. Zentra’s 129-unit One Victoria project in Manchester has a practical completion now expected at the end of Q2 2026.
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