* 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:
None
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****
Altona Rare Earths 3.25p £10.76m (REE.L)
The resource exploration and development Company focused on critical raw materials in Africa announced the receipt of all outstanding assay results from its 2025 drilling campaign at Monte Muambe. Final results from the 2025 drilling programme are now in hand, clearing the path for the delivery of the Mineral Resource Estimate. The highest grade recorded at the Monte Muambe project was recorded with Hole MM156 returning 30 metres at 42.5% CaF₂ from surface. The weighted average grade of all significant fluorspar intercepts is 30% CaF₂, aligning with industry benchmarks for commercially viable open-pit mining operations (typically 20-40% CaF₂).
Corero Network Security 12.00p £58.90m (CNS.L)
The distributed denial of service protection specialist Company reports results for the YE December 2025. Revenue was little changed at $25.5m compared to $24.6m, with the EBITDA lower at $1.5m compared to $2.5m and the Loss Before Tax was $0.7m against a $0.6m profit. Net cash is $4.0m, down from $5.0m, although cash flow was positive in H2. Corero's next generation 400GB platform and CORE platform solution continue to generate sales growth with new and existing customers. 2026 has started strongly, significantly exceeding Q1 2025 which was a challenging quarter. The sales and marketing efforts are expected to generate strong sales growth in the current financial year as global cybersecurity threats continue to drive demand for Corero's products.
EKF Diagnostics Holdings 24.3p £106.1m (EKF.L)
The global diagnostics business announces its audited results for the year ended 31 December 2025. Revenues increased to £51.6m (2024: £50.2m), supported by strong performance in its Point-of Care and Life Sciences divisions. Gross margins improved from 48% to 51%. EBITDA was £12.4m (2024: 11.3m), and the PBT reached £7.1m (2024: 6.3m). The cash position was £15.8m, allowing for a £5m share buy-back program.
Gattaca 106.00p £33.09m (GATC.L)
The staffing business announces its financial results for the six months ended 31 January. The underlying profit before tax was £3m, from a 10% revenue increase to £212.4m. The defence and energy sectors outperformed expectations at 29% and 13% year on year growth respectively. Net cash was £13m, with an interim dividend of 1.33p per share. Group guidance for FY26 continuing underlying profit before tax remains at £4.5m.
GetBusy 58.50p £28.89m (GETB.L)
The provider of productivity software for professional and financial services report Finals to 31 December 2025. Revenue improved 3% to £22.1m, with EBITDA 78% lower at £323k, for a loss before tax of £1.04m compared to a profit of £0.594m. Net cash is £0.8m compared to £1.1m with available cash funds of £3.8m against £3.1m. AI is considered to be a driver of enhanced strategic value for the Group's products as they become the essential layer through which transformative AI capabilities reach end users. The CEO reports that due to strong underlying demand, structurally low churn, and significant operating leverage, the Company is well positioned to deliver sustained ARR growth and rapidly increasing cash generation over the coming years.
Hardide 33.50p £25.22m (HDD.L)
The provider of advanced surface coating technology makes a trading update for the FY to 30 September 2026 at today’s AGM. H1 revenue to 31 March is expected to increase 50% to £4.5m, and accordingly, EBITDA of approximately £1.3m compared to £0.4m, with operating margins of c.20%. The performance has been underpinned by a series of contract wins, including new production work secured earlier in the year from a major energy sector customer in North America. A recently received repeat order to coat turbine blades for the power generation sector is scheduled for delivery in H2 FY26. The Group also continues to advance numerous development projects, including preliminary work for a major new energy sector customer in the Middle East, which may result in initial production orders later in the year. The Board believes the Group is well positioned to deliver on its recently upgraded full-year performance expectations.
Itaconix 119p £16m (ITX.L)
The innovator in high-performance plant-based specialty polymers announced its Preliminary Results for the year ended 31 December 2025 with record annual revenues surpassing $10m for the first time, reflecting 61% year-on-year growth and annual gross profit surpassing $3m for the first time. The adjusted EBITDA losses improved to $0.6m, from EBITDA losses of $1.8m in 2024, while net losses declined to $1.4m in 2025 from net losses of $2.0m in 2024. John Shaw, CEO said: “We are off to a strong start in 2026 and remain confident that we will meet the management expectations, including a clear path to positive adjusted EBITDA in 2026. The Board said that the current market expectations for the year ended 31 December 2026 are for Revenue of $13.3m, Adjusted EBITDA of $0.3m and Net cash of $3m.
Personal Group Holdings 332.0p £94.46m (PGH.L)
The workforce benefits and insurance provider announced its preliminary results for the year ended 31 December 2025, with group revenue up 11% to £48.4m (2024: £43.8m) from growth across all divisions. Annualised recurring revenue streams were up 12% to £48.6m as at 31 December 2025 (31 December 2024: £43.4m), with over 90% of reported revenue for 2025 derived from the recurring revenue sources of insurance and SaaS subscriptions. Adjusted EBITDA was up 22% to £12.1m (2024: £10.0m), ahead of market expectations, while profit before tax up 23% to £8.4m (2024: £6.8m).
The Mission Group 14.0p £16.37 (TMG.L)
The collective of sector-leading Creative and MarTech Agencies announces its final results for the year ended 31 December 2025. Revenue was recorded at £68.8m, down from £87.7m, while the loss before tax was £18.8m, from a PBT of 2.9m in FY 2024. Total debt was £10.4m down from total debt of £14.2m. Continued strong client retention - over half of 2025 revenues coming from Clients of more than five years was reported with further new Clients, including Omega Watches, Beko, Farizon, easyJet, Bugatti, ABB Robotics and Wain Homes. Overall financial performance impacted by macroeconomic uncertainty, dampening Client confidence leading to extended sales cycles, slower decision making and restricted budgets during the year. The trading in the first month of 2026 is expected to be inline with the Board’s expectations.
TMT Investments 230c $70.8m (TMT.L)*
The venture capital Company investing in high-growth technology companies announced its finals to 31 December 2025. The NAV per share of US$7.13 was up 8.9% year on year (31 December 2024: US$6.55), while total NAV was US$220.8m (31 December 2024: US$205.9m) as a result of the positive currency exchange impact on the Pound and Euro-denominated investments, as well as continued growth from Scentbird. TMT's portfolio benefited from positive revaluations of seven of its investee companies (Bolt, Scentbird, Global Work AI, Spin.ai, Scale AI, Rhino, and Whizz), which have been partly offset by full and partial write-downs in the value of nine of the Company's investments (Backblaze, Mobilo, SOAX, MTL Financial, Prodly, Sonic Jobs, Aurabeat, Qumata, and Go X), in line with TMT's highly prudent valuation approach. The majority of TMT's portfolio companies continue to demonstrate good business progress and have adapted well to the challenges of the current environment. TMT successfully disposed of partial stakes in some of its portfolio companies (most notably, Backblaze and Bolt) at NAV-enhancing valuation levels. TMT maintained its cautious investment approach during the period, and made only four new and follow-on investments. The share price often traded at a 60%+ discount to NAV throughout 2025 and so the Company completed a share buyback programme. As of 31 December 2025, the Company had cash and cash equivalent reserves of US$5.0m and unaudited cash of US$6.2m as of 23 March 2026.
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