Admissions:
None
Delistings:
None today…....yesterday Urban Logistics Reit (SHED.L) left the Main Market.
Potential** Initial Public Offerings:
Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed. A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed. Deal size and timing remains TBC.
Market Movers:
13th June: Tap Global Group plc (AQSE:TAP), the digital finance hub that brings money payments and cryptocurrency settlement services together in a single user-friendly app, announced its intention to apply for Admission to trading on AIM and cancel the Admission of its Ordinary Shares to trading on the AQSE Growth Market. Expected Admission will become effective on AIM, at 8.00 a.m. on 27 June 2025. Cancellation of the trading of the Ordinary Shares on the AQSE Growth Market will take place simultaneously with Admission.
Avingtrans 420p £138.9m (AVG.L)
The manufacturer and supplier of critical components, modules, systems, and associated services updates on Trading for the FY May 2025. Revenue of £161m is expected with an EBITDA at £16.6m and Adjusted PBT of £8.0m, in line with recent upgraded expectations. The improvement is driven by better than anticipated performance within the Advanced Engineering Systems division (AES). The YE Net debt was approximately £12.3m and lower than anticipated, due to a reduction in working capital and reduced commercialisation costs in the Medical & Industrial Imaging Division. The AES division continues to perform strongly supported by substantial multi-year order cover, including over £60m remaining on the Sellafield contract and over £30m on HS2. The Group enters FY26 with a solid platform for growth, underpinned by expanding commercial traction and ongoing regulatory milestones. Avingtrans expects to publish its audited results for the year ended 31 May 2025 on 24 September 2025, at which time it will provide a further performance update.
Brave Bison Group 3.1p £40.5m (BBSN.L)
The next-generation marketing and technology partner for global brands has agreed to acquire The Mini Trading Company Limited (MiniMBA) for an enterprise value of £19m. MiniMBA is a marketing skills and training platform that provides MBA-level education through an online learning portal. MiniMBA is expected to increase Brave Bison pro-forma net revenue by 43% to £36.5m and Adjusted EBITDA by 80% to £8.1m. After the acquisition is completed, 47% of operating profits (before central costs) will be derived from repeatable, non-cyclical, high-margin income from the monetisation of digital content, with the balance generated from marketing & technology services. The acquisition is funded from the £13.5m placing and subscription of at 2.45p (prior to a proposed consolidation) which is a 4% discount to the previous mid market closing price on 8 May.
ECR Minerals 0.225p £5.05m (ECR.L)
The exploration and development Company focused on gold in Australia reports Interims to March 2025, along with a review of significant developments during and post period. The 2025 work programme is fully funded, and the operating highlights report that the recent drilling project at Bailieston is under budget. A drilling rig is mobilised for Blue Mountain with bulk sampling and prototype wash plant testing to demonstrate recovery and revenue potential. The development of Blue Mountain gives ECR, for the first time in its history, a clear line of sight on revenues and, with the prevailing strength in the gold price, a meaningful expectation of value. The Company is seeking to realise the value of A$75m tax losses and options are being considered. The next two months are seen as pivotal.
Manx Financial Group 25.5p £30.5m (MFX.L)
The financial services Group which includes Conister Bank Limited, Conister Finance & Leasing Ltd, Payment Assist Limited, Blue Star Business Solutions Limited, Edgewater Associates Limited and MFX Limited announces its audited final results for the year ended 31 December 2024. Profit before tax for the year increased by £2.9m to £9.9m (2023: £7.0m), a gain of 41.0%. This delivered a 49.7% growth in basic EPS to 6.87 pence (2023: 4.59 pence) with profit attributable to shareholders of £8.1m (2023: £5.3m). Turning to the balance sheet, loans and advances to customers increased to £372.4m (2023: £362.6m) and total assets rose to £497.8m (2023: £480.7m). Return on equity increased by 3.2% to 23.8% (2023: 20.6%).
Marks Electrical Group 59.5p £62.29m (MRK.L)
The online electrical retailer reports finals for the FY to March 2025. There is a 2.6% increase in revenues to £117.2m although the EBITDA declined to £4.2m from £5m. This is due to growth in the lower margin and competitive consumer electronics which is partly offset by carefully controlled marketing and overhead costs. Net cash improved to £8.8m from £7.8m and the dividend payment is unchanged at 0.96p. The strategic objective is to re-focus on the premium segment to improve unit economics and profitability so move away from entry-priced products. This has led to lower revenue during Q1 FY26 but the Board is confident of growth prospects and anticipates improving revenue and increasing gross margins.
Metals One 20.5p £29.1m (MET1.L)
The minerals exploration and development Company further updates on Phase 1 exploration activities at the Uravan Uranium-Vanadium Project in Colorado. Work has begun in anticipation of completion of the acquisition of Uravan, including award of the 10-year exploration leases. Although the completion of the acquisition remains subject to various conditions, the ground-based geophysical survey utilising a Radiation Solutions RS-125 spectral scintillometer that was initiated in June is in progress across the current claim block and surrounding areas. The formation is recognised across the Colorado Plateau as a prolific uranium host and will be investigated further in future exploration phases.
RUA Life Sciences 13.13p £8.15m (RUA.L)
The holding Company of a group of medical device businesses focused on the exploitation of long-term implantable biostable polymer (Elast-EonTM) reports the second interim results for the twelve months ended March 2025. Revenue increased 88% to £4.11m with a strong gross profit margin of 77% leading to break even with £1k post tax profit. The cash burn has been significantly reduced, and net cash is £3.56k compared to last year’s £3.931k. The Chairman reports the focus for the past 12 months has been to increase the size and scale of the medical device and component manufacturing business which has doubled whilst also keeping a tight control over costs. If new business opportunities being pursued are successful, revenue growth could accelerate.
Tissue Regenix Group 30.50p £22.08m (TRX.L)
The regenerative medical devices Company reports for the FY to December 2024. Revenues grew 8% to $28.65m with gross profits of $13.62m up from $12.98m, while the loss before at $0.564m decreased from $1.89m. The YE cash is $1.9m is down from last year’s $4.7m and the Company reports there are undrawn debt facilities to fund growth. In November 2024, a strategic review included soliciting offers for the business, but despite varying degrees of interest, the Board considered that the valuations bore no resemblance to Tissue Regenix's prospects. Jonathan Glenn, Chair of Tissue Regenix, commented: "The Board's priorities remain in the best interests of our shareholders, and we continue to look forward with a solid business that is constantly adapting to create greater efficiencies and deliver greater shareholder value.
Various Eateries 13.00p £22.76m (VARE.L)
The owner, developer, and operator of restaurant, clubhouse and hotel sites reports Interims to March 2025. Revenue grew by 8.8% to £24.7m mainly driven by new site openings, with gross profits up 93.1% to £2.6m. This led to an adjusted EBITDA of £0.1m while the Loss Before Tax reduced to £2.2m from £3.9m. The net cash was down from £4.4m to £2.9m. Like-for-like sales so far this year are up 6.8% and this trading momentum is supported by continued focus on efficiency and service quality. The Group will continue to evaluate expansion opportunities while maintaining its disciplined approach to site selection and it is trading in line with market expectations.
Velocity Composites 30.00p £15.41m (VEL.L)
The supplier of composite material kits to aerospace customers announces Interims to end April 2025. Revenue is £0.3m lower than last year at £10.4m, while the gross profits margin increased from 22.5% to 29.0% to produce a positive EBITDA of £0.3m from a loss of £0.2m. The Loss Before Tax reduced to £0.6m from a loss of £1.1m, with net cash of £0.4m down from £0.6m. There is an undrawn £3m invoice discount facility. The short-term supply chain disruptions are being closely managed and there is limited impact from US tariffs. The Company is working on securing additional contracts focusing on the defence sector although market conditions are difficult to forecast.
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