Admissions:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
25th November: Connecting Excellence Group, the international executive recruitment group with a Bitcoin treasury strategy, announced its intention to IPO onto the Aquis Stock Exchange Growth.
Admission is expected to occur on or around the 9 December 2025 under the TIDM 'XCE'. As part of its Admission to Aquis, the Company intends to raise a minimum of £1.5m by way of a placing and subscription of New Ordinary Shares at 2.1 pence per share, to support XCE's Bitcoin treasury strategy and future growth.
The company’s flagship subsidiary, Spencer Riley Limited, was founded in 2014 and is headquartered in Leeds, UK. It is an international executive search firm delivering £1.52m in revenue and £659,000 in gross profit in the last financial year. Since 2021, it has realised a compound annual revenue growth rate of 37%.
24th October: Sterling Digital,the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission is for around 28th November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 1st December 2025.
Market Movers
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
19 November: All Things Considered Group (AQSE: ATC); The independent music Company which delivers representation, services and creative commercial solutions announced a conditional equity fundraising of £8.6m and subsequent move to AIM. Admission to AIM is expected to occur on or around 17 December. Net proceeds of the Fundraising will provide additional working capital and a strengthened balance sheet to continue ATC's growth strategy.
Banquet Buffet****
Begbies Traynor Group 107.5p £171.36m (BEG.L)
The financial and real estate advisory firm has acquired Kirkby Diamond and Property Management Ltd for up to £8.25m. Kirkby Diamond will integrate with Eddisons, the group's real estate advisory and transactional services division. The acquired regional real estate consultancy has offices in Milton Keynes, Bedford, Luton, St Albans, and Enfield, all of which are new locations for the combined business It extends Eddisons' strategic footprint to cover the entire M1 corridor, as part of the strategy to strengthen its service offering and expand market coverage. For the 12 months to January 2025, Kirkby Diamond generated revenue of £6.2m and had normalised pre-tax profits of £1.1m and it’s expected to remain at this level in the current financial year.
Cake Box Holding 210p £92.4m (CBOX.L)
The retailer of fresh cream celebration cakes reports Interims to September. Revenue improved 53.5% to £28.8m with a 31% increase in EBITDA to £4.6m. Although the PBT declined 7.4% to £2.6m for an EPS of 4.58p, the dividend increased to 5.9% at 3.6p. The number of stores has increased to 284 from 2025 over the period. There was significant organic growth as Cake Box revenues increased by 18.9% to £22.3m and Like-for-like sales growth is 6.3% compared to last year. The Company is on track to open 25 new Cake Box franchise stores and 10 new franchised Ambala stores in FY26. The Group generated positive free cash flow of £0.8m compared to £0.9m and the Company performance is in line with expectations.
Coral Products 8.75p £7.77m (CRU.L)
The company involved in the design, manufacture and supply of specialist and technical plastic products makes announced an update ahead of its AGM today. Positive and progressive momentum is reported across all three operating divisions. Interims to October 2025 are expected to be more than 30% ahead of last year with a strong underlying operating profit in line with management expectations. Revenue growth has been driven by both the Arrow acquisition in April 2025 and new business wins. The Operational profit improvements have been delivered through further asset utilisation and the integration of products. Full-year result are in line with expectations.
FIH Group 245p £30.67m (FIH.L)
The specialist services group with businesses in the Falkland Islands and the UK reports Interims to September. Revenue improved 4% to £18.9m due to better trading at the Falkland Building Services, which is partly offset by reduced levels of trading in Momart, although the Portsmouth Harbour Ferry Company performed in line with the prior year. The pre-tax loss reduced to £2.5m from £6.1m. The cash position is £16.2m compared to £8.5m following the sale and lease back of Leyton warehousing facilities for £22.65m. This paid off an £11m mortgage and allowed £8.8m to be distributed to shareholders. The interim dividend is maintained at 1.25p.
Iomart Group 25.8p £29.26m (IOM.L)
The secure cloud services company reports its half year results for September 2025. Revenue increased 25% to £77.7m including £21.7m from the Atech acquisition. Organic revenue declined by £6.0m due to the impact of previously disclosed customer churn. The EBITDA declined to £12.9m from £17.0m but in line with expectations, reflecting the shift in revenue mix and lower recurring revenues in legacy services. The loss before tax of £2.5m compared to a £4.3m profit, the loss included higher interest costs related to the Atech acquisition. Customer renewal rates improved in H1 and consistently positive net order bookings supporting revenue growth and an improved H2 is anticipated.
Panther Metals 49.5p £3.5m (PALM.L)*
The exploration company focused on mineral projects in Canada, appoints Katherine (Katie) O'Reilly as CFO (Chief Financial Officer) with immediate effect. Katie O'Reilly is a Fellow of the Institute of Chartered Accountants in England and Wales. Katie began her finance career as an auditor before transitioning into Corporate Finance, spending 11 years working in Capital Markets and Transaction Services. Over the last 10 years Katie has led publicly listed and private businesses bringing her breadth of finance, commercial, legal and HR experience to support companies through all stages of their lifecycle. Katie O’Reilly is joining the Executive Board.
RTC Group 92.5p £11.61m (RTC.L)
The recruitment business focused on white and blue-collar recruitment announced an update on trading for FY December 2025. Despite a challenging UK economy which has impacted recruitment generally, and the significant additional cost burdens the Group expects to deliver broadly in line with last year. The current softness in the rail sector, is being offset by progress made in the energy business which validates the diversified strategy. The Group therefore remains cautiously optimistic.
Spectra Systems 205p £61.3m (SPSC.L)
The machine-readable high speed banknote authentication, security printing, brand protection technologies and gaming security software company, announced a five-year agreement. The agreement is with an existing customer for the maintenance of sensors as well as the new generation sensors which are replacing them. The service revenue for the combined suite of sensors depends on the customer deployment schedule and is around $6.7m from 2026-2030. This follows the payment of $5.69m for the first production tranche of new sensors as part of the previously announced manufacturing contract.
Strix Group 34.4p £79.1m (KETL.L)
The company involved in the design, manufacture and supply of kettle safety controls and other components and devices involving water heating and temperature control, steam management and water filtration, provided an update on trading and an upcoming management change. The Company has initiated the process to recruit a new CEO. Further to the change of financial year end from 31 December 2025 to 31 March 2026, the Group delivered revenue of £64.6m and net debt of £70.3m (as defined by the banking facility agreement). The net debt leverage of 2.5x, to September 2025 is targeted to be reduced to 1.5x within 18 months. The macroeconomic and geopolitical headwinds, particularly indirect tariff impacts and a weakening US dollar, contributed to a marked slowdown in the Controls division in Q2 25. The tariff-related disruption is beginning to ease, and the Board anticipates that this trend will continue. The Billi products has delivered a strong performance, reporting double-digit growth and the geographical rollout strategy is gaining traction with new customers in key markets.
Victoria 38.65p £44.17m (VCP.L)
The international designer, manufacturer, and distributor of innovative flooring opened a new production line. Its Ceramics Division has completed commissioning of its V4 production line at its Keraben subsidiary in Spain and has now started production. The new highly automated line is expected to deliver a step-change in the division’s earnings due to its scale and efficiency. Significant steps have been taken to reorganise its Ceramics Division, reducing costs and improving operational efficiency while protecting the structural capacity required to support an expected recovery in demand. The positive impact is anticipated to be worth circa EUR15m per annum on the Company's earnings once at full capacity.
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