* 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:
Following a Reverse Takeover and Capital Reorganisation: Cancellation of Admission to Trading and Re-Introduction of Ovoca Bio (OVB.L) (to be renamed Talisman Metals) takeover of Tadeen, a UK-registered Company, which indirectly owns 100% of the Licences in Morocco, prospective for Copper and Silver through its wholly owned subsidiary, Horizons Mines SARL. The Company completed a fundraising to raise a gross amount of £1,155,000, comprising a placing raising £350,000, and a subscription raising £805,000. This will be aggregated with the Company's existing cash resources, resulting in total cash resources of approximately £2.255m. The Fundraise was conducted to fund, along with its existing cash resources, the work programme on its core exploration permits at the Tizert and Argana projects, provide general working capital and fund the costs of Admission. The Company's market capitalisation on Admission will be approximately £4.9m.
Delistings:
None
What’s baking in the oven?
IPOs:***
14th January: Roundhouse Digital, an operational AI services business with complementary strategic treasury management (Ethereum denominated), has announced its intention to IPO onto AQSE. Offer details TBC and expected Admission date 30 January.
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology Companyexpects to submit its application to move to the Main Market from AIM and to take place on 5 March.
12 January: The Smarter Web Company (AQSE:SWC) announces its intention to cancel its Admission to trading of its ordinary shares on the Aquis Growth Market and seek Admission onto the Main Market. Subject to shareholder approval, the Cancellation and Admission are expected to take place on 3 February.
11 November: CVS Group (CVSG.L) announced its plan to move from AIM to the Main Market on 29 January, subject to FCA approval of a prospectus and the ordinary shares being admitted by the FCA to the Main Market. The Group does not intend to raise funds in connection with the move.
Banquet Buffet****
Arrow Exploration Corp 14.25p £42.88m (AXL.L)
The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins provides an update on the operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50% beneficial interest. The well was put on production at a heavily restricted rate, 21/128 choke and 30 Hz pump frequency, of around 230 BOPD gross (115 BOPD net). The oil quality is 31° API and there is a 78% water cut (completion fluid and formation water). The testing results indicate the well is capable of higher rates and the ultimate flow rate will be determined in the first few weeks of production. Initial production results are not necessarily indicative of long-term performance or ultimate recovery. On January 1, 2026, the Company's cash balance was $11.5 m and there is no debt.
Cordel Group 4.75p £13.56m (CRDL.L)
The artificial intelligence platform for transport corridor analytics reports Interims to December 2025. Revenue decreased 22% to £1,725k with an increased EBITDA loss to £885k from £159k, while the loss before tax increased to £1.0m from £254k. The revenue decrease was as a result of delayed purchase orders from new engagements, particularly in the USA and UK. There were increased expenses from new hires and a higher operational cost base. The December cash balance was £1.02m compared with £1.50m in June and there is increased inventory. The Company continues to win new contracts following extended negotiation cycles. There is continued growth of the total mileage of railway track under long-term data management and, combined with new analytic services planned for 2026, gives the Board confidence in achieving increased revenues.
DXS International (DXSP:AQSE) 1.25p £0.8m *
The digital clinical decision support Company announced its unaudited interim results for the half year ending 31 October 2025. Revenue decreased by 2.6% to £1,684,712 (H1 2024 £1,730,829) in the six months to 31 October 2025. The loss after tax in the Period was (£99,041) compared to a profit of £1,131 in H1 2024, a change of (£100,172). Management is sensing a shift in NHS urgency to resolve problems and finally has the sense that they expect revenue to begin to grow in around April 2026. The Board remains confident of meeting full year market expectations for April FY 2026.
Kooth 132.50p £44.50m (KOO.L)
The provider of digital mental health services, updates on trading update for FY December 2025. Revenues are expected to be £63.3m, compared to £66.7m in the FY 2024, which is broadly in line with expectations, although there is the continued impact of foreign exchange movements and a delay to the signing of a new contract with a US State. The EBITDA is however expected to be ahead of market expectations, reflecting the intentional weighting of marketing expenditure in California towards H1 2025 and good discipline on costs. The cash position remains strong at £21.5m against £21.8m in the prior year, and follows the completion of a £1.5m share buyback. The delayed US contract worth $2.6m has been signed and Kooth will provide mental health support via its Soluna platform to school districts within the State, reaching up to 100,000 students aged 13 to 18. Kooth’s market position remains strong and the focused approach is expected to provide the foundations for delivering impactful long-term growth, without sacrificing financial sustainability and profitability.
Malvern International 26.00p £6.23m (MLVN.L)
The partner in learning and skills development announces an exclusive 15-year partnership with London Metropolitan University. The partnership aims to rapidly expand the international student body starting in September 2026, offering a range of recruitment, education, and support services. The agreement includes the option to terminate the contract every five years. A large portion of the course fees will be collected by the Company in advance of course delivery each academic year. As a result, the Partnership is expected to be cash flow positive and profitable in its first full academic year to 30 September 2027. The strategic partnership strengthens Malvern's position in the global education marketplace, and in the last year, the Company have added four new university partnerships.
Pebble Beach Systems Group 19.50p £23.36m (PEB.L)
The software Company providing specialist automation solutions for the broadcast and streaming markets, updates on trading for December 2025. Revenue and adjusted EBITDA for the financial year are now both expected to be slightly ahead of market expectations. Revenue is expected to be c.£12.2m, up 6% year-on-year and adjusted EBITDA at c.£4.2m, up 27% year-on-year. The business is benefiting from the strategic actions taken in Q1 to improve operational efficiencies and focus on the core product offering. The annual recurring revenue, comprising almost entirely of support and maintenance contracts, grew by 8% to c.£6.6m. Cashflow improved and the net debt position decreased by 48% year-on-year to c.£2.0m, including the repayment of a further £1.0m of bank debt. Net cash is expected by the end of the new financial year.
Personal Group Holdings 352p £107.59m (PGH.L)
The workforce benefits and insurance provider updates for FY December 2025: Revenue is up 11% to £38.4m with EBITDA ahead of expectations up 21% at £12.1m. There is continued growth in recurring revenues providing good visibility. The strong balance sheet with no debt and cash is c.£29m at the year-end compared to £27.4m. The Group's strong performance in insurance is testament to the growing demand for its offerings from enterprises seeking to support their employees' health and well-being. This is evidenced by the new client wins providing access to c.50,000 new employees during 2026. It also demonstrates the success of the Group's unique face-to-face sales model. The focus is on sales execution, product innovation and expanding the addressable employee base through new customers and partnerships,
Physiomics 0.28p £0.83m (PYC.L) *
The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions, reports a new contract. The contract is with a long-standing client, Numab Therapeutics AG, applying Physiomics' modelling expertise across its pipeline to accelerate the development of innovative therapies. Under this new contract, Physiomics will develop a pharmacokinetic-pharmacodynamic (PK/PD) model to inform the Target Candidate Profile of a key asset in Numab Therapeutics' Immunology and Inflammation pipeline. The modelling work is intended to support data-driven decision-making at an early stage of development. The project’s completion is anticipated within Q2 2026.
Strategic Minerals 2.20p £56.37m (SML.L)
The international mineral exploration and production Company announces that its wholly owned subsidiary, Cornwall Resources Ltd, has received assay results from drillhole CRD036, the first from Pad 2 within the Redmoor Tungsten-Tin-Copper Project in southeast Cornwall. There is also further confirmation of high-grades of tungsten and tin within the Sheeted Vein System. These positive results highlight Redmoor's position as the highest-grade, undeveloped tungsten resource in Europe, and amongst the highest grade globally. This is a crucial time for critical minerals projects, given significant global supply chain shifts alongside export controls resulting in a marked increase in metal prices and interest in the sector. The Board is focussed on the acceleration of the Redmoor project through an updated mineral resource and planned prefeasibility study (PFS). This will be supported by the recently completed fundraise for a significant infill drilling programme, designed to shorten drillhole spacing within the resource, as the major requirement for converting the deposit to an Indicated resource classification ahead of the planned PFS.
Tortilla Mexican Grill 53.00p £20.11m (MEX.L)
The UK fast-casual Mexican restaurant Company updates on Trading for FY December 2025. Revenue grew 8.5% to £73.8m: weekly sales records were achieved across 13 franchise locations with Franchise revenue growing at 4.5% in the UK, 14.7% in the UAE and 2.6% in France. EBITDA is expected to be in line with management expectations, following a strong performance in Q4. The debt of £10.7m is consistent with the refinanced debt facilities. The cost headwinds seen in FY25 and those announced in the Autumn Budget will continue into FY26 and the Company is assuming continue downward pressure on the consumer economy. The investment in food, brand and technology, and encouraging results from the converted French stores, however, give the Board confidence that FY26 will show a good improvement over FY25.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
