* 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:***
27 April: Meridian Mining, focused on the development of gold-copper projects in Brazil, announced its dual listing Admission to the Main Market of the LSE and TSX under the stock code MNO.L. The Company is raising £25m at a price of 92p (CAD$46.2m) per share. Meridian Mining is currently developing the advanced Cabacal gold-copper project in Mato Gross, Brazil, with the 2025 PFS results delivering attractive post-tax IRR of 61% and NPV of USD984m. Admission to trading is expected to take place on 1 May.
16 April: The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced that it has confirmed its intention to proceed with an IPO in the form of ordinary shares and Global Depositary Receipts. UzNIF is considering applying for Admission of its ordinary shares to trading on the Tashkent Stock Exchange and for Admission of its GDRs to the LSE Main Market. All of the Securities to be offered as part of the Offering will be secondary shares from The Ministry of Economy and Finance of the Republic of Uzbekistan. Further information about the International Offering and the Tashkent Offering, will be provided before the start of book-building in further announcements.
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 mid-May.
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.
Reverse Transactions:***
20th April: Ikigai Ventures Limited (LSE: IKIV), a special purpose acquisition Company focused on high-growth, scalable businesses, announced that final terms have been agreed for the proposed Acquisitions of the entire issued share capital of Dotlines (Guernsey) Ltd and Audra Solutions Ltd (together the Dotlines Group), companies that collaborate as a UK-based international technology group operating in the telecommunications, digital infrastructure, cybersecurity and financial technology sectors. Acquisition of the Dotlines Group with established, growing, revenue-generating operations is for a total consideration of £55.7m, to be satisfied by the issue of new Ordinary Shares in the Company on Admission. Based on the issue price of 9.5p per share, the market capitalisation of the Enlarged Group will be approximately £57.9m on Admission. The Company will move to AIM from the Main Market which will become effective on 11 May 2026.
Market Movers:***
15th April: Rosebank Industries (ROSE.L) will move from AIM to the equity shares (commercial companies) (ESCC) category of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange on 1 May 2026. The last day of trading on AIM is therefore expected to be 30 April. Rosebank does not intend to raise any funds or offer any new Ordinary Shares in connection with Admission. The Company anticipates inclusion in the next Quarterly Review of the FTSE 250 Index, although inclusion remains subject to review by FTSE Russell.
13th April: EDX Medical (AQSE:EDX) which develops digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular and infectious diseases, announced its intention to move to AIM from AQSE. No new capital is to be raised on Admission and the anticipated market capitalisation is £44.28m. Expected Admission date of 13th May.
20th February: Wildcat Petroleum (WCAT.L) announced its plans to cancel its Main Market listing and move to the Aquis Growth Market. In parallel with the proposed cancellation, the Board intends to pursue opportunities in the gold sector, with a view to developing the Company as an African-based gold processing business. Timing TBC.
Banquet Buffet****
Chapel Down Group 33.00p £54.03m (CDGP.L)
The English winemaker reports results for the FY period to 31 December 2025. There is a 19% increase in revenue to £19.4m, with a small decline in gross margin to 47.1% from 48.4%. The EBITDA is £3.75m against £2.98m, and PBT is £0.469k compared to a £1,400k loss in the prior period. Stocks increased 15% to £30.6m and net debt increased to £12.4m from £9.4m. The headroom on the £20m revolving credit facility remains in place, with an accordion option to extend the facility to £30m. The marketing spend is expected to increase to 13.5% - 14.5% of sales compared to 11%. The focus is on delivering sustained double-digit growth and the Board currently expects FY26 results to be in line with market expectations for December 2026, which are for revenue of £22.1m and EBITDA £3.7m.
Futura Medical 0.90 p £7.56m (FUM.L)
The consumer healthcare Group behind Eroxon that specialises in the development and global commercialisation of innovative and clinically proven sexual health products reports for the FY period to 31 December 2025. Revenues of £1.7m compares to £13.9m in the prior period, with the initial in market performance of Eroxon falling short of expectations. The operating loss is £9.1m, compared to a £1.2m profit. The cash equivalents stood at £2.35m at the end of March 2026 which, subject to a number of potential variables (including receipt of US patent milestone), is expected to provide working capital into December 2026. The development pipeline has continued to advance, with encouraging clinical and home user test results for both Eroxon Intense and the WSD4000 female sexual health portfolio.
Northcoders Group 26.00p £2.20m (CODE.L)
The technology training and services Group reports Final Results for the year ended 31 December 2025. Revenue decreased to £4.9m from £8.8m in the prior year as a result of Northcoders' strategic reset in response to structural changes in UK government skills funding. The EBITDA loss is £0.6m compared to a profit of £1.0m, reflecting a short-term lag between restructuring actions and the full realisation of associated cost savings as the Group resets its cost base with around £2.1m of annualised savings. There is a cash balance of £1.6m compared to £1.2m, with a £1.5m debt facility ready to support the evolved business. The Group has over £4.0m of pipeline deals at multiple stages with actively engaged prospects, covering both current and new clients. The B2C training bootcamps division continues to see strong demand across both government-funded and privately funded pathways, particularly in London.
(The) Pebble Group 54.00p £77.38m (PEBB.L)
The provider of technology, services and products to the global promotional products industry updates on Trading at the AGM which has been robust. The revenue and Adjusted EBITDA are ahead of the last year, and the working capital cycle is progressing in line with its normal seasonal pattern, with strong annual cash generation continuing to support returns to shareholders. The £5.0m Share Buy Back announced alongside the FY 25 Results in March 2026 is ongoing with around £680,000 deployed so far to repurchase shares at an average price of 51p. The FY December 26 outlook remains in line with market expectations.
Sanderson Design Group 64.00p £45.53m (SDG.L)
The luxury interior furnishings group announces its FY results to 31 January 2026. Revenue decreased 1% to £99.5m but with a 22% increase in underlying adjusted PBT (excluding share-based incentives, defined benefit pension charge and non-underlying items) to £5.3m to make a statutory PBT of £3.1m with an EPS of 2.98p as compared to a statutory loss of £13.9m. The dividend is unchanged at 1.5p and net cash improved 68.7% to £9.8m. Key product launches include Highgrove by Sanderson in May 2025 and the Morris & Co. x Huntington in September 2025. There is an increasing digital presence with the Trade Hub launch of direct-to-consumer websites for all the Group’s brands. In North America the brand product sales have grown significantly to over £22m. The Group has entered FY January 2027 with good momentum and current trading is in line with expectations.
Shearwater Group 37.50p £8.94m (SWG.L)
The cybersecurity, advisory and managed security services group has been awarded a £1.8m contract. This is to supply a hardware platform alongside service engineering to support a key strategic monitoring requirement for a leading UK telecommunications operator. Under the agreement, the Group will design, supply and implement a resilient solution that will enhance the customer's ability to monitor its critical network performance and operational data across its infrastructure. The contract will be delivered within the current financial year.
SpaceandPeople 165.0p £3.76m (SAL.L)
The retail, promotional and brand experience specialist reports finals for the YE December 2025. Revenue increased by 20% to £8m, with a 74% increase in operating profits and a 53% increase in EPS to 21.6p. The net cash improved 59% to £1.6m, following the full repayment of all bank borrowings. There was a strong UK performance, with an unusually strong first half, delivering over 3,000 days of live activations across more than 300 venues. There is further progress with the European expansion, including the securing of an exclusive contract with Berlin's largest shopping centre. Strategic growth opportunities in the UK and Europe remain, although the Board is mindful of increased geopolitical and macroeconomic uncertainty affecting the core markets. There is, however, business potential for another year of positive results in 2026.
Star Energy Group 16.50p £22.16m (STAR.L)
The energy Company investing in the development and expansion of a large-scale geothermal business as reported for the FY to 31 December 2025. Revenue is down 21% to £34.7m with an EBITDA of £7.7m compared to £11.1m in the prior period, leading to a loss after tax of £7.8m against £12.6m in the previous year. The net debt decreased to £4.3m from £7.5m. This follows the sale of the Croatian geothermal business which released capital and removed future funding demands. The focus is on the UK, where the Group has an operational track record and sees the clearest opportunity to create value with a low-cost development platform to advance the UK geothermal pipeline. Net production of c.2,000 boepd and operating costs of c.$44/boe are expected in 2026.
Vianet Group 63.50p £18.05m (VNET.L)
The international provider of actionable data, business insights and payment solutions through its integrated ecosystem of connected hardware devices, software platforms and smart insights portals, updates on FY trading to 31 March 2026. Turnover of £15.5m is expected compared to £15.3m, of which recurring revenue is 88%. The gross margin is maintained at 69% and the EBITDA is £3.61m compared to £3.59m. Net cash is £0.41m compared to debts of £0.38m and the dividend is to be increased 85% to 2.4p. Results will be published on 9 June. Also today Board changes were announced, Craig Brocklehurst has been appointed as CEO, effective 31 May, having been a central figure within the business for several years. As part of this transition, James Dickson, will step down as Chief Executive Officer and return to his role as Chairman of the Board.
ZOO Digital Group 12.50p £11.55m (ZOO.L)
The tech-enabled localisation and digital media services partner to the global entertainment industry updates on trading for FY to 31 March 2026. The EBITDA should be at least $3.8m, which is in line with market expectations and has been achieved on revenue of $42.3m. This reflects decisive actions taken to restructure the cost base with $7.3m of savings realised. The YE Cash was $3.2m with borrowings of $1.1m drawn against the Group's invoice financing facilities, which has been extended from $3m to $5m.
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