Admissions:
None
Delistings:
None
Potential **** Initial Public Offerings:
ITF announced:
17th October 2024: Selkirk Group, a newly incorporated company established with the primary objective of acquiring a company or business which the Directors believe is undervalued and providing them with their own listing on the AIM market to create shareholder value or acquiring an existing public company and providing a highly incentivised management team with strategic direction. The Company is focused on acquiring business which are headquartered in the UK. The Company is primarily focused on the small and mid-cap market, specifically within the Consumer, Technology and digital media related sectors. Expected first day of trading in late October with an expected size of primary offer of £7.5m.
Diales 28p £14.8m (DIAL.L)
The professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services, today announces a trading update for the year ended 30 September 2024. The Group expects to report revenue from continuing operations in FY24 of £43.0m (FY23: £42.6m). In June, the Company reported that it had experienced exceptional short-term staffing issues in North America which had materially affected H1FY24 performance in the region. As part of its updated strategy, the Board has now made the decision to discontinue its existing operations in the US and the Company is currently agreeing the timing and mode of this with the management team. The Group continues to have a robust balance sheet with a strong cash position with an improvement in the September 2024 year end cash position to £4.3m (March 2024: £3.6m).
European Green Transition 9.25p £13.4m (EGT.L)
A Company developing green economy assets in Europe reports positive results of the first four drill holes from its drill programme at the Olserum Rare Earth Element (REE) project in Sweden. Significant REE mineralisation has been confirmed within a shear zone structure at Djupedal validating the structural model and district scale potential of the Olserum REE Project. Results represent a major milestone in EGT's strategy to monetise the Project through a sale or partnership as EGT continues to direct its focus towards revenue generating opportunities. Hole OLS24-01 intersected 1.5m grading 3.48% Total Rare Earth Oxides (TREO) (32% Heavy Rare Earth Oxides (HREO)) including 0.5m grading 7.7% TREO within the target structure. Hole OLS24-02 intersected 7.25m grading 0.72% TREO (25% HREO) including 2.0m grading 1.18% TREO across the same structure. Hole OLS24-03 intersected 1.6m grading 1.45% TREO (28% HREO) including 0.7m grading 2.3% TREO. The remainder of the results are expected in Q4-2024, subject to laboratory turnaround times.
IG Design Group 134p £127.7m (IGR.L)
The designer and in-house manufacturer of Gift Wrap and Christmas Crackers announces its post-close trading update ahead of the release of its results for the six months ended 30 September 2024. In line with the expectations set out in last month's pre-AGM trading update, Group revenue has declined 11% in the period, driven by Design Group Americas (DG Americas), which resulted in a 62% decline in adjusted profit in H1 compared to the prior year period. However, as stated last month, the Company anticipates a profit improvement in H2. Business simplification, efficiency and cost-saving initiatives will drive profit recovery in H2 such that the Company expects to deliver a profit in that period, compared to a loss in that period last year. The Company has executed a number of cost saving initiatives during H1 including the closure of the Chinese manufacturing facility and significant restructuring within DG Americas which positively impacts the higher H2 profitability. Cash generation remains strong; at the 30 September 2024, the Group ended with net cash of $7.4m (H1 2023: Net Debt $15.1m) driving a positive average cash balance for the period.
MYCELX Technologies Corporation 41p £10.0m (MYX.L)
The clean water and clean air technology Company announces the award of a project which represents the Company's second REGEN installation at a Middle East Producer to treat produced water during Enhanced Oil Recovery (EOR) production. This contract follows on the successful installation of a proprietary REGEN Retro-fit package that was delivered in April of this year. The value of the project is c.$1.5m and helps to underpin the Company's 2025 revenue forecast. This contract further solidifies MYCELX's industry-leading position in ensuring improved production performance and reliability as well as providing better water management and water savings during EOR production. The Company looks forward to working closely with the client as they continue to upgrade and expand their assets as well as with other producers in the region who collectively operate multiple production fields.
Rosslyn Data Technologies 5.15p £2.0m (RDT.L)
The finals to April 2024 are reported by this cloud-based enterprise intelligence platform. Revenue at £2.9m was slightly lower than last year’s £3m with an improved gross margin to 38.8% from 34.6%, the EBITDA loss however increased to £2.5m from £2m. Since the year end year end, Rosslyn raised £3.1m through the issue of new ordinary shares and convertible loan notes and the Group's Chairman confirmed that he is to subscribe for an additional £264k. Rosslyn Data has launched a new AI-powered classification solution which is live with four customers. There are new contracts won with a blue-chip European med-tech company and an international transport consultancy. The Company also secured a major new client that is a leading global technology company and household name. The Company CEO’s statement in the RNS suggests that CEO Paul Watts believes they are at an inflexion point and are ramping up sales and marketing activities following the recent fund raise.
Sareum Holdings* 23.5p £29.3m (SAR.L)
A biotechnology Company developing next generation kinase inhibitors for autoimmune disease and cancer announces its audited financial results for the year ended 30 June 2024. Cash at 30 June 2024 was £1.5m (£1.0m as of 30 June 2023), the loss on ordinary activities after taxation for the year ended 30 June 2024 was £3.4m (£3.2m loss for the year ended 30 June 2023), which reflects the increased R&D investment required for the conduct of the clinical trial and higher level of activity and R&D tax credits of £0.8m received in the year. After the period end, Sareum announced the successful completion of its Phase 1 clinical trial for SDC-1801, including both single ascending dose (SAD) and multiple ascending dose (MAD) stages. Positive topline data revealed that blood plasma levels of SDC-1801 significantly exceeded the predicted therapeutic exposure, with a half-life of 17-20 hours, suggesting once-daily dosing will be possible. Post-period, the Company secured funding of £3.4m through share subscriptions and received a A$1.9m (c. £1m) Australian R&D tax credit. This funding will enable further development of SDC-1801, including required longer term toxicology studies, to prepare the asset for Phase 2 clinical trials and undertake further translation and preclinical development on its SDC-1802 cancer immunotherapy programme.
Shield Therapeutics 3.8p £27.7m (STX.L)
The Q3 September trading update reported by this pharmaceutical company specialising in commercialising its iron deficiency product CRUFeRUS stated that its Net Revenues of $7.2 m are a 76% increase over Q3 2023 despite the average selling price of a subscription declining to $167 from $171. There is up to $15m of financing being closed made up of a $5m extension to its working capital financing facility and potentially $10m new equity from AOP Health International Management, its largest shareholder. The net cash in September was $7.7m and a 10% cost reduction plan along with the further funding, leads the company to anticipate becoming cash flow positive by the end 2025.
Sylvania Platinum 47p £123.1m (SLP.L)
The platinum group metals (PGM) producer and developer with assets in South Africa, announces its results for the three months ended 30 September 2024. Sylvania Dump Operations (SDO) produced 19,160 4E (24,549 6E) PGM ounces in Q1 FY2025, a 12% increase quarter-on-quarter (Q4 FY2024: 17,067 4E (21,896 6E) PGM ounces), SDO recorded $21.9m net revenue for the Quarter (Q4 FY2024: $20.6m), Group EBITDA of $3.3m (Q4 FY2024: $2.8m) and a cash balance as at 30 September 2024 of $94.7m (30 June 2024: $97.8m). The Competent Person Report for the Volspruit Scoping Study was finalised in August 2024 and indicates an increased pre-tax net present value (NPV) to $69.0m (2022: $27.3m) for a 14-year life of mine (LOM).
Touchstar 90p £7.4m (TST.L)
The suppliers of mobile data computing solutions and managed services to a variety of industrial sectors, announces a trading update for the year ended 31 December 2024. The interim results announced on 26 September 2024 indicated that the trading for FY24 would be second half weighted but that management believed the outturn would be in line with expectations. As has been previously reported, customers have returned to more of a "just in time" behaviour rather than a more aggressive order placement strategy and implementation. In addition, orders are taking longer to convert and a significant order due to be delivered in 2024 has now been rescheduled for rollout in 2025. Management now considers that the revenue for FY24 will be below their previous expectation and will be broadly similar to the first half with a consequential impact on profits for the year. The second half is still expected to be strongly cash generative. Management's expectations for trading in FY 2025 remains unchanged.
Zentra Group * 3p £1.2m (ZNT.L)
The property development and management Company announces that it has successfully secured a £1.6m debt facility, which is secured against the properties at Bank Street, Sheffield, and Lincoln House, Bolton. As announced on 2 October 2024, the Company has unconditionally exchanged contracts on several transactions, including the sale of the aforementioned properties. Proceeds from the debt facility will be attributed to these assets and will form part of the sale schedule. Further to the refinance of the Company’s existing loan facility, as also announced on 2 October 2024, the Company confirms improvements to the terms. These enhancements allow the Company to draw down an additional £1m for working capital purposes over the next 18 months, if required, to support the Company’s short-term needs whilst property sales are completed. This increased flexibility, together with the securing of the facilities noted above, underscores the commitment of the Company's majority shareholder to provide support, ensuring the Company can pursue its strategy effectively. As previously announced on 2 October 2024, the Company has unconditionally exchanged contracts for the sale of a portfolio of properties valued at £7 million. This portfolio includes residential properties at Bank Street, Sheffield; Lincoln House, Bolton; Oscar House, Manchester; and a commercial unit at St Petersgate, Stockport. While the initial completion date for the sale was set for 29 October 2024, this will now be extended to the longstop date of 8 November 2024. This extension provides the Company with additional flexibility in determining its next steps regarding its listing with respect to a move to a different market such as the AQSE Stock Exchange or a trading facility. The Company also expects to announce its annual results before 31 October 2024.
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