* 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:***
3 June: Reveille Resources has announced its intention to IPO onto AQSE. The strategy is focused on identifying and advancing uranium exploration opportunities in assets that have benefited from significant historical expenditure and technical work, but which may not have achieved full value realisation due to geopolitical, technological, financial, or historical factors. Reveille’s initial focus is on two historical uranium deposits in Lombardy, northern Italy. Pre-admission, Andrea Cattaneo, Ippolito Cattaneo, Ajax Resources PLC, and Zenith Energy Ltd. each hold 25% of the shares. The four pre-admission shareholders will be subject to a one-year lock-in and a subsequent one-year orderly market agreement. Expected Admission date is 2 July.
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Cake Box Holdings 195.0p £83.6m (CBOX.L)
The retailer of fresh cream celebration cakes reports full year results to 31 March 2026. Revenue increased 39.5% to £59.69m, EBITDA was up 39.9% to £10.55m, there was a 16.5% increase in PBT to £6.87m, leading to a 21.1% increase in underlying EPS to 15.97p and a 5.9% increase in the dividend to 7.2p. Revenue growth was supported by opening 37 new stores to now total 310, with organic growth 9.3% ahead. These also contained the maiden full-year revenue contribution from Ambala of £14.14m, with strong progress made on integration and operational efficiencies. Online sales increased by 19.7% year-on-year to £22.89m. Trading in 2027 has started positively and ahead of 2026 and the Group is targeting continued stores growth. It remains a challenging consumer environment offset by the benefits from the combination of new store openings, increased efficiencies including from Ambala and increasing online sales.
Chariot Limited 1.57p £44.59m (CHAR.L)
The African focused energy Company reports results for the year ended 31 December 2025. There is no revenue and the loss on operations reduced to £11.97m from £21.66m in the prior period, while the PBT was £0.475m compared to a loss of £22.4m in the prior year, as this year included the £15.4m gain made on the sale of Chariot Generation and Trading. A placing in March 2026 raised $24.3m and there is a proposed share consolidation to be approved at the AGM. The key operational developments are the completed transaction in Angola giving material exposure to cash generative oil producing assets with plans to add further oil production. The Morocco assets provide development and exploration optionality in a strategically located hydrocarbon basin, and the new ventures pipeline gives access to upstream opportunities across Africa. The renewables business has built further critical mass, and the Company is looking to realise this value and utilise the capital to further accelerate the upstream opportunities. The CEO states that with the partners, and financial foundation in place, the Company is well place to continue to execute and scale growth.
Futura Medical 0.49p £2.91m (FUM.L)
The consumer healthcare Group behind Eroxon reports results from studies on WSD400 which is the Home User Test (and the Placebo (Sham) Controlled Study. The positive results from both studies enhance the Company's belief in the commercial potential for WSD4000 and demonstrate that WSD4000 is superior to placebo (sham) thereby enabling it to proceed with the clinical study with high confidence of success. The study also showed that, in general, the product was well tolerated, with only 18% of women experiencing a transient unpleasant sensory effect but many of those still wished to continue to use the product. The Company expects to commence the clinical study by the end of 2026, subject to additional funding. The anticipated WSD4000 market launch is early 2028, subject to completion of the pivotal clinical trial and regulatory approval. The CEO looks ahead with confidence in bringing this unique female sexual heath product to an under-served market.
Ondine Biomedical Inc 15.00 £82.78m (OBI.L)
The life sciences Company focused on the development of light-activated antimicrobial therapies for the prevention and treatment of infections reports results from Leeds Teaching Hospitals' evaluation of Steriwave the nasal photodisinfection versus mupirocin in endoscopic anterior skull-base surgery. There is a relative risk reduction of 78%, the study finds an approximate cost of £774 per SSI prevented which compares to the published estimates of £6,300average cost to treat a (non-meningitis) neurosurgery SSI. The Leeds team's pioneering work in this field is published in a leading peer reviewed journal, which has the potential to influence global practice and support improved quality of care for patients undergoing these high-risk procedures.
Oxford BioDynamics 0.11p £6.44m (OBD.L)
The international biotechnology Company advancing personalised healthcare through precision clinical diagnostic tests and EpiSwitch Orion announces its interim results to 31 March 2026. There is also the appointment of Richard Compton as CEO and a commercial sales partnership with MK Commercial Group which was also announced today. Revenue increased to £687k from £587k in the prior period, with an operating loss of £4.68m down from £5.88m in the prior year, to give a Loss Before Tax of £5.58m compared to £5.89m in the year to 31 March 2025. The cash at end March 2026 was £2.51m against £1.39m at the end of September 2025. There is continued growth in diagnostic tests sales, particularly in the US with a 66% increase to 1,788 tests. The EpiSwitch Orion was launched in March 2026 and has featured on Fox Business Network TV programme. Trading in the first half is in line with management expectations, and the Board believes market expectations for the full year remain reasonable.
Reabold Resources 83p £12.om (RBD.L)
The investing Company focused on developing strategic gas projects for European energy security reports financial results for the year ended 31 December 2025. The operating loss is £7.9m up from £3.55m in the prior year, with a Loss Before Tax of £7.9m from £3.3m last year. The cash was £2.1m compared to £6.2m in the prior period and gross proceeds of £4.2m were raised from a placing in April 2026, resulting in a cash balance of £4.4m as at 31 May 2026. The main operating highlight is the increased interest in West Newton via the acquisition of 20.4% of the shares in Rathlin for £0.7m, Reabold's total shareholding in Rathlin now stands at 79.8%, and its economic interest in West Newton stands at 69.9%. The potential use of the gas produced from the existing wells at West Newton is to generate on-site electricity and power crypto mining activities. Reabold aims to contribute to Europe's energy security by unlocking potential sources of near-term domestic energy. The CEO states that there is a disciplined capital allocation, and innovative approach which will provide value creation.
Renalytix AI £2.35p £8.3m (RENX.L)
The artificial intelligence-enabled in vitro diagnostics Company reports the publication of results in the peer-reviewed medical journal, Diabetes, Obesity and Metabolism, from its most comprehensive real-world evidence (RWE) study to date for the Company's FDA-approved kidneyintelX.dkd test. This has Medicare reimbursement and is now offered commercially in the US. The study of 2,470 patients with type 2 diabetes and early-stage chronic kidney disease were enrolled into the IRB-approved prospective study across two major US health systems. The two-year data provides the clearest RWE showing that a structured, biomarker-guided approach to prescribing will translate into targeted therapy decisions so that the higher-risk patients receive more intensive treatment, and lower-risk patients largely spared unnecessary escalation. The two-year analysis proves these improvements translate into real and lasting benefits for patients.
RUA Life Sciences 19.00p £11.02m (RUA.L)
The medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-Eon) reports interims to end 31 March 2026. Revenue increased 6% to £2.75m with a reduced Loss Before Tax of £183k from £641k in the prior year, with an EBITDA of £76k compared to a loss of £227k in the prior period. The net cash is £2.37m compared to£3.57m in the comparable period. The Medical Devices and components business contributed £2,253k compared to £2,240k in 2025. New development contracts enabled the UK business to grow revenue by 32%, but Abiss France experienced a decline in revenue due to its major customer holding excess inventory. Most of the revenue growth came from the Biomaterials business, with revenue increasing from £349k in the prior period to £490k. Additionally, two transformative deals have been concluded that will provide value enhancement potential beyond the growth of the Contract Manufacturer activities.
Venture Life Group 64.0p £80.67m (VLG.L)
The product innovation, development and commercialisation Company within the global consumer healthcare sector, updates on trading for the seventeen-months to 31 May as the reference date was changed from 31 December to 31 May. Revenues of £50.0m are reported representing a 30.9% increase versus the previous comparative period. On a proforma basis, which assumes acquisitions were in place for the entirety of the prior period, revenues were up 16.0% over the Prior Period, comprising 1.2% from price increases and 14.8% from volume. The Group expects to report Adjusted EBITDA in line with market guidance. The net cash for the period is £12.0m compared to £34.2m versus the previous comparative period. The movement principally reflected the advance transfer of c.£17.5m for acquisitions. The Company’s analysis indicates VLG's brands are more price elastic online, where consumers respond faster and unit contribution benefits from lower in-store display costs. This supports shifting A&P spend online to drive volume and profit with Amazon and the subscribe-and-save model is expected to be an important long-term driver of sales and lifetime value.
AQSE market:
Eight Capital Partners 52.5p £24.6m (AQSE: ECP)
The financial services and investment group operating across Europe and Asia reports its FY Results to 31 December 2025, and provides an update on a change to the composition of its Board. Revenue from advisory activities increased to £0.125m from £0.048m in the prior period with investment revenue increasing to £2.01m from £0.294m versus the previous comparative period, to make a PBT of £3.5m against £18.29m in 2024 which includes a £20.5m gain. The net cash was £161k against (£12k) deficit and there are no borrowings. The indicative net assets per share at 31 December 2025 is 74.9p based on reported Group net assets of £35.7m compared to £31.3m last year. Following the appointment of a renewed Board in October 2025, the Company defined and launched its growth strategy in December 2025, focusing on investment management, advisory services and digital asset management, to target the structurally underserved mid-market opportunity across Europe, the Middle East and Asia.
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”.
