Admissions:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th July: Scotch Corner Designer Village, a newly formed single asset real estate company (to be re-registered as a public limited company) which is developing a retail outlet and leisure destination, announces it may consider an IPO on the newly launched Aquis Real Asset Market (ARAM) of the Aquis Stock Exchange. Timing and deal details TBC.
Banquet Buffet****
Abingdon Health 6.75p £13m (ABDX.L)
The international developer, manufacturer and distributor of high quality and effective rapid tests, wins a new Master Service Agreement (MSA) contract. The expected value is around $2.5m and is with a global pharmaceutical company for the development and regulatory approval of a companion diagnostic lateral flow point of care test. The project is expected to take approximately 24 months and covers the feasibility, optimisation, scale-up, technical transfer and manufacturing of the completed product alongside comprehensive regulatory support. The win is credited to the Company’s diagnostics expertise and ability to coordinate both diagnostic and the client's therapeutic development pathways combined with regulatory knowledge, providing a seamless project management and reduced complexity.
Alkemy Capital 291p £28.9m (ALK.L)
The holding company of Tees Valley Lithium Ltd, has secured full financing for the FEED (Front-End Engineering Design Study) of its lithium refinery in Teesside and has received an indicative term sheet from Ara Partners LLC for the equity participation of the US$250m main financing. The £5m debt facility from a third party London based debt provider will fund the completion of the FEED study currently underway with Veolia and Wave International for the first 25k tonne per annum train of the proposed four train refinery. The Facility is a drawdown facility, allowing funds to be accessed in tranches as needed and as determined by the Company, avoiding equity dilution of TVL during the FEED phase. The Facility attracts a PIK interest rate of 15% per annum.
Aoti 55p £58.5m (AOTI.L)
Further to the announcement released on 30 July 2025, certain pre-IPO shareholders announce that pursuant to the Placing, the Sellers have sold, in aggregate, approximately 10m ordinary shares in the capital of AOTI by way of an accelerated bookbuild to eligible institutional investors at a price of 50p per ordinary share, raising gross proceeds of approximately £5.0m. The Placing Shares represent approximately 9.4 per cent. of AOTI's issued share capital. The remaining shares held by the Sellers are subject to a 6-month lock up undertaking (subject to waiver by the Sole Bookrunner). The proceeds of the Placing are payable in cash on usual settlement terms, and closing of the Placing is expected to occur on a T+2 basis on 4 August 2025.
Cambridge Cognition 25p £10.5m (COG.L)
The brain health software group specialising in digital health products that advance brain health research and treatment, announces a trading update for the six months ended 30 June 2025. Revenue was £4.3m (H1 2024: £5.6m) with an adjusted EBITDA loss of £0.4m (H1 2024: loss of £0.1m). Cash balance is at £0.4m. The company has emphasised the importance of growth in New Sales Orders to drive the Order Book to generate revenue, cash and ultimately deliver Adjusted EBITDA. At 30 June 2025, the Order Book of contracted business to be completed equated to £16.4m (June 2024: £14.6m, December 2024: £13.6m).
Celebrus Technologies 170p £67.3m (CLBS.L)
The AIM-listed data solutions provider announces a new Celebrus software contract win. The win is a three-year deal with a major UK retail financial services institution which will migrate from Adobe to the Celebrus platform hosted in Celebrus Cloud for both the web and their mobile app. Initial use cases include digital analytics, business intelligence, and the personalization of customer experiences across multiple channels and devices. The deal was closed by our direct sales team and has a total contract value of $2.9m. It adds Celebrus ARR of $0.8m in its first year, with further ARR growth for years two and three included in the contract. This brings the total Celebrus ARR* to $15.5m, an increase of 14% from the balance at the start of this financial year (31 March 2025: $13.6m), and brings total Group ARR* to $20.8m.
Metir 0.775p £2.4m (MET.L)
The provider of mobile and point-of-use water and environmental testing technology, provides a trading update ahead of its interim results for the six months ending 30 June 2025, which will be published in September 2025.
Following a year of strategic reset in 2024, in line with the Company's announcement on 29 May 2025, trading in the first half of 2025 was significantly ahead of recent prior periods. The Group's revenue for the Period was £931k (30 June 2024: £255k). The Group's cash balance at the Period-end was £586k, a materially improved position as a result of the successful fundraise that closed on 10 June 2025. Revenue performance was driven by increased demand for MicroTox® LX instruments.
Panther Metals 93p £5.5m (PALM.L)
The exploration company focused on mineral projects in Canada, announces the receipt of assay results for the recent mine tailings sampling programme undertaken at the Winston Project, located on the historic Winston Lake Mine tailings storage facility in Ontario, Canada. The tailings assay results exceed Panther's expectations returning high grade gold, gallium, silver, zinc, copper and cobalt, strongly supporting further sampling and metallurgical testwork to determine the most economic and environmentally sensitive route for extracting the precious metals and other critical minerals from the TSF. In addition, a rock sample from a historical massive sulphide dump at the Pick Lake deposit located circa 1.4km west of the TSF yielded 25.3% Zn, 3.0% Cu, 0.55g/t Au. 119 g/t Ag, 388 ppm Co and 26.2 ppm Ga which points to the future potential offered by the strong exploration targets in the Pick Lake area.
Robert Walters 150.75p £99.2m (RWA.L)
The specialist professional recruitment group announced interim results for the six months ended 30 June 2025. Net fee income was down 14%* to £140.0m, with macroeconomic uncertainty being more pronounced as the period progressed, however year-on-year fee income performance improved sequentially in Q2 (-13%*) v. Q1 (-16%*). The group recorded an operating loss of £7.8m (H1 2024: £0.2m operating profit) driven by reduced fee income, albeit c.70% of the fee income impact year-on-year was offset through lower costs. H1 operating costs include £1.6m of redundancy costs. The boards outlook remains that there will be no material improvement in hiring markets in the near term, however the group continues to progress execution of its entrepreneurial strategy as markets improve.
Serabi Gold 183.5p £138.6m (SRB.L)
The Brazilian focused gold mining and development company, announces an updated Mineral Reserve estimates and Mineral Resource estimates for its Palito Mine, prepared in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 1 April. Highlights include proven and probable reserves totalling 162.6k ounces (706k tonnes at 7.2 g/t Au) compared to 206,400 ounces (824.8k tonnes @ 7.8 g/t Au) in July 2023. Reserve life is equivalent to over six years of operations at current production levels, without considering conversion of additional mineral resources. Measured and Indicated resources of 388,400 ounces of contained gold (1,252m tonnes @ 9.6 g/t Au), a 3% increase compared to 377.8k (1,166,300 tonnes @ 10.1 g/t) in December 2023. NCL Ingeniería y Construcción SpA of Santiago de Chile is preparing this Mineral Resource and Mineral Reserve estimation together with a new 43-101 Technical Report which is expected to be issued within 45 days of the date of this release.
Virgin Wines 62p £30.3m (VINO.L)
The UK's largest direct-to-consumer online wine retailers, announced a trading update for the year ended 30 June 2025. The Group's signature WineBank subscription service had membership growth of 1.5% and an annual cancellation rate of just 14.7%, a further improvement on the 16.1% achieved last year. Revenue remained consistent with the prior year at £59m (FY24: £59m), in spite of the subdued consumer environment, with both EBITDA of £2.3m (FY24: £2.8m) and PBT of £1.6m (FY24: £1.9m) ahead of market expectations by over 4.5% and 23.1% respectively. As expected, EBITDA and PBT were marginally lower than last year due to investment in the Group's growth strategy, which we announced alongside our interim results in March 2025.
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”.
