* 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:***
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 late March 2026.
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 2026.
Banquet Buffet****
Anpario 450p £88.56m (ANP.L)
The independent manufacturer of natural and sustainable feed additives for animal health, nutrition and biosecurity announced its full year audited results for the twelve months to 31 December. There was a 24% increase in revenue to £47.2m (2024: £38.2m), a 54% increase in profit before tax to £8.0m (2024: £5.2m) and cash and cash equivalents of £12.4m at the year-end (2024: £10.5m). There was also an increase of the proposed final dividend to 8.90p (2024: 8.00p) per share, resulting in a total dividend for the year of 12.50p (2024: 11.25p) per share.
BRCK Group 51.2p £132.08m (BRCK.L)
The distributor and provider of specialist products and services to the UK construction industry announced that on 17 February 2026, the Board of directors received an unsolicited, indicative and non-binding approach from Atlas Holdings LLC to acquire the entire issued and to be issued share capital of BRCK. Atlas put forward a non-binding indicative proposal to acquire BRCK at a price of 65 pence per BRCK share in cash. The Board reviewed this proposal carefully with its financial advisers and unanimously concluded that it fundamentally undervalued BRCK. Accordingly, the Board rejected this proposal on 23 March 2026. The Board has agreed to provide some limited further information to Atlas to establish whether it is prepared to improve its Indicative Offer Price.
Digitalbox 4.25p £5.01m (DBOX.L)
The mobile-first digital media business reports final audited results for YE 31 December 2025. Revenue increased 7% to £3.9m, with EBITDA increasing 9% to £0.68m. The portfolio was expanded to ten brands across three publishing groups and social followers increased by 31% to 27m. DigitalBox generates revenue primarily through digital advertising, leveraging its mobile-first strategy to deliver significantly higher revenue per session than industry averages. Its proprietary technology and editorial expertise enable it to scale content efficiently while maintaining strong audience engagement. The Company finished 2025 with approaching £2m in cash and it will continue to deploy capital selectively though acquisitions or organic investments where opportunities meet return thresholds and align with the entertainment-focused strategy. The Board believes the Group is well positioned to capitalise on structural consolidation within digital publishing.
Duke Capital Limited 25.75p £131.28m (DUKE.L)
The provider of hybrid capital solutions for SME business owners in Europe and North America provided guidance on its trading for Q4 FY ending 31 March 2026 (Q4 FY26). Duke expects to achieve record recurring revenue of £7.0m in Q4 FY26. This represents an 8% year-on-year increase on Q4 FY25 (£6.5m) and an increase of £0.2m over the prior quarter, which saw the Company deliver recurring revenue of £6.8m. Total revenue for Q4 FY26 is expected to total £8.5m following receipt of the final tranche of deferred consideration from the Fabrikat exit in February 2024.
Gelion 13.00p £29.25m (GELN.L)
The sulfur battery Company reports exceptional performance results from its Nano-Encapsulated Sulfur (NES) Cathode Active Material (CAM) platform leading to an expansion in the Collaboration Agreement scope with TDK Corporation (TDK). Operationally, the Company has successfully developed protocols for the lithiation of NES cathode. This is a critical milestone targeting drones and electrical vehicle markets and demonstrates the potential of Gelion's NES CAM for integration as a "drop-in" into established cell architectures, lithium-ion markets and gigafactory manufacture. This breakthrough is a critical precursor to industrial-scale manufacturing, making mass production easier and cheaper. Gelion and TDK have agreed to expand their testing protocols. These results present strong signposts for Sulfur emerging as a high-performance, low-cost cathode alternative alongside the leading incumbents.
Plexus Holdings 2.90p £7.94m (POS.L)
The wellhead services business provides a trading update for the financial year ending 30 June 2026 (FY26). The Company continues to see sustained interest in its technology and maintains a strong pipeline with a high conversion rate, although projects are typically seeing significant delays in starting from when the operator initially intended. Progress on other North Sea projects has been slower than expected, with a number of CCS and gas storage wells, as well as some P&A activity, delayed at the planning stage. The North American rental contract has been delayed and now scheduled for deployment in Q1 2027. Whilst it is possible that some material contracts could be signed during H2 of FY26, due to the timing of orders, it is now likely that revenues for the current financial year will be significantly below previous expectations.
Poolbeg Pharma 4.55p £28.93m (POLB.L)
The clinical-stage biopharmaceutical Company announced that it has received formal notification of the grant for its POLB 001 cancer immunotherapy-induced Cytokine Release Syndrome (CRS) patent application from IP Australia, the Australian patent office. This represents the first national grant within Poolbeg's cancer immunotherapy-induced CRS patent family, marking an important milestone for the Company. Poolbeg continues to actively build a comprehensive, worldwide IP portfolio, with patents covering use of p38 MAPK inhibitors for the prevention and treatment of cancer immunotherapy-induced CRS, as well as severe influenza.
RC Fornax 8.15p £6.96m (RCFX.L)
The UK-based consultancy delivering engineering solutions to the defence sector announced a trading update reflecting continued strong operational and commercial progress. The Company has experienced a sustained level of order intake in Q2 FY26 (1 December 2025 to 28 February 2026). Total orders secured in this period amounted to approximately £1.9m. This momentum has continued into the current financial quarter and during March 2026 the Company secured approximately £1.4m in total orders. As a result, the Company now has firm visibility over more than £5.1m in sales under purchase order and subject to contract for FY26.
Tap Global Group 1.15p £13.03m (TAP.L)
The digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app announced its financial results for the six months ended 31 December 2025 (H1 26).
Revenues were £1.7m (H1 25: £1.8m), Loss Before Tax of £500k (H1 25: £8k) and Cash at 31 December 2025 of £433k (30 June 2025: £810k). Strategic partnerships were formed in H1 with tell.money to integrate its open banking gateway into the Tap platform and with Moorwand to support enhanced payments and card infrastructure. H1 saw the launch of an enhanced corporate customer programme and Bitcoin Treasury as a Service for publicly listed companies.
Tekmar Group 11.25p £15.00m (TGP.L)
The provider of asset protection technology and offshore energy services announced the award of two contracts, with a combined value of £2m, for an offshore wind farm project in Japan. The main contract involves the supply of Tekmar's 10th generation Cable Protection Technology directly to the wind farm developer. Work is scheduled to commence immediately, with revenue expected to be recognised across the remainder of FY26 and into H1 FY27.
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