* 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:
Silver Bullet Data Services Group (SBDS.L) Cancellation of Admission to Trading on AIM
What’s baking in the oven?
It's a little empty
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Aptamer Group 0.48p £16.41m (APTA.L)
The developer of synthetic binders for the life sciences industry announces that it has commenced development of Optimerbinders for a potential rapid diagnostic test for the highly infectious Bundibugyo strain of the Ebola virus. Fatality rates for the Bundibugyo strain of Ebola range from approximately 30% to 50%. The global Ebola testing market is projected to grow from $1.3bn in 2026 to $2.3bn by 2033, as it is witnessing sustained growth due to the increasing emphasis on outbreak preparedness. The new programme will aim to develop Optimer binders suitable for integration into rapid, field-compatible diagnostic tests for Bundibugyo Ebola. Work has commenced immediately, with all necessary materials on-site to enable Optimer discovery and development. Existing tests lack the sensitivity needed for timely detection in field settings.
Brave Bison Group 89.50p £106.43m (BBSN.L)
The marketing and technology partner for global brands updates on interim trading to 30 June 2026. Revenue has increased by 97% to £24.7m as result of accretive acquisitions and strong organic growth, notably at MiniMBA which grew organically by over 20%. EBITDA is 87% ahead at £4.4m and net cash is £4.7m compared to £3.9m in the prior period. Further cash generation is expected in H2 in the absence of any additional acquisitions. H1 profitability was in line with budget and Board expectations for the full year remain in line with previous guidance. Recent new business wins include Nestle, a multi-year engagement with Omnicom, ServiceNow, Heineken, Zoopla, McLaren and Nature's Menu.
Fulcrum Metals 8.00p £11.52m (FEMT.L)
The Company pioneering the use of innovative cyanide-free technologies to recover precious and critical metals from mine waste and support site regeneration reports a client’s updated Mineral Resource Estimate (MRE). Loyalist Exploration Ltd updated the MRE to exceed the 200,000-ounce gold resource threshold for the Tully Gold Project in Timmins, Ontario, Canada which triggers a contractual consideration payable to Fulcrum. Based on Loyalist's current market price of 3.5 cents, the milestone consideration represents a potential additional value of over CAD$500,000 to Fulcrum which retains further exposure to the Tully Gold Project through additional milestone with a 2% net smelter return royalty. The CEO states this illustrates the strength of the strategy to retain meaningful exposure to the upside of assets while focusing resources on executing its own core mine waste recovery strategy.
Itaconix 109.50p £14.63m (ITX.L)
The innovator in high-performance plant-based specialty polymers used in everyday consumer products announces an extension of its collaboration with Bonals Technologies through to December 2028. The program seeks to speed the introduction of safer, better performing, cost effective, and more sustainable unit dose detergent tablets in the US and Canada. This collaboration resulted in Itaconix introducing a new dish detergent tablet at the American Cleaning Institute's Innovation Showcase in February 2026 which is generating high levels of interest from purpose-driven brands in North America. As demand for the Company's Performance Ingredient grows to existing North American contract tablet makers, the extended collaboration will assist Itaconix in progressing efforts with contract manufacturers to install high-speed Bonals tablet presses that produce more compact and faster dissolving tablets. The CEO was particularly excited about the positive response to the patented 8-gram plastic-free dish detergent tablet.
Norman Broadbent 181.00p £3.34m (NBB.L)
The Executive Search and Interim Management firm with an ambitious growth plan to scale the business through disciplined investment in fee-earning capacity, updates on Q2 trading to 30 June 2026. The Net Fee Income (NFI) increased 29% to £3.1m after a slow January, the pipeline was rebuilt. Three net new fee earners started in the first half, with an additional four fee earners secured to join in the second half and further recruitment is planned. The Group continues to look at targeted M&A to accelerate growth, and the improving NFI momentum underpins the Board's confidence in delivering a record level of NFI in H2.
Quadrise 0.99p £27.48m (QED.L)
The manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry has conditionally raised £1.2m at 1p which is expected to be supplemented by additional £1.2m from a Retail Offer. The net proceeds will provide additional resources to enable the Company to progress projects and trials to commercial revenue generation, with an expected positive cash contribution of approx. £3.6m to 30 June 2028 and will support working capital requirements through to positive cashflows. The funds will also progress the near-term priority business development pipeline, R&D activity and digitalisation initiatives.
Quartix Technologies 227.50p £109.02m (QTX.L)
The supplier of subscription-based vehicle tracking systems, software and services updates on interim trading to 30 June and the interim results will be reported on 27 July. Management estimates revenue will be 12.1% higher at £19.4m, with an increase in EBITDA to £6.9m from £17.5m in the prior period and a higher closing cash balance of £4.7m compared to £4.1m in the prior period. The Company's ARR has grown by £3.8m, or 11%, allowing a higher interim dividend of 2.7p against 2.5p. The Company is confident of achieving market expectations for FY to 31 December 2026 as there is a strong order book for installation.
SysGroup 21.50p £16.75m (SYS.L)
The advisory-led end-to-end Managed IT Service Provider focused on cybersecurity, managed services and AI-enabled operational delivery for the UK mid-market reports finals for the FY to 31 March 2026. After a strong H2, FY revenue increased 8% to £22.1m with strong growth in cybersecurity which accounts for 45% of total revenue compared to 40% in the prior period. EBITDA increased 26% to £1.2m as an AI-enabled restructuring programme delivered £1.2m of run-rate savings. There is strong cash flow with gross cash of £7.7m, compared to £8.7m in the prior period, but that is after a payment of £1.25m for the acquisition of Saxis. There is significant revenue synergy with 30% of Saxis contracts won since the acquisition from the cross selling of the Group's products. The CFO is stepping down with immediate effect to pursue a new opportunity. Cybersecurity revenue momentum has been maintained and the Board expects to exceed market expectations for FY27.
Victoria 68.00p £66.91m (VCP.L)
The international flooring Company reports a binding transaction support agreement with noteholders representing approximately two thirds of the Consenting 2028 SSNs Noteholders of its outstanding EUR 166.6m 3.75% senior secured notes due March 2028. The Refinancing Transaction represents an important milestone for Victoria as it cuts costs and extends debt maturities through the issue of new 2031 notes. The trading since the start of the year has been encouraging, with year-on-year like-for-like revenue growth and ongoing market share gains in the UK and Australia. Across the business, management reacted quickly to the disruption caused by the Iran conflict, executing targeted price rises to protect margins and effectively managing the supply chain to mitigate negative impacts. The FY26 EBITDA performance was broadly in line and there will be a fuller update with the FY26 financial results.
AQUIS
IntelliAM AI 80.00p £15.68m (AQSE: INT)
The AI-powered predictive maintenance and asset management software Company reports a series of new customer purchase orders and contract conversions worth more than £0.2m. These orders comprise a combination of services and software, including deployment of the IntelliAM platform Layer 1 predictive maintenance module, which provides customers with the foundation for further adoption of IntelliAM's software-led asset performance and reliability offering. The orders include new logo activity across a range of sectors, including Chivas Brothers, Yeo Valley and Valeo Confectionery, as well as with Tarmac Cement, representing a new division of Tarmac not previously served by IntelliAM. The CEO is particularly encouraged by the balance of activity between new logos and contract conversions as it expands existing industrial relationships and secures new customers for the software-led asset performance platform.
What’s baking in the oven?
Potential IPOs:***
Dual List:***
Bravura Solutions (ASX: BVS) the global provider of enterprise software for the wealth management and funds administration industries has announced its intention to dual list on AIM. Bravura is currently listed on the Australian Securities Exchange (ASX) and Admission to AIM is being sought via the AIM Designated Market Route. No capital to be raised on Admission with a market cap on Admission of circa £500m. Expected Admission date is 28 July.
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”.
