* 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:
Versarien (VRS.L) left AIM.
What’s baking in the oven?
Market Movers:***
14 January: GlobalData (DATA.L), the data, insight, and technology Company expects to submit its application to move to the Main Market from AIM and to take place on 5 March.
Banquet Buffet****
Arecor Therapeutics 80.00p £29.26m (AREC.L)
The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025. The Company continued focus on two core product areas: diabetes and oral delivery of peptides. A co-development deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system.
Total revenue for the year including discontinued operations is £3.1m (2024: £5.1m) with the decrease due to the cessation of operations at Tetris Pharma. Cash and cash equivalents of £6.1m (2024: £3.2m) above expectations mostly due to favourable performance at Tetris.
Aurrigo International 90.00p £78.20m (AURR.L)
The international provider of transport technology solutions updates on trading for the year FY December 2025. Lower Revenue of around £8.0m is expected compared to £8.9m which is ahead of rebased expectations. The Adjusted EBITDA loss and loss before tax are expected to be in line with expectations. H2 revenues in the Automotive division are c.30% higher than H1 FY25, with full year revenue expected to be £5.4m against £5.9m. The Autonomous division contributed £2.5m compared to £2.9m and the Company's largest autonomous aviation vehicle to date has a strategic partnership with Swissport International. The Engagement levels with high-quality partners remain strong, underpinned by growing industry interest from airports and ground handlers seeking to improve operational efficiency and resilience. The Company has a cash position of £11.5m, which is ahead of expectations.
Devolver Digital Inc 25.50p £123.80m (DEVO.L)
The digital publisher and developer of indie video games announced a trading update for the financial year ended 31st December 2025. 2025 full year performance showed improvement over 2024 with growth in both revenues and Adjusted EBITDA. Revenue performance in 2H 2025 was strong and in-line with expectations, bolstered by the timing of platform deals and the Steam Publisher Sale in September, resulting in management meeting guidance of more than US$100m in full year revenues. Underlying Adjusted EBITDA pre-impairments is expected to reach USD double-digit millions, marginally higher than consensus expectations, while an initial unaudited estimate of impairments for released title underperformance is c. $3.5m. Devolver had c.US$36.4m net cash as of 31 December 2025.
Panther Metals 70.00p £5.24m (PALM.L)*
The exploration Company focused on mineral projects in Canada announced that it has raised gross proceeds of £1,190,000 through a placing at 70p. The funding will enable the Company to accelerate its activities across the entire project portfolio which is timed well as the Company looks to a North American exchange dual list. These activities include a diamond drilling campaign focussed on building out the Wishbone VMS discovery at Obonga, advancing the Wishbone Tailings Project workstreams towards a Feasibility Study and metallurgical studies on the Dotted Lake drill core as a potential source of high-value magnesium.
Pathos Communications 27.5p £18.3m (NEWS.L)
The technology-enabled, human-led PR Company announced that it has entered into a strategic partnership with Flippa.com Pty LTD, the world's largest marketplace for buying and selling online businesses. Flippa has more than 1.6 million registered members and over 400,000 weekly active buyers. This partnership will allow its users - whether buyers or sellers of businesses - to access Pathos Communications' PR services to assist in the M&A process, both before and after a transaction.
Phoenix Copper Ltd 0.95p £5.76m (PXC.L)
The base and precious metals emerging producer and exploration Company announced that the Board has resolved to suspend Marcus Edwards-Jones and Richard Wilkins from their roles as Executive Chairman and Chief Financial Officer and Company Secretary, respectively, with immediate effect. The Company's Board has commenced investigations into allegations made in relation to Mr Edwards-Jones's and Mr Wilkins's recent conduct and certain historic payments made to Lloyd Edwards-Jones S.A.S., the Company's former Corporate Finance Adviser. The investigations are being undertaken with input from the Company's professional advisers and a further announcement will be made as soon as these investigations have concluded. The Board believes its current cash balances will provide sufficient working capital to meet ongoing obligations until early Q2 2026.
Power Metal Resources 16.00p £18.19m (POW.L)
The exploration Company provided an update for the Badger Lake Uranium Property, located in the Athabasca Basin, Northern Saskatchewan, Canada. Badger Lake diamond drilling programme is scheduled to commence 1 March 2026, with contractors and permits in place. The planned 2,100m drill programme will test two major shear zones and the S-Zone underlying a significant uranium, cobalt and nickel soil anomaly. The target 'The 'S Zone' on the Property differs from most unconformity-related uranium targets in the Athabasca Basin, but offers a compelling target with similarities to other deposits in the region.
Power Probe 87.50p £63.02m (PWR.L)
The producer of automotive electrical diagnostic tools for professional service technicians issued a trading update for the year ended 31 December 2025. FY25 revenue increased by c.25% vs FY24 and was primarily driven by product innovation, supported by Power Probe's stable core product offering and further growth in new markets and territories. New products launched in the last three years contributed to c.35% of FY25 revenue, more than double the contribution in the prior year, with a total of six new products launched during 2025. The Group maintained strong margins for the year with gross margin of c.40% and underlying EBITDA margin of c.23%. As a result, FY25 revenue and underlying EBITDA are expected to be in line with market expectations at approximately $39m and $9m respectively.
Shield Therapeutics 9.75p £102.53m (STX.L)
The commercial-stage pharmaceutical Company specialising in iron deficiency announces that the US Food and Drug Administration (FDA) has granted Shield an additional 3 years of Data Exclusivity for ACCRUFeR (ferric maltol). This is due to the new clinical investigation conducted by Shield that was essential to the approval of the extension of the indication to include paediatric patients 10 years of age and older. This exclusivity remains in place until 19 December 2028 in addition to the ACCRUFeR/FeRACCRU patent coverage valid until the mid-2030s.
Warpaint London 207.50p £161.57m (W7L.L)
The specialist supplier of colour cosmetics announced the acquisition of the Barry M brand, along with providing a trading update for the year ended 31 December 2025. Subject to a court approval expected later today, the acquisition of the Barry M brand, including its IP, stock and order book, but excluding the manufacturing capabilities and any liabilities, out of administration, for a cash consideration of £1.4m.
Barry M had approximately £15m of revenue in the year ended 28 February 2025. Warpaint's revenue for FY25 is expected to be approximately £105m (2024: £102m). Group Adjusted EBITDA for FY25 is expected to be approximately £22m (2024: £25m). The Company expects to release its results for the year ended 31 December 2025 in late April 2026.
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