Small Cap Awards 2026: IPO Of The Year

Inaugurated in 2013, the Small Cap Awards is an annual event celebrating and rewarding the finest in the sub-£350m market cap quoted company sector.

The Awards celebrates those professionals and companies that work within the AIM and Aquis communities and is attended by listed companies, institutions, fund managers, brokers and advisors.

The 2026 Awards will be held on Thursday 11th June 2026 at Merchant Taylors Hall in London.

The nominees for IPO of the Year are as follows:

Amcomri Group plc

Amcomri Group plc (AIM: AMCO) focuses on the acquisition and development of “Embedded Engineering” and “B2B manufacturing” SME businesses that operate in mature, proven and relatively predictable industrial markets in the UK and Ireland.

Amcomri provides services and products to major UK infrastructure, transportation, energy and other selected UK B2B, niche markets. The Group is profitable, growing and cash generative, providing proven, tailored products and engineering services to customers through its in-depth technical expertise, service excellence and established product ranges.

Its principal growth strategy is to ‘Buy – Improve – Build’ specialist industrial companies, often out of retirement situations and typically with niche technical accreditations and long-standing quality customer relationships. Post acquisition, the Group provides support and coaching to its operating companies to progressively improve growth, cash generation, profitability and business processes. The Group runs its businesses on an autonomous standalone basis often with the previous owner managers retiring in a managed transition period.

Amcomri has invested in experienced talent both at a Group level and in its operating companies to bring best practices and processes to its new acquisitions, and to de-risk the ownership transition phase. The Group seeks to develop latent opportunities within its acquisitions to deliver its objectives of both margin enhancement, and progressive organic revenue growth.

The Group’s activities are deliberately diverse in niche sectors, and in many instances barriers to entry are sufficiently high, providing strong competitive positions in its respective companies and a robust aggregate group position.

Since joining AIM in December 2024 Amcomri has completed three acquisitions, taking the total to 19 since inception, with the market clearly appreciating its model and ability to support its operating companies with organic growth initiatives. Having raised money at 55p per share at IPO, its proven model has underpinned a strong share price performance to date and numerous broker upgrades.

Amcomri is comprised of two divisions. The “Embedded Engineering” division provides specialist technical services for major industrial, infrastructure and transportation clients. Typically, they have complex technical needs which are undertaken in operating environments where safety and compliance performance are critical requirements. The division predominantly provides technical services and support for capital intensive, mission-critical assets such as high voltage electrical transmission systems, complex petrochemical and continuous process operations, and large power generation plants.

The “B2B Manufacturing” division provides specialist manufactured products exclusively to customers, in invariably niche areas with longstanding client relationships. The division comprises manufacturing businesses that the Group see as having ‘latent’ improvement opportunities or features where the Group believes it has the skills and expertise to develop further incremental value. In some instances, this has also provided the opportunity to acquire SME manufacturing businesses at a discounted entry point or incremental ‘bolt on’ additions.

Amcomri reported record results in FY 2025 and trading in FY 2026 has started well for both divisions, mainly due to positive conditions in many of the Group’s key end markets, experiencing particularly strong demand for their offering in power generation overhaul & upgrades, wider energy sectors, and the defence and civilian aerospace engineering markets.

Pathos Communications Plc

Pathos Communications plc is a technology-enabled, human-led PR company helping SMEs from across the globe secure high-quality media coverage through a flexible, performance-based model. By replacing traditional retainers with a “pay-on-results” approach, Pathos is targeting a global market of more than 400 million SMEs, many of which have historically lacked access to cost-effective PR support.

The company’s experienced in-house team lead strategy, storytelling and media relationships, while its AI systems, PathosMind and Pressella, enhance research, identify news hooks, create narratives and enhance workflow. Together, these tools help Pathos deliver campaigns more efficiently and at greater scale, positioning the company as a differentiated alternative within the communications sector.

Pathos attributes its success in 2025/26 to three main factors: strong trading and revenue growth, the successful execution of its AIM listing, and continued investment in the technology and partnerships supporting its scalable model. The company entered 2025 on the back of significant momentum generated over previous years, having delivered an 83% revenue CAGR between FY22 and FY24 and generated more than US$28 million in aggregate revenue since 2022. That growth has been supported by a diversified client base of over 7,000 customers across 89 countries, giving Pathos a broad foundation for further expansion.

A major milestone during the year was the company’s admission to AIM in December 2025. The listing provided fresh capital to accelerate investment in proprietary AI technology, expand the commercial team and pursue new growth opportunities, including entry into additional markets and the development of strategic partnerships that are now being embedded across the business.

The momentum generated pre and post IPO has been reflected in financial performance. Pathos reported FY25 revenue of US$13.1 million and adjusted EBITDA of US$2.9 million, both ahead of market expectations and up on FY24. The company also reported net cash of US$6.2 million at year end. The performance was driven by improved effectiveness of the Client Success and Repeat Business teams, alongside increased placements in higher-quality publications. Trading in FY26 has also started positively, supported by the Client Success Team and the further integration of AI into business development and service delivery. Revenue visibility has also improved, supported by repeat business and a growing level of customer prepayments.

Operationally, growth has also been supported by rising client volumes and a shift in product mix towards placements in higher-quality publications, enhancing both client outcomes and product pricing. Pathos has launched Launchpad and Targeted teams, with APAC in progress, while expanding its product range into books and multiple podcast products. Pathos has broadened its partnerships, establishing a strategic relationship with M&A marketplace Flippa to access its 1.6 million users, introducing fixed cost publisher agreements, and securing exclusive access to major TV networks including CNBC, Fox Business and Bloomberg.

The company also believes its model benefits from a higher quality of revenue, with repeat business driven by clients actively choosing to return for further campaigns, rather than remaining on legacy subscriptions they may no longer meaningfully engage with. At the same time, Pathos has continued to invest in PathosMind and Pressella as they progress towards broader commercial deployment. These tools are expected to improve efficiency across content creation, client acquisition and campaign delivery, further supporting scalability. They are expected to reach general availability by Q4 2026/Q1 2027, following encouraging initial testing where Pressella outperformed human colleagues sevenfold.

The company’s growth has not gone unnoticed. In the Financial Times FT1000 2026, Pathos ranked as the 25th fastest-growing company in Europe, securing a top 50 position for the second consecutive year, a feat achieved by only 15 other UK companies since the list began. It was also named the 6th fastest-growing company in the 2025 Deloitte UK Technology Fast 50. As the company continues to invest in its technology, expand its partnerships and build on a growing base of repeat business, Pathos is carrying strong momentum through 2026, supported by a scalable, performance-led model.

MHA Plc

MHA is a leading accountancy and advisory group providing audit and assurance, tax, accountancy and business advisory services to a wide range of clients, from entrepreneurs and owner-managed businesses to listed companies and major private groups. The Group combines deep UK roots with a growing international platform, strengthened through acquisitions in Ireland, South-East Europe and the UAE. It now operates across 37 offices in the UK, Ireland, South-East Europe, the UAE and the Cayman Islands, while also benefiting from its role within the Baker Tilly International network.

With origins dating back more than 150 years through its predecessor firms, MHA has built a reputation for trusted advice, deep client relationships and high levels of recurring revenue. Through sustained organic growth and strategic acquisitions, the Group has become the UK’s 11th largest accountancy firm by revenue, according to the 2025 rankings, and one of the fastest-growing firms among the UK’s largest accountancy practices.

In April 2025, MHA listed on AIM in one of London’s most significant IPOs of the year, raising £98m at admission. The decision to pursue an IPO was unanimously supported by the Board and partners and reflected a belief that public ownership was the most sustainable route to support long-term growth, investment and independence. The listing created a stronger platform for MHA to accelerate its strategy while retaining the partner-led culture that underpins its client relationships.

Since admission, MHA has continued to demonstrate the strategic rationale for the IPO. The Group has delivered growth across its core service lines, supported by resilient demand for high-quality audit, tax and advisory services, rising regulatory complexity and clients’ increasing need for integrated, multi-disciplinary advisers. Its performance has also reflected continued investment in the business and the successful execution of its acquisition strategy.

MHA’s growth strategy is based on a clear combination of organic expansion, disciplined acquisitions and targeted investment in technology, data and AI. Recent acquisitions, including Baker Tilly South-East Europe and MS UAE, have strengthened the Group’s presence in strategically important markets and enhanced its ability to serve clients internationally. Technology investment is focused on improving decision-making, client service and operational efficiency across audit, tax and advisory, with a disciplined approach to projects that enhance productivity, risk management or quality.

The listed structure has also enhanced MHA’s ability to attract, retain and incentivise partners and future leaders while preserving the entrepreneurial model that has been central to its success. With a stronger platform, broader market reach and a healthy acquisition pipeline, MHA remains focused on its medium-term ambition of becoming a top 10 UK accounting and professional services firm, generating more than £500m of annual revenue.

Power Probe Plc

Power Probe plc is a leading producer of automotive electrical diagnostic tools for professional service technicians. Since 1992, the Group has grown to become an internationally renowned brand, designing and distributing over 130 products. Driven by a relentless focus on product quality, continuous innovation and customer care, the Group’s mission is simple: Simplifying Automotive Diagnostics.

Power Probe’s comprehensive product range includes powered circuit probes, parasitic draw meters, cable tracers, multimeters, testing kits – tools that make complex automotive diagnostics faster, more accurate and more efficient.

In December 2025, Power Probe completed a successful admission to trading on AIM, the London Stock Exchange’s growth market, receiving strong support from investors and raising gross proceeds of approximately $15 million. The IPO marked a significant milestone in the Group’s corporate journey, providing an expanded platform from which to accelerate growth – investing in a new manufacturing facility in Charlotte, N.C. to develop the Group’s first “Made in USA” product; opening a new distribution facility in Nuneaton, UK to facilitate expansion into the UK and selected European markets; and strengthening the Group’s ability to attract and retain top engineering talent.

2025 was a pivotal year of strong commercial delivery, continued momentum in product innovation and significant strategic progress. Revenue grew 25.7% to $39.4 million, supported by continued product innovation and price discipline. Six new products were launched during the year, and new products contributed 34.8% of revenue – more than double the prior year’s 15.5% contribution. Adjusted EBITDA grew 6.7% to $9.0 million, with a margin of 22.9%. The Group also opened an important new sales channel with major car manufacturers, establishing strategic dealership programme accounts with Ford, Hyundai, Honda and Toyota.

The Group’s growth strategy is based on three primary objectives: continued product innovation; diversifying and strengthening supply chains under our ‘Made in USA’ brand; and entry into new markets and verticals.

Power Probe is ideally positioned to address automotive mega-trends, benefiting from powerful structural tailwinds – a growing and ageing global car parc, increasing vehicle complexity, and a projected expansion of the US automotive technician base to approximately 850,000 by 2035. The global automotive circuit tester market alone is forecast to reach $2.2 billion by 2032.

With a clear strategy, an active new product development pipeline and a progressive dividend policy in place, Power Probe is making strong progress in 2026 and is well-positioned to deliver long-term, sustainable growth.