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Quoted Micro 30 January 2023

AQUIS STOCK EXCHANGE

Aquis Stock Exchange owner Aquis Exchange (AQX) says 2022 trading was in line with expectations. The 2022 results will be published on 30 March.

Electric vehicle drivetrain technology developer Equipmake Holdings (EQIP) has raised £6.235m at 5p a share. That was slightly more than initially indicated. A lease is being secured on additional premises. The contracted order book is worth £8.6m. Interim revenues were £1.05m and the full results will be announced on 15 February.

Invinity Energy Systems (IES) says existing contracts underpin growth in in 2023. There are £22m of vanadium flow battery systems due for delivery in 2023 and a further £7.4m order book for 2024. There was £5.1m of cash in the bank at the end of 2022. Pilot projects with Siemens Gamesa should begin in the summer and a next generation product should be available in the first half of 2024.

Cadence Minerals (KDNC) has completed the sale of its joint venture interest in Yangibana rare earths project for A$9m of shares in ASX-listed Hastings, which is equivalent to 1.9%. Evergreen Lithium is expected to list on the ASX on 10 March – Cadence Minerals owns 15.8 million shares, which are expected to be valued at A$3.96m.

A full year update from Chapel Down Group (CDGP) shows string growth in sparkling wine sales. Group revenues were 10% ahead at £15.6m with momentum increasing in the second half. Margins should have improved.

Ace Liberty & Stone (ALSP) reported a small dip in interim pre-tax profit to £731,000, partly due to additional charges relating to a property in Sunderland. There is available cash of £9.5m for further property investments and contracts have been exchanged on a Dorchester property.

Helium Ventures (HEV) had £157,000 in cash at the end of October 2022. The proposed acquisition of Vestigo Technologies, which supplies tracking software, continues to be progressed.

Goodbody Health (GDBY) is partnering with Datar Cancer Genetics to offer the Trucheck circulating tumour cell screening service.

Tap Global (TAP) has signed up its first client for its crypto app. Global cryptocurrency exchange Bitfinex will use the service to offer clients a prepaid Mastercard and convert cryptocurrency to Euros.

SuperSeed Capital (WWW) says the SuperSeed II LP has invested in eight SaaS companies and a further investment should be made in the first quarter of 2023.

RentGuarantor Holdings (LON: RGG) is licencing its software to Clever Student Lets to use on its student letting platform.

Guanajuato Silver Company Ltd (GSVR) has published fourth quarter production figures. Silver output was 401,000 ounces in the period, while gold output was 4,000 ounces. Full year production was one million ounces of silver and 11,000 ounces of gold.

AQRU (AQRU) has launched its lending pool via subsidiary Accru Finance. This allows investors to generate yield from tax credit receivables originating from the IRS in the US. Annual returns of up to 10% are indicated.

Good Energy (GOOD) was one of three energy suppliers criticised for not providing enough help to their prepayment customers to claim the £400 of support vouchers from the government.

Marula Mining (MARU) says that initial deliveries of 1,000 tonnes of high-grade lithium ore from the Blesberg mine will commence shortly and take four weeks. Processing of existing stockpiles is ongoing, while site infrastructure is upgraded.

Chris Akers continues to build up his stake in Asimilar Group (ASLR) and it has reached 8.01%.

AIM

Spectacles supplier Inspecs (SPEC) is expected to report slightly better than expected full year figures. The figures are still much worse than expected prior to the previous warning, where destocking and poorly performing businesses led to a significant downgrade. Sales were flat at $246m, although there was growth before currency movements. Pre-tax profit is set to more than halve from $17.9m to $7.7m.

Battery technology developer Ilika (IKA) has been awarded a UK government grant of £2.8m for taking a leading role on a 24-month Faraday Battery Challenge in collaboration with BMW and Williams. This will further the development of Ilika’s Goliath battery, which is designed to be cost-effective and recyclable. There were no surprises in the interims earlier in the week. In the six months to October 2022, revenues improved from £179,000 to £204,000, which all came from UK grants. Net cash outflow from operating activities increased from £2.19m to £3.84m. Net cash is £17.8m. The Stereax M300 miniature battery should be launched by the summer.

Results from aerospace composites kits supplier Velocity Composites (LON: VEL) were as expected following the trading statement at the end of 2022. In the year to October 2022, revenues were 22% higher at £12m, while the loss was flat at £1.5m. A further loss is forecast for this year, while the US deal with GKN Aerospace builds up later in the year. A full year contribution from the US GKN business should push the company into profit.

Fire Angel Technology (FA.) reduced its loss last year, even after higher procurement costs, and it expects significantly enhanced margins this year. The home safety products supplier increased 2022 revenues by nearly one-third to £57.5m. A further reduction in loss is expected this year with helpful currency movements providing potential for further upside.

Healthcare data analysis provider Diaceutics (DXRX) beat expectations with revenues 44% higher at £20m, helped by currency movements, and margins are being maintained despite inflationary pressures. Diaceutics has secured two agreements with top ten global pharma companies. The order book is worth £15.6m. Investment in data and technology is being increased.

Following the departure of the recently appointed chief executive Inland Homes (INL) has sold its greenfield strategic land portfolio. There was a £3.5m profit on the sale that raised £9.5m in cash. There will also be fees generated for assisting the purchaser. Despite the disposal, net debt has risen to £100m and trading conditions have deteriorated. The 2021-22 loss is expected to be £91m and NAV has fallen to 40p a share.

Fiinu (BANK), which offers the Plugin overdraft to individuals with accounts with other banks, has completed the core banking platform configuration and its testing. General testing of the service is continuing. There is £35m-£40m required to fund the bank and a staged fundraising will commence before Easter.

Piling contractor Van Elle (VANL) had already flagged the interims, but the pre-tax profit was still slightly higher than expected at £3.3m. The interim dividend is 0.4p a share. Full year pre-tax profit forecasts have been maintained at £5.2m, although next year’s figures has been trimmed to £6m.

Gaming Realms (GMR) has signed a brand licensing deal with Tetris Inc, the holder of the rights to the eponymous falling blocks game. Tetris Slngo mobile will be launched globally before the end of 2023.

MAIN MARKET

Oxford Cannabinoid Technologies (OCTP) is due to commence a phase 1 clinical trial for its lead programme OCT461201 for the treatment of chemotherapy induced peripheral neuropathy with the interim results due in the second quarter. Management says it has enough cash to get it into the first quarter of 2024. GHS Capital has reduced its stake to below 3%.

Motor dealer Pendragon (PDG) says fourth quarter trading is slightly ahead of expectations and this has offset inflationary pressures. Underlying full year pre-tax profit should be more than £57m, down from £83m for the previous year. Net debt is around £23m. There continue to be constraints in the supply of new vehicles.

One Heritage Group (OHG) expects a further impairment charge of between £750,000 and £1.25m. Martin Crews is being replaced as development director by Paul Westhead on an interim basis. The major shareholder loan facility has been raised from £9.5m to £11m.

Mode Global Holdings (MODE) is winding down its operations because it was unable to raise the cash it required to grow the business.

Andrew Hore

Quoted Micro 19 September 2022

AQUIS STOCK EXCHANGE

ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.

IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.

Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.

Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.

Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.

Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.

SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.

Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.

A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.

Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.

Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).

AIM

Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.

New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.

Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.

Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.

Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.

TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.

Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.

Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.

Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.

The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.

Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.

Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.

Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.

Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.

MAIN MARKET

Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).

Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).

Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.

Andrew Hore

 

Quoted Micro 4 July 2022

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AQUIS STOCK EXCHANGE

Shepherd Neame (SHEP) issued a full year trading statement, and it is set to return to profit in 2021-22. The Kent-based brewer and pubs operator says revenues are recovering. Net debt was reduced from £93.2m to £75.3m by the end of June 2022. The estimated 2021-22 pre-tax profit is £7.2m and it is expected to improve to £9.6m in 2022-23.

Chief marketing officer Mark Harvey is leaving Chapel Down Group (CDGP). He has been with the wine maker for six years.

Energy storage technology developer Invinity Energy Systems (IES) generated revenues of £3.2m in 2021 and reported a substantial loss. VSA has cut its forecast 2022 revenues from £26.5m to £14.1m. There are already contracts that have been secured that are valued at £13.8m. The loss is expected to reduce from £21.3m to £17.9m. There should still be net cash of £10m by the end of 2022.

Visum Technologies (VIS) raised £601,000 at 14p a share ahead of its admission to Aquis on Thursday. Visum is the operator of an on-ride video camera system sold or licenced to theme parks, souvenir producers and ride operators. The share price opened at 12p before recovering to 14p

The technology investment company Asimilar (ASLR) reported interim figures, which show a £10.6m loss due to a sharp decline in the Dev Clever Holdings share price, which is currently suspended. Net assets were 25.3p a share at the end of March 2022.

Blockchain and digital assets investor KR1 (KR1) says net assets were 423% higher at 122.68p a share at the end of 2021, but that figure is likely to be lower now given the weak cryptocurrency market this year. There was £3.49m in cash on the balance sheet.

TruSpine Technologies (TSP) is waiting for the FDA’s response to the request for breakthrough technology designation before filing a 510k FDA submission for tis Cervi-LOK screwless spinal stabilisation system.

Trading in British Honey (BHC) shares was suspended at the end of the week because it has not published 2021 figures.

AIM

A further downgrade for Shield Therapeutics (STX) after its 2021 figures. Most of the 2021 revenues of £1.5m were generated in Europe and not the important US market for the Accrufer iron deficiency treatment. The latest figures show some progress in US Accrufer revenues with first quarter Accrufer prescriptions double the number in the fourth quarter of 2022, taking the total prescriptions for the quarter to more than 3,900. finnCap has reduced its 2022 forecast for US revenues from £8.1m to £6.3m thereby reducing total group revenues from £9.9m to £8.1m.

Shareholders in plant-based polymers developer Itaconix (ITX) have voted against the reappointment of two non-executive directors, including Charlean Gmunder, who was appointed on 19 April this year, and the Itaconix 2022 Equity Participation Plan for non-employees, where 79.16% of votes were against. First half revenues are substantially ahead of the previous record level.

Employee benefits services and insurance provider Personal Group (PGH) has acquired Quintage Consulting Group for £900,000 in cash. This is an employee reward and recognition consultancy providing things such as pay benchmarking surveys.

Footwear supplier Unbound Group (LSE: UBG) says trading has been in line with expectations following a good start to the year to January 2022. The multi-brand platform, that will exploit the extensive database that the company has built up, will launch on 28 July. There are 14 partner brands signed up, including Hush Puppies, and Sketchers.

IG Design Group (IGR) has started to improve operational efficiency in order to move back into profit. Higher freight and supply chain costs hit the business last year. Full year revenues increased from $873.2m to $965.1m, but an underlying pre-tax profit of $32.8m was turned into a loss of $1.3m. A modest rise in revenues is forecast for this year. The order book is already 71% of this year’s budgeted revenues.

Cosmetics supplier Warpaint London (W7L) has reported that first half sales are 30% ahead at more than £24m and gross margin has improved.

MAIN MARKET

Standard list shell Alteration Earth (ALTE) is seeking an acquisition in the clean technology or energy sectors. The plan is to do this within 24 months of admission. The shell raised a total o £1.26m by issuing nine million shares at 4p each and nine million shares at 10p each. The share price ended the first day of trading at 30p, but the bid offer spread was 10p/50p. The deal would need to make the enlarged group worth a minimum of £30m.

Hamak Gold Ltd (HAMA) says two rock chip samples from the Nimba licence in Liberia show grades of 45.5g/t and 37.3g/t. These are located where gold in soil anomalies were reported. There are assays to come from channel sampling of surface exposures.

Andrew Hore

Quoted Micro 11 April 2022

AQUIS STOCK EXCHANGE

NFT Investments (NFT) is not going ahead with the acquisition of crypto tech and operations company Pluto Digital Assets and trading in the shares has recommenced. NFT had cash of £21.9m, having made seven investments, and net assets of £34.4m, 3.43p a share, at the end of 2021.

National Milk Records (NMRP) is linking up with another former Milk Marketing Board business Genus (GNS). National Milk Records will provide the fully listed animal breeding company with multi-panel genomic testing and evaluations. The two firms have been part of a process to map the DNA of the worst cows and bulls in terms of environmental impact. Farmers will be able to choose to breed cows with lower impact and highest milk yields. The initial contract lasts for five years.

Asimilar Group (ASLR) has joined the Access segment of the Aquis Stock Exchange. The technology investment company hopes that this will improve share liquidity. The AIM-quotation is being maintained but may be terminated to save money if the new quotation is successful.

Rogue Baron (SHNJ) has signed two new distribution deals. Oak and Still will distribute Shinju whisky in the UK from April 2022. Beverage Hunters will be the distributor in Spain from May.

Vanadium flow batteries technology developer Invinity Energy Systems (IES) has successfully concluded a validation programme by Korea-based Hyosung Heavy Industries and signed a non-binding memorandum of understanding for a global partnership and exclusivity in Korea.

Talent management and livestreaming company All Things Considered (ATC) increased revenues and other operating income by 23% to £9.9m in 2021. The loss is likely to be £2.8m. There was £4.4m in cash at the end of 2021. The live music market continues to recover. All Things Considered has invested $6m from a short-term promissory note into a new company focused on music digitisation and blockchain technology. This is a minority investment out of a total of $80m. The full year figures should be published in May.

Chapel Down Group (CDGP) has been appointed as the official sparkling wine supplier to the English Cricket Board. The company’s sparkling wines will be given to the winners of internationals and domestic finals.

Cadence Minerals (KDNC) says that iron ore stockpile shipments have started from the Amapa project in Brazil.

Eastinco Mining (EM.P) has discovered 16 new pegmatite zones following geochemical sampling at its HCK joint venture in southern Rwanda. This takes the total to 18.Surface geological exploration is underway at Musasa.

Clean Invest Africa (CIA) has renegotiated its loan facility and the £5m deemed to be outstanding has been changed into convertible loan stock that is convertible into shares at 1p each. There will be immediate conversion of £4.47m of loan notes.

Gunsynd (GUN) invested £75,000 into First Tin (1SN) at the placing price of 30p, having already invested £125,000 at 15p a share. The share price ended the first day at 30p.

AIM-quoted Vela Technologies (VELA) has acquired a 28.8% stake in healthcare and medtech firm Igraine (KING) for £404,000 or 1.8p a share. Richard Edwards had previously sold his 10.3% stake.

Giles Brand has increased his stake in EPE Special Opportunities (ESO) from 32.1% to 33.4%.

Aquis Exchange (AQX) non-exec chairman Glenn Collinson has bought an initial stake of 12,003 shares at 512p each. Shepherd Neame (SHEP) director Richard Oldfield has bought 25,000 shares at 837.4p each and 15,000 shares at 835.35p each. Hot Rocks investments (HRIP) non-exec chairman Brian Rowbotham bought 715,000 shares at 0.7p each and he owns 3.5%. Non-exec director Charles Vaughan has taken his stake to 2.53% after purchasing 1.5 million shares at 0.65p each.

AIM

The London Stock Exchange says that Arden Partners (ARDN) will lose its nominated adviser status if the merger with legal services provider Ince (INCE) goes ahead.

The Property Franchise Group (TPFG) revenues more than doubled to £24m, while pre-tax profit jumped from £4.77m to £6.42m thanks to the acquisition of rival Hunters Property. There is more to come. More financial advisers are being recruited and more of the franchisees are taking advantage of the services. The total dividend of 11.6p a share was higher than expected.

Belvoir Group (BLV) generated organic revenue growth of 25% last year. In 2021, pre-tax profit jumped from £7.5m to £10.3m, while the dividend is 8.5p a share. Management expects the residential sales part of the business to return to normal levels following the ending of incentives, while the lettings and financials businesses continue to grow.

Gaming machine monitors and consoles supplier Quixant (QXT) generated 2021 revenues of $87.1m, while pre-tax profit was $5.4m. Net cash is $17.6m. Screens supplier Densitron achieved the highest sales since it was acquired. Revenues are increasing from higher value added products.

Trading levels of most of the businesses of Tracsis (TRCS) have got back to previous levels, although the traffic data division recovery was delayed. In the six months to January 2022, group revenues were 31% ahead at £29.2m, while underlying pre-tax profit improved from £4.1m to £5m. The interim dividend is 0.9p a share. The recent US acquisition provides a customer base in the US, which is not as far advanced in terms of rail optimisation software as the UK.

Freight forwarding and transport services both improved their profit contribution to Xpediator (LSE: XPD) in 2021. The warehousing and logistics profit slumped due to problems in the UK. Pre-tax profit rose by one-quarter to £9.1m in 2021. The total dividend was reduced to 1.1p a share. A special dividend is a possibility this year, though. A new chief executive is still being sought.

Ecommerce technology provider Attraqt (ATQT) increased full year revenues by 9% to £22.9m but continued to lose money. There was £3.5m in the bank at the end of 2021 and management hopes to be cash neutral in 2022.

SourceBio International (SBI) grew Covid-19 testing revenues and core divisions also improved revenues during 2021. Group revenues grew from £50m to £92.5m, but they are expected to decline to £39.5m in 2022. That masks sharply higher core revenues partly due to a recent acquisition. The Covid testing labs can be converted to other uses.

Floorcoverings supplier Likewise (LIKE) says that first quarter of 2022 is ahead of budget. The Birmingham logistics site is up and running. The latest acquisition is Delta Carpets, which is earnings enhancing.

Anglesey Mining (AYM) has made the switch from the Main Market to AIM. It had been listed since May 1988. The company’s main asset is the 100%-owned Parys Mountain copper lead zinc deposit in Anglesey, north Wales. Other assets include a 20% interest in the Grangesberg iron project in Sweden. There is a right of first refusal to increase the stake to 70%. The share price moved up by 0.01p to 4.06p on the first day of trading on AIM.

MAIN MARKET

First Tin (1SN) raised £20m at 30p a share and ended the first day of trading at 30p (29p/31p). First Tin issued 60 million shares to acquire Taronga Mines, which owns Australian tin mining assets. The company already owned German tin projects. The cash raised should last for 18-24 months.

Radiology services provider Medica Group (MGP) had a much stronger second half to 2021. Revenues from elective surgery where slightly lower in the first half because of the effect of lockdowns and restrictions. The 2021 group revenues improved from £12.5m to £17.3m as surgery activity built back to previous levels. In 2021, group revenues improved from £36.8m to £61.9m, while underlying pre-tax profit increased from £4.74m to £11.5m. That excludes £4.13m of non-underlying costs, including amortisation, share based payments and one-off professional fees of £555,000. Net cash was £3.88m at the end of 2021. There is potential contingent consideration of £6.89m. The total dividend is 5% higher at 2.68p a share.

DG Innovate (DGI) completed its reversal into Path Investments. The company was acquired for £32.4m in shares issued at 0.6p each and has two operations. The first is developing electric drive technology and the other is developing sodium-ion batteries. The £2.55m raised at 0.5p a share, plus the £2.08m raised from warrants exercised at 0.25p each, will help to commercialise these technologies. The share price ended the first day at 0.34p, which is higher than the suspension price.

Ajax Resources (AJAX) is a shell seeking energy and natural resources assets and it raised £1.34m at 4p a share. The shares ended the week at 4.75p. The pro forma net assets are 2.6p a share. Management is seeking production that provides cash flow and/or strong exploration potential in known resources areas.

Aura Renewable Acquisitions (ARA) is a new shell seeking acquisitions in the renewable energy sector and it raised £1m at 10p a share. It ended the first day of trading at 17p. Pro forma cash is 8.4p a share. The founder shareholder is Harmony Capital Investments, which is behind the management of AIM-quoted, Asia-focused investment company Jade Road Investments Ltd (JADE), where Aura chairman John Croft is executive chairman. Aura is targeting is a range of businesses in areas such as wind, solar, biomass, hydro, carbon capture, waste management, smart grids and hydrogen supply.

OTHER MARKETS

Cyprus listed FOS Holdings has appointed Nick Kounoupias as chief executive. He is a solicitor with his own intellectual property consultancy. The film and entertainment company is planning a complex of five studios in Cyprus between Limassol and Larnaca, plus studios in other locations around the world. EU grants will help the funding of the studio complex, but other funding will need to be secured. FOS also plans to make three films a year.

Andrew Hore

Quoted Micro 28 March 2022

AQUIS STOCK EXCHANGE

Arbuthnot Banking (ARBB) returned to profit in 2021 and it is paying a final dividend of 22p a share, having already paid 37p a share for the financial year. Net assets are 1315p a share. Slater Investments has a 7.05% stake.

S-Ventures (SVEN) is acquiring Market Rocket Ltd, which is a digital agency that helps brand owners to sell their products, for an initial £2.25m. There could be further shares issued if performance targets are met. In the year to March 2021, revenues were £500,000 and this year they will be much higher. This is a profitable business.

British Honey Company (BHC) has raised £540,000 after expenses at 80p each. This cash will finance product development, costs related to reducing expenses and fund growth. Mark Jones has been permanently appointed as chief executive. The company is changing its name to Union Distillers.

Vulcan Industries (VULC) is acquiring Aftech, a sheet metal fabrication company, for £1.55m in shares issued at 1.257p a share, plus 24.7 million warrants exercisable at 3p a share. Services provided include laser cutting, bending and forming and the acquired business fits well with existing subsidiaries. In the year to November 2021, Aftech generated revenues of £1.18m and EBITDA of £266,000 and it has debt of £155,000.

AIM-quoted Asimilar (ASLR) plans to join the access segment of Aquis on 4 April. The technology investment company focuses on areas including big data, machine learning and Internet of Things. The corporate adviser is Oberon Capital. Chris Akers has a 6.88% stake and Nigel Wray a 9.43% shareholding. Net assets were £41.5m at the end of September 2021.

VVV Resources (VVV) has signed a conditional agreement to acquire a company that owns the Mitterberg copper project in Austria and a 49% stake in the Shangri La polymetallic project in Western Australia, which takes VVV’s share to 100%.

EPE Special Opportunities (ESO) increased its NAV from 437.6p a share to 455.7p a share in the 12 months to January 2022. However, the Luceco share price has fallen back since then. The Luceco stake was reduced to 22.1% last year. Cash was £27.6m at the end of January.

Capital for Companies (CFCP) had cash balances of £4.19m at the end of February 2022. Net assets were 68.4p a share, following the payment of 1.5p a share dividend on 3 March.

Jason Brewer has joined the board of All Star Minerals (ASMO) and been appointed as chief executive. The acquisition focus has switched to near-term production and revenue generating mining assets.

AQRU (AQRU) has entered a partnership with institutional lending platform owner Maple Finance, which will offer AQRU customers enhanced yields in decentralised finance. Yields could be up to 15%. The offering will be integrated into the AQRU mobile and web-based platform.

Clean Invest Africa (CIA) has obtained a new strategic investor and there could be more to come. Ramin Salsali has invested £302,276 at 0.5p a share to take a 4.67% stake. He believes that the CoalTech technology can help to solve the problem of 33 billion tonnes of toxic coal fines. The technology can also pelletise other materials. Several testing phase projects are at an advanced stage.

AIM

Cyber security software supplier Kape Technologies (KAPE) reported 2021 figures in line with its trading statement with pre-tax profit of $75.2m. This was without any significant contribution from the ExpressVPN acquisition, which was made at the end of the year. Pre-tax profit could more than double to in excess of $150m this year.

Geospatial software provider IQGeo (IQG) beat expectations for 2021 with a much lower loss of £2.7m. Annualised recurring revenues were £8.2m. This year the company should move towards breakeven.

Restaurant operator Tasty (TAST) bounced back into profit last year. In the 52 weeks to 26 December 2021, revenues improved from £24.2m to £34.9m. There was £11m in the bank at the end of 2021 and there are £1.25m of borrowings to offset against this. Even if deferred payments are taken into account, then underlying net cash is still £6.8m. Net assets are £1.9m.

Peel Hunt has upgraded its 2022 forecast for promotional goods platform operator The Pebble Group (PEBB) following the recent 2021 figures. Even so, pre-tax profit is forecast to dip from £10.2m to £9.9m.

Leather processor Pittards (PTD) returned to profit in 2021, but cost increases mean that WH Ireland has reduced its 2022 pre-tax profit forecast. Pre-tax profit is expected to be flat at £500,000. Net assets are 101.9p a share.

AI-enabled wound imaging technology developer Spectral MD (SMD) has made excellent progress since floating last year. Studies of the DeepView system have been positive. The technology enables earlier intervention to help wounds heal quicker than they would have done. A validation study for patients with diabetic foot ulcers is planned and could lead to an application for FDA clearance by the end of the year.

Judges Scientific (JDG) increased pre-tax profit from £13.7m to £18.1m in 2021. Revenues recovered in all geographical regions. The order intake in the first eleven weeks of this year is slightly ahead of the 2021 figure. Net cash is £1.4m and cash generated from operations will mean that the cash pile will build up ahead of any acquisitions.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LSE: LUCE) reported an increase in 2021 underlying pre-tax profit from £28.7m to £37.4m on revenues increasing from £176.2m to £228.2m. The total dividend was raised from 6.2p a share to 8.1p a share and it is more than twice covered by earnings. Luceco has moved into the electric vehicle charging market with the purchase of residential EV charge point supplier Sync EV for £10m – it already had a 20% stake, so the latest outflow is £8m. Annual revenues are £4m.

LeakBot reversed into Spinnaker Acquisitions to form Ondo Insurtech (ONDO). The total cost is £9.8m made up of cash of £1.6m, loan notes of £6.4m and 15 million shares issued at 12p each, including 1.36 million shares issued to Ondo Insurtech chief executive Craig Foster. The LeakBot device uses internet of things technology to identify leaks and stop them before they become more substantial. The core client base is home insurers, which can save money on claims. The share price started at 10.5p and fell to 9p by the end of the week.

RC365 Holding (RCGH) was set up to acquire Hong Kong-focused Regal Crown UK, which has developed payment gateway technology and provides other IT services. The holding company raised £2.02m at 6.2p a share, although £800,000 went on float expenses. The shares ended the week at 7p.

Beacon Rise Holdings (BRS) is the latest standard list shell, and it is highly illiquid with most of the shares owned by nine shareholders. On Sharepad.co.uk there are no trades reported, and the bid/offer spread is 100p/400p. That suggest a mid-price of 250p or a notional 150% gain – although the bid price is equal to the subscription price. Pro forma net assets equal the cash of £744,000.

Andrew Hore

Andrew Hore – Quoted Micro 10 February 2020

NEX EXCHANGE

Wheelsure Holdings (WHLP) is in discussions with providers of additional finance. Sales increased and costs were reduced in the year to August 2019. Two-fifths of sales come from Transport for London, where the Tracksure locking device is mandatory for one application.

The transfer of the exploration licence for the area surrounding the Hellyer gold mine to NQ Minerals (NQMI) has been approved.

Gunsynd (GUN) says that its 6.18%-owned investee company Brazil Tungsten is short of cash and needs to raise money at a discounted share price or go into administration. The value of the investment has already been written down and it is in the balance sheet at £400,000, which is 17% of Gunsynd NAV. This could be written down to nil.

Smaller company investor Gledhow Investments (GDH) made a £110,000 gain on disposals after overheads. The NAV was £884,000 at the end of September 2019, compared with a market capitalisation of £500,000 at 0.95p/1.25p. There was cash of £125,000 at the end of September 2019. This was before the £95,000 gain (£220,000 proceeds) on the disposal of shares in Yolo Leisure and Technology, now Asimilar (ASLR), and the takeover proceeds of £81,000 for Netalogue Technologies.

Rutherford Health (RUTH) has treated more than 100 cancer patients at its proton beam therapy centres.

IamFire (FIRE) has reduced non-core costs and is seeking acquisitions that do not require a lot of capital. The hydrocarbon licences in Botswana have been relinquished. An interim profit was reported, but there was a £88,000 cash outflow from operating activities because trade payables were reduced.

Gowin New Energy 2% preference shares (GWPT) have been admitted to NEX. Up to £5m of preference shares will be issued. The cash will be loaned to the tea business of 15%-owned Goyoung International.

AIM

Telecoms hardware manufacturer Filtronic (FTC) reported lower interim revenues from continuing activities but margins improved because of a change in product mix. Capacity is being increased at the Sedgefield factory. There was £121,000 in the bank at the end of November 2019. That is before the $5.5m from the disposal of the antennas business. Growth is coming from defence and mmWave (X-Haul products) that are used in the 5G mobile market.

More good news from Touchstone Exploration Inc (TXP) as the results of the test well at Cascadura were better than expected. The rate during the test was more than 5,000 barrels of oil equivalent per day. There will be a pressure build up test. There should be further news in March. Shore has increased its risked NAV estimate by one-fifth to 48p a share.

Andalas Energy and Power (ADL) has appointed Leslie Peterkin as chief executive and Mark Rollins as chairman. They have experience in the oil and gas sector. Andalas also raised £525,000 at 0.15p a share, which was a 20% premium to the market price, and most of the cash came from the two men. Dr Robert Arnott and Simon Gorringe have stepped down from the board. The company is changing its name to Advance Energy.

DP Poland (DPP) increased system sales by 13% last year with 3% like-for-like growth. The pizza stores operator improved its performance during the year and there was an acceleration of growth in the second half. DPP has 69 stores with six opened last year. There was still £3.6m left in the bank at the end of 2019.

Volvere (VLE) has made another food manufacturing acquisition. Essex-based Indulgence Patisserie is in administration and the desserts maker is costing £1.25m. Freehold premises and equipment is being acquired. The business lost £230,000 on revenues of £3.3m. Volvere already owns pie maker Shire Foods, which has an overlapping customer base.

PCI-Pal (PCIP) says interim revenues were 70% higher at £2m. Total annual contract revenues are £5m. There is a small net debt figure with a further £1.25m of facilities. The PCI compliant payment services provider will still lost money this year.

Mergers adviser K3 Capital (K3C) reported improved interim figures even though trading conditions remained tough. A full year pre-tax profit of £7.4m, similar to two years ago, is forecast. The interim dividend was raised from 3.6p a share to 3.7p a share and the total dividend is expected to increase from 7.6p a share to 11.4p a share. If K3 can maintain its interim margins, then the full year outcome could be better.

Argentina-based oil and gas producer President Energy (PPC) had a disappointing 2019 with revenues declining by 13% to $41m because of an oil price cap. The company traded at breakeven. A return to a significant profit is expected in 2020.

Greatland Gold (GGP) says that maiden drilling at Derby North on the Warrentinna project in Tasmania has intersected high-grade gold mineralisation. This is more good news following the plans to announce a maiden resource for Havieron before the end of this year. NCM has spent enough money to earn a 30% stake in Havieron. This will be increased to 40% after another $10m of spending.

MAIN MARKET

Nuformix (NFX) says that it still has not received the £2.5m it is owed by NSB. Despite assurances the money has not been paid and the therapeutics company’s contact has been dismissed. Dave Tapolczay has resigned as chairman.

Standard list shell Stranger Holdings (STHP) had £100,000 in the bank at September 2019 and it has started the fundraising process for the reverse takeover of two companies with technology mineral assets in Africa and the US.

Social media company Iconic Labs (ICON) is generating revenues and has relaunched the Gay Star N website, which is trading better than expected. Icon is still trying to sort out its historic financing agreements and difficulties. Additional facilities have been provided by the existing finance provider, which has agreed to reduce previous amounts owed by 30%. Again, though, the new finance is in the form of convertibles, so yet more shares are likely to be issued.

Landscape Acquisition Holdings (LAHL) expects the proposed acquisition of AP WIP Investment, which generates rental income from wireless telecom assets, in early 2020. There is $501m in the bank and the acquisition should cost $333m.

Andrew Hore

Andrew Hore – Quoted Micro 13 January 2020

NEX EXCHANGE

NQ Minerals (NQMI) says that in 2019 the Hellyer mine in Tasmania produced 24,980 tonnes of lead concentrate, 15,646 tonnes of zinc concentrate and 77,853 tonnes of pyrite concentrate. Metal recovery has improved with average lead recoveries of more than 50%. The focus will be on generating lead revenues. Additional high-grade underground resources have been acquired from Bass Metals, which was subleasing the area. The purchase includes 1.175 million tonnes of underground JORC resources.

Inqo Investments Ltd (INQO) is investing natural insecticide developer Kentegra Biotechnology. The Kenya-based company produces pyrethrum, a natural ingredient from the chrysanthemum flower for use in the home, agricultural and pharma markets. There is a shortage of supply of pyrethrum, which can only be produced in a limited number of places around the globe. There is a move away from synthetic versions of the ingredient.

Panther Metals (PALM) has completed its move to the standard list.

Black Sea Property (BSP) has raised €4.79m via a placing at 1.1 cents a share. The cash will be used for property investments. Mamferay Holdings, which is owned by majority shareholder Phoenix Capital Holdings, is swapping €1.4m of debt for shares at the same price.

Equatorial Mining and Exploration has changed its name to Eastinco Mining and Exploration (EM .P).

Wishbone Gold (WSBN) says that the 100p-for-one share consolidation will take effect on 21 January.

EPE Special Opportunities Ltd (ESO) reported a NAV of 273.9p a share for the end of 2019.

AIM

Packaging equipment supplier Mpac (MPAC) says that the 2019 profit is going to be much better than expected. The pension deficit should be eliminated by 2024.

Ultrasound simulation equipment developer Intelligent Ultrasound (MED) expects its 2019 revenues to grow to between £5.7m and £5.9m. There will be a slightly higher loss due to higher development spending. There was £7.3m in the bank at the end of 2019. The agreement signed with FUJIFILM SonoSite Inc will help sales this year in the training market.

Shield Therapeutics (STX) has licenced its Ferracru/ Accrufer iron deficiency treatment to Beijing Aosaikang Pharmaceutical for an upfront payment of $11.4m. This means that there should be net cash of £7.5m at the end of 2020. A further $11.4m payment is due when the treatment gains approval in China, following a clinical trial funded by the licensee, possibly in 2023. There could be further milestone payments of up to $40m depending on sales. Ongoing royalties on sales will be 10% or 15%,

Biopesticide products developer Eden Research (EDEN) says that its three EU-registered active ingredients have been approved for use in organic farming. A one-year exclusive agreement with Corteva Agriscience, will give the company time to evaluate Eden’s Sustaine encapsulation technology for use with seeds. Coreva could be granted exclusive distribution rights in the EU, Turkey, Russia and Ukraine.

Accrol Group (ACRL) management believes it has turned the fortunes of the toilet paper manufacturer around. Even so, it still lost £3m in the six months to October 2019. Net debt was £24.8m and this could fall to £20m by the end of April.

Telecoms services provider Maintel (MAI) has warned that public sector contracts continue to be delayed. finnCap has cut its 2019 pre-tax profit forecast from £10.4m to £8.1m, while the 2020 estimate has been reduced by one-quarter to £8.8m.

Software company CloudBuy (CBUY) wants to leave AIM and it expects to save £100,000 a year in overheads. Lyn and Ronald Duncan subsequently sold 11.1 million shares at 0.414p each. The share price has fallen but it is still 0.6p.

Promotional products software supplier Altitude Group (ALT) has signed a strategic alliance with the Advertising Speciality Institute, which will use its software platform.

Surface Transforms (SCE) expects more contract announcements with OEMs this year. In the seven months to December 2019, revenues were £1.45m, nearly treble the same period in the previous year, but lower than expected due to delays. The new financial year end is March. There was £768,000 in the bank at the end of 2019 and a further £425,000 has already been received.

Asimilar Group (ASLR) has raised £6.8m at 40p each. This will be received in two tranches. Formerly known as YOLO, the company will invest the cash big data, machine learning, telematics and internet of things businesses.

MAIN MARKET

Avation (AVAP) has started a strategic review, which could include the sale of the aircraft leasing business. Avation has 49 aircraft with an average fleet age of 3.7 years. It has also purchased a spare engine that can be leased.

InnovaDerma (IDP) grew interim revenues by 28% to £5m. This represents a slowdown in growth in the later part of the period and is slightly lower than expected. Skinny Tan was responsible for most of the growth. The second half will benefit from the launch of new skincare products in Superdrug.

Pembridge Resources (PERE) says its Minto Explorations business has received a $5.4m payment for copper concentrate produced during December. The Minto mine produced 2,247dmt of copper concentrate in the fourth quarter 2019.

BATM Advanced Communications (BVC) says that its molecular diagnostics business Ador Diagnostics has received its first commercial order from an Italian customer for meningitis testing.

Andrew Hore

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