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Quoted Micro 15 June 2026
AQUIS STOCK EXCHANGE
Sterling Digital (ASIC) has entered a gas purchase agreement with a US supplier to power the Bitcoin mining operations in West Texas. The agreement lasts five years and includes the rights over 1.5 acres of land to establish the Bitcoin mining site. There is a minimum buying commitment of 96,360MMBtu of gas each year. Site installation works have commenced.
energy B (NRGB) is acquiring the 35% working interest in the Horse Hill oil field near Gatwick owned by UK Oil and Gas (UKOG), as well as the 77.9% shareholding in Horse Hill Developments. The combined interest in the relevant licences is 85.6%. The cost is £1m with an initial deposit of £100,000. A placing will raise £1.2m at 12p/share. This deal is part of plans to build a portfolio of oil and gas projects, as well as continuing with the wind turbine business. The Bitcoin treasury strategy has been withdrawn. David Lenigas is joining the board as executive chairman and Neil Ritson becomes chief executive.
Mendell Helium (MDH) has published updated details of its move to AIM. The move has been set for 16 June.
BWA Group (BWAP) has released results from the Aracari gold project ground magnetic survey. Major regional thrust and strike-slip faults were highlighted. A soil sampling programme has been completed.
Marula Mining (MARU) says copper sales from the Kinusi copper mine have been delayed from May to June. The Kilifi manganese processing plant postponed the initial manganese ore trial shipment due to the conflict in the Middle East. The budget for the NCLT tungsten project in South Africa has been set at $8.1m. This will be spent in two phases over 14 months. The first phase costs $2m.
Capital for Colleagues (CFCP) investee company Morris Commercial has unveiled the pre-production Morris-JE electric van. There is a path to pilot production in 2027 and commercial scale production the following year.
Wishbone Gold (WSBN) has completed 14 holes of the 25 hole drilling programme at the Red Setter project in Western Australia. Samples are being sent to Perth and results are expected at the end of July.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced a field works programme at the Golden Rose project in Newfoundland.
Falconedge (EDGE) has generated an income of 0.1766 Bitcoin during May. It holds 20.6736 Bitcoin.
Ethtry (ETHY) bought 75 Ethereum at £1,250 each for a total cost of £93,750. The company owns 1,000 Ethereum.
Unicorn Asset Management has reduced its stake in Incanthera (INC) from 9.47% to 8.61%.
Sebastian Marr and family have taken a 16.1% stake in Vaultz Capital (V3TC). Regent Resources Capital Corp owns 17.6%. Bryan Reid has sold his 7.28% shareholding.
Mark Barry has taken a 3.6% stake in Vault Ventures (VULT).
ASSET MATCH
Broker Direct (BRKD) fell into loss in 2025. The company stopped distributing EDI products to brokers and it launched new products for its clients. Revenues declined from £18m to £14.5m. There was a swing from a pre-tax profit of £368,000 to a loss of £1.85m. Cash was £11.5m at the end of 2025.
Marshall of Cambridge (MCH) has announced more details of the sale all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The gross purchase price is £200m before costs and tax. There is potential for further payments if the development outperforms expectations. This enables the company to focus on the aerospace business, although there are plans to sell this. Equity Development estimates a mid-point NAV of 324p/share.
VP Fintech Group (VPF) plans to acquire GlblNexus Inc. The Wyoming-based company is developing a crypto-to-crypto payment gateway designed to for digital asset payments, settlements, and blockchain-based transaction processing. The cost is currently confidential.
AIM
Marketing services provider Silver Bullet Data Services (SBDS) is asking for shareholder approval for a departure from AIM. It argues that the weak financial markets mean that the company is undervalued and hampers its ability to raise money. This will also save £500,000 each year. A general meeting will be held on 25 June. A matched bargains facility operated by JP Jenkins will operate for at least 12 months.
Virgin Wines (VINO) says full year revenues are 4% ahead even though the wine retail market is down by one-fifth. The fourth quarter was slightly weaker than expected. Higher rent costs and lower interest income have led to an increase in forecast 2025-26 loss to £1.5m. Warehousing is being consolidated in Preston. Cavendish expects a lower loss in 2026-27 and forecast net cash of £4m at the end of June 2027 should be the low point.
Genetic testing developer GENinCODE (GENI) reported 14% growth in 2025 revenues to £3.1m, but investment in preparation of growth in the US and other markets meant that the loss increased. There was a £4.12m cash outflow from operating activities during the year. Earlier this year, £4.3m net was raised at 1p/share, so there is enough cash to take the business into 2027. This year the new manufacturing and distribution deal with Thermo Fisher will start to make a contribution and an FDA submission for the CARDIO inCode-Score test assessing coronary genetic risk is expected in the third quarter. If things go to plan approval could be received by the end of 2026. Updated guidelines for this type of test were announced in March, and they should provide additional momentum for sales. This year Spain will continue to be the main generator of revenues, but GENinCODE is laying the foundations for additional growth in other markets next year. Ian Amiee, Daryl Amiee and Doolittle SSAS account Amiee has acquired a 3.06% stake.
Professional project services provider Diales (DIAL) management says the company’s turnaround is complete with legacy issues sorted out and selective hiring will help to maintain growth. Europe and North America were the main engine of growth in the first half. Interim revenues were 10% ahead at £23.7m and pre-tax profit improved from £700,000 to £1m, even after a £500,000 impairment charge. The gross profit margin rose from 26% to 29%. Utilisation levels dipped from 71.4% to 70.2%, although there was improved utilisation in Asia Pacific which moved back into profit on lower revenues. Revenues and profit were lower in the Middle East. Net cash was £3.9m at the end of March 2026. Full year pre-tax profit is expected to improve from £1.4m to £1.5m reflecting caution concerning global uncertainty.
Pri0R1Ty Intelligence (PR1) generated revenues of £174,000 in the year to September 2025 and the underlying loss was £3.3m. Cash was £796,000 at the end of September 2025. So far this year contracted revenues are more than £400,000. Prior to the results announcement the company announced an unsecured convertible loan note of £1.25m, and an At-The-Market facility will enable repayment of the convertible through share issues. The cash will provide working capital.
Capital machinery supplier Mpac (MPAC) is selling its subsidiary Lambert and trading remains tough. Lambert produced specialist packaging lines and differed from the rest of the business which supplies more standardised capital equipment. Lambert lost money last year, but it is expected to return to profit in 2026. Italy-based Mech.i. Tronic is paying an initial £16m for Lambert with up to £4m more depending on performance in 2026. This deal is part of the reason behind a sharp cut in the 2026 pre-tax profit forecast, but there are also tough trading conditions putting pressure on margins.
Shares in skin treatments developer SkinBioTherapeutics (SBTX) returned from suspension after the restated annual results and the most recent interims were published following an investigation in the financial affairs of the business. Royalty revenues of £770,000 were inappropriately recognised in 2024-25 due to fabricated documentation. That and the timing of bonuses hit past profit. Bonuses paid to Martin Hunt and Dr Cathy Prescott have subsequently been repaid. Interim revenues improved from £1.58m to £2.17m, while the loss was reduced from £1.04m to £794,000, but that was due to a £250,000 write back of contingent consideration.
Podcast platform operator Audioboom (BOOM) has concluded its strategic review. There were three potential bidders, but they were deemed to be undervaluing the business. First quarter revenues were a record and a 2026 pre-tax profit of $6.5m is forecast.
Atome Energy (ATOM) says that a presidential decree relating to the fixed price power purchase agreement with ANDE in Paraguay has been revoked. This means that there is uncertainty about the electricity tariffs for the Viletta fertiliser production project.
Medpal AI (MPAL) says that the UK regulatory approval of the first oral GLP-1 receptor agonist tablet developed by Novo Nordisk has come earlier than expected and this will provide a boost for the company’s New Health weight management clinic. It broadens the potential market.
Mindflair (MFAI) says CameraMatics, an investee company of Sure Valley Ventures, is raising up to €49m and Sure Valley Ventures first fund is realising part of its investment. This means that Mindflair, which invests in the fund, will receive a share of €280,000 in cash and will have a €320,000 working capital facility repaid. It also owns 24.4% of Sure Ventures plc which will receive €880,000.
Thor Energy (THR) has achieved impressive results from the phase 2 soil-air geochemistry survey at the HY-Range project, where it has a 80.2% interest, in South Australia. Peak natural hydrogen recorded was 0.3%, which is much higher than previous readings and the normal background levels. Exploration targets are being identified. Detail will be added by a 2D seismic survey.
Corporate finance business Marechale Capital (MAC) has obtained FCA approval for the acquisition of Stanford Capital Partners.
Great Western Mining Corporation (GWMO) shares will start trading on the US OTCQB market today and they should be attractive to US investors because of the mining assets in Nevada.
MAIN MARKET
Ground engineering and piling business Keller (KLR) has won an order for the I-40 highway in the US. This valued at $207m, taking the total work on the highway to $380m, of which $70m has been completed. The total order book is worth £1.9bn.
Seraphim Space Investment Trust (SSIT) has made another large book gain on a mature investment. ICEYE is valued at more than €10bn following the latest fundraising. Based on this the value of the holding has more than doubled to £202m. The increase is equivalent to 73p/share.
Cindrigo Holdings (CINH) has completed subsurface analysis and reservoir modelling for the Eich Hamm geothermal licence area. The estimated exploitable energy is 50% higher at 157.8MW, plus 7,230 tonnes per annum of lithium carbonate equivalent could be produced.
Neo Energy Metals (NEO) has suspended finance director De Wet Schutte after a misconduct allegation, although it does not relate to financials.
Andrew Hore
Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 13 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL), which is changing its name to Serval Resources, raised £34,000 in its retail offer at 22.5p/share, which is below the maximum level of £300,000. It is acquiring Kalahari Copper and moving to AIM on 27 April.
Digital assets investor Valereum (VLRM) has received confirmation that the $300,000 cash element of the coupon is being paid in instalments over four days. Further amounts due from strategic partner Quorum Global Photonics (QGP), which is a 49.7% shareholder, are expected to be paid under the $200m royalty and streaming financing agreement. Pieter Scholtz and Gerhard Kotzee are directors of both companies.
Wishbone Gold (WSBN) plans to acquire the Silver Lake project in Western Australia. Before that happens, historic data will be further analysed. If it goes ahead 3.57 million shares will be issued for the acquisition.
Hot Rocks Investments (HRIP) has made new investments in Central Gold, Futuro Resources and Cobra Resources (COBR). Investee company Mendell Helium (MDH) is moving from Aquis to AIM, and 49%-owned Sunshine Gold Capital has been granted a third tenement as part of the Dexter gold project, which is near to two existing gold mines in Western Australia.
Stack BTC (STAK) made a loss of £110,000 in the six months to January 2026. There was cash of £51,000 at the end of January 2026 and since then £4.28m has been raised. There have been 31 Bitcoin acquired. The focus is finding a business to acquire.
Ethtry (ETHY) has spent £100,000 to buy 66.6737 Ethereum. It owns 816.6737 Ethereum.
Cooks Coffee Company (COOK) was franchisor of the year (expanding food and non-food) in the 2026 Irish Franchise Association Awards, and a franchisee was named franchisee of the year.
Shepherd Neame (SHEP) non-exec director George Barnes bought 2,173 shares at 458p each. Falconedge (EDGE) chief executive Roy Kashi and family have bought 2.9 million shares for an average of just over 1p each. The total holding has risen to 6.45%. EPE Special Opportunities (LON: EO.P) directors Clive Spears and David Pirouet each bought 5,968 shares at 176p and 168p respectively.
TechFinancials has changed its name to Ubuntu Mining and Metals Inc (UNTU).
ASSET MATCH
Brewer Wadworth and Company (WAD) says 2025 accounts should be published later in April. Strong Christmas trading meant like-for-like sales were 7% ahead. Beer volumes were 16% higher in the first two months of the year as the company sold more of its beer via its own pubs. Like-for-like sales of the group are 4% higher, but margins are under pressure even though gas and electricity costs are set until 2029. One pub was sold in January.
AIM
RentGuarantor (RGG) growth is accelerating with first quarter revenues more than doubling to £880,000 and this has sparked an upgrade. New partners have been brought onboard. It is also offering a new product with mydeposits that combines insuring rent deposits with the rent guarantee service. Allenby has increased its 2026 pre-tax profit forecast by 26% to £300,000. This would be a maiden profit.
Van Elle (VANL) is recommending a 52.3p/share cash bid from STRABAG UK, which values the ground engineering company at £58.8m. The share price has not been that high for more than three years. The directors had talks with other suitors before receiving this bid approach. Vienna-based STRABAG provides construction services, and it was seeking to expand in the UK.
Alien Metals (UFO) says joint venture partner GreenTech Minerals has identified material upside potential for the Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia not included in the current mineral resource estimate of 24Mt @ 2.9 g/t PGE₄ for 2.2Moz. Alien Metals has a 30% interest and a free carry until completion of a bankable feasibility study. High grade zones have been identified and there is potential for open pit mining. The results of the maiden drilling programme should be announced later this month. Joint venture partner West Coast Silver has announced a 1,500 metre drilling programme for the Elizabeth Hill silver project in Western Australia.
Data analysis software and services provider Celebrus Technologies (CLBS) says full year revenues are broadly in line with expectations at $23.3m, down from $38.7m because of a change in business model, and the loss will be around $200,000. Annualised recurring revenues grew from $13.6m to $15m. Two bank customers sold off parts of their businesses, so their payments were reduced. Some expected deals at contracted stage were lost or delayed and Celebrus Technologies is improving its skills in winning new clients. Cash was $32m at the end of March 2026. Another loss is anticipated for 2026-27.
Mercantile Ports and Logistics (MPL) is pursuing legal remedies to regain control of port operating subsidiary, Karanja Terminal & Logistics. One bank did not sanction an agreement for a one-time settlement of company debt with the consortium of banks. The court has told the Committee of Creditors holding the company debt to consider an offer to redeem 100% of outstanding debt. There has been no progress and there are potential buyers interested in the assets. An international oil and gas company is a potential provider of funds to help redeem the debt. A meeting was held to consider Mercantile’s proposal on Friday 10 April.
The shares of Secure Property Development and Investment (SPDI) returned from suspension. The property company amended heads of agreement with energy storage technology developer Adven, which it is proposed will acquired SPDI, so it is not a reverse takeover anymore. Instead, Adven intends to join AIM and launch a share exchange for SPDI. Adven can then raise money via EIS.
Steppe Cement (STCM) has increased cement sales in Kazakhstan in the first quarter of 2026 to 344,058 tonnes, from 276,217 tonnes in the same period last year. The average price was one-fifth higher at around $57/tonne. Market share increased to 16%. Capacity is being increased and the final estimated cost is $35m.
Atome (ATOM) is in the final stages of negotiations for the funding of the Villeta fertiliser project in Paraguay. Definitive documentation with the equity consortium is expected by 17 April. The potential funders are likely to be at the IMF and World Bank spring meetings at that time.
Physiomics (PYC) has accepted a general meeting request from Michael Whitlow, who owns 13.7%, and the meeting is on29 April. Michael Whitlow wanted to appoint Nicholas Tulloch, Ian Bagnall, Martin Gouldstone (later removed) and himself as directors and remove Dr Jim Millen, Shalabh Kumar, Dr Tim Corn, and Dr Peter Sargent, as long as least two of the new directors are appointed. The board did offer to appoint two non-execs to replace two existing ones, but it felt that the remuneration requested was too high. The board believes that the disruption could hamper the ability to commercialise its IP. They are asking shareholders to vote against the resolutions.
Quantum Blockchain Technologies (QBT) says a court has stopped enforcement of a €6m plus damages award against Sipiem relating to the Mediapolis business. The company has not been able to enforce the seizing of property of a former Sipiem director because he has declared bankruptcy. The liquidation of Mediapolis is being completed and a further distribution of €132,000 is expected to be received by the end of June.
MAIN MARKET
Financial management software developer Aptitude Software (LSE: APTD) has decided to seek a potential purchaser as well as considering other options for the business. It is possible that other businesses would be sold to concentrate on Fynapse. The refocus on that product led to a 1% dip to £49.8m even though Fynapse sales were higher. Recurring revenues were £54.4m and operating profit was flat at £10m. Net cash is £21.2m. The dividend is 5.4p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for its PTSD programme. The patent covers a chemically distinct monoamine modulator series designed to modulate serotonin, dopamine and noradrenaline transporter systems (SERT, DAT and NET) and lasts February 2043.
Andrew Hore
Quoted Micro 29 July 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) reported its figures for the 16 months to January 2024. This includes a full contribution from the core luxury prize draw business and a few months of the shell it reversed into. Revenues were £2.39m and the loss was £3.98m, although that included costs of the reversal. The underlying business is losing money as it builds up the subscriber base. The recent £2m fundraising was after the balance sheet date, so there is plenty of cash to continue to add players. The number exceeds 30,000 and continue to rise. There are potential deals with media partners that could reduce the costs of subscriber acquisition by providing access to new people and only paying if they sign up to the Good Life Plus prize draws.
Interim figures of Arbuthnot Banking (ARBB) show a decline in interim profit as net interest rate margin was reduced from 6.1% to 5.2%. Pre-tax profit fell from £26.4m to £20.8m. Asset based lending profit did improve. Tangible NAV was 1396p/share.
Broker and investment manager Oberon Investments Group (OBE) increased revenues by 50% to £7.58m in the year to March 2024. There was still a loss of £2.88m, even after the £318,000 gain on a stake disposal. Additi9nal hires mean that overheads were much higher. NAV was £23.9m. Corporate finance income was slightly lower with the main growth coming from investment management. There has been a strong first quarter this year and signs of improving business. Like-for-like growth should be more than 30% this year.
Invinity Energy Systems (IES) has opened its manufacturing facilities in Motherwell. This will increase capacity for its energy storage technology to more than 500Mwh/year.
Rathbones has a 5.59% stake in Walls and Futures REIT (WAFR).
Stephen Bamford has reduced his stake in SulNOx Group (SNOX) to less than 3%, following a transfer of shares to his children. Gunsynd (GUN) executive director Donald Strang bought one million shares at 0.1215p each.
AIM
FRP Advisory (FRP) is benefiting from strong restructuring services demand and its corporate finance operations are trading better than many of its peers. In the year to April 2024, revenues were 23% higher at £128.2m, while pre-tax profit improved from £24.1m to £33.7m. The dividend was raised to 5p/share. Net cash is £29.7m. Since the year end, two acquisitions have been made: Southampton-based finance provider Hilton-Baird and Cardiff-based Lexington Corporate Finance. Even so, net cash could improve to m£32m by April 2025.
Order intake has weakened at scientific instruments supplier Judges Scientific (JDG) and there is no sign of this changing in the near term. There have also been delays of some projects. Organic revenues declined 3% in the first half. Demand from China has been weak. Some delayed work will come through in the second half. Even so, the full year pre-tax profit forecast has been cut by 10% to £30.3m, down from £31.7m last year.
Prospex Energy (PXEN) has secured a ten-year extension of the licence concessions for the El Romeral project in Spain. It can be extended for another ten years to 2044. Prospex Energy is trying to gain permission to drill more wells to provide gas to El Romeral so its electricity production can increase by one-third.
Shield Therapeutics (STX) chief executive Greg Madison is stepping down and non-exec Anders Lundstrom will take over on an interim basis. Iron deficiency treatment ACCRUFeR generated revenues of $6.9m in the second quarter, which was 69% higher than the previous quarter. This is a combination of more prescriptions and higher selling prices. The interim revenues are $11m. Cash is still flowing out of the business.
Energy supplier Yu Group (YU.) increased revenues by 60% in the first half and cash has increased to £86.8m. Lower prices mean that monthly average bookings have declined by 9% and that will hit operating margins. These factors mean that SP Angel is keeping its full year pre-tax profit forecast at £44.5m even though interim revenues grew much faster than expected.
Inspiration Healthcare (IHC) has finally signed the £3.3m Middle East contract it has been waiting for. The equipment should be shipped in the period to year-end in January 2025. This covers the majority of the revenues needed to be gained to achieve the full year forecast revenues of £41m. Earlier in the week, BGF Investment Management increased its stake to more than 21%.
Hydrogen and fertiliser projects developer Atome (ATOM) has signed heads of terms for a fertiliser offtake agreement with Yara. This covers the Villeta project in Paraguay. This will help to achieve full financing of the project by the end of 2024. The Villeta facility could produce 260,000tpa of fertiliser. Yara is the largest fertiliser and ammonia trader and the fertiliser produced at Villeta should be sold at a premium price.
Zephyr Energy (ZPHR) has completed the initial phase of testing of the State 36-2R LNW-CC well in the Paradox Basin, US. Peak production rates were 1,350 barrels of equivalent/day even though the well was choked back and constrained. There is a higher condensate yield than nearby wells and this will be attractive to Utah refineries. There is little water production. However, the natural fracture network may be partially obstructed. Zephyr Energy will try to remove drilling mud emulsions that could be blocking the fracture and that will cost a few hundred thousand dollars.
Healthcare services provider Totally (TLY) made a small loss in the year to March 2024, but it is expected to return to profit this year even though revenues are set to continue to decline. Annualised cost savings of £3.5m have been made. There have been delays to tender activity around the General Election, but this is changing. The investigation into the NHS should report in September and this could provide opportunities.
Aptamer (APTA) is raising £2.83m at 0.2p/share, which was a large discount to the market price. The cash is required to get the full potential from its Optimer binder technology. There are relationships with the top ten pharma companies and there is potential for licensing the technology in the next few years. The fixed cost base will be reduced from £3.5m to £2.9m.
Brighton Pier (PIER) has been hampered by poor weather. There was a 29% decline in footfall on Brighton Pier itself so this year’s revenues will be lower than expected. The other three leisure businesses are trading in line with expectations. Cavendish expects a 2024 loss after tax of £700,000.
Architectural and construction software provider Eleco (ELCO) generated organic growth of 12% in the first half. Overall interim revenues were 21% higher at £16.3m. Annualised recurring revenues are £25.8m. Cavendish is maintaining its full year pre-tax profit forecast at £4.8m. Profit has been held back by the move to SaaS-based income, but as this process matures it should accelerate.
Braveheart Investments (BRH) has increased its stake in Image Scan (IGE) from 5.21% to 7.22%,
MAIN MARKET
Thalassa Holdings (THAL) has taken a 9.94% stake in Surgical Innovations (SUN) and the share price recovered 23.1% to 0.8p, which values the surgical instruments manufacturer at £7.5m. Earlier this year, Thalassa chairman Duncan Soukup made initial restitution payments due to a loss on an investment in Tappit Technologies and he will pay up to £1.5m more. This means that Thalassa has cash to invest. Thalassa had a book value of 116p/share at the end of 2023.
Financial management software developer Aptitude Software (LON: APTD) is going through a period of transition. The current core product is AccountancyHub, but the newest product is Fynapse. The plan is to transfer one-third of the AccountancyHub customers to Fynapse by 2027, while also adding new clients. There is less need for complicated implementation processes with Fynapse and much of that work is done by partners. That is why those revenues have declined in the latest period and total interim revenues fell from £37.5m to £35.3m. Annualised recurring revenues are £46.7m. There was a cash outflow in the first half, but net cash should recover to £25m by the end of 2024. Pre-tax profit improved from £1.75m to £2.5m.
Andrew Hore
Quoted Micro 9 May 2022
AQUIS STOCK EXCHANGE
In 2021, Newbury Racecourse (NYR) is paying a special dividend of 89.6p a share. The £3m payment comes after the receipt of the final £10.7m from the sale of housing development land. Newbury Racecourse increased turnover by 75% to £14.8m as racing returned to the course. There is still potential for further recovery this year. Attendances increased from 12,000 to 105,000. The hotel reopened in January 2022. There was a swing from £2.17m loss to an underlying pre-tax profit of £333,000.
Quantum Exponential (QBIT) is investing £406,000 in Aegiq Ltd, a photonics company using quantum technologies in the cybersecurity market. That gives it a 4.06% stake. Helium Special Situations has reduced its stake from 4.57% to 1.52%.
Goodbody Health Inc (GDBY) reported better than expected revenues for 2021. The CBD products and testing company made an underlying loss of £900,000 on revenues of £17.1m. Arden forecasts a £5.1m profit this year.
VSA Capital (VSA) has received a settlement of outstanding fees of £153,000 from client Anglo African Agriculture in the form of 3.82 million shares. This gives VSA a 15.3% stake plus warrants and convertible loan notes.
Gunsynd (GUN) has terminated the disposal of Oyster Oil and Gas to Sajawin.
Clarify Pharma (PSYC) had net cash of £1.3m at the end of April 2022. Investment opportunities in the psychedelics market are being assessed.
Apollon Formularies (APOL) has acquired intellectual property and patents from Aion Therapeutic for £96,000 and 4.35 million shares. It will also pay a royalty fee of 4% on net revenues from products based on these patents. The patents cover potential cancer treatments.
ChallengerX (CXS) has appointed Olivia Edwards as chief executive and Nicholas Lyth as finance director.
Phase 1 assay results from the Monte Muambe project held by Altona Rare Earths (ANR) show significant levels of rare earths.
Coinsilium (COIN) has been appointed as adviser to Silta Finance and entered into an agreement to purchase $75,000 of future SILTA tokens. Silta is building a technology to connect decentralised finance to infrastructure project developers.
Capital for Colleagues (CFCP) has sold its remaining stake in builder’s merchant Merkko Group for £378,000.
Rogue Baron (SHNJ) has received the first UK order for Shinju and Shinju 8-year old whisky.
S-Ventures (SVEN) chairman David Mitchell bought 57,959 shares at 32p each. Chris Akers has increased its stake in Quetzal Capital (QTZ) from 19.1% to 20.1%. John Mahtani reduced his stake from 5.71% to 3.83%.
AIM
Online retailer of building materials CMO Group (CMO) continues to grow on the back of a buoyant market as well as gaining market share. The online share of the sector remains relatively low. The second half growth was not as fast as in the first half. In 2021, revenues grew 46% to £76.3m. There is organic growth supplemented by acquisitions. CMO moved from loss to an underlying pre-tax profit of £1.4m. Net cash was £6m. Following the acquisition of JTM Plumbing Plumbingsuperstore.co.uk is being launched later this year. First quarter trading has continued to be strong with like-for-like growth of 3%.
Neonatal intensive care medical devices supplier Inspiration Healthcare (IHC) increased full year revenues from £37m to £41.1m. Acquisition contributions offset the one-off Covid ventilator revenues in the previous year. Pre-tax profit improved from £3.13m to £3.96m, although earnings fell 12% to 6.1p a share because of the additional shares issued for acquisitions. The company’s order book is strong.
In 2021, targeted digital advertising services provider Dianomi (DNM) revenues grew from £28.4m to £35.8m, even though Asia Pacific revenues fell from £1.72m to £1.18m due to the ASX website stopping having advertising content. Underlying pre-tax profit moved from £2m to £2.9m – share based payment charges and float costs led to a loss being reported – and it is expected to increase to £3.6m this year. The average spend of the top 100 advertisers increased 27% to £280,000 each. Net cash was £10.3m at the end of 2021.
In 2021, Intelligent Ultrasound (IUG) reported revenues 47% higher at £7.6m, mainly from ultrasound simulation products, while the cash outflow from operations was £2.3m. AI revenues remain modest, and it will take time for them to build up. Cenkos upgraded its 2022 revenues forecast from £9m to £10m, but the cash outflow will be similar.
Plastics and packaging supplier Coral Products (CRU) is using some of its cash pile to acquire Film & Foil Solutions, a supplier of flexible packaging film used for food, books, carpets and for cable tapes. The initial payment is £1.35m in cash, plus £750,000 in shares at 15.5p each. There is just over £900,000 that could be payable based on the settlement of a contract dispute and an insurance payment. The acquired business made an underlying profit of £541,000 in 2021.
Energy efficiency as a service provider eEnergy Group (EAAS) has been hit by contract delays. That means that 2021-22 EBITDA could be £3m and not £4.4m as previously expected. A new finance director is being appointed.
Green hydrogen production developer ATOME Energy (ATOM), which was spun out of President Energy (PPC) at the end of 2021, has secured a major 60MW power purchase agreement with ANDE, the national power supplier in Paraguay. Hydrogen production could commence in Paraguay in the first quarter of 2023.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) will report revenues around £15m lower than expected due to overstocking. This will knock £10m off operating profit. Price rises are offsetting the effect of inflation.
Castings (CGS) 2021-22 results will be slightly ahead of expectations. Demand for commercial vehicles remains strong, but there is still uncertainty about the ability produce heavy trucks.
Kendrick Resources (KEN) was formerly AIM-quoted BMR Group, which left AIM in August 2018 after problems with the progress of the Kabwe project in Zambia. Kendrick still has a 11% royalty interest in Kabwe. Kendrick Resources has acquired Northern X Finland and Northern X Scandinavian. In Finland, there is an exploration licence at the Koitelainen project and two licences at the Karhujupukka project. There are two projects in Sweden: the Airijoki project and the Central Sweden project. There is also an option over three projects in Norway.
Gresham Technologies (GHT) has secured a contract with an existing bank customer worth up to £6.3m over a period of five years. The company’s Clareti software will be used across the whole UK business of the bank.
Andrew Hore
Andrew Hore – Quoted Micro 3 January 2022
AQUIS STOCK EXCHANGE
Valereum Blockchain (VLRM) is planning to acquire trust management and funds administration company Juno Group. The Gibraltar-based company will cost £850,000 in cash and shares.
Chana Greenberg is no longer chief executive of Pharma C Investments (PCIL) and Tony Shilito will be acting chief executive.
Walls and Futures REIT (WAFR) reported a 6% decline in NAV to 96p a share at the end of September 2021. The unsuccessful bid by Virgata Services cost £169,000 and that was most of the decline in net assets.
Spinal stabilisation technology developer Truspine Technologies (TSP) says that the FDA has requested further testing for the Cervi-LOK. The interim loss increased from £448,000 to £483,000. Net cash was £277,000 at the end of September 2021.
British Honey (BHC) decided not to go ahead with the extended collaboration agreement with List Distillery in Florida. The focus is the UK market.
Forbes Ventures (FOR) lost $297,000 in 2020 and $158,000 in the first half of 2021, even though there were initial revenues of $29,000. Management is working on the first transaction for the securitisation platform.
SulNOx Group (SNOX) reported a small increase in interim revenues from £18,000 to £24,000. The interim loss increased from £378,000 to £724,000. There was £1.89m at the end of September 2021.
Cadence Minerals (KDNC) has entered into a binding settlement agreement with the bank creditors of the former owner of the Amapa iron ore project in Brazil. The joint venture in which Cadence has a 20% stake is undertaking pre-feasibility studies.
BWA Group (BWAP) has commenced legal action against St-Georges Eco-Mining Corp relating to the proposed acquisition of Kings of the North Corp. There have been 80.8 million shares issued in settlement of the outstanding convertible loan note liabilities of £404,000.
AIM
Shares in Atome Energy (ATOM) started trading on 30 December following the £6m fundraising at 80p a share. The share price ended the year at 83p. Leeds-based Atome Energy has been spun out of AIM-quoted President Energy (PPC) with its shareholders being distributed one share in Atome Energy for every 169 President Energy shares, while the oil and gas company retains part of its stake. There were some tiny share deals in early trading with smaller investors selling the stakes they received. The strategy is to develop projects that use renewable energy to produce ammonia, which can then in some cases be converted into hydrogen. Ammonia is mainly used in fertiliser, but it can also be used as a fuel. The first projects are in Iceland and Paraguay.
CCTV technology installer UniVision Energy Ltd (UVEL) improved interim revenues from £4.06m to £4.98m, with a bigger increase in HK dollars, even though maintenance income declined. However, pre-tax profit fell from £394,000 to £142,000. That was due to a £634,000 impairment loss.
Vela Technologies (VELA) had net assets of £8.06m at the end of September 2021, including £2.52m in cash. There are plans for a 50-for-one share consolidation. The investing strategy is being revised, but it remains broadly similar.
Catalyst Media (CMX) reported a £1.6m loss in the year to June 2021. The main asset is a 20.54% stake in Sports Information Services, and this is equity accounted. NAV is 52.3p a share. No dividend is declared.
Trading in Savannah Energy (SAVE) shares recommenced following the publication of the document for the acquisition of assets in Chad and Cameroon from Exxon and Petronas. Savannha Energy raised £48.7m at 19.35p a share to help finance the acquisitions.
Inspirit Energy Holdings (INSP) still has no revenues. The waste heat recovery system is still being developed with partners. There was £561,000 in the bank at the end of June 2021.
United Oil and Gas (UOG) announced that it made a commercial discovery with the Al Jahraa-13 development well in the Abu Sennan licence, onshore Egypt. Following testing the well will be brought onstream. United has a 22% working interest in the licence.
MAIN MARKET
Creightons (CRL) did not have a repeat of the £11.5m of one-off hygiene sales in the six months to September 2021, but the decline in revenues was limited to £2.37m leaving interim revenues of £30m. There was an initial contribution of £790,000 from acquisitions. Underlying pre-tax profit fell from £2.9m to £2.49m. Net debt is £7.5m at the end of September 2021. The interim dividend is maintained at 0.15p a share.
Andrew Hore