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Quoted Micro 13 July 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) invested a further £200,000 in Reveille Resources (REV) at the flotation price of 5p/share. Ajax Resources owns 12 million shares and also owns 5.87 million warrants exercisable at 5p each and 10 million warrants exercisable at 10p each. The Reveille Resources share price ended the week at 11.5p. At the end of February 2026, Ajax Resources had cash of £3.13m.
Valereum (VLRM) has updated shareholders on progress with the digital asset and liquidity infrastructure being developed with Quorium Global Photonics. VCORE+ tokens have been issued and are subject to liquidity testing. Operational deliverables have not been completed in the agreed timeframe. Valereum says it reserves its rights under the agreement.
Residential developer Zentra (ZNT) has agreed an extension to its secured loan facility for the New Islington development in Manchester until 9 January 2027. The plan is to move into the construction phase in the first quarter of 2027.
AI-based manufacturing software provider IntelliAM AI (INT) is raising £220,000 at 70p each and £280,000 at from a convertible loan note issue. This will be invested in expanding operations in the US. In the first quarter Chivas brothers, Yeo Valley and Valeo Confectionery have been added to the customer list. Total orders were worth £200,000.
Evrima (EVA) owns 8.93% of Kalahari Key Mineral Exploration Company, which owns the Molopo Farms Complex project. The prospecting licence has been extended by two years and drilling has commenced.
Falconedge (EDGE) generated income of 0.4087 Bitcoin in June, taking the holding to 21.0824 Bitcoin.
Alvar Financial Services has reduced its voting rights in Vaultz Capital (LON: V3TC) from 8.45% to 6.97%.
Bitcoin investor B HODL (HODL) has started a share buyback because of the discount to net asset value. So far, 23,500 shares have been acquired at 4.57p each.
BWA Group (BWAP) chief executive Peter Taylor bought 471,500 shares at 0.424p each, while managing director James Butterfield acquired 350,000 shares at 0.44p each. Newbury Resources (NYR) non-exec James Richardson bought 4,075 shares at 520p each. Cardiogeni (CGNI) executive chairman acquired 1,000,047 shares at 10p each.
EPE Special Opportunities (EO.P) had an NAV of 486.65p/share at the end of June 2026.
JP JENKINS
AI and digital marketing services provider Silver Bullet Data Services Group (SBDS) has left AIM and moved to JP Jenkins.
AIM
Hostels operator Safestay (SSTY) is in talks with Infill Capital Partners concerning a bid that could value the company at £40.9m. That appears to include debt. There could be a cash offer and an unlisted share alternative. NAV was 22.21p/share at the end of 2025. Net debt was £18.6m.
Persistence Gold Group is investing £3.51m in GoldStone Resources (GRL) at 1p/share. This will fund a drilling programme at the Homase mine in Ghana to enhance the JORC mineral resource, plus exploration and mine planning. Persistence Gold can appoint one director while it owns more than 15% – the current stake is 20.96%. Strand Hanson has been appointed broker.
Engineer Avingtrans (AVG) has raised £21m at 630p, which was the previous day’s closing price. This cash will finance increased nuclear in Michigan. The plan is to add around £55m to annual revenues taking them to £90m by 2031. EBITDA could increase by £9.6m-£45m. There is a £5m contingency in the fundraising, so this could also be used for other parts of the business.
Clean Power Hydrogen (CPH2) shares returned from suspension following the finalisation of a fundraising. The retail offer raised the £500,000 target at 1.5p/share. The hydrogen technology company had already raised £2.54m from a placing and a further £4.47m has been raised conditionally. That would take the total to £7.5m. The cash will finance the change in strategy to one involving strategic partnerships, licensing and manufacturing agreements. The cash should last at least until June 2027.
A refinancing by floorcoverings company Victoria (VCP) has reduced debt and cut annual financing costs by £34m. Koch and consenting holders of 2028 loan notes have agreed the terms of a refinancing of the loan notes and Koch agreed to the refinancing of the preferred shares. New loan notes that mature in 2031 will be issued and there will also be ordinary shares swapped at a premium for part of the loan note debt and the majority of the preferred shares. This will reduce liabilities by at least £300m. Trading in 2025-26 was in line with guidance and this year there has been like-for-like growth.
Cleaner fuels developer Quadrise (QED) has raised £12m via a placing at 1p/share and a retail offer that could raise £1.2m is planned. The cash help to increase the scale of MSC/Cargill marine trials, complete other trials, secure supply agreements with refineries and pursue other opportunities. If the full amount is raised in the retail offer there should be enough working capital to get to cash flow positive in 2028-29.
Granicus Holdings, which sold Everfex to Fiinu (BANK), has sent a letter to major shareholders in the Plugin overdraft developer. The writer of the letter is former Everfex boss Karol Oleksa. The letter criticises the Fiinu management for the 2025 loss. A review of the Everfex business identified problems not disclosed at the time of the acquisition. Fiinu is suing the seller due to breaches of restrictive and covenants and seller warranties. The claims are valued at £16m.
Restructuring and property advisory business BTG Consulting (BTG) improved full year pre-tax profit from £23.5m to £25m. There were contributions from acquisitions, but organic revenue growth was 8%. Net debt was £1m at the end of April 2026. Canaccord Genuity upgraded its pre-tax profit forecast to £26.5m.
Outsourced surgery provider One Health Group (OHGR) grew full year revenues 11% to £31.6m and pre-tax profit improved from £1.9m to £2.7m. This year the new surgical hub is being built and that will reduce interest income, so there could be a small dip in profit. This year’s estimated capex is £8.5m, but there should still be net cash by the end of March 2027. Once the new surgical hub is up and running there will be a much higher depreciation charge, but cash generation will improve. Forecasts do not include any contribution from the surgical hub. This provides upside to profit forecasts from 2027-28 onwards.
IT managed services provider SysGroup (SYS) reported full year results in line with forecasts and expectations for 2026-27 have been upgraded. SysGroup increased full year revenues by 8% to £22.1m, following a fall in the first half. Flat overheads offset a higher depreciation charge, so underlying pre-tax profit improved from £300,000 to £400,000. Zeus has edged up its forecast revenues from £24.3m to £24.5m, but pre-tax profit has been upgraded from £1m to £1.5m to reflect the stronger second half margins. Net cash is expected to reach £4m.
Jarvis Securities (JIM) has received £1m in in deferred consideration for the sale of the retail broker business. Another £1m is due in January 2027.
MAIN MARKET
BATM Advanced Communications (BVC) has gained a three-year contract extension with a broadband and cable operator in the US. This worth $1.3m.
Seed Capital Solutions (SCSP) has terminated the potential acquisition of AI company Cuarta Dimension Medica, due to the change of control not being forthcoming from the authorities in Spain. The shares have returned from suspension.
Online travel hostel agency Hostelworld (HSW) is maintaining full year guidance. Interim revenues are 12% ahead at €52.2m. Transaction volumes were 1% higher even though the Middle East conflict held back volumes. The Elevate tool increased income and marketing efficiency improved. The interims will be reported on 29 July.
Andrew Hore
Quoted Micro 6 July 2026
AQUIS STOCK EXCHANGE
Lift Global Ventures (LFT) has bought a 2.18% stake in FourJaw Manufacturing Analytics, which is developing AI and machine learning technology for manufacturing, for £150,000 in shares at 1.5p each. The share price jumped 64.3% to 0.575p.
WeCap (WCAP) investee company WeShop has been added to the US Russell 3000 index. Hot Rocks Investments (HRIP) is also a WeShop shareholder. It has made new investments in oil and gas explorer Colossal Energy Fields and Brazil minerals explorer Prospectiva Resources.
Majestic Corporation (MCJ) reported a dip in full year revenues from $49.3m to $38.2m, while pre-tax profit improved from $1.01m to $1.35m. The recycling business expects pre-tax profit to be much higher this year.
Coinsilium Group (COIN) chairman Malcolm Palle bought 750,000 shares at 2.05p each. He has a 3.43% shareholding.
Healthcare IT supplier DXS International (DXSP) says full year revenues will be slightly lower than the previous year at around £3.4m. There should be a small profit this year. Ten pilot deployments of the NextGen referral service are active. NHS decisions are still being delayed.
Ormonde Mining (ORM) had cash of €1.09m at the end of 2025 and since then it has received the final deferred consideration for La Zarza. In 2025, cash used in operations was €679,000.
Advanced technology developer Vault Ventures (VULT) reported a non-cash impairment of £2.12m for its Dubai activities. There was a cash outflow from operating activities of £2.85m. Cash was £766,000 at the end of 2025.
Vaultz Capital (V3TC) is convening a general meeting on 21 July to gain shareholder approval to end the Bitcoin buying and to sell the remaining holding.
Tomahawk Metals (TMHK) has entered into an advisory agreement with Sven Honig and Voytech Sesulka for new projects for the company to consider. They will also analyse the information on the antimony and gold licences in Slovakia. Sampling will be conducted at the Saturn gold project in Western Australia.
Wishbone Gold (WSBN) had cash of £3.4m at the end of 2025. There was a cash outflow from operations of £2.62m and capital investment of £2.05m.
Marula Mining (MARU) has approved the budget and the mine development plan for the Tonto Tshipi and Derdepoort manganese mines in South Africa. Funding is being secured. The 2025 accounts should be audited by the end of July.
Phoenix Digital Assets (PNIX) had net assets of £16.3m at the end of 2025.
S-Ventures (SVEN) had net assets of £2.78m, including an investment in AIM-quoted Tooru valued at £3m.
Sports business VVV Sports (VVV) is raising up to £5m. Campana Investments has exercised warrants and that has already raised £1.2m this year. Net assets were £611,000 at the end of 2025.
Gledhow Investments (GDH) had net assets of £996,000at the end of March 2026.
Globe Capital (GCAP) has appointed AlbR Capital as broker. Net liabilities were £670,000 at the end of 2025.
Inqo Investments (INQO) increased full year revenues by 31% to R33.8m. The main investment is Kuzuko Lodge, which nearly doubled revenues.
BWA Group (BWAP) chief executive Peter Taylor bought 256,000 shares at 0.39p each and 238,000 shares at 0.42p each. He owns 5.65%.
JP JENKINS
On 15 May, the JP Jenkins index was 52.5 points higher at 1297.16. A reweighting was planned for the end of June.
AIM
Futura Medical (FUM) has terminated its US agreement with Haleon for erectile dysfunction treatment Eroxon because of disappointing sales. Futura Medical has waived the patent milestone and will receive a $1.9m termination fee. The US commercial rights will be returned, as well as being granted permission to use existing marketing materials. Market Performance Group will distribute Eroxon on a commission basis in the US from the beginning of September. The home tests results for WSD4000 showed that 79% of women reported a general improvement in all or most aspects of sex and three-quarters had increased interest in sex.
Decision intelligence software provider ActiveOps (AOM) grew full year revenues from £26.8m to £38m from a combination of organic growth and a nine month contribution from Enlighten. Net revenues retention was 119%, while annualised recurring revenues are £41.5m. Pre-tax profit increased from £1.3m to £2.4m. Cash was £23.8m at the end of March 2026. The $10m from the sale of the WorkIQ trademark to Microsoft was received after the year end.
Battery technology developer Ilika (IKA) has raised £5.1m at 28p/share and a retail offer could raise up to £500,000 more. This will help to finance the commercialisation of the Stereax technology, as well as providing further development funding for Goliath batteries.
Advanced materials and paper producer James Cropper (CRPR) has refinanced its debt, which will provide greater flexibility. This includes a new invoice discounting facility of up to £15m. A one-off pension funding charge of £600,000 has been agreed. The next valuation has been brought forward to March 2027.
Consumer products supplier Supreme (SUP) increased full year revenues by 17% to £270.2m, while underlying pre-tax profit fell from £32.4m to £31m, partly due to higher depreciation. Recent acquisitions helped drinks and wellness to grow, but electricals and household was hampered by poor batteries and lighting markets, although there was a contribution from 1001, which was acquired last year. Spending on acquisitions and new manufacturing facilities was more than covered by cash generation. Vaping product sales grew despite disruption from the banning of disposable vapes. There is uncertainty caused by the new vape duty based on volume of liquids. This comes into force in October.
River Global (RVRG) has issued D shares to the holders of the A shares. The D shares will be entitled to receive a distribution of Liontrust Asset Management shares issued for the sale of the fund management business. The company will retain some shares in Liontrust and more than £2m in cash to help fund annual running costs of £400,000. Rover Global will remain on AIM for the time being and will decide whether to seek a reverse takeover transaction. The remaining interest in Parmeni9on is estimated to be worth £75m-£90m.
Huddled Group (HUD) raised £1.24m at 0.4p/share via subscription and the retail offer at 0.4p/share was nearly three times subscribed and the online retailer decided to accept £200,000, which was double the amount sought. That takes the total raised to £1.51m. The cash will be spent on increasing stock levels and on marketing activity. Management believes that this should take the business to cash flow positive.
Mercantile Ports & Logistics (MPL) says the hearing before the National Company Law Tribunal relating to Karanja Terminal & Logistics has been adjourned. There will be a further hearing on 7 August. The port handled 1.2 million MT of cargo in 2025, compared to 1.33 million MT in the previous year. Net debt is £49.6m.
Fulcrum Metals (FMET) has entered a non-binding $20m royalty financing term sheet with Chancery Royalty, which would also subscribe £200,000 for shares at 8.5p each. This covers tailings at the Teck-Hughes project. This involves a proposed 5% net smelter royalty and 2% could be repurchased for $10m.
Cyber security services provider Shearwater Group (SWG) has secured a five-year contract extension with a UK telecoms client worth £25m over the period. This is for packet monitoring, forensic analysis and assurance services. There will be £12.5m recognised in 2025-26. However, cash will not be collected until after the year end. Net cash is likely to be lower than expected at £5.6m at the end of June 2026. Pre-tax profit is still forecast to rise from £600,000 to £1.1m.
Titon (TON) has acquired G-Pack Manufacturing for £1m. The business supplies injection moulded plastic components for windows and doors and revenues were £1.3m last year. Manufacturing will be moved in-house. The deal should be earnings enhancing in the first full financial year and will create cross selling opportunities.
Electronics and batteries supplier Solid State (SOLI) reported pre-tax profit 11% ahead of the Cavendish forecast at £8.6m. Revenues were 3% ahead at £154.1m, which was 23% higher than the previous year and gross margin improved. Net debt was £4.2m. The order book is worth £102.4m.
Plugin overdraft provider Fiinu (BANK) is taking a £7.3m write-down on the Everfex acquisition. There are arbitration claims against the sellers of Everfex. That write-down increases the 2025 loss to £10.4m. Conister Trust is set to launch Plugin Overdraft during the summer. Further discussions have been held with ten banks in Europe. Monthly burn rate is £220,000. Sami Kalliola is stepping down from the board but will still be involved in developing European white-label opportunities.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says the trustees of it pension fund have agreed a £53m bulk annuity buy-in with Royal London. This removes the risk of the defined benefit scheme. The income stream matches obligations. A full buy out and wind up of the pension fund is possible within two years. No pension contributions have been made since 2023. If there is any surplus at the next valuation it would be paid to the company.
KR1 (KR1) generated income of £56,228 during May. NAV was 19.73p/share at the end of May.
Shell Acceler8 Ventures (AC8) is offering 2.6797 shares for each Intuitive Investments Group (IIG) share. At 80p each, this valued Intuitive Investments, which is recommending the bid, at £600m and its shareholders will own 99% of the company. This enables Intuitive Investments to move from the Specialist Fund Segment to the Main Market. This should help to attract investors.
New Frontier Minerals (NFM) is accelerating exploration at the Harts Range heavy rare earths and niobium project. The Kings Cross prospect will be prioritised.
Andrew Hore
Quoted Micro 12 January 2025
AQUIS STOCK EXCHANGE
AI company Astrid Intelligence (ASTR) is transitioning into execution and infrastructure-led growth. Astrid Intelligence owns and operates Subnet 127 within the Bittensor network, whose brand has been changed from SigmaArena to Astrid Arena. Bilateral arrangements have been secured with subnet operators. Astrid Vault, a protocol-native infrastructure platform intended to facilitate orderly liquidity coordination within the Bittensor ecosystem, is being developed. Astrid Intelligence has cash to finance that growth.
Gowin New Energy (GWIN) director Chen Chih-Lung has made a £30,000 loan to the company for 12 months at an interest rate of 2%. This is for short-term liquidity.
UTXO Management has reduced its stake in The Smarter Web Company (SWC) from 12.99% to 11.1%. Martin Thomas has been appointed as a non-executive director.
EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 45,500 shares at 10.75p each and 41,780 shares at 13p each. He owns 35.2% of the diagnostics company. Chairman Jason Holt bought 235,000 shares at 11.4p each, 150,000 shares at 11.23p each and 50,000 shares at 12p each.
NYCE International (NYCE) has entered a joint venture with Spandan Manhata, which has developed software for the igaming industry. The joint venture will acquire these assets called Innovassion and NYCE will be majority shareholder and oversee commercial strategy. The first client has been secured.
Daniel Thwaites (THW) has bought back 300,000 shares at 110p each.
Shareholders in Phoenix Digital Assets (PNIX) have approved redomicile to Gibraltar.
Spreadex has a 3.08% stake in Vaultz Capital (V3TC).
Delta Gold Technologies (DSQ) is planning to get its shares traded on the OTCQB Venture Market. Jonathan Swann has a 21.3% shareholding.
B HODL (HODL) has generated revenues of 0.084 Bitcoin (£5,471) during December, which is higher than the previous month. The total holding is 158.295 Bitcoin. The share price dipped
AI software company IntelliAM (INT) has won a £115,000 contract with a frozen food company. The deal covers four manufacturing facilities.
Connecting Excellence (XCE) has purchased 16.58306046 Bitcoin at an average price of $86.980.16 each. That takes the total holding of Bitcoin to 41.35974228 at a total cost of £2.75m. The company has launched its 2026 Bitcoin-denominated convertible bond programme.
Ajax Resources (AJAX) has mobilised a drilling rig for the Eureka gold and copper project in Argentina. The initial drilling programme is near to the former Mina Eureka copper and gold mine with ten holes totalling 1,500 metres.
Zentra (ZNT) has changed its nominated adviser to Guild Financial with Hybridan continuing as broker.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (LON: TRX) has left AIM and the shares joined the Asset Match trading platform on 7 January.
AIM
Galantas Gold (GAL) is acquiring 100% of the Andacollo Oro gold project in Chile. This is an open pit mine with a historical inferred mineral resource estimate of 5.06M ounce of gold. It has been in production in the past. The seller is owned by Galantas Gold executive Robert Sedgemore, so it is a related party deal. His company bought the mine from Dragones, whose former owner will receive payments of $27.5m in the four years to the end of 2029, as well as initially being issued 91.3 million Galantas Gold shares. Galantas Gold will assume $3m of debt and pay $1.5m to Robert Sedgemore.
Cerillion (CER) has won its largest ever contract for its BSS/OSS software suite and provide ongoing support and maintenance. The Oman Telecommunications contract is worth c.£42.5m over five years will underpin the current forecasts for this year and in the future.
Semiconductor designer EnSilica (ENSI) increased interim revenues 37% to £12.7m and moved from loss to profit. Cash was £2m. A full year pre-tax profit of £600,000 is forecast.
Reabold Resources (RBD) says that the Italian authorities have published the formal decree and positive decision on the small scale LNG development plan by 47.4% owned investee company LNEnergy Ltd for the project in Colle Santo.
Pulsar Helium (PLSR) says that the Jetstream #5 appraisal well at the Topaz project in Minnesota has encountered an additional pressurized gas influx at approximately 2,857 feet in depth. This new gas zone is estimated at around 1,292 psi, the highest recorded to date at Topaz. The drilling of the hole continues before moving to the next well. The share price improved 7.98% to 57.5p.
Fiinu (BANK) has changed management at Everfex and improved controls. The acquisition enabled the group to be profitable in November. At the end of the year there was cash of £5.34m and the cash burn is less than £200,000 each month. The company has served formal non-compete breach notices against Karol Oleksa and Marta Oleksa, in respect of the non-compete obligations relating to the Everfex acquisition.
Biopesticides developer Eden Research (EDEN) has achieved a second regulatory authorisation this week with fungicide Novellus+ gaining approval in Chile. This is used in wine and table grapes to control grey mould (Botrytis cinerea) and powdery mildew (Uncinula necator). Earlier in the week Mevalone was granted approval in France to use on grapes to control downy and powdery mildew.
Extended reality technology company Engage XR (EXR) is still suffering from a tough market with contact delays and poor renewals. In 2025, revenues were €1.9m and net cash has fallen to €1.6m. Cash is being conserved and there are potential opportunities in education. Forecasts are under review.
Rent guarantee services provider RentGuarantor Holdings (RGG) increased full year revenues from £1.27m to £2.39m, which is 9% higher than expected. However, the loss is expected to be much more than the forecast of £446,000. Marketing spending was brought forward to 2025.
Graphene technology developer Directa Plus (DCTA) says 2025 revenues improved from €6.66m to €7m and the loss will be lower. Cash has fallen to €1.5m, which is much less than the outflow in 2025. A non-core land sale could generate €500,000. Joint ventures and licensing opportunities are being assessed.
Telematics services provider Quartix (QTX) says 2025 revenues and profit will be ahead of expectations. Cash was £5.6m at the end of the year. Annualised recurring revenues are 14% ahead at £37m and net revenue retention is 98.1%. A final dividend of 7.5p/share is anticipated, taking the total to 10p/share.
ValiRx (VAL) has entered a nine-month, evaluation and material transfer agreement with The Royal Institute for the Advancement of Learning/McGill University and The Institute for Research in Immunology, and Cancer-Commercialization of Research in Canada. This will evaluate a RNA Helicase inhibitor. ValiRx will own the evaluation results, and they can be swapped for a 15% stake in the company set up to commercialise the technology.
Shareholders in Indus Gas (INDI) voted in favour of leaving AIM and that will happen on 23 January. JP Jenkins will provide a matched bargains facility.
Touchstone Exploration (TXP) has drilled the Carapal Ridge-3 development well on the Central block onshore in the Republic of Trinidad and Tobago. Touchstone holds a 65% working interest. The well encountered a thick pay zone across multiple Herrera horizons and it could be tied-in to the Central block natural gas processing facility in the first quarter. There is potential for three more development wells and potential for another gas play in the Karamat formation.
Goldstone Resources (GRL) operates the Homase gold mine in Ghana which produced 2,912 ounces of gold in 2025 and generated revenues of $10m. Heavy rainfall and inspections held back production. Avrage all-in sustaining cost was $2,781/ounce up until November and it is expected to be $2,500-$2,900/ounce in 2026. Production could reach 4,000 ounces this year.
Geo Exploration (GEO) is still falling following yesterday’s news that although maiden drill holes at the Juno project in Australia intersected gold and copper sulphide mineralisation, together with silver and zinc, it appears that the higher grade mineralisation could be to the south.
In an update on the Barb Project in Manitoba, Canada, Gunsynd (GUN) says field work is consistent with a structurally controlled orogenic gold system. However, none of the latest rock sample results produced grades of more than 1g/t gold. Funding of C$105,000 has been secured from the Manitoba Mineral Development Fund to help fund further exploration. Targeted exploration will enhance understanding of the project.
Versarien (VRS) has been placed in administration with Leonard Curtis.
MAIN MARKET
Kelso Group (KLSO) has bought 400,000 shares in Saga (SAGA) at 386.5p each. Saga has been reducing borrowings via disposals, and it has strong asset backing. Kelso believes Saga is undervalued particularly compared with US listed rival Viking Holdings. Kelso has made proposals to the Saga board, including attracting US investors and continuing to reduce debt.
New Frontier Minerals (NFM) says that the mining lease application over the Big One copper deposit in Queensland has reached technical assessment phase. The JORC-compliant Mineral Resource of 2.1Mt @ 1.1% copper, and an additional 7,000t @ 1.3% copper of surface Indicated stockpiles.
Supply @ME Capital (SYME) plans to acquire the inventory ownership business and related assets of Société Financière Européenne S.A. by the end of March. This is part of the strategy to move the business model towards direct inventory ownership and capital deployment.
Lakestreet Capital Partners has requisitioned a general meeting at Palace Capital (PCA), where it owns 22.5%. It wants remove chairman Steven Owen because it believes he is being paid too much. The investor would appoint other directors which would not be paid and believes that the sale of remaining properties could be completed more quickly.
Bluebird Mining Ventures (BMV) says that there is increased interest in its gold streaming and treasury strategy. It confirmed a technology partnership with The BE Company, which is related to the company’s chief executive Sath Ganesarajah, and BE will act as the company’s technology and hosting partner. The arrangement with Skylake, which is owned by the chief executive, and it will subscribe for 650 million shares for £3.25m. An initial will be paid upfront with the rest dependent on setting up an incentive scheme where services can be supplied in lieu of cash.
Andrew Hore
Quoted Micro 22 September 2025
AQUIS STOCK EXCHANGE
Vehicle electrification technology developer Equipmake (EQIP) has received a £5.45m order from Agrale to supply electric drivetrain systems for 50 buses. Agrale had previously ordered five drivetrains. The new order will be delivered from now to mid-2026 and there will be payments in advance for each delivery. Equipmake has an order book worth more than £10m.
WeCap (WCAP) investee company WeShop has filed with the SEC for a listing on Nasdaq. The SEC has to review the filings before the listing can happen. WeCap has a direct stake of 5.189 million shares in the shoppable social network. Peel Hunt holds 17.2% of WeCap. The share price increased 43.6% to 2.8p. Hot Rocks Investments (HRIP) owns 150,000 WeShop shares.
TechFinancials Inc (TECH) has concluded due diligence on the Dilotiko project in Kenya and a 25% stake in Dilotiko Ltd will be acquired for £200,000 in shares. There is an option to acquire up to 60%. TechFinancials is raising £250,000 at 0.25p/share. The company plans to change its name to Ubunto Mining and Metals Inc.
BWA Group (BWAP) has entered a binding option and earn-in agreement to acquire 70% of Aracari Resources, which holds the Aracari gold project in Cameroon. There is a 90 day due diligence period plus spending of €25,000, then a further €100,000 of spending will earn 10%, €400,000 to take the stake to 51% and an additional €1m to take the stake to 70%.
Global Connectivity (GCON) investee company PLUG has completed its pilot copper cable extraction contract in Brazil. PLUG has been added to Telefonica’s preferred supplier list for the service in Brazil and around he world.
Cannabis medicines developer Ananda Pharma (ANA) says chief executive Melissa Sturgess is presenting and attending a panel discussion at the 8th Cannabinoid & Endocannabinoid Drug Development Summit, taking place in Boston, Massachusetts in mid-October.
Mendell Helium (MDH) says dewatering has started at the M3 Corporation Rost-1-26 well in Fort Dodge, Kansas. Mendell Helium has an option to acquire M3 Helium, and the option has to be exercised by 30 September. A move to AIM is likely when Rost starts production.
Valerium (VLRM) is accelerating the strategy to build a blockchain-powered finance ecosystem, and it is selectively investing in leading operations in this area. This should enable larger and faster revenues.
Amazing AI (AAI) plans to start buying crypto assets this month, starting with Bitcoin.
Vault Ventures (VULT) has launched a new website and interactive hub at investors.vaultplc.com. A further purchase of 47.48 ETH means the total holding is 818.85 ETH and 2,201.1 SOL.
ASSET MATCH
Isles of Scilly Steamship Company (IOS) reported a slight increase in full year revenues to £21.7m, while pre-tax profit edged up from £2.95m to £3.04m. Net debt was £7.5m at the end of March 2025. A 15p/share dividend has been proposed.
AIM
Scotland-based housebuilder Springfield Properties (SPR) is refocusing on the North of Scotland. It still has projects in central Scotland, but new land buying will be in the North. There were £60.5m of land sales during the year and there is still more to come from the sale deal with Barratt Redow. That helped to cut net debt to £20.9m and it should fall to £10m by May 2026 when more disposal proceeds are received. That will enable the buying of additional land in the North. The land sales helped to nearly double pre-tax profit from £10.6m to £20.1m. Springfield Properties is planning to hold on to some of the homes it builds in the North and lease them to infrastructure providers so that they can house their workers.
Audio products supplier Focusrite (TUNE) performed strongly in the six months to August 2025. Revenues improved from £81.6m to £87m during the period. This is despite negative currency movements. New product launches helped and offset lower spending on audio reproduction equipment. Gross margin is improving despite tariffs. The 12-month revenues rose from £158.5m to £168m. EBITDA is in line with expectations of £25.2m despite the better revenues. Net debt was £11m at the end of August 2025. The new financial year end is February.
Advanced imaging and biodetection technology developer Kromek (KMK) moved into profit in the year to April 2025 thanks to revenues from its collaboration agreement with Siemens. A loss of £3.2m was turned into a pre-tax profit of £4.1m, helped by the high margin nature of the Siemens income. The Siemens income will be lower this year, but the rest of the business should grow. Kromek will remain profitable but gross margin will be lower. Regular orders from Siemens are expected in 2027. Net cash is £1.2m and there is no requirement for any share issues, because cash should build from this point.
Fiinu (BANK) has entered an exclusive strategic partnership with Manx Financial (MFG) subsidiary Conister Trust to launch Plugin Overdraft in the UK. It will be launched initially with one million plus retail customers and then rolled out to other customers. It will be branded “Conister Bank Plugin Overdraft®, powered by Fiinu“. There is a profit-sharing agreement.
Sexual health products developer Futura Medical (FUM) says 2025 revenues will be much lower than expected and it has widened the strategic review to include all options to create shareholder value. US sales of Eroxon remain weak and there are stocks left from the original order. Other markets are also weaker than expected. The $2.5m milestone payment from Haleon for granting of a US patent has been delayed until next year. Full year revenues will be between £1.3m and £1.4m. Cash was £2.71m at the end of August 2025. This should last until January 2026. Cost savings are being made and funding sought. Interim results will be published on 30 September.
Renalytix (RENX) has signed a collaboration agreement with Tempus AI which will help to accelerate the adoption of the company’s kidneyintelX.dkd test to help slow kidney disease. The test is for predicting “progressive decline in kidney function in type 2 diabetes patients with diagnosed chronic kidney disease stages 1-3b”.
Plant-based detergent ingredients developer Itaconix (ITX) increased interim revenues 30% to $4.8m and it is on course to reach $9.5m in the full year. A halved loss of $900,000 is forecast, which is slightly higher than previously expected. Reporting has been changed so that there are two main sources of revenues. Performance ingredients and SPARX formulated solutions. The latter is growing faster.
TV and film fleet services provider Facilities by ADF (ADF) reported a quiet start to the year, but momentum is improving. Interim revenues were 14% ahead at £17.4m. The loss increased from £800,000 to £2m. More productions were facilitated, but the average income was lower. One-fifth of the fleet has been placed in storage.
Acoustic products supplier Autins Group (AUTG) is suffering from volatile conditions in the automotive sector. In the five months to August 2025, revenues fell from £8m to £7.7m and the loss was reduced from £714,000 to £258,000. JLR is a major customer, and it has been hit by a cyber attack. JLR production stopped on 1 September and that will hold back Autins revenues.
Architectural and construction software provider Eleco (ELCO) continues to grow recurring revenues at an impressive rate. Annualised recurring revenues could each £32.6m at the end of 2025. That is helped by acquisitions but there is still organic growth. Recurring revenues were 81% of interim revenues.
Caledonian Holdings (CHP) is stepping back from a wider marketing of its proposed fundraising. It is focusing on talking to institutional investors. If these are successful a broadening of the fundraising will be considered. The cash will be used to invest in investee company AlbaCo to provide regulatory capital.
Employee benefits and insurance provider Personal Group Holdings (PGH) improved interim revenues 11% to £23.3m. Annualised recurring revenues ae 12% ahead at £45.7m. Pre-tax profit was 72% higher at £3.8m. The dividend was raised by 26% to 8.2p/share. The 2025 pre-tax profit forecast has been edged up to £8.2m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had already flagged up the full year figures and announced the loss of a major client. In the year to June 2025, revenues rose 1% to £48.2m, but the core revenues increased at a faster rate. Revenues will fall this year, and Eagle Eye will make a loss before rebounding to profit next year.
Cyber security software and hardware supplier Corero Network Services (CNS) had a tough start to the year, and order intake reduced. Interim revenues fell 10% to $10.9m. However, annualised recurring revenues grew to $21.6m. Customer retention was 98%.
Battery technology developer Gelion (GELN) subsidiary OXLiD has been awarded £533,000 of grant funding from the DRIVE35 programme in the UK. This will be invested in development of lithium-sulfur multi-layer pouch cells. This supports a £1.1m project which Gelion is working on with QinetiQ. There will be demonstrations of the technology in September 2026.
MAIN MARKET
Mears (MER) is acquiring Pennington Choices for £9.5m in cash. This will add to the group’s compliance activities and it could contribute annual EBITDA of £1.5m.
Life Science REIT (LABS) has completed a strategic review and decided on a managed wind down. The slow pace of leasing activity has held back further investment, and the share price has been trading at a large discount to NAV. The wind down is expected to take around 18 months. The board is in discussions with the investment manager. A circular will be sent to shareholders to gain approval for the proposals.
Andrew Hore
Quoted Micro 8 September 2025
AQUIS STOCK EXCHANGE
AI technology developer Astrid Intelligence (ASTR) moved from the Main Market to the Access segment of Aquis on 3 September. The company was previously a CBD and health products retailer known as Cellular Goods and most recently it was called Cel AI. It is developing autonomous AI agents that provide personalised wellness recommendations and holds digital assets.
Brewer Adnams (ADB) reported a dip in revenues from £31.9m to £30.1m, but the loss was reduced from £2.55m to £1.47m, even though exceptional costs were higher. There was an operating profit before exceptional charges relating to packaging recycling requirements. Debt has been cut to £11.7m and could be down to £8m by the end of September due to disposals. There are nine managed and 19 tenanted pubs left. Gains on disposals enabled the first half profit. The distribution business had mixed fortunes in the first half
The Smarter Web Company (SWC) has appointed Strand Hanson to replace Peterhouse as corporate adviser. Albert Soleiman has joined the board as finance director. The company has signed a subscription agreement with Shard Merchant Capital, which will be issued 21 million shares at par value, and the company will receive 97% of net proceeds when they are sold.
Oberon Investments (OBE) is raising £1.85m at 4p/share and two institutional investors have agreed, subject to documentation, to subscribe for £3m of convertible loan notes. The cash will be used to finance further hires for the investment management division and acquisitions. There are discussions concerning the acquisition of the wealth management division of another Uk firm. That would add £850m to assets under administration.
VSA Capital (VSA) chairman Mark Steeves will stand down after the AGM on 30 September. Mark Thompson will take over the role at the broker. VSA has entered into a five-year lease for new office premises in London and has been loaned £95,715 by 19.9% shareholder Drakewood Capital Management, which is represented on the board by Mark Thompson.
In the year to March 2025, SulNOx Group (SNOX) increased revenues from £54,000 to £1.21m, although the loss rose from £1.86m to £4.21m. Sales growth is accelerating and £564,000 has been generated in the two months to August 2025, taking the five month total to £1.09m.
Oscillate (MUSH) has conditionally agreed to sell its hydrogen assets to AIM-quoted Pulsar Helium (PLSR) for $800,000 in shares. The focus switches to base metals. Oscillate has entered a joint venture to develop the Duekoue copper gold molybdenum prospect in Côte d’Ivoire. Geochemical results and magnetic data has identified the historical anomalies.
All Things Considered (ATC) has merged its ATC Live and Arrival Artists businesses to form ROAM. The two parts of the business will still maintain financial independence.
Capital for Colleagues (CFCP) has received the fourth tranche of the disposal proceeds of its A shares in investee company The Homebuilding Centre. This was £75,259, which was well above the minimum payment of £50,000, and a fifth tranche is outstanding. Capital for Colleague still owns 13% of the homebuilding advice business.
Kasei Digital Assets (KASH) has completed the sale of liquid assets as part of a voluntary winding up and has £3.5m in cash. A return of capital to shareholders is prioritised although there has been interest in the company from other parties.
Marula Mining (MARU) still has not completed the 2024 accounts. Trading in the shares remains suspended. Marula Mining has completed due diligence on the proposed purchase of a 60% stake in the Bamba Manganese mining project in Kenya. Manganese ore exports from Kilifi have been delayed as result of the Bamba deal and the fact that delivery arrangements are yet to be agreed. Further work on the Blesberg lithium and tantalum mine in South Africa continues and a sample is being prepared for test work. Due diligence has been completed on the Boteti lithium brines project in Botswana and the first payment advanced.
Mollyroe (MOY) is investing £150,000 in Cascade Studio via a convertible loan note with a conversion price at a 20% discount to the next funding round. Cascade Studio is developing a SaaS platform for AI filmmaking and storytelling.
Vautz Capital (V3TC) reported a loss of £361,000 in the year to April 2025, which was prior to the change in focus to crypto currency.
NYCE International (NYCE) has raised £150,000 at 0.2p/share. And the cash will fund the expansion in the crypto casinos channel. That includes gaining certifications for the company’s games platform and developing games and services.
Valereum (VLRM) has adopted the crypto and multi-currency payroll solution developed by investee company Fideum. There is potential for this as a white label service.
Directors continue to buy shares in EDX Medical (EDX). Sir Christopher Evans bought 51,225 shares at 10.88p each and Martin Walton acquired 20,000 shares at 10.8p each. Stephen Hill has taken a 6.48% in Ingraine (KING). Ventura Finance has increased its stake in Evrima (EVA) from 5.14% to 6.15%.
IntelliAM AI (INT) has appointed Victoria Brown as a non-executive director.
ASSET MATCH
Synairgen (SNG) says full year accounts will be published by the end of September. The drug developer is assessing its financial requirements. The company intends to change its articles of association to remove first right of refusal rights for shareholders. The company is preparing a phase 2 INVENT clinical study for SNG001 in mechanically ventilated patients infected with a range of respiratory viruses. Interim analysis should be available by mid-2026 and final analysis in mid-2027. A network of 60 clinical study sites has been established and progress made towards regulatory approvals.
Zytronic (ZYT) is advising shareholders to vote against resolutions at the requisitioned general meeting. Henry Spain Investment Services wants Tom Spain and former director Glen Arnold to gain appointment as directors of Zytronic and remove two current non-executives. The strategy is not to return cash directly to shareholders, but they would be offered the chance to sell shares via a tender offer at NAV. The plan is to invest in cash generative businesses with good management. They would have a niche market and competitive advantages. The meeting will be on 1 October.
JP JENKINS
The JP Jenkins-15 index rose 0.8% to 1095.2 in the four weeks to 29 August.
AIM
Cash shell Vulcan Two Group (VUL) raised £12m at 200p/share when it joined AIM at the beginning of September. The strategy is to acquire ePharmacy businesses and consolidate a fragmented market. A suitable target would have annual revenues of between £8m and £22m and be growing rapidly at an EBITDA margin of between 10% and 20%. Independent, owner managed businesses are preferred.
Fiinu (BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing.
Bricks manufacturer Michelmersh Brick (MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years.
Churchill China (CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share.
Building components manufacturer Alumasc (ALU) continues to outperform the UK construction market, as well as growing water management equipment exports. In the year to June 2025, revenues were 13% ahead at £113.4m, while underlying pre-tax profit was 9% higher at £14.2m. Net debt is £5.8m. All three divisions improved underlying operating profit. New products helped the housebuilding division to grow, despite a low level of housing starts. The roofing business has grown its share of the roof vents sector. The full year dividend is 11.1p/share
Flexible workplace software provider Essensys (ESYS) says it returned to positive EBITDA in the year to July 2025 even though revenues fell from £24.1m to £19.2m. Closing datacentres has helped to reduce costs. Net cash was £1.8m at the end of July. The new elumo meeting rooms bookings software has gained its first customers since the year end.
Bars and escape rooms operator XP Factory (XPF) reported figures for the year to March 2025. They may not look good compared to the comparatives but that is because they are for 15 months. There was a 19% increase in revenues to £57.8m over the previous 12 month period. Both Escape Hunt and Boom Battle Bars improved revenues with the latter buying out more franchisees. There was an underlying pre-tax profit of £800,000. There appears to be an improving trend for revenues, after a poor first quarter.
ImmuPharma (IMM) has filed a new patent application for P140, which can help to identify and treat a subpopulation of patients with Type M immune disorder that are P140 super-responders. This can be used to sped up diagnosis and treat up to 50 autoimmune diseases. The global market is worth more than $100bn.
Team Internet Group (TIG) was always expected to report a downturn in interim revenues following changes to Google search policy and they slipped from $409.7m to $263.9m. A loss was reported, but there was a profit before amortisation and impairment. The internet domains business continues to grow with new contract wins set to contribute to the second half. The comparison business had a weaker first half, but it has started to grow as revenues build up in newer countries. There are also signs of improvement in search, but they are relatively modest, with higher gross margin achieved on newer search services. Zeus forecasts a 2025 underlying pre-tax profit of $49.4m, recovering to $62m next year.
Supreme (SUP) is acquiring carpet care products brand 1001 for £1.65m, plus £1m for inventory, from WD-40. The business generated revenues of £4.5m in the year to August 2025. which is well below the peak of £8m in 2022-23. This purchase follows the recent acquisition of Typhoo Tea.
Gear4Music (G4M) forecasts have been upgraded on the back of its trading statement. The musical instruments retailer is continuing its recovery, and first quarter sales are 27% higher and the growth is continuing into the second quarter. UK and international sales are growing. The 2025-26 pre-tax profit forecast has been raised from £2.7m to £3.6m.
Newmark Security (NWT) had a much stronger second half and this is carrying on into the new year. In the year to April 2025, revenues rose 3% to £23m, while pre-tax profit improved from £388,000 to £643,000. The growth came in the Grosvenor Technology business, which provides software and hardware for access control and managing people, with recurring revenues growing faster than hardware sales. The launch of GT Tablet, a pure software product, will help to broaden the potential market. The Safetell security products revenues declined, but the services contribution increased. Increasing recurring services revenues is a core part of the company’s strategy.
Legal services provider Gateley (GTLY) is acquiring Groom Wilkes & Wright for up to £9m, which is a trademark and design law consultancy. The payment is three-quarters cash and one-quarter shares. The business generated revenues of £4.7m and pre-tax profit of £1.4m in 2024-25.
Iodine supplier Iofina (IOF) produced 74.3 MT of crystalline iodine during August, which was the record for a month. The IO#11 plant has started production and takes the number of plants to eight. Cash has reached $1.8m after a tax credit.
Atlantic Lithium (ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval.
Student accommodation and private rental housing develop Watkin Jones (WJG) has appointed Singer as joint broker alongside Peel Hunt, which is also nominated adviser.
MAIN MARKET
Cash shell Aura Renewable Acquisitions (ARA) still had £397,000 in cash at the end of June 2025. It has broadened the range of potential acquisitions by looking at healthcare and life sciences companies. Renewable energy acquisitions are still being considered, and the range of sectors could be broadened again.
Trading in Pineapple Power Corporation (PNPL) shares after the termination of the proposed acquisition of Buffalo Battery Metals.
US cybersecurity company Narf Industries (NARF) reported that the Ranger.ai threat and mediation platform has achieved “Awardable” status through the US Department of Defense’s Platform One (P1) Solutions Marketplace.
Structural steel supplier Severfield (SFR) reassured investors with its AGM statement. Bridge remedial works are in progress and the £20m insurance payment has been received. Expectations for 2025-26 are unchanged.
Andrew Hore
Quoted Micro 1 September 2025
AQUIS STOCK EXCHANGE
HRC World (HRC) joined Aquis on 26 August. The data centre facilities provider is already traded on Nasdaq First Copenhagen. The plan is to expand the network of sites outside of Malaysia. It is also assessing sustainable electricity generation potential.
The Smarter Web Company (SWC) has raised a further £3.66m at 193p/share and there are 2.59 million shares still available for subscription. The company has bought 2,440 Bitcoin and the total cost was £201.1m. Net cash available to invest in Bitcoin has fallen to £600,000. PKF Littlejohn has replaced Adler Shine as auditor.
Ajax Resources (AJAX) has agreed terms for the acquisition of 74.75% in the Paguanta copper gold project in Chile. If the deal is completed thee is an initial payment of $50,000 in cash and $100,000 in cash. Progress with the project will trigger further payments.
Vault Ventures (VULT) has sold its Bitcoin assets, and it retains its other digital assets. A subsidiary has entered a strategic partnership with Quaint Insight, and this will provide access to data to help assess digital assets.
KR1 (KR1) had net assets of 49.38p/share at the end of July 2025, up from 40.69p/share at the end of June. Aggregate income during the month was £419,630.
Wishbone Gold (WSBN) has raised £1.5m at 1.25p/share and this will provide working capital for drilling at the Red Setter Dome gold target.
Lord Bethell has been appointed as a non-executive director of biotech Cardiogeni (CGNI). He is a former health minister. Another director, Ajan Reginald, bought 10,001 shares at 20p each and 2,000 shares at 10p each. He owns 22.1% of Cardiogeni.
Amazing AI (AAI) raised £72,000 at 1p each.
Phoenix Digital Assets (PNIX) director Jonathan Hives has sold 350,000 shares at 5.085p each. EDX Medical (EDX) chief executive Dr Michael Hudson bought 65,000 shares at 10.65p each.
ASSET MATCH
Zytronic (ZYT) expects to sell all its assets by the end of September, and shareholders should receive between 48p and 58p for each share they own in October.
AIM
In the year to February 2025, continuing revenues of online retailer boohoo (DEBS) fell 12% to £790.3m, but Debenhams brand gross sales were one-third higher. The adjusted loss was barely changed at £43.4m. Management says that the brands are trading at a positive EBITDA. There were a raft of exceptional costs, including an impairment provision of £47.9m. The carrying value of the investment in Revolution Beauty (REVB) has been reduced by £16m and boohoo is backing the refinancing and the return of the founders. Total exceptionals increased from £98.1m to £198.7m. Founder and executive director Carol Kane bough 6.86 million shares at 14.5p each
Fiinu (BANK) has been readmitted to AIM following the acquisition of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m was satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. The share price rose 49% to 19p.
Fire safety products supplier LifeSafe Holdings (LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer, which closes on 5 September, can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. Executive chairman Dominic Berger acquired 1.37 million shares at 1p each, taking his stake to 5.85%.
Empire Metals (EEE) has made a breakthrough in process development at the Pitfield project in Western Australia. Recoveries are 77% at the rougher stage and 90% at the cleaning stage. Leach results achieved 98% titanium dissolution. Overall titanium recovery is 67% and this is expected to improve. This is a high purity product.
Transport software and services provider Tracsis (TRCS) says full year revenues edged up from £81m to £82m, while EBITDA was slightly lower at around £12.6m. Trading improved in the second half. Cash was £23.4m at the end of July 2025.
Brain health software developer Cambridge Cognition (COG) is raising £1.12m at 27.25p/share from key shareholders and management following the interim figures. Changes to the board mean that Rob Baker becomes senior executive director, Alex Livingstone-Learmonth is chief commercial officer, and Ronald Openshaw becomes head of finance and corporate development. Interim revenues fell from £5.6m to £4.3m and the loss increased. Cash fell to £400,000. The order book was £16.4m at the end of June 2025.
Thor Explorations (THX) announced further drilling results from the Guitry Gold Project in Côte d’Ivoire. There have been 3,000 metres of drilling and the latest assays include thee with significant gold showings, including one showing 8 metres at 14.54g/t gold. The drilling shows mineralisation is open at depth. There are soil anomalies that have not been tested.
Advanced engineering materials developer Versarien (VRS) says that the sale of its remaining subsidiaries is near completion. The Chinese strategic investor has withdrawn from the investment process because of the UK national security review process only approving a restricted joint venture.
Logistics Development Group (LDG) had net assets of 26.7p/share at the end of June 2025, up 8.67% over the quarter. Since then, £15m has been invested in a company that has taken a 78.3% stake in Alternative Parcels Company.
Synthetic binders developer Aptamer Group (APTA) has launched a biomarker discovery service. Biomarkers are molecular indicators of physiological states, including disease presence and enable targeted drug development. The service will use the company’s own Optimer technology in combination with proteomic analysis and it can generate the binding molecules. This is a fee for service model.
Oriole Resources (ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year.
MTI Wireless Edge (MWE) improved revenues by 8% to $24.1m, but pre-tax profit was flat at $2.3m. Share buybacks helped earnings to increase, but net cash fell to $5.1m at the end of June 2025. Antennas revenues grew strongly and there was a doubled profit contribution. This offset lower profit from other parts of the business.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has already flagged up weaker trading. Interim revenues were 13% ahead at £146.6m, which was an organic decline of 1%. Pre-tax profit was one-third higher at £7.9m. The interim dividend is unchanged at 0.96p/share. Manufacturing operations performed better than distribution, which should improve its performance in the second half.
Andrew Hore
Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
Andrew Hore
Quoted Micro 20 January 2025
AQUIS STOCK EXCHANGE
SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.
Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.
Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of £782,000 and digital assets of £4.26m.
Visum Technologies (VIS) has raised £100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.
IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.
Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.
AIM
Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at £338.3m was forecast to make a 2024-25 pre-tax profit of £18m, up from £13.9m last year, rising to £23.8m in 2025-26.
Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.
Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.
Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.
Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.
Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.
Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.
Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from £83.8m to £95.6m, while pre-tax profit rose from £10.1m to £11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.
Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from £7.1m to £10.5m. Net debt was £37m at the end of 2024. The order book is worth £111m and covers 53% of forecast 2025 revenues.
Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m.
Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from £63.8m to £84.1m. Continuing pre-tax profit improved from £1.6m to £2.6m and further improvement to £3.4m is expected for this year.
Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.
Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.
Premier African Minerals (PREM) has raised £1.2m from a placing at 0.0275p/share. A retail offer could raise up to £2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to £3.5m the placing and offer will not proceed.
Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of £200,000, but it will also release £2.5m from deferred income as exceptional income.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to £8.7m of income/year.
Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.
Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTER’S warehouse in Switzerland. On delivery, an invoice will be raised.
Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for €6m in cash with up to €2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.
Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for £18m, with a net initial payable after debt movements of £10.6m. Pitreavie made a 2024 pre-tax profit of £1.3m. There should be cost savings from integrating the business.
Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at €92m. Lower marketing spend meant that margins improved. More bookings were made through the company’s app. Pre-tax profit is expected to jump to €17m. Net cash is €2m. There will be an update on strategy in the second quarter.
Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.
Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.
Andrew Hore
Quoted Micro 1 May 2023
AQUIS STOCK EXCHANGE
Technology investment company Asimilar (ASLR) is leaving AIM, but it will retain its Aquis quotation. Trading in the shares recommenced following the publication of the latest accounts. Chris Akers raised his shareholding from 9.13% to 10.3% and that helped the share price to recover from its low during the week. At the end of September 2022, net assets were 5.53p a share. A general meeting will be held on 18 May and the AIM cancelation should happen on 26 May.
Fuel additives supplier SulNOx Group (SNOX) has received a general meeting requisition from RemNOx Ltd, which wants to remove chairman Radu Florescu and appoint three new directors. It also wants to remove chief executive Ben Richardson. RemNOx is controlled by Angela Bravo.
Four shareholders are requisitioning a general meeting at TruSpine Technologies (TSP) and they want four directors to be removed. They also want three nominees to be voted onto the board, which includes two of the requisitioners: Peter Houghton and Todd Michael Cramer.
OTAQ (OTAQ) published a nine-month update showing revenues of £2.6m up until the new year end of December 2022. There was a £300,000 EBITDA loss. There are a range of aquaculture products that are becoming ready for commercialisation. First quarter 2023 trading was in line with expectations and the outlook for the second quarter is better.
MBH Corporation (M8H) increased 2022 revenues by 31% to £142.8m, while operating profit was £3.4m, down from £5.16m. There was organic growth from all the main operating sectors.
Hydrogen Future Industries (HFI) had an interim cash outflow from operating activities of £548,000. There is £736,000 in the bank at the end of January 2023. The company has commenced prototype testing of the wind element of its hydrogen production system.
BWA Group (BWA) has appointed John Byfield and Jonathan Wearing to the board, while Alex Borelli has stepped down. High levels of rutile have been identified in samples from the Dehane 2 rutile sands project in Cameroon.
Investment company MaxRets Ventures (MAX) had net assets of £497,000 at the end of October 2022, including £411,000 in cash. Annualised running costs are £280,00. There are two cannabis-related investments and no new investments have been made in the past year.
SuperSeed Capital (WWW) has made a new investment in Kluster, an AI platform that helps clients to generate revenues.
EDX Medical (EDX) has raised £1,725m at 6p a share. Bridgemere has become the second largest shareholder with 11.6%.
PanGenomic Health (NARA) says a subsidiary has signed a definitive master service agreement with Psy Integrated Health. Patient biomarker data will be collected to assist in optimising treatments. Psy will be paid $45,000 for the initial work.
Equipmake Holdings (EQIP) has been awarded a £1.6m grant, on a matched funding basis, to help it further develop its electrification technology for electric vehicles.
Wishbone Gold (WSBN) has published exploration data for the Cottesloe project in Western Australia. This shows high grades of silver, cobalt, lead and zinc.
Marula Mining (MARU) published its quarterly activities update. This was an active quarter. There is an increasing focus on battery metals. The company is debt free.
At the end of January 2023, Kasei Holdings (KASH) had net assets of £2.05m, including cash of £473,000. Since then, £164,000 has been raised from Aalto Capital at 12p a share. However, this is less than the £500,000 expected.
Semper Fortis Esports (SEMP) raised £100,000 at 0.1p a share. This will take the cash pile up to £500,000. Costs have been brought down to a minimum.
Convertible loan notes worth £161,000 were converted into Valereum (VLRM) shares at 4.7112p a share.
AIM
Deutsche Bank is bidding 339p a share for Numis Corporation (NUM), which values the AIM nominated adviser at £410m. On top of the cash bid there will be an interim dividend of 6p a share for the six months to March 2023, plus an additional dividend of 5p a share. The first dividend will be paid in June and the second dividend will be paid after the effective date of the takeover.
Zoo Digital (ZOO) has raised £12.5m at 160p a share and a retail offer could raise up to £500,000 at the same price – it closes on 5 May. The cash will help to finance the acquisition of one of its Japanese media localisation partners from a leading technology company. This should be earnings enhancing. Management says that full year revenues will be $90m, which is lower than expected. This disappointment is due to lower margin dubbing revenues.
Fiinu Group (BANK) says a lack of money has slowed progress in gaining a full banking licence. A decision has been taken to withdraw the fintech’s licence application and reapply in a few months. Management will then focus on securing between £34m and £42m of cash. Once this is obtained the application process will be resumed. Fiinu has developed the Plugin Overdraft, which provides customers with an overdraft facility without the requirement to switch banks.
Trading conditions were tougher for Focusrite (TUNE) in the content creation market and that was only partly offset by a bounce back in the audio reproduction sector as live events returned to past levels. Group interim revenues fell from £92.9m to £86.2m, even after the inclusion of recent acquisitions. A fall in freight charges helped gross margin edge up to 47.1%. Even so, pre-tax profit fell from £16.3m to £10.9m. Net debt was £13.2m after the cost of acquisitions. The dividend was still raised from 1.85p a share to 2.1p a share.
IT training provider Northcoders (CODE) reported an 86% increase in revenues to £5.6m in 2022 and pre-tax profit jumped from £100,000 to £600,000. There was net cash of £1.7m at the end of 2022. Revenues of £6.1m are already in the order book for 2023 and the full year forecast is £9.5m. The pre-tax profit should double to £1.2m.
Management process automation software provider ActiveOps (AOM) made better gross margins on forecast revenues of £25m and a positive EBITDA in the year to March 2023. A £500,000 loss was forecast. There was £15.4m in cash at the year-end. The newly launched CaseWorkIQ software is starting to gain momentum. The full year figures will be published in July.
Smoove (SMV) says it is in bid discussions with PEXA Group. These are at an early stage but could lead to a cash bid for the online residential property services provider. Australia-based PEXA Group offers online property services through the Property Now content hub that are similar to those offered by Smoove. There is no indication of bid price.
WoolOvers Group announced on Tuesday afternoon that it will not be making a 10.5p a share bid for footwear retailer Unbound Group (UBG).
Parkmead Group (PMG) produced more condensate than expected from the LDS-01 well in the Netherlands, so the well has been temporarily shut-in to enable work to handle the greater volume. This will mean that 2022-23 pre-tax profit will be lower than expected, but still doubled at £15.1m. Longer term, the prospects appear brighter. Gas reserves appear to be greater than anticipated and the high gas price is prompting greater exploration activity.
Fire Angel Safety Technology (FA.) has been hit by supply problems and that particularly hampered sales of higher margin products. A delayed contract also held back progress. Costs have fallen but EBITDA will be below expectations in 2023. Price increases will help revenues from the second quarter onwards. Shore Capital has withdrawn its forecasts.
Iodine producer Iofina (IOF) has an increasingly attractive outlook for 2023. The iodine price remains relatively high at near to $70/kg and the new IO#9 facility should be up and running before the end of June. There are more potential sites for plants. Iodine derivatives sales are also increasing. Net income was $7.2m in 2022 and it is expected to improve to $8.1m this year.
MAIN MARKET
Mears (MER) reported 2022 pre-tax profit of £35.2m and higher than expected average net cash of £42.9m. The dividend has been increased by 31% and a £20m share buy back has been launched. The order book covers 98% of 2023 forecast revenues – pre-tax profit is likely to be flat.
Castings (CGS) has beaten forecasts for the year to March 2023. Pre-tax profit will be 8% ahead of the estimate at £16.8m. Demand from HGV manufacturers is still improving, and production inefficiencies resolved, helping the second half to be much better than expected.
Andrew Hore
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