Tag Archives: CAU

AQUIS STOCK EXCHANGE

Newbury Racecourse (NYR) increased interim turnover 4% to £9.67m and the loss reduced to £150,000. Hospitality, hotel and nursery revenues all increased. Higher attendances improved core revenues as well. Changes in betting tax rates could hold back racing revenues.

ProBiotix Health (PBX) increased interim revenues by one-third to £1.34m. This helped to reduce the loss. There is £1.3m in cash at the end of June 2025. The health supplements supplier says the market preventive cardiometabolic supplement products is expected to grow annually be more than 8%.

Richmond Hill Resources (SHNJ) plans to move to AIM in the next few weeks.

Shares in data centres operator HRC World (HRC) will stop trading on Nasdaq First North Copenhagen on 31 October and Aquis will be the only market they are traded on.

Shortwave Life Sciences (PSY), which is developing treatments for anorexia nervosa, is planning a clinical human feasibility study on impact of Psilocybin on the disease. This should lead to a phase 1 clinical study. A digital asset treasury strategy will help to fund the core business. The executive team is being changed.

Mendell Helium (MDH) says potential acquisition M3 Helium confirmed that the dewatering of the Rost project in Kansas is about to start. However, drilling in Nebraska has been delayed by wet weather and equipment problems.

The Smarter Web Company (SWC) has purchased another 30 Bitcoin taking the total holding to 2,470 Bitcoin at a total cost of £203.6m. A further £2.6m has been raised at 128p/share.

Ormonde Mining (ORM) investee company TRU Precious Metals has intersected a previously unknown broad mineralised sandstone unit in two drill holes at the Golden Rose project in Canada. This is over a strike length of 500 metres with assay results of up to 1.3g/t gold.

Marula Mining (MARU) has amended the agreement to buy Takela Mining Tanzania, which operates the Kinusi copper mine. Marula currently owns 75% and acquiring the rest is dependent on separate mining licences being combined into one mining licence. The Tanzania government will have a 16% free carried interest. The total payment will be £2.5m with £500,000 payable on signing and £750,000 on conversion of the mining licence. The rest is dependent on more than 100,000 tonnes of copper being sold. Marula Mining is in discussions with potential investors in projects and has secured a loan for the business in Kenya. There is also a new £1m shareholder loan from the chief executive.

EPE Special Opportunities (EO.P) had an NAV of 301p/share at the end of July 2025. There was an interim cash outflow of £1.82m. Cash was £6.58m at the end of July 2025.

SulNOx Group (SNOX) has signed an agreement with marine equipment distributor C-Quip Ltd to supply fuel emissions reduction product Sulnox Eco in the UK leisure marine market.

Astrid Intelligence (ASTR) has issued 575.2 million shares to Oak Securities at 0.1p each. Astrid Intelligence director Olivia Edwards bought 17.5 million shares at 0.147p each. There are plans to apply for an OTC quotation in the US.

Oscillate (MUSH) has appointed SP Angel as joint broker alongside corporate adviser Peterhouse.

Fintech company Amazing AI (AAI) raised £1.04m at 1p/share. This will fund the Bitcoin treasury policy.

Hub Affiliations Holdings has raised its stake in NYCE International (NYCE) from 10% to 19.9%.

ASSET MATCH

Marshall of Cambridge (MCH) had a tough year, and land systems and fleet solutions made losses. Ther are also large write offs. The total loss for 2024 was £123m. Fleet solutions has been sold, and land systems is being marketed for sale. Overheads have been reduced. Approval for the sale of the ex-RAF C-130 fleet should be received during September. A further loss is expected this year.

JP JENKINS

Mobile Tornado (MBT) cancelled its quotation on AIM on 9 September and joined JP Jenkins on 9 September.

Airline ecommerce services provider Datalex (DLE) cancelled its quotation on Euronext Growth Dublin and moved to JP Jenkins on 12 September.

AIM

Concrete levelling equipment supplier Somero Enterprises (SOM) is still suffering from uncertain conditions in the US, but sales are also declining in other markets. There is lower activity in larger scale projects. Interim revenues fell 23% to $39.8m, while pre-tax profit slumped 52% to $5.4m. Annual cost savings of $6m have been made. Full year pre-tax profit is forecast to fall from $25.4m to $15.3m.

Medical device developer Belluscura (BELL) has appointed Guy Peters as a director. He advised Omaha Value which previously proposed funding for the company. The period of exclusivity for a potential buyer of US business Belluscura LLC has expired. Omaha Value and a partner have reapproached Belluscura for another funding proposal. Trading in the shares remains suspended.

Scotch whisky supplier Artisanal Spirits Company (ART) was hit by tariff uncertainty in the first half. The way whisky is exported to the US has changed to minimise the impact of any tariffs. Revenues dipped 4% to £9.68m due to the delayed shipments to the US. There was growth in European subscribers, helped by a deal with AMEX, but a decline in North America and the rest of the world. The loss increased to £3.6m. Net debt was £29.5m at the end of June 2025.

Fulcrum Metals (FMET) says the Teck-Hughes tailings project drilling has started and initial assays ae up to 1.2g/t gold. This is producing data for a mineral resource estimate. Phase 3 testing of the Extrakt technology will provide processing data. This will go towards the preliminary feasibility study.

There has been another upgrade for embedded computer products manufacturer Concurrent Technologies (CNC) following its interims. Revenues were one-quarter higher at £21.1m and pe-tax profit was £2.7m. Cavendish has upgraded its 2025 pre-tax profit forecast from £6m to £6.2m. The fastest growth was in systems. The US facility move has happened and the move to the new UK facility is on course. First half design wins were worth £90m.

Franchised lettings and property sales business The Property Franchise Group (TPFG) has continued its progress with organic growth on top of the benefits of acquisitions. Interim revenues were 50% ahead at £40.3m, while the pro forma increase was 8%. Pre-tax profit was 59% higher at £14.5m, while underlying earnings were 29% ahead at 16.7p/share. The interim dividend is 17% higher at 7p/share. Net debt was £10.9m at the end of June 2025. The fastest growth was in financial services, but even the core property business was 7% ahead on a pro forma basis. The number of lettings properties has declined, as the market becomes tougher for individual landlords.

UK regulatory changes hit UK revenues at Gaming Realms (GMR), but the mobile games developer continues to grow strongly in North America. Interim revenues were 18% ahead at £16m, helped by an increase in brand licensing from £300,000 to £2.4m – that is lumpier in terms of generating revenues. The UK games will be adapted for the new regulations by the end of the year, and revenues should recover.

Floorcoverings distributor Likewise (LIKE) reported interim revenues rising from £70.7m to £77.9m in a weak market. Margins are improving and pre-tax profit jumped from £330,000 to £740,000. Tax losses are still being used up.

Cosmetics supplier Warpaint London (W7L) had a tough first half with the administration of a major customer of the Technics brand and volatile US tariffs making it difficult to price potential orders in the US. An initial contribution from Brand Architekts helped group revenues to grow 8% to £49.3m. Pre-tax profit fell by 41% to £6.4m, although earnings we 13% down to 8.5p/share due to reduced tax charge. There was a gain on the Brand Architekts puchase, but that was more than offset by foreign exchange losses. The interim dividend was raised by 14% to 4p/share.

Interim figures from cross-border payments services provider Finseta (FIN) were disappointing due to customers delaying US dollar transactions due to foreign exchange volatility. Revenues were 16% higher at £5.9m and gross margins declined from 65.7% to 62.7%. Operating costs increased due to expansion plans. The newer offices will not make much of a contribution this year and will hold back profit.

It is still early days in the transformation of Gaming machines hardware and displays supplier Nexteq (NXQ) and interim revenues dropped from $48.2m to $40.7m, while pre-tax profit slumped from $5m to $900,000. Second quarter trading showed some improvement. More mid-level gaming equipment was sold, so that hits margins. Net cash was $28.1m. Share buybacks continue.

Angle (AGL) chief executive Andrew Newland and finance director Ian Griffiths have stepped down from the board following discussions with investors. There are no immediate replacements. This follows the latest interims from the cancer diagnostics company. Interim revenues fell by one-fifth to £800,000. Net loss increased from £7.7m to £9.3m. Net cash was £5.3m at the end of June 2025. Cash lasts until the first quarter of 2026. Cavendish has been appointed as nominated adviser and broker. A new management team may make it easier to raise cash from investors in the coming months. The current strategy could be changed.

Builders merchant Lords Group Trading (LORD) grew interim revenues by 8% to £232.1m with like-for-like growth of 7%. This is before the acquisition of online building products retailer CMO. Net debt was £20.9m at the end of June 2025. Cavendish forecasts a recovery in 2025 pre-tax profit from £3.8m to £6.7m.

Sylvania Platinum (SLP) produced 104,233 ounces of platinum group minerals in 2024-25 and this should increase significantly this year. Revenues increased from $81.7m to $104.2m. EBITDA rose from $13.5m to $29.3m, while cash reached $60.9m. There is an undrawn overdraft facility. The Thaba chrome joint venture will ramp up production this year.

Public affairs services provider Public Policy Holding Company (PPHC) grew organically by 8% in the first half of 2025. Acquisitions helped revenues increase 24% to $87.9m. Net income was one-fifth higher at $15.6m, helped by a lower tax rate. Net debt is $42.2m. Full year forecasts have been tweaked, but operating profit is still expected to rise from $36m to $44.5m. There are plans for a Nasdaq listing and a share consolidation. A general meeting will be held on 29 September.

Distribution Finance Capital (DFCH) is growing faster than expected and it is taking market share with its inventory financing product. Underlying interim pre-tax profit, excluding last year’s one-off gain, improved from £7.5m to £9m. New loan originations were £828m in the first half and the loan book grew to £728m at the end of June 2025. Bad debt provisions were 0.63%. The first half growth was before any contribution from the new asset finance product, where the first loans were in the second half. The new business will be loss making in the second half. Even so, Panmure Liberum has upgraded its 2025 pre-tax profit forecast from £14.5m to £18m, helped by a higher than anticipated net interest margin. Net tangible assets are 70.2p/share.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) grew interim revenues from £109.6m to £125.7m, helped by acquisitions, but pre-tax profit was flat at £8.9m. Like-for-like sales growth was 2%. The acquisition had lower margins and that is why the overall margins fell.

James Fisher (FSJ) reported flat underlying interim revenues of £191.9m, while underlying pre-tax profit was 5% ahead at £4.5m. Higher taxes meant that earnings were lower. Energy services did well, and defence returned to profit. Marine transport profit declined, but the outlook is positive. Disposals have put James Fisher in a stronger position, and it is likely to benefit from higher defence spending. Full year pre-tax profit is expected to be flat at £11.9m before sharp improvements in 2026 and 2027.

Centaur Media (CAU) has agreed to sell The Lawyer for £43m.

Roquefort Therapeutics (ROQ) plans to buy Coiled Therapeutics Inc, a spin-out from A2A Pharmaceuticals that holds the rights to AO-252, which targets the TACC3 protein for cancer. This treatment is in phase 1 clinical trials in the US. The payment for the company would be £30m in shares and the company’s name would be changed to Coiled Therapeutics. Exclusivity lasts until the end of January. Lyramid Pty Ltd and the MK Cell programme will be spun out of the group.

Andrew Hore