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Quoted Micro 1 June 2026
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new strategic alliance with Spain-based Bioksan, covering Spain and Portugal. ProBiotix will supply the LPLDL® probiotic strain to Bioksan to replace red yeast rice, which has a compound that might be prohibited in the EU. This deal is worth €200,000. There could be other companies that require a replacement and the market could be worth €26m each year.
Brewer Adnams (ADB) reported a dip in full year revenues from £68.1m to £63.7m as brewery volumes fell 6%, although this outperformed the market. A sub-contract distilling contract was lost. Off-trade volumes also outperformed the market. The pre-tax loss declined by three-quarters to £700,000. Net debt was reduced to £9.2m. There are plans to focus on the profitable opportunities.
Cooks Coffee Company (COOK) group store sales increased 23% to NZ$95.8m. That translates into recognised franchise and managed store revenues of £5.4m, up from £2.9m. Net debt has fallen from £1.8m to £1.1m. There are 109 cafés in operation.
Capital for Colleagues (CFCP) improved interim revenues from £404,000 to £424,000 and there was a swing from a loss of £1.43m to a pre-tax profit of £2.13m. That reflects an upward valuation of the investment portfolio of £2.3m. NAV was 85.5p/share at the end of February 2026.
Mendell Helium (MDH) is approaching de-watering of the well bore of Rost 2-26. Data obtained is being analysed. A permit has been received for increased water disposal at the Brobee salt water disposal well. A new disposal well is being drilled at the Schneweis Ventures 13A well, which is part of a joint venture with Ritchie Exploration. Schneweis previously produced helium and recorded a drill stem test in excess of 10,000 Mcf/day. There is a higher methane content than the Rost wells. Premier Miton has taken a 15.7% shareholding.
VVV Sports (VVV) is acquiring TOPSERIES Pickleball and raising £5m at around the market price. There are plans to seek a Nasdaq listing, while retaining the Aquis quotation. VVV Sports is planning to develop the Abu Dhabi Padel Centre of Excellence with a partner, and it could cost more than £120m.
EPE Special Opportunities (EO.P) sold 1.8 million shares in fully listed Luceco (LUCE) and raised £4.8m. It still owns 21%.
Sulnox Group (SNOX) has secured an emissions reduction additives distribution agreement in Pakistan.
Wishbone Gold (WSBN) has exercised its option to acquire the Silver Lake project in Western Australia. The purchase is funded by the issue of 3.57 million shares at 29p each. Silver demand is growing and Silver Lake has significant surface-level silver mineralisation. Drilling should start before the end of the year.
Paul Compton has increased his shareholding in Time to ACT (TTA) from 4.55% to 5.5%.
Stack BTC (STAK) has appointed Oberon Capital as corporate adviser.
Cardiogeni (CGNI) has repaid £810,000 convertible loan notes.
ASSET MATCH
Zytronic (ZYT) is sending a circular to shareholders to convene a general meeting on 26 June to gain agreement on the winding up of the company.
AIM
Telecoms test equipment supplier Calnex Solutions (CLX) has changed the way it reports its revenues, which shows how important non-telecoms are. In the year to March 2026, more than two-thirds of total revenues of £21.9m, which represents a recovery, but it is not quite the level at the peak. Pre-tax profit improved from £700,000 to £1.2m. The total dividend has been edged up to 0.99p/share, even though it is not covered by earnings. Net cash is £9.3m.
Household electricals brands owner Ultimate Products (ULTP) says third quarter trading shows revenues ahead of expectations. This marks an end to quarter-on-quarter declines. There is also a change in the management with the founder stepping down and a new boss appointed as chief executive. Simon Harrison was previously boss of Princes Group, so he has consumer experience.
Anglo Asian Mining (AAZ) brought two new mines into production during 2025, and it returned to profitability. A final dividend of 4 cents/share means that the company is returning to paying dividends. Revenues more than trebled to $122.8m. There was a move from net debt of $14.7m to net cash of $2.6m.
Diagnostics developer and manufacturer Abingdon Health (ABDX) has entered into a Business Development Tax Credit Agreement with the Wisconsin Economic Development Corporation. This means that the company is eligible to earn up to $370,000 over three years to the end of 2028. This includes $320,000 linked to taking on additional full-time employees with the rest relating to capital investment at the Wisconsin facility.
Specialist coatings services provider Hardide (HDD) has won a significant order worth £2.4m in the energy sector in North America. The US facility has improved its operational efficiency. This has increased the earnings forecast by 17% to 4p/share.
Low sodium salt developer MircoSalt (SALT) reported a jump in revenues from $800,000 to $2.1m in 2025 and they could more than double again this year as new contracts come through. However, the 2026 revenues forecast has been downgraded from $7m to $4.6m because of a delay in production at customer 3. Zeus says that this delay pushes revenues out by five months and 2027 guidance remains that revenues could be $15m. Net debt could be $1.9m by the end of 2026 with 2027 set to be cash generative.
Staffing provider RTC (RTC) says that the trajectory of positive trading in the first quarter of 2026 and six major contracts have been won and rail maintenance demand is in line with 2025 levels. Rising costs will hit margins in rail and energy divisions, and it is also holding back activity levels in the second quarter. Permanent recruitment vacancy levels are at their lowest point since 2021. Daavid Stredder has put forward AGM resolutions for the appointment of Paul Hooper, former Alumasc boss, as independent chairman and Gerard Oates as an independent non-executive director. He objects to Andy Pendlebury being chairman and chief executive and there being only one independent non-executive director and he is employed by the company’s broker. He also complains about the rise in board pay.
Kazera Global (KZG) subsidiary Whale Head Minerals has entered a production sharing agreement with minerals processor Rare Earth Minerals International (REMI) for the Walviskop heavy mineral sands. Taking effect form the 1 June and lasting 12 months, REMI will deploy processing plant valued at £1m and receive 50% of revenues. It will also contribute £27,000/month to project costs. Production should ramp up to 10,000 tonnes of processed heavy minerals sands/month by the end of September.
Ariana Resources (AAU) has updated its pre-feasibility study for the Dokwe gold project in Zimbabwe. The post-tax NPV10 is $740m at a gold price of $4,250/ounce. There was a 42% increase in ore reserves to 1.13Moz. Total pre-production capex is estimated at $163.9m.
Sound Energy (SOU) is selling its development assets in Morocco for $57m in cash and relinquishing nearby exploration assets. This will leave the company with $11m in cash after debt repayment. There are also solar and hydrogen joint ventures. Annual overheads are $2.9m. New oil and gas assets outside Morocco are being considered.
Oil and gas company Prospex Oil (PXEN) reported a 2025 loss of £2.81m, but that was after an investment valuation write down of £2.54m. Increased income from the Selva field in Spain reduced the underlying loss from £745,000 to £273,000. The income from Selva is included in finance income rather than being reported as revenues because of the way the investment is held. These figures are prior to the recent rise in the gas price. First quarter income from Selva was £912,000, which is similar to the income from the field for the whole of 2025. Prospex Energy will use the cash it is generating to expand production at Selva and develop other interests in Spain and Poland.
Pharma industry technology and data provider Diaceutics (DXRX) had annualised recurring revenues of £20m at the end of 2025. Reported revenues rose by one-fifth to £38.4m and the business returned to profit even after redundancy and acquisition costs of £798,000. The largest customer accounted for 18% of revenues. The order book grew 56% to £38.9m, with £21.1m of visibility for the next 12 months, up from £17.7m last year. Constant currency revenues growth was 15% in the first quarter.
Europa Oil and Gas (EOG) has received government approval in Equatorial Guinea for the farm out of EG-08 to Chinese company Fuhai. The final requirement is Chinese government approval. Drilling could start on the Barracuda well in early 2027. Tennyson Securities values the company’s 17% stake at 19p/share.
Borders & Southern Petroleum (BOR) says that there is multiple potential farm out partners for its Falkland Islands oil exploration assets. The final investment decision for the Sea Lion prospect, offshore Falkland Islands, has increased interest. In 2025, there was a cash outflow of $2.4m leaving $2.56m in the bank, which should fund the company in 2025.
Tooru (TOO) is not progressing with the acquisition of Mylky, a business selling small plant-based home milk making machines and associated products throughout Europe, because of concerns about the level of debt required given the current geopolitical conditions and issuing shares would have been too dilutive. There were also concerns about potential legislation.
Logistics Development Group (LDG) NAV was 1.2% lower at 26.4p/share at the end of the quarter to March 2026.
MAIN MARKET
Quantum dots developer Nanoco (NANO) plans to save £700,000 annually by leaving the Main Market. There was still £10.1m in the bank in May. The plan is to move to JP Jenkins.
Foams manufacturer Zotefoams (ZTF) says sales were 26% ahead at £64.1m in the first four months of the year. That is 7% organic growth. Footwear demand has reduced from its peak, but this has been replaced in other sectors. North America was a growth region with 30% organic growth. Surcharges have been issued to cover raw materials rising costs. Cross selling is already coming through from the OKC acquisition.
Shell Highway Capital (HWC) raised £67,000 in debt in the seven months to February 2026. The interest rate is 10%. The cash enabled the preparation of the 2023-24 accounts and work is ongoing on the next two years of accounts, after which trading in the shares could resume. A company voluntary arrangement is planned.
Digital assets investor KR1 (KR1) generated £50,046 from technology operations and £10,129 from financial operations during April 2026. NAV was 20.8p/share at the end of April 2026.
Red Capital has changed its name to Apertura Energy (VZLA), following the proposed change in investing strategy and new management appointments. Greig Gilbert is chief executive, and Scott Gilbert is chairman. The focus will be on the energy market in Venezuela.
Andrew Hore
Quoted Micro 20 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL) is raising £2.96m at 22.5p/share ahead of joining AIM on 27 April. This values the mining company, which is changing its name to Serval Resources, at £7.6m.
Equipmake (EQIP) has announced a further £950,000 order with Agrale for electric drivetrain systems for nine buses in South America. They will be delivered in the year to May 2027. Previous orders were for a total of 73 buses.
WeCap (WCAP) shares bounced back 55.6% to 0.7p following a recovery in the share price of investee company WeShop to $15.87.
Cooks Coffee (COOK) fourth quarter store sales were 18% higher at £11.2m with similar increases in the UK and Ireland. Full year store sales were 23% ahead at £43.1m. There are 118 stores.
Ubuntu Mining and Metals (UNTU) has secured an exclusive option to buy up to a 60% interest two Tanzanian gold projects. This lasts until 15 July. Ubuntu will be responsible for 100% of agreed costs up to commending mining. Progress is being made with the Dilotiko iron ore project in Kenya with a mining permit application undergoing final evaluation by the authorities.
Delta Gold Technologies (DGQ) has appointed Haynes Boone as global intellectual property counsel.
S-Ventures (SVEN) has raised £300,000 at 3.5p/share and a further £100,000 could be raised via a retail offer. Oberon Capital has been appointed joint broker. The cash raised will be invested in Thruxton-based defence business Hybrid Drones, where major aerospace companies are also investors, to finance development of unmanned aerial vehicles.
Ajax Resources (AJAX) has submitted and Environmental Impact Assessment for the Macacha copper and silver project in Argentina. If this is approved, then 5,000 metres of drilling is planned. The potential buyer of the Eureka gold and copper project in Argentina is going to visit the site.
Shepherd Neame (SHEP) chief executive Jonathan Neame bought 10,000 shares at 483p each.
Emissions reduction additives supplier Sulnox Group (SNOX) has raised £2m at 45p/share from a shipping customer backed subscription. This will help to finance an acceleration of the marketing for marine and land markets, as well as product development.
BWA (BWAP) highlights the announcement of a maiden JORC mineral resource estimate for the MB01-N deposit at the Mbe deposit in Cameroon, which combined with MB01-S, takes the inferred resource to 1.23 million ounces. This deposit is near to the Aracari project, where BWA is earning up to 70% through the spending of €1.5m.
The retail offer by Time to ACT (TTA) raised £16,000, taking the total raised to £431,000 at 6p/share.
Connecting Excellence Group (XCE) says its executive search business Spencer Riley has received payment of 0.516 Bitcoin at a value of £27,472.50. That takes the holding to 52.941 Bitcoin.
EDX Medical (EDX) is moving to AIM. Revenues are expected to reach £1.2m in the year to March 2026. Cash was £2.9m at year-end.
Falconedge (EDGE) generated a Bitcoin yield of 1.089% in March, so incremental Bitcoin growth was 0.2185 to 20.2782 Bitcoin.
Mendell Helium (MDH) says drilling by M3 Helium at the Rost 2-26 well has reached a total depth of 5,571 feet. The completion process will happen within ten days. There is evidence of helium with low hydrocarbon signatures in several zones.
Coinsilium (COIN) is extending its sponsorship of the When Shift Happens podcast until 1 January 2027.
Valereum (VLRM) is in advanced negotiations with Quorium Global Photonics SPC over a definitive exclusivity agreement for establishing a platform for real-world asset (RWA) tokenisation and it has received part payment of the $300,000.
Stack BTC (STAK) has bought a further 37.1898 Bitcoin at £53,778 each. That takes the total holding to 68.1898 Bitcoin. An equity trading facility worth up to £5m has been agreed with broker AlbR Capital. David Galan has been appointed chief executive. Jai Patel is leaving the board.
Oberon Investments (OBE) says year-on-year like-for-like revenues grew by one-quarter to more than £11.7m. Assets under administration are more than £1.4bn. However, the FCA has secured a voluntary requirement that no new wealth management clients can be taken on without its approval until the company’s systems are reviewed. All parts of the business grew. The company is on course to breakeven on a monthly basis by the end of the financial year. Third-party research and forecasts are planned to enhance investor understanding.
AI infrastructure operator Astrid Intelligence (ASTR) has issued shares at 0.2p each to pay outstanding fees of £10,000. The holding of Subnet 46 (RESI) has increased by 492 TAO to 1,754 TAO.
AI software developer IntelliAM AI (INT) says sales cycles are lengthening and partnerships have taken time to generate business. Full year revenues were one-third ahead at £5.25m, which is well below the Edison estimate of £7.1m. Annual recurring revenues doubled to £1.65m. Cash was £100,000 at the end of March 2026. This year’s forecasts are under review.
Heart regeneration medicines developer Cardiogeni (CGNI) says the transaction with Kira Health Invest should be completed by 20 April.
Dominic Wheatley has been appointed chairman of Mollyroe (MOY). He will provide expertise in the interactive entertainment sector.
EPE Special Opportunities (EO.P) had net assets of 384.38p/share at the end of March 2026. Giles Brand has increased his stake from 40.2% to 45.6%.
Unigel Group (UNX) is paying an interim dividend of 4p/share.
Zentra Group (ZNT) chairman David Izett bought 175,000 shares at 2p each.
ASSET MATCH
C4X Discovery (C4XD) full year revenues fell from £24.8m to £6.7m, nearly all milestone income from Sanofi, and the drug discovery company fell to a loss of £2.93m. The amount spend on research and development was reduced to £6.9m. A restructuring has reduced the cost base. There was £7.6m in cash at the end of 2025.
AIM
Animalcare (ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy.
Churchill China (CHH) had a stronger second half for its hospitality products in Europe, but the UK market remains tough. Market share is being maintained in the UK and there is scope to grow it in Europe. Revenues fell from £78.3m to £76.3m, and pre-tax profit dipped from £8.5m to £6m. The final dividend has been cut from 26.5p/share to 14p/share. Cash was £10.8m at the end of 2025. The majority of energy requirements have been bought forward, but no improvement is expected in profit this year.
Outsourced video art services provider Winking Studios (WKS) has completed the acquisition of Canadian business Studios Ampera. This has been trading for around six months, and a major attraction is the team that has been put together headed by Claude Bordeleau, a former senior manager at Keywords Studios, who will become group chief revenue officer. The deal will provide a base for Norther American expansion, as well as providing contacts with additional video games publishers.
Advanced materials and paper manufacturer James Cropper (CRPR) had a strong end to the financial year. Both parts of the business traded better than expected and the operational gearing means that profit was well ahead. Paper and packaging returned to profit in the second half. Full year revenues are set to rise from £99.3m to £103m, whereas it had been forecast to be lower, and pre-tax profit is upgraded by 30% to £4.7m. Net debt could fall to £8.3m.
Cora Gold (CORA) has signed a binding term sheet for $120m gold stream with Eagle Eye Asset Holdings, which is a 29.9% shareholder. This follows a £15.7m fundraising at 6p/share. The Sanankoro gold project in Mali is fully funded and the next key step is obtaining the mining permit. Construction of the mine can accelerate when that happens. Cora Gold has the right to replace 50% of the gold stream with debt or other funding. Eagle Eye Asset Holdings is entitled to purchase 30.44% of gold produced at Sanankoro for 20% of the spot gold price.
Retailer Mothercare (MTC) says trading conditions are still difficult with no sign of a recovery. The problems are exacerbated by exposure to the Middle East. System sales in the year to March 2026 fell 22% to £180m last year. The forecast loss has been increased to £2.4m and a loss of £2.8m is expected next year. Net bank debt is estimated to be £5.7m. Pension contributions have been deferred for a further year.
Bow Street Restaurants (BOW) has made progress with improving the performance of its existing stores and has identified potential acquisitions. Full year revenues fell from £36.6m to £31.3m following the closure of some sites. There was a swing from an underlying operating profit of £400,000 to a £500,000 loss. There was an impairment charge of £7.3m following a review of assets. Refurbishments are helping to boost income. The number of restaurants has been reduced to 29 and the refurbishments are continuing. Net cash was £11.1m at the end of 2025. This will also fund acquisitions of restaurant groups, with the initial purchase potentially an Asian style brand. Trading has improved so far this year with like-for-like growth of 6.1% in March. A 2026 loss is still expected from the current operations.
Alien Metals (UFO) says West Coast Silver, the joint venture partner for the Elizabeth Hill silver project in Western Australia, has identified a new Down Hole Electromagnetic (DHEM) conductor target. A drill test is planned. Drilling has already started on a six-hole drilling programme.
Telecoms test equipment supplier Calnex Solutions (CLX) says full year trading was slightly better than expected. More business is coming from datacentres and defence, rather than the original telecoms customer base. A new partnership with VIAVI Solutions will help to broaden the client base. Cavendish increased forecast 2025-26 pre-tax profit by 59% to £1.2m. Cash is £9.3m.
Eco (Atlantic) Oil and Gas (ECO) has agreed to farm down a 60% participating interest in its three Namibian licences to BP, which will take on operatorship. There will be a one-off cash payment of $2.7m. BP will carry Eco through the current exploration phase. Eco will retain 25% and if the licence is renewed it can sell a further 10% interest to BP for a full carry for each well on each of the licences, with a cap of $21m for each well.
Great Western Mining (GWMO) has signed a contract with Major Drilling America to undertake drilling at the Defender-Pine Crow tungsten project in Nevada. This is the primary focus of the company. Drilling should commence in July. An application has been made for cross trading of the shares on the OTCID market in the US to attract North American investors.
Iodine producer Iofina (IOF) generated record production of 179 tons in the first quarter from a combination of new capacity and higher brine temperatures improving recovery. First half guidance is being upgraded to 325-355 tons. Iodine prices are still above 70/kg. Canaccord Genuity has raised its revenue forecast from $69.5m to $71.6m and earnings from 3.7 cents/share to 3.9 cents/share.
TheraCryf (TCF) received a conditional approach to acquire the Orexin-1 and dopamine-transporter programmes. This is an area where there is increased commercial interest from pharma companies. The board felt this undervalued the assets. The Orexin-1 addiction programmed is fully funded for a phase 1 trial by the fourth quarter of 2026. If this is successful, the value of the assets will be much higher.
Thor Explorations (THX) had cash of $154m at the end of the first quarter of 2026 and it could reach $351m by the end of the year. It produced 23,397 ounces of gold at the Segilola ming, which was better than expected due to the high recovery rate, and is well on the way to the 2026 target production of 75,000-85,000 ounces of gold for the full year at an all in sustaining cost of up to $1,200/ounce. There is further drilling at the Douta project.
Building products supplier Alumasc (ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later.
IT services provider SysGroup (SYS) traded strongly in the second half, helped by the acquisition of Saxis. Full year revenues were 7% higher at £22.1m – they were previously expected to be flat. Pre-tax profit is set to be one-third higher at £400,000. Net cash was £2.7m. Pre-tax profit is forecast to rise to £900,000 in 2026-27.
LiDAR wind sensor and software developer Windar Photonics (WPHO) has secured a record number of test orders in the first quarter of 2026 and full year revenues are expected to be €7.8m, up from €6.4m in 2025. That assumes 50% of the ten active test orders are converted into contracts. A £20m share subscription facility has been agreed with GEM Global Yield LLC. The company is near to appointing a new chief executive.
Quantum Health (QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing.
Strip Tinning (STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production.
Quantum Blockchain Technologies (QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation.
TV programmes producer Zinc Media (ZIN) reported revenues of £41.3m, which was in line with trading statement. There was significant organic growth in the 28% increase in revenues. Pre-tax profit was one-third higher at £400,000. There is £3.5m in the bank.
Management reiterated the growth plans and the EBITDA target of £5m, compared with £1.9m last year. The Celebrity Inner Circle has been renewed for an eight episode run and this will help the entertainment division to grow. The format could also help achieve additional high margin IP revenues. The new distribution division should also generate additional revenues. There is already around £30m of work secured for this year.
hVIVO (HVO) has been hit by delays and terminations to human trials of vaccines. Some had already paid part of the cost upfront enabling the decline in 2025 revenues to be stemmed. Even so, they fell from £62.7m to £46.8m. That pushed the business into loss. The weighted contract order book is £30m and the diversification into other areas of clinical trials is helping to build a more diversified business. It is also winning new business in influenza and other areas.
Forgent (FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia.
Oracle Power (ORCP) has announced assay results from another 31 holes at the Northern Zone Intrusive Hosted gold project in Western Australia. They are some of the best intercepts for grade and width drilled at the project. The tenement is being converted to a mining lease.
Latin America focused investment company ROI Capital Holdings is subscribing £1.93m for shares in Trafalgar Property (TRAF) at 0.005p/share. This is dependent on a waiver of the obligation to make an offer for the company. The existing subsidiaries will be sold for £1, and the planned Hilton House transaction will be reversed. The whole board will be replaced, and they will seek a reverse takeover.
Shares in Tiger Alpha (TIR) have been suspended ahead of the proposed acquisition of Cyprus-based Potentially, which is building the peer-to-peer infrastructure layer for the AI economy. The consideration will be £10mthrough the issue of two billion shares at 0.5p each.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is growing in a tough consumer environment. Full year revenues are 23% higher at £85.5m, which is 12% like-for-like. It is on course to double pre-tax profit to £3.6m. Like-for-like retail growth was 5.7%, while the UK kitchenware market has declined.
KR1 (KR1) investee company Bitway has launched the BITW token and KR1 holds 100 million of them after investing $300,000. The holding is valued at $1.7m.
US cybersecurity technology company Narf Industries (NARF) has reported full year revenues rising from $3m to $4.2m. Narf has Rebranded Ranger.ai to UPxi.ai (Upstream Extended Intelligence), which did not make a significant contribution in the period. There is already $5.3m of contracted revenues for 2026-27, while a government contract worth more than $2.5m has been won since the year end.
Onward Opportunities (ONWD) moved from AIM to the Main Market on 16 April.
Andrew Hore
Quoted Micro 24 November 2025
AQUIS STOCK EXCHANGE
Kasei Digital Assets (KASH) plans a return of cash to shareholders. There should be £3.4m in cash after selling assets and this should be returned to shareholders. A subscription of £200,000 at 1p/share will provide an additional £100,000 for distribution. The new investors include new executive chairman Kwasi Kwarteng, the former Chancellor of the Exchequer, new non-exec Paul Withers, Daniel Howe and Sam Daughtry, plus existing directors Jai Patel, who will become chief executive, and Brendan Kearns. Bryan Coyne, Steven Davis and Jane Thomason will resign from the board. The unsuccessful digital assets strategy will be adapted with a greater focus on Bitcoin, and more cash raised.
WeCap (WCAP) owns 11.8% of WeShop Holdings (NASDAQ: WSHP), which has joined Nasdaq, There are 806,022 shares owned directly and 2.08 million shares via a 23.5% holding in Community Social Investments Limited (CSIL). The share price was well above $200 at one point last week and ended at $113.40, which means that the stake is worth $31m. Peel Hunt has cut its shareholding in WeCap from 18.4% to below 10%.
Hot Rock Investments (HRIP) has a portfolio of shares, including 150,000 shares in WeShop. The stake is valued at $17m.
Music agent All Things Considered (ATC) is moving to AIM and raising £8.6m at 125p/share. The expected admission date is 17 December, which is four years after joining Aquis at 153p/share. Trading is second half weighted and is currently in line.
Ajax Resources (AJAX) says the terms of the conditional acquisition of the Paguanta zinc, silver and lead project have been revised. It will acquire a company with a 74.81% stake in the project for $37,500 in cash and $37,500 in shares. The seller will retain a 1% net smelter royalty capped at $500,000. The Environmental Impact Assessment has been submitted for the Eureka project and the company issued formal notices to relevant communities. The Environmental Impact Declaration should be issued in early December.
Online consumer loans provider Amazing AI (AAI) is exploring the options of quotations on the Mauritius Stock Exchange and/or the US OTCQB Market. This follows the decision not to go ahead with spinning off 80% of its subsidiary based in Mauritius and retaining the minority stake. Existing company shareholders will receive shares on a pro rata basis.
Evrima (EVA) investee company Eastport Ventures Inc has joined the TSX Venture Exchange. Evima owns 3.83% of the Botswana-focused critical minerals explorer and also holds warrants.
Wishbone Gold (WSBN) is holding a general meeting on 28 November to gain shareholder approval for a 100-for-one share consolidation.
Dominic White has stepped down as a director of technology-based financial services company Eight Capital Partners (ECP).
Energy transition engineering Time To ACT (TTA) says the main subsidiary Diffusion Alloys is likely to be profitable in 2025-26 and 2026-27, although this depends on timing. The order book of large project work is worth more than £4m and most of this will be recognised during 2026. There is enough cash for at least 12 months, but it appears it will not last as long as previously expected. Oberon Capital has been appointed joint broker. The general meeting was postponed.
Financial media company Lift Global Ventures (LFT) intends to change its name to Yorkshire AI and focus on AI investments. It will work with Yorkshire AI Labs (YAIL), where its new executive chairman David Richards is a partner. YAIL has bought a 0.45% stake in IntelliAM. In the year to June 2025, revenues declined from £477,000 to £281,000, but lower costs and a fair value gain rather than loss mean that the loss was reduced from £976,000 to £27,000. Cash was £196,000 at the end of June 2025.
TechFinancials (TECH) has not received placing proceeds of £250,000. Gathoni Muchai Investments has money in the bank, and it is still awaiting regulatory clearance. A further £100,000 will no longer be accepted.
Ethtry (ETHY) has appointed Patrick Chopard as chief executive and David Levis will become a non-executive to devote attention to the battery storage investments.
BWA Group (BWAP) used £980,000 of cash in operations and investment last year. There was £20,000 in cash at the end of June 2025.
Asia Wealth Group (AWLP) reported interim revenues falling from $504,000 to $395,000. Pre-tax profit fell from $13,000 to $8,000. There was cash of $977,000 at the end of August 2025.
AI company Astrid Intelligence (ASTR) has appointed Mark Creaser as chief executive.
NYCE International (NYCE) has appointed Alex Crockford as chief commercial officer.
The Smarter Web Company (SWC) has raised another £141,000 at 61p/share.
Valereum (VLRM) has completed a subscription to raise raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. The rest comes from another investor, which will also receive warrants. A further £50,000 has been raised by the exercising of warrants at 4p each.
Mendell Helium (MDH) raised £200,00 at 3p/share. This is a direct investment by an existing shareholder.
B HODL (LON: HODL) has taken its Bitcoin holding to 155.039 and the total cost was £13.1m.
Shepherd Neame (SHEP) non-executive director Marion Sears bought 4,000 shares at 466p each.
JP JENKINS
JP Jenkins has been awarded a PISCES (Private Intermittent Securities and Capital Exchange System) operator licence by the Financial Conduct Authority. This will be called the JP Jenkins Private Market, and the JP Jenkins Matched Bargain Facility will continue.
Bespoke kitchens designer and installer John Lewis of Hungerford (JLH), which left AIM on 29 June 2023, joined JP Jenkins on 18 November.
London and Associated Properties (LAS) left the Main Market on 19 November and joined JP Jenkins. The property investor expects to make annual savings of £350,000. There has been a lack of liquidity in the shares.
AIM
CML Microsystems (CML) interims wee hit by supply problems but they should reflect the base from which the semiconductors designer can grow. Interim revenues wee 27% lower at £9.2m and there was a loss. Net cash was £10.7m at the end of September 2025. The interim dividend is unchanged at 5p/share. CML has received £4m of the £7m proceeds of the sale of land. There are no forecasts, but a better second half is expected, and this could enable a full year profit. A major £30m plus contract over 12 years has been won from a satellite systems company.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) improved interim revenues despite the telecoms market remaining weak. Demand for datacentres and defence is providing growth opportunities. In the six months to September 2025, revenues were 9% higher at £8m. The loss was reduced from £1.3m to £1m. Telecoms is a minority contributor to revenues. Additional sales personnel have been hired to develop the other markets. Full year revenues are forecast to rise from £18.4m to £20.3m and the pre-tax profit will edge up to £700,000. That is before any recovery in the telecoms market, which probably will not happen until next year.
NWF (NWF) says its businesses have had a mixed first half performance. Heating oil volumes have been lower than normal and the winter increase in demand is not likely to make up for this. Commercial fuels demand has also been lower, and this is higher margin. This has led to pricing pressures as the company rolls out a new regional operating model. The food distribution and feeds businesses are doing well, with the former picking up new contracts.
Cloud-based digital media services provider Zoo Digital (ZOO) has significantly reduced its cost base and generated $549,000 in cash from operations in the six months to September 2025. Interim revenues fell 19% to $22.4m, but this was an increase on the second half revenues from last year. Zoo Digital has launched its Fast Track service that can provide a premium service for streaming programming that can turn around dubbing and subtitling in hours rather than days. Zoo Digital is still expected to report an underlying operating loss of $2m in 2025-26, but it will continue to generate cash from operations.
Transport software and services provider Tracsis (TRCS) says full year revenues improved from £81m to £81.9m, although like-for-like growth was 3%. Underlying pre-tax profit edged up to £10.2m. Recurring licence revenues were £23.2m. Net cash was £23.4m at the end of July 2025. The dividend was raised to 2.72p/share. The business has been reorganised and there were £2.4m of exceptional provisions with around £1m of the cash outflow expected next year. A major geointelligence contract has been won with DEFRA. This is worth up to £9m over ten years. Singer forecasts a 2025-26 pre-tax profit of £11.1m.
Eyewear supplier Inspecs (SPEC) says trading improved in October with order books 10% higher than one year ago. US tariff disruption will affect the timing of shipments. Full year revenues of £191m and EBITDA of £17.7m are expected. Safilo Group made an approach to Inspecs to acquire the Eschenbach and BoD businesses. It made two non-binding cash offers, and they we rejected by Inspecs.
Musical instruments retailer Gear4Music (G4M) has bounced back from a troubled couple of years. It is set for its best year since the Covid-boosted 2020-21. In the six months to September 2025, revenues jumped from £61.7m to £80.7m, while a loss of £1.25m was turned into a pre-tax profit of £2.72m. Gear4Music was helped by smaller rivals going out of business. This helped grow revenues and also enabled the retailer to pick up stock at attractive prices that boosted margins. Net debt was £16m at the end of September 2025 as cash generated was invested in stock. There is an upgrade to full year pre-tax profit from £5.5m to £6.7m.
Bigblu Broadband (BBB) is in talks with the buyer of Skymesh about the post-acquisition performance of the business and whether there is going to be any deferred consideration. Bigblu Broadband may have to compensate the buyer for debtors that have not been collected. Bigblu Broadband plans to ask for shareholder permission to leave AIM at a general meeting on 8 December. It could leave on 18 December. Management will seek to realise value form the remaining assets.
Floorcoverings distributor Likewise (LIKE) has reported 8.9% growth in revenues in the first ten months of the year. Zeus raised expectations for 2025 revenues, but the pre-tax profit forecast has been cut. Higher than expected cost increase have led to a one-quarter reduction in the 2025 pre-tax profit forecast to £3m. Capital investment will increase annual capacity to £250m.
Whisky supplier Artisanal Spirits Company (ART) has been hit by the US government shutdown, having already been hampered by tariffs. It is taking more than six weeks to gain approval from the US authorities for new product labels. This means that $3.2m of shipments will not clear customs this year. This will reduce EBITDA by £2m. The US strategy is being changed and the contract with the current distributor will end in March 2026. There will be a stock provision of more than £1.5m. Full year underlying revenues ae expected to be flat, excluding the one-offs.
Battery technology developer Ilika (IKA) says interim revenues will be £600,000 and are mainly from grants. Initial Stereax battery deliveries could be before the end of 2025 with commercial revenues possible in this financial year. The interims will be published on 22 January 2025.
Northern Bear (NTBR) interims exceeded expectations. The building services provider increased revenues from £37.6m to £49.4m, while pre-tax profit jumped from £1.54m to £4m. The pre-tax profit included a £1.3m one-off gain. Underlying full year pre-tax profit has been upgraded to £3.9m.
Empyrean Energy (EME) says Conrad Asia Energy has signed an agreement with PT Nations Natuna Barat for farming into the Mako gas field in the Duyung production sharing contract and the new partner will pay 100% of project development costs for a 75% non-operated participating interest in the Duyung PSC. The deal could be completed by the third quarter of 2026. Empyrean Energy is in dispute with Conrad Asia Energy about its interest in the Duyung PSC.
Industrial equipment distributor HC Slingsby (SLNG) is asking for shareholder approval to leave AIM. The shares are illiquid and the cost of being on AIM adds to the company’s loss, which was £237,000 in the nine months to September 2025. Net debt was £340,000. There is already support from shareholders owning 73.2% of the shares. HC Slingsby transferred from the Main Market to AIM on 24 May 2005. It has been on the London Stock Exchange for many decades. The cancellation could be on 23 December. No matched bargain facility is planned.
Defence consultancy RC Fornax (RCFX) raised £2.25m in a placing at 6p/share and raised £70,000 out of the £500,000 retail offer. The cash will fund development of the Procure X Marketplace to connect small companies with defence buyers and provide working capital. Directors and management are investing £156,800 in new shares. This includes Paul Reeves and Daniel Clark who raised £1m in the flotation back in February, when the company raised £5.2m at 32.5p/share. Cavendish has increased its 2025-26 forecast loss to £2m and expects a lower loss next year.
Great Western Mining Corporation (GWMO) has completed 6,158 feet of drilling at the West Huntoon copper project and the Rhyolite Dome prospect. This includes an extra hole at West Huntoon. Assay results are expected within eight weeks. Exploration is being accelerated at other sites.
Sabien Technology (SNT) says Korea-based partner City Oil Field has commissioned its first regenerated green oil production plant. The partnership is being progressed to a strategic agreement. Sabien Technology will acquire a 1.12% stake in City Oil Field for £600,000 in shares, and the UK sales agreement has been extended for ten years and will be expanded to other countries. There will also be a deal to sell products from the new plant. City Oil Field will own 15.9% of Sabien Technology.
Litigation finance provider Manolete Partners (MANO) says interim figures were hit by slower than expected revenues and cash generation, partly due to the lower average settlement values. There have also been delays in collecting money owed. Settlement values have increased in the second half, and it should be a stronger period. Even so, Canaccord Genuity has cut its 2025-26 pre-tax profit estimate from £2.8m to £1.5m.
Circulating tumour cells diagnostic device developer CellBxHealth (CLBX) has entered a non-exclusive deal with QIAGEN Manchester, which will offer the Parsortix platform to its pharmaceutical customers alongside its own molecular analysis tools. There could be joint development of products combining technologies.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) reported a 74% increase in interim revenues to $2.05m and the loss fell from $1.87m to $555,000. There was cash of $224,512 at the end of September 2025 and the chief executive loan has been extended.
Trading in New Frontier Minerals (NFM) shares has been halted on the ASX ahead of a fundraising. The company has entered a binding commercial framework with Metallium Ltd to create a “western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers”. This is an exclusive processing contract lasting ten years. There are plans to produce concentrate samples for potential customers in 2026.
Nanoco (NANO) has agreed a $5m settlement with LG relating to the dispute over quantum dot technology. There have been $600,000 of costs incurred last year. An underlying pre-tax profit of £700,00 was reported for the year to July 2025. The cash position will be boosted to enable further investment in technology.
J Smart (SMJ) continues to lose money on construction activities, but revenues from investment properties and the valuation surplus rising from £994,000 to £5.82m, helped pre-tax profit rise from £2.37m to £5.11m. So, there was an overall loss before the valuation surplus. The total dividend is 3.25p/share.
Andrew Hore
Quoted Micro 26 May 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.
Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.
Smarter Web Company (SWC) has raised a further £6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for £3.13m. The total holding is 58.71 Bitcoin at a total cost of £4.54m. The additional funds will be used to buy more Bitcoin.
Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was £250,000 raised in a retail offer by Coinsilium at 3p/share.
Aquis Stock Exchange has enforced £15,000 of the suspended fine of £165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed £49,500 for shares at 1.5p each, as well as acquiring £136,573 of convertible loan notes from Geoff Miller
Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to £3.9m, which is equivalent to 1.3p/share.
Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.
Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and £398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The £441,000 investment will increase the scale of the total portfolio.
Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were £1.25m at the end of 2024.
Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.
Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.
Time to Act (TTA) raised £274,000 at 40p/share and converted £61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.
Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the company’s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.
Tin and copper explorer Tamar Minerals (TMR) has agreed a £150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.
Heart failure medicines developer Cardiogeni (CGNI) raised £650,000 at 17.3p/share. Amazing AI (AAI) has raised £37,775aat 0.5p/share from existing shareholders
Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.
SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.
Supersearch Plus (SSP) is changing its year end from June to December.
JP JENKINS
Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.
Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from £29m to £25.9m and operating profit fell from £13.6m to £11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.
AIM
Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from £4.8m to £4.5m. Revenues have been modest, but that could change this year with £2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of £2.8m should be enough for this year.
A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June.
Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from £16.3m to £18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from £10.9m at the end of March 2025 to £12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from £700,000 to £800,000 this year. That is still well below peak profitability.
Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to £26m.
Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.
telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from £22.5m to £20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from £10.5m to £9.3m. R&D spending was increased. Net cash still improved from £26.6m to £31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.
Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.
Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The £96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.
Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m.
Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to £23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to £700,000 on that basis. Next year’s pre-tax profit forecast has been cut from £500,000 to £300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.
Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate £1.35m at 0.5p/share with £224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.
Drug developer Poolbeg Pharma (POLB) is raising £4m at 2.5p/share and could raise up to £100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to “prevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapies”. Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.
Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.
Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to £61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on £4m of last year’s revenues.
Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached £50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.
Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the company’s Eureka mine in Argentina, which has previously been in production. There are plans to raise £1.5m at 4p/share. There is currently £650,000 in the bank.
Andrew Hore
Quoted Micro 25 November 2024
AQUIS STOCK EXCHANGE
Cooks Coffee (COOK) moved back into profit in the six months to September 2024. Revenues were 27% higher at NZ$2.74m with growth coming from new openings and existing sites. This income comes from fees from franchisees. Like-for-like growth in the UK was 6% and 3% in Ireland. Sales growth has accelerated in the second half with record sales per store in October. There were 83 coffee shops at the end of September 2024, and this could rise to 90 by next March. The company is moving domicile to the UK.
In the year to September 2024, Time to ACT (TTA) increased revenues from £958,000 to £1.67m. There was an underlying operating profit. There was a cash outflow from operating activities of £784,000 because of working capital movements. There was £1.17m in cash.
Global Connectivity (GCON) has had its stake in Rural Broadband Solutions diluted to £9.5m. The valuation of the stake has been reduced from £13.6m to £11.7m, which is equivalent to 3.2p/share. There is an agreement in principle for an investment in a new business.
Aquaculture technology developer OTAQ (OTAQ) has sent out the circular seeking shareholder approval to leave Aquis. The general meeting will be held on 10 December. Delays in orders mean that 2024 Dowgate forecasts a drop in revenues from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should be net cash of £100,000 by the end of the year. Convertible loan note interest can be capitalised with up to 75% of proceeds from the sale of certain inventory will be used to pay back the holders.
Lift Global Ventures (LFT) core financial information business Miriad made a positive contribution despite the tough financial markets. It generated £127,000 in cash. There was £163,000 in cash at the end of June 2024.
Invinity Energy Systems (IES) has sent a circular to shareholders to gain approval to move the domicile from Jersey to the UK.
Tap Global Group (TAP) has cancelled its long-term incentive plan and granted options to directors with most of the options vesting when there are increases in the share price. Peter Wall has been formally appointed as chairman.
Marula Mining (MARU) has appointed Morre Kingston Smith as auditor. Results from metallurgical testing work on ore from the Kinusi copper mine should be available in the first quarter of 2025. Further test shipments will happen before the end of the year. Sampling work of high-grade tungsten deposits at the Northern Cape lithium and tungsten project in South Africa is continuing. Tungsten concentrate could be produced next year.
Oscilate (MUSH) has identified areas to start hydrogen operations in Minnesota. Work is under budget.
Valereum (VLRM) has been admitted to the Apex segment of the Aquis Stock Exchange.
Vinanz Ltd (BTC) has added another 21 bitcoin miners to its site in Nebraska, taking the total to 56.
RentGuarantor Holdings (RGG) has launched an offer of £500,000 10% convertible loan notes lasting two years. This will fund an expansion of the workforce. The Renters’ Rights bill will increase demand for rent guarantor services.
SuperSeed Capital (WWW) reported a NAV of 111p/share at the end of September 2024.
Capital for Colleagues (CFCP) has disposed of more shares in investee company Computer Application Services and raised £299,000. It still owns 24.4%. Pipes and valves distributor TPS shares were sold raising £901,000. The remaining TPS stake is 16%. The cash raised will be invested in other businesses.
WeCap (WCAP) investment WeShop has appointed a US investment bank ahead of a flotation. Audited accounts for 2022 and 2023 have been signed off.
AIM
Rail optimisation software and services provider Tracsis (TRCS) had a tough year, but strong recurring revenues helped. One-off revenues the previous year meant that revenues were 1% lower at £81m. Underlying pre-tax profit fell from £14.1m to £10.4m. Total dividend is 2.4p/share. There should eventually be further investment in the rail industry, which will be good news for Tracsis. The timing of the spending is uncertain. There are already potential deals in the pipeline, though. The business has been rationalised so that management can focus on core operations and further acquisitions. There is £19.8m in cash that can be spent on acquisitions that will enhance earnings.
Telecoms enterprise software supplier Cerillion (CER) continues to beat expectations. Full year pre-tax profit was 18% ahead at £19.8m. There were record new orders of £38.1m. The technology helps telecoms companies to operate more efficiently. Growth is set to continue.
It was no surprise that telecoms testing equipment supplier Calnex Solutions (CLX) had a tough first half. Revenues dipped from £7.8m to £7.4m and the loss more than doubled to £1.3m. Even so, the interim dividend has been maintained at 0.31p/share. Cash was reduced to £8.6m. New partners are starting to sell group products, and they are replacing Spirent. Second half revenues should be better than the particularly weak comparatives. This should enable a return to profit for the full year.
Semiconductors developer CML Microsystems (CML) improved interim revenues, but that was down to the Microwave Technologies business not being included in the comparatives. Like-for-like revenues were similar to the second half of last year. Pre-tax profit slumped from £1.9m to £800,000. The interim dividend is maintained at 5p/share. Net cash is £15m. There are potential property sales that will boost the balance sheet. The proposed move of Microwave Technologies to a new site will reduce the cost base. Existing and new products have good long-term prospects.
Frontier IP (FIPP) is raising £3m via a placing and subscription at 28p/share. A retail offer via Primary Bid could raise up to £1m. Minimum subscription is £250. The offer closes at 5pm on 25 November. Frontier IP made unrealised gains of £1.3m in the year to June 2024, but there was an overall loss of £1.3m. NAV is 79.7p/share. Despite that, there is a shortage of cash in the balance sheet and the additional cash should last 12 months as the company tries to generate some additional cash from investment realisations.
Helix Exploration (HEX) drilling at Clink#1 in Montana has been successful. There was 2.5% helium encountered in the Flathead formation, which was higher than expected, and 55% hydrogen in drilling mud. Testing is ongoing and there should be further news in the near future. The well could go into production next year.
Tavistock Investments (TAVI) is acquiring Alpha Beta Partners, which is an asset manager with £3bn under management. The business is focused on retail investors, and this will scale up the existing business of offering asset management services to third party advisers. Operating profit was more than £500,000 on revenues of £4m in the year to September 2024. The initial payment is £6m, with the maximum consideration of up to £18m. Two disposals have been completed and the initial payment of £22m will be received in early December. They could eventually generate £37.75m.
Iron treatment provider Shield Therapeutics (STX) says it will hit the 2024 target revenues of $31.5m, up from $13.1m, as revenue peer prescription has increased. Recruitment has been completed for an Accrufer phase III study in China. The proposed $10m investment by AOP Health still requires shareholder approval. Costs are being lowered by 10%. Cash flow breakeven should be hit by the end of 2025, if the sales growth momentum continues.
Chain and transmission equipment Renold (RNO) reported flat interim revenues of £123.4m and pre-tax profit of £11.3m. Spending on acquisitions increased net debt to £42.2m. There was a dip in chain revenues and transmission revenues were slightly higher with improved margins. North America should recover in the second half and destocking is ending in Europe. The Valencia factory being hit by flooding has hurt sentiment. There will be additional short-term costs of £4.8m because of this with insurance payments potentially coming through in 2025-26.
Webis (WEB) has decided to leave AIM. The US-focused gaming company will seek shareholder approval on 18 December. This will help to reduce costs. The operations remain loss making.
Churchill China (CHH) had a tougher second half than expected with a lack of seasonal uplift in the fourth quarter. This means that 2024 pre-tax profit will be well below expectations. Next year is expected to continue to be weak with hospitality businesses hit by higher National Insurance costs. There will also be a hit for Churchill China and costs are being reduced, but 2025 expectations are also downgraded. The balance sheet remains strong.
Scientific instruments supplier Judges Scientific (JDG) says order intake has reduced if the large Geotek contract is excluded. China is particularly weak, but other markets are also tough, and orders have been deferred. Zeus has cut its 2024 pre-tax profit forecast by 19% to £25m. Next year’s forecast has also been trimmed.
Ilika (IKA) has reached the D6 milestone through the testing of 10Ah cells in its Goliath solid state batteries for electric vehicles. These larger cells have been shown to be safe and the D7 version should be available to potential customers in the second quarter of 2025. This moves the company nearer to finding a partner for the Goliath battery.
Property fund adviser and investor First Property (FPO) had a good first half with one-off profits from the trading of properties by a fund, where the company has an investment. There was also the early receipt of fees from disposal of properties in another fund. There was a swing from a loss of £650,000 to a pre-tax profit of £1.16m. Net debt was £18.7m.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has received a further £200,000 drawdown from the committed credit facility and the lender is committed to providing the remaining £500,000. However, it has to sell an investment to provide the cash. There is still £400,000 outstanding from a share subscription. Celadon Pharmaceuticals has enough cash to get it to January. Talks with another lender continue.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) made a small profit in the first half with a recovery expected in the second half. Interim revenues fell 2% to £204m with flat hire revenues and lower fuel sales. Volumes are not being chased so that profit can be maximised. Pre-tax profit was £300,000 because of operational gearing, higher interest charges and a lower joint venture contribution. The Amey contract starts in the second half. Net debt is £112m.
J Smart and Co (Contractors) (SMJ) improved its full year pre-tax profit from £105,000 to £2.37m despite a higher loss on construction activities. The investment property business made a larger contribution. Investment properties are worth £70m and there is £7.5m of net cash. NAV is £126.3m. The total dividend is 3.23p/share.
Media Concierge has approached publisher National World (NWOR) about a possible offer of 21p/share. Media Concierge claims to have the backing of 72.2% of the share capital. Media Concierge wants the offer to be recommended by the board and to be able to complete due diligence. National World claims that entities affiliated with Media Concierge owe it £4.4m.
Technology consolidator Sealand Capital Galaxy (SCGL) is making its maiden AI investment. After evaluating suitable opportunities, the company has decided on EVOO AI (www.evoo.ai), which is a data platform with AI learning models incorporated. It provides insights to the luxury goods sector, such as market trends and consumer behaviour. The main product is Olive, a luxury e-commerce marketplace that offers personalised shopping. The company was incorporated on 15 December 2023. On 14 March 2024, EVOO AI had net assets of £848,000, including fixed asset investments of £800,000 and £1 in cash. The plan is for Sealand Capital Galaxy to invest in a convertible loan note. The first tranche is £200,000 and the second trance will be £100,000. The annual interest rate is 12% and the term is 18 months. Interest is payable on maturity. There will be a fee of one million warrants exercisable at €0.06/share. If the company floats at a lower share price the exercise price will match that price.
Andrew Hore
Quoted Micro 27 May 2024
AQUIS STOCK EXCHANGE
Samarkand (SMK) says revenues will be slightly lower than expected – with a decrease of up to 4% – but the ecommerce services provider’s EBITDA will be halved in line with expectations. Owned brands generated 46% of revenues with the decline coming in third party brands. Samarkand has acquired Optimised Energies, which has brands Natures Greatest Secret and BeNatural, for £600,000 in cash and deferred consideration of £700,000. The acquired company made EBITDA of £300,000 last year. Executive directors have lent £400,000 to the company for fund the acquisition.
Aquis-quoted Phoenix Digital Assets (PNIX) is proposing a tender offer of up to £33.7m at a share price of 5.39p/share. That covers up to 57.9% of the current share capital. The tender price is equivalent to the current NAV since the recovery in Bitcoin and adjusted for potential tax. The tender offer is open until 13 June. The company has available cash of £40.6m. Phoenix Digital Assets also has 17.4 million shares in Flex Labs Inc (FLEX) after it acquired AI software company IO+ PTE, for 110 million shares in total. Supernova Digital Assets received 771,930 shares in Flex Labs.
Brewer Adnams (ADB) improved 2023 sales 3% to £66.3m, but the pre-tax loss increased from £2.3m to £4m. Net debt was £15.9m at the end of 2023 and there is still some headroom in the loan facility despite the review of how to finance the long-term future of the company. Off trade volumes were 14% higher. First quarter group sales were 11% ahead. Cost pressures are easing.
Flow battery technology developer Invinity Energy Systems (IES) raised £56m at 23p/share via a placing with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. The open offer raised an additional £1.38m out of the £6.6m of shares that were on offer.
Arbuthnot Banking (ARBB) says trading is in line with expectations, although loan growth has been minimal. Specialist lending has been growing faster.
Metals One (MET1) has terminated the farm-in agreement with Gunsynd (GUN).
SuperSeed Capital (WWW) reduced the outflow from operating activities from £306,000 to £144,000. The NAV of the fund of funds company improved from 97.31p/share to 113.33p/share. That was helped by an unrealised gain of £297,000.
Paul Ryan has sold his 3.9% stake in Mortgage Chat (MCAI). Non-exec CP Freeman bought 500 shares in Hydro Hotel, Eastbourne (HYDP) at 948p each.
AIM
Telecoms testing equipment supplier Calnex Solutions (CLX) reported 2023-24 revenues two-fifths lower at £16.3m and it fell into loss. The final dividend was maintained at 0.62p/share. The telecoms market remains subdued, and Calnex Solutions is moving into new markets, such as defence. The distribution agreement with Spirent ends in July, but management is advanced with its plans to replace this source of income. Net cash declined to £11.9m because of higher inventory levels and capitalised R&D. A return to profit is expected this year and the cash level should be maintained.
Automotive interior components supplier CT Automotive (CTA) returned to profit in 2023, while net debt was reduced to $3.8m. Liberum expects underlying pre-tax profit to improve from $8.3m to $10.2m in 2024, even though revenues are forecast to decline. Improved efficiency is helping to boost margins. The Mexico factory is operating at 50% of capacity so there should be further improvement as this figure increases.
Bigblu Broadband (BBB) has sold its Nordic operations to management – including Bigblu Broadband chief executive Andrew Walwyn who is stepping down – at an enterprise value of £1.3m. There could be contingent consideration. Finance director Frank Waters becomes chief executive. The disposal leaves operations in Australia, which could be sold or floated on the ASX, and a stake in Quickline. Cavendish forecasts a 2023-24 pre-tax profit of £3m.
Coatings company Hardide (HDD) has appointed Matt Hamblin as the new chief executive, who has been a non-exec and previously ran a similar coatings business. The interim figures had been flagged. The pre-tax loss increased to £960,000. Lower depreciation means that the full year loss will not be as high as originally thought and it could be similar to the interim loss. Hardide has been EBITDA positive for the past two months. There is cash of £700,000 in the bank.
Another strong trading statement from Kinovo (KINO) with profit and cash ahead of expectations. The property services provider says 2023-24 revenues were £64.1m and net cash is £400,000The pre-tax profit estimate has been raised from £5.8m to £6.1m. Next year’s profit forecast has been raised from £6.3m to £6.6m. Most of the costs relating to the guarantee for DCB have been paid.
Energy and water efficiency services provider Eneraqua Technologies (ETP) reported 2023-24 results in line with the trading statement earlier in the year. The business moved from a pre-tax profit of £10.1m to a £6m loss because local government contracts were delayed. Cost savings have been put in place and additional work has been won so Eneraqua Technologies could move back into profit this year. A change of government could lead to additional incentives for energy saving projects.
Education software and services provider Tribal Group (TRB) has finally reached a settlement with Nanyang Technological University. This dispute has been hanging over the business for years. Tribal Group will pay £3.1m over 18 months. A further exceptional charge for the dispute will be taken in the first half of 2024.
MRI device developer Polarean Imaging (POLX) launched a heavily discounted placing, subscription and open offer. The placing and subscription raised £8m at 1p/share with £2m of that invested by NUKEM Isotopes and £1.6m by Bracco – both existing investors. Up to £2m could be raised from an open offer. The cash is being used to accelerate commercialisation of the XENOVIEW technology and further development.
Pennant International (PEN) has raised £1.51m at 25p/share. The training and software products supplier is trading in line with expectations, but order conversion has been slower than anticipated. The cash will fund the development and integrations of software products.
Watkin Jones (WJG) returned to profit in the first half to March 2024. The student accommodation and rental property developer generated an improvement in revenues from £153.9m to £175.1m. There is no dividend as cash is conserved. Borrowings have been reduced and net cash is £44m.
B90 Holdings (B90), which provides online marketing services to the gaming sector, says Oddsen.nu, an affiliate that is part of the group, has secured fixed listing fee marketing agreements that will generate income of €200,000 during 2024. There could be additional income on top of this based on marketing performance.
Scientific instruments manufacturer Judges Scientific (JDG) says that there is unlikely to be a material revenues contribution from coring contracts at the Geotek subsidiary. The potential contract is unlikely to commence until near to the end of 2024 and then make a significant contribution in 2025. Trading is subdued against tough comparators. WH Ireland still expects a full year pre-tax profit of £33.8m, although that assumes a stronger second half.
Secure payments company PCI-Pal (PCIP) has been successful in the Court of Appeal for the unfounded case brought by Sycurio against its patents. This means that £1.1m of cash should be released from escrow. The finding upheld the original court judgment. PCI-Pal will seeking further costs. The full ruling will become available in a few days.
Piling contractor Van Elle (VANL) expects 2023-24 revenues to be £140m, which is a like-for-like reduction of 12%. Last November, Rock & Alluvium was acquired, and its volumes are 30% higher than pre-acquisition. Housing and infrastructure sectors are expected to recover and a move into energy transmission will help the overall improvement for the business. The order book was worth £36.8m at the end of March 2024. Net cash is £5.5m.
Healthcare communications technology developer Feedback (FDBK) says delays in the NHS procurement process means that 2023-24 revenues will be lower than expected at £1.2m. Management hopes that the contracts will be secured in 2024-25. There was still £4.3m in the bank at the end of April 2024.
Chamberlin (CMH) has been placed in administration. Coal miner Bens Creek (BEN) has also gone into administration.
Victorian Plumbing (VIC) has acquired rival Victoria Plum for £22.5m. The business had been in administration and costs are already being reduced, so it should break even in the second half.
MAIN MARKET
James Gundy, chief executive of shipbroker Braemar (BMS), bought 6,600 shares at 290.5p/share following the full year results. Pre-tax profit fell from £18m to £14.6m on maintained revenues. The total dividend was raised from 12p/share to 13p/share. The new financial year started with an order book of $82.6m.
Power products supplier XP Power (XPP) received an indicative bid approach at £19.50/share. XP Power has rejected the proposal by Nasdaq-listed Advanced Energy Industries.
Admiral Acquisition (ADMR) has agreed to buy critical asset integrity and testing services provider Acuren for $1.85bn from American Securities. The business generates EBITDA of $190m.
Associated British Engineering (ASBE) had net assets of £391,000 at the end of March 2024, including cash of £419,000.
Andrew Hore
Quoted Micro 27 November 2023
AQUIS STOCK EXCHANGE
Guanajuato Silver (GSVR) produced 787,086 ounces of silver equivalent and the loss fell by one-fifth to $7m when compared with the second quarter. The all-in sustaining cost increased to $26.22/ounce due to changes in mining and temporary closures.
SuperSeed Capital (WWW) generated 78% IRR combined from two exits. There were £220,000 of realised gains in the nine months to September 2023. There is £430,000 of cash on the balance sheet. NAV is 112p/share.
Vinanz Ltd (BTC) has teamed up with Luxor Technology Corp to improve its bitcoin mining operating efficiency. Luxor’s firmware improves mining margins when profitability is low and can increase a machine’s hashrate when profitability is higher.
Wishbone Gold (WSBN) has secured an option to acquire 100% of the Crescent East lithium and gold project in the Mosquito Creek area of Western Australia. Shares were issued at 1.25p each to pay the £25,000 option fee.
Fuel additives developer SulNOx Group (SNOX) has successfully demonstrated the effectiveness of drop-in fuel conditioner SulNOxEco in the shipping sector. Monaco-based dry-bulk ship management company Marfin Management trialled the additive onboard a 60,000 MT DWT bulk carrier over a three-month period. This showed improvements in fuel consumption.
Cadence Minerals (KDNC) says investee company Hastings Technology Metals has agreed a $50m equity funding facility for the Yangibana rare earths project. Hastings Technology Metals can draw down up to $50m from Alpha Investment Partners to provide working capital for the development of the mine. Project financing talks are progressing and there have been offers from potential partners and debt providers. Cadence Minerals has a 1.4% stake in the investee company.
Steve Xerri, who owns 4.81%, has been appointed as an executive director of Oscillate (MUSH) and he intends to focus on special situations either through individual investments or via a reverse takeover.
One Health Group (OHG) has gained two new contracts with NHS Trusts. One is to supply orthopaedic services and the other is for orthopaedic and gynaecology services. They will help to reduce waiting lists.
Apollon Formularies (APOL) says Sproutly Canada has completed due diligence on the acquisition of the company’s global cannabis-related assets in return for 49% of the enlarged share capital of Sproutly Canada. The effective valuation is likely to be around £4.2m. Regulatory approvals are required.
Kasei Holdings (KASH) has a digital asset portfolio worth $2.07m at the end of October 2023.
EDX Medical (EDX) has entered into a collaboration with Thermo Fisher Scientific. They will jointly develop and commercialise cancer diagnostics.
Looking Glass Labs (NFTX) has raised $1m at $0.10/unit – one share and one warrant exercisable at $0.10/share. A further ten million units have been swapped for $1m of debt. Further sources of finance are being sought.
Quantum Exponential Group (QBIT) has appointed VSA Capital as corporate adviser, while Pharma C (PCIL) has appointed First Sentinel as its corporate adviser.
Res Privata NV has increased its stake in NFT Investments (NFT) from 3.33% to 4.09%.
AIM
Telecoms enterprise software provider Cerillion (LON:CER) grew strongly last year, while the rate of growth might slow this year it is still likely to make good progress given the recent €12.4m contract win. In the year to September 2023, revenues were one-fifth higher at £39.2m, while underlying pre-tax profit was two-fifths ahead at £16.8m, helped by a reduction in impairment charges from £1.77m to £256,000. The growth has come from software with a dip in services revenues. Net cash reached £24.7m at the end of September 2023. The dividend has been raised from 9.1p/share to 11.3p/share.
Light Science Technologies (LST) is acquiring the Injecta Fire Barrier trade and assets from Fire Barrier International. The Injectaclad product expands when heated and prevents the spread of fire and smoke. There is no initial payment with consideration in the form of a deferred profit share agreement. The deal should be earnings enhancing and generate cash. There are maintenance and installation synergies with the contract electronics subsidiary. The cash generated will help to finance the growth of the group.
Video games developer Team17 Group (TM17) says 2023 trading is slightly better than expected, although some titles are not performing as well as anticipated and that has hit margins. There has also been overspending and delays on some development projects. That means that underlying EBITDA will be around one-sixth lower than forecast at around £40m. Some titles are being reassessed and that is likely to lead to impairment charges of up to £11.5m.
Parity (PTY) announced the sale of its remaining business yesterday afternoon. It will become a cash shell. Parity will receive up to £3m depending on working capital adjustments for recruitment business Parity Professionals. The deal costs will be £240,000. There will be £639,000 including costs spent to settle the pension liability and finance the search for an alternative business. The company will change its name to Partway.
Velocys (VLS) is the worst performer on the day after the sustainable fuels company said that there is a potential bid at 0.25p/share from a consortium including Lightrock and Carbon Direct Capital Management. This would ensure long-term funding of the business. The low share price makes it difficult to finance the sustainable fuels operations. The share price dived 63.7% to 0.25p, which values Velocys at £4.5m. A large multiple of that value needs to be raised to fund development and production. Interim funding will be required.
musicMagpie (MMAG) is in bid talks with BT Group (BT.A) and asset manager Aurelius. The talks are at an early stage.
Cyber software and services provider Shearwater Group (SWG) appears set to return to profit this year. The core software businesses have been integrated, as have two of the three consultancy businesses. In the six months to September 2023, revenues dipped from £10.8m to £10.5m. That was due to much lower software revenues. Even so, gross profit improved and, stripping out amortisation and exceptionals, the underlying loss reduced £493,000 to £93,000. That is before restructuring costs. The cost savings will show through in the second half.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) has been hit by a reduction in spending by telecoms companies. In the six months to September 2023, revenues slumped from £12.7m to £7.8m and the company moved from a pre-tax profit of £3.1m to a loss of £600,000. Trading did not pick up in September as is normally the case. Non-telecoms revenues make up one-quarter of total revenues. The cost base is being kept steady in expectation of a recovery, even though that may not be until the next financial year. There is £13.5m in the bank.
There were no revenues from systems in the first half at SRT Marine Systems (SRT), but that will change in the second half when transceivers revenues will be well below the systems contribution as work on contracts reaches points where revenues can be invoiced and recognised. Interim revenues fell from £18.8m to £5.5m, although transceivers revenues were higher. Last year’s loss could be turned into a £7.2m profit this year.
Battery technology developer Ilika (IKA) has achieved its D4 development point for the Goliath battery. This is the start of turning the development into a battery product. Ilika will be able to create P1 samples for testing by customers. At the end of the week, Ilika confirmed that its interims will be in line with expectations with revenues of £1.3m and there is £13.2m in cash left.
Neometals (NMT) has completed the A$9m from a placing at 10p/share and wants to raise a further £6.8m from a one-for-eight entitlement offer. The cash will fund the development of the nickel, cobalt, lithium recycling business Primobius, including the delivery of a facility to Mercedes Benz, and potentially to purchase a stake in Canadian licensee Stelco.
Empire Metals (EEE) has released initial results for the first diamond drillhole at the Pitfield project in Western Australia. This shows significant grades of titanium oxide. There will be results from two more diamond drilling holes in the coming weeks. A further 6,000 metres of drilling is planned with more likely early next year. Copper is still potentially in the area as well.
Interim figures from diagnostics company Cambridge Nutritional Sciences (CNSL) showed the benefits of concentrating on its core personalised health and nutrition business. Revenues rose 44% to £4.9m and the loss was reduced. Production problems have been sorted out. There was strong growth in North America as management puts more resources into the region. A small full year loss is expected.
Lifestyle concierge services provider Ten Lifestyle (TENG) has moved into profit for the first time. It swung from a loss of £2.7m to a pre-tax profit of £3.2m thanks to economies of scale. There was also a tax credit recognised due to past tax losses. Investment in its digital platform and the international spread of business is helping Ten Lifestyle. New contract wins will help to increase this year’s pre-tax profit to £3.9m, according to Singer.
Gold explorer Oriole Resources (ORR) has announced heads of terms with contractor BCM International for the development of the Bibemi and Mbe gold projects in Ghana. BCM can earn up to 50% of the Bibemi project by making a cash payment of $500,000 and commit to spend $4m on the project. BCM will pay $1m in cash and spend a further $4m to earn a 50% stake in Mbe project.
Mercia Asset Management (MERC) has exited one of its older investments, raising £30.2m – a 2.7 times return on invested capital. Virtual reality games developer nDreams has been acquired by Aonic for £90.3m. This was Merica Asset Management’s largest investment and £3.8m of the proceeds are being reinvested in Aonic. The consideration was 17.5% ahead of the March 2023 valuation.
Duke Royalty (DUKE) generated a 17% increase in recurring cash revenues to £12.2m with a 35% increase in all cash revenues to £14.1m. During the period, Duke Royalty made one of its biggest initial investments in glass architectural products supplier Glasshouse Products. The $11.5m investment is backing a member of the original founding family buying back the business.
Maritime AI provider Windward (WNWD) has signed a five-year contract with a European national coastguard that is valued at €3.2m. The cash is expected to be paid upfront, while annual contract value will be increased by $700,000/year.
MAIN MARKET
Structural steel supplier Severfield (SFR) reported lower interim revenues, but a higher profit. In the six months to September 2023, revenues were 8% lower at £215.3m, but underlying pre-tax profit improved 17% to £14.2m. This includes an unchanged contribution of £600,000 from the India joint venture, while the modular products business made a maiden profit. The interim dividend was raised 8% to 1.4p/share. The UK and Europe order book is worth £482m, even though the £50m contract for Hertfordshire-based film studio Sunset Studios has been delayed.
Standard list shell Tertre Rouge Assets (TRE) is attempting to raise up to £50m to buy rare cars and acquire cash generative businesses involved in supercar events. Around £30m is set to be invested in a range of cars that have already been identified. They are worth between £1m and £10m. The plan is to generate gains on these investments -15% annual returns are targeted – while hiring them out to photoshoots and other income generating activities to cover overheads. The Run To Group Ltd, which organises supercar adventures to the Monaco Grand Prix, will also be acquired and management will remain with the business. The group’s board of directors includes racing drivers and business men and they can expand this business and others. There will be cash left over to buy other companies.
Packaging manufacturer and distributor Macfarlane Group (MACF) says lower volumes and prices meant that revenues fell 2% in the nine months to September 2023. New customers are being attracted and this will help future volumes. Margins are increasing.
Seraphim Space Investment Trust (SSIT) improved its NAV to 96.5p/share at the end of September 2023. That was helped by positive currency movements and a small uplift in valuations, predominantly due to a fundraising by an investee company.
Andrew Hore
Andrew Hore – Quoted Micro 22 February 2021
AQUIS STOCK EXCHANGE
British Honey Company (BHC) is acquiring Union Distillers for an initial £8m in cash and shares. Leicestershire-based Union Distillers has been trading for more than eight years and has its own still and bonded warehouse. There is a range of gins, vodkas, a spiced rum, an absinthe and an espresso vodka liqueur under the Two Birds brand. There could be up to £2m of earn-out consideration payable in cash and shares depending on the target revenues from the Union products. A share issue raised £4.59m at 110p a share, while a convertible loan note issue added a further £1.63m. Union has £250,000 in cash. The deal should be earnings enhancing and cash generative. In the year to September 2020, Union generated revenues of £4.94m and pre-tax profit £1.13m. NAV was £1.52m.
National Milk Records (NMRP) reported flat interim revenues of £10.8m, but pre-tax profit increased by one-quarter to £500,000. Net debt was reduced to £1.1m despite investment in a genomics lab. An unchanged dividend of 1.25p a share will be paid. The outlook is positive for the dairy sector with UK milk prices expected to be maintained at current levels. Finance director Mark Frankcom has bought 9,974 shares at 101.75p each.
Imperial X (IMPP) is making four acquisitions and continues to move towards a standard listing. The purchases involve the issue of 245.6 million shares. Cloudbreak Discovery Corp, Howson Ventures Inc and Cabox Gold Corp are all being acquired, and certain assets of Anglo African Minerals are being bought. Imperial X has a £10m drawdown agreement with Crescita Capital. This lasts for three years.
Upper Thames Holdings (UPPT) is not going ahead with the proposed acquisition of Sweden-based mobile camera systems technology company Ridercam. Instead, the focus will be on blockchain and the linking of conventional currencies with cryptocurrencies. A placing has raised £516,000 at 1p a share. Peterhouse has been appointed as corporate adviser.
Hydro Hotel Eastbourne (HYDP) fell into loss last year as revenues slumped by two-fifths. The hotel has been closed or under restrictions for the period since the year end in October 2020. There is £1.03m in the bank and the NAV is £3.3m.
S-Ventures (SVEN) has bought a 75.1% stake in Ohso Chocolate for £295,000 in shares at 9p each. The remaining 24.9% stake in Ohso could be sold for nearly 1.1 million shares. Ohso is a probiotic chocolate supplier and it generated revenues of £311,000 during 2020. The S-Ventures chief executive and finance director owned 50.6% in Ohso.
World High Life (LIFE) is changing its name to Love Hemp. A general meeting will be held on 11 March. In the first half, revenues were £2.36m and second quarter revenues were nearly double those in the first quarter, although the gross margin fell. A debt of £2.15m has been settled by the issue of 86.1 million shares.
Sativa Wellness Inc (SWEL) has submitted a novel food application for validation by the Food Standards Agency. This covers a range of CBD products.
Wishbone Gold (WSBN) has identified new gold targets at the Red Setter project in Western Australia. The magnetic survey has discovered targets that are shallower than previously.
Ananda Investments (ANA) has raised £300,000 from two investors. This will finance the first phase of the medicinal cannabis growing facility in Lincolnshire. Vulcan Industries (VULC) has raised a further £330,000 at 4p a share.
AIM
Avacta (AVCT) is starting its first clinical study. This is a phase I study for AVA6000, developed from the pre|CISION platform. This is a treatment for solid tumours, including those for bladder, pancreatic, colorectal and breast cancer. The trial will assess safety and dosage levels. Early data could be published before the end of the year.
Transense Technologies (TRT) should move into profit next year as it receives a full year of royalties following the sale of the iTrack business to Bridgestone. In the year to June 2020, there was a £1.3m loss and this year there could be a much-reduced loss this year. Once Bridgestone has built up iTrack sales the royalties will cover group overheads. This will enable Transense to invest in its surface acoustic wave technology and Translogik tyre probes. A 2021-22 pre-tax profit of £357,000 is forecast.
Strong underlying growth in the mobile division helped Blannco Technology (BLTG) to maintain interim revenues at £17.4m. The previous year included £1.4m of one-off contract income. The fastest growth is in Asia Pacific. The prospects for data erasure operations are good and new partners have been signed up. Data erasure is particularly important while remote working is a major factor in companies.
Chamberlin (CMH) is getting a cash injection from Trevor Brown. The £200,000 loan will, subject to shareholder approval, be converted into shares at 6p each and Brown will have a 29.5% stake. The Scunthorpe foundry is busy and profitable, but management is still trying to win work for the Walsall foundry.
Duke Royalty (DUKE) has secured a new client involved in steel fabrication. There is a £6.2m royalty financing agreement with Meteor HoldCo, which makes steel street lighting and guardrail products.
Telecoms testing systems supplier Calnex Solutions (CLX) says some revenues appear to have been brought forward into 2020-21 and therefore the full year revenues and profit will be ahead of expectations.
Trans-Siberian Gold (TSG) has published details of the Rodnikova project scoping study, which suggests a potential 14-year life for the project. The JORC resource is 6.3Mt at an average grade of 5g/t gold. Post tax NPV10 is $177.6m – based on $1,600/ounce gold price.
MAIN MARKET
Israel-based cannabis-based products supplier Kanabo Research has completed its reversal into standard list shell Spinnaker Opportunities to form Kanabo Group (KNB) two years after the deal was announced. The value of the deal was £15m in shares and the company also raised £6m at a share price of 6.5p. Kanabo was valued at £23.4m when it was admitted to trading. The share price has risen to 31p – having at one point reached 50.75p – and that values Kanabo at £111.7m. One of the investors in Kanabo is AIM-quoted Vela Technologies (VELA) and it invested £150,000 at 6.5p a share.
MGC Pharmaceuticals (MXC) has expanded its research programme into the use of cannabinoids to treat aggressive glioblastoma brain cancer. The expanded study includes the use of a nanoparticle delivery system. MGC has also secured a three-year distribution agreement with Swiss PharmaCan for its product ArtemiC Rescue as a food supplement. The minimum order quantity is 40,000 units per quarter, which has a retail value of $3.4m.
Path Investments (PATH) is not going ahead with the purchase of DT Ultravert from two vendors including Zoetic International (ZOE) following concerns during the preparation of the potential prospectus. Path has raised £3.5m at 0.25p a share.
Rare earths explorer Pensana (PRE) is dropping its listing on the ASX.
Papillon Holdings (PPHP) has submitted a prospectus to the FCA for the proposed reverse takeover of the Kilimapesa gold project.
Andrew Hore
Andrew Hore – Quoted Micro 30 November 2020
AQUIS STOCK EXCHANGE
Healthcare IT supplier DXS International (DXSP) had £1.2m in cash at the end of October 2020. Net cash was £584,000, following the capitalisation of £568,000 of development spending. Interim revenues improved by 3% to £1.72m but progress was held back by Covid-19. Pre-tax profit jumped from £90,000 to £151,000 due to lower admin costs.
Imperial X (IMPP) is continuing its due diligence on previously announced acquisitions of mining and royalty interests and the plan is to apply for a standard listing when the acquisitions are completed.
TechFinancials Inc (TECH) has invested $148,000 in RenewSenses, which has developed a wearable device for the visually impaired. The cash will help to complete the development of the A.I. Cane product, which is a camera attached to a handheld device and this enables obstacles to be identified.
S-Ventures (SVEN) has invested a further £75,000 in a convertible loan note issued by vitamin-fortified juices and smoothies Coldpress Foods. The annual interest rate is 15%. S-Ventures has a 3.3% stake in Coldpress.
Primorus Investments (PRIM) has terminated options over 17.8 million shares held by three individuals and has paid a total of £140,000 in compensation. These options could have been exercised at 6p a share or 8p a share and were equivalent to 11.3% of the potentially enlarged share capital. Primorus has decided to drop the Aquis quotation on 24 December and keep the AIM quote. This and a reduction in director pay will reduce costs by more than £200,000 a year.
Formation Group (FRM) is withdrawing from the Aquis Stock Exchange on 31 December.
Good Energy (GOOD) has appointed Canaccord Genuity as joint broker.
Vulcan Industries (VULC) has raised a further £335,000 at 5p a share and 5.5p a share.
Aquis Stock Exchange has launched a market maker incentive scheme. The market makers will offer two-way prices for 505 of stocks on the Apex segment with a maximum spread of 5%. There should be 25 companies on the Apex segment. Market makers will receive warrants for shares in the Aquis Stock Exchange with the best performers gaining the largest percentage. They could earn up to 19.9% of the market over a three year period. Early adopters include Canaccord Genuity, Liberum, Peel Hunt, Shore Capital, Stifel and Winterflood.
Liberum Capital and Zeus Capital have been approved as corporate advisers for the Aquis Stock Exchange.
AIM
Kistos (KIST) began trading on AIM on 25 November. The investment company raised £30.2m after expenses and the market capitalisation was £40.3m. The plan is to seek acquisitions in the oil and gas sector. The team behind Kist is the same as for RockRose Energy. The share price has risen from 100p to 118.2p.
Cyber security software and services provider Shearwater (SWG) reported a slump in revenues, but the decline was in lower margin products. There were also overhead reductions. That meant that there was a profit before amortisation of acquired intangibles. Orders were delayed but there was still a £1.7m cash inflow from operations. Net cash was £3m at the end of September 2020. Two-fifths of revenues are recurring, and the long-term outlook is good.
Circle Property (CRC) reported a 2p a share decline in NAV to 283p a share at the end of September 2020. Loan to value is 42% and there is £37.7m of a loan facility still undrawn. New lettings have been secured since March and rent collections have been strong. The interim dividend is 2.5p a share.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) has made an impressive start to its time on AIM with interim figures that show near-doubled underlying pre-tax profit of £2.3m. This has led to an upgrade of the full year profit expectations to £2.9m. The cash being generated is enabling additional development spending.
IG Design (IGR) benefitted from a full contribution from the CSS acquisition, which has also reduced the seasonality of the group. Even so, continuing operations sales held up well. There is still scope for additional demand for Christmas wrapping and gift products, but time is running out for any significant improvement. Full year pre-tax profit is expected to be flat at $35m, although shares issued to fund the CSS acquisition mean that there would be a one-fifth decline in earnings per share to 25.5 cents. There should be a significant improvement next year.
First Property (FPO) has significantly reduced its debt following the sale of a property in Poland. This puts it in a good position to take advantage of any opportunities over the next year or so. Short-term income has declined and there were no performance fees. NAV is 54.3p a share. The interim dividend is maintained at 0.45p a share.
Appreciate (APP) has reinstated its dividend and it proposes an interim of 0.4p a share. Interim revenues were 18% lower at £27.4m. There is always a first half loss and it increased from £1.2m to £4.6m, although that does not include the restructuring costs. The Christmas savings business held up and the corporate incentives operations were boosted by additional business due to free school meals vouchers. More business is being done digitally and there continues to be a monthly improvement in trading.
D4T4 (D4T4) is continuing its development into a business focused on recurring revenues. The data collection and analysis software provider lost money in the first half, but management remains confident that D4T4 will achieve the full year pre-tax profit forecast of £3.2m, down from £5m. Net cash is expected to be £14m. The interim dividend was raised by 5% to 0.81p a share.
LoopUp (LOOP) has not achieved the annual run rate than it expected, and it will fall short of 2020 expectations. The remote meetings technology provider has been generating less revenue from international calls, which has hit overall revenues. Trimming the 2020 revenues forecast from £54.8m to £50.1m leads to a one-fifth reduction in pre-tax profit to £8.4m. The lower run rate means that 2021 forecast revenues have been slashed from £56m to £35.2m, which leads to a small loss for the year.
Outsourcing Inc has sent out the document for the takeover of CPL Resources (CPS). It is offering Euro11.25 a share, which values the Ireland-based recruitment company at Euro317.8m.
Digital advertising technology developer Miriad Advertising (MIRI) has raised £23m via a placing at 40p a share. A further £3m could be raised via an open offer. In July 2019, £16m was raised at 15p a share. The first half cash outflow was more than £4.6m. The cash will be spent on growing US revenues and further technology development.
Ilika (IKA) has decided to manufacture its Stearex batteries itself rather than outsourcing the process. This is the quickest route to production and operating margins will improve. Full scale manufacturing will start by early 2022.
ReNeuron (RENE) is raising up to £17.5m at a heavily discounted share price of 70p. This cash will enable the company to complete the current clinical trial for the retinitis pigmentosa treatment and design a phase III trial.
The share price rise of Wynnstay Group (WYN) has led to DBAY Advisors reducing its stake from 6.12% to 5.33%.
Urban Exposure (UEX) plans a tender offer of up to £65m at 75p a share. There is cash in the bank of £81m.
Second half trading was always going to be weak for Tracsis (TRCS) because of its exposure to events in the traffic and data division. Recurring revenues from the rail technology division have helped limit the pre-tax profit decline from £9.5m to £8.3m. This year is also likely to be tough, although it will depend on trading next summer. The main recovery is likely in 2021-22.
Serinus Energy (SENX) has raised $21m and this will pay off the debt of $16.5m. The lender will also receive a 9.9% stake. The rest of the cash will be invested in increasing oil and gas production.
Digital financial services and products provider Tungsten (TUNG) says profit will be lower than expected this year. Transaction volumes have declined, and revenues will be flat. Winning new business has become more difficult. Annualised savings of £4m are being made.
Michelmersh Brick (MBH) says that 2020 revenues and profit will exceed expectations. Government support of £500,000 will be repaid. There will still be net cash at the end of 2020. A final dividend of 2.25p a share will be paid.
Benchmark (BMK) has completed its restructuring and is on course to benefit from the investment it has made in products and capacity. The BMK08+CleanTreat treatment should be launched by next summer and this could help the aquaculture company to move into profit. In 2019-20, revenues fell from £124m to £105.6m, but lower costs meant that the loss was reduced. Genetics was the best performing division due to initial sales of salmon eggs from Salten. Net debt was £37.6m at the end of September 2020.
MAIN MARKET
Jlen Environmental (JLEN) is paying a second quarterly dividend of 1.69p a share, the same as the first quarter. There has been a small reduction in NAV from 97.5p a share to 96.1p a share because long-term expectations for electricity and gas prices have fallen. The portfolio is 34% wind power, 27% anaerobic digestion, 22% solar power, 15% waste and wastewater and 2% hydro and battery. A decline in waste volumes hampered the Bio Collectors business and other feedstocks are being sourced. There is £127.6m available to finance further acquisitions.
CML Microsystems (CML) had a mixed interim period with total revenues holding up at £12.9m. Storage technology revenues were one-quarter higher, but communications revenues fell by one-fifth and are no longer the largest contributor. However, the development activities have been broadened through acquisitions and there is a bigger addressable market. Pre-tax profit fell from £907,000 to £771,000 and the interim dividend is unchanged at 2p a share. The second half should be better than the first half and a rebalancing of resources should make the business more efficient.
Ingredients supplier Treatt (TET) improved pre-tax profit from £14m to £15.8m, although there was a small dip in revenues to £109m. The total dividend is 6.2p a share. Demand is likely to remain weaker than normal. The move to the new UK premises should happen in the middle of 2021.
J Smart Contractors (SMJ) reported halved underlying full year pre-tax profit of £1.28m. There was a surplus on investment property revaluations of £3.18m. There is net cash of £12m. A final dividend of 2.27p a share has been declared and the total for the year has edged up from 3.19p a share to 3.22p a share. The completion of building contracts has been delayed due to Covid-19 restrictions. Contracting work remains below the level of the previous year and private housing sales will be limited in the year to July 2021. NAV is £99.3m, which is double the market capitalisation.
Triad (LSE: TRD) revenues declined from £9m to £8.7m, but the IT consultancy did move from loss to profit due to lower costs. Utilisation rates for IT consultants is relatively high and cash covers around three-fifths of the market capitalisation.
Gulf Marine Services (GMS) has suspended chief executive Tim Summers, who was no longer a member of the board, due to an investigation into a severance payment of £429,000 on 10 November. Hassan Heikal was appointed a director at the general meeting on 25 November.
Cardiff Property (CDFF) increased its NAV from 2285p a share to 2436p a share at the end of September 2020, against a share price of 1725p. This reflects an uplift in the valuation of JV Campmoss due to an increase in value of Clivemount House in Maidenhead which has been sold since the year end. The dividend increased by 3% to 17.6p a share. There is cash of £5.5m and no debt.
Affordable housing services provider Aquila Services Group (AQSG) reported a decline in revenues from £3.89m to £3.51m, although there was a small improvement in operating profit prior to restructuring costs of £175,000. The dividend has been halved to 0.15p a share. Cash has increased to £1.4m.
OTAQ (OTAQ) increased interim revenues by 16% to £2.03m and it is on course for full year revenues of £4m. The growth has come from the aquaculture operations. Furlough claims reduced the loss.