Home » Posts tagged 'coin'
Tag Archives: coin
Quoted Micro 31 August 2026
AQUIS STOCK EXCHANGE
Roundhouse AI (ETHL) plans to move to AIM to help with the progress in developing and enhancing the profile of its AI agent deployment infrastructure. No timing has been indicated. Net assets were £823,000 at the end of June 2026. The company joined Aquis as Roundhouse Digital on 30 January 2026. It was then an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company was valued at £10m. In July, Roundhouse AI sold all its 469.63246 Ethereum holding at an average price of $1,890.43 each. The cash will be invested in AI operations.
Valereum (VLRM) says the definitive agreement with Quorium Global Photonics (QGP) has become unconditional. Valereum has issued 55 million shares to QGP, taking its stake back to 49.9%, and has received a first-ranking security interest over mining interests in Queensland, Australia. Valereum has received 275,000 VGOLD-CORE+ tokens, with the remaining 4,500 tokens in escrow.
VVV Sports (VVV) says more than 20,000 spectators attended the London Premier Padel P1 tournament in August. There was UK media coverage of the tournament and subsidiary R3’s players.
Delta Gold Technologies (DGQ) has granted options over 300,000 shares exercisable at 148p each to advisers Professor Harry Ruda and Professor Kenneth Knappenberger Jr.
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 200,000 shares at 6.5p each, taking the shareholding to 16.8%. Michael Hutchison bought 150,000 shares at 6.4p each, taking his shareholding to 3.85%.
Coinsilium Group (COIN) says that following achievement of agreed milestones for Nijinn, the Predictive Labs prediction markets analytics platform, it has subscribed for $100,000 of preference shares, taking the stake to 14.9%.
Hot Rocks Investments (HRIP) investee company Sunshine Gold has raised $1.02m via a convertible note. The company’s name will be changed to Suncrest Gold before a planned ASX listing. A tenement application has been lodged over a gold target in West Kimberley called the Kimberley King project.
Rise Investments has increased its stake in B HODL (HODL) from 7.63% to 8.24%. Adam Back took his stake above 26% and it was then reduced to 25.8%.
AIM
Caledonia Mining Corp (CMCL) has reported a maiden mineral resource for the Motapa prospect in Zimbabwe, which is next door to Bilboes, which should be in production by the end of 2028. The resource is 379,000 ounces of gold in measured and indicated categories and 131,000 ounces of inferred resource. This is before additional exploration this year. The Blanket mine, which is generating revenues for the company, has added further resource not just underground, but for the first time a shallow resource. The shallow oxide resource is 22,000 ounces of gold at surface and will be easier to mine adding to the cash generation possibly as early as the second half of 2026. This will provide additional cash to finance the development of Bilboes, which could cost around $600m.
Tungsten West (TUN) has secured investment of up to £71m from the National Wealth Fund. This is via a £36m equity investment at 36p/share, for a 7.42% stake in Tungsten West, and a £25m debt facility, plus a £10m uncommitted accordion facility. The UK government has an opportunity to secure an offtake agreement for up to 50% of tungsten production at the Hemerdon project. First production is targeted for the third quarter of this year and there are also offtake talks with a downstream tungsten refiner.
Staffing firm Empresaria (EMR) interim pre-tax profit has rebounded 256% to £3.2m and this led Allenby to rise its full year forecast from £5.2m to £6.2m. There was 5% growth in net fee income and costs were reduced. Net debt was flat at £17m.
Resources explorer and developer 80 Mile (80M) says that the Ferrandina biodiesel plant in southern Italy has received European sustainability accreditation. This means that the biodiesel should attract a premium price.
Canaccord Genuity has published a flash note on Kooth (KOO) suggesting that the $18bn Meta settlement has highlighted the mental health of youths and US state clients of Kooth mental health services are due to receive significant amounts of cash. The California attorney general claims that the money is earmarked for mental health and Kooth could receive additional work.
Diagnostics firm EDX Medical (EDX) has raised £2.7m at 14p/share. The cash will fund the new employee health screening service. Discussions continue with three potential clients, and two more companies have approached EDX. The company had expected to report 2025-26 revenues of £1.2m, but the auditors have advised that £860,000 should be deferred into 2026-27.
Surveillance technology supplier Thruvision (THRU) has received an order from government in Canada for the 8108 WalkTHRU equipment. It will be used for screening visitors to the council chambers. There have also been other orders in Europe.
Transport software and technology supplier Tracsis (TRCS) says group full year revenues improved from £81.9m to £85.5m and EBITDA rose from £12.6m to £13.5m. Cash was £19.4m at the end of July 2026 before the proceeds of the events business disposal and the acquisition of Mistral Data.
Building products supplier Alumasc (ALU) has sacked its new chief executive Pamela Bingham after an investigation into her professional conduct. The 2025-26 results will be published on 15 September.
Vast Resources (LON: VAST) has been admitted as a member of Defense Industrial Base Consortium and the Cornerstone Consortium. This puts the company in a position to interact with organisations involved in critical mineral supply chains in North America.
Southern Energy Corp (SOUC) expects to report the result of the Terrible Creek 21-2 #2 oil well in September. This is on the Williamsburg field and if the well is successful then another will be drilled before the end of the year. Southern Energy Corp announced that its second quarter production was 3% higher than the previous quarter at 1,743 barrels of oil equivalent per day, but lower prices meant that revenues were one-quarter lower at $4.2m. Cash generated from operations was $700,000 and cash was $8.6m at the end of the period.
Jarvis Securities (JIM) says that no offers have been received for its operating subsidiary and it will be wound down. There is no value in the subsidiary, and the board is considering returning any remaining capital to shareholders.
Trellus Health (TRLS) has appointed Quantuma Advisory as administrator. No return is expected for shareholders.
Sutton Harbour (SUH) has to refinance its debt, and a strategic review has decided it would be best to leave AIM. Annualised savings of £200,000 will be made. Net debt is £26m. The property portfolio was worth £45.7m at the end of March 2026, and properties worth £4.74m have subsequently been sold and helped to reduce debt. Further disposals are planned and there will be returns to shareholders.
MAIN MARKET
BATM (BVC) has nearly completed the sale of non-core operations so that it can concentrate on cyber and networks. First half revenues from those activities were 9% ahead and operating profit improved. Networks was loss making and cyber was profitable. Net cash was $14.6m at the end of June 2026. Trading is improving in the second half. A small 2026 pre-tax profit is forecast.
Packaging manufacturer and distributor Macfarlane Group (MACF) interims were in line with expectations. Revenues were 2% ahead, but volumes were flat. Pre-tax profit was 9% lower at £7.2m. The second half is expected to be better. The performance of the Pitreavie factory should recover.
Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 6 July 2026
AQUIS STOCK EXCHANGE
Lift Global Ventures (LFT) has bought a 2.18% stake in FourJaw Manufacturing Analytics, which is developing AI and machine learning technology for manufacturing, for £150,000 in shares at 1.5p each. The share price jumped 64.3% to 0.575p.
WeCap (WCAP) investee company WeShop has been added to the US Russell 3000 index. Hot Rocks Investments (HRIP) is also a WeShop shareholder. It has made new investments in oil and gas explorer Colossal Energy Fields and Brazil minerals explorer Prospectiva Resources.
Majestic Corporation (MCJ) reported a dip in full year revenues from $49.3m to $38.2m, while pre-tax profit improved from $1.01m to $1.35m. The recycling business expects pre-tax profit to be much higher this year.
Coinsilium Group (COIN) chairman Malcolm Palle bought 750,000 shares at 2.05p each. He has a 3.43% shareholding.
Healthcare IT supplier DXS International (DXSP) says full year revenues will be slightly lower than the previous year at around £3.4m. There should be a small profit this year. Ten pilot deployments of the NextGen referral service are active. NHS decisions are still being delayed.
Ormonde Mining (ORM) had cash of €1.09m at the end of 2025 and since then it has received the final deferred consideration for La Zarza. In 2025, cash used in operations was €679,000.
Advanced technology developer Vault Ventures (VULT) reported a non-cash impairment of £2.12m for its Dubai activities. There was a cash outflow from operating activities of £2.85m. Cash was £766,000 at the end of 2025.
Vaultz Capital (V3TC) is convening a general meeting on 21 July to gain shareholder approval to end the Bitcoin buying and to sell the remaining holding.
Tomahawk Metals (TMHK) has entered into an advisory agreement with Sven Honig and Voytech Sesulka for new projects for the company to consider. They will also analyse the information on the antimony and gold licences in Slovakia. Sampling will be conducted at the Saturn gold project in Western Australia.
Wishbone Gold (WSBN) had cash of £3.4m at the end of 2025. There was a cash outflow from operations of £2.62m and capital investment of £2.05m.
Marula Mining (MARU) has approved the budget and the mine development plan for the Tonto Tshipi and Derdepoort manganese mines in South Africa. Funding is being secured. The 2025 accounts should be audited by the end of July.
Phoenix Digital Assets (PNIX) had net assets of £16.3m at the end of 2025.
S-Ventures (SVEN) had net assets of £2.78m, including an investment in AIM-quoted Tooru valued at £3m.
Sports business VVV Sports (VVV) is raising up to £5m. Campana Investments has exercised warrants and that has already raised £1.2m this year. Net assets were £611,000 at the end of 2025.
Gledhow Investments (GDH) had net assets of £996,000at the end of March 2026.
Globe Capital (GCAP) has appointed AlbR Capital as broker. Net liabilities were £670,000 at the end of 2025.
Inqo Investments (INQO) increased full year revenues by 31% to R33.8m. The main investment is Kuzuko Lodge, which nearly doubled revenues.
BWA Group (BWAP) chief executive Peter Taylor bought 256,000 shares at 0.39p each and 238,000 shares at 0.42p each. He owns 5.65%.
JP JENKINS
On 15 May, the JP Jenkins index was 52.5 points higher at 1297.16. A reweighting was planned for the end of June.
AIM
Futura Medical (FUM) has terminated its US agreement with Haleon for erectile dysfunction treatment Eroxon because of disappointing sales. Futura Medical has waived the patent milestone and will receive a $1.9m termination fee. The US commercial rights will be returned, as well as being granted permission to use existing marketing materials. Market Performance Group will distribute Eroxon on a commission basis in the US from the beginning of September. The home tests results for WSD4000 showed that 79% of women reported a general improvement in all or most aspects of sex and three-quarters had increased interest in sex.
Decision intelligence software provider ActiveOps (AOM) grew full year revenues from £26.8m to £38m from a combination of organic growth and a nine month contribution from Enlighten. Net revenues retention was 119%, while annualised recurring revenues are £41.5m. Pre-tax profit increased from £1.3m to £2.4m. Cash was £23.8m at the end of March 2026. The $10m from the sale of the WorkIQ trademark to Microsoft was received after the year end.
Battery technology developer Ilika (IKA) has raised £5.1m at 28p/share and a retail offer could raise up to £500,000 more. This will help to finance the commercialisation of the Stereax technology, as well as providing further development funding for Goliath batteries.
Advanced materials and paper producer James Cropper (CRPR) has refinanced its debt, which will provide greater flexibility. This includes a new invoice discounting facility of up to £15m. A one-off pension funding charge of £600,000 has been agreed. The next valuation has been brought forward to March 2027.
Consumer products supplier Supreme (SUP) increased full year revenues by 17% to £270.2m, while underlying pre-tax profit fell from £32.4m to £31m, partly due to higher depreciation. Recent acquisitions helped drinks and wellness to grow, but electricals and household was hampered by poor batteries and lighting markets, although there was a contribution from 1001, which was acquired last year. Spending on acquisitions and new manufacturing facilities was more than covered by cash generation. Vaping product sales grew despite disruption from the banning of disposable vapes. There is uncertainty caused by the new vape duty based on volume of liquids. This comes into force in October.
River Global (RVRG) has issued D shares to the holders of the A shares. The D shares will be entitled to receive a distribution of Liontrust Asset Management shares issued for the sale of the fund management business. The company will retain some shares in Liontrust and more than £2m in cash to help fund annual running costs of £400,000. Rover Global will remain on AIM for the time being and will decide whether to seek a reverse takeover transaction. The remaining interest in Parmeni9on is estimated to be worth £75m-£90m.
Huddled Group (HUD) raised £1.24m at 0.4p/share via subscription and the retail offer at 0.4p/share was nearly three times subscribed and the online retailer decided to accept £200,000, which was double the amount sought. That takes the total raised to £1.51m. The cash will be spent on increasing stock levels and on marketing activity. Management believes that this should take the business to cash flow positive.
Mercantile Ports & Logistics (MPL) says the hearing before the National Company Law Tribunal relating to Karanja Terminal & Logistics has been adjourned. There will be a further hearing on 7 August. The port handled 1.2 million MT of cargo in 2025, compared to 1.33 million MT in the previous year. Net debt is £49.6m.
Fulcrum Metals (FMET) has entered a non-binding $20m royalty financing term sheet with Chancery Royalty, which would also subscribe £200,000 for shares at 8.5p each. This covers tailings at the Teck-Hughes project. This involves a proposed 5% net smelter royalty and 2% could be repurchased for $10m.
Cyber security services provider Shearwater Group (SWG) has secured a five-year contract extension with a UK telecoms client worth £25m over the period. This is for packet monitoring, forensic analysis and assurance services. There will be £12.5m recognised in 2025-26. However, cash will not be collected until after the year end. Net cash is likely to be lower than expected at £5.6m at the end of June 2026. Pre-tax profit is still forecast to rise from £600,000 to £1.1m.
Titon (TON) has acquired G-Pack Manufacturing for £1m. The business supplies injection moulded plastic components for windows and doors and revenues were £1.3m last year. Manufacturing will be moved in-house. The deal should be earnings enhancing in the first full financial year and will create cross selling opportunities.
Electronics and batteries supplier Solid State (SOLI) reported pre-tax profit 11% ahead of the Cavendish forecast at £8.6m. Revenues were 3% ahead at £154.1m, which was 23% higher than the previous year and gross margin improved. Net debt was £4.2m. The order book is worth £102.4m.
Plugin overdraft provider Fiinu (BANK) is taking a £7.3m write-down on the Everfex acquisition. There are arbitration claims against the sellers of Everfex. That write-down increases the 2025 loss to £10.4m. Conister Trust is set to launch Plugin Overdraft during the summer. Further discussions have been held with ten banks in Europe. Monthly burn rate is £220,000. Sami Kalliola is stepping down from the board but will still be involved in developing European white-label opportunities.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says the trustees of it pension fund have agreed a £53m bulk annuity buy-in with Royal London. This removes the risk of the defined benefit scheme. The income stream matches obligations. A full buy out and wind up of the pension fund is possible within two years. No pension contributions have been made since 2023. If there is any surplus at the next valuation it would be paid to the company.
KR1 (KR1) generated income of £56,228 during May. NAV was 19.73p/share at the end of May.
Shell Acceler8 Ventures (AC8) is offering 2.6797 shares for each Intuitive Investments Group (IIG) share. At 80p each, this valued Intuitive Investments, which is recommending the bid, at £600m and its shareholders will own 99% of the company. This enables Intuitive Investments to move from the Specialist Fund Segment to the Main Market. This should help to attract investors.
New Frontier Minerals (NFM) is accelerating exploration at the Harts Range heavy rare earths and niobium project. The Kings Cross prospect will be prioritised.
Andrew Hore
Quoted Micro 29 June 2026
AQUIS STOCK EXCHANGE
Vehicle electrification technology supplier Equipmake (EQIP) says second half trading has been in line with expectations. Trading was better than in the first half and full year revenues are set to be more than £8m, up from £3.5m the previous year. Finance director Ian Selby is stepping down, although he has acquired an additional 225,000 shares at 0.9p each, and Jason Abbott has become an executive director, who bought 100,505 shares at 0.99p each. Chairman Tim Metcalfe acquired 2.27 million shares for a total cost of £17,500, while chief executive Ian Foley bought 914,677 shares at around 0.875p each.
Trading in Supersearch Plus (SSP) shares was suspended on 23 June. Two directors have resigned leaving chief executive Foelan Wong as the only director, The frozen seafood company has sacked Guild Financial Advisory as Aquis corporate adviser. The 2025 results will not be published by the end of June.
Ethtry (ETH) had net assets of £4.47m at the end of 2025, including cash of £4.27m. Acquisitions of Ethereum started this year.
Global Connectivity (GCON) has written down its £175,000 investment in PLUG to zero. It has taken an 8% stake in successor company PLUG Networks LLC-FZ.
Wishbone Gold (WSBN) says positive gold assays have been returned from the initial assay results from drilling at Red Setter in Western Australia. Shallow gold zones have been discovered. There will be deeper diamond drilling.
Coinsilium (COIN) had net assets of £14.6m at the end of 2025, with cash of £1.43m. There was a £1.22m cash outflow from operating activities during the year.
Sulnox Group (SNOX) has secured a four-year agreement with Eastern Pacific Shipping, which will broaden its use of Sulnox Eco to more than 50 vessels. This should amount to 1.2 million litres over the period. The customer has more than 350 vessels so there is scope for further expansion. Eastern Pacific Shipping is acquiring 5.5 million Sulnox shares at 2p each and a further 7.06 million shares will be issued relating to the original contract and introductions. This will take the shareholding to 10.8% and it could reach 14% by the end of the new agreement.
Zentra Group (ZNT) says completion at One Victoria in Manchester has been delayed to the end of the third quarter of 2026.
Marc Dixon has reduced his stake in Nomad Compute (NMD) from 6.88% to 1.5%.
Mollyroe (MOY) has appointed Cairn Financial as corporate adviser.
ASSET MATCH
Octagonal (OCT) has joined Asset Match. It owns broker Global Investment Strategy UK Ltd, which has offices in London and Hong Kong.
AIM
Pawnbroker Ramsdens (RFX) is recommending a 600p/share bid from Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. That is higher than the share price has ever been. Shareholders will also receive the 6p/share interim dividend and special dividend of 3p/share. This values the company at £203m plus £3m in dividends. The bid values Ramsdens at around nine times forecast 2025-26 earnings, although profit has been boosted by the high gold price increasing gold buying activity. A fall in profit is currently expected for 2026-27 indicating a multiple of 13, although there have been previous forecast upgrades for the current year and if gold prices remain high there is upside in this forecast.
Talon Resources (TAR) moved from the Main Market on 23 June after the reverse takeover of a North American gold explorer with a 90% stake in the Eagle Lake gold project in Ontario for £4m in shares at 1.25p each, plus £170,000 in cash. There was also £2m raised at the same price. The share price had been suspended at 2.75p and started at 2.125p before falling to 1.275p at the end of the week. That is a 53.6% decline, but the share price is still above the issue price.
Energy as a service provider eEnergy Group (EAAS) expects interim revenues to be £22m and full year revenues to be £32m, compared with £38m previously. That means that EBITDA would be £1,7m rather than £4.5m. These adjustments come after the appointment of John Gahan as interim chief executive. He is generating annualised savings of £2m and there will be a restructuring charge of £500,000.
Distribution Finance Capital Holdings (DFCH) has upgraded expectations because loan originations have exceeded expectations as newer products enhance the growth in inventory finance. Arrears and impairments remain low. Panmure Liberum has raised its 2026 pre-tax profit forecast from £19.4m to £22.4m. Tangible NAV has been increased from 84.5p/share to 85.8p/share.
Online music retailer Gear4Music (G4M) bounced back last year and took advantage of competitors going out of business in the UK. Revenues jumped from £146.7m to £190.7m. There was growth across the range of products both own brand and branded. Pre-tax profit soared from £1.8m to £10.2m – only the peak Covid profit in 2020-21 was higher. This year Gear4Music is moving into a new warehouse, so there will be additional costs holding back profit in the short-term, but revenues should continue to grow.
CPP Group (CPP) announced a general meeting to gain shareholder approval to leave AIM and raise money from a convertible loan note issue. Following disposals, the focus is insurTech platform Blink Parametric, which is still relatively early stage. The final $5m owed by the purchaser of the Indian business has not been paid yet and cash is required. Gresham House Asset Management is offering to invest £3m in convertibles as long as a total of at least £5m is raised and CPP leaves AIM. Shareholders are being offered a chance to subscribe for up to £2.95m of convertibles with a minimum level of £2m. The holders of convertibles will also receive V shares to enable them to vote at meetings. The general meeting is on 14 July.
Thalia Therapeutics (THAT), formerly N4 Pharma, is acquiring Sanmirna Therapeutics Inc, which is developing miRisten for the treatment of Acute Myeloid Leukaemia, for an initial £3.675m in shares and convertible loan notes. Thalia Therapeutics has raised £2.75m at 0.6p/share, with two-fifths coming from directors. The cash will fund the completion of the miRisten phase 1 clinical trial. The data is expected in the first half of 2027.
Publishing software provider Ingenta (ING) has held its AGM and stated that more than £2m of business over three years has been won so far this year. There are other potential contracts that could be gained in the second half. Cavendish expects a dip in 2026 pre-tax profit to £1.4m because of higher sales and marketing costs the benefits of which should show through in the future.
Aerospace composite kits supplier Velocity Composites (VEL) interims were in line with expectations, but the second half will be tougher. First half revenues were 19% lower at £8.4m due to delays in projects starting in the US. The company has closed its site in Fareham and that will generate cost savings. In the second half the costs of ramping up production in the US and lower margin UK work means that although there will be a recovery in revenues margins will be hit. The full year loss will increase from £1.1m to £1.6m. There is a potential second customer in the US.
Space and aerospace technology supplier Filtronic (FTC) says full year revenues will be in line with consensus forecasts of at least £55.5m, while EBITDA will be slightly better than expected due to improved margins. That means that pre-tax profit is estimated at £8.5m. Net cash is 311.3m. The new facility has capacity of £200m. The strong order book means that 90% of 2026-27 revenues expectations of £62.6m. A second contract has been won for satellite payload technology with a US-based customer worth £400,000. This will be recognised in the current year. The 2025-26 results will be published on 4 August.
Buccaneer Energy (BUCE) has increased net proved reserves by 18% for its Texas assets after a review in connection with its WAFD Bank credit facility. Forecast cash flow has increased by 27%. NPV9 has been raised to $11.8m. The oil price assumption is $70/barrel for 2026.
Kazera Global (KZG) has agreed a definitive settlement of $10.5m with Hebei Xinjian Construction in relation to the arbitration award concerning African Tantalum. This is a $7m loan repayment and $3.5m share sale component. There will be an initial payment of $500,000 in Namibia. The rest will be paid over a period up to the end of 2029 and Hebei will then own 100% of African Tantalum. If $9m is paid by the end of 2026 then that would be the total payment.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is gaining market share in a weak market. In the year to March 2026, revenues were 23% higher with like-for-like growth of 11.8%. Operating margin improved from 4.6% to 5.7%. Pre-tax profit increased from £1.5m to £2.5m. The number of active customers rose 24% to 1.4 million. Despite new store openings and others refurbished in the new format, net cash increased to £4.4m. There will be a change in the management of the warehouse during the summer. It is being outsourced to DHL, and this should improve efficiency and help to maximise capacity. Like-for-like sales growth was maintained in the first quarter.
Structural steel supplier Severfield (SFR) has a new management team but they could not influence the underlying results for the year to March 2026. Pre-tax profit fell from £18.1m to £10.5m. That is before £47.7m of exceptional charges, which should represent the bulk of any write-downs by the new management. Net debt is £28.2m. The focus of the business will be higher margin contracts in the UK, Europe and India, plus sectors such as energy, defence and data centres.
Andrew Hore
Quoted Micro 4 May 2026
AQUIS STOCK EXCHANGE
Audit and assurance services provider Adsure Services (ADS) is increasing customer numbers and market share in the housing sector and education has also been a strong market. Other markets have been weaker. Working capital was reduced.
Ajax Resources (AJAX) has made a £200,000 strategic investment in Reveille Resources, taking a 25% stake in the Italy-focused uranium explorer that wants to join Aquis. Reveille Resources has interests in the Novazza and Val Vedello uranium deposits. Ajax Resources is taking an option over the acquisition of Minerva Metals, which holds the Sebera exploration licence in Italy, which is targeting antimony, tungsten and gold. Ajax Resources is planning a listing on Euronext Growth Oslo.
Marula Mining (MARU) has been fined £55,000, reduced to £44,000 for early settlement by the Aquis Stock Exchange because of social media posts that provided information that had not been published as official announcements on the market. It also repeatedly failed to produce accounts on time and was slow in paying Aquis fees. Marula Mining is continuing talks with WEEE Centre over their potential collaboration on a lithium-ion battery recycling centre in Kenya. Final legal reviews of the agreement are near to completion and phase one of the operations should start by the end of the second quarter of 2026.
Inqo Investments (INQO) has opened the Pabidi Lodge in Uganda. This is an eco-luxury hospitality asset located in Uganda’s Budongo Forest, within the broader Murchison Falls National Park.
Mendell Helium (MDH) has exercised the option to acquire M3 Helium. Completion is expected in May and £5m is being raised at 4p/share. M3 Helium already has helium production and potential to increase this through drilling and building infrastructure. Dividends are possible in 2027.
WeCap (WCAP) investee company WeShop published 2025 results. It remains an early stage business and there is an initial rollout of the social commerce platform and beta testing of the WeShop app in the US. The company is recruiting in the US. WeShop processed transactions with a GMV of $140m. The WeShop share price drifted down to $8.80, although it has still risen by 50% over the past month.
Digital asset company Coinsilium (COIN) continues to make progress with advancing its operating model. Otomato has launched its application across web and mobile. There is increasing activity on the Yellow Network, and it is moving towards the launch of decentralised perpetual futures contracts trading.
Sulnox Group (SNOX) generated record annual revenues of £2.62m, with like-for-like fourth quarter revenues nearly doubled. Cash was £822,000 at the end of March 2026.
Visum Technologies has changed its name to Nomad Compute (NMD) to reflect its new strategic direction. The focus is modular edge AI compute infrastructure. A fundraising is planned. It has acquired Crowdtech AB, a technology development company, for £414,000. This is being paid for in the form of the shares in subsidiary C and C Gordon at book value.
Energy B (NRGB) had £6,000 in cash at the end of January 2026. Chairman Neil Ritson has subsequently provided a £50,000 loan facility and £30,000 has been drawn down.
B HODL (HODL) has bought one Bitcoin at £57,802.
S-Ventures (SVEN) has invested £200,000 in Hybrid Drones. Defence company MBDA is a fellow investor.
NYCE International (NYCE) has raised £50,000 at 17.5p/share.
Woodland Capital, where Hot Rocks Investments (HRIP) managing director Gavin Burnell is a significant shareholder, has acquired 1.85 million shares at 1.1p each, 855,259 shares at 1.35p each and one million shares at 1.45p share. This takes Gavin Burnell’s interest to 19.2%.
JP JENKINS
Hydrogen Capital Growth (HGEN), formerly HydrogenOne Capital Growth, has moved to JP Jenkins as part of the managed realisation of its portfolio of clean hydrogen and energy transition technology investments.
ASSET MATCH
Infection prevention IP developer Byotrol (BYOT) says 2025-26 sales were flat at £4.33m, although product sales were higher. The loss was higher. Cash was £457,000 at the end of March 2026. There is expected to be a positive EBITDA this year.
Greenshield Agri (GAH) had net assets of 160p/share at the end of 2025. The company has hedged all its requirement for fertiliser for 2026. Costs have been cut and crop prospects are good.
AIM
Cosmetics supplier Warpaint London (W7L) was hit by US tariffs and weak consumer confidence in 2025 and this continued into early 2026. Full year revenues edged up from £101.6m to £105m, but it would have been lower without the brands acquired last year. Gross margin improved, but pre-tax profit dipped from £24.6m to £19.2m. It could rebound to more than £20m this year, but it is still early in the year. This year will be more second half weighted with a much larger Christmas order from Walmart.
Iodine producer Iofina (IOF) reported better than expected figures for 2025. Revenues increased from $54.5m to $66.5m. Earnings jumped from 1.52 cents/share to 3.26 cents/share. A large plant will start production later this year leading to a big rise in production in 2027. More plants are in the pipeline. X-ray demand for iodine is keeping the price high and Canaccord is anticipating it staying above $70/tonne. This year earnings could reach 3.9 cents/share, and the 2027 figure has been upgraded to 6.3 cents/share.
Property technology company Built Cybernetics (BUC) moved into profit in 2025-26 and smart buildings revenues exceed architecture revenues for the first time. However, the master systems integrator business has been hit by poor demand, and the group could fall back into loss this year. Built Cybernetics has raised £570,000 at 1.5p/share.
A positive trading statement by IG Design (IGR) has led to upgrades for the year just ended and the current year. Ongoing gift wrap and stationery business is better than expected, although consumer confidence remains weak. In the year to March 2026, revenues were $292m, while the pre-tax profit estimate has been increased from $9.5m to $11.5m. This year’s pre-tax profit forecast has been raised from $12.3m to $14.3m, helped by an earnings enhancing acquisition in South Africa. Net cash is $72m before the £3.4m spent on the acquisition.
Professional services provider Christie Group (CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m.
Xeros Technology (XSG) 2025 results show a reduction in loss from £4.5m to £3.5m. The sustainable laundry technology developer expects a sharp rise in revenues this year, albeit from a low base. All three parts of the business should start to grow royalty revenues.
Sanderson Design (SDG) did well in North America last year and that helped to offset the weak UK market. Group revenues fell 1% to £99.5m, while underlying pre-tax profit improved from £4.4m to £5.3m, helped by a better performance by manufacturing. The dividend is unchanged at 1.5p/share. Net cash is £9.8m.
Digital content technology and direct carrier billing services provider Bango (BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025
Membrane-free electrolyser technology developer Clean Power Hydrogen (CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues.
ProService Building Services Marketplace (PRO), formerly HSS Hire, says 2025-26 revenues from continuing operations is expected to be £248m, which is lower than forecast. That is due to a lower ramping up of the new arrangements with Speedy Hire and the weak construction market. The company is investing in further automation of its marketplace platform. Speedy Hire volumes are improving, and the deal should be earnings enhancing this year. Net debt was £27.2m at the end of March 2026 and the debt should be refinanced by August. Guidance for 2026-27 EBITDA is between £9m and £12m. Consensus was previously £19.6m.
Digital health company MedPal AI (MPAL) has acquired the Remedi Solutions pharmacy facility in Runcorn from administrators for £310,000. Historical annualised turnover was previously around £10m. MedPal has been operating the pharmacy ahead of approval for the transfer of ownership to the company.
Scancell (SCLP) has received FDA Fast Track designation for iSCIB1+ in advanced melanoma. Plans are being advanced for a phase 3 trial which could start in the second half of 2026. Progression free survival reached 77% at 20 months, which is 30 percentage points above standard care. Additional data is expected in the first half of 2027.
Shield Therapeutics (STX) generated revenues of $18m in the first quarter of 2026 with ACCRUFeR making $9.9m and a $7.9m milestone payment from China. The US sales continue to grow, but NY-Medicaid now requires prior authorisation for prescription approvals.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ALL.SPACE is being acquired by York Space Systems. It is a cash and shares bid. This investment was 15.9% of the net asset value at the end of 2025 and the value of the takeover should be similar to the current valuation.
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
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #EGT, #COIN, #TIME & #EV1
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covers:
- European Green Transition #EGT
- Coinsilium #COIN
- Evolution Energy #EV1
- Halo Minerals #HALO
Quoted Micro 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 16 March 2026
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is still investigating various sources of additional finance. The directors and related parties are providing funding. An $8m copper concentrate purchase agreement has been secured with a New York company. This covers 2,500 tonnes of copper concentrate each month from the Kinusi copper mine. The 2024 accounts have still to be published. An agreement with Baosteel Resources South Africa covers initial deliveries of a minimum of 5,000 tonnes of manganese ore from the Kilifi manganese processing plant. Marula Mining will receive a provisional payment of 90% of each monthly shipment upon delivery to Mombasa Port. Marula Mining has not paid the £1m for the minority interest in the Kilifi plant. This will be settled for £856,000 in shares at 3.85p each. Marula Mining and the WEEE Centre have finalised phase 1 of implementation of the lithium-ion Battery Recycling and Critical Metals Processing facility (the “Project”) in Kenya.
Stack BTC (STAK) raised £260,000 at 5p/share early in the week. The cash for acquisitions and investing in Bitcoin. The company subsequently bought 5 Bitcoin at £51,850 each and 5 Bitcoin at £52,758 each.
B HODL (HODL) announced a capital deployment programme. It is redeploying £350,000 in cash to invest in Bitcoin or buy back shares, which still leaves 24 months of working capital. B HODL will participate in the rewards account set up by CoinCorner, which owns 14.3% in B HODL, that will provide a return on part of the Bitcoin holding that is not in the Lightning network.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of wells on Rost and Enwell leases. The drill rig should arrive in the week beginning 16 March.
Falconedge (EDGE) says that the February Bitcoin yield was 0.912%. The total Bitcoin holding is 20.059694.
Wishbone Gold (WSBN) won a contested ballot for 67km2 of mineral title on crown land, 25km north-west of Telfer, which was applied for by multiple parties.
Vault Ventures (VULT) is developing a post-quantum secure communications platform with Whitespace Global. The contract with Whitespace Global is worth £1.6m. Vault Ventures will have controlled ownership of the cryptographic architecture.
The WeShop share price has fallen to $16.40, which is a drop of more than 90% since the high just after flotation. The value of the WeCap (WCAP) shareholding is just over $20m.
Ajax Resources (AJAX) has signed an agreement to acquire the Pereira Velho gold project. The payment is $200,000 cash plus $1.9m in shares, plus a 1.5% net smelter return, depending on the level of the gold price, which can be bought back for $1.5m. Ajax Resources issued 927,000 shares for the option agreement for the purchase of 100% to the Macacha project. Ajax Resources chief executive bought 264,146 shares at 8p each, taking his stake to 16.3%.
Macaulay Capital (MCAP) edged up income from £277,000 to £283,000 in the year to December 2025. The loss was reduced from £500,000 to £425,000. NAV was reduced from £2.14m to £1.71m.
Gana Media (GANA) is providing a loan of up to £100,000 to NYCE International (NYCE). The loan lasts with 12% and the interest rate is 7%. There are “discussions to integrate ‘NirmataPlay’ games aggregator into Estadio Gana Mexico”. NYCE chief executive Farzad Peyman-Fard is a non-executive director of Gana Media.
Astrid Intelligence (ASTR) is acquiring and integrating an existing validator within the Bittensor network under the Astrid Validator brand. Validators verify results and ensures rules are followed.
Oscillate (SRVL) has renewed four prospecting licences in Botswana for two years. The final $80,000 has been received for the sale of hydrogen assets. Pella Ventures has a 4% stake in Oscillate
Coinsilium (COIN) says that the Yellow network token and trading platform has been launched.
Fidelio Partners has a 20.2% stake in Supernova Digital Assets (SOL).
Slater Investments has reduced its stake in Arbuthnot Banking (ARBB) from 5.15% to 4.99%.
JP JENKINS
The London Tunnels (TLT) is raising money via Crowdcube. It wants to raise up to £10m at 180p/share, which is a discount to the $3 share price published by JP Jenkins. The London Tunnels is developing the Kingsway Exchange Tunnels as a visitor attraction
AIM
All Things Considered (ATC) is acquiring digital marketing and fan engagement business Push Media Ventures and Cirkay, which has developed a platform to connect artists and fans. The Cirkay Fan Pass is a digital key that provides exclusive perks and engagement. The total cost is £1.05m, which is made up of £300,000 in cash and £750,000 in shares. The operations will be integrated with the group’s platform and services division. Push has annual revenues of £2.7m and is profitable. Cirkay is yet to report revenues.
Alien Metals (UFO) says West Coast Silver has announced results of a drone magnetic survey for the Elizabeth Hill silver project joint venture. This highlighted multiple new exploration target areas. There is also potential for a larger silver bearing mineralised system outside the existing area. Joint venture partner GreenTech Minerals has completed the phase 1 drill programme at Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia. Assay results will be published. This is part of the work to calculate a JORC resource. The previous mineral resource estimate is 24 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2Moz.
Offshore energy services Tekmar Group (TGP) reported a dip in 2024-25 revenues from £32.8m to £28.7m, but recent contract wins should return the company to growth with £38.6m forecast for the year to September 2026. It should also mean that there will be a move from a loss to around break even. Net debt was £2.4m at the end of September 2025 and since then a surplus property has been sold for £2.84m. There is already a strong order book for this year and further out.
Semiconductors designer and supplier EnSilica (ENSI) raised £9.7m in an oversubscribed placing at 47p/share. A retail offer could raise a further £300,000. This is expected to unlock £2m of matching funding for the £10.4m UK Space Agency award that was previously announced. The cash will also help to accelerate supply volumes to customers. Earlier in the week, EnSilica announced another two contracts, plus a $4m extension to an existing contract with an automotive customer. The new contracts are in life science and healthcare worth an initial $1.6m and $200,000 for a feasibility study respectively.
Fulcrum Metals (FMET) has taken advantage of the share price rise to raise £550,000 at 11p/share, which was a small premium to the market price. This will help to progress the work towards a mineral resource estimate. This is much less dilutive that the £1.05m raised at 3p/share last year. Peter Hall took a 4.34% stake. Metals One (MET1) also took the chance to reduce its shareholding from 6.33% to below 3%. Further sales will not have to be reported. Metals One invested £175,000 in last year’s placing so it has already got more than its investment back.
Concrete levelling equipment supplier Somero Enterprises (SOM) had a tough time in the US and Europe in 2025. Revenues dipped from $109.2m to $88.9m, although the second half was stronger. Pre-tax profit fell from $23.4m to $16.3m. This also meant that the dividend was reduced to 10.24 cents/share, meaning it is nearly twice covered by earnings. Net cash is still $33.2m and after dividends and share buybacks it should continue at that level.
Agricultural and fire protection technology supplier Light Science Technologies (LST) is acquiring Injectaclad for up to £4.8m, as well as paying £600,000 for the 10% minority shareholding in UK Circuits and Electronics Solutions and a related property, which can also be used for the fire protection division. Injectaclad has developed a remedial cavity fire barrier for properties and Light Science Technologies has a subsidiary that installs this product. The deal could help to improve margins by streamlining the supply chain.
Earnz (EARN) is acquiring Zero Carbon Group, which takes annualised sales to £30m. The deal will initially cost £3m – £1.5m in cash and £1.5m in shares – with a further £2m plus depending on achieving profit targets. Earnz raised £3.56m at 5p/share.
Anglesey Mining (AYM) has raised £680,000 at 6p/share, following the completion a £4m debt settlement agreement with Energold. There is £250,000 earmarked for dewatering of an existing shaft, £50,000 for analysis of samples and £100,000 for ongoing exploration.
IT company CloudCoCo (CLCO) announced it is raising £275,000 at 0.12p/share. Chairman Simon Duckworth is investing £210,000. A capital reorganisation is required before new shares can be issued for less than 1p each. The cash will fund Project Brightstar, which will enhance the company’s position in the B2B market. Target revenues are £10m, compared with £8m in the year to September 2025.
Ilika (IKA) has made the first commercial delivery of Stereax batteries to Cirtec Medical.
MAIN MARKET
Marine services provider James Fisher (FSJ) significantly improved margins in 2025. In 2025, revenues adjusted for disposals and closures increased 4% to £377.2m. Last year’s profit was boosted by gains on disposals. Underlying pre-tax profit improved from £11.9m to £15.3m. Operating margin was 2.5 percentage points higher at 7.6%. All three divisions improved margins.
BATM (BVC) improved full year revenues from $117.3m to $123.2m, while pre-tax profit jumped from $3m to $13.6m, but this included an exceptional disposal gain. Net cash was $14.7m at the end of 2025. There are more non-core businesses to sell. The cyber and networks divisions are growing strongly. Pre-tax profit is expected to be modest this year before recovering in 2027.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has offered pre-IPO warrant holders the chance to realise value. The warrants are exercisable at 2.5p each. The offer price is 20.6p for each warrant. The current share price is 31.155p. The company has raised £63,000 at 37p/share. It bought three Bitcoin for £48,764 each.
Andrew Hore
Quoted Micro 9 March 2026
AQUIS STOCK EXCHANGE
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of the next Fort Dodge well during March. This is near to the Rost 1-26 well. Further drilling permits are being sought for deeper helium prospects. A US investor group may co-fund the Rost twin well. There is also a potential deal to co-develop a shut-in well. The publication of the AIM admission document should be in March.
Ajax Resources (AJAX) has entered an option to purchase 100% of the Macacha copper and silver project, previously known as the Leon project, in Argentina. An initial $100,000 will be paid in shares. Ajax Resources will pay $3m when the option is exercised within 36 months of Environmental Impact Assessment publication. There is a mineral resource estimate of 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately $900m at prevailing market prices. The deeper mineralisation has not been tested. Former AIM company Alexander Mining had undertaken trial mining at the project. Management is talking with two potential buyers of its interest in the Eureka gold and copper project.
Delta Gold Technologies (DGQ) is advancing the University of Toronto C$259,000 from the year 2 sponsorship earlier than expected. This is part of the C$1m commitment. The cash will finance the addition of a second component to the Cryo-refrigeration system, which allows testing of nano-scale structures.
Astrid Intelligence (ASTR) director Siam Kidd acquired 23.9 million shares at 0.187p each, prior to his becoming chief executive. The company has increased its TAO token deployment into an over the counter partnership transaction with video intelligence infrastructure developer Score (Subnet 44), operating within the Bittensor ecosystem. This means Astrid has bought 78,740.05 alpha at an implied price of 0.0127 TAO per alpha. Astrid has launched Astrid Vault, an on-chain platform designed to improve liquidity and stability across the Bittensor AI network.
Digital assets developer Coinsilium (COIN) has confirmed that the balance sheet has been strengthened and the portfolio is maturing. A subsidiary owns 182 Bitcoin. The Yellow Network Token and Trading Platform launch is scheduled for 8 March 2026. Coinsillium wants to have broader participation in the network.
Tamar Minerals (TMR) has raised £1.7m at 3p/share and acquired Godolphin Mining for £350,000 of shares at the same price. Godolphin Mining owns the Duke of Leeds mineral rights in Cornwall, and it is owned by Tamar Minerals chairman Mark Thompson. This will eliminate rent and lease-based royalties.
Emission reduction products developer Sulnox Group (SNOX) has secured a distribution agreement with Egypt-based Pan Marine Petroleum Services and the first commercial order has been placed. This deal provides access to trade in the Suez Canal.
Stack BTC (STAK) has bought an initial 21 Bitcoin at £53,729 each.
Capital for Colleagues (CFCP) investee company Morris Commercial, which is developing the Morris JE electric van, has raised a further £1.5m in convertible notes and Capital for Colleagues has invested an additional £500,000. Deliveries of the van could start in 2027.
Crushmetric Group (CUSH) has raised £160,000 through a share issue at 8.5p/share.
Equipmake (EQIP) finance director Ian Selby bought an initial 375,000 shares at 1.39p each. Chairman Tim Metcalfe and his wife acquired 971,222 shares at 1.39p each.
AIM
Restaurants operator Various Eateries (VARE) is acquiring a portfolio of premium pubs from Grosvenor Pubs and Inns. The first four sites should be acquired for £11.25m by 23 March, and another site could be bought soon afterwards. Four of the five sites are freehold. The initial four sites generated revenues of £10.5m and EBITDA of £1.5m. These sites will operate under the brand The Linwood Collection. A £15m debt facility will fund the acquisitions. The company will change its name to Coppa Collective.
FRP Advisory has been appointed as administrator of video streaming technology group Aferian (AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m.
CyanConnode (CYAN) has negotiated a revised non-binding proposal from Esyasoft, which recently acquired Good Energy. The offer is 10.44p/share, valuing CyanConnode at £37.5m. The original indicative offer was 9.75p/share. The share price has not been above 10p since April 2025.
FIH Group (FIH) is selling The Portsmouth Harbour Ferry Company for £11.6m. The ultimate buyer is Collins River Enterprises, which trades under Uber Boat by Thames Clippers. The ferry operator has a net book value of £7.59m and made a pre-tax profit of £530,000 under the ownership of FIH.
General Motors has informed Surface Transforms (SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers.
Molecular diagnostics company Novacyt (NCYT) has launched a preferential subscription rights issue to raise €785,000 at €0.40/share. Shareholders are offered one share for every 36 they hold. The subscription period ends on 17 March. This follows the acquisition of Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as adding products that can be distributed in other countries. The previous owner of Southern Cross has committed to subscribe for shares, as have some members of the Novacyt board. The final subscriptions depend on the take up of other shareholders. Novacyt generated revenues of around £20m in 2025, but remains loss making, and cash was £19.2m at the end of 2025.
Business and healthcare software provider AdvancedAdvT (ADVT) has launched a £10m share buyback programme and is also considering a tender offer. This will depend on the potential for acquisitions. There was £96m in the bank at the end of February 2026.
Digital marketing services provider Silver Bullet Data Services (SBDS) expects to report flat revenues in 2025 because of a weak quarter four due to the US government shutdown and uncertainty over tariffs. Costs have been reduced and the company is making a positive EBITDA so far in 2026. Trading is improving and committed revenues are 73% of expected revenues for 2026.
Xeros Technology (XSG) says its filtration manufacturing partner has received an order from MediaMarkt, the largest consumer electronics retailer in Europe, for XF3 units that will be sold under its Koenic brand. Xeros receives a royalty on each unit. Russell Hobbs will launch XF3 in the second quarter of 2026.
Quantum Blockchain Technologies (QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January.
Beacon Energy (BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share.
Brave Bison (BBSN) has acquired a 22.9% stake in market research services provider System1 (SYS1) from the founder John Kearon in return for 9.81 million shares in Brave Bison (8.7%). He has stepped down from the System1 board. Brave Bison is supportive of System1’s strategy.
Investment company Onward Opportunities (ONWD) plans to move to the Main Market to broaden the potential investor base. This could happen in the second quarter. NAV was 136.9p/share at the end of February 2026.
MicroSalt (SALT) has received an order from a new flavours and ingredients customer in the UK.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) increased NAV from 118.5p/share to 142.3p/share in the six months to December 2025. The larger investments have all increased due to new contracts being won and some fundraisings at higher valuations in the period and they have continued to progress in 2026. This reflects the strong institutional interest in space investment. Increasing defence spending is increasing the potential market value of the space sector.
New Frontier Minerals (NFM) has identified tungsten at the harts Range project in Northern Territory, but significant concentrations or rare earth materials were not found.
Mears (MER) has sold education and health facilities management business Morrison Facilities Services for £18m. It generated a pre-tax profit of £2.8m last year.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 3 Bitcoin at £47,871 each. That takes the total holding to 2,692 Bitcoin. The company will become a constituent of the FTSE SmallCap index on 23 March.
Andrew Hore