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Quoted Micro 21 July 2025
AQUIS STOCK EXCHANGE
Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September.
Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to £2.13m. Increased repair costs meant that the loss increased from £77,000 to £97,000. There is £2.18m in cash and deposits.
Fintech Amazing AI (AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.
Digital assets company Vaults Capital (V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.
Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is £9.99m.
The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week.
Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.
Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.
RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.
Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.
Capital for Colleagues (CFCP) investee Bright Ascension has concluded a £2.35m fundraising. Capital for Colleagues has switched a £1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of £200,000 up until the end of January.
Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.
Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised £156,600 after costs. They were bought for 0.8p each.
EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025.
Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.
ASSET MATCH
Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.
Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.
JP JENKINS
Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries.
AIM
Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from £103m to £99.3m, while pre-tax profit improved from £800,000 to £1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.
Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of £200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from £46.3m to £37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is £7.3m.
Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to £42.8m, while underlying pre-tax profit was 17% better at £7.08m. There was a £840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at £86.3m. Like-for-like growth was 3%. Net debt was £9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.
Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.
Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000.
Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.
Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share.
Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.
Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from £13m to £14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was £6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.
AFC Energy (AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.
Eco Animal Health (EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased.
Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.
Audioboom (BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.
Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.
Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at £48.2m and EBITDA is 9% ahead at £12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are £32m after that contract loss.
MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.
Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.
Mulberry (MUL) raised £105,000 in a retail offer. There was up to £1.25m on offer.
Logistics Development Group (LDG) is investing £15m as part of DBAY’s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of £7.1m. There are also plans to acquire William Stobart.
MAIN MARKET
Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to £20m.
Andrew Hore
Andrew Hore Quoted Micro 18 November 2019
NEX EXCHANGE
Trading in the shares of Barkby Group (BARK) has been suspended ahead of further information about a proposed reverse takeover. The acquisition of a group of companies referred to as the Dickson controlled entities is expected to cost £30m, predominantly paid in shares. There will also be a share placing to provide working capital for the enlarged group. Charles Dickson would become executive chairman if the deal goes ahead. The businesses include Workshop Coffee, which operates four coffee shops and is a wholesaler of speciality coffee, a commercial property developer. Barkby will also acquire the right to invest in two private companies: Transcend Packaging, which won a contract to supply McDonalds with paper straws, and VivoPlex, which has developed a medical device for fertility monitoring.
Brewer and pubs operator Daniel Thwaites (THW) says fears that interest rates will fall has required a £4m increase in the provision for its interest rate swaps. That is a non-cash item and underlying pre-tax profit increased from £5.6m to £6.2m in the six months to September 2019. That figure also excludes a quadrupling of property disposal profit to £800,000. Interim revenues improved 7% to £53.4m. The new brewery is operating at full capacity, while there was a small increase in like-for-like pub revenues. The contribution from hotels improved. Net debt was reduced by £8.6m to £61.6m compared with 12 months before, although £22.5m has been reclassified as due within one year. The interim dividend is unchanged at 1.1p a share.
NEX and AIM-quoted AFH Financial (AFHP) says it is trading in line with forecasts. The wealth manager will report underlying EBITDA of more than £17m, up from £10.4m, in the year to October 2019. Funds under management were £6bn. The contribution from acquisitions has been earnings enhancing. The total dividend is expected to be 8p a share and this is expected to rise by one-quarter to 10p a share in 2019-20. There was still £11.9m in the bank at the end of October 2019, although there is estimated to be £32.2m of contingent consideration and a £15m convertible loan in the balance sheet. The current focus is on organic growth and there should be enough cash generated, along with the current balance, to pay the deferred consideration over the next two years.
Ashley House (LSE: ASH) has published a trading statement and it is changing its year end from April to October following the disposal of the Morgan Ashley joint venture. In the 12 months to April 2019, revenues fell from £18.5m to £11.9m and a pre-tax profit of £805,000 was turned into a £2.95m loss. There was a loss contributed by joint ventures. Net debt was £1.8m.
Clinical support systems supplier DXS International (DXSP) is considering a move to AIM. This would be part of a potential fundraising to enable further investment in the business. DXS has already announced that it has been awarded a place on the NHS GPIT Futures framework from the beginning of 2020. This replaces the GPSoC2 framework and means that systems and services will be able to be bought centrally rather than with GP funds. The focus will be on the existing core product DXS Point of Care, analytics and reporting service CompleteCare, digital medicines service ExpertCare and condition management platform MyVytalCare. The first is already on sale and the rest will be launched in early 2020. DXS is gaining final approvals for its four solutions to be listed in the NHS catalogue.
AfriAg Global (AFRI) has raised £160,000 at 0.1p a share. This cash will be invested in additional shares in Apollon Formularies, which will take the company’s stake to 2.68%.
Primorus Investments (PRIM) believes that the lack of flotations is providing it with more opportunities. Primorus has received the £275,000 it was owed by Zuuse and still owns 57,205 shares and holds options over one million shares at A$0.50 (26p) each. The latest fundraising by Zuuse is at A$1 a share. There is a potential market to sell the shares even before a flotation.
Rutherford Health (RUTH) shareholder Formation Group has appointed Andrew Bennett as a non-executive director of the proton beam therapy firm.
David Lenigas has been appointed chairman of NQ Minerals (NQMI) and the board is in talks to replace existing debt with lower-cost debt. First Sentinel, which is run by former NQ Minerals director, has been appointed as corporate adviser.
Block Commodities (BLCC) has raised £388,000 from an issue of convertible loan notes and shares. This is less than the company wanted to raise more than six months ago. The share issue raised £133,000 at 0.02p a share, with a warrant exercisable at the same price, and the conversion of the loan notes will also be at the same price. The cash will be used to move into the medicinal cannabis sector. Additional shares are being issued to pay creditors.
EPE Special Opportunities Ltd (ESO) had net assets of 246.47p a share at the end of October 2019.
One hundred shares in Equatorial Mining and Exploration (EM.P) will be consolidated into one new share on 18 November.
Karoo Energy has changed its name to IamFire (FIRE).
Queros Capital Partners (QCP) will leave NEX on 28 November.
AIM
DBAY Advisors does not intend to bid for Eddie Stobart Logistics (ESL) and instead will acquire 51% of the underlying subsidiary that owns the transport operations. The poor financial situation of the business led to the change of strategy and Eddie Stobart Logistics has recommended the deal, which involves the injection of £55m of additional finance through a PIK Facility. This will pay off a £35m loan and provide working capital. The deal requires the extension of other existing debt facilities. The interim results to May 2019 are still being compiled. An operating loss of at least £12m is expected, but the underlying business could make a full year operating profit of up to £2m. There could be a goodwill write-down of £50m. Net debt will be around £200m. Wincanton (WIN) is still considering a rival deal.
ECO Animal Health (EAH) is still suffering the after effects of the African Swine Flu outbreak in China and the US/China trade war hitting imports from the US. First half revenues from China fell by three-fifths. Restocking will take time to flow through in terms of FCO’s results. There will be a sharp fall in full year profit. The interims could also be affected by accounting policy changes.
Advanced surface coatings provider Hardide (HDD) has been selected to coat parts for the new F-35 Lightning II Joint Strike Fighter. This is an important step in building up business in the aerospace sector. The Hardide-A coating will replace HVOF thermal spray coatings. HVOF is one of the most widely used coatings in aerospace and Hardide-A is said to be technically superior. Hardide has also been awarded a patent for a water droplet erosion resistant coating for blades and vanes, including those used on steam and gas turbines for power generation. A field test is planned.
Adamas Finance Asia (ADAM) says that a test production run is planned later this month by 85%-owned Future Metal at its quarry in China. The plan is to restart production by the end of the year. This will help to underpin the Adamas NAV and provide potential upside. At the end of September 2019, NAV was 84p a share, which is more than three times the share price. Future Metal is 45.2% of that NAV and when the quarry is up and running then Adamas could raise cash by selling some of its stake. Cash is required to invest in new opportunities that are being presented to the company. Adamas issued 16.18 million shares at 34.8p each for its equity investment in Infinity TNP.
Safestay (SSTY) has bought the Hotel Auberge in Berlin, which is near to Berlin zoo, and intends to turn it into a 150-bed hostel. The site has an eleven year lease. This is the latest acquisition this year and it takes the total number of hostel sites to 18. The plan is to have 20 hostels by 2020.
MAIN MARKET
PureCircle Ltd (PURE) chief executive Magomet Malsagov has stood aside temporarily pending further investigation of the classification of the stevia sweeteners supplier’s inventory and other transactions. The investigations have identified that inventory was $23m too high. Other transactions could lead to additional valuation changes. There could be write downs of intangibles and inventories. There should not be any increase in net debt, although the figures are still not fully audited. Bank covenants may need to be waived. Finance director Rakesh Sinha had previously resigned, although he remains with the company until the end of January.
Automotive information publisher Haynes Publishing (HYNS) is seeking a buyer. Management believes the company needs to be part of a larger group with greater financial resources.
Andrew Hore
Smaller Companies Show How To Export
TUI AG TUI After a good start to the half year, TUI reiterates its forecast of at least 10% growth in underlying EBITA for the full year 2016-17.Half year turnover rose by 3.3% or 8.2% on a constant currency basis and customer numbers were up by 3%.
Victrex VCT delivered a strong first half performance in the six months to 31st March and is increasing its interim dividend by 4%. Sales volume in the first half rose by 5% and revenue by 12%, or 4% on a constant currency basis. Profit before tax rose by 5% and cash is up by 90% to £86m. The positive momentum is continuing into the second half.
Eco Animal Health EAH is likely to exceed market expectations for revenue and to exceed significantly those for pre tax profits for the year to 31st March.
Mortice Limited MORT Following strong growth in all parts of the business, it is anticipated that financial results for the year to 31st March will be materially ahead of market expectations. Revenue rose by 35% and the company sees tremendous scope for further organic and acquisitive growth.
Diploma plc DPLM is increasing its interim dividend by 13% after enjoying strong underlying growth boosted by currency tailwinds in the six months to the end of March. Adjusted profit before tax for the half year rose by 22% and adjusted earnings per share by 23%, with revenue up by 21%. Currency benefits from the weak pound are not expected to be as strong in the second half.
Dignity plc DTY has made a strong start to the year, with all parts of the business performing well in the first quarter to the end of March. average income has been robust and overheads are well controlled. Further acquisitions have been made and there will be more during the remainder of the year.
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Hardide Management Fights Off Challenges
Hardide HDD Depressed demand in the oil and gas sector adversely affected performance in the year to the end of September with a rise in operating losses from last year’s £0.22m to £1.47m. But Hardide fought back and in the second half sales began to improve with a 25% rise over the first half, amid signs of a slow recovery in oil and gas. Sales of precision engineering surged by 126% over the previous year and there was also an increase in aerospace sales. For the first time ever, sales in North America exceeded those in the UK. For 2017 there is the promise of further improvement.
Eco Animal Health EAH is increasing its interim dividend by 32% after a strong first half which saw revenue rise by 25%. Pre tax profits rose by 97% to £5.3m, adjusted EBITDA by 46% and earnings per share by 61%. The second half year has started well and another set of strong results is forecast for 2017
Hydrodec HYR October saw the first overall positive EBITDA since the rebuild of the Canton factory was completed last year. October also record sales of refined oil from Canton, at 2.8m litres, with daily production records being beaten twice during the month. Operations are expected to be profitable in 2017.
Cohort plc CHRT is increasing its interim dividend by 16.0% after a rise in adjusted operating profit of 11% for the six months to the end of October and a strong order book standing at £129m. With 80% of those orders deliverable in the second half, it is expected that second half sales will be strong.
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The Rogues Who Rule Over Us.
As more and more is revealed about the conduct of our leading politicians not only during the referendum campaign but especially during the last 7 days, it has become clearer by the day that they will take any steps to further their own lust for power even if it means destroying the country’s economy in the process. Treachery and deceit now stalk the corridors of power.
Why did nobody tell us during the campaign that negotiations for a new trade treaty with the EU can not, under European law, even start until after we are officially out of the EU. That could mean years before the UK can negotiate new trade treaties anywhere, even after we have left the EU.
Why did Cameron not make it plain that if he lost the referendum he and his government would refuse to accept the result and would waste a couple of months or so whilst the Tory party elected a new leader, who would be left with the unenviable task, of kick starting Brexit by making an application under Article 50 for us to leave the EU. How irresponsible and shifty can a Prime Minister be, promising in one breath that the result of the referendum would be binding on his government and then refusing to act and rejecting the result when it was not to his liking.
Look at the mauling which business leaders receive from select committees of MPs if it is thought that they have transgressed in their governance of a company. MP’s who govern the country ensure that they can not be exposed in like manner.. They can not be challenged. Look at the general standards of the house with the number of paedophiles who have sat in it from time to time and the number of thieving MPs who were jailed for their expenses fiddles. These people whom we unfortunately elected are now bent on bringing the country to its knees.
I have long argued against the unelected bureaucrats of Brussels but set against our present leaders they are at least honest and upright people.
Any government requires parliamentary approval to apply to leave the EU under Article 51. Let us hope that the general disgust which the country is feeling at the antics of our present government, will reflect itself in a refusal to approve an application under Article 51.
COMPANY NEWS
Trinity Mirror TNT had a disastrous 27 weeks to 3rd July but still expects its interim results will be in line. Group like for like revenue fell by 8%, with digital showing the only area of growth as customer numbers grew strongly. Publishing print advertising fell by 17% and circulation revenue by 14%. Interim results will be published at the beginning of August.
Eco Animal Health EAH broke more records for the year to 31st March with pre tax profit rising by 51%, on sales up by 21%. The second interim dividend is to be increased by 29%, bringing the full years increase to 20%. Sales in the new financial year have continued momentum and further benefits may accrue from the weakness of sterling.
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