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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 12 May 2025
AQUIS STOCK EXCHANGE
In 2024, Newbury Racecourse (NYR) increased revenues by 16% to £22m and pre-tax profit improved from £720,000 to £1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was £7.5m at the end of 2024.
Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising £2.24m at 16p/share. Prior to flotation the web design and online marketing company raised £1m at 2.5p/share. That cash has been invested in Bitcoin. So far £760,000 has been spent on 10.6 Bitcoin at £71,356 each. The cash will eventually be used for expansion and acquisitions.
Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.
Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a £1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.
Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.
Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.
BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.
Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.
Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).
NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.
Valereum (VLRM) raised £500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.
Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.
ASSET MATCH
Synairgen (SNG) joined Asset Match on 8 May, having left AIM.
JP JENKINS
Renewable energy investment company Thrive Renewables (THRV) has launched a £5m share offer at 247p/share. The minimum investment is £247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from £13.6m to £11.3m. The final dividend is 12p/share.
Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.
Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.
ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.
e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.
AIM
Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to £97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from £3.9m to £4.9m. Higher national insurance and other costs will hold back profit this year.
Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterday’s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.
Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.
Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a £2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.
Aptamer (APTA) says the Optimer-based test for Alzheimer’s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first £166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimer’s disease testing market could be worth $19.6bn by 2029.
Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to £19.7m at the end of January 2025. Group full year revenues were 3% ahead at £33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from £2.1m to £1.2m. Despite a downgrade, pre-tax profit is still expected to be £2m this year.
Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from £2.4m to £14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Let’s Connect business is being closed down. The 2024 loss increased from £2.28m to £4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A £1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.
Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of £6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.
Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is £10m with deferred cash consideration of £6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated £1m of profit on revenues of £14.7m in the year to May 2024.
Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to £57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at £41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between £6.2m and £6.4m.
Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.
Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for £19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of £4m by MiniMBA founder Mark Ritson. This deal would add £3.5m to group EBITDA taking it to £8m.
Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.
Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.
Degradable plastics developer Symphony Environmental Technologies (SYM) has raised £2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.
MAIN MARKET
Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from £539.8m to £536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from £11.8m to £13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from £12.5m to £1.1m. The interim dividend was maintained at 1.75p/share.
Cardiff Property (CDFF) reported net assets of £29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.
Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.
Andrew Hore
Quoted Micro 26 August 2024
AQUIS STOCK EXCHANGE
Voyager Life (VOY) says M3 Helium, which it has an option to acquire, has commenced production at the Smith and Nilson wells and they will begin to generate revenues after being attached to the Scout Energy Partners gathering system. Once production is stabilised the helium content should be around 0.635%. The Rost well is the next to be brought into production.
Time to ACT (TTA) has separated Diffusion Alloys into a coating technology business, including the low-cost modular coating equipment being developed, and the plant-led coatings business in Middlesborough.
Kondor AI (KNDR) is considering a bid for Ora Technology (ORA) based on 0.9988 of a Kondor AI share for each Ora Technology share with the latter’s shareholders owning 53.4% of the combined group. The group would be worth £38.5m at the current suspended share prices. There is no certainty that the bid will be made.
EDX Medical (EDX) has entered an agreement with Oxford University to in-licence intellectual property developed in Oxford and Birmingham Universities in research funded by Cancer Research UK. The IP can be used to improve the test for safety and dose management for patients receiving 5-fluorouracil and other chemotherapy medications that carry serious side effects.
Equipmake (EQIP) says that an electric bus has started operation in Argentina, and it uses the company’s zero emission drivetrain. The bus operator DOTA plans to add to the electric bus fleet.
Vinanz Ltd (BTC) has started a new Bitcoin cluster in Texas and once the initial miners are up and running consistently more will be installed. This follows 100 Bitmain Antminer S19J Pro ASIC Bitcoin miners in Labrador, Canada.
Phoenix Digital Assets (PNIX) has bought three million more shares at 4.15p each. There are 3.5 million shares held in treasury. Toro Consulting’s stake has moved above 21%.
AIM
Oil and gas producer i3 Energy (I3E) is recommending a 13.92p/share bid from Gran Tierra Energy. The offer is one Gran Tierra Energy share for every 207 i3 Energy shares and 10.43p in cash for each i3 Energy shares. Shareholders will also receive a dividend of 0.2565p/share. The bid, based on a Gran Tierra Energy share price of $8.66, values i3 Energy at £174.1m. Gran Tierra wants to diversify its current Canadian resources.
TV and film services provider Facilities by ADF (ADF) has made the significantly earnings enhancing acquisition of Autotrak Portable Roadways, which hires portable roadways. This also diversifies the client base into outdoor events. The initial payment is £13.1m in cash and shares. Up to £8.2m of additional consideration is payable depending on EBITDA up until 2027. Cavendish has increased its earnings forecast for 2025 by 12% to 9.7p. The company raised £10m at 50p/share to fund the acquisition and could raise up to £500,000 from a retail offer, which closes on 29 August.
Maritime AI technology services provider Windward (WNWD) generated organic growth of more than 30% with a reduction in churn. Annualised recurring revenues reached $37.2m at the end of June 2024. Reported interim revenues were $17.6m and the ARR covers the rest of the expected revenues for this year. Maritime Invest Scandinavia has sold its 5.73% stake and West Elk Capital bought 4.99%.
Pawnbroker H&T (HAT) reported continued growth in pawnbroking, although higher than expected redemptions hit revenues, as well as improved performances in retail and foreign exchange. Gold purchasing and scrap is benefiting from the high gold price. Pre-tax profit was 13% higher at £9.9m. From now on, pawnbroking scrap will be reported with the pawnbroking division. The year-end will be changed to September from 2025 onwards.
Education software provider Tribal Group (TRB) can focus on the business now that a settlement has been reached with NYU. The latest figures were held back by the failed bid, which led to delays in client orders. Annualised recurring revenues improved 2% to £52.1m. The educational market is tough, but Tribal’s admissions software is still likely to be attractive to colleges and universities.
Recruitment company Empresaria (EMR) had a tough first half with like-for-like net fee income 15% lower, partly due to currency movements. It does not appear that trading will improve much in the second half. Even the outsourcing business, which has been the star recently, reported a decline because of less UK healthcare business. Cost savings will offset the decline in income in the second half and pre-tax profit is expected to improve from £3.5m to £4m.
Digital cognitive assessment technology developer Cambridge Cognition (COG) maintained interim revenues at £5.6m and the loss was sharply lower. A full year pre-tax profit of £100,000 is forecast for 2024. Expectations are underpinned by an order book of £14.6m.
Data analytics software company Rosslyn Data Technologies (RDT) has secured a three-year contract with a major technology company. This has a minimum value of £2m. Management says that the 2023-24 loss will be lower than previously forecast, but at £3m it will still be higher than in 2022-23. Before the latest deal annualised recurring revenues were £2.3m. William Black and Armstrong Investments reduced their shareholding from 10.4% to 9.51%.
A weak advertising market meant that first half revenues of media analysis company Ebiquity (EBQ) fell 7%. That hit operating margins, which slumped to 6%. Net debt is £15.3m. The second half should be much better, although just how good it will be will depend on trading in September and October and high operational gearing means that additional revenues will lead to a much bigger jump in profit.
Neometals (NMT) is lowering annualised overheads by two-fifths and the $3m at 4.5 cents/share raised from William Robert Richmond should last until the end of 2025. The focus will be the Primobius recycling operations. Net cash will be $9.3m and this will finance the company’s lithium-ion battery recycling business to the industrial validation stage. The Previous Metals Recovery option will not be taken up. Third-party funding is being sought for new lithium and vanadium technologies.
Touchstone Exploration (TXP) has declared the terms of its bid for fellow Trinidad-focused oil and gas producer Trinity Exploration and Production (TRIN) are final and says that it has irrevocable acceptances of 38.9% of the share capital. These irrevocable acceptances are obliged to vote against the rival, higher bid from Lease Operators.
Empire Metals (EEE) has identified a new deposit at the Pitfield project in Western Australia that adds to the value of the project. It is enriched with high-purity anatase formed from the weathering of the original titanite-rich, bedded sediments. The discovery also confirms high grades of titanium dioxide with very low impurities. Anatase is a feedstock for titanium chloride and titanium metal markets. Empire Metals continues to progress towards a maiden mineral resource estimate.
Nigeria-focused gold producer Thor Explorations (THX) sold 23,600 ounces of gold at an average price of $2,309/ounce in the second quarter. AISC was $802/ounce because of higher grade ore and guidance for the full year has been reduced to $900-$1,000/ounce. Quarterly revenues were $54m and EBITDA $38m. Net debt has fallen to $2.7m.
Electric hybrid systems developer Proton Motor Power Systems (PPS) says that its principal lender and major shareholder Falih Nahab will stop providing working capital at the end of 2024. At the end of July 2024, Proton Motor Power Systems has drawn down €110.4m out of debt facilities of €121.5m, plus it owes €37.8m in accrued interest. The facilities are repayable by the end of 2025, but the business is unlikely to be cash generative by then. There are talks with other potential providers of finance. Net liabilities were €111.7m at the end of 2023.
Recruitment software developer Dillistone Group (DSG) has raised £300,000 from a loan note issue from directors and £60,000 from a placing at 8p/share. Interim figures will show an improvement in profitability and cash generation. Markets continue to be weak, and the cash will provide a buffer for the business. The loan notes last 48 months and offer an annual interest rate of 9.85%. The conversion price is 14p/share.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) reported an 8% decline in interim revenues to £129.6m. Pre-tax profit was 3% lower at £11.6m. There was price deflation in the distribution business. Acquisitions increased manufacturing revenues but there was small decrease in profit contribution.
BATM Advanced Communications (BVC) reported flat interim revenues due to lower revenues from networking technology, but the outlook is more positive. In the six months to June 2024, revenues dipped from $60.2m to $60m, while pre-tax profit improved from $726,000 to $788,000. This was helped by the revaluation of a liability that reduced the total costs of the business in the period. Net cash was $27.2m at the end of June 2024, even though there was an increase in working capital. Cyber and diagnostics revenues grew, while networking revenues fell from $11.6m to $6m. New orders are being won in the networking division and there should be an improved second half.
MOH Nippon (MOH) was readmitted to the Main Market following the acquisition of its business by cash shell Bowen Fintech. The business provides crowdfunding services for real estate investment in Japan.
Andrew Hore
Quoted Micro 15 August 2022
AQUIS STOCK EXCHANGE
Good Energy (GOOD) has invested a further £3.7m in EV charging app developer Zap-Map as part of a £9m fundraising. This values Zap-Map at £26.3m. Good Energy has also converted a £1m loan note into shares and it owns 49.9% of Zap-Map. Global fuel card and payment provider Fleetcor invested £5.3m and it can help Zap-Map expand internationally.
Media shell Lift Global Ventures (LFT) is buying financial PR and IR consultancy Miriad Ltd from the shell’s director Zak Mir. In the year to June 2022, Miriad Ltd generated revenues of £341,000 and an operating profit of £265,000. A general meeting will be held on 5 September. Lift Global Ventures will pay £200,000 in cash and 4.17 million shares at 4p each. The current share price is 1.125p. Zak Mir has transferred a holding of 8.33 million shares in Lift Global Ventures from Miriad Ltd to himself for nil consideration.
In the three months to June 2022, National Milk Records (NMRP) increased revenues from £5.72m to £6.09m. All parts of the business grew their revenues with genomics testing more than doubling revenues to £111,000. This is the final quarter of the financial year. Milk prices are increasing.
Altona Rare Earths (ANR) has estimated an exploration target of up to 56.6 million tonnes at up to 1.65% total rare earth oxide at the Monte Muambe rare earths deposit. The JORC mineral resource estimate should be published in the first quarter of 2023.
In the year to February 2022, Inqo Investments Ltd (INQO) reported a loss of R14.2 million after a R2.4 million impairment charge. There is a new reforestation project over 5,000 hectares of degraded land on the Kazuko private game reserve. Since the year-end, R2 million of director loans have been made available and a total of R1.44 million will be generated by the sale of the stake in Bee Sweet Honey Investment.
Asia Wealth Group Holdings Ltd (AWLP) reported a reduced 2021-22 profit of $11,266, down from $193,507, due to unrealised currency losses from Japanese Yen holdings and the write down of an investment. Net assets were $1.59m at the end of February 2022.
Invinity Energy (IES) shares commenced trading on the US OTCQX market and new US climate legislation should boost energy storage demand. The energy storage technology developer says the bill contains $369bn of clean energy investment, including tax incentives and grants.
Oscillate (MUSH) has £1.2m in cash as well as investments in three companies.
Close Asset Management has taken a 6.5% stake in Macaulay Capital (MCAP), which joined the Access segment on 29 July when £1.9m was raised at 20p a share. This week the share price rose to 25p. The strategy of the company is to originate potential investments and generate fees from these businesses by advising them and helping to raise money, as well as investing alongside other investors.
Chapel Down Group (CDGP) has replaced finnCap with Singer as its corporate adviser and broker.
Hydrogen Utopia International (HUI) has appointed Duncan Snelling as an engineering consultant and granted him options over up to 600,000 shares at 9.275p each. Each month, 50,000 options will vest, and they are exercisable between the first and fifth anniversaries of the appointment.
Vulcan Industries (VULC) has appointed Darren Taylor as a non-executive director. He was one of the shareholders in Aftech, which was acquired in March, and he has a 12.6% stake in Vulcan Industries.
Gathoni Muchai Investments, where Marula Mining (MARU) chief executive Jason Brewer is a substantial shareholder, acquired 1.5 million shares and 1.1875 million warrants exercisable at 4p each for a total of £16,000. Chairman Richard Lloyd bought one million shares at 1.07p each.
David Bull has stepped down as chief executive of Eight Capital Partners (ECP).
Goodbody Health Inc (GDBY) has shareholder approval to change its jurisdiction from Canada to Guernsey and delist from the CSE.
Rogue Baron (SHNJ) is changing its year end to 30 September. Discussions continue with the auditor about the year end stocktake at the Bin 1301 bar and the stocktake of tequila inventory.
AIM
Staffing provider Empresaria (EMR) benefited from a strong performance from its outsourcing division, which more than offset declines in profit in the regional divisions in the first half of 2022. Group net fee income was 15% higher at £32.6m. operating profit was 94% ahead at £3.5m. The Americas division had tough comparatives because of Covid-related healthcare business. Net debt is £10.8m.
Manchester-based Northcoders (CODE) has won a £4m contract from the UK government to provide scholarships for software training for individuals. This will be used to fund software development and data engineering skills training by Northcoders and it stretches into 2023. More than 85% of forecast 2022 revenues of £6.5m, up from £3m, are covered by contracted work, while 30% of the 2023 forecast of £10.5m is covered.
Self-storage sites operator Lok’nStore (LOK) published its full year trading statement showing self-storage revenues 17.3% higher. Stripping out new stores and the four stores sold in the period, the increase was 24.9%. There were increased occupancy levels and prices were raised by 13% over the year. Three new sites were opened during the year and Basildon, Bedford, Peterborough and Staines are all set to open in 2023.
Shares in Africa-focused oil and gas company Afentra (AET) returned from suspension following the publication of the admission document covering the proposed acquisition of interests in the producing Block 3/05 and the exploration Block 23 in Angola from Sonangol. The initial cost is $80.5m, with up to $50m of contingent consideration for the Block 23 interest. The acquisition cost is equivalent to $3.60/barrel – based on proved and probable reserves. In the first half of 2022, the net production from Block 3/05 was 4,700 barrels per day and it could generate $36m of cash a year at an oil price of $75/barrel. Trading in the shares had been suspended since 8 October.
MJ Hudson (MJH) raised £9.22m in a placing and PrimaryBid offer at 30p a share. The cash raised will be invested in the ESG division, help to pay deferred consideration and provide additional regulatory capital for the growing operations, particularly in Ireland.
Electrical retailer Marks Electrical (MRK) increased revenues in the first four months of the financial year by 14% to £27.7m. Marks Electrical is growing market share for major domestic appliances and consumer electronics. Televisions, vacuum cleaners, washers and air conditioning were strong categories. Rivals have been discounting prices and marketing costs are increasing, but management believes it can achieve profitable growth.
Geospatial software provider IQGeo (IQG) is acquiring automated planning and design software provider Comsof, which is profitable and cash generative. IQGeo currently includes similar software in its services, but it is supplied by a third-party. Swapping this for Comsof software will enhance margins.
Crestchic (LOAD) forecasts have been upgraded for the third time this year. The largest ever loadbank hire contract has recently been secured, which is helping trading momentum to continue to accelerate. The new factory has been completed. Demand from datacentres is strong and there is a recovery in demand from the oil and gas sector. Utilisation at record levels. The 2022 pre-tax profit forecast has been raised from £5.2m to £7.2m
Digital media company Digitalbox (DBOX) increased interim revenues by 40% to £1.9m and there was an increase in net cash to £2.4m. This is before the completion of the acquisition of the assets of TVGuide.co.uk, which will make a contribution in the second half. However, management is concerned about advertising levels in the second half.
MAIN MARKET
Used car finance and property bridging loans provider S&U (SUS) says group receivables increased from £340m to £370m and first half profit is greater than last year. Motor finance provider Advantage Finance receivables are £280m and Aspen property bridging loans have reached £90m with an average size of around £875,000 for loans this year.
Radiators company Stelrad Group (SRAD) grew interim revenues by 17% to £150m, even though volumes declined. Underlying pre-tax profit was 83% ahead at £13.9m. Net debt is £47.5m. Recently acquired DL Radiators will be earnings enhancing this year.
Hamak Gold Ltd (HAMA) executive director Karl Smithson bought 119,094 shares at 8.4p each, while non-exec Martin Lampshire purchased 122,000 at 8.18p each.
Andrew Hore
Quoted Micro 1 August 2022
AQUIS STOCK EXCHANGE
Equipmake Holdings (EQIP) has developed electric vehicle drivetrain technology that has won initial contracts. It raised £10m at 4.25p a share to invest in production facilities and finance working capital. The share price ended the first day at 5.875p (5.5p/6.25p). Snetterton-based Equipmake was founded in 1997 by former Lotus Formula 1 head of development Ian Foley and refocused on electric vehicle technology in 2007. Equipmake has a vertically integrated model. It designs and manufactures components for its electric drivetrain and integrates them into a system. Management is confident that being a systems integrator gives it a competitive advantage.
Bath-based Macaulay Capital (MCAP) was formed to acquire Macaulay Management Ltd. The strategy is to originate potential investments and generate fees from these businesses by advising them and helping to raise money, as well as investing alongside other investors. The focus is smaller companies in well-established markets. An initial investment has been made in a food manufacturer, which has also provided income for the company. Macaulay Capital raised £1.9m at 20p a share. Macaulay Capital has cash of £1.796m after the flotation. The shares ended the first day of trading at 21p (20p/22p). Managing director David Horner is also managing director of Chelverton Asset Management and a director and owner of 29.99% of AIM-quoted investment company CEPS (CEPS).
TECC Capital (TEC) is subscribing for £300,000 of convertible loan notes in EDX Medical Ltd, with a reverse takeover expected to eventually happen. This is subject to due diligence. EDX Medical was founded by Sir Chris Evans to develop digital diagnostics products and services. It owns a laboratory in Cambridge and offers testing and genomic sequencing research.
In the year to March 2022, Oberon Investments (OBE) increased its revenues by 75% to £6.7m. That includes an initial contribution from financial planning business Smythe House. The big increase in revenues came from corporate finance. The pre-tax loss was £581,000, after a £212,500 gain on investments. Funds under management increased by 80% to more than £1bn.
Shepherd Neame (SHEP) has acquired three pubs in Essex. They are all freehold.
Capital For Colleagues (LON: CFCP) has moved from the Access segment to the Apex segment. Capital For Colleagues has increased its stake in TPS Investment Holdings to 27.6% through an additional cash investment of £500,000 through the purchase of existing shares from two executive directors.
Apollon Formularies (APOL) says that its Jamaican affiliate is acquiring up to 96% of Citiva Jamaica for cash and shares. Citivas has a cultivation, manufacturing and processing facility for medical grade cannabis. This will help to obtain final approval to distribute cannabis products from the Jamaican authorities. A director, Roderick McIllree, has loaned $150,000 to Apollon.
Coinsilium Group Ltd (COIN) has been appointed adviser to Metalinq Labs Inc and it has a token purchase agreement to acquire $200,000 of future Metalinq tokens, which should be issued in 2023. Metalinq is a next generation Layer 3 protocol solution enabling interoperability between metaverses. Existing Indorse token owners are eligible to receive Metalinq tokens. Coinsilium holds 5.35 million Indorse tokens.
Visum Technologies (VIS) has signed a framework services agreement with Digiphoto Entertainment Imaging and this enables the launch of Visum’s video technology system in the US. The financial year end has been changed to June.
Greencare Capital (GRE) is still seeking a suitable cannabis-related acquisition. There is still £679,000 in the bank.
AQRU (AQRU) lost £2.32m in the six months to April 2022 and still had net cash of £6.1m.
Rogue Baron (SHNJ) generated revenues of $87,492 in the three months to June 2022. Options for financing continued growth are being considered.
Shares in Lekoil Ltd (LEK) returned from suspension after the publication of interim results. Thanks to finance income Lekoil reported a pre-tax profit of $836,000. Olapade Durotoye is leaving the board to take up a role at Savannah Energy.
Richard Battersby is stepping down from the BWA Group (LON: BWAP) due to ill-health. G and O Energy Investments has bought a 13.45% stake from St Georges Eco-Mining Corp.
Former boss Michael Williams has reduced his stake in British Honey Company (BHC) from 3.96% to 1.3%. He left the board in October. The 2021 results have yet to be published and trading in the shares is suspended.
Waste plastic to hydrogen business Hydrogen Utopia International (HUI) started trading on the US OTCQB Venture Market on 26 July. Executive director Howard White bought 55,500 shares at 9p each, taking his stake to 3.89%.
Chris Akers has increased his stake in Oscillate (MUSH) from 12.45% to 13.11%. Paul McKillen has a 4.15% stake in Marula Mining (MARU).
AIM
Leisure and entertainment company Brighton Pier Group (PIER) beat expectations for the year to June 2022. Adjusted EBITDA was £10.8m, which is higher than the previously upgraded forecast of £10.4m. Net debt fell from £13.3m to £6.1m. Pre-tax profit is expected to more than quadruple to £6.4m, although it was boosted by government support measures such as a temporary cut in VAT and business rate relief. The ending of the support and cost inflation means that the equivalent 2022-23 pre-tax profit is expected to fall to £4.4m on flat revenues. However, Brighton Pier intends to change its year end to December. There will be 12-month figures followed by 78-week results to December 2022.
Lithium-ion battery cell technology developer AMTE Power (AMTE) has chosen the site for a new 0.5GWh battery production facility. The facility will be in Dundee and could open in the third quarter of 2025. At full capacity, the facility could generate annual revenues of more than £200m. Scottish Enterprise and other funding bodies could contribute up to £190m of the cost of the facility. The rest will come from debt and equity.
Secure payments technology provider PCI Pal (PCIP) beat expectations in the year to June 2022. Revenues were £11.9m, compared with the previous expectation of £11.5m. finnCap has reduced its loss forecast to £2.9m. Annualised recurring revenues are 43% higher at £11m. Monthly cash breakeven is possible this year. There is no news concerning the patent dispute with Sycurio (previously Semafone).
Mobile data computing services and technology provider Touchstar (TST) increased first half revenues by 7% to £3.1m, with two-fifths of these revenues recurring. The order book is 75% ahead at £1.1m. Full year earnings could be 5.5p a share and net cash is expected to be £2.4m – at least one-third of the current market capitalisation.
Printed circuit technology developer and supplier Trackwise Designs (TWD) says that there are further delays to its large electric vehicle contract. There will be compensation for delays causing shortfalls in the minimum supply levels in the agreement. The Stonehouse improved harness technology (IHT) facility will be fully up and running by the end of the year and there are additional contracts that could be won, although most would not reach significant volumes until 2024. Management is confident that it can secure hire purchase and other facilities to cover the additional finance required.
Recruitment company Empresaria Group (EMR) is reporting interims on 11 August. The interim trading statement indicates that the expected weakness in health care is being offset by other operations. Net fee income is 15% higher at £32.6m. Net debt fell from £14m to £11.8m over six months.
Stanley Gibbons (SGI) intends to cancel its AIM quotation. The largest shareholder Phoenix SG believes it is better to cancel the quotation considering the limited free float and additional costs. The 58% shareholder also says that it would reconsider its financial support if shareholders do not agree to the cancelation. Stanley Gibbons remains loss making. Graham Shircore is stepping down as chief executive in September and he will be replaced by Tom Pickford.
In-content advertising company Mirriad Advertising (MIRI) expects flat revenues in 2022 because of weak market conditions in China. The Chinese operations will be closed next year and that will save annualised costs of £1m. That is on top of the £2.5m of annualised savings expected for the rest of the business. Interim revenues have halved, although US revenues increased. There is £17.7m in the bank and cash should be higher than previously expected at the end of 2022.
MAIN MARKET
Finance and insight and control software provider Aptitude Software (APTD) grew annualised recurring revenues by 33% in the first half through a combination of organic and acquisitive growth. Revenues were 31% higher at £36.1m. Higher research and development spending is holding back short-term margins, but they should recover in the next couple of years. Operating profit declined from £5.1m to £4m. Net cash was £10.7m at the end of June 2022 and it should increase in the second half. The interim dividend is unchanged at 1.8p a share.
Gresham Technologies (GHT) generated 19% organic growth in revenues to £23m in the first half of 2022. Strong US dollar revenues offset the weaker pound. Net cash is £6.5m. New contract opportunities mean that management is confident that it can meet full year pre-tax profit expectations of £5.8m.
Andrew Hore
Quoted Micro 21 March 2022
AQUIS STOCK EXCHANGE
AIM-quoted OptiBiotix Health (LON: OPTI) plans to float its ProBiotix Health subsidiary on the Aquis Stock Exchange and distribute 35%-37% of the shares to its shareholders. ProBiotix, which develops probiotics for treating cardiovascular disease, is expected to have a pre-money valuation of £22.5m and will join the market on 31 March. There are plans to raise £2.5m. OptiBiotix will retain just under 50% of ProBiotix. Peterhouse is corporate adviser.
Oberon Investments (OBE) says revenues will be at least £6.4m in the year to March 2022. Funds under management have grown to more than £1bn and that has been wholly organic growth. Oberon is launching an EIS fund and an IHT service.
Natural food and snack products supplier S-Ventures (SVEN) has been making acquisitions since it floated. This means that the figures for the year to September 2021 are not a good indication of the group as it is currently made up. They show revenues of £1.53m and loss of £1m. Additional warehousing has been secured so that all the group’s requirements can be fulfilled by this site. Two centres have been closed.
National Milk Records (NMRP) has secured an exclusive licence for the exploitation of GenoCells technology in the US. The test can detect mastitis and is being piloted in the UK. The roll out of the test should start at the beginning of 2023.
SuperSeed Capital (WWW) says that SuperSeed Fund II raised £31m. There is a strong pipeline of investment opportunities.
Altona Rare Elements (ANR) is proceeding with phase 2 of the development of the Monte Muambe real earths project with resource drilling that will last for 12 months. This will produce a maiden mineral resource estimate and will cost £1.2m.
Semper Fortis Esports (SEMP) has set up a blockchain-based paly-to-earn gaming division called SMPR Guild. The subsidiary will buy in-game items in the form of NFTs, and active game players can access these items on a revenue share basis. Game-based token rewards are won during playing and they are split between the player and the company.
Cadence Minerals (KDNC) has completed the acquisition of a further 7% of Pedra Branca Alliance, which gives it a 27% interest in the Amapa iron ore project.
Clean Invest Africa (CIA) has raised £100,000 at 0.5p a share and for every two shares an investor receives a warrant exercisable at 1.5p. If these warrants are exercised, then another warrant will be issued that is exercisable at 3p a share.
Chris Akers has increased his stake in Quetzal Capital (QTZ) from 18.3% to 19.1%.
AIM
CleanTech Lithium (CTL) raised £5.6m at 30p a share when it joined AIM. The share price ended the week at 35.5p. The company has potential lithium projects in existing mining areas of Chile. This means that there is nearby infrastructure. CleanTech Lithium has an extraction process that is more environmentally friendly than alternatives. Owning 100% of each of the projects (there is currently an option over part of the Laguna Verde area) provides additional flexibility for financing. There should be updated resource figures during the summer and that will enable a pre-feasibility study to be conducted.
Ceramics and fragrance products manufacturer Portmeirion (PMP) returned to profit in 2021. Group revenues increased from £87.9m to £106m, while underlying pre-tax profit jumped from £1.4m to £7.2m. There was a rebound in revenues in South Korea. Total dividends were 13p a share. Long-term energy contracts have been secured to offset higher gas prices this year. Further profit improvement is expected this year. Healthcare had a strong year helped by Covid, but management believes that spending will
Recruitment firm Empresaria (EMR) bounced back in 2021 even though the aviation recruitment business remained in the doldrums. This shows the benefits of the wide spread of activities both in terms of sector and internationally. Revenues recovered from £54m to £59.5m, while underlying pre-tax profit jumped from £5.2m to £8.6m. This reflects the benefits of investment in group management and resources and there is more to come. Further roll out of IT will also help. Revenues and profit are well below the peak in 2018. The offshore recruitment services division is moving into the Philippines market. There has been a strong start to 2022.
Restore (REST) improved its pre-tax profit by 64% to £38.1m with demand for all parts of the business returning last year. Acquisitions did help the technology business to grow sharply but there was also 5% underlying organic growth for the group as a whole. There are spare bank facilities to fund more acquisitions this year as Restore moves towards its goal of £450m-£500m, which is double the 2021 level.
Packaging and automation equipment supplier Mpac (MPAC) did better than expected in 2021. The 13% improvement in revenues to £94.3m was mainly down to the acquisition of Switchback. Pre-tax profit grew from £6.3m to £8.6m. net cash was maintained at £7.6m. The focus on the healthcare and food sectors has helped Mpac to prosper and the international spread of business is another positive. There is a 26% like-for-like increase in the order book, which was £78.4m at the end of the year.
Tracsis (TRCS) is paying £10.9m, plus up to £2.1m deferred, for rail technology software provider RailComm, which generates revenues of £4.6m. Tracsis had already won a remote condition monitoring equipment contract in the US and the focus will be gaining further contracts for this technology, as well as for software.
Energy efficiency as a service provider eEnergy Group (LSE: EAAS) increased interim revenues by 42% to £9.6m, partly due to energy management acquisitions. Energy efficiency revenues fell during the first half because the corresponding period included work that had moved into that period due to lockdowns. Solar is a sector where management is keen to expand exposure.
Gfinity (GFIN) is raising more cash to cover its losses, but they be near to coming to an end. The esports business is raising a further £2.7m at 1.25p a share, having regularly raised money since joining AIM in 2014. A loss is expected this year, but a reduction in admin costs should help Gfinity to make a profit in 2022-23.
Corporation Financiere Europeenne has increased its bid for CIP Merchant Capital (CIP) from 55p a share to 60p a share. This is still a significant discount to NAV and the bid has been rejected, but the bidder already owns 35.2% and has acceptances of 1.3% of the share capital. Castellain Capital has doubled its stake in CIP to 11.1%.
MAIN MARKET
New Energy One Acquisition Corporation (NEOA) is a cash shell seeking to acquire a business involved in the energy transition sector. It raised £175m at £10 a share. The only real asset is the cash raised in the flotation. The current share price is 989.5p.
Cash shell CYBA CYBA) has acquired its first cyber security business Narf Industries for $25.6m in cash and shares. Narf provides vulnerability research and security protocol design, as well as developing its own cyber security software. A placing raised £6m to help finance the purchase. The placing price of 2p was above the market price, but by the end of the week the price was 2.3p. CYBA may also acquire Polyswarm, although the exclusivity period has ended. CYBA director Steve Bassi is the principal shareholder of the Polyswarm businesses. The estimated cash balance is currently £2.79m. The company is licensing SRI International’s IP that is used in the Narf developed threat intelligence for grid recovery product. SRI will take a stake in CYBA.
Housebuilder One Heritage Group (OHG) has issued £1.5m worth of unsecured corporate bonds and has obtained a standard listing for them. The bond has an annual coupon of 8% and matures in March 2024. The cash will be used to repay loans outstanding from One Heritage SPC, which have an annual interest rate of 12%. There will be a £1.2m loan left that expires in August 2023.
Property investor Town Centre Securities (TOWN) improved underlying net assets to 305p a share, from 284p a share – a 2.4% increase in portfolio value plus help from share buy backs. Three property sales generated £22.5m in the six months to December 2021. There have been subsequent deals. The current loan to value is 47.7%. A 2.5p a share interim dividend is being paid.
Raven Russia (RAV) intends to sell its Russian property assets but retain outstanding loans. Trading in the shares has been suspended and the listing will be cancelled so that the option to sell the assets can be triggered.
Path Investments (PATH) has published the prospectus for the reverse takeover of DG Innovate, which is developing drive and battery technology. The initial consideration is £32.4m in shares at 0.6p each. There is conditional deferred consideration of up to £5.4m depending on the signing of additional customers. Path has raised £2.55m at 0.5p each and warrants exercised at 0.25p each to raise a further £2.08m.
Andrew Hore
Andrew Hore – Quoted Micro 17 August 2020
AQUIS STOCK EXCHANGE
Brewer Adnams (ADB) reported a slump in revenues from £34.7m to £21m in the six months to June 2020 and there was a loss. That is no surprise given the problems of the hospitality sector. Online sales grew but could not offset the loss of on-trade sales. Net debt was £14m at the end of June 2020.
Medical device developer TruSpine Technologies (TSP) is on course to join the Aquis Stock Exchange on 20 August. TruSpine wants to raise £1.5m, which would give it a valuation of £31.5m. The investment is eligible for EIS-relief. TruSpine expects to make a FDA submission for Cervi-Lok, which is one of the three spinal stabilisation devices being developed, in the fourth quarter of 2020. Existing Aquis-quoted company Primorus Investments (PRIM) is an investor in TruSpine. In 2017, it invested £500,000 at a pre-money valuation of £15m. Another Primorus investment, Greatland Gold (GGP), has performed strongly in the second quarter and the share price is more than 155% ahead over the period.
NQ Minerals (NQMI) has raised a further £695,000 at 7p a share. NQ has also secured a $55m loan facility to refinance the project debt of the Hellyer gold mine. Interest savings should be $3.4m a year. Chairman David Lenigas has acquired 20,000 shares at $0.12 each.
Sativa Group (SATI) had a record July. The CBD products supplier has benefitted from sanitiser demand.
TechFinancials (TECH) reported a loss of $492,000 in the first half of 2020. There is $716,000 in the bank. The closure of the trading software operations will be completed in the second half. The Footies ticketing business still has not progressed in terms of signing up clients.
Recruitment company Sumner Group Health (SGRL) intends to withdraw from Aquis in order to save money. A general meeting will be held on 3 September.
IamFire (FIRE) has completed the purchase of a 10% stake in Bio2pure, in a deal that values the company at £8m. The investee company’s CoviPure disinfectant has been launched
AIM
Energy supplier Yu Group (YU.) has been criticised for its financial controls and systems back in 2018. A £300,000 fine has been waived because remedial action has been undertaken. Yu has acquired Bristol City Council-owned Bristol Energy’s B2B business for an initial £1.24m.
Appreciate (APP) was going to have a tough year even before COVID-19. In the year to March 2020, underlying pre-tax profit fell from £12.5m to £11.4m and there is likely to be a much larger profit decline this year. Trading has improved after a tough first quarter. If Appreciate had not been investing in its digital products it would have found recent months even more difficult. A property has been sold for £3.2m, which further enhances the cash pile of £29.6m at the end of March. The hamper business will be closed this year, but the overall Christmas savings business is holding up. Corporate demand is recovering.
Investment in VW emissions case work will hold back profit in the second half at credit hire firm Anexo (ANX). Lockdown led to a sharp fall in interim profit, but business is building up again. Profit could return to the 2019 level of £23m in 2021, even if there are no VW case revenues. A 0.5p a share interim dividend is being paid.
The geographic and sector spread of recruitment firm Empresaria (EMR) has helped it cope with difficult trading, particularly in its airline-related business. The business was profitable in the first and second quarters. The underlying interim pre-tax profit fell from £3.7m to £2.4m. There is no full year forecast.
Touchstone Exploration (TXP) has commenced drilling at Chinook on the Ortoire block in Trinidad. Chinook is valued at 2p a share by finnCap, but it could be significant like previous find Cascadura, which is valued at 78p a share. Cost cutting has helped to reduce year-on-year per barrel operating costs by 28% in the second quarter. There was still a second quarter loss. Production has declined to 1,396 barrels/day in the second quarter, but this will rise substantially when Cascadura comes into production.
STM (STM) has acquired pensions administrator Berkeley Burke for up to £2.9m. this will add to the UK operations. The business will be rebranded.
Pennant International (PEN) has an order book worth £36m and net cash of £2m. Annualised cost savings of £1m will help the second half performance and a profit is expected. That may not be enough to cover the first half loss.
Pires Investments (PIRI) investee company Getvisibility has signed a US distribution agreement. The data security business will gain access to US government work.
Matthew Freud has taken his stake in Reach4Entertainment (R4E) to 18.7%. The company’s chief executive has increased his stake to 18.7%. The general meeting to vote on the proposal to leave AIM is on 21 August.
MAIN MARKET
Tex Holdings (TXH) says interim revenues fell from £21.8m to £18.5m and the loss has increased from £351,000 to £1.36m. There is £2.54m in the bank, but net debt is £10.7m. The board still wants to raise more cash. The plastics business is still profitable, although it made a lower contribution. The engineering loss was slightly lower, but boards and panels fell from profit to loss.
MATCHED BARGAINS
Fastjet (FJET) is moving from AIM to Asset Match and the airline is reregistering as a private limited company. Trading is expected to start on 24 August. The first auction will be on 30 September.
Andrew Hore
Andrew Hore – Quoted Micro 26 August 2019
NEX EXCHANGE
Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.
Barkby Group (BARK) has appointed finnCap as its corporate adviser.
Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.
Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.
Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.
AIM
Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.
International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.
Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.
MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.
Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.
Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.
Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.
IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.
Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.
Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.
Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.
Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.
Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.
The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.
Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.
Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.
MAIN MARKET
BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.
Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.
Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.
Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.
Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.
Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.
Andrew Hore
Ian Pollard: Grafton Group #GFTU Increases Interim Dividend By 14%
Grafton Group plc GFTU has produced a strong performance for the half year to the 30th June with all segments reporting double digit growth in profitability and excellent organic growth in key markets. Statutory profit before tax and basic earnings per share both rose by 18% after a 9% rise in revenue and the interim dividend is to be increased by 14% to 6p. per share.
Empresaria Group EMR saw profit before tax rise by 12% on a constant currency basis in the half year to the 30th June as it continued to deliver on its diversification strategy which produced first half organic profit growth. Revenue grew by 5% on a constant currency basis. After regulatory change in two of its main markets, Germany and Japan, both are expected to return to profitability.
Cloudbuy plc CBUY claims to be making progress in reducing losses and cash burn despite a further 21% fall in revenue in the six months to the 30th June. The operating loss for the half year fell by 39%.
Robinson plc RBN First half revenue rose by 15% and underlying volume was up by 9% for the half year to the 30th June. The volume increase came from improved trading with existing customers and new business obtained in Poland and the UK following investment in strengthened commercial teams. With revenue showing some signs of momentum, further growth is expected in the second half and the interim dividend is to be maintained at 2.5p per share.
Paragon Entertainment Ltd. PEL had already warned it had suffered a very poor half year to the 30th June but the order book has started to recover and management claims it is committed to making a substantial recovery in the second half of the year. First half revenue collapsed by 50% and basic earnings per share fell from a positive 0.18p to a negative 1.07p per share.Last years underlying first half profit of £448,000 was turned into a loss of over £2m.
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BHP – 2017 Dividends Increased by 177%
BHP Billiton BHP benefited in 2017 from a substantial reduction in exceptional losses which fell from $6.4b in 2016 to $842m. as the Samarco dam failure in Brazil weighed less heavily on the company. The year to the 30th June turned out to be a very strong financial year with free cash flow at $12.b., the second highest on record and net debt down by 37%. On an underlying basis, EBITDA rise by 64%, basic earnings per share by 455% and attributable profit multiplied from $1.2b to $6.7b. Having laid the foundations over the past five years to improve return on capital and grow shareholder value, the momentum will continue into 2018 with volume growth of 7% expected, as well as further productivity gains.
Accordingly shareholders receive their reward with dividends for the year increased by 177% to a total of 83 cents per share.
Wood Group (John) plc WG had a mix of both robust and weaker performances across its businesses in the 6 months to the 30th June. Total revenue declined by 11% but profit was down by 86% and basic earnings per share by 89.0%. The interim dividend is increased cautiously by 3%.
Empresario Group EMR produced a record first half performance with revenue rising by 50% at constant exchange rates and adjusted profit before tax up by 24% or 12% at constant exchange rates. The company has successfully integrated its two acquisitions into the business and see them both offering further opportunities for growth.
Sareum Holdings SAR expects that profit for the year to 30th June and cash at the bank will be ahead of market expectation.
Proactis Holdings plc PHD expects to see a 31% rise in revenue for the year to 31st July, with EBITDA up 43% and profit before tax rising from 3.1m to 5.3m
Quantum Pharma plc QP Revenue for the half year to the 31st July rose by 13% following a strong performance from Niche Pharmaceuticals. Adjusted EBITDA rose by 23% and statutory operating prfit by 74% whilst net debt halved to 11.9m.
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