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Quoted Micro 27 July 2026
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) had a good first half performance and expectations have been upgraded. Interim pre-tax profit was flat and financial headroom remains comfortable. Improved efficiency helped to maintain profit when interest rates were lower. Specialist lending grew 18%. There is growth in the core businesses, but higher technology costs offset this growth. So, although the operating income forecast has been raised 3% to £180.4m, while pre-tax profit is barely changed at £20.7m. Forecast tangible NAV is 1522p/share.
Electric drivetrain developer Equipmake (EQIP) confirms that second half trading improved, and full year revenues rose from £3.5m to £8.2m and on top of this grant income increased from £900,000 to £1.6m. There was a positive EBITDA in the second half. Cash was £2m at the end of May 2026. Momentum has continued in the new financial year. The order book for delivery this year is more than £8m.
Brewer Shepherd Neame (SHEP) grew like-for-like pub sales by 3.4% in the past financial year and that increased to 4.3% in the first three weeks of the new financial year. Beer volumes fell 5.4%, although own beer sales grew in the company’s own pubs. Jonathan Neame will take over as chairman from Richard Oldfield and he remains an executive. Mark Rider will become managing director, and Graham Turner becomes a non-executive director.
AI software provider to industrial businesses IntelliAM AI (INT) doubled annualised recurring revenues to £1.65m. in the year to March 2026, revenues were 64% to £5.26m, while the loss more than doubled to £1.95m. Cash was £100,000 at the end of March 2026 and since then £500,000 has been raised. There are plans to move to AIM before the end of the year.
ProBiotix Health (PBX) has signed a partnership agreement with Belgium-based Nutrisan, which is launching a new cholesterol reducing product including the probiotic strain LP LDL developed by ProBiotix Health.
Residential property developer Zentra Group (ZNT) says that Torsion Construction, the principal contractor of the One Victoria development in Manchester, is appointing an administrator. There is about eight weeks of additional work required. Completion should still be before the end of the year. Zentra has loaned £4.1m to the development.
Tamar Minerals (TMR) says drilling is about to start at the Great Wheal Vor tin and copper project in Cornwall.
Valereum (VLRM) has entered an agreement with Blockchain Digital Assets, which has advisory interests in Africa and the Indian Ocean. These commercial relationships will help to develop real world asset tokenisation, digital payments and digital banking infrastructure. Quorium Global Photonics SPC has issued $VXRUP, a stable coin on the Ripple XRP Ledger.
Ethry (ETHY) has committed £1m to the senior second notes facility issued by York-based Apatura, a UK developer of large-scale battery storage and grid-secured data centre sites. There are quarterly interest payments.
Lift Global Ventures (LFT) is making a strategic investment of £30,000 in LEXcelerate, which is developing an AI conveyancing and remortgage platform, at a £3m pre-money valuation. This will acquire a 0.8% stake in LEXcelerate. Yorkshire AI Labs, where Lift Global Ventures executive chairman David Richards is managing partner, has a 35% stake in LEXcelerate.
Marula Mining (MARU) will not publish its accounts by the end of July.
JP JENKINS
CPP Group (CPP) has left AIM and moved to the JP Jenkins matched bargain facility, and it has promised to keep it for at least 12 months.
ASSET MATCH
Marshall of Cambridge (MCH) is recommending a final dividend of 4p/share. The AGM will be on 22 September.
AIM
Pehlwan Malik Holdings has taken a 3% stake in automotive interior components supplier CT Automotive (CTA). Pehlwan Malik Holdings’ main subsidiary is Green Destinations, which provides passenger transport services. In the year to July 2025, the group’s revenues were £18.1m and pre-tax profit £3.79m. Cash was £7.85m plus investments of £5.49m at the end of July 2025.
Scancell (SCLP) is merging with Nasdaq listed Neuphoria Therapeutics in an all-share deal and the combined entity will be quoted on AIM and Nasdaq. Scancell shareholders will own 85.5% of the company. Neuphoria has £7.5m in cash and a private placement will raise a further £29.2m. A UK placing will raise £9m at 9p/share, which is not dependent on the merger going ahead, and a retail offer could raise up to £2.3m. The pro forma cash balance after the merger would be £59.2m. The cash will last into 2028 and finance the global phase 3 trial for iSCIB1+ active immunotherapy in advanced melanoma. The phase 2 SCOPE study should be published within one year.
Wound healing technology developer AOTI Inc (AOTI) says the Centers for Medicare & Medicaid Services (CMS) has issued a proposed Local Coverage Determination (LCD). This covers the whole of the US and indicates that the AOTI topical oxygen therapy can be used to treat diabetic foot ulcers that have failed to heal with four consecutive weeks of optimized diabetic foot ulcer care. This decision has a 45-day public comment period, but it would significantly increase the addressable market, which in the medium term could be around $400m annually. Broader coverage would further increase the market. A trading statement will be published on 27 July.
Advanced coatings supplier Hardide (HDD) has sparked another forecast upgrade with its latest trading statement. Third quarter trading was strong, and it has grown revenues ahead of plan. Third quarter revenues were £4.1m, taking the total for the year so far to £8.9m. The full year pre-tax profit forecast has been raised from £3.4m to £4.6m. Year-end cash is expected to be £2.3m.
Floorcoverings manufacturer Victoria (VCP) reported a 6% dip in underlying revenues to £1.05bn. Margins declined and the underlying loss increased from £11.5m to £62m. That excludes one-off costs of restructuring and refinancing. Net debt, including leases, was £1.06bn at the end of March 2026. Market conditions were weaker than expected in the second half. First quarter revenues are 7% ahead and profitability is improving. EBITDA is expected to be at least £115m this year, up from £92.3m.
Fertiliser producer Harvest Minerals (HMI) is acquiring a portfolio of eight rare earth projects in Brazil for A$200,000 and 40 million shares, plus a further A$300,000 on achievement of milestones. Harvest Minerals also takes on A$1.5m of previously agreed deferred payments and a 1.5% royalty obligation. Two projects are highly prospective for ionic clay-hosted rare earths mineralisation. The company already has a rare earths prospect at its Arapua project.
Ariana Resources (AAU) says that the Tavsan Mine, where it has a 9.9% interest, has completed its ramp up and ore is being loaded onto heap leach pads at 4,000 tonnes per day. Enhancements are being made to the processing. Kiziltepe interests have been transferred into a separate entity to enable the sale of this stake.
Rent guarantee services provider Rentguarantor (RGG) continues to achieve positive momentum. The trading statement confirms that the business is growing faster than expected. Interim revenues are 250% ahead at £3.39m and the company has moved into profit. Applications more than doubled. The exercise of warrants at 17.5p each has raised a further £189,000. Cavendish has upgraded its full year pre-tax profit from £200,000 to £1.6m and doubled next year’s figure to £4.6m.
Truetide (TRUE) is changing its investing policy to focus on AI. This would proceed in phases, presumably so existing investments can be sold.
Healthy food and snacks supplier Tooru (TOO) says that the OAF range is increasing sales each week, while significant growth is expected from Pulsin thanks to launches in additional retailers.
Construction staff provider Hercules (HERC) non-executive director Martin Tedham bought 110,000 shares at 31p each, 50,000 shares at 32p each and 285,160 shares at 34.75p each. Chief executive Brusk Korkmaz acquired 100,000 shares at 39.75p each.
PACSCo Ltd (PACS) is awaiting one further approval of the sale of its businesses in Mozambique. Management is seeking reverse takeover candidates in any sector. They have to have positive cash generation and growth potential that would be attractive to institutional investors. A strong management team is also required.
Digital health and pharmacy company MedPal AI (MPAL) is acquiring eMARx, a provider of electronic medication administration software for care homes and pharmacies. The initial consideration is £380,000 in cash and shares. Revenues were £740,000 and they have trebled over three years. Pre-tax profit was £110,000.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has received a 448p/share cash possible offer from Ridgeview Partners. Management is likely to recommend this if a firm offer is made. There will be a share alternative. Lithia UK owns 31.95% and is supportive, as are other shareholders owning 16.8%. This indicative bid is lower than the Apax Partners offer of 500p/share, which did not go ahead.
Hydrogen Utopia International (HUI) has raised £850,000 at 2p/share and appointed Clear Capital as broker. The cash will fund expansion in Saudi Arabia and extend licence agreements.
Andrew Hore
Quoted Micro 29 June 2026
AQUIS STOCK EXCHANGE
Vehicle electrification technology supplier Equipmake (EQIP) says second half trading has been in line with expectations. Trading was better than in the first half and full year revenues are set to be more than £8m, up from £3.5m the previous year. Finance director Ian Selby is stepping down, although he has acquired an additional 225,000 shares at 0.9p each, and Jason Abbott has become an executive director, who bought 100,505 shares at 0.99p each. Chairman Tim Metcalfe acquired 2.27 million shares for a total cost of £17,500, while chief executive Ian Foley bought 914,677 shares at around 0.875p each.
Trading in Supersearch Plus (SSP) shares was suspended on 23 June. Two directors have resigned leaving chief executive Foelan Wong as the only director, The frozen seafood company has sacked Guild Financial Advisory as Aquis corporate adviser. The 2025 results will not be published by the end of June.
Ethtry (ETH) had net assets of £4.47m at the end of 2025, including cash of £4.27m. Acquisitions of Ethereum started this year.
Global Connectivity (GCON) has written down its £175,000 investment in PLUG to zero. It has taken an 8% stake in successor company PLUG Networks LLC-FZ.
Wishbone Gold (WSBN) says positive gold assays have been returned from the initial assay results from drilling at Red Setter in Western Australia. Shallow gold zones have been discovered. There will be deeper diamond drilling.
Coinsilium (COIN) had net assets of £14.6m at the end of 2025, with cash of £1.43m. There was a £1.22m cash outflow from operating activities during the year.
Sulnox Group (SNOX) has secured a four-year agreement with Eastern Pacific Shipping, which will broaden its use of Sulnox Eco to more than 50 vessels. This should amount to 1.2 million litres over the period. The customer has more than 350 vessels so there is scope for further expansion. Eastern Pacific Shipping is acquiring 5.5 million Sulnox shares at 2p each and a further 7.06 million shares will be issued relating to the original contract and introductions. This will take the shareholding to 10.8% and it could reach 14% by the end of the new agreement.
Zentra Group (ZNT) says completion at One Victoria in Manchester has been delayed to the end of the third quarter of 2026.
Marc Dixon has reduced his stake in Nomad Compute (NMD) from 6.88% to 1.5%.
Mollyroe (MOY) has appointed Cairn Financial as corporate adviser.
ASSET MATCH
Octagonal (OCT) has joined Asset Match. It owns broker Global Investment Strategy UK Ltd, which has offices in London and Hong Kong.
AIM
Pawnbroker Ramsdens (RFX) is recommending a 600p/share bid from Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. That is higher than the share price has ever been. Shareholders will also receive the 6p/share interim dividend and special dividend of 3p/share. This values the company at £203m plus £3m in dividends. The bid values Ramsdens at around nine times forecast 2025-26 earnings, although profit has been boosted by the high gold price increasing gold buying activity. A fall in profit is currently expected for 2026-27 indicating a multiple of 13, although there have been previous forecast upgrades for the current year and if gold prices remain high there is upside in this forecast.
Talon Resources (TAR) moved from the Main Market on 23 June after the reverse takeover of a North American gold explorer with a 90% stake in the Eagle Lake gold project in Ontario for £4m in shares at 1.25p each, plus £170,000 in cash. There was also £2m raised at the same price. The share price had been suspended at 2.75p and started at 2.125p before falling to 1.275p at the end of the week. That is a 53.6% decline, but the share price is still above the issue price.
Energy as a service provider eEnergy Group (EAAS) expects interim revenues to be £22m and full year revenues to be £32m, compared with £38m previously. That means that EBITDA would be £1,7m rather than £4.5m. These adjustments come after the appointment of John Gahan as interim chief executive. He is generating annualised savings of £2m and there will be a restructuring charge of £500,000.
Distribution Finance Capital Holdings (DFCH) has upgraded expectations because loan originations have exceeded expectations as newer products enhance the growth in inventory finance. Arrears and impairments remain low. Panmure Liberum has raised its 2026 pre-tax profit forecast from £19.4m to £22.4m. Tangible NAV has been increased from 84.5p/share to 85.8p/share.
Online music retailer Gear4Music (G4M) bounced back last year and took advantage of competitors going out of business in the UK. Revenues jumped from £146.7m to £190.7m. There was growth across the range of products both own brand and branded. Pre-tax profit soared from £1.8m to £10.2m – only the peak Covid profit in 2020-21 was higher. This year Gear4Music is moving into a new warehouse, so there will be additional costs holding back profit in the short-term, but revenues should continue to grow.
CPP Group (CPP) announced a general meeting to gain shareholder approval to leave AIM and raise money from a convertible loan note issue. Following disposals, the focus is insurTech platform Blink Parametric, which is still relatively early stage. The final $5m owed by the purchaser of the Indian business has not been paid yet and cash is required. Gresham House Asset Management is offering to invest £3m in convertibles as long as a total of at least £5m is raised and CPP leaves AIM. Shareholders are being offered a chance to subscribe for up to £2.95m of convertibles with a minimum level of £2m. The holders of convertibles will also receive V shares to enable them to vote at meetings. The general meeting is on 14 July.
Thalia Therapeutics (THAT), formerly N4 Pharma, is acquiring Sanmirna Therapeutics Inc, which is developing miRisten for the treatment of Acute Myeloid Leukaemia, for an initial £3.675m in shares and convertible loan notes. Thalia Therapeutics has raised £2.75m at 0.6p/share, with two-fifths coming from directors. The cash will fund the completion of the miRisten phase 1 clinical trial. The data is expected in the first half of 2027.
Publishing software provider Ingenta (ING) has held its AGM and stated that more than £2m of business over three years has been won so far this year. There are other potential contracts that could be gained in the second half. Cavendish expects a dip in 2026 pre-tax profit to £1.4m because of higher sales and marketing costs the benefits of which should show through in the future.
Aerospace composite kits supplier Velocity Composites (VEL) interims were in line with expectations, but the second half will be tougher. First half revenues were 19% lower at £8.4m due to delays in projects starting in the US. The company has closed its site in Fareham and that will generate cost savings. In the second half the costs of ramping up production in the US and lower margin UK work means that although there will be a recovery in revenues margins will be hit. The full year loss will increase from £1.1m to £1.6m. There is a potential second customer in the US.
Space and aerospace technology supplier Filtronic (FTC) says full year revenues will be in line with consensus forecasts of at least £55.5m, while EBITDA will be slightly better than expected due to improved margins. That means that pre-tax profit is estimated at £8.5m. Net cash is 311.3m. The new facility has capacity of £200m. The strong order book means that 90% of 2026-27 revenues expectations of £62.6m. A second contract has been won for satellite payload technology with a US-based customer worth £400,000. This will be recognised in the current year. The 2025-26 results will be published on 4 August.
Buccaneer Energy (BUCE) has increased net proved reserves by 18% for its Texas assets after a review in connection with its WAFD Bank credit facility. Forecast cash flow has increased by 27%. NPV9 has been raised to $11.8m. The oil price assumption is $70/barrel for 2026.
Kazera Global (KZG) has agreed a definitive settlement of $10.5m with Hebei Xinjian Construction in relation to the arbitration award concerning African Tantalum. This is a $7m loan repayment and $3.5m share sale component. There will be an initial payment of $500,000 in Namibia. The rest will be paid over a period up to the end of 2029 and Hebei will then own 100% of African Tantalum. If $9m is paid by the end of 2026 then that would be the total payment.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is gaining market share in a weak market. In the year to March 2026, revenues were 23% higher with like-for-like growth of 11.8%. Operating margin improved from 4.6% to 5.7%. Pre-tax profit increased from £1.5m to £2.5m. The number of active customers rose 24% to 1.4 million. Despite new store openings and others refurbished in the new format, net cash increased to £4.4m. There will be a change in the management of the warehouse during the summer. It is being outsourced to DHL, and this should improve efficiency and help to maximise capacity. Like-for-like sales growth was maintained in the first quarter.
Structural steel supplier Severfield (SFR) has a new management team but they could not influence the underlying results for the year to March 2026. Pre-tax profit fell from £18.1m to £10.5m. That is before £47.7m of exceptional charges, which should represent the bulk of any write-downs by the new management. Net debt is £28.2m. The focus of the business will be higher margin contracts in the UK, Europe and India, plus sectors such as energy, defence and data centres.
Andrew Hore
Quoted Micro 20 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL) is raising £2.96m at 22.5p/share ahead of joining AIM on 27 April. This values the mining company, which is changing its name to Serval Resources, at £7.6m.
Equipmake (EQIP) has announced a further £950,000 order with Agrale for electric drivetrain systems for nine buses in South America. They will be delivered in the year to May 2027. Previous orders were for a total of 73 buses.
WeCap (WCAP) shares bounced back 55.6% to 0.7p following a recovery in the share price of investee company WeShop to $15.87.
Cooks Coffee (COOK) fourth quarter store sales were 18% higher at £11.2m with similar increases in the UK and Ireland. Full year store sales were 23% ahead at £43.1m. There are 118 stores.
Ubuntu Mining and Metals (UNTU) has secured an exclusive option to buy up to a 60% interest two Tanzanian gold projects. This lasts until 15 July. Ubuntu will be responsible for 100% of agreed costs up to commending mining. Progress is being made with the Dilotiko iron ore project in Kenya with a mining permit application undergoing final evaluation by the authorities.
Delta Gold Technologies (DGQ) has appointed Haynes Boone as global intellectual property counsel.
S-Ventures (SVEN) has raised £300,000 at 3.5p/share and a further £100,000 could be raised via a retail offer. Oberon Capital has been appointed joint broker. The cash raised will be invested in Thruxton-based defence business Hybrid Drones, where major aerospace companies are also investors, to finance development of unmanned aerial vehicles.
Ajax Resources (AJAX) has submitted and Environmental Impact Assessment for the Macacha copper and silver project in Argentina. If this is approved, then 5,000 metres of drilling is planned. The potential buyer of the Eureka gold and copper project in Argentina is going to visit the site.
Shepherd Neame (SHEP) chief executive Jonathan Neame bought 10,000 shares at 483p each.
Emissions reduction additives supplier Sulnox Group (SNOX) has raised £2m at 45p/share from a shipping customer backed subscription. This will help to finance an acceleration of the marketing for marine and land markets, as well as product development.
BWA (BWAP) highlights the announcement of a maiden JORC mineral resource estimate for the MB01-N deposit at the Mbe deposit in Cameroon, which combined with MB01-S, takes the inferred resource to 1.23 million ounces. This deposit is near to the Aracari project, where BWA is earning up to 70% through the spending of €1.5m.
The retail offer by Time to ACT (TTA) raised £16,000, taking the total raised to £431,000 at 6p/share.
Connecting Excellence Group (XCE) says its executive search business Spencer Riley has received payment of 0.516 Bitcoin at a value of £27,472.50. That takes the holding to 52.941 Bitcoin.
EDX Medical (EDX) is moving to AIM. Revenues are expected to reach £1.2m in the year to March 2026. Cash was £2.9m at year-end.
Falconedge (EDGE) generated a Bitcoin yield of 1.089% in March, so incremental Bitcoin growth was 0.2185 to 20.2782 Bitcoin.
Mendell Helium (MDH) says drilling by M3 Helium at the Rost 2-26 well has reached a total depth of 5,571 feet. The completion process will happen within ten days. There is evidence of helium with low hydrocarbon signatures in several zones.
Coinsilium (COIN) is extending its sponsorship of the When Shift Happens podcast until 1 January 2027.
Valereum (VLRM) is in advanced negotiations with Quorium Global Photonics SPC over a definitive exclusivity agreement for establishing a platform for real-world asset (RWA) tokenisation and it has received part payment of the $300,000.
Stack BTC (STAK) has bought a further 37.1898 Bitcoin at £53,778 each. That takes the total holding to 68.1898 Bitcoin. An equity trading facility worth up to £5m has been agreed with broker AlbR Capital. David Galan has been appointed chief executive. Jai Patel is leaving the board.
Oberon Investments (OBE) says year-on-year like-for-like revenues grew by one-quarter to more than £11.7m. Assets under administration are more than £1.4bn. However, the FCA has secured a voluntary requirement that no new wealth management clients can be taken on without its approval until the company’s systems are reviewed. All parts of the business grew. The company is on course to breakeven on a monthly basis by the end of the financial year. Third-party research and forecasts are planned to enhance investor understanding.
AI infrastructure operator Astrid Intelligence (ASTR) has issued shares at 0.2p each to pay outstanding fees of £10,000. The holding of Subnet 46 (RESI) has increased by 492 TAO to 1,754 TAO.
AI software developer IntelliAM AI (INT) says sales cycles are lengthening and partnerships have taken time to generate business. Full year revenues were one-third ahead at £5.25m, which is well below the Edison estimate of £7.1m. Annual recurring revenues doubled to £1.65m. Cash was £100,000 at the end of March 2026. This year’s forecasts are under review.
Heart regeneration medicines developer Cardiogeni (CGNI) says the transaction with Kira Health Invest should be completed by 20 April.
Dominic Wheatley has been appointed chairman of Mollyroe (MOY). He will provide expertise in the interactive entertainment sector.
EPE Special Opportunities (EO.P) had net assets of 384.38p/share at the end of March 2026. Giles Brand has increased his stake from 40.2% to 45.6%.
Unigel Group (UNX) is paying an interim dividend of 4p/share.
Zentra Group (ZNT) chairman David Izett bought 175,000 shares at 2p each.
ASSET MATCH
C4X Discovery (C4XD) full year revenues fell from £24.8m to £6.7m, nearly all milestone income from Sanofi, and the drug discovery company fell to a loss of £2.93m. The amount spend on research and development was reduced to £6.9m. A restructuring has reduced the cost base. There was £7.6m in cash at the end of 2025.
AIM
Animalcare (ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy.
Churchill China (CHH) had a stronger second half for its hospitality products in Europe, but the UK market remains tough. Market share is being maintained in the UK and there is scope to grow it in Europe. Revenues fell from £78.3m to £76.3m, and pre-tax profit dipped from £8.5m to £6m. The final dividend has been cut from 26.5p/share to 14p/share. Cash was £10.8m at the end of 2025. The majority of energy requirements have been bought forward, but no improvement is expected in profit this year.
Outsourced video art services provider Winking Studios (WKS) has completed the acquisition of Canadian business Studios Ampera. This has been trading for around six months, and a major attraction is the team that has been put together headed by Claude Bordeleau, a former senior manager at Keywords Studios, who will become group chief revenue officer. The deal will provide a base for Norther American expansion, as well as providing contacts with additional video games publishers.
Advanced materials and paper manufacturer James Cropper (CRPR) had a strong end to the financial year. Both parts of the business traded better than expected and the operational gearing means that profit was well ahead. Paper and packaging returned to profit in the second half. Full year revenues are set to rise from £99.3m to £103m, whereas it had been forecast to be lower, and pre-tax profit is upgraded by 30% to £4.7m. Net debt could fall to £8.3m.
Cora Gold (CORA) has signed a binding term sheet for $120m gold stream with Eagle Eye Asset Holdings, which is a 29.9% shareholder. This follows a £15.7m fundraising at 6p/share. The Sanankoro gold project in Mali is fully funded and the next key step is obtaining the mining permit. Construction of the mine can accelerate when that happens. Cora Gold has the right to replace 50% of the gold stream with debt or other funding. Eagle Eye Asset Holdings is entitled to purchase 30.44% of gold produced at Sanankoro for 20% of the spot gold price.
Retailer Mothercare (MTC) says trading conditions are still difficult with no sign of a recovery. The problems are exacerbated by exposure to the Middle East. System sales in the year to March 2026 fell 22% to £180m last year. The forecast loss has been increased to £2.4m and a loss of £2.8m is expected next year. Net bank debt is estimated to be £5.7m. Pension contributions have been deferred for a further year.
Bow Street Restaurants (BOW) has made progress with improving the performance of its existing stores and has identified potential acquisitions. Full year revenues fell from £36.6m to £31.3m following the closure of some sites. There was a swing from an underlying operating profit of £400,000 to a £500,000 loss. There was an impairment charge of £7.3m following a review of assets. Refurbishments are helping to boost income. The number of restaurants has been reduced to 29 and the refurbishments are continuing. Net cash was £11.1m at the end of 2025. This will also fund acquisitions of restaurant groups, with the initial purchase potentially an Asian style brand. Trading has improved so far this year with like-for-like growth of 6.1% in March. A 2026 loss is still expected from the current operations.
Alien Metals (UFO) says West Coast Silver, the joint venture partner for the Elizabeth Hill silver project in Western Australia, has identified a new Down Hole Electromagnetic (DHEM) conductor target. A drill test is planned. Drilling has already started on a six-hole drilling programme.
Telecoms test equipment supplier Calnex Solutions (CLX) says full year trading was slightly better than expected. More business is coming from datacentres and defence, rather than the original telecoms customer base. A new partnership with VIAVI Solutions will help to broaden the client base. Cavendish increased forecast 2025-26 pre-tax profit by 59% to £1.2m. Cash is £9.3m.
Eco (Atlantic) Oil and Gas (ECO) has agreed to farm down a 60% participating interest in its three Namibian licences to BP, which will take on operatorship. There will be a one-off cash payment of $2.7m. BP will carry Eco through the current exploration phase. Eco will retain 25% and if the licence is renewed it can sell a further 10% interest to BP for a full carry for each well on each of the licences, with a cap of $21m for each well.
Great Western Mining (GWMO) has signed a contract with Major Drilling America to undertake drilling at the Defender-Pine Crow tungsten project in Nevada. This is the primary focus of the company. Drilling should commence in July. An application has been made for cross trading of the shares on the OTCID market in the US to attract North American investors.
Iodine producer Iofina (IOF) generated record production of 179 tons in the first quarter from a combination of new capacity and higher brine temperatures improving recovery. First half guidance is being upgraded to 325-355 tons. Iodine prices are still above 70/kg. Canaccord Genuity has raised its revenue forecast from $69.5m to $71.6m and earnings from 3.7 cents/share to 3.9 cents/share.
TheraCryf (TCF) received a conditional approach to acquire the Orexin-1 and dopamine-transporter programmes. This is an area where there is increased commercial interest from pharma companies. The board felt this undervalued the assets. The Orexin-1 addiction programmed is fully funded for a phase 1 trial by the fourth quarter of 2026. If this is successful, the value of the assets will be much higher.
Thor Explorations (THX) had cash of $154m at the end of the first quarter of 2026 and it could reach $351m by the end of the year. It produced 23,397 ounces of gold at the Segilola ming, which was better than expected due to the high recovery rate, and is well on the way to the 2026 target production of 75,000-85,000 ounces of gold for the full year at an all in sustaining cost of up to $1,200/ounce. There is further drilling at the Douta project.
Building products supplier Alumasc (ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later.
IT services provider SysGroup (SYS) traded strongly in the second half, helped by the acquisition of Saxis. Full year revenues were 7% higher at £22.1m – they were previously expected to be flat. Pre-tax profit is set to be one-third higher at £400,000. Net cash was £2.7m. Pre-tax profit is forecast to rise to £900,000 in 2026-27.
LiDAR wind sensor and software developer Windar Photonics (WPHO) has secured a record number of test orders in the first quarter of 2026 and full year revenues are expected to be €7.8m, up from €6.4m in 2025. That assumes 50% of the ten active test orders are converted into contracts. A £20m share subscription facility has been agreed with GEM Global Yield LLC. The company is near to appointing a new chief executive.
Quantum Health (QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing.
Strip Tinning (STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production.
Quantum Blockchain Technologies (QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation.
TV programmes producer Zinc Media (ZIN) reported revenues of £41.3m, which was in line with trading statement. There was significant organic growth in the 28% increase in revenues. Pre-tax profit was one-third higher at £400,000. There is £3.5m in the bank.
Management reiterated the growth plans and the EBITDA target of £5m, compared with £1.9m last year. The Celebrity Inner Circle has been renewed for an eight episode run and this will help the entertainment division to grow. The format could also help achieve additional high margin IP revenues. The new distribution division should also generate additional revenues. There is already around £30m of work secured for this year.
hVIVO (HVO) has been hit by delays and terminations to human trials of vaccines. Some had already paid part of the cost upfront enabling the decline in 2025 revenues to be stemmed. Even so, they fell from £62.7m to £46.8m. That pushed the business into loss. The weighted contract order book is £30m and the diversification into other areas of clinical trials is helping to build a more diversified business. It is also winning new business in influenza and other areas.
Forgent (FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia.
Oracle Power (ORCP) has announced assay results from another 31 holes at the Northern Zone Intrusive Hosted gold project in Western Australia. They are some of the best intercepts for grade and width drilled at the project. The tenement is being converted to a mining lease.
Latin America focused investment company ROI Capital Holdings is subscribing £1.93m for shares in Trafalgar Property (TRAF) at 0.005p/share. This is dependent on a waiver of the obligation to make an offer for the company. The existing subsidiaries will be sold for £1, and the planned Hilton House transaction will be reversed. The whole board will be replaced, and they will seek a reverse takeover.
Shares in Tiger Alpha (TIR) have been suspended ahead of the proposed acquisition of Cyprus-based Potentially, which is building the peer-to-peer infrastructure layer for the AI economy. The consideration will be £10mthrough the issue of two billion shares at 0.5p each.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is growing in a tough consumer environment. Full year revenues are 23% higher at £85.5m, which is 12% like-for-like. It is on course to double pre-tax profit to £3.6m. Like-for-like retail growth was 5.7%, while the UK kitchenware market has declined.
KR1 (KR1) investee company Bitway has launched the BITW token and KR1 holds 100 million of them after investing $300,000. The holding is valued at $1.7m.
US cybersecurity technology company Narf Industries (NARF) has reported full year revenues rising from $3m to $4.2m. Narf has Rebranded Ranger.ai to UPxi.ai (Upstream Extended Intelligence), which did not make a significant contribution in the period. There is already $5.3m of contracted revenues for 2026-27, while a government contract worth more than $2.5m has been won since the year end.
Onward Opportunities (ONWD) moved from AIM to the Main Market on 16 April.
Andrew Hore
Quoted Micro 30 March 2026
AQUIS STOCK EXCHANGE
Executive recruiter Connecting Excellence (XCE) increased net fee income by one-fifth to £890,000 in the six months to December 2025. There was cash of £1.4m and Bitcoin holdings of £2.62m (40.36 Bitcoin). Net fee income in January was £250,000. The Bitcoin holding has increased to 52.42 Bitcoin.
Residential property developer Zentra (ZNT) interim revenues fell from £1.97m to £942,000. The loss rose from £66,000 to £638,000. Net liabilities are £4.16m. Practical completion of the One Victoria project in Manchester is expected in the second quarter of 2026.
Mendell Helium (MDH) says potential acquisition M3 Helium is entering an agreement with Ritchie Exploration which will re-complete the Schneweis Ventures 13A well in Kansas.
Arbuthnot Banking (ARBB) reported a dip in 2025 pre-tax profit from £35.1m to £24.2m. The total underlying dividend, excluding special dividend, was raised to 53p/share. Deposits increased by 11% to £4.57bn, although lending balances fell 6% to £2.25bn. Assets under management were 21% ahead at £2.68bn. Higher interest rates should be good for the bank. Chairman and chief executive Sir Henry Angest bought 300,000 ordinary shares at 860p each. He owns 59.9% of ordinary shares and 64.9% of the non-voting shares.
B HODL (HODL) net assets were £11.7m at the end of 2025. Since the end of the year, the Bitcoin treasury has increased to 164.487 Bitcoin.
EPE Special Opportunities (EO.P) had net assets of 360p/share at the end of January 2026. Fully listed investee company Luceco (LUCE) performed better than expected.
EDX Medical (EDX) is the primary partner in the Scottish Prostate Cancer Initiative, which is set to improve early diagnosis. Up to 25,000 men will be tested.
Delta Gold Technologies (DGQ) says that Penn State University has been promoting the quantum computing research sponsorship and technology licence agreement with the company.
The WeShop share price on Nasdaq continues to decline and reached a new low of $5.81 at the end of the week compared with a high of $200. WeCap (WCAP) is a significant shareholder, and its share price dipped 27.8% to 0.325p.
Hamak Strategy has taken a 3.05% stake in Vaultz Capital (V3TC).
Sulnox Group (SNOX) has gained further patents for its Eco™ Fuel Conditioners in Chile, Peru and Israel.
VSA Capital (VSA) chief executive has bought 100,000 shares at 2.75p each, taking his stake to 19.8%.
Equipmake (EQIP) chairman Tim Metcalfe bought 163,934 shares at 1.22p each.
Shepherd Neame (SHEP) non-exec Meg Lustman has bought 2,279 shares at 439p each.
Marula Mining (MARU) has secured an offtake contract with Traxys Europe for the Kinusi copper mine with initial deliveries in May. Traxys will purchase the full production.
Supersearch Plus (SSP) has appointed Guild Financial Advisory as corporate adviser.
AIM
Coiled Therapeutics (COIL), which was formerly Roquefort Therapeutics, has moved from the Main Market to AIM on 27 March after acquiring the global rights to a potential cancer treatment known as AO-252. This cost £31.9m in shares. AO-252 is “a brain-penetrant small molecule targeting Transforming Acidic Coiled-Coil Containing protein 3 (TACC3) protein-protein interactions”. Preclinical trials have indicated the effectiveness in tumour regression in some cancers. A placing raised £8.5m at 10p/share. valuing the company at £42.6m.
Monitoring and optimisation software supplier Checkit (CKT) says that its improving performance is not reflected in its valuation, and it is investigating a sale of the company. The company has received six expressions of interest from potential buyers in the past nine months. There are no current discussions with these potential acquirors, but Checkit believes it should give other potential bidders a chance.
Ireland-based cinema operator Omniplex has taken a 5.35% stake in Everyman Media Group (EMAN).
Carpet tiles manufacturer Airea (AIEA) is making progress with fully commissioning new manufacturing facilities that will double capacity. The business has been capacity constrained and delays in orders at the time of the Budget meant that 2025 revenues were flat at £21.4m. Operating profit before non-recurring items fell from £1.56m to £1.15m, although that partly reflects the loss of income from a property sold to help finance the increased manufacturing capacity. Net cash was £1.2m at the end of 2025 and the dividend was raised from 0.6p/share to 1p/share.
Growth in recurring revenues of the software division and a recovery in margins for the education services division enabled Tribal Group (TRB) enabled 2025 pre-tax profit to jump 136% to £12.5m. Annualised recurring revenues of the software business grew to £63m. There is growth to come from existing university and college clients before any new client wins. Strong cash flow meant that Tribal moved from net debt to net cash of £11.4m. Even after dividends, the cash position is expected to remain strong with the normal second half inflow.
Software and training services supplier Pennant International (PEN) has increased its recurring revenues and has orders that will help it to breakeven this year, following a loss in 2025.
Sustainable detergent additives supplier Itaconix (ITX) is making good progress towards breaking even. Revenues jumped from $6.5m to $10.5m in 2025 and there is capacity for this to increase to more than $25m. The loss was reduced from $1.8m to $1.1m with a $1.2m cash outflow from operated activities. European revenues doubled and new business in North America will flow through into revenues in 2026 and particularly 2027. There is more than $4m in cash in the bank, which is more than enough to get to cash flow positive. Cash generation could build up rapidly from 2027 onwards.
Shares in spirits brands owner Distil (DIS) halved to 0.045p following a trading statement outlining poor fourth quarter trading. Full year revenues will be well below expectations. Stock levels in the trade were higher than expected. Sales by the UK distributor are 51% ahead in the first two months of this year, but consumer spending remains depressed. The US launch of Blavod black vodka has been delayed due it still awaiting tax approval from the authorities. Marketing spending has been agreed with UK retailers to help sales to recover.
Litigation finance provider Burford Capital (BUR) announced on Friday afternoon that the US Court of Appeals had overturned the decision won by Burford’s Petersen and Eton Park concerning claims against The Republic of Argentina and YPF. There was a two to one ruling. Argentina had not made a tender offer when it took over a 51% stake in YPF from Repsol. The $16.1bn judgement was overturned.
Real-time video editing technology developer Blackbird (BIRD) lost contracts and that led to a decline in revenues from £1.61m to £1.38m in 2025. Cash burn was £3.01m after a reduction in costs. There was £2.72m in the bank at the end of 2025 and £500,000 has been subsequently raised. User engagement of elevate.io is improving and the Winter Olympics should have provided a boost to use of the editing technology.
Switch Metals (SWT) has announced the washing programme has been completed for the Issia tantalum and lithium in the Côte d’Ivoire. Laboratory assays and modelling is ongoing so that the maiden mineral resource estimate can be published. This had been expected in the first quarter of 2026.
Interim figures for Parkmead Group (PMG) had £12.9m in cash at the end of 2025 and since then the cash position has grown to £16.1m. This will provide funding for oil and gas and renewable asset investment. Up to £120m more can become payable for the past sale of UK North Sea assets depending on the approval of field developments.
Computer vision technology Seeing Machines (SEE) says that it expects to be EBITDA positive in the third and fourth quarters of the financial year to June 2026. Interim revenues dipped from $25.3m to $23.4m, due to planned reductions in non-core operations. Automotive royalties and aftermarket revenues both increased and gross margin improved to 58%. There will be a refinancing by June.
Small company finance provider Time Finance (TIME) increased own book lending to £86.5m in the third quarter. Nine months revenues are 4% higher at £28.3m, while pre-tax profit is up 5% to £6.2m. Net tangible assets are £48.5m. The lending book is worth £243.4m.
MAIN MARKET
Andrew Perloff has raised his stake in motor dealer Caffyns (LON: CFYN) from 20.2% to 22.2%.
Andrew Hore
Quoted Micro 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 9 March 2026
AQUIS STOCK EXCHANGE
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of the next Fort Dodge well during March. This is near to the Rost 1-26 well. Further drilling permits are being sought for deeper helium prospects. A US investor group may co-fund the Rost twin well. There is also a potential deal to co-develop a shut-in well. The publication of the AIM admission document should be in March.
Ajax Resources (AJAX) has entered an option to purchase 100% of the Macacha copper and silver project, previously known as the Leon project, in Argentina. An initial $100,000 will be paid in shares. Ajax Resources will pay $3m when the option is exercised within 36 months of Environmental Impact Assessment publication. There is a mineral resource estimate of 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately $900m at prevailing market prices. The deeper mineralisation has not been tested. Former AIM company Alexander Mining had undertaken trial mining at the project. Management is talking with two potential buyers of its interest in the Eureka gold and copper project.
Delta Gold Technologies (DGQ) is advancing the University of Toronto C$259,000 from the year 2 sponsorship earlier than expected. This is part of the C$1m commitment. The cash will finance the addition of a second component to the Cryo-refrigeration system, which allows testing of nano-scale structures.
Astrid Intelligence (ASTR) director Siam Kidd acquired 23.9 million shares at 0.187p each, prior to his becoming chief executive. The company has increased its TAO token deployment into an over the counter partnership transaction with video intelligence infrastructure developer Score (Subnet 44), operating within the Bittensor ecosystem. This means Astrid has bought 78,740.05 alpha at an implied price of 0.0127 TAO per alpha. Astrid has launched Astrid Vault, an on-chain platform designed to improve liquidity and stability across the Bittensor AI network.
Digital assets developer Coinsilium (COIN) has confirmed that the balance sheet has been strengthened and the portfolio is maturing. A subsidiary owns 182 Bitcoin. The Yellow Network Token and Trading Platform launch is scheduled for 8 March 2026. Coinsillium wants to have broader participation in the network.
Tamar Minerals (TMR) has raised £1.7m at 3p/share and acquired Godolphin Mining for £350,000 of shares at the same price. Godolphin Mining owns the Duke of Leeds mineral rights in Cornwall, and it is owned by Tamar Minerals chairman Mark Thompson. This will eliminate rent and lease-based royalties.
Emission reduction products developer Sulnox Group (SNOX) has secured a distribution agreement with Egypt-based Pan Marine Petroleum Services and the first commercial order has been placed. This deal provides access to trade in the Suez Canal.
Stack BTC (STAK) has bought an initial 21 Bitcoin at £53,729 each.
Capital for Colleagues (CFCP) investee company Morris Commercial, which is developing the Morris JE electric van, has raised a further £1.5m in convertible notes and Capital for Colleagues has invested an additional £500,000. Deliveries of the van could start in 2027.
Crushmetric Group (CUSH) has raised £160,000 through a share issue at 8.5p/share.
Equipmake (EQIP) finance director Ian Selby bought an initial 375,000 shares at 1.39p each. Chairman Tim Metcalfe and his wife acquired 971,222 shares at 1.39p each.
AIM
Restaurants operator Various Eateries (VARE) is acquiring a portfolio of premium pubs from Grosvenor Pubs and Inns. The first four sites should be acquired for £11.25m by 23 March, and another site could be bought soon afterwards. Four of the five sites are freehold. The initial four sites generated revenues of £10.5m and EBITDA of £1.5m. These sites will operate under the brand The Linwood Collection. A £15m debt facility will fund the acquisitions. The company will change its name to Coppa Collective.
FRP Advisory has been appointed as administrator of video streaming technology group Aferian (AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m.
CyanConnode (CYAN) has negotiated a revised non-binding proposal from Esyasoft, which recently acquired Good Energy. The offer is 10.44p/share, valuing CyanConnode at £37.5m. The original indicative offer was 9.75p/share. The share price has not been above 10p since April 2025.
FIH Group (FIH) is selling The Portsmouth Harbour Ferry Company for £11.6m. The ultimate buyer is Collins River Enterprises, which trades under Uber Boat by Thames Clippers. The ferry operator has a net book value of £7.59m and made a pre-tax profit of £530,000 under the ownership of FIH.
General Motors has informed Surface Transforms (SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers.
Molecular diagnostics company Novacyt (NCYT) has launched a preferential subscription rights issue to raise €785,000 at €0.40/share. Shareholders are offered one share for every 36 they hold. The subscription period ends on 17 March. This follows the acquisition of Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as adding products that can be distributed in other countries. The previous owner of Southern Cross has committed to subscribe for shares, as have some members of the Novacyt board. The final subscriptions depend on the take up of other shareholders. Novacyt generated revenues of around £20m in 2025, but remains loss making, and cash was £19.2m at the end of 2025.
Business and healthcare software provider AdvancedAdvT (ADVT) has launched a £10m share buyback programme and is also considering a tender offer. This will depend on the potential for acquisitions. There was £96m in the bank at the end of February 2026.
Digital marketing services provider Silver Bullet Data Services (SBDS) expects to report flat revenues in 2025 because of a weak quarter four due to the US government shutdown and uncertainty over tariffs. Costs have been reduced and the company is making a positive EBITDA so far in 2026. Trading is improving and committed revenues are 73% of expected revenues for 2026.
Xeros Technology (XSG) says its filtration manufacturing partner has received an order from MediaMarkt, the largest consumer electronics retailer in Europe, for XF3 units that will be sold under its Koenic brand. Xeros receives a royalty on each unit. Russell Hobbs will launch XF3 in the second quarter of 2026.
Quantum Blockchain Technologies (QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January.
Beacon Energy (BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share.
Brave Bison (BBSN) has acquired a 22.9% stake in market research services provider System1 (SYS1) from the founder John Kearon in return for 9.81 million shares in Brave Bison (8.7%). He has stepped down from the System1 board. Brave Bison is supportive of System1’s strategy.
Investment company Onward Opportunities (ONWD) plans to move to the Main Market to broaden the potential investor base. This could happen in the second quarter. NAV was 136.9p/share at the end of February 2026.
MicroSalt (SALT) has received an order from a new flavours and ingredients customer in the UK.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) increased NAV from 118.5p/share to 142.3p/share in the six months to December 2025. The larger investments have all increased due to new contracts being won and some fundraisings at higher valuations in the period and they have continued to progress in 2026. This reflects the strong institutional interest in space investment. Increasing defence spending is increasing the potential market value of the space sector.
New Frontier Minerals (NFM) has identified tungsten at the harts Range project in Northern Territory, but significant concentrations or rare earth materials were not found.
Mears (MER) has sold education and health facilities management business Morrison Facilities Services for £18m. It generated a pre-tax profit of £2.8m last year.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 3 Bitcoin at £47,871 each. That takes the total holding to 2,692 Bitcoin. The company will become a constituent of the FTSE SmallCap index on 23 March.
Andrew Hore
Quoted Micro 2 February 2026
AQUIS STOCK EXCHANGE
Roundhouse Digital (ETHL) joined Aquis on 30 January. It is an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company is valued at £10m.
Valereum (VLRM) has entered into a non-binding agreement with Injective Foundation, a Layer-1 blockchain for decentralised finance, and DigiShares inc, a provider of tokenisation technology. There would be a framework for a collaboration across the Injective blockchain, involving tokenisation and secondary trading. DigiShares has 200 issuers. Quorum Global Photonics has a 49.9% stake, while James Bannon’s shareholding has been diluted from 33.8% to 17.8%.
Property investor Ace Liberty and Stone (ALSP) moved from a loss of £243,000 to a pre-tax profit of £290,000 in the six months to October 2025. Admin costs were reduced and there was no fair value loss, compared with £1.6m in the corresponding period. NAV is £30.5m. Dr Antonios Ghorayeb bought 14,795 shares at 25p each and the chairman owns a 0.96% stake.
Vault Ventures (VULT) has publicly launched analytics platform vSignal.ai.
Equipmake (EQIP) has won a £2.4m order from Agrale for 23 electric drivetrain systems for 23 buses. This follows an order for 50 buses.
BWA Holdings (BWAP) corporate adviser Allenby has initiated research on the minerals exploration company. It believes the Aracari gold project in Cameroon could be transformational. The sum of the parts valuation is £11.2m, which is treble the current market capitalisation. Richard Battersby has transferred his shareholding to his daughter.
Interim figures from Vaultz Capital (V3TC) show initial revenues of £72,000 and a loss of £1.62m. The current value of Bitcoin is £8.68m, down from £11.2m at the end of October 2025, when net assets were £11.6m.
Sulnox Group (SNOX) has secured a South Korean patent for emissions reducing additives.
B HODL (HODL) has bought one more Bitcoin for £64,363, after drawing down£65,030 from its loan facility, taking the total to 160.295 Bitcoin costing a total of £13.3m.
WeCap (WCAP) reported a halved loss of £387,000 in the six months to October 2025. The WeShop share price has fallen back to $58.70, but the stake is still worth more than the WeCap market capitalisation.
Mendell Helium (MDH) raised £700,000 at 3p/share. There is also a proposal from US-based investors to co-fund a second well on M3 Helium’s Rost lease in Fort Dodge. Mendell Helium has an option to acquire M3.
Ajax Resources (AJAX) raised £1m at 8p/share with warrants exercisable at 16p each also issued. This will fund previously announced acquisitions.
Clinical support software DXS International (DXSP) revenues fell 3% to £1.68m in the first half, while the loss jumped from £254,000 to £1m. Management is hopeful that the NHS will begin to accelerate decision making later this year.
Cooks Coffee Company (COOK) says its Esquires Coffee subsidiary has entered a 10-year master franchise agreement for the UAE. The plan is to open at least 50 sites.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has raised £500,000 at 54p/share. Shareholders have agreed the move to the Main Market on 3 February.
Marula Mining (MARU) has terminated the planned sale of its main subsidiary to Europa Metals. Marula Mining will instead develop the assets itself.
In the year to July 2025, hydrogen producing wind turbine technology developer Energy B (NRGB) reported a reduction in loss from £1.05m to £645,000. There are no revenues. This is before the plans for a Bitcoin strategy and the raising of £400,000 at 1p/share and the settlement of creditors at the same share price.
Mental health treatments developer Shortwave Life Sciences (PSY) did not generate any revenues in the six months to October 2025. The loss was £211,000. Net assets were £2.58m.
Phoenix Digital (PNIX) has redomiciled to Gibraltar.
JP JENKINS
India-focused oil and gas company Indus Gas (INDI) left AIM and joined the JP Jenkins platform on 26 January.
ASSET MATCH
Fastjet (FJET) has published its 2024 accounts. The Africa-focused airline reported a 3% dip in revenues to $64.9m, while there was a swing from a loss of $9m to a pre0tax profit of $3.37m. That is due to a sharp fall in cost of sales.
Greenshields Agri Holdings (GAH) says there was a small improvement in 2024-25 post-tax profit at £2.71m. NAV is 160p/share.
Macdonald and Company (MAC1) is paying an interim dividend of 2p/share on 4 February.
AIM
Thor Explorations (THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m.
Aerospace component kits supplier Velocity Composites (VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract.
The Revel Collective (TRC) has appointed FTI Consulting as administrator and sold most of the bars and pubs. There are 20 sites that were not sold and those will close.
Electro-mechanical and electronics products supplier LPA Group (LPA) reported full year figures in line with the previous downgrade. The loss increased from £300,000 to £1.3m on lower revenues. The order book is worth £32.5m. This includes rail projects that have been subject to delays. There is a 41% like-for-like improvement in the first quarter of this year.
Public Policy Holding Company (PPHC) announced the price of the Nasdaq fundraising at $12.25/share. This will raise $50.8m.
Sancus Lending (LEND) shares jumped 362.5% to 1.8p on an unexpectedly strong trading performance in 2025. The finance provider increased revenues by one-third to £22.1m and a 2025 pre-tax profit of more than £1m is estimated, although that includes gains of £2.6m from repurchasing ZDPs. New lending facilities nearly doubled to £212m and total loans were one-third higher at £317m.
Late on Tuesday, Mind Gym (MIND) admitted that it is in discussions with third parties as part of a strategic review that could lead to a bid for the education and training company.
Great Western Mining (GWMO) has revealed the results of the geographical survey and the assay results of a drilling programme at Rhyolite Dome, which is part of the Olympic gold project in Nevada. The survey identified a deeper untested chargeable feature at more than 300 metres in depth. The drilling found low grade gold and more significant silver mineralisation. The geological model will be refined.
Empyrean Energy (EME) has come to an agreement with Conrad Asia Energy to resolve its dispute over the Duyung PSC and Mako gas field in Indonesia. First gas could be in the fourth quarter of 2027. A special purpose vehicle will be established to own these investments, and Empyrean Energy will own 8.5%. After this Empyrean will pay $353,000 to Conrad and a further $353,000 will be paid out of dividends from the special purpose vehicle. Empyrean’s secured convertible note will be restructured, and the lender will be paid out of dividends from the project. The share price jumped 138% to 0.0894p.
Ovoca Bio (OVB) has completed the acquisition of Tadeen International and it will change its name to Talisman Metals. There was £1.155m raised at 7.7p/share. This means the company has £2.255m in cash. The main asset is copper deposits in the Atlas Mountains in Morocco.
Video games art outsourcing provider Winking Studios (WKS) expects 2025 revenues to be at least 40% higher than the $31.9m reported in 2024. That is slightly higher than expectations. Organic growth was in mid-to-high single digits. EBITDA is anticipated to be between 7% and 13% ahead of the $4.8m reported in 2024. There are already approximately $34.6m of bookings to be recognised this year. The full year results are due to be announced on 27 February.
Physiomics (PYC) has been awarded a new contract by long-standing client Numab Therapeutics. The project is for modelling the company’s pipeline to accelerate development of therapies.
Contract proteomics services provider Proteome Sciences (PRM) has raised £840,000 via a placing at 1.75p/share and a retail offer raised £132,000, which was more than double the target. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego.
Sensing and measurement technology developer Transense Technologies (TRT) has not been securing new contracts as fast as it hoped. Also, iTrack royalty income is likely to be10% lower than expected at £2m with the total revenues for the group are forecast at £5.2m, down from £5.55m last year. The SAWsense and Translogik businesses should grow revenues by 30%. The company was profitable in the first half and had cash at £1.33m. The interim results will be released on 17 February.
Eqtec (EQT) is raising £1.3m at 0.035p/share and this represents 36% of the enlarged share capital. A restructuring of £5.79m of debt will lead to £1.93m being converted into shares. The rest will be changed into £1.93m secured, zero-coupon debt and £1.93m. There is £166,000 of debt owed on the convertible facility with GIS. As part of its new strategy Eqtec is acquiring 99% of the Green Rock copper gold exploration project. It is paying $150,000 in cash and shares. The remaining 1% stake has a carry up to $350,000 and after that it will be lent cash by Eqtec to pay for its contribution with repayment out of future revenues. There is also an option over a 99% interest in the Peak Hills gold copper exploration project in Western Australia. The waste to energy activities will continue to be a core part of the group.
Botswana Diamonds (BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners.
Laundry technology developer Xeros Technology (XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027.
MAIN MARKET
Another upgrade for LED lighting and wiring accessories supplier Luceco (LUCE), which has been improving throughout 2025 after a weak start. Like-for-like growth is 6%. Pre-tax profit is expected to be £27.1m, up from £24.9m in 2024. There is demand for retrofitted energy efficiency products and there is UK government backing for energy efficiency measures. There was an 85% increase in EV charging sales.
In the AGM statement, Swindon-based newspaper and magazines distributor Smiths News (SNWS) says trading has been positive. The company should remain cash positive despite the payment of a special dividend of 3p/share. There is more to come from the diversification into other distribution activities.
Shell company Associated British Engineering (ASBE) had net assets of 15p/share at the end of September 2025. There are capital losses of £8m and £2m of trading losses.
Nanoco (NANO) has decided not to actively seek a buyer any more. There were discussions but no firm offers. Costs are being reduced and chief executive Dmitry Shashkov is leaving.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 22 September 2025
AQUIS STOCK EXCHANGE
Vehicle electrification technology developer Equipmake (EQIP) has received a £5.45m order from Agrale to supply electric drivetrain systems for 50 buses. Agrale had previously ordered five drivetrains. The new order will be delivered from now to mid-2026 and there will be payments in advance for each delivery. Equipmake has an order book worth more than £10m.
WeCap (WCAP) investee company WeShop has filed with the SEC for a listing on Nasdaq. The SEC has to review the filings before the listing can happen. WeCap has a direct stake of 5.189 million shares in the shoppable social network. Peel Hunt holds 17.2% of WeCap. The share price increased 43.6% to 2.8p. Hot Rocks Investments (HRIP) owns 150,000 WeShop shares.
TechFinancials Inc (TECH) has concluded due diligence on the Dilotiko project in Kenya and a 25% stake in Dilotiko Ltd will be acquired for £200,000 in shares. There is an option to acquire up to 60%. TechFinancials is raising £250,000 at 0.25p/share. The company plans to change its name to Ubunto Mining and Metals Inc.
BWA Group (BWAP) has entered a binding option and earn-in agreement to acquire 70% of Aracari Resources, which holds the Aracari gold project in Cameroon. There is a 90 day due diligence period plus spending of €25,000, then a further €100,000 of spending will earn 10%, €400,000 to take the stake to 51% and an additional €1m to take the stake to 70%.
Global Connectivity (GCON) investee company PLUG has completed its pilot copper cable extraction contract in Brazil. PLUG has been added to Telefonica’s preferred supplier list for the service in Brazil and around he world.
Cannabis medicines developer Ananda Pharma (ANA) says chief executive Melissa Sturgess is presenting and attending a panel discussion at the 8th Cannabinoid & Endocannabinoid Drug Development Summit, taking place in Boston, Massachusetts in mid-October.
Mendell Helium (MDH) says dewatering has started at the M3 Corporation Rost-1-26 well in Fort Dodge, Kansas. Mendell Helium has an option to acquire M3 Helium, and the option has to be exercised by 30 September. A move to AIM is likely when Rost starts production.
Valerium (VLRM) is accelerating the strategy to build a blockchain-powered finance ecosystem, and it is selectively investing in leading operations in this area. This should enable larger and faster revenues.
Amazing AI (AAI) plans to start buying crypto assets this month, starting with Bitcoin.
Vault Ventures (VULT) has launched a new website and interactive hub at investors.vaultplc.com. A further purchase of 47.48 ETH means the total holding is 818.85 ETH and 2,201.1 SOL.
ASSET MATCH
Isles of Scilly Steamship Company (IOS) reported a slight increase in full year revenues to £21.7m, while pre-tax profit edged up from £2.95m to £3.04m. Net debt was £7.5m at the end of March 2025. A 15p/share dividend has been proposed.
AIM
Scotland-based housebuilder Springfield Properties (SPR) is refocusing on the North of Scotland. It still has projects in central Scotland, but new land buying will be in the North. There were £60.5m of land sales during the year and there is still more to come from the sale deal with Barratt Redow. That helped to cut net debt to £20.9m and it should fall to £10m by May 2026 when more disposal proceeds are received. That will enable the buying of additional land in the North. The land sales helped to nearly double pre-tax profit from £10.6m to £20.1m. Springfield Properties is planning to hold on to some of the homes it builds in the North and lease them to infrastructure providers so that they can house their workers.
Audio products supplier Focusrite (TUNE) performed strongly in the six months to August 2025. Revenues improved from £81.6m to £87m during the period. This is despite negative currency movements. New product launches helped and offset lower spending on audio reproduction equipment. Gross margin is improving despite tariffs. The 12-month revenues rose from £158.5m to £168m. EBITDA is in line with expectations of £25.2m despite the better revenues. Net debt was £11m at the end of August 2025. The new financial year end is February.
Advanced imaging and biodetection technology developer Kromek (KMK) moved into profit in the year to April 2025 thanks to revenues from its collaboration agreement with Siemens. A loss of £3.2m was turned into a pre-tax profit of £4.1m, helped by the high margin nature of the Siemens income. The Siemens income will be lower this year, but the rest of the business should grow. Kromek will remain profitable but gross margin will be lower. Regular orders from Siemens are expected in 2027. Net cash is £1.2m and there is no requirement for any share issues, because cash should build from this point.
Fiinu (BANK) has entered an exclusive strategic partnership with Manx Financial (MFG) subsidiary Conister Trust to launch Plugin Overdraft in the UK. It will be launched initially with one million plus retail customers and then rolled out to other customers. It will be branded “Conister Bank Plugin Overdraft®, powered by Fiinu“. There is a profit-sharing agreement.
Sexual health products developer Futura Medical (FUM) says 2025 revenues will be much lower than expected and it has widened the strategic review to include all options to create shareholder value. US sales of Eroxon remain weak and there are stocks left from the original order. Other markets are also weaker than expected. The $2.5m milestone payment from Haleon for granting of a US patent has been delayed until next year. Full year revenues will be between £1.3m and £1.4m. Cash was £2.71m at the end of August 2025. This should last until January 2026. Cost savings are being made and funding sought. Interim results will be published on 30 September.
Renalytix (RENX) has signed a collaboration agreement with Tempus AI which will help to accelerate the adoption of the company’s kidneyintelX.dkd test to help slow kidney disease. The test is for predicting “progressive decline in kidney function in type 2 diabetes patients with diagnosed chronic kidney disease stages 1-3b”.
Plant-based detergent ingredients developer Itaconix (ITX) increased interim revenues 30% to $4.8m and it is on course to reach $9.5m in the full year. A halved loss of $900,000 is forecast, which is slightly higher than previously expected. Reporting has been changed so that there are two main sources of revenues. Performance ingredients and SPARX formulated solutions. The latter is growing faster.
TV and film fleet services provider Facilities by ADF (ADF) reported a quiet start to the year, but momentum is improving. Interim revenues were 14% ahead at £17.4m. The loss increased from £800,000 to £2m. More productions were facilitated, but the average income was lower. One-fifth of the fleet has been placed in storage.
Acoustic products supplier Autins Group (AUTG) is suffering from volatile conditions in the automotive sector. In the five months to August 2025, revenues fell from £8m to £7.7m and the loss was reduced from £714,000 to £258,000. JLR is a major customer, and it has been hit by a cyber attack. JLR production stopped on 1 September and that will hold back Autins revenues.
Architectural and construction software provider Eleco (ELCO) continues to grow recurring revenues at an impressive rate. Annualised recurring revenues could each £32.6m at the end of 2025. That is helped by acquisitions but there is still organic growth. Recurring revenues were 81% of interim revenues.
Caledonian Holdings (CHP) is stepping back from a wider marketing of its proposed fundraising. It is focusing on talking to institutional investors. If these are successful a broadening of the fundraising will be considered. The cash will be used to invest in investee company AlbaCo to provide regulatory capital.
Employee benefits and insurance provider Personal Group Holdings (PGH) improved interim revenues 11% to £23.3m. Annualised recurring revenues ae 12% ahead at £45.7m. Pre-tax profit was 72% higher at £3.8m. The dividend was raised by 26% to 8.2p/share. The 2025 pre-tax profit forecast has been edged up to £8.2m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had already flagged up the full year figures and announced the loss of a major client. In the year to June 2025, revenues rose 1% to £48.2m, but the core revenues increased at a faster rate. Revenues will fall this year, and Eagle Eye will make a loss before rebounding to profit next year.
Cyber security software and hardware supplier Corero Network Services (CNS) had a tough start to the year, and order intake reduced. Interim revenues fell 10% to $10.9m. However, annualised recurring revenues grew to $21.6m. Customer retention was 98%.
Battery technology developer Gelion (GELN) subsidiary OXLiD has been awarded £533,000 of grant funding from the DRIVE35 programme in the UK. This will be invested in development of lithium-sulfur multi-layer pouch cells. This supports a £1.1m project which Gelion is working on with QinetiQ. There will be demonstrations of the technology in September 2026.
MAIN MARKET
Mears (MER) is acquiring Pennington Choices for £9.5m in cash. This will add to the group’s compliance activities and it could contribute annual EBITDA of £1.5m.
Life Science REIT (LABS) has completed a strategic review and decided on a managed wind down. The slow pace of leasing activity has held back further investment, and the share price has been trading at a large discount to NAV. The wind down is expected to take around 18 months. The board is in discussions with the investment manager. A circular will be sent to shareholders to gain approval for the proposals.
Andrew Hore
Quoted Micro 14 April 2025
AQUIS STOCK EXCHANGE
BWA Group (BWAP) published an updated inferred mineral resource for the Dehane heavy mineral sands project in Cameroon of 4.2 million tonnes at 3.5% THM cut-off, comprising grades of ilmenite at 0.99%, kyanite at 1.54%, rutile at 0.13% and zircon at 0.11%. There are plans for a fundraising during this year to finance the development of the project. Chairman Jonathan Wearing bought 500,000 shares at 0.2p each and Tricastle Investments, a company he controls, purchased 1.33 million shares at 0.15p each, taking his total stake to 25.85%.
Tectonic Gold (TTAU) is acquiring Godolphin Exploration, which is exploring for tin and copper in Devon and Cornwall, for £3.66m. The two assets are Devon Great Consols and Great Wheal Vor and there are option agreements for each of them. The company intends to consolidate every 20 shares into one new share and change its name to Tamar Minerals. Mark Thompson will join the board.
All Things Considered (ATC) is acquiring 75% of Easy Life Entertainment, which is an artist management, PR and record label owner. The consideration is £750,000. Annual revenues are £510,000. There will be cross-selling opportunities.
Richmond Hill Resources (SHNJ) has signed a term sheet to potentially acquire mineral exploration licences in Quebec. The consideration is £3.3m in shares. A condition of the deal is a move to AIM. Trading in the shares has been suspended.
Cooks Coffee Company (COOK) says full year group store sales were 26% higher at £35.1m. Operating cash flow is growing.
EDX Medical Group (EDX) is launching TC100, a highly accurate early detection test for testicular cancer. A blood sample is assessed. There have been more than 30 study reports on the test.
Automotive electrification technology developer Equipmake (EQIP) has received a £368,000 order from Gilmour Space Technologies, which about to launch an Australian orbital rocket later in the year. Equipmake will supply electric motors and inverters.
RentGuarantor Holdings (RGG) increased quarterly revenues by 92% and average revenues per contract were 2.5% ahead in the three months to March 2025.
Mendell Helium (MDH) has raised £796,000 through a placing and subscription at 2p/share. Once the option to acquire M3 Helium Corporation is taken up a move to another UK stockmarket will be considered.
Valereum (VLRM) says the £19m strategic deal with DMC is nearing completion but the additional £1m subscription by a UK institution will not happen.
Clean fuel additives SulNOx Group (SNOX) says Colas Rail UK is adopting SulNOx Eco following an evaluation. There were sharp falls in emissions and a 4.5% improvement in fuel efficiency. This is the first major contract in the rail sector.
Chief executive Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 35.4% to 29.9%. Michael Rogers has a 4.88% shareholding.
Unicorn Asset Management’s stake in skincare technology developer Incanthera (INC) from 11.4% to 10.8%.
Ananda Pharma (ANA) has appointed former GW Pharma executive director Chris Tovey as an adviser.
ASSET MATCH
Political information provider Merit Group (MRT) has joined the Asset Match trading platform following its exit from AIM. Lord Ashcroft owns 42%.
JP JENKINS
Models and collectibles company Hornby (HRN) has left AIM and joined JP Jenkins.
AIM
Thor Explorations (THX) has announced a maiden dividend alongside its 2024 results. Higher gold production and lower production costs at the Segilola gold mine in Nigeria enabled net profit to jump from $10.8m to $91.1m on revenues up from $141.2m to $193.1m. There is no debt and net cash of $11.2m. Costs are expected to rise this year and production should be at least maintained. Dividends will be paid quarterly, and the first dividend is C$0.0125p/share – this will be the minimum quarterly level. The shares go ex-dividend on 1 May. The dividend policy will be reviewed in two years.
Ceramic hospitality products manufacturer Churchill China (CHH) is indicating its confidence for the medium-term by increasing the final dividend by 6% to 26.5p/share, which takes the total for the year to 38p/share. This was despite the dip in pre-tax profit from £10.8m to £8.5m as revenues fell from £82.3m to £78.3m. In the UK the sales to national pub and restaurant chains rose, but independents spent less. There was a decline in international revenues, although £1.1m of hotel projects were won. Additional retail business was taken on to help keep the manufacturing facilities running at an efficient level even though it is lower margin. The US was 9% of revenues and tariffs create uncertainty, but there may also be opportunities to gain from manufacturers in countries where the additional tariffs are higher. There is a new manufacturing facility in Romania. A flat profit is expected this year.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has made good progress integrating Belvoir. In 2024, the acquisitions meant that revenues jumped from £27.3m to £67.3m, while underlying pre-tax profit doubled to £22.3m. Even earnings improved from 28.4p/share to 31.4p/share. The dividend was raised from 14p/share to 18p/share. Net debt was £9.1m at the end of 2024.
Greatland Gold (GGP) is changing the domicile of the holding company to Australia. This will be called Greatland Resources Ltd and is part of the process of gaining a listing on ASX. The AIM quotation will be retained.
Organ transplant diagnostics developer Verici Dx (VRCI) has received the local coverage determination for Tutivia reimbursement, so revenues on the tests can start to be recognised. There were 292 tests ordered in the first quarter of 2025 and price has been set at $2,650 each. The annual global market is 100,000 patients. Singer previously cut 2025 estimated revenues from $11.6m to $4.4m. A fundraising is expected by June.
Induction Healthcare (INHC) is recommending a 10p/share cash bid from VitalHub Corp. That values the digital healthcare technology company at £9.7m. The flotation in 2019 raised £14.6m at 115p/share.
A strong gold price has benefited pawnbroker Ramsdens Holdings (RFX) in the first half and led to an upgrade in forecasts. Retail jewellery sales were also strong and the outlook for pawnbroking is positive. Panmure Liberum has raised its 2024-25 pre-tax profit forecast from £12m to £13.1m. There was a small downgrade for the foreign exchange division, and this is not expected to show growth next year.
Character Group (CCT) says that tariffs could hamper US sales this year and market guidance is being withdrawn. They were one-fifth of sales last year and it is difficult to assess the impact of the tariffs. Character still expects to be profitable in the year to August 2025. Interim figures should be in line with expectations.
Peru-focused gold explorer Nativo Resources (NTVO) is undertaking a feasibility study at the Toma La Mano tailings dump and there are other tailings dumps that are being considered. This will require additional funding. Peterhouse is subscribing for 12 million shares at 0.15p each, which gives the broker a 19.4% stake. That will be used to offset fees and Peterhouse will try to place the shares and provide Nativo Resources with 95% of the proceeds. Cash is being carefully managed, and some directors will receive their salary in shares. Further funds will be required by May and there are discussions with finance providers. Debt is being restructured. Nativo Resources is issuing 15.4 million shares at 0.7475p each to acquire Morrocota gold mine, which is near the 50%-owned Bonanza gold mine. The vendors are also subscribing for £10,000 of new shares. There are plans to start contract mining at Morrocota.
Clinical trials manager hVIVO (HVO) reported 2024 figures in line with its previous trading statement. Revenues improved from £56m to £62.7m and pre-tax profit rose from £11.9m to £14.1m. There was net cash of £44.2m before recent acquisitions and it is still expected to be £38m at the end of 2025, leaving room for more acquisitions. The 2025 revenues guidance for hVIVO is £73m.
Audioboom (BOOM) says the latest quarterly figures show record revenues per thousand downloads. The podcast platform operator increased 2024 revenues by 13% to $73.4m. The first quarter performance and advertising bookings were 15% ahead of the first quarter of 2024. Revenues are currently forecast to grow by 9% in 2025.
Belluscura (BELL) has withdrawn guidance for 2025 because of the uncertainty due to increased tariffs on imports to the US. The company’s portable oxygen concentrators are predominantly made in China, and the tariff will increase from 20% to 54%. Belluscura had been moving towards profitability. That is less likely to happen and could put pressure on the cash position. Earlier in the year, £4.7m was raised at 2p/share. John Gunn has increased his stake from 7.83% to 8.14%.
Consumer appliances retailer Marks Electrical (MRK) is showing signs of improvement. The full year trading statement shows revenues growing by nearly 3% to £117.2m, which was slightly lower than forecast. Pre-tax profit is set to fall from £3.3m to around £2.1m. Net cash was £8.8m at the end of March 2025.
Liquidators have been appointed to Bushveld Minerals (BMN). SP Angel has resigned as nominated adviser and broker.
MAIN MARKET
New Frontier Minerals Ltd (NFM) says the initial findings of rock chip samples from the Harts Range project in Northern Territory, Australia show heavy rare earths. There is Dysprosium Oxide (11.75%) and Terbium Oxide (1.87%). This is particularly attractive because of China restricting exports of rare earths.
Tirupati Graphite (TGR) has raised more than £2.5m from a zero-coupon convertible loan note issue. The conversion price has been lowered to 3.75p. In March, the Vatomina project has produced 388MTs of flake graphite concentrate. Lower ore grades and shutdowns meant that production was lower than expected. The audit of the annual results to March 2024 has resumed.
Andrew Hore