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Quoted Micro 17 August 2026
AQUIS STOCK EXCHANGE
Gledhow Investments (GDH) has received commitments for a £400,000 subscription at 1p/share, which was more than double the market price at the time. It is also acquiring Penina Resources in return for 21.9 million shares, and this bring £219,000 in cash. Penina Resources directors are Sam Quinn and Cameron Pearce, and they will join the Gledhow Investments board. That cash will be used to repay £219,566 of convertible loan notes. Tavira has been appointed broker, and the company will change its name to Panina Investments. There will be a greater focus on natural resources.
Ethry (ETHY) has agreed to a merger with Dunbar Energy to create a US-focused energy and digital infrastructure company. This is a 50/50 merger with Dunbar Energy shareholders potentially earning an additional 15% depending on performance. There will be a warrant rationalisation to simplify the capital structure. Dunbar Energy brings gas assets in Pennsylvania, and this is intended to be used to power data centres, while Ethry has similar plans for solar powering data centres. Access to affordable power is important for data centres.
Tomahawk Metals (TMHK) says satellite interpretation has identified three distinct prospect areas at the Saturn gold project in Western Australia. There are historical workings not shown in records. Rock chip samples have been sent for analysis. The assay results will help to assess potential and identify drill targets.
B HODL (HODL) has signed a non-binding letter of intent with Zeus Wallet to connect its Lightning Network routing to Zeus’ node infrastructure.
Falconedge (EDGE) has added 0.1514 Bitcoin during July, taking the holding to 21.2338 Bitcoin.
Marula Mining (MARU) says site works have begun at the Tonto Tshipi and Derdepoort manganese mines in South Africa. Talks continue with potential offtake partners. Delivery of copper from the Kinusi mine has been delayed.
Digital asset mining company Sterling Digital (ASIC) says two 2MW natural gas generators are producing electricity. These systems are being tested. The power will then be used for digital mining.
A person associated with IntelliAM AI (INT) chief executive Tom Clayton bought 10.966 shares at 81.5p each.
ASSET MATCH
Byotrol (BYOT) reported flat full year revenues of £4.3m, despite not having a contribution from IP income. The loss was reduced from £1.05m to £802,000. There was £457,000 in cash at the end of March 2026. Current trading is ahead of the previous year.
Fastjet (FJET) has received an indicative offer from majority shareholder (92.7%) Solenta Aviation Holdings. The offer is $22/share.
VP Fintech (VPF) has completed the acquisition of crypto payment gateway developer GlblNexus Inc in a share deal valued at £10m. This is based on a VP Financial valuation of £418.8m.
AIM
Retailer Mothercare (MTC) says 2025-26 net worldwide system sales fell 22% to £180m and the company’s revenues slumped 42% to £22.4m. System sales continue to decline due to uncertainty in the Middle East, the reduction in the number of stores and clearing old stock. A new franchise partner should be announced in the UK. Net debt was £5.7m at the end of March 2026 and the pension deficit is £35m. This year the loss is forecast to rise from £2.6m to £3.2m before a small reduction next year. Net debt is expected to rise.
Video games art outsourcing services provider Winking Studios (WKS) grew interim revenues 21% to $23.5m with organic growth of 9%. Building up the North American operations and investment in AI is hitting margins and holding back profitability, but the benefit should show through next year as new business builds up. All the growth came in art outsourcing division, while game development services were flat. That trend is expected to continue into the second half. SP Angel has trimmed its full year forecast revenues to $47.9m due to timing issues and most of the second half contribution is already in the order book. Continued investment will hit gross margins and lead to a full year loss of $6.6m. Growth should accelerate next year, and gross margins recover to past levels as new staff start generating income.
Security technology provider Thruvision (THRU) says a partner in Asia has won a contract worth more than £3m. The customers are a number of airports in south east Asia and the equipment will be used for “airport worker screening and insider-threat mitigation”. This is the largest ever Asian order. Delivery should be in the six months to March 2027. The Lang family has reduced its stake in the company from 9% to below 3%.
Automotive connection systems supplier Strip Tinning (STG) has been awarded a DRIVE35 grant of £3m from Innovate UK and the Advanced Propulsion Centre UK to help to scale up its manufacturing and develop the cell contacting system technology. This will fund the business beyond 2027.
Retailer Shoe Zone (SHOE) says cash generation has been better than expected and £3.5m will be returned to shareholders via buybacks. Cash was £7m on 25 July 2026 after strong July trading. Pre-tax profit forecast is unchanged at £500,000, but net cash at the end of September 2026 has been reduced from £13.1m to £11.4m, reflecting the full buyback.
Bravura Solutions Ltd (BVS), which recently joined AIM, increased underlying revenues by 10% to $282.6m and underlying net profit after tax of $63.1m. Recurring revenues are $165m. At the end of June 2026, cash was $50.3m, but there are unused debt facilities of up to $100m. A final dividend of 8.31 cents/share plus a special dividend of 6.69 cents/share.
Rent guarantee services provider Rentguarantor (RGG) reported interims in line with recently upgraded expectations. Revenues were 250% to £3.39m. Net cash was £2.4m at the end of June 2026. Full year pre-tax profit of £1.2m and that could nearly quadruple to £4.6m next year.
Gold miner Thor Explorations (THX) says second quarter revenues were $78m. EBITDA was slightly lower than forecast at $49m was hit by higher operating costs. Net cash is $219m. Drilling continues to extend the resource at the Segilola gold mine. Full year production guidance is maintained at 75,000-85,000 ounces of gold. A final investment decision for the proposed Douta mine is expected in the third quarter.
Window components Titon Holdings (TON) says that mechanical ventilation systems projects have been delayed into the next financial year. Shore has cut forecasts revenues from £18.3m to £17m, up from £15.8m last year, and there will be a full year loss. Cash was £2.2m at the end of July 2026.
AgTech and fire prevention technology provider Light Science Technologies (LST) interim revenues rose 26% to £3.73m, although the loss increased from £160,000 to £800,000. Net cash was £1.38m at the end of May 2026. The growth in revenues came in AgTech. Building regulation delays hit fire protection income in the first half. The company is still on course to breakeven this year.
Alien Metals (UFO) says further assay results for the Elizabeth Hill project includes further significant intersections and this will feed an updated JORC mineral resource estimate in the fourth quarter. Alien Metals owns 30% of the Elizabeth Hill project and 8.7% of West Coast Silver.
Distil (DIS) has received its first order for Blavod Black Vodka through its new US distribution partner. The first shipment will be in the quarter to December 2026.
MAIN MARKET
Fandango Holdings (FHP) plans to buy 50% of the Canyon silver, lead and zinc mine in Idaho. If the deal goes ahead Fandango will move to AIM.
Ashington Innovation (ASHI) is acquiring World Metal Group through a share issue. This will take the company into the metals recycling sector.
GRIT Investment Trust (GRIT) has called off the planned acquisition of Planet Scan.
Andrew Hore
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 15 June 2026
AQUIS STOCK EXCHANGE
Sterling Digital (ASIC) has entered a gas purchase agreement with a US supplier to power the Bitcoin mining operations in West Texas. The agreement lasts five years and includes the rights over 1.5 acres of land to establish the Bitcoin mining site. There is a minimum buying commitment of 96,360MMBtu of gas each year. Site installation works have commenced.
energy B (NRGB) is acquiring the 35% working interest in the Horse Hill oil field near Gatwick owned by UK Oil and Gas (UKOG), as well as the 77.9% shareholding in Horse Hill Developments. The combined interest in the relevant licences is 85.6%. The cost is £1m with an initial deposit of £100,000. A placing will raise £1.2m at 12p/share. This deal is part of plans to build a portfolio of oil and gas projects, as well as continuing with the wind turbine business. The Bitcoin treasury strategy has been withdrawn. David Lenigas is joining the board as executive chairman and Neil Ritson becomes chief executive.
Mendell Helium (MDH) has published updated details of its move to AIM. The move has been set for 16 June.
BWA Group (BWAP) has released results from the Aracari gold project ground magnetic survey. Major regional thrust and strike-slip faults were highlighted. A soil sampling programme has been completed.
Marula Mining (MARU) says copper sales from the Kinusi copper mine have been delayed from May to June. The Kilifi manganese processing plant postponed the initial manganese ore trial shipment due to the conflict in the Middle East. The budget for the NCLT tungsten project in South Africa has been set at $8.1m. This will be spent in two phases over 14 months. The first phase costs $2m.
Capital for Colleagues (CFCP) investee company Morris Commercial has unveiled the pre-production Morris-JE electric van. There is a path to pilot production in 2027 and commercial scale production the following year.
Wishbone Gold (WSBN) has completed 14 holes of the 25 hole drilling programme at the Red Setter project in Western Australia. Samples are being sent to Perth and results are expected at the end of July.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced a field works programme at the Golden Rose project in Newfoundland.
Falconedge (EDGE) has generated an income of 0.1766 Bitcoin during May. It holds 20.6736 Bitcoin.
Ethtry (ETHY) bought 75 Ethereum at £1,250 each for a total cost of £93,750. The company owns 1,000 Ethereum.
Unicorn Asset Management has reduced its stake in Incanthera (INC) from 9.47% to 8.61%.
Sebastian Marr and family have taken a 16.1% stake in Vaultz Capital (V3TC). Regent Resources Capital Corp owns 17.6%. Bryan Reid has sold his 7.28% shareholding.
Mark Barry has taken a 3.6% stake in Vault Ventures (VULT).
ASSET MATCH
Broker Direct (BRKD) fell into loss in 2025. The company stopped distributing EDI products to brokers and it launched new products for its clients. Revenues declined from £18m to £14.5m. There was a swing from a pre-tax profit of £368,000 to a loss of £1.85m. Cash was £11.5m at the end of 2025.
Marshall of Cambridge (MCH) has announced more details of the sale all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The gross purchase price is £200m before costs and tax. There is potential for further payments if the development outperforms expectations. This enables the company to focus on the aerospace business, although there are plans to sell this. Equity Development estimates a mid-point NAV of 324p/share.
VP Fintech Group (VPF) plans to acquire GlblNexus Inc. The Wyoming-based company is developing a crypto-to-crypto payment gateway designed to for digital asset payments, settlements, and blockchain-based transaction processing. The cost is currently confidential.
AIM
Marketing services provider Silver Bullet Data Services (SBDS) is asking for shareholder approval for a departure from AIM. It argues that the weak financial markets mean that the company is undervalued and hampers its ability to raise money. This will also save £500,000 each year. A general meeting will be held on 25 June. A matched bargains facility operated by JP Jenkins will operate for at least 12 months.
Virgin Wines (VINO) says full year revenues are 4% ahead even though the wine retail market is down by one-fifth. The fourth quarter was slightly weaker than expected. Higher rent costs and lower interest income have led to an increase in forecast 2025-26 loss to £1.5m. Warehousing is being consolidated in Preston. Cavendish expects a lower loss in 2026-27 and forecast net cash of £4m at the end of June 2027 should be the low point.
Genetic testing developer GENinCODE (GENI) reported 14% growth in 2025 revenues to £3.1m, but investment in preparation of growth in the US and other markets meant that the loss increased. There was a £4.12m cash outflow from operating activities during the year. Earlier this year, £4.3m net was raised at 1p/share, so there is enough cash to take the business into 2027. This year the new manufacturing and distribution deal with Thermo Fisher will start to make a contribution and an FDA submission for the CARDIO inCode-Score test assessing coronary genetic risk is expected in the third quarter. If things go to plan approval could be received by the end of 2026. Updated guidelines for this type of test were announced in March, and they should provide additional momentum for sales. This year Spain will continue to be the main generator of revenues, but GENinCODE is laying the foundations for additional growth in other markets next year. Ian Amiee, Daryl Amiee and Doolittle SSAS account Amiee has acquired a 3.06% stake.
Professional project services provider Diales (DIAL) management says the company’s turnaround is complete with legacy issues sorted out and selective hiring will help to maintain growth. Europe and North America were the main engine of growth in the first half. Interim revenues were 10% ahead at £23.7m and pre-tax profit improved from £700,000 to £1m, even after a £500,000 impairment charge. The gross profit margin rose from 26% to 29%. Utilisation levels dipped from 71.4% to 70.2%, although there was improved utilisation in Asia Pacific which moved back into profit on lower revenues. Revenues and profit were lower in the Middle East. Net cash was £3.9m at the end of March 2026. Full year pre-tax profit is expected to improve from £1.4m to £1.5m reflecting caution concerning global uncertainty.
Pri0R1Ty Intelligence (PR1) generated revenues of £174,000 in the year to September 2025 and the underlying loss was £3.3m. Cash was £796,000 at the end of September 2025. So far this year contracted revenues are more than £400,000. Prior to the results announcement the company announced an unsecured convertible loan note of £1.25m, and an At-The-Market facility will enable repayment of the convertible through share issues. The cash will provide working capital.
Capital machinery supplier Mpac (MPAC) is selling its subsidiary Lambert and trading remains tough. Lambert produced specialist packaging lines and differed from the rest of the business which supplies more standardised capital equipment. Lambert lost money last year, but it is expected to return to profit in 2026. Italy-based Mech.i. Tronic is paying an initial £16m for Lambert with up to £4m more depending on performance in 2026. This deal is part of the reason behind a sharp cut in the 2026 pre-tax profit forecast, but there are also tough trading conditions putting pressure on margins.
Shares in skin treatments developer SkinBioTherapeutics (SBTX) returned from suspension after the restated annual results and the most recent interims were published following an investigation in the financial affairs of the business. Royalty revenues of £770,000 were inappropriately recognised in 2024-25 due to fabricated documentation. That and the timing of bonuses hit past profit. Bonuses paid to Martin Hunt and Dr Cathy Prescott have subsequently been repaid. Interim revenues improved from £1.58m to £2.17m, while the loss was reduced from £1.04m to £794,000, but that was due to a £250,000 write back of contingent consideration.
Podcast platform operator Audioboom (BOOM) has concluded its strategic review. There were three potential bidders, but they were deemed to be undervaluing the business. First quarter revenues were a record and a 2026 pre-tax profit of $6.5m is forecast.
Atome Energy (ATOM) says that a presidential decree relating to the fixed price power purchase agreement with ANDE in Paraguay has been revoked. This means that there is uncertainty about the electricity tariffs for the Viletta fertiliser production project.
Medpal AI (MPAL) says that the UK regulatory approval of the first oral GLP-1 receptor agonist tablet developed by Novo Nordisk has come earlier than expected and this will provide a boost for the company’s New Health weight management clinic. It broadens the potential market.
Mindflair (MFAI) says CameraMatics, an investee company of Sure Valley Ventures, is raising up to €49m and Sure Valley Ventures first fund is realising part of its investment. This means that Mindflair, which invests in the fund, will receive a share of €280,000 in cash and will have a €320,000 working capital facility repaid. It also owns 24.4% of Sure Ventures plc which will receive €880,000.
Thor Energy (THR) has achieved impressive results from the phase 2 soil-air geochemistry survey at the HY-Range project, where it has a 80.2% interest, in South Australia. Peak natural hydrogen recorded was 0.3%, which is much higher than previous readings and the normal background levels. Exploration targets are being identified. Detail will be added by a 2D seismic survey.
Corporate finance business Marechale Capital (MAC) has obtained FCA approval for the acquisition of Stanford Capital Partners.
Great Western Mining Corporation (GWMO) shares will start trading on the US OTCQB market today and they should be attractive to US investors because of the mining assets in Nevada.
MAIN MARKET
Ground engineering and piling business Keller (KLR) has won an order for the I-40 highway in the US. This valued at $207m, taking the total work on the highway to $380m, of which $70m has been completed. The total order book is worth £1.9bn.
Seraphim Space Investment Trust (SSIT) has made another large book gain on a mature investment. ICEYE is valued at more than €10bn following the latest fundraising. Based on this the value of the holding has more than doubled to £202m. The increase is equivalent to 73p/share.
Cindrigo Holdings (CINH) has completed subsurface analysis and reservoir modelling for the Eich Hamm geothermal licence area. The estimated exploitable energy is 50% higher at 157.8MW, plus 7,230 tonnes per annum of lithium carbonate equivalent could be produced.
Neo Energy Metals (NEO) has suspended finance director De Wet Schutte after a misconduct allegation, although it does not relate to financials.
Andrew Hore
Quoted Micro 8 June 2026
AQUIS STOCK EXCHANGE
Incanthera (INC) is acquiring skincare brand Enielle for up to 54 million shares at 2p each depending on performance and its owner and boss Stuart Robertson will become Incanthera chief executive, taking over from Dr Simon Ward who will remain on the board. Tim McCarthy is stepping down as executive chairman. Enielle focuses on day time treatment of wrinkles and skin texture and it will fit with Skin + CELL, which is focused on evening use. There will be a multi-channel sales strategy and pricing is being reviewed.
Mendell Helium (MDH) has revealed its plans for the move to AIM. This is expected to happen in late June. No new shares will be issued.
Tomahawk Metals (TMHK) has completed the acquisition of the Koolyanobbing gold project in Western Australia. Progress is being made with due diligence for the option over Slovakian assets.
Low-energy digital asset miner Sterling Digital (ASIC) has entered into a contract with Terra Solis Mining for installation support for the first gas to energy site. Sterling Digital has opened a Bitcoin custodian account with Coinbase.
Quantum computing technology developer Delta Gold Technologies (DGQ) partner Penn State University has filed three patent applications, and these will be added to the Delta IP portfolio. The patents relate to using gold and other materials for their quantum mechanical properties for sensing, computing and information processing. Warrant exercises have raised £209,000. Directors have been buying shares.
Heart health ingredients developer ProBiotix Health (PBX) has secured a partnership with Slovakia-based iProbio for the supply of its probiotic strain LPLDL® for a new cardiometabolic health food supplement branded as CARDIObiom+®. Heat disease deaths in Slovakia are around 50% higher than the EU average.
Vaultz Capital (V3TC) is raising £1m from resources investor Regent Resources Capital Corporation at 2.2p/share. Creditors owed £320,000 will be paid. Vaultz Capital is assessing deals “aligned with the energy transition and digital economy, including strategic minerals, AI and digital infrastructure”. Eric Benz has had his employment terminated and he is no longer a director. Ian Burns is joining the board. Executive chairman Charlie Wood bought two million shares at 2.44p each. The share price is 2.6p, compared with an estimated NAV of 3.1p.
Quorium Global Photonics SPC has reduced its stake in Valereum (VLRM) from 49.9% to 44.8%.
Sulnox Group (SNOX) announced a distribution agreement with DLBC, which supplies lubricants to agricultural and transport clients in France. This broadens the use of Sulnox emissions reduction additives.
Vault Ventures (VULT) has identified that trading by its Dubai subsidiary in crypto assets has led to large losses and the loan pf £2.15m advanced to the subsidiary will be written down. There are still potential recoveries from the business.
WeCap (WCAP) has raised £37.250 at 0.35p/share for working capital for the next six months.
BWA Group (BWAP) has appointed Peter Taylor as chief executive.
Ethry (ETHY) has bought 108.3253 Ethereum for £162,488. That takes the total stake to 925 Ethereum
EPE Special Opportunities (EO.P) announced on 1 June that it planned to buy back up to £2m worth of shares. It has bought 206,250 shares and does not intend to buy any more.
Unigel (UNX) shareholders voted to leave Aquis. Chan E Lin has taken a 6.74% stake. The cancellation will be on 22 June.
JP JENKINS
Renewable energy company Thrive Renewables (THRV) reported a decline in full year revenues from £26m to £21m, while operating profit fell from £11.3m to £3.6m. This is due to lower electricity prices. The final dividend is 12p/share. The plan is to double generation capacity by 2028.
ASSET MATCH
Isles of Scilly Steamship Company (IOS) says its new freight vessel is on its way from Vietnam. The company wants to move Skybus into profit. Trading was in line with expectations in the year to March 2026. Andrew Sells has requested access to the share register so that he can contact shareholders.
Marshall of Cambridge (MCH) has sold all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The airport site will be leased back so that operations can be moved by 2029. Further details will be announced.
Zytronic (ZYT) has sent out the circular to gain shareholder approval for the winding up of the company. The general meeting will be on 26 June and the company would leave Asset Match on 27 June. A cash distribution is expected within three months.
Gulfsands Petroleum (GPX) reported a cash outflow from operations of $2.89m in 2025. Net debt is $1.53m. In march 2026, a management team set foot in Block 26 in Syria for the first time in more than 14 years.
AIM
Corporate finance business Marechale Capital (MAC) is acquiring broker Stanford Capital Partners along with global asset tokenisation platform Blubird Global and NJC Capital Management VSA Private Fund and its manager. The payment is 75.2 million shares issued at 1.75p each, which values the businesses at £1.32m. There will be £1.06m raised at the same price. This will make Marechale a digital merchant bank with tokenisation offering an alternative way of raising money for clients.
Portmeirion (PMP) raised £15m at 50p/share and a retail offer could raise up to £2m more. The homeware brands company will use the cash to reduce net debt and to invest in the US Amazon online business that has been brought in-house. There could also be small bolt-on acquisitions.
Iodine producer Iofina (IOF) has secured an additional supply of brine for the IO#11 plant and this will increase utilisation rates and profit. Annual production iodine volumes could increase to 45-65 tons. Production could start to increase during the third quarter of 2026. A $1.5m investment is required for a pipeline and other related costs.
Pawnbroker Ramsdens (RFX) made a higher profit in the first half than in the previous full year. The interim pre-tax profit jumped from £6.1m to £16.7m, and interim dividend is raised from 5p/share to 9p/share – including a special dividend of 3p/share compared with 0.5p/share the previous year. The loan book is at record levels. Precious metals purchases more than doubled and jewellery retail sales grew by 26%. Forex income declined. Cavendish raised its 2025-26 pre-tax profit forecast by 6% to £30.3m.
Scotland-based housebuilder Springfield Properties (SPR) has eliminated bank debt and had net cash of £1m at the end of May 2026. This will provide opportunities to acquire additional land when there are good prospects available. Full year pre-tax profit is set to be in line with expectations at £12.6m in 2025-26.
Electronic and electro-mechanical component supplier LPA Group (LPA) returned to profit in the first half. Revenues increased 45% to £13.8m with a recovery in rail income and higher industrial sales. There was a return to profit. The order book is worth £29.3m and stretches to 2028-29.
CleanTech Lithium (CTL) has raised £4.77m via a placing at 6p/share. A proposed WRAP retail offer could raise up to £250,00. The outstanding convertible loan notes will be converted into 64.5 million shares. Chairman Steve Kesler has taken £276,273 of fees in 4.6 million shares at the issue price. The cash raised will fund licence purchase costs at Laguna Verde, finance the environmental impact assessment and refinement of the direct lithium extraction processes. Nearly 20 million options will be granted to directors and senior management as part of an incentivisation package.
Floorcoverings distributor Likewise (LIKE) has increased like-for-like revenues by 16.5% in the first five months of the year. May was 19% ahead. That is higher than the first quarter growth of 15%. Capacity is being increased and it will exceed £250m per year.
Ceramic and fragrance products supplier Portmeirion (PMP) announced a fundraising late on Wednesday evening. It raised £15m at 50p/share and a retail offer could raise up to £2m more. The homeware brands company will use the cash to reduce net debt and to invest in the US Amazon online business that has been brought in-house. There could also be small bolt-on acquisitions.
Petrogas will not be making a bid for Deltic Energy (DELT). Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share and it has been recommended by the board of the oil and gas company. The value is £7.2m.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) continues to rapidly increase its NAV as its portfolio of investments matures and they start to generate revenues. In the quarter to March 2026, the NAV increased by one-quarter to 177.6p/share. Higher defence spending has boosted space investment. Many of the investments have raised money and are well-financed. The £137m raised in the C share issue provides additional funds for new investments.
Andrew Hore
Quoted Micro 11 May 2026
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased full year revenues by 6% to £23.4m, while pre-tax profit was flat at £1.1m. Race day attendances were one-quarter higher at 165,492. The final dividend is unchanged at 6p/share.
Invinity Energy Systems (IES) is successfully reducing the cost of the Endurium vanadium flow battery technology and making other cost savings. A contract with a Hungarian customer has been delayed and a potential US contract will take longer than expected to contribute. Revenues guidance for 2026 has been reduced to £13m and the loss could be £25m. Cash should still be £7m at the end of 2026.
Majestic Corporation (MCJ) says that its Wrexham recycling facility is operational.
Delta Gold Technologies (DGQ) has provisionally filed a patent under the research sponsorship agreement with the University of Toronto. The patent is for novel transducer structures for quantum devices. The details of the patent will be confidential for 18 months while additional work is undertaken.
Mendell Helium (MDH) has published the circular to gain shareholder approval for the issue of shares and the taking up of the option to acquire M3 Helium. The general meeting is on 18 May.
Sulnox Group (SNOX) has secured a distribution agreement with Aditya in India. This will provide access to 400 commercial and industrial customers. A patent has been granted in Algeria for fuel oil reclamation.
EPE Special Opportunities (EO.P) had net assets of 428.69p/share at the end of April 2026.
BWA Group (BWAP) has engaged SRK Exploration to conduct a ground magnetometry survey and interpretation for the Aracari gold project.
Ethtry (ETHY) has participated in a loan facility for Cerulean Winds. It has committed £500,000 to the investee company to fund development of the Aspen Phase 1 floating offshore wind project. Cerulean Winds has three seabed leases with a combined potential capacity of 3GW. There is a likely to be a final investment decision in 2027. Ethtry is considering a move to AIM.
Shepherd Neame (SHEP) non-exec George Barnes bought 680 shares at 506.8p/share.
Connecting Excellence Group (XCE) has raised £125,000 at 1.75p/share through a new strategic investor and an existing investor.
Oberon Investments (OBE) chairman Michael Cuthbert bought 300,000 shares and Alexander Hambro acquired 857,143 shares all at 1.7535p each.
AIM
Pawnbroker Ramsdens (RFX) has published the third trading statement in three months. Guidance for 2025-26 pre-tax profit has been upgraded from £24m-£28m to £28.5m-£31.5m. The gold buying operations are part of the reason, but jewellery retail and pawnbroking are also doing better than expected. Foreign exchange is slightly weaker than anticipated due to lower margins.
Online performance marketing business B90 (B90) reported results in line with the recent trading statement and management intends to use the AI performance marketing technology it has developed to move into new sectors. Revenues more than doubled to €7.2m and pre-tax profit was €1.1m, up from €700,000. Importantly, there was €603,000 in cash generated from operations and net cash was €1m at the end of 2025.
Investment that Light Science Technologies (LST) has made into gaining approvals in additional sectors for its contract electronics manufacturing business is starting to pay off. An initial order has been won from a medical devices supplier. This is worth £160,000 and could be worth up to £650,000 annually. This follows an order earlier this week worth £410,000 for the supply of Injectaclad material for fire protection. The acquisition of the Injectaclad business was completed on 14 April. The company was previously only an installer.
Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share for Deltic Energy (DELT) and it has been recommended by the board of the oil and gas company. The value is £7.2m. The bidder is providing a bridging loan of up to £2.9m.
Acoustic and insulation materials developer Autins Group (AUTG) returned to profit in 2025-26 even though revenues fell from £19.3m to £17.6m. There was an underlying net profit of £170,000, helped by an improvement in gross margin to 36.4%. This was despite a cyber attack at a major customer. There was an exceptional charge of £807,000 related to the cyber attack disruption and a cost relating to the German flooring business. Net debt is £1.6m. New contract wins provide a solid base for the current year, although expected revenues have been reduced from £24m to £22m. Post-tax profit estimate has been edged up to £800,000. Further growth next year could mean post-tax profit of £1.4m.
EnergyPathways (EPP) will be awarded a gas storage licence by the North Sea Transition Authority for its MESH project. It covers up to 60 salt storage caverns. This is part of a project in the East Irish Sea. The gas storage facility could double the UK’s gas storage capacity.
NAHL Group (NAH) increased pre-tax profit by 129% to £4.97m in 2025. This helped net debt more than halve to £3.2m. This reflects the success of handling personal injuries claims through its own National Accident Law firm. Uncertainty about its future hit the performance of the critical care division, but NAHL has decided to retain it and has changed the management. However, currently more claims are being settled is greater than new enquiries and that will hit the performance of NAHL this year. There is no forecast for 2026.
Furnishings brand Colefax (CFX) has traded ahead of expectations in the second half. Like-for-like sales are 7% ahead in the three months to April 2026. Full year pre-tax profit is expected to be at least £10.5m.
The new board of mathematical modelling and biostatistics company Physiomics (PYC) has started a review of the business. Costs will be controlled and directors will receive part of their payments in shares that will be issued each year at the price prior to issue. The board says that it has identified new opportunities that can be exploited over the medium-term. Cash should last until 2027.
Dillistone (DSG) reported a 14% fall in 2025 revenues to £4.2m, but an improved pre-tax profit of £400,000. This relates to the original IT recruitment software business, and new management has come into the group to pursue a buy and build strategy. That means the company could be significantly different in one year. The current business appears to be stabilising.
Real-time equipment monitoring technology developer Tan Delta Systems (TAND) has received an order worth £395,000 from a leading manufacturer of large commercial and industrial engines. It is for real-time oil analysis systems.
Reabold Resources (RBD) consolidated 1,000 shares into one new share.
Trading in Trellus Health (TRLS) shares has been suspended because of financial uncertainty. There is enough cash to last until the middle of June. Options include the sale of the trading business.
Alien Metals (UFO) says its joint venture partner in the Munni Munni Platinum-Palladium-Copper-Nickel project has reported infill drilling results that have some of the highest grades so far.
MAIN MARKET
Distribution company Smiths News (SNWS) reported a 4% decrease in interim revenues to £515.7m, while pre-tax profit fell from £13.1m to £12.7m. The interim dividend is unchanged at 1.75p/share. The company moved into a net cash position. The core newspaper and magazine distribution operations have secured most of their expected revenues the next few years and the cash they generate can be reinvested in newer distribution operations, such as recycling and distribution of other products. Full year pre-tax profit could be slightly down at around £34m.
Online travel hostel agency Hostelworld (HSW) reassured investors that trading is in line and there have been no significant hit from the Middle East conflict as yet. There is weakness in demand for Asia, but intra-Europe travel is holding up well.
Andrew Hore
Quoted Micro 13 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL), which is changing its name to Serval Resources, raised £34,000 in its retail offer at 22.5p/share, which is below the maximum level of £300,000. It is acquiring Kalahari Copper and moving to AIM on 27 April.
Digital assets investor Valereum (VLRM) has received confirmation that the $300,000 cash element of the coupon is being paid in instalments over four days. Further amounts due from strategic partner Quorum Global Photonics (QGP), which is a 49.7% shareholder, are expected to be paid under the $200m royalty and streaming financing agreement. Pieter Scholtz and Gerhard Kotzee are directors of both companies.
Wishbone Gold (WSBN) plans to acquire the Silver Lake project in Western Australia. Before that happens, historic data will be further analysed. If it goes ahead 3.57 million shares will be issued for the acquisition.
Hot Rocks Investments (HRIP) has made new investments in Central Gold, Futuro Resources and Cobra Resources (COBR). Investee company Mendell Helium (MDH) is moving from Aquis to AIM, and 49%-owned Sunshine Gold Capital has been granted a third tenement as part of the Dexter gold project, which is near to two existing gold mines in Western Australia.
Stack BTC (STAK) made a loss of £110,000 in the six months to January 2026. There was cash of £51,000 at the end of January 2026 and since then £4.28m has been raised. There have been 31 Bitcoin acquired. The focus is finding a business to acquire.
Ethtry (ETHY) has spent £100,000 to buy 66.6737 Ethereum. It owns 816.6737 Ethereum.
Cooks Coffee Company (COOK) was franchisor of the year (expanding food and non-food) in the 2026 Irish Franchise Association Awards, and a franchisee was named franchisee of the year.
Shepherd Neame (SHEP) non-exec director George Barnes bought 2,173 shares at 458p each. Falconedge (EDGE) chief executive Roy Kashi and family have bought 2.9 million shares for an average of just over 1p each. The total holding has risen to 6.45%. EPE Special Opportunities (LON: EO.P) directors Clive Spears and David Pirouet each bought 5,968 shares at 176p and 168p respectively.
TechFinancials has changed its name to Ubuntu Mining and Metals Inc (UNTU).
ASSET MATCH
Brewer Wadworth and Company (WAD) says 2025 accounts should be published later in April. Strong Christmas trading meant like-for-like sales were 7% ahead. Beer volumes were 16% higher in the first two months of the year as the company sold more of its beer via its own pubs. Like-for-like sales of the group are 4% higher, but margins are under pressure even though gas and electricity costs are set until 2029. One pub was sold in January.
AIM
RentGuarantor (RGG) growth is accelerating with first quarter revenues more than doubling to £880,000 and this has sparked an upgrade. New partners have been brought onboard. It is also offering a new product with mydeposits that combines insuring rent deposits with the rent guarantee service. Allenby has increased its 2026 pre-tax profit forecast by 26% to £300,000. This would be a maiden profit.
Van Elle (VANL) is recommending a 52.3p/share cash bid from STRABAG UK, which values the ground engineering company at £58.8m. The share price has not been that high for more than three years. The directors had talks with other suitors before receiving this bid approach. Vienna-based STRABAG provides construction services, and it was seeking to expand in the UK.
Alien Metals (UFO) says joint venture partner GreenTech Minerals has identified material upside potential for the Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia not included in the current mineral resource estimate of 24Mt @ 2.9 g/t PGE₄ for 2.2Moz. Alien Metals has a 30% interest and a free carry until completion of a bankable feasibility study. High grade zones have been identified and there is potential for open pit mining. The results of the maiden drilling programme should be announced later this month. Joint venture partner West Coast Silver has announced a 1,500 metre drilling programme for the Elizabeth Hill silver project in Western Australia.
Data analysis software and services provider Celebrus Technologies (CLBS) says full year revenues are broadly in line with expectations at $23.3m, down from $38.7m because of a change in business model, and the loss will be around $200,000. Annualised recurring revenues grew from $13.6m to $15m. Two bank customers sold off parts of their businesses, so their payments were reduced. Some expected deals at contracted stage were lost or delayed and Celebrus Technologies is improving its skills in winning new clients. Cash was $32m at the end of March 2026. Another loss is anticipated for 2026-27.
Mercantile Ports and Logistics (MPL) is pursuing legal remedies to regain control of port operating subsidiary, Karanja Terminal & Logistics. One bank did not sanction an agreement for a one-time settlement of company debt with the consortium of banks. The court has told the Committee of Creditors holding the company debt to consider an offer to redeem 100% of outstanding debt. There has been no progress and there are potential buyers interested in the assets. An international oil and gas company is a potential provider of funds to help redeem the debt. A meeting was held to consider Mercantile’s proposal on Friday 10 April.
The shares of Secure Property Development and Investment (SPDI) returned from suspension. The property company amended heads of agreement with energy storage technology developer Adven, which it is proposed will acquired SPDI, so it is not a reverse takeover anymore. Instead, Adven intends to join AIM and launch a share exchange for SPDI. Adven can then raise money via EIS.
Steppe Cement (STCM) has increased cement sales in Kazakhstan in the first quarter of 2026 to 344,058 tonnes, from 276,217 tonnes in the same period last year. The average price was one-fifth higher at around $57/tonne. Market share increased to 16%. Capacity is being increased and the final estimated cost is $35m.
Atome (ATOM) is in the final stages of negotiations for the funding of the Villeta fertiliser project in Paraguay. Definitive documentation with the equity consortium is expected by 17 April. The potential funders are likely to be at the IMF and World Bank spring meetings at that time.
Physiomics (PYC) has accepted a general meeting request from Michael Whitlow, who owns 13.7%, and the meeting is on29 April. Michael Whitlow wanted to appoint Nicholas Tulloch, Ian Bagnall, Martin Gouldstone (later removed) and himself as directors and remove Dr Jim Millen, Shalabh Kumar, Dr Tim Corn, and Dr Peter Sargent, as long as least two of the new directors are appointed. The board did offer to appoint two non-execs to replace two existing ones, but it felt that the remuneration requested was too high. The board believes that the disruption could hamper the ability to commercialise its IP. They are asking shareholders to vote against the resolutions.
Quantum Blockchain Technologies (QBT) says a court has stopped enforcement of a €6m plus damages award against Sipiem relating to the Mediapolis business. The company has not been able to enforce the seizing of property of a former Sipiem director because he has declared bankruptcy. The liquidation of Mediapolis is being completed and a further distribution of €132,000 is expected to be received by the end of June.
MAIN MARKET
Financial management software developer Aptitude Software (LSE: APTD) has decided to seek a potential purchaser as well as considering other options for the business. It is possible that other businesses would be sold to concentrate on Fynapse. The refocus on that product led to a 1% dip to £49.8m even though Fynapse sales were higher. Recurring revenues were £54.4m and operating profit was flat at £10m. Net cash is £21.2m. The dividend is 5.4p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for its PTSD programme. The patent covers a chemically distinct monoamine modulator series designed to modulate serotonin, dopamine and noradrenaline transporter systems (SERT, DAT and NET) and lasts February 2043.
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 February 2026
AQUIS STOCK EXCHANGE
Sulnox Group (SNOX) has generated £1.69m in the nine months to December 2025, compared with £650,000 in the comparative period. A further £335,000 of sales have been generated since then. So far this year, emissions reduction additive volumes grew 265%. Cash was £1.12m at the end of 2025.
Delta Gold Technologies (DQG) shares have started trading on the OTCQB Venture Market in the US. This will help the quantum computing IP company to access US investors. Jonathan Mark Swain has increased his stake from 21.3% to 22.6%.
Connecting Excellence Group (XCE) purchased 1.065 Bitcoin for £64,000 using cash generated by the executive search business, which had revenues of £253,000 in January. The total holding is 52.425 Bitcoin at a total cost of £3.15m. The share price declined 35.9% to 1.25p. The original placing and offer price was 2.1p/share.
Ethry (ETHY) has bought 250 Ethereum at an average price of £1,997 each. It owns 750 Ethereum at an average price of £2,272.33 each.
B HODL (HODL) owns 160.388 Bitcoin after earning 0.093 Bitcoin during January. The company has shareholder permission to buy back shares, as well as entering an At-The Market equity offering via Canaccord Genuity. Share issues have to be at a share price that is a premium to the market value of the company’s Bitcoin holdings.
Pieter Scholtz and Gerhardus “Gerhard” Kotzee of Quorium Global Photonics SPC have been appointed as executive directors of Valereum (VLRM). Grant Gischen has also been appointed as an executive director.
Seneca Partners has reduced its stake in Probiotix Health (PBX) from 6.6% to just under 5%.
Stack BTC (STAK) has raised £6,000 at 1p/share. This will provide working capital.
Fenikso Ltd (FNK) has received a further $437,000 from Lekoil Oil and Gas Investments out of crude oil sales, leaving $33.7m owed.
Tamar Minerals (TMR) sats White Energy Company says that four holes of the Specimen Hill project drilling have been completed with up to nine more planned. Tamar Minerals has a 3% Net Smelter Royalty (NSR) on all future mineral sales.
James and Alexandra Peace have a 6.58% stake in brewer Shepherd Neame (SHEP).
Falconedge (EDGE) shares have started trading on the OTCQB Venture Market in the US.
Marula Mining (MARU) has appointed Alpheus Nethononda, Martin Westerman and Boniface Mbithi as directors.
VVV Sports (VVV) has repaid a £250,000 loan from Campana Investments, which is controlled by VVV Sports chairman Jonathan Rowland.
ASSET MATCH
C4X Discovery (C4XD) will leave Asset Match after the final auction on 12 February. Further progress is required to secure partners for existing programmes. Operating costs have been reduced.
Gulfsands Petroleum (GPX) has closed the fractional share auction, and all the fractional entitlement shares have been placed.
AIM
Antennas components and systems supplier Filtronic (FTC) did well to report barely changed interim revenues of £25.3m given the exceptionally strong first half the year before. Investment in the business has increased costs, so pre-tax profit declined. There is a record order book. Full year revenues are set to be 4% lower at £54m and pre-tax profit could slip from £15.1m to £8.3m.
Chip designer and supplier EnSilica (ENSI) reported interims that were flagged in the recent trading statement. Revenues were 37% ahead at £12.7m with strong growth in chip supply revenues and design income for future supply. There is already 95% coverage of forecast full year revenues of £28m, which would lead to a return to profit. There are design deals that will become supply deals over the next couple of years, so future growth is already in the pipeline.
Online gaming marketing business B90 Holdings (B90) generated higher revenues than expected in 2025. Zeus has upgraded its revenues forecast by 11% to €7.1m. The pre-tax profit forecast is maintained at €1.1m because marketing costs have been increased to cover higher costs and continue the growth in revenues. Net cash is €900,000.
Specialist cleaning services provider React Group (REAT) increased full year revenues from £20.7m to £24.9m, helped by an acquisition, but pre-tax profit dropped from £2.1m to £2m and earnings fell further because of shares issued to fund the 24hr Aquaflow acquisition. There was an organic decline of 10% due to lower cleaning frequencies, but there was a stronger second half. Net debt is £2.2m, excluding leases. Investment in digital admin will help the LaddersFree business to grow.
Building products manufacturer Alumasc (ALU) has reported interim revenues that dipped from £57.4m to £50.4m, partly down to a £5.5m contribution from Chek Lap Kok airport in the previous period that was not repeated in the recent six months. Underlying pre-tax profit dropped from £7.5m to £4m. A further £1.1m of annualised cost savings have been achieved. The interim dividend was maintained at 3.5p/share.
Tungsten West (TUN), which owns the Devon-based Hemerdon tungsten and tin mine, published an updated project value on the back of strong metals prices. The NPV7.5% has increased from $190m to $1.7bn. Management followed this up with a fundraising of £44.4m at 18p/share, including a fully subscribed retail offer of £3m. The cash will finance the feasibility study and pay back the bridge facility. It will help to accelerate the move towards production in the third quarter. Debt financing discussions are continuing with multiple lenders.
Localisation and digital media services provider Zoo Digital (ZOO) is seeing signs of recovery in activity and has received initial orders from two major US studios. Gillian Wilmot and Mickey Kalifa are stepping down from the board after many years, and Nathalie Schwarz will replace Gillian Wilmot as chair. Two new non-executive directors will be appointed.
Image Scan (IGE) says a major defence contract that was going to use the company’s ThreatScan® portable X‑ray systems has been terminated. The was a 36-month programme that would have been a major contributor to 2026-27 and 2027-28 revenues. The termination reduces the order book from £4.67m to over £1m.
Advanced coating provider Hardide (HDD) continues to win new business and this has sparked an upgrade in the forecast for 2025-26. The latest order is from a North American energy company, and it is worth $1m. This should be delivered in the second half. Cavendish has upgraded its earnings forecast by one-quarter to 1.9p/share on a £1m increase in forecast revenues to £9m. That shows the operational gearing of the business.
Recruitment software provider Dillistone Group (DSG) announced a £1.5m fundraising at 10p/share. Management believes that the company has to become larger to take advantage of the AIM quotation. P&R Investment Management has taken a strategic stake of 26.8% via its fund. They are appointing Matthias Riechert and Aakash Vanchi Nath to represent them on the board.
Inspecs (SPEC) says that the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The general meeting has been delayed from 9 February to 23 February.
Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, says it has enough funding for most of the first quarter of 2026, having reduced cash burn to $400,000/month, and it is in talks for additional funding. Revenues were $545,000 in 2025. Last year, the agreement with Pfizer to license patient support educational content for inclusion in Pfizer’s IBD digital application was renewed and it could be expanded this year. Trellus Health has begun launching the programme to support recruitment and enrolment optimisation for an ongoing mid-stage immunology and inflammation clinical trial sponsored by Takeda. There has been trimming of some major shareholdings in the company, including by Icahn School of Medicine, which has reduced the stake from 25% to 22.3%.
Sports and leisure products supplier Tandem (TND) improved revenues by 6% to £26.2m in 2025 despite weak consumer confidence. Bicycles and home and garden sectors grew fastest, offsetting the drop in toys, sports and leisure. Efficiency improvements mean that pre-tax profit should be slightly ahead of expectations of £500,000 – Cavendish forecasts £600,00. Management hopes to maintain the rate of growth in revenues this year. The results will be published on 23 March.
Huddled Group (HUD) has raised up to £730,000 from a share subscription at 1.75p/share and secured a debt facility of up to £600,000. There is also a retail offer of up to £100,000. The cash will fund additional stock for the retailer. New marketing initiatives are proving successful.
Financial market data software provider Arcontech (ARC) reported a 5% dip in revenues to £1.4m because of a loss of a contract and a decline in operating profit from £400,000 to £300,000. Reduced working capital helped net cash increase to £7.8m. Cavendish expects revenues to fall 13% and pre-tax profit to decline 30% to £700,000.
Automotive interior components supplier CT Automotive (CTA) expects to report adjusted pre-tax profit of at least $10m for 2025. This was after product launch-related costs of $400,000. Net debt was $7.7m at the end of 2025. Contracts have been won that will build revenues over the next few years. This year’s revenues will not get much of that benefit until later in the year and modest growth is expected.
Gold producer and explorer Ariana Resources (AAU) has settled outstanding loan balances due under the facility agreement with RiverFort Global Opportunities PCC, which issued a conversion notice. The outstanding balance of $782,575 was converted into 40.4 million shares and these are likely to be admitted to trading on 5 February. RiverFort is not likely to be a long-term shareholder so these shares could be sold in the near-term.
Chesterfield Special Cylinders (CSC) says the defence order book continues to strengthen following a new contract for specialised pressure vessels for French navy submarine. Management believes it could gain a major contract for hydrogen storage systems during this year. This year will be second half weighted and full year revenues are expected to be significantly higher. Revenues are forecast to be 18% ahead at £19.5m and the company should move close to breakeven.
Full year revenues at restaurants operator Various Eateries (VARE) were in line with expectations at £52.4m, but margins were better that expected and the loss was lower than expected at £2.4m. There was 2% like-for-like growth in revenues and there was a strong performance over the Christmas period. Zeus has reduced its 2025-26 loss estimate to £1m with forecast net cash of £1.9m.
MAIN MARKET
Bitcoin investor and wed development company The Smarter Web Company (SWC) moved to the Main Market on 3 February. The share price opened at 43p and ended the week at 36.75p.
Satsuma Technology (SATS) says that it has accepted the requisition of a general meeting by shareholders. The four resolutions proposed are for the removal of Henry Elder and Andrew Smith from the board and their replacement by Nicholas Lee and Paddy Dean. The board is aware that apparently the majority is supportive of these resolutions. It will make a further announcement.
Alkemy Capital Investments (ALK) says projections for the Front-End Engineering Design programme for its proposed lithium hydroxide refinery in Teesside are at the lower end of the global cost curve. Capex is US$243.6m and there should be an EBITDA of US$65.9m each year. The facility could produce 25,000 tpa of battery-grade lithium hydroxide monohydrate for batteries.
Andrew Hore
Quoted Micro 26 January 2026
AQUIS STOCK EXCHANGE
Cardiometabolic health products developer ProBiotix Health (PBX) increased sales by 45% to £2.72m in 2025 and reduced the loss. During the year, ProBiotix entered the Korean market and submitted applications for two new clinical trials. There was £1.27m in the bank at the end of £1.27m. The order book is worth £1.3m. The business has been structured to cope with further growth. There will be a focus on growth in Asia Pacific. In Europe, the company is seeking to substitute its LP LDL product for Monacolin K as a cholesterol lowering ingredient in supplements. There are opportunities in the US, but they could be delayed by the trade background.
AIM-quoted Pulsar Helium (PLSR) has issued a further 145,434 consideration shares to Aquis-quoted Oscillate (SRVL) as part of the deal to acquire Quantum Hydrogen. This takes the stake to 80% with an option to acquire the rest for $400,000 in shares issued in five equal instalments.
Astrid Intelligence (ASTR) has acquired TaoFi, which provides transactional and liquidity services that are essential to the operation of the Bittensor ecosystem. This strengthens the company’s position in protocol-level services. The consideration was paid in TAO tokens.
Connecting Excellence (XCE) has received settlement of 10 Bitcoin for the first XCE BTC Bond, issued on 31 December 2025 with a BTC price of £65,104.26. the company has 51.35988275 Bitcoin.
Bitcoin investor Stack BTC (STAK), formerly Kasei Digital Assets, returned £3.5m to shareholders and that was the major reason behind the 84.6% decline in the share price to 2p.
Ethereum and technology investment company Ethtry (ETHY) is seeking to develop activities in quantum technology, AI and energy transition services. It has bought 500 Ethereum at £2,412 each. A partnership has been secured with AMINA Bank, which will provide access to regulated banking infrastructure and digital asset services.
Ajax Resources (AJAX) has entered newly negotiated terms for the purchase of the Paguanta project in Chile. The initial payment is $50,000 in cash $350,000 of shares at 25p each. Deferred consideration is $500,000 on proved reserve exceeding 25 million tonnes at more than 5% zinc equivalent and/or $500,000 on proved reserve exceeding five million tonnes of copper.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought ten Bitcoin at £67,210 each, taking its holding to 2,674 Bitcoin at an average price of £82,800 each. The total value is £221.4m. The company is moving to the Main Market on 3 February.
Shares in Valereum (VLRM) returned from suspension 10% lower at 11.25p. A share subscription agreement has been signed with Quorium Global Photonics (QGP), which will subscribe for 243.5 million shares. There is a lock-in agreement until the shares are listed on Nasdaq or New York Stock Exchange, except for 1.44% of the shares each month. In return Valereum will receive $200,000 of medium term notes with an annual coupon of 7.95%. That will generate $15.9m/year for five years. A $1bn bank facility is provided for. There will be $200,000 in fees paid to QGP, which will also receive warrants. Guild Financial Advisory has been appointed corporate adviser
Sulnox Group (SNOX) has obtained another patent in South Africa. This is for an improved oil/water separation methodology for its emulsification products. Sulnox Group has issued 1.4 million shares to Eastern Pacific Shipping Pte Ltd based on the volume of Sulnox Eco it bought.
Brewer Shepherd Neame (SHEP) says beer volumes fell 6.6% in the first half, while own beer volumes slipped 11.6%. like-for-like pub sales were 4.5% ahead following a strong Christmas period. Tenanted pubs income was 3.1% higher. The interim results will be announced on 18 March.
Maiden figures from Delta Gold Technologies (DGQ) show an interim loss of £126,000 with no revenues. This is to October 2025, so it is before the quantum computing company joined Aquis, raising £2.5m at 10p/share. There is a sponsored research agreement with the University of Toronto.
In the year to August 2025, Capital for Colleagues (CFCP) generated revenues of £1.04m and there was a loss of £1.31m due to reductions in the value of investments. Excluding that, there would have been a profit. NAV was 72.86p/share. There is no dividend.
TechFinancials (TECH) has signed an agreement to acquire up to 60% of the Dilotiko iron ore project in Kenya. The issue of 57.1 million shares has led to the acquisition of 25%. A mining permit is going through an evaluation process. A further 50 million shares would be issued to take the stake to 60%. Gathoni Muchai Investments introduced the deal in return for 20 million shares. Hyde Park Holdings has disposed of its 5.78% stake.
Dr KS Tan bought 16,005 shares in Inqo Investments (INQO) at 47.8p each. He owns 35.6%.
BWA Holdings (BWAP) has generated significant sample results at the Aracan gold project in Cameroon. There were 50 samples that reported gold values greater than 15ppb.
JP JENKINS
Bigblu Broadband (BBB) has not come to an agreement over deferred consideration for the disposal of Skymesh. The buyer was due to pay up to $6.9m before Christmas. Shareholders have provided funds to support the company in its attempts to resolve the dispute.
AIM
Kitwave Group (KITW) is recommending a 295p/share cash bid from OEP Partners, but it is not supported by all analysts. The bid values the grocery distributor at £251m. The acquirer will support further growth through acquisitions. Interim figures show a 21% increase in revenues to £802.7m, but there was a like-for-like decline of 1%. Underlying operating profit rose 12% to £38m despite the increasing overheads due to higher staff costs. Net debt is £57.3m, down from £63.7m one year earlier. The May 2021 placing price was 150p.
TruFin (TRU) subsidiary Playstack has signed a contract with a global technology platform for a new video game to be released in the second half of 2026. The game will be developed and owned by Playstack. There will be a series of contractual payments and performance-based fees. The board of Playstack is establishing a new management incentive scheme, which could issue up to 15% of the fully diluted share capital in B and C shares. The B shares only vest if a minimum value of £19.6m is achieved on an exit, while the C shares only participate if the value is £45.9m, which increases by an annual interest rate of 12%. TruFin has launched a £6m share buyback.
Goldstone Resources (GRL) is raising £2m at 1p/share, which was more than double the share price ahead of the announcement. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone. Asian Investment Management is converting £1.45m of interest on its gold loan to shares at a conversion price base on a gold price of $4,250/ounce, taking its shareholding to 29.9%. This leaves 250 ounces of interest and the principal gold loan of 1,871.31 ounces. Directors are also taking 50% of fees owed in shares at 1p/share.
Phoenix Copper (PXC) says that the increased copper price means that the post tax NPV10 trebles to $185.2m. This is based on the copper price changing from $4.45/lb in the original estimate to $5.58/lb. Indigo Capital has converted $2.1m of loan notes into 26.98 million shares at 1.483p each and is selling 24.2 million shares to European investors.
Water mediation services provider MYCELX Technologies (MYX) grew 2025 revenues by 1405 to $11.7m and this, along with cost controls, has enabled the company to achieve an expected profit of around $360,000. A loss was previously forecast.
Oil and gas company Block Energy (BLOE) has completed the farm-out of licence XIQ (Project IV) following approval from the government of Georgia. Block Energy is fully carried through the staged work programme which could cost $95m. Aspect Georgia will earn up to 75% with an option to increase this to 92.5%.
Genetics based testing company GENinCode (GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU.
Kromek (KMK) moved from loss to profit in the first half. In the six months to October 2025, revenues jumped from £3.7m to £15m due to a large payment from Siemens Healthineers for imaging technology expertise. Advanced imaging revenues were higher even if that payment is excluded. The CBRN detection division more than doubled revenues. Cavendish is maintaining its full year forecasts with more modest full year growth of revenues from £26.5m to £27.1m, which reflects the second half payment from Siemens last year. The underlying growth of the rest of the business continues. Forecast pre-tax profit is £2.3m. The share price has soared in the past six months.
Airea (AIEA) says demand for its floor tiles was softer in the second half, although full year sales were still 1% ahead at £21.4m. Uncertainty ahead of the Budget hit sales. International sales were 4% down. Operating profit should be better than that reported for 2024. The new manufacturing facility is in the final stages of commissioning.
Loyalty platform provider Eagle Eye (EYE) did better than expected in the first half with underlying growth in revenues of 16% to £22.4m, although the previously announced lost contract meant that the reported figure is 5% lower. Annualised recurring revenues were higher at £42.2m due to contract wins. EBITDA fell from £5.9m to £4.3m. A small full year pre-tax profit is now forecast.
Oil condition monitoring equipment supplier Tan Delta Systems (TAND) generated revenues of £1.2m in 2025, which is one-fifth higher than anticipated. There are customers undertaking trials of equipment that should be near to making purchasing decisions. Net cash was £1.4m at the end of 2025, but a fundraising may be required depending on the rate of new orders.
Iron deficiency treatment developer Shield Therapeutics (STX) expects to achieve an operating profit in 2026, having generated $1m in cash from operations in the fourth quarter of 2025. In 2025, revenues rose from $32m to $50m with $46m coming from iron deficiency treatment ACCRUFeR through a combination of higher prices and more prescriptions. There were 61,000 prescriptions in the fourth quarter, up from 41,000 one year earlier. Cash was $11.6m at the end of 2025, although there is still net debt.
Firering Strategic Minerals (FRG) intends to exercise the next tranche of the Limeco Resources option, which will take its shareholding to 36.2%. Firering Strategic Minerals boss Yuval Cohen will step down and concentrate on his role as chief executive of lime producer Limeco Resources in Zambia. A new kiln will increase production capacity. Youval Rasin will be interim chief executive of Firering Strategic Minerals.
MobilityOne (MBO) has formed a mobile money transfer collaboration in Bangladesh with bKash. It will share fees on remittance transactions by bKash account holders. There will be a modest contribution this year.
More good news for Oracle Power (ORCP) from drilling at the Kalgoorlie gold project in Australia. It has intersected shallow gold mineralisation at the Northern Zone Intrusive Hosted gold project. The best result is 8 metres at 5.81g/t gold. There are a further 16 drillholes due to report results in two batches. It is possible that there is a 600 metre wide zone of shallow oxide mineralisation overlapping the Northern Zone porphyry system.
Trading in Landore Resources (LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc.
Online retailer Huddled Group (HUD) generated revenues of £19m and an EBITDA loss of £2.5n in 2025. There is a new agreement with Temu and an expansion of product range on Amazon and OnBuy. This provides a showcase for the company’s own websites.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) had a strong fourth quarter with an improvement in the construction market and continued growth elsewhere. Full year revenues were £158.5m and pre-tax profit 38% ahead at £21.1m. The one weak region was Asia, but the new Vietnam factory should change that.
London BTC (BTC) has appointed Marex, which recently bought Winterflood, as joint corporate adviser as part of its plans to float on Nasdaq.
Golden Rock Global (GCG) is planning to acquire SSS Matrix Corp, which is described as “operating at the intersection of applied AI, commodity market and supply chain management, blockchain-based digital finance and payment systems”. There will be a share issue to pay for the acquisition. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 19 January 2026
AQUIS STOCK EXCHANGE
Bitcoin investor and wed development company The Smarter Web Company (SWC) has published its prospectus for the move to the Main Market. A general meeting will be held on 28 January to gain shareholder approval. The listing is expected to cost £1.5m. Management wants to use the listing to fund acquisitions and further purchases of Bitcoin. The share price recovered 42.5% to 57p. The April 2025 reversal into an Aquis shell was done at 2.5p.
Ajax Resources (AJAX) says drilling has commenced at the Eureka gold and copper project in Argentina. Initial results will be at the end of the first quarter of 2026.
Vault Ventures (VULT) has entered into post-quantum security infrastructure. The initial focus is post-quantum encryption at the application layer.
Falconedge (EDGE) has achieved incremental Bitcoin growth of 0.23526 of a Bitcoin during December, taking the holding to 19.509853 Bitcoin.
WeCap (WCAP) has fallen 16% to 1.575p on the back of a further decline in the WeShop share price to $67.17. The stake is still probably worth nearly 10p/share.
Lift Global Ventures (LFT) has withdrawn resolutions 7 and 9 from its AGM. Revised authorities to allot shares and disapply pre-emption rights will be voted on at a general meeting. This is on top of the requisitioned general meeting to remove David Richards, Mark Horrocks and Sandy Barblett from the board and appoint Howard White and Nicholas Monson.
Zentra (ZNT) has formed a property management joint venture with Connor Moylan. Zentra will own 51% and continue with its own lettings and property management business. This deal will avoid adding fixed overhead to the group.
Sulnox Group (SNOX) has gained a patent for emulsification for Heavy Sulphur Fuel Oils (HSFO) and Sulnox Eco™ Fuel Conditioners in Vietnam.
Eight Capital Partners (ECP) has secured an agreement with Altarius Asset Management to establish and investment fund and two sub-funds investing in private debt and private equity. They should be established in the first quarter of 2026.
Ethtry (ETHY) has secured a partnership with the Liechtenstein Trust Integrity Network.
B HODL (HODL) has bought one more Bitcoin taking the holding to 159.295 Bitcoin costing an average of $83,103 each.
EPE Special Opportunities (EO.P) had net assets of 304.54p/share at the end of December 2025.
BWA Group (BWAP) says St. Georges Eco-Mining Corp has disposed of its shareholding. Three directors bought shares and David Butler took a 3.52% stake.
JP JENKINS
The JP Jenkins-15 index rose 5.4% to 1209.1 by the end of trading on 9 January. This is a 21% increase over the first year. THG Ingenuity has been a strong performer. OPG Power Ventures has replaced e-therapeutics in the index.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (TRX) has undertaken a review of executive directors’ activities and uncovered potentially serious corporate governance concerns. Sufficient funding has been secured for the company to support commercial operations and further investigation.
AIM
Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025.
Caledonia Mining Corporation (CMCL) has increased the offering of 5.875% convertible senior notes due 2033 from $100m to $125m. The initial purchasers have an option to purchase a further $25m for 13 days after the issue of the notes. The offer should close on 20 January. Net proceeds will be around $120m, or $144m if the option is fully taken up. There will be $12m spent on the cost of capped call transactions. The rest will fund development of the Bilboes gold project in Zimbabwe.
Retailer Shoe Zone (SHOE) reported 2024-25 results in line with the October trading statement, but Zeus has reduced its expectations for this year. Full year revenues fell 8% to £149.1m due to store closures and reduced footfall. Online sales did increase. Higher wage costs meant that pre-tax profit dropped from £10m to £2.4m. This year’s pre-tax profit forecast has been cut from £4.5m to £1m on a further fall in revenues for £145.8m.
Semiconductor wafer products supplier IQE (IQE) gained positive momentum in the second half of 2025 due to defence business. There was also strong photonics demand and higher sales of wireless products. Revenues will be full year revenues of around £97m and EBITDA at least £2m due to operational gearing. HSBC has provided a waiver for the EBITDA covenant test. Cash was £15.6m at the end of 2025. There is a strong order book. The board is negotiating with potential buyers of all or part of the business.
Online fashion retailer Sosandar (SOS) increased third quarter revenues 10% higher at £13.4m and gross margin improved. Sales from the company’s own site were 27% ahead, but the Marks & Spencer business is still being affected by the cyber incident. Net cash is £9.7m. Trading is in line with expectations of a full year pre-tax profit of £400,000.
Western Australia focused explorer Artemis Resources (ARV) plans to cancel its AIM quotation and concentrate of the ASX listing. Liquidity has been limited. There is an opportunity for each Depositary Interest holder can become a registered shareholder on the Australian share register. This is expected to happen on 13 February, which is three years after joining AIM. The introduction price was 3.75p and the share price has fallen by more than 90%.
Cyber security company Corero Network Security (CNS) says 2025 EBITDA was ahead of expectations. Revenues rose 4% to $25.5m instead of the anticipated dip and this meant that there was not a loss and instead it was positive EBITDA of $1m. Annualised recurring revenues are 23% higher at $23.9m. Net cash was $4m at the end of 2025. Zeus has maintained its 2026 EBITDA forecast of $1.4m and pre-tax loss of £1.3m. This will be reviewed when the full year figures are announced in March.
Distribution Finance (DFCH) has grown its loan book to £846m at the end of 2025, ahead of guidance, and it is targeting a figure of £1.5bn by 2030. New loan origination was more than £1.8bn in 2025. Full year underlying pre-tax profit will be at least £17.5m, up from £14.4m. Tangible net assets are at least 75p/share. The
Tern (TERN) has been notified by the general partner of SVV2 that Tern has ceased to be a limited partner in the SVV2 partnership because it has been classed as a defaulting investor. Tern’s interest has been transferred to other partners, and it is unlikely to receive any compensation. The general partner is also seeking default interest and costs of £40,000 and indemnity from consequence of default of £184,000. Tern is taking legal advice.
Virtual product advertising Miriad Advertising (MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000.
Eqtec (EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move.
After trading problems for capital equipment supplier Mpac (MPAC) earlier in the year, the 2025 outcome is set to be in line with expectations. Helped by previous acquisitions’ full contributions, revenues grew from £122.4m to £170m, while pre-tax profit should be £13.5m. The order book is worth £92m and covers 50% of 2026 forecast revenues. Some orders were delayed.
Toys and games supplier Character Group (LON: CCT) says like-for-like sales in the fourth months to December 2025 were 11% lower, but sales should improve in the second half. Full year revenues are likely to be flat, but pre-tax profit could more than double. The £2.96m share buyback is complete.
Wellnex Health Ltd (WNX) improved gross margin from 22.8% to 31.3% in the first half. Breakeven was achieved in the second quarter. The core Pain Away product generated revenues of A$3.3m in the second quarter.
Anglo Asian Mining (AAZ) produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver in 2025. Copper production was at a record level in the fourth quarter. The first sales of copper concentrate were made from the Demirli mine. Gedabek and Demirli mines both increased copper production, although copper production was slightly below guidance. There is inventory of 2,457 tonnes of copper valued at $12,504/tonne.
Public Policy Holding Company In (PPHC) has filed an amended Form S-1 with the US SFA for the proposed listing on Nasdaq. It will retain the AIM quotation after the listing.
Mkango Resources (MKA) has completed concept studies for expanding South Carolina and Nevada hubs, which will treble production of magnets and alloys to 4,656 metric tons. The expanded hubs could have a post-tax NPV of more than $2bn. This will help the proposed reversal into the US listed shell. The rare earth recycling and sintered magnet manufacturing plant in Birmingham has been officially opened.
Cancer diagnostics developer CelLBxHealth (CLBX) expects 2025 revenues to be £1.4m, which is lower than the forecast of £1.6m due to deferral of contracts. After the recent fundraising, year-end cash was £7.3m. The 2026 forecast is maintained with revenues of £3.6m and a £5.7m loss after annualised cost savings of £5.9m.
Shuka Minerals (SKA) has received the £815,000 payment from Gathoni Muchai Investments. A placing raised a further £1m at 4p/share. This funded the completion of the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. There are 5.723Mt of resources at Kabwe (including 700,000 tonnes of zinc and 100,000 tonnes of lead), with a value in excess of $2bn. The NPV10 is $561m.
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North East England-based investment company Develop North (DVNO) has published a prospectus to raise £58m to help its move towards its target of reaching £300m in assets. There is a subscription and retail offer at 81.6p/share.
Online travel hostel agency Hostelworld (HSW) increased revenues by 7% in the second half and marketing costs as a percentage of revenues declined to 45%. Social Passes were launched last November, which will help to generate income from social media. In 2025, net revenues were 2% ahead at €93.8m, while EBITDA was €19.9m, which is lower than the previous year. Net cash was €10.6m at the end of 2025.
Cadmium-free quantum dots developer Nanoco (NANO) has received $4.5m from LG Electronics with $500,000 withheld due to tax liabilities. Nanoco is seeking damages for IP infringement from rival Shoei. The case could go to trial in 2026.
Panther Metals (PALM) has signed a three-year purchase option over three mine claims in the Obonga project area in Ontario. There is a C$200,000 cash payment and 1.5% net smelter royalty.
Ecora Resources has changed its name to Ecora Royalties (ECOR) and has translated the interim dividend at 0.4471p/share.
Andrew Hore