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Quoted Micro 5 January 2026
AQUIS STOCK EXCHANGE
Energy efficient technology developer Time to ACT (TTA) was held back by volatility of orders. In the six months to September 2025, revenues fell from £1.67m to £732,000, while the loss increased from £184,000 to £698,000. There are more than £4m of Large Parts contacts ready to be closed. In November 2025, Diffusion Alloys sold surplus coating compound of £540,000 and a further £472,000 is expected before the end of March 2026. This will make up for some of the shortfall in the first half.
Energy storage technology provider Invinity Energy Systems (LON: IES) has announced four agreements in the past seven working days, including two to supply 20MWh of vanadium flow battery system to a Hungarian client. The cost of production of the equipment continues to be reduced. The 2025 revenues should be £17m and there is an order book also worth £17m, although the timing of £9m of this is uncommitted.
Emissions reduction additives supplier Sulnox Group (SNOX) reported increased interim revenues of £1.2m, up from £440,000, while the loss was reduced from £4.2m to £3.7m. Cash was £1.36m at the end of September 2025. Momentum continues in the second half.
VSA Capital (VSA) reported flat interim revenues of £1.76m with higher overheads leading to a decline in profit from £298,000 to £131,000. VSA Capital says that the underlying pe-tax profit was £378,000. Cash inflow from operating activities increased from £389,000 to £673,000. There should be progress with the Drakewood Capital Management partnership in the coming year.
On the 30 December 2025, Hot Rocks Investments (HRIP) valued its stake in Nasdaq quoted WeShop at $51.2m. Prior to that, at the end of September 2025, NAV was £1.28m.
Residential developer Zentra Group (ZNT) revenues fell 45% to £8.06m and the loss declined from £3.56m to £1.71m. Four subsidiaries were sold for a gain of £1.41m. Overheads are being reduced. The focus is changing focus to larger projects and development management opportunities.
HRC World (HRC) is focusing on phase 1 of the data centre facilities in Subang Jaya, Kuala Lumpur. In the six months to September 2025, revenues dipped rom £436,000 to £357,000 and the loss increased from £52,000 to £256,000.
Personal care products contract manufacturer Amirose London Holdings (ALH) increased interim revenues from £5.13m to £7.19m, while the loss rose from £243,000 to £552,000, although that includes £331,000 of acquisition and flotation costs.
Art products maker Crushmetric Group (CUSH) generated revenues of HK$2.1m in the six months to September 2025. The loss increased from HK$3.7m to HK$6.12m.
TSP Advanced Technologies (TSP) is yet to generate revenues, and the interim loss was slightly down at £335,000, compared with £410,000. The medical device developer formerly known as TruSpine Technologies says long-term funding is required.
Southwest England-focused tin and copper explorer Tamar Minerals (TMR) plans to take advantage of the processing capacity being put in place by other miners in the region. There are options over two projects that were producing in the 19th century. There was £255,000 in cash at the end of June 2025.
Cell therapy treatments developer Cardiogeni (CGNI) expects to complete a £19m non-dilutive licence funding agreement in January. There were no interim revenues and the loss was £533,000. Cash was £149,000 at the end of September 2025. Regulatory filings should be submitted for a phase IIb/3 study in the Gulf states for CLXR-001, a heart regeneration medicine for the treatment of heart failure that is administered during coronary artery bypass surgery.
B HODL (HODL) has made an initial drawdown of £70,000 from its Bitcoin-backed loan. One Bitcoin was bought for £65,809. The total holding is 158.211 Bitcoin.
Shareholders voted in favour of Amazing AI (AAI) leaving Aquis on 7 January 2026.
Silverwood Brands (SLWD) has not published its accounts for the 18 months to June 2025 and trading in the shares was suspended on 2 January.
Nicholas Baxter increased hi holding in Vault Ventures (VULT) from 4.14% to 7.73%. Yorkshire AI Labs reduced its stake in IntelliAM AI (INT) from 15.4% to 13.7%. EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 57,304 shares at 11.49p each. He owns 35.2% of the diagnostics company. Adnams (ADB) chief executive Jennifer Hanlon acquired an initial 1,051 B shares at £19 each and finance director David Driscoll bought 166 A shares at 500p each. Nicolas Baxter has increased his stake in Vault Ventures (VULT) from 4.14% to 7.73%.
Falconedge (EDGE) has appointed Fortified Securities and SI Capital as joint brokers.
AIM
Public Policy Holding Company Inc (PPHC) is taking on a professional with a client portfolio. There will be a payment of up to $1m depending on performance. The initial $400,000 was paid in shares.
e-commerce payment services provider Mobility One (MBO) has received conditional approval to carry on Islamic digital banking in Labuan in Malaysia. The business will be called MBO Bank (Labuan). No revenues are expected in 2026. Potential partners and investors will be explored.
Galantas Gold (GAL) has completed the acquisition of RDL Mining owner of the Indiana gold copper mine in Chile and closed a placing raising $14.9m at $0.08/unit (one share and one warrant exercisable at C$0.12). The updated mineral resource estimate shows inferred gold of 355,516 ounces and 64,690t of copper. Ocean Partners has been issued 7.81 million shares to satisfy a debt of $625,000.
Shareholders in Synergia Energy (SYN) agreed to the sale of its 50% stake in the Cambay PSC for $14m but did not agree to leave AIM. This sale requires India government approval. Synergia Energy will still return cash to shareholders via a share buyback. The focus will be the UK Medway Hub Camelot CCS project and finding a new partner. Additional oil and gas opportunities will be sought in India.
Healthy snacks supplier Tooru (TOO) has been adding new retailers of its brands. Sales of gluten-free brand OAF are building. Manufacturing of brands is being streamlined, and snack bar company Pulsin is currently using a contract manufacturer. However, there has been short-term disruption to sales. A refinancing has increased the bank facility to £3.9m, which lasts until 2030. Tooru says agency business Market Rocket is non-core, and it may be sold.
Jarvis Securities (JIM) has appointed S&W Partners to help with the wind down of the company. There is currently cash of £10.4m. Two more payments of £1m each are due for the sale of the broking clients. There are obligations to redress certain clients because of sharing commission with an introducer and misleading language in client terms. The estimated cost is £2.8m, but it could be more.
Westminster Group (WSG) did not publish annual accounts by the end of 2025 and trading in the shares was suspended on 2 January 2026. A strategic investor is interested in making a significant investment and collaborate on opportunities. Project financing is being negotiated.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, plans to issue up to £5m of secured convertible loan notes to an institutional shareholder. This will be a facility lasting 12 months with multiple tranches that will come with warrants. This enhances the cash position and the first tranche of £737,500 should last for the first quarter of 2026. Average monthly cash burn has been reduced to $400,000. A general meeting will be held on 20 January. The company previously secured a $600,000 convertible loan from 25% shareholder Icahn School of Medicine at Mount Sinai.
Eurasia Mining (EUA) has agreed to sell West Kytlim mining operations. The loss-making operations are at risk of nationalisation by the Russian government. After taxes and other costs $9m should be received, even though the assets are valued at $251m. The remaining Arctic assets represent 99.7% of reserves and resources.
Heart-health functional food ingredients supplier Provexis (PXS) interim revenues slumped from £785,000 to £364,000 due to a decline in Fruitflow II SD from £725,000 to £302,000. That was due to a delay in receiving additional inventory. Several hundred thousand pounds of sales and orders have been received since September. The underlying interim operating loss rose from £98,000 to £155,000. Cash was £523,000 at the end of September 2025
Tap Global Group (TAP) increased revenues 31% to £3.48m and received £420,000 relating to recovery of historical referable bonuses paid in Bitcoin. The goodwill write down was reduced from £15.9m to £4.7m, which meant that the overall loss was reduced from £18.2m to £5.7m. There is £1.29m of goodwill left in the balance sheet. The cash outflow from operations was £184,000. The digital finance hub operator is focused on scaling up its business. Finance director Steven Borg is stepping down and being replaced by Andrew Milmine.
Executive chairman Colin Bird Bezant Resources (BZT) bought 30 million shares at 0.0745p each.
MAIN MARKET
Consultancy daVictus (DVT) has released its interims to June 2025 and this ended the trading suspension of the shares. Cash was £12,000 at the end of June 2025.
Critical Mineral Resources (CMR) confirm shallow copper mineralisation at Zone 2 North at Agadir Melloul in Morocco. This is suitable for open pit mining. There will be further drilling results in January and February.
KR1 (KR1) generated income of £211,000 from digital assets during November 2025. NAV was 32.8p/share, down from 41.5p/share at the end of October 2025.
Andrew Hore
Quoted Micro 16 September 2024
AQUIS STOCK EXCHANGE
Exchange services provider Aquis Exchange (AQX), which is also quoted on the Aquis Stock Exchange, has already warned that the loss of a software contract will hit revenues this year. Net interim revenues were still 4% ahead at £10m. Pre-tax profit was 8% lower at £1.1m. There was a small dip in revenues of the core exchange division. Net cash was £14.5m at the end of June 2024. There are plans to increase investment in technology to increase the addressable market, so year-end cash will be slightly lower than expected at £15.1m.
SulNOx Group (SNOX) increased revenues from £203,000 to £544,000, but the loss was still around £1.9m. Cash was £2.15m at the end of June 2024. A generator-based study for the SulNOxEco fuel additive shows fuel savings of 15%.
Ananda Developments (ANA) has raised up to £2.1m via a placing and offer at 0.3p/share and more than £2m has come from Charles Morgan, the company chairman. Charles Morgan and Melissa Sturgess have agreed to capitalised debt owed to them. The cash will fund the manufacture of MRX1 for CIPN and Endometriosis phase II studies, as well as a pharmacokinetic study for MRX1 in Australia.
Newbury Racecourse (NYR) improved interim revenues 16% to £9.28m, while the cost base rose 11%. The loss was reduced from £649,000 to £352,000. The remainder of the year is expected to be difficult.
The increase in the value of the 15% stake held by Global Connectivity (GCON) lead to the July 2024 rising from £7.8m to £17.2m in a six-month period. That is 4.25p/share.
Walls and Futures REIT (WAFR) reported a 4.5% decrease in NAV to 85p/share, although investment property value rose 2.4%. The was reduced to £44,000. The company is finding it difficult to raise additional funds.
Ace Liberty and Stone (ALSP) maintained revenues at £5.6m. There is 96% occupancy of the group properties. NAV fell from £34.4m to £31.7m at the end of April 2024.
Voyager Life (VOY) says that M3 Helium’s preparations for bringing the Rost1-26 well into production are advanced. Voyager Life has an option to acquire M3 Helium.
Cooks Coffee Company (COOK) increased sales by 23% to £13.8m in the 22 weeks to 1 September. The main growth was in the UK stores. Ten further outlets ae expected to open by the end of the financial year.
Investment company EPE Special Opportunities Ltd (EO.P) reported a reduced loss because there was a gain on fair value movements on investments compared with a loss last time. There was cash of £18.4m at the end of July 2024. NAV was 319p/share at the end of July, and it fell back to 314p/share by the end of August.
Warrants held by lupus treatment developer ImmuPharma (IMM) to subscribe for shares in Incanthera (INC) at 9.5p each have been extended to the end of March 2025 in return for a £75,0000 payment by ImmuPharma.
BWA Group (BWAP) chairman Jonathan Wearing has subscribed for 50 million shares at 0.5p each.
Jonathan Adnams has stepped down as chairman of Adnams (ADB) because of ill health. Simon Townsend will be interim chairman.
AIM
Greatland Gold (GGP) shares returned from suspension after announcing the purchase of Newmont Corporation’s 70% stake in the Havieron gold-copper project, as well as 100% ownership of the Telfer gold-copper mine and other assets in the Paterson region. The total cost is $475m in cash and shares. A placing raised £248.6m ($325m) at 4.8p each, which is a 30% discount to the market price. Wyloo is subscribing up to $100m and Newmont Corporation will own more than 20% of the gold explorer. A retail offer raised £6.7m.
Marlowe (MRL) is demerging the occupational health division as an independent AIM company called Optima Health by the end of September. Shareholders will receive one share for each Marlowe share held. Marlowe will focus on testing, inspection and certification operations. So far, £41m of the £75m share buy back has been spent. Marlowe continuing revenues are forecast to be £306m and pre-tax profit £13m.
Energy optimisation services provider Inspired (INSE) interim revenues edged up from £44.6m to £45m and pre-tax profit dipped from £6.2m to £5.7m. That was lower than forecast. Optimisation revenues declined, but product mix meant that margins were better. Cross-selling is helping to grow the ESG division and other parts of the business. Net debt is £57.6m. There is only £2.2m of contingent consideration due to be paid. Debt should start to decline over the next few years.
Chain and transmission equipment Renold (RNO) has made another earnings enhancing acquisition. Canada-based MAC Chain Company is being bought for $31.4m. This fits well with the CVC business and enables expansion into the forestry market. Last year’s pre-tax profit was $3.5m.
Optimisation software provider Checkit (CKT) reported a flat loss of £2.3m on the back of a 16% increase in interim revenues to £6.7m. However, the full year figure is set to fall from £4.2m to £3.9m. Annualised recurring revenues are £13.8m and that underpins the full year revenues forecast of £14.2m. Net cash was £7m at the end of July 2024 and higher R&D spending means that year-end cash is likely to be slightly lower than previously expected at around £5m. Chairman Keith Daley bought 135,000 shares at 21p each.
Cross-border currency payments services provider Finseta (FIN) reported a sharp increase in first half profit, although investment in growing the business will hold back profit in the short-term. There was a £100,000 contribution from the final payment relating to the licencing agreement with Avila House. The loss of that income, a higher depreciation charge and additional overheads for new operations such as a corporate Mastercard and a Canadian office means that full year pre-tax profit could dip from £1.4m to £1.3m. The benefits of the investment will be seen next year with an expected jump in pre-tax profit to £2.5m.
Contract research and infectious disease study services provider hVIVO (HVO) reported 2024 revenues 31% ahead at £35.6m, while pre-tax profit improved from £4.18m to £7.15m. The new Canary Wharf site has opened and provides additional capacity. Cash was slightly lower than anticipated at £37.1m.
Gaming machines hardware and displays supplier Nexteq (NXQ) was hit by destocking in both of its divisions. Interim revenues and profit were expected to fall. Interim revenues were 14% lower at $48.2m. Net cash reached $36.9m. The full year revenues forecast is being maintained at $93.9m to £114.3m.
Packaging equipment and automation provider Mpac Group (MPAC) reports a strong improvement in first half figures, although the comparatives were weak. Revenues improved from £52.8m to £60m, while pre-tax profit rebounded from £1.9m to £4m. The closing order book is £71.4m. Net debt is £4.9m and should be lower at the year end.
Trading in Eurasia Mining (EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was £1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to £2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around £1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each.
Shore Capital upgraded animal feed additives supplier Anpario (ANP) after it reported an 11% increase in interim revenues of £17m on the back of a much greater rise in volumes and slightly lower pricing. Raw material costs have stabilised. Full year revenues expectations have been raised from £33m to £34m, while the pre-tax profit estimate is increased from £3.9m to £4.4m, up from £3.5m in 2023.
Fulcrum Metals (FMET) is raising £643,500 at 8p/share and directors will subscribe for an additional £114,500 once the interims are published. The cash will be invested in the Teck-Hughes and Sylvanite gold tailings projects in Canada. This should enable nearer-term revenues Management will also review opportunities for exploration drilling on the Tully and Big Bear prospects and a potential technology testing facility in Ontario.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues improved 8% to £109.6m and underlying pre-tax profit rebounded from £9.4m to £11.2m. Like-for-like growth was 3.6%. The interim dividend was improved from 1.6p/share to 1.7p/share. LED lighting revenues declined, while portable power and wiring accessories revenues improved. Panmure Liberum forecasts a full year pre-tax profit improvement from £21.2m to £23m.
Hostmore (MORE) has terminated the proposed acquisition of the TGI Friday’s master franchise owner. The sale of corporate stores has reached an advanced stage. However, the proceeds may be lower than the value of related borrowings so there will be no return for the company. Once the sale is complete the holding company will be wound up.
Critical Metals (CRTM) has raised £50,000 from NIU Invest and has entered into a term sheet for a cash injection of up to £2.5m. NIU has already invested £1.1m in convertible loan notes as is the latest investment. The conversion price is 2p/share. NIU is also receiving warrants exercisable at 0.5p/share.
Shell company Ikigai Ventures (IKIV) has been moved to the new, temporary shell category. This provides one year to comply with additional requirements and a further two years to make an acquisition.
Andrew Hore