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Quoted Micro 3 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to exchange the Rureka project and related assets for the Rachiate prospect and the El Salto project in Argentina. The deal and transaction structure are still to be finalised. No cash will be involved. Ajax was previously planning to acquire the Rachiate prospect. Ajax has also entered a binding option agreement for the acquisition of Nueva Celti copper project in Spain. A non-refundable option fee of $10,000 has been paid. The total cost will be $300,000. Orca Capital owns 9.64% of Ajax and John E Story no longer has a notifiable stake.
Supernova Digital (SOL) interim revenues slipped from £297,000 to £72,000 and the loss increased from £215,000 to £1.23m. That is down to the fair value reduction increasing from £98,000 to £810,000 due to the weak cyber currency market. NAV is £1.81m.
Falconedge (EDGE) says the launch of the recurring referral fee programme will help overall revenues to grow. Further referral agreements are being discussed. Stefania Barbaglio has left the board.
Zentra Group (ZNT) subsidiary developing One Victoria has terminated its agreement with contractor Torsion Construction has been terminated after it went into administration. The One Victoria residential development will appoint a replacement.
Macaulay Capital (MCAP) increased interim income from £157,000 to £478,000, helped by the sale of ICA Group, and it moved into profit. Net assets are £2.08m, including cash of £980,000.
Capital for Colleagues (CFCP) had net assets of 87.6p/share at the end of May 2026. There are 16 companies in the portfolio.
NYCE International (NYCE) says it had cash of £63,000 at the end of June 2026. Talks with a potential bidder have ended. More cash is required. Management is seeking shareholder approval to reorganise the share capital and issue shares at the AGM on 6 August.
EPE Special Opportunities (EO.P) has redeemed £1.73m of loan notes.
Majestic Corporation (MCJ) has appointed Allenby as corporate adviser and joint broker. VSA Capital has also become joint broker.
ASSET MATCH
Greenshields Agri Holdings (GAH) plans a share buyback in the fourth quarter. The Scottish agricultural land market remains resilient, although IHT changes could lead to more supply from 2027. Land values in England and Wales have slipped 1.5%. Wheat prices have risen with hot weather hitting production.
AIM
Floorcoverings distributor Likewise (LIKE) is taking advantage of the strong share price to raise £28.5m at 28.5p/share and a retail offer could raise up to £2m. This cash will finance the £9.8m cost of the proposed acquisition of a 60,000 sq ft warehouse freehold in Corby, as well as enabling further acquisitions of distribution facilities. The additional distribution facility will increase capacity to £300m each year. There are also £9m of bank facilities being negotiated. Net debt was previously expected to rise to £10.7m by the end of 2026 and net cash of £2.6m is now forecast.
Xcalibur Multiphysics Group has bought a 25.5% stake in subsurface resources data supplier Getech Group (GTC). Xcalibur is a global specialist in airborne and mapping geophysics. Octopus sold its 16.4% stake, and First Equity sold its 6.42% shareholding.
Cloud-based secure payments technology developer PCI-Pal (PCIP) did better than expected in 2025-26 and grew revenues 14% to £24.6m, which means the expected loss has been reduced to £800,000. Annualised recurring revenues were 29% higher at £24.4m, providing a strong base for 2026-27 forecast earnings of £27m, which will be reassessed when the full year figures are published. Net cash is £4m. The momentum continues, especially in the US. A new strategic partnership has been signed with reseller NiCE Systems Inc. Chief executive James Barham bought 26,466 shares at 56.5p each.
Cyber security software and services provider Shearwater Group (SWG) says the business won at the end of the period meant that trading was ahead of expectations in the year to June 2026. Revenues have been upgraded 18% to £42m and earnings have been raised from 4.5p/share to 4.9p/share. Net cash was £5.6m at the end of June 2026, which is around 50% of the market capitalisation. The board is considering share buybacks and /or dividends. At this point, Cavendish is not changing its 2026-27 forecast.
Brave Bison (BBSN) has launched a bid for System1 Group (SYS1), which valued the market research technology and services provider at £43.1m, or 327p/share, at the end of trading yesterday. The bid is 135p in cash and 2.04 Brave Bison shares for each Systems1 share. Brave Bison already owns 28% of Systems1 bought from founder John Kearnon and an institutional investor for an average cost of 242p/share. The original offer was valued at 297p/share and that was followed up with a 327p/share indicative offer. The combined business would have revenues of £79m.
Transport software and technology supplier Tracsis (TRCS) is acquiring UK rail software provider Mistral Data from FirstGroup for an enterprise value of £48m. In 2025-26, revenues were £13m and EBITDA was £4m. Annualised recurring revenues are 85% of group revenues. Using the cash pile to finance this will help the enhancement of earnings. The UK rail technology market is set to grow at 5%/year.
Furnishing fabrics and wallpapers designer Colefax Group (CFX) increased full year sales 5% to £115.9m, even though decorating sales declined, while pre-tax profit rose 18% to £10.5m due to a strong performance of the fabrics business in the US. Cash was £23.5m at the end of April, after £6.1m spent on share buybacks. The total dividend is 7% higher at 6.3p/share. US sales continue to be strong, but the UK is tougher.
Professional services network DSW Capital (DSW) full year revenues improved from £5m to £6.3m, helped by the contribution from DR Solicitors. Pre-tax profit fell from £1.6m to £1.3m. There was a decline in M and A revenues, down to 31% of the total, and there is caution about revenues this year. The dividend was increased to 3.2p/share.
Shield Therapeutics (STX) says US volumes of ACCRUFeR iron replacement treatment increased, but lower selling prices in the US meant that interim revenues from that market were lower. Group revenues were 41% ahead at $30.4m because of a $7.9m milestone payment from China. Operating profitability is being maintained, but it is not enough to cover interest charges. Cash was $8.3m at the end of June 2026, but there is debt to offset against this.
Media localisation and services provider Zoo Digital (ZOO) is seeing signs of improvement in the TV and film market for localisation and dubbing. Approaches from customers are increasing and Zoo Digital is moving into new areas such as live sport. Restructuring the business has helped to reduce costs. Revenues declined from $49.6m to $42.3m. The loss was reduced from $8.3m to $2.3m. The operations generated enough cash to more than cover investment in technology. The trading improvement has continued into the first quarter of this financial year.
Mobile games developer Gaming Realms (GMR) says interim revenues will be 3% lower at £15.5m. That is because non-core brand licence revenues slumped from £2.4m to £700,000. That will hit profitability in the first half. The core business did well. Net cash is £13.5m.
Fluidpower products distributor Flowtech Fluidpower (FLO) grew like for like sales by 13% in the first half as the company gains market share. Overall sales were 24% ahead at £70.4m. This was despite the lack of sales to two bridge infrastructure projects, which are likely to come through in the second half. Full year pre0tax profit is set to jump from £1.7m to £4m.
AI-enabled PR company Pathos Communications (NEWS) interim revenues rose 14% to $7.3m and it is on track to achieve full year forecasts, which appear conservative. Revenues of $14m are estimated with underlying pre-tax profit improving from $2m to $2.7m. This is despite adding to the cost base by investing in growing operations, including a new team in Asia Pacific. Cash generation is improving.
CyanConnode (CYAN) is recommending a 10.165p/share in cash from Esyasoft, valuing the smart meter technology company at £36.5m. Esyasoft previously bought Good Energy.
Newmark Security (NWT) is selling loss making physical security business Safetell for £1 and concentrating on the human capital management division.
MAIN MARKET
Online travel hostel agency Hostelworld (HSW) has reported its interims and they were in line with the trading statement with revenues 12% ahead at €52.2m. Profit was held back by one-off charges and an additional €2.3m of marketing investment. Underlying profit after tax fell from €5.1m to €4.9m. The interim dividend is €0.0083/share. Net cash is €2.5m. Guidance is unchanged with deferred income expected to unwind in the second half.
Fully listed financial management software developer Aptitude Software (APTD) has grown annualised recurring revenues for AI autonomous finance software by 12% to £20.1m thanks to Fynapse software sales. A $5.54m, three-year contract has been won in Canada. Overall annualised recurring revenues dipped to £49.9m because of lower legacy revenues. Churn should be reduced in the second half. The quality of revenues is improving and operating profit has increased in the first half. Net cash is £15.7m, after £2.6m of share buybacks.
US cybersecurity technology company Narf Industries (NARF) increased full year revenues by 50% to $4.5m. The cash outflow from operating activities was $226,000. There is $4.1m of revenues to be recognised this year. That is despite one project has been cancelled.
Andrew Hore
Quoted Micro 4 May 2026
AQUIS STOCK EXCHANGE
Audit and assurance services provider Adsure Services (ADS) is increasing customer numbers and market share in the housing sector and education has also been a strong market. Other markets have been weaker. Working capital was reduced.
Ajax Resources (AJAX) has made a £200,000 strategic investment in Reveille Resources, taking a 25% stake in the Italy-focused uranium explorer that wants to join Aquis. Reveille Resources has interests in the Novazza and Val Vedello uranium deposits. Ajax Resources is taking an option over the acquisition of Minerva Metals, which holds the Sebera exploration licence in Italy, which is targeting antimony, tungsten and gold. Ajax Resources is planning a listing on Euronext Growth Oslo.
Marula Mining (MARU) has been fined £55,000, reduced to £44,000 for early settlement by the Aquis Stock Exchange because of social media posts that provided information that had not been published as official announcements on the market. It also repeatedly failed to produce accounts on time and was slow in paying Aquis fees. Marula Mining is continuing talks with WEEE Centre over their potential collaboration on a lithium-ion battery recycling centre in Kenya. Final legal reviews of the agreement are near to completion and phase one of the operations should start by the end of the second quarter of 2026.
Inqo Investments (INQO) has opened the Pabidi Lodge in Uganda. This is an eco-luxury hospitality asset located in Uganda’s Budongo Forest, within the broader Murchison Falls National Park.
Mendell Helium (MDH) has exercised the option to acquire M3 Helium. Completion is expected in May and £5m is being raised at 4p/share. M3 Helium already has helium production and potential to increase this through drilling and building infrastructure. Dividends are possible in 2027.
WeCap (WCAP) investee company WeShop published 2025 results. It remains an early stage business and there is an initial rollout of the social commerce platform and beta testing of the WeShop app in the US. The company is recruiting in the US. WeShop processed transactions with a GMV of $140m. The WeShop share price drifted down to $8.80, although it has still risen by 50% over the past month.
Digital asset company Coinsilium (COIN) continues to make progress with advancing its operating model. Otomato has launched its application across web and mobile. There is increasing activity on the Yellow Network, and it is moving towards the launch of decentralised perpetual futures contracts trading.
Sulnox Group (SNOX) generated record annual revenues of £2.62m, with like-for-like fourth quarter revenues nearly doubled. Cash was £822,000 at the end of March 2026.
Visum Technologies has changed its name to Nomad Compute (NMD) to reflect its new strategic direction. The focus is modular edge AI compute infrastructure. A fundraising is planned. It has acquired Crowdtech AB, a technology development company, for £414,000. This is being paid for in the form of the shares in subsidiary C and C Gordon at book value.
Energy B (NRGB) had £6,000 in cash at the end of January 2026. Chairman Neil Ritson has subsequently provided a £50,000 loan facility and £30,000 has been drawn down.
B HODL (HODL) has bought one Bitcoin at £57,802.
S-Ventures (SVEN) has invested £200,000 in Hybrid Drones. Defence company MBDA is a fellow investor.
NYCE International (NYCE) has raised £50,000 at 17.5p/share.
Woodland Capital, where Hot Rocks Investments (HRIP) managing director Gavin Burnell is a significant shareholder, has acquired 1.85 million shares at 1.1p each, 855,259 shares at 1.35p each and one million shares at 1.45p share. This takes Gavin Burnell’s interest to 19.2%.
JP JENKINS
Hydrogen Capital Growth (HGEN), formerly HydrogenOne Capital Growth, has moved to JP Jenkins as part of the managed realisation of its portfolio of clean hydrogen and energy transition technology investments.
ASSET MATCH
Infection prevention IP developer Byotrol (BYOT) says 2025-26 sales were flat at £4.33m, although product sales were higher. The loss was higher. Cash was £457,000 at the end of March 2026. There is expected to be a positive EBITDA this year.
Greenshield Agri (GAH) had net assets of 160p/share at the end of 2025. The company has hedged all its requirement for fertiliser for 2026. Costs have been cut and crop prospects are good.
AIM
Cosmetics supplier Warpaint London (W7L) was hit by US tariffs and weak consumer confidence in 2025 and this continued into early 2026. Full year revenues edged up from £101.6m to £105m, but it would have been lower without the brands acquired last year. Gross margin improved, but pre-tax profit dipped from £24.6m to £19.2m. It could rebound to more than £20m this year, but it is still early in the year. This year will be more second half weighted with a much larger Christmas order from Walmart.
Iodine producer Iofina (IOF) reported better than expected figures for 2025. Revenues increased from $54.5m to $66.5m. Earnings jumped from 1.52 cents/share to 3.26 cents/share. A large plant will start production later this year leading to a big rise in production in 2027. More plants are in the pipeline. X-ray demand for iodine is keeping the price high and Canaccord is anticipating it staying above $70/tonne. This year earnings could reach 3.9 cents/share, and the 2027 figure has been upgraded to 6.3 cents/share.
Property technology company Built Cybernetics (BUC) moved into profit in 2025-26 and smart buildings revenues exceed architecture revenues for the first time. However, the master systems integrator business has been hit by poor demand, and the group could fall back into loss this year. Built Cybernetics has raised £570,000 at 1.5p/share.
A positive trading statement by IG Design (IGR) has led to upgrades for the year just ended and the current year. Ongoing gift wrap and stationery business is better than expected, although consumer confidence remains weak. In the year to March 2026, revenues were $292m, while the pre-tax profit estimate has been increased from $9.5m to $11.5m. This year’s pre-tax profit forecast has been raised from $12.3m to $14.3m, helped by an earnings enhancing acquisition in South Africa. Net cash is $72m before the £3.4m spent on the acquisition.
Professional services provider Christie Group (CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m.
Xeros Technology (XSG) 2025 results show a reduction in loss from £4.5m to £3.5m. The sustainable laundry technology developer expects a sharp rise in revenues this year, albeit from a low base. All three parts of the business should start to grow royalty revenues.
Sanderson Design (SDG) did well in North America last year and that helped to offset the weak UK market. Group revenues fell 1% to £99.5m, while underlying pre-tax profit improved from £4.4m to £5.3m, helped by a better performance by manufacturing. The dividend is unchanged at 1.5p/share. Net cash is £9.8m.
Digital content technology and direct carrier billing services provider Bango (BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025
Membrane-free electrolyser technology developer Clean Power Hydrogen (CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues.
ProService Building Services Marketplace (PRO), formerly HSS Hire, says 2025-26 revenues from continuing operations is expected to be £248m, which is lower than forecast. That is due to a lower ramping up of the new arrangements with Speedy Hire and the weak construction market. The company is investing in further automation of its marketplace platform. Speedy Hire volumes are improving, and the deal should be earnings enhancing this year. Net debt was £27.2m at the end of March 2026 and the debt should be refinanced by August. Guidance for 2026-27 EBITDA is between £9m and £12m. Consensus was previously £19.6m.
Digital health company MedPal AI (MPAL) has acquired the Remedi Solutions pharmacy facility in Runcorn from administrators for £310,000. Historical annualised turnover was previously around £10m. MedPal has been operating the pharmacy ahead of approval for the transfer of ownership to the company.
Scancell (SCLP) has received FDA Fast Track designation for iSCIB1+ in advanced melanoma. Plans are being advanced for a phase 3 trial which could start in the second half of 2026. Progression free survival reached 77% at 20 months, which is 30 percentage points above standard care. Additional data is expected in the first half of 2027.
Shield Therapeutics (STX) generated revenues of $18m in the first quarter of 2026 with ACCRUFeR making $9.9m and a $7.9m milestone payment from China. The US sales continue to grow, but NY-Medicaid now requires prior authorisation for prescription approvals.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ALL.SPACE is being acquired by York Space Systems. It is a cash and shares bid. This investment was 15.9% of the net asset value at the end of 2025 and the value of the takeover should be similar to the current valuation.
Andrew Hore
Quoted Micro 2 February 2026
AQUIS STOCK EXCHANGE
Roundhouse Digital (ETHL) joined Aquis on 30 January. It is an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company is valued at £10m.
Valereum (VLRM) has entered into a non-binding agreement with Injective Foundation, a Layer-1 blockchain for decentralised finance, and DigiShares inc, a provider of tokenisation technology. There would be a framework for a collaboration across the Injective blockchain, involving tokenisation and secondary trading. DigiShares has 200 issuers. Quorum Global Photonics has a 49.9% stake, while James Bannon’s shareholding has been diluted from 33.8% to 17.8%.
Property investor Ace Liberty and Stone (ALSP) moved from a loss of £243,000 to a pre-tax profit of £290,000 in the six months to October 2025. Admin costs were reduced and there was no fair value loss, compared with £1.6m in the corresponding period. NAV is £30.5m. Dr Antonios Ghorayeb bought 14,795 shares at 25p each and the chairman owns a 0.96% stake.
Vault Ventures (VULT) has publicly launched analytics platform vSignal.ai.
Equipmake (EQIP) has won a £2.4m order from Agrale for 23 electric drivetrain systems for 23 buses. This follows an order for 50 buses.
BWA Holdings (BWAP) corporate adviser Allenby has initiated research on the minerals exploration company. It believes the Aracari gold project in Cameroon could be transformational. The sum of the parts valuation is £11.2m, which is treble the current market capitalisation. Richard Battersby has transferred his shareholding to his daughter.
Interim figures from Vaultz Capital (V3TC) show initial revenues of £72,000 and a loss of £1.62m. The current value of Bitcoin is £8.68m, down from £11.2m at the end of October 2025, when net assets were £11.6m.
Sulnox Group (SNOX) has secured a South Korean patent for emissions reducing additives.
B HODL (HODL) has bought one more Bitcoin for £64,363, after drawing down£65,030 from its loan facility, taking the total to 160.295 Bitcoin costing a total of £13.3m.
WeCap (WCAP) reported a halved loss of £387,000 in the six months to October 2025. The WeShop share price has fallen back to $58.70, but the stake is still worth more than the WeCap market capitalisation.
Mendell Helium (MDH) raised £700,000 at 3p/share. There is also a proposal from US-based investors to co-fund a second well on M3 Helium’s Rost lease in Fort Dodge. Mendell Helium has an option to acquire M3.
Ajax Resources (AJAX) raised £1m at 8p/share with warrants exercisable at 16p each also issued. This will fund previously announced acquisitions.
Clinical support software DXS International (DXSP) revenues fell 3% to £1.68m in the first half, while the loss jumped from £254,000 to £1m. Management is hopeful that the NHS will begin to accelerate decision making later this year.
Cooks Coffee Company (COOK) says its Esquires Coffee subsidiary has entered a 10-year master franchise agreement for the UAE. The plan is to open at least 50 sites.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has raised £500,000 at 54p/share. Shareholders have agreed the move to the Main Market on 3 February.
Marula Mining (MARU) has terminated the planned sale of its main subsidiary to Europa Metals. Marula Mining will instead develop the assets itself.
In the year to July 2025, hydrogen producing wind turbine technology developer Energy B (NRGB) reported a reduction in loss from £1.05m to £645,000. There are no revenues. This is before the plans for a Bitcoin strategy and the raising of £400,000 at 1p/share and the settlement of creditors at the same share price.
Mental health treatments developer Shortwave Life Sciences (PSY) did not generate any revenues in the six months to October 2025. The loss was £211,000. Net assets were £2.58m.
Phoenix Digital (PNIX) has redomiciled to Gibraltar.
JP JENKINS
India-focused oil and gas company Indus Gas (INDI) left AIM and joined the JP Jenkins platform on 26 January.
ASSET MATCH
Fastjet (FJET) has published its 2024 accounts. The Africa-focused airline reported a 3% dip in revenues to $64.9m, while there was a swing from a loss of $9m to a pre0tax profit of $3.37m. That is due to a sharp fall in cost of sales.
Greenshields Agri Holdings (GAH) says there was a small improvement in 2024-25 post-tax profit at £2.71m. NAV is 160p/share.
Macdonald and Company (MAC1) is paying an interim dividend of 2p/share on 4 February.
AIM
Thor Explorations (THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m.
Aerospace component kits supplier Velocity Composites (VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract.
The Revel Collective (TRC) has appointed FTI Consulting as administrator and sold most of the bars and pubs. There are 20 sites that were not sold and those will close.
Electro-mechanical and electronics products supplier LPA Group (LPA) reported full year figures in line with the previous downgrade. The loss increased from £300,000 to £1.3m on lower revenues. The order book is worth £32.5m. This includes rail projects that have been subject to delays. There is a 41% like-for-like improvement in the first quarter of this year.
Public Policy Holding Company (PPHC) announced the price of the Nasdaq fundraising at $12.25/share. This will raise $50.8m.
Sancus Lending (LEND) shares jumped 362.5% to 1.8p on an unexpectedly strong trading performance in 2025. The finance provider increased revenues by one-third to £22.1m and a 2025 pre-tax profit of more than £1m is estimated, although that includes gains of £2.6m from repurchasing ZDPs. New lending facilities nearly doubled to £212m and total loans were one-third higher at £317m.
Late on Tuesday, Mind Gym (MIND) admitted that it is in discussions with third parties as part of a strategic review that could lead to a bid for the education and training company.
Great Western Mining (GWMO) has revealed the results of the geographical survey and the assay results of a drilling programme at Rhyolite Dome, which is part of the Olympic gold project in Nevada. The survey identified a deeper untested chargeable feature at more than 300 metres in depth. The drilling found low grade gold and more significant silver mineralisation. The geological model will be refined.
Empyrean Energy (EME) has come to an agreement with Conrad Asia Energy to resolve its dispute over the Duyung PSC and Mako gas field in Indonesia. First gas could be in the fourth quarter of 2027. A special purpose vehicle will be established to own these investments, and Empyrean Energy will own 8.5%. After this Empyrean will pay $353,000 to Conrad and a further $353,000 will be paid out of dividends from the special purpose vehicle. Empyrean’s secured convertible note will be restructured, and the lender will be paid out of dividends from the project. The share price jumped 138% to 0.0894p.
Ovoca Bio (OVB) has completed the acquisition of Tadeen International and it will change its name to Talisman Metals. There was £1.155m raised at 7.7p/share. This means the company has £2.255m in cash. The main asset is copper deposits in the Atlas Mountains in Morocco.
Video games art outsourcing provider Winking Studios (WKS) expects 2025 revenues to be at least 40% higher than the $31.9m reported in 2024. That is slightly higher than expectations. Organic growth was in mid-to-high single digits. EBITDA is anticipated to be between 7% and 13% ahead of the $4.8m reported in 2024. There are already approximately $34.6m of bookings to be recognised this year. The full year results are due to be announced on 27 February.
Physiomics (PYC) has been awarded a new contract by long-standing client Numab Therapeutics. The project is for modelling the company’s pipeline to accelerate development of therapies.
Contract proteomics services provider Proteome Sciences (PRM) has raised £840,000 via a placing at 1.75p/share and a retail offer raised £132,000, which was more than double the target. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego.
Sensing and measurement technology developer Transense Technologies (TRT) has not been securing new contracts as fast as it hoped. Also, iTrack royalty income is likely to be10% lower than expected at £2m with the total revenues for the group are forecast at £5.2m, down from £5.55m last year. The SAWsense and Translogik businesses should grow revenues by 30%. The company was profitable in the first half and had cash at £1.33m. The interim results will be released on 17 February.
Eqtec (EQT) is raising £1.3m at 0.035p/share and this represents 36% of the enlarged share capital. A restructuring of £5.79m of debt will lead to £1.93m being converted into shares. The rest will be changed into £1.93m secured, zero-coupon debt and £1.93m. There is £166,000 of debt owed on the convertible facility with GIS. As part of its new strategy Eqtec is acquiring 99% of the Green Rock copper gold exploration project. It is paying $150,000 in cash and shares. The remaining 1% stake has a carry up to $350,000 and after that it will be lent cash by Eqtec to pay for its contribution with repayment out of future revenues. There is also an option over a 99% interest in the Peak Hills gold copper exploration project in Western Australia. The waste to energy activities will continue to be a core part of the group.
Botswana Diamonds (BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners.
Laundry technology developer Xeros Technology (XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027.
MAIN MARKET
Another upgrade for LED lighting and wiring accessories supplier Luceco (LUCE), which has been improving throughout 2025 after a weak start. Like-for-like growth is 6%. Pre-tax profit is expected to be £27.1m, up from £24.9m in 2024. There is demand for retrofitted energy efficiency products and there is UK government backing for energy efficiency measures. There was an 85% increase in EV charging sales.
In the AGM statement, Swindon-based newspaper and magazines distributor Smiths News (SNWS) says trading has been positive. The company should remain cash positive despite the payment of a special dividend of 3p/share. There is more to come from the diversification into other distribution activities.
Shell company Associated British Engineering (ASBE) had net assets of 15p/share at the end of September 2025. There are capital losses of £8m and £2m of trading losses.
Nanoco (NANO) has decided not to actively seek a buyer any more. There were discussions but no firm offers. Costs are being reduced and chief executive Dmitry Shashkov is leaving.
Andrew Hore
Quoted Micro 22 December 2025
AQUIS STOCK EXCHANGE
Vault Ventures (VULT) has raised £555,000 at 1p/share. This will be invested in technology. The Vault Accelerator for blockchain and AI development and income generation is in the final stages of implementation.
Mendell Helium (MDH) says that the flow rate for the Rost 1-26 well in Fort Dodge, Kansas has more than doubled to 250Mcf of helium per day, which equates to $1.4m in income in one year. There are discussions with potential partners for additional wells.
SulNOx Group (SNOX) has been granted a patent in Australia. It covers a range of formulation versions which includes both the Berol® 6446 Heavy Sulphur Fuel Oils (HSFO) emulsifiers and Sulnox Eco™ Fuel Conditioners which enhance all diesel, petrol/gasoline and biofuels, and marine fuels.
DXS International (DXSP) was hit by a cyber incident on 14 December. This should net have a material effect on the full year figures.
B HODL (HODL) has joined the US OTCQB Venture Market under the code BHODF.
Ananda Developments (ANA) is pleased with the US Presidential executive order to reschedule cannabis in the USA from Schedule 1 to Schedule 3 under the Controlled Substances Act. This recognises the benefit of medicinal cannabis. This will make it more straightforward to gain FDA approval and potentially make it easier to raise money. Trading in Ananda Developments shares ends on 22 December.
Mark Horrocks has reduced his stake in Lift Global Ventures (LFT) from 19.96% to 17.9%.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Ajax Resources (AJAX) completed a share issue raising £1.2m at 5.5p each and creditors have converted £110,000 of money owed into shares at the same price. Total cash is £2.6m.
First Sentinel has resigned as corporate adviser to Valereum (VLRM) and trading in the shares The company is still trying to complete the transaction with Quorium Global Photonics SPC. The share price fell 7.41% to 12.5p prior to suspension.
EDX Medical (EDX) is commercially launching a new BC95 testing service for early detection of bowel cancer as well as providing assessments of hereditary risks. Interim revenues increased from £18,000 to £173,000, while the loss increased from £1.7m to £2.3m. Cash was £125,000 at the end of September 2025.
Phoenix Digital Assets (PNIX) is redomiciling to Gibraltar. This is due to the regulatory environment and crypto advisory infrastructure.
RootstockLabs Ltd has reduced its stake in Coinsilium (COIN) from 6.69% to 5.32%.
Oscillate (SRVL) has issued an unsecured convertible to raise $400,000. This is equal to the amount to be received for the sale of helium operations. That will be received over 5 months, and the loan note will provide cash in the meantime. It lasts five months and the annual interest rate I 15%. It can be converted into shares if the company moves to AIM.
Connecting Excellence (XCE) has bought 8.12682413 Bitcoin for £560,000, taking the holding to 24.77668182 Bitcoin at a total cost of £1.71m. The next update will be on 5 January.
Oberon Investments (OBE) published increased interim revenues rose 14% to £5.4m with the fastest growth from investment management. Investment in growing the business means that the loss increased from £1.24m to £2.39m. Management believes that like-for-like growth could be 30% this year.
In the six months to September 2025, business assurance provider Adsure Services (ADS) revenue dipped from £5.06m to £4.89m, and pre-tax profit edged down from £330,000 to £310,000. Management says the decline was down to timing issues. Cash was £610,000.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks, which takes it to four weeks since any subscriptions.
Property investor Ace Liberty and Stone (ALSP) chairman Dr. Antonios Ghorayeb bought 200,000 shares ag 60p each, taking his stake to 0.89%.
JP JENKINS
Bitcoin mining company Argo Blockchain (ARB) has exited the Main Market and joined JP Jenkins on 15 December.
Bigblu Broadband (BBB) has left AIM and joined JP Jenkins on 18 December.
Powder Monkey (PMGL) has appointed Jon Radford as managing director of the UK brewing operations.
ASSET MATCH
Greenshields Agri Holdings (GAH) improved revenues from £3.95m to £4.27m, while there was a swing from loss to a pre-tax profit of £3.12m. However, this was due to a £4m gain on disposals. Cash generated from operations increased from £340,000 to £1.65m because of a reduction in working capital. Net cash is £1.3m.
Shareholders in Gulfsands Petroleum (GPX) agreed to the capital reorganisation
AIM
Technology enabled PR company Pathos Communications (NEWS) raised £5m at 30p/share ahead of joining AIM on 15 December. Management plans to invest in staff, marketing and technology. The share price ended the week at 32.5p.
Music management company All Things Considered (ATC) switched from Aquis to AIM and raised £8.6m at 125p/share. The share price ended the week at 131.5p.
Kettle components supplier Strix (KETL) is transforming its balance sheet through the £110m sale of Billi, which supplies multifunctional taps, to a private equity-backed Australian bidder. Billi was acquired three years ago for £38m, although Strix has invested in the business since then. Billi has been a growing contributor to the group at a time when other parts of the business have found trading conditions difficult. There are plans for a manufacturing and development agreement. Shareholder approval is required so the sale will not be completed until early next year. Strix will move to a net cash position and a £10m share buyback is planned. The sale equates to 47.8p/share.
The Zimbabwe government has revised its changes to mining royalties and that is good news for Caledonia Mining Corporation (CMCL). The proposed royalty rate of 10% will only come into effect when the gold price exceeds $5,000/ounce, rather than $2,500/ounce. Changes to tax have been withdrawn. The rise in the gold price means that the payback on investment in the Bilboes project could be less than one year. Cavendish has raised its 2025 pe-tax forecast to $131.3m with $163.8m expected in 2026.
The new strategy of Naked Wines (WINE) is already showing signs of paying off and Panmure Liberum has upgraded expectations due to strong pre-Christmas trading. The wines supplier expects full year EBITDA to be at the top of guidance of £5.5m to £7.5m. Panmure Liberum forecasts £7.2m, up from £6.2m. Pre-tax profit of £800,000 is estimated when previously a small loss was expected.
Mkango Resources (MKA) joint venture HyProMag USA, a rare earth recycling and processing business, has expanded the Texas hub facility and is planning a listing in the US in around one year’s time. The NPV of the Texas project and two other sites is $409m based on current market prices. The figure is much higher based on forecast prices. Up front capital costs are $142m.
Chariot (CHAR) has completed a financing for two wind projects in South Africa. The funding is via a subsidiary, and the wind farms should be commissioned in mid-2027. Chariot retains 65% of the subsidiary and Mahlako is paying $17m for 35%. Chariot’s stake is valued at 2p/share. This is the start of the strategy to build up a portfolio of renewable energy assets. The water business, which primarily held the proof-of-concept desalination project in Djibouti, has been sold.
Scotland-based housebuilder Springfield Properties (SPR) has secured a deal with Scottish and Southern Electricity Networks which covers 293 homes across six sites. This will provide income from rentals to help cover building costs on the sites. This deal is part of the new strategy in the north of Scotland, where home will be leased to workers improving the electricity transmission infrastructure.
Bars operator The Revel Collective (TRC) is in discussions with potential acquirors of its businesses and they would not lead to any return for shareholders. There is no likelihood of raising money through a share issue. Trading in the shares will be suspended on 29 December because the 2024-25 annual report will not be published by the end of the year.
Offshore energy market services provider Tekmar Group (TGP) has won a contract with an existing customer worth €8m. This for a major UK offshore wind farm. Revenues should be recognised this year and next year.
Quantum Helium (QHE) says an independent resource report has been published and the best estimate for the Coyote Wash project in Colorado is 0.97bcf of gross recoverable helium. This takes the gross recoverable resource of the company’s projects to 1.1bcf, which have a gross value of $330m. There are also potential oil resources of up to 750,000 barrels. The company also has a 90% working interest in the Sagebrush helium project which has 2U helium reserves of 101MMscf net.
Gaming machines hardware and displays supplier Nexteq (NXQ) has traded in line with expectations in 2025, but management is cautious about next year. A small dip in revenues from $85.5m to $85m in 2026. This has been downgraded from $94.1m because the largest gaming customer has been acquired and the product range rationalised faster than anticipated.
Groundworks company Van Elle (VANL) completed the sale of the Canadian rail business. This raised C$2.7m with a deferred payment of C$2m to be paid during 2026. The total is equivalent to £2.5m but subject to balance sheet adjustments. Meanwhile, revenues of the continuing business rose 12% in the first half.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ICEYE along with its joint venture partner Rheinmetall has secured a €1.7bn contract for space-based reconnaissance capabilities for the German Armed Forces. This involves a dedicated synthetic aperture radar (SAR) satellite constellation with AI driven image evaluation. The contract starts at the end of 2025 and lasts for five years. ICEYE recently raised €150m in a financing round, which valued the company at €2.4bn. ICEYE is by far the largest investment at just over one-third of the portfolio. The latest contract indicates the maturity of the business and ICEYE could consider a listing in the future. At the end of September 2025, the Seraphim Space IT NAV was £283.6m, which is equivalent to 119.55p/share.
Cash shell Medcaw Investments (MCI) is proposing to acquire Ulvestone, which holds licences for the Eagle Lake gold project in Ontario, Canada, plus a move to AIM.
Andrew Hore
Quoted Micro 3 November 2025
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) is planning a move to the Main Market. A prospectus has been published, and the switch is expected on 25 November. There are also plans to raise money from a placing programme of up to 125 million shares if it is agreed by shareholders at a general meeting on 20 November. This will broaden the shareholder base. KR1 chairman Rhys Davies has been paid a bonus of 580,000 shares. NAV was 50.9p/share at the end of September 2025.
Valereum (VLRM) says COINGT, the infrastructure tokenisation project representing the Interoceanic Corridor of Guatemala, will be listed on tokenisation venue VLRM Markets. The token represents a project to create a logistics and trade route between the Atlantic and Pacific.
SulNox Group (SNOX) generated record second quarter revenues of £679,300, which is 30% above the first quarter. Fuel emission reduction additive volumes were 39% higher. So far this year, revenues are 173% ahead at £1.2m. Cash was £1.36m at the end of September 2025.
WeCap (WCAP) holds 806,022 shares in WeShop, which intends to join Nasdaq, as well as a 23.5% stake in a company that owns 2.08 million WeShop shares. The other investment is waterway cleaning technology developer Bio2pure. The 10% stake is valued at nil. WeCap had net assets of £6.77m at the end of April 2025.
Healthcare IT developer DXS International (DXSP) improved full year revenues from £3.31m to £3.47m and the loss was reduced from £4.95m to £175,000. Slow NHS decision making is holding back progress. Even excluding the previous year’s asset impairment of £4.38m the loss is lower. Turnover is expected to be flat this year and there will be another loss.
Lift Global Ventures (LFT) says it is extending the loan to investee company Trans-Africa Energy to 31 January 2026.
Igraine (KING) has received £3.91m of fundraising money and is still waiting for the other £3.24m.
UTXO Management GP has belatedly stated that it has reduced its interest in The Smarter Web Company (SWC) from 26.6% to 12.99%.
Adnams (ADB) interim chair bought 1,650 B shares at 1805p each, while finance director Andrew Driscoll bought 500 A shares at £10 each.
There will be a 150-for-one share consolidation at Nyce International (NYCE) on 3 November.
Unigel Group (UNX) is paying an interim dividend of 2.5p/share.
IntelliAM AI (INT) is switching to the Apex segment of Aquis.
ASSET MATCH
Zytronic (ZYT) has disposes of all assets except for the freehold property in Blaydon. Completion of the sale has been delayed. An environmental survey will be received later in November. The estimated return to shareholders is still 48p/share to 58p/share.
Greenshields Agri (GAH) says draft accounts for 2024-25 show a swing from a loss of £317,000 to a profit after tax of £2.68m. NAV is 158p/share.
AIM
Empire Metals (EEE) is raising £7m at 40p/share. The cash will be used to finance work on the Pitfield project in Australia. This includes metallurgical test work, resource expansion and commencement of pilot production of Ti02 product samples for end users. This will initially be for the titanium metal supply chain. A listing on ASX is being considered for 2026.
Kromek (KMK) says interim revenues will be at least £14.5m, up from £3.7m. This includes revenues from Siemens. There is still underlying growth of 70%. An interim pre-tax profit is expected.
Belluscura (BELL) is appointing an administrator.
Shareholders did not agree to the proposed fundraising by Anglesey Mining (AYM) and management is preserving cash as it seeks alternative forms of financing. Without that the company will go into administration. Alumni Capital had agreed to offer equity funding of up to £2m.
Conygar Investment Company (CIC) is selling its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property, a subsidiary of Stena Lin. The net proceeds will be £18.3m, compared with a valuation of £2.5m. NAV was £63.8m (107.5p/share) at the end of March 2025, but since then there has been a £750,000 loss on the sale of a Virgin Active gym. Premier Miton trimmed its stake from 13.9% to 12.8%, while First Equity has cut its interest from 13.2% to 12.8%.
European Green Transition (EGT) has entered an exclusive six-month option agreement to sell the Pajala copper project in northern Sweden to Recovery Metals Cyprus. Historical drilling confirms copper mineralisation. Recovery Metals Cyprus will fund due diligence during the option. Copper prices are moving towards record highs.
Caledonian Holdings (CHP) has entered an agreement with Mousdale Investment and Nevis Investments which will each swap 250,000 AlbaCo shaes for 6.25 million Caledonian Holdings shares at 0.004p each. This will take Caledonian Holdings’ sake in new smaller company focused bank AlbaCo to 5.47%.
One Health Group (OHGR) has made a positive start to the financial year. Surgical procedures jumped 16% and interim revenues were 17% higher at £15.5m, which is 10% ahead of forecast. EBITDA is expected to be higher than the previous year. Cash is £10.8m. There have been delays in building the surgical hub, but it should still be open by the end of 2026.
Specialist cleaning services provider React Group (REAT) says full year revenues were 21% ahead at around £25m, which includes an initial contribution from 24hr Aquaflow, which was acquired last October. Dowgate edged up its 2024-25 pre-tax profit from £2.1m to £2.2m. Strong fourth quarter trading meant that net debt was higher than expected at £5.2m.
Cancer treatments developer ValiRx (VAL) is raising £750,000 at 0.25p/share and a WRAP offer could raise up to £300,000 more. The offer closes on 3 November. All subscribers get one warrant exercisable at 0.5p each with every new share. The cash will fund R&D, including the preclinical development of potential breast cancer treatment Cytolytix.
Construction disputes and professional services provider Diales (DIAL) expects a 2024-25 operating profit of at least £1.3m on slightly lower revenues of £42.6m, due to weaker Asia Pacific business. Pre-tax profit should also be £1.3m. Net cash was £3m at the end of September 2025. There is a strong pipeline of disputes business.
ABCrescent Cooperatief U.A. has sold 8.22 million shares in Pulsar Helium Inc (PLSR) at 38p/share. ABCrescent, which is associated with Pulsar Helium director Brice Laurent, still has a 4.81% stake plus 15.5 million warrants. Brie Laurent owns 17,570 shares. This follows the proposed acquisition of Hybrid Hydrogen, which owns mineral rights to 6,742 acres in Michigan’s Upper Peninsula, for $80,000 in shares.
Great Western Mining Corporation (GWMO) says soil sampling at the Huntoon copper project in Nevada shows elevated levels of tungsten, copper and zinc. The soil geochemical anomaly has been extended to more than 2.8km. The consistency of anomalies suggests a larger than anticipated mineralised system. Further analysis will help to design a new drilling campaign.
Resources explorer 80 Mile (80M) says its US joint venture partner has announced that an independent report confirms the world-class potential of the Jameson Land Basin in eastern Greenland. This estimates more than 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources. 80 Mile has a 30% post earn-in share. It has a free carry on the initial drilling planned for the second half of 2026. March GL is earning up to 70%. This followd an announcement that 80 Mile has revised the terms of its acquisition of Hydrogen Valley, which operates a biofuel site in Italy.
Versarien (VRS) has signed heads of terms with a UK quoted company for the sale of Total Carbide and the other remaining assets for £100,000 in cash and £100,000 in shares. The buyer will also take responsibility for £5.7m of loans plus interest. Versarien can operate with the support of creditors until the end of November. If the transaction goes ahead Versarien will become a shell.
MAIN MARKET
Cindrigo (CINH) has completed the acquisition of an 85% stake in a company that is developing three geothermal projects in the Upper Rhine Vally in Germany, and this enabled it to return to the Main Market. Cindrigo raised £2.06m at 12p/share and £9.3m of convertible loans have been converted into shares at an average price of 17p/share. At the placing price, the market capitalisation was £40.1m.
Georgina Energy (GEX) has gained drilling approvals for the Hussar prospect in EP513 in Western Australia. There was cash of £112,000 at the end of July 2025 and since then £1m has been raised.
New Frontier Minerals (NFM) had cash and liquid resources of $1.8m at the end of September 2025. There have been good results from the Harts Range rare earths project. The NWQ copper project is also progressing.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 28 April 2025
AQUIS STOCK EXCHANGE
Smarter Web Company (SWC), which was formerly Uranium Energy Exploration, joined Aquis on Thursday and it raised £1m at 2.5p/share. Smarter Web Company provides web design, development and marketing services. It generates income from an initial fee, annual hosting and optional marketing charge. Bitcoin payments are accepted. There are plans to grow through acquisition.
Marula Mining (MARU) is acquiring up to 70% of the Boteti lithium brines project in Botswana. There are three licences within the Makgadikgadi Desert Salt Pan. Marula Mining will issue 250,000 shares at 4p each to acquire the initial 50% interest, plus £10,000 worth of shares once due diligence is completed. Marula Mining will finance 100% of spending up until production. Once a feasibility study is successfully completed a further £250,000 of shares will be issue and e is the option to increase the interest to 70% through a further issue of £100,000 worth of shares.
Fenikso (FNK) has renegotiated the $11.5m loan from Savannah Investments. It will be settled for $5.76m and $2.5m will be made when the deal is signed. The other $3.26m will be paid by the end of the year. There should still be cash left on the balance sheet after the payments.
Valereum (VLRM) is not going to receive the £19m investment by DMC Markets. VLRM Markets will commence operations, open its Real-World Asset (RWA) Platform and launch its V-Wallet. This operation has a licence in El Salvador. Management has been involved in a delegation to the SEC concerning proposals to regulate digital assets.
Wishbone Gold (WSBN) is preparing to drill the main undrilled gold target at Red Setter Dome, near the Telfer gold miner. A major dome-like structure is similar to Telfer.
Adsure Services (ADS) says there is strong demand for its audit and assurance services.
Mendell Helium (MDH) has increased the subscription from £796,000 to £834,000. The subscription price is 2p/share.
TruSpine Technologies (TRU) has issued shares at 1.5p each to pay creditors totalling £107,000.
Nicholas Fairfax sold 27,900 shares in SulNOx Group (SNOX) at 80p each.
ASSET MATCH
Greenshields Agri (GAH) says UK farmland values are holding steady. Current net asset value is 162p/share.
AIM
Major shareholder Regent Gas Holdings has set up a company to make an offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). Gas supplier Regent is the second largest shareholder with 29.4% and it owns convertible loan notes and warrants. Regent would prefer the focus to be reducing debt, which has already been cut following the December fundraising. This includes ending dividend payments. A strategic review will be started, so that debt can be eliminated by the end of 2026. Gresham House owns 29.7% of Inspired plus convertibles and warrants. It says that it will not accept the offer.
Selkirk Group (SELK) has made an approach to THG to acquire its MyProtein business for £400m-£600m, subject to due diligence, payable in cash and shares. THG has rejected the offer because of the valuation and the structure of the offer. Talks are not ongoing, but Selkirk could return to the potential deal if circumstances change. Management is assessing other reverse takeovers.
Foreign exchange services provider Argentex (AGFX) ran into financial problems because of currency volatility. IFX Payments is offering 2.49p/share in cash and the board is recommending the bid. It is also providing a £6.5m bridging loan. IFX Payments is interested in the technology that Argentex has developed.
Payment services provider Finseta (FIN) performed as anticipated in 2024, but higher costs for start-ups have hit the share price in recent weeks. In 2024, revenues were18% higher at £11.4m and pre-tax profit improved from £1.4m to £1.5m. There was no contribution from Canada or UAE, which start trading this year. There have been concerns about the problems at Argentex, but Finseta is a different business and is not allowed to take the type of risks taken by Argentex.
Rail software and services provider Tracsis (TRCS) had already warned of tough trading conditions prior to the interim results. Pre-exceptional and share-based payments profit fell from £1.8m to £235,000. The data, analytics and events division fell into loss because costs were higher than anticipated when work was won. This will hamper the full year contribution, although the second half is always stronger. Action will be taken to improve margins. The main concern is the continued uncertainty surrounding GB Railways. This could hold up spending in software and there was a reduction in investment in remote condition monitoring equipment due to delays in the CP7 spending period.
Software company Celebrus Technologies (CLBS) says 2024-25 revenues will be lower than expected at $38.6m, down from $40.9m last year, but pre-tax profit was in line with expectations at $8.7m, up from $7.6m. Net cash was $31m at the end of March 2025, following a property sale generating $3.9m. Celebrus Technologies is changing its revenue recognition policies to a monthly basis, rather than annually in the month of signing the contract. Annual recurring revenues will rise by 14% to $18.8m this year.
Productivity efficiency software provider ActiveOps (AOM) generated higher than expected revenues for the year to March 2025. The estimate has been raised 4% to £30.4m. Net recurring revenues were 108%. Annualised recurring revenues were 15% ahead despite the loss of a major customer. Net cash was £20.6m at the end of March 2025, which is nearly one-third of the market capitalisation. Pre-tax profit will be flat at £2.1m, with £2.3m forecast for this year.
Concrete levelling equipment supplier Somero Enterprises (SOM) is cautious about this year because of global uncertainties affecting buying decisions and the starts of projects. It is cutting 15% of its workforce. Cavendish has cut its 2025 pre-tax profit estimate by 18% to $21.3m, down from $25.4m in 2024.
Marketing data analysis company Ebiquity (EBQ) did better than expected in the second half, but pre-tax profit still fell from £9.7m to £6.5m. The first quarter of 2025 was ahead of management expectations. A modest recovery in pre-tax profit to £7.1m is forecast for this year and there is potential for further outperformance.
Enteq Technologies (NTQ) says that there is no likelihood of a bid for the company, and it has ended its formal sales process. Management will still talk to potential buyers for parts of the business. Spending is being reduced, and the energy services equipment supplier is seeking additional finance. There is $602,000 in the bank and that will last until mid-May. SABER equipment has been prepared for further testing.
Software training services provider Northcoders (CODE) returned to profit in 2024, but it has revealed that the 18-month Department for Education contract, worth £10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business.
The board of credit hire company Anexo (ANX) advises no action should be taken by shareholders following the announcement of a potential bid by DBAY Advisers, Alan Sellers and Samantha Moss. These shareholders already own 63%. The offer could be in loan notes or shares in a new holding company.
Great Western Mining Corporation (GWMO) says the mill construction is substantially complete at the 50%-owned Western Milling joint venture in Nevada. Initial trial production should start soon. There are already plans to expand capacity. This will require some third-party finance, and a specialised mine engineering company will be brought in.
Vast Resources (VAST) says the historical diamond parcel has been released by the Reserve Bank of Zimbabwe, which held it for 15 years. The contents of the parcel exceeded expectations, and the sales process should start in one month. Vast Resources is in talks with third parties about an investment in the Baita Plai polymetallic mine. The diamond sale proceeds will help to pay off debt.
Premier African Minerals (LON: PREM) has raised £1.575m at 0.035p/share. This will be invested in plant at the Zulu lithium and tantalum project so that grades and tonnage can be improved. That will help in the attempt to reach a binding agreement for future development.
MAIN MARKET
Structural steel supplier Severfield (SFR) reassured investors that trading is in line with expectations, although trading conditions is likely to remain tough and margins are under pressure. The UK and Europe order book has risen to £440m, but that includes work at Fenchurch Street that will not contribute until 2026-27. Generally, decisions are slow. Management believes that there could be annual cost savings of up to £4m. Insurance will cover some of the costs for the bridge remediation. Chair Charlie Cornish bought 103,125 shares at 24p each.
Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell. David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.
Andrew Hore
Quoted Micro 3 March 2025
AQUIS STOCK EXCHANGE
In the six months to November 2024, Field Systems Designs (FSD) improved revenues from £8.8m to £13.1m and pre-tax profit recovered from £84,000 to £853,000. There is cash of £4.4m. The mechanical and electrical engineering services company has benefit from increasing activity under the AMP7 programme for the water sector. The AMP8 programme will begin in April 2025. There are secured orders worth more than £22m, but the start of AMP8 is likely to see a slowdown in spending before it ramps up again.
Hydrogen Hotel, Eastbourne (HYDP) improved full year pre-tax profit from £236,000 to £350,000. There was £610,000 of cash generated from operations. Cash was £2.46m at the end of October 2024. A second interim dividend of 13p/share has been declared, taking the total to 26p/share.
Zentra Group (ZNT) has completed the sale of 19 out of 24 units at the One Meadow development in West Yorkshire to a registered housing provider for £3.96m. This will pay off the development finance facility. There are five units to sell privately.
Hot Rocks Investments (HRIP) has invested £75,000 in cross border payments company Endor Group, which trades as Universe Payments. Endor chief executive Tony Quirke was finance director at Equals.
Investment Evolution Credit (IEC) is acquiring Credit Canary, which specialises in AI and software developer and provider of credit services, for £4m in shares at 12.5p each. The brand will be retained.
KR1 (KR1) reported an end-January 2025 NAV of 77.5p/share, down from 77.8p/share the previous month, and has generated income of £721,233 during the months.
Having raised £7.4m from a placing at 180p/share healthcare procedures provider One Health Group (OHGR) has raised a further £200,000 through a retail offer, where shares worth up to £500,000 were on offer. Existing shareholders have the chance to take up shares in a one-for-38 open offer of up to £500,000 ahead of the move to AIM. which is expected to happen on 20 March.
Audit and assurance services provider Adsure Services (ADS) has signed a contract with K10 Vision to implement its audit working paper software. This will enhance the efficiency of subsidiary TIAA and integration is already underway.
Rogue Baron has changed its name to Richmond Hill Resources (SHNJ) and adopted an investment strategy in the natural resources. Trading in the shares recommenced on Wednesday 26 February.
Former Daniel Stewart boss Peter Shea has been appointed as a director of Good Life Plus (GDLF) and John Taylor has stepped down from the board.
SulNOx Group (SNOX) has signed an exclusive agency agreement for Greece and Cyprus with Technava SA. The focus will be the maritime market for the company’s fuel additives.
EDX Medical Group (EDX) founder and executive director Professor Sir Chris Evans acquired 60,000 shares at 12.97p each and 30,000 shares at an average share price of 13.49p each.
Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each. Cardiogeni (CGNI) executive chairman Darrin Disley has bought 152,205 shares, mainly at 22p/share, although 50,000 of these shares were acquired at 15p each.
RentGuarantor Holdings (RGG) has appointed Allenby as corporate adviser.
Inteliqo Ltd (IQO) will leave Aquis on 14 March.
ASSET MATCH
Chaarat Gold Holdings (CGH) decided to withdraw from Asset Match and the final auction was on 28 February. The last auction share price was 0.14p. The mining company left AIM on 16 August 2024.
Agricultural land and farming activities company Greenshields Agri Holdings (GAH) reported a decline in revenues from £6.18m to £3.95m. Crop sales and other farming income declined. There was also a fall in contract income. There was a reduction in cost of sales, and that helped the loss reduce from £728,000 to £436,000. NAV was £22.7m at the end of June 2024, which is equivalent to 145p/share.
AIM
Online building materials retailer CMO Group (CMO) has reviewed its strategic options and decided that it should leave AIM because it cannot source the finance it requires. This should save £700,000/year. JP Jenkins will provide a matched bargains market. CMO joined AIM at the height of the Covid-related boom in DIY and its results have declined since then. The market is currently declining, although there are signs of improvement in February. CMO raised £45m at 132p/share when it joined AIM in July 2021.
Staffing firm Staffline (STAF) is selling its workplace training business PeoplePlus for up to £6.9m – £12m minus £5.1m deduction for advanced payments. The change in government has led to uncertainty concerning training and delays in client decisions. PeoplePlus was expected to make a 2025 pre-tax profit of £300,000, down from £1.3m in 2024. Panmure Liberum expects an £11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to £7.5m worth of shares.
Bezant Resources (BZT) is planning to sell Puna Metals, which owns the Eureka gold and copper mine in Argentina, to Main Market shell Ajax Resources (AJAX). It will pay $120,000 in cash and $100,000 in shares – which will be based on the price of a fundraising.
Sovereign Metals Ltd (SVML) says graphite concentrate produced at the Kasiya rutile-graphite project has met or exceeded specifications for use in flame retardants, gaskets, seals and brake linings. Demand for graphite is growing at 6%-8%/year. Sovereign Metals believe it can produce the graphite at an incremental cost of $241/t, while the recent price was $1,140/t. The information will be used for talks with potential offtake partners. Rutile continues to be the primary potential product of the project.
Photonics and optical equipment supplier Gooch & Housego (GHH) is improving efficiency and margins and is set to meet full year expectations. At the AGM, it was revealed that the order book has grown to £126.4m. Defence optics, medical diagnostics and subsea data networks demand is strong. Semiconductors and industrial lasers markets remain weak. Net debt was £19.2m, following the acquisition of Wales-based Phoenix Optical for £6.75m. This business is being integrated. Net debt could fall to £15m by the end of September 2025. Further bolt-on acquisitions are being sought. Trading is likely to be second half weighted. Cavendish forecasts a recovery in pre-tax profit from £8.1m to £13.3m.
EnergyPathways (EPP) has signed a non-binding memorandum of understanding with a clean energy fund, which would be a cornerstone investor in an equity funding at higher than the current share price. This will provide cash for the development of the MESH energy storage project. A FTSE 100 constituent is interested in long-term storage capacity. The final concept engineering report has been submitted and a decision on the application for a gas storage licence is expected soon. The MESH project could be operational by the end of 2027.
Growth in the revenues of diagnostics developer Oxford BioDynamics (OBD) remains modest and the loss increased. Revenues moved up from £510,000 to £636,000, while the loss was nearly £12m. Since the balance sheet date £7.35m has been raised at 0.5p/share and Ian Ross appointed executive chairman. The company is seeking partners and collaborators to accelerate the take up of its EpiSwitch products.
Following the departure of its chief executive Wendy Lawrence and the loss of a NHS 111 contract healthcare services provider Totally (TLY) has renewed two multi-year contracts worth a total of £30m, including option extension periods. The original contracts had a similar annual value. David and Monique Newlands have been adding to their stake, and it has risen from 5.39% to 6.67%, while Trafalgar Capital increased its shareholding from 6.04% to 8.16%. Earlier in the week, Liontrust sold its 525% shareholding.
Retail software provider itim Group (ITIM) says that 2024 revenues were 5% better than expected at £17.9m thanks to contract wins in the second half. This enabled itim to move back into profit. Zeus forecasts a 2024 pre-tax profit of £200,000 and upgraded its 2025 figure to £500,000.
A June 2024 revaluation of the Mpac (MPAC) pension scheme shows an actuarial surplus of £21.1m. Back in June 2021the pension deficit was £28.4m. This should make it easier to transfer the scheme to a third party.
Asia-focused oil and gas producer Jadestone Energy (JSE) increased average production in 2024 by 35% to 18,696 barrels of oil equivalent/day. Revenues improved from $309.2m to $395m. The Akatara gas processing facility is up and running. Net debt was $104.8m at the end of 2024. This year production is expected to average 19,000-22,500 barrels of oil equivalent/day. Based on a Brent oil price of $70-$80/barrel Jadestone Energy believes it can generate $270m-$360m of free cash flow between 2025 and 2027.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has reported 2024 revenues 4% lower and an organic decline of 8% due to lower volumes and prices. Pe-tax profit was 3% lower at £25m. The manufacturing operations increased revenues, although like-for-like sales were flat, and its profit contribution rose by 10%.
Cybersecurity company Narf Industries (NARF) has reportedly been awarded a $6.8m contract by DARPA in the US. This is for the Intelligent Generation of Tools for Security programme. This is designed to assess vulnerabilities in systems and lasts 36 months.
Georgina Energy (GEX) says a scoping study has confirmed the viability of commercial gas production at Hussar. The NPV10 is estimated to be $1.64bn. Management is in discussions with potential offtake partners. There is a non-exclusive agreement with potential offtake partner Harlequin Energy covering helium, hydrogen and natural gas.
Andrew Hore