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Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 10 August 2026
AQUIS STOCK EXCHANGE
Heart health products developer ProBiotix Health (PBX) interim revenues increased 53% to £2.06m and improved gross margins. There was a swing from a loss of £153,000 to a pre-tax profit of £79,000. The growth was in the US. There was a £19,000 cash outflow from operating activities during the period and £1.24m in cash at the end of June 2026. The growth was in the US and there are prospects of second half growth in Asia and Europe, as well as in the US.
Emissions reduction additives developer Sulnox Group (SNOX) increased first quarter revenues by 54% to £804,600. Volumes were 73% higher. Cash was £1.54m at the end of June 2026 with some of the £2m recently raised invested in increased inventories.
Ajax Resources (AJAX) has started the environmental permitting process for the maiden drilling at the Pereira Velho gold project in Brazil. The process could take three months. The drilling budget is $1.5m. There has already been $5m spent on drilling and other work. The new work will enable a maiden mineral resource estimate to be calculated.
Global Connectivity (GCON) raised £293,000 at 0.1p/share. This will provide working capital and should last until July 2027.
EPE Special Opportunities (EO.P) says it will not buyback any more shares for the time being. The interims will be published on 9 September.
Delta Gold Technologies (DGQ) director Jamie Tosh bought 20,000 shares at 122p each. He owns 5.7%. Delta Gold Technologies has raised £30,000 from an exercise of warrants at 15p each.
ASSET MATCH
Trading in brewer Wadworth and Co (WAD) shares is starting on the Asset Match PISCES platform. Interim sales increased 6% to £22.6m, while EBITDA improved 14% to £2.7m. Own beer sales were 8% ahead and this is helping margins of managed pubs. The World Cup helped the figures. Tenanted pubs income is flat. The current wine and spirits contract is due for renewal next year and options will be reviewed.
An independent valuation of the Valens Pay fintech platform business by Wills Capital indicates a range of $560m to $1.39bn. Valens Pay is the principal platform owned by VP Fintech (VPF).
AIM
Communications and satellite technology developer Filtronic (FTC) reported a small dip in revenues to £55.5m, despite adverse currency movements, and investment in technology and increasing capacity led to a fall in pre-tax profit from £15.1m to £8.1m. Additional engineering and business development staff have been taken on. The new Sedgefield facility is up and running and annual capacity has increased to more than £200m. SpaceX remains the largest customer, but new customers are diversifying revenues. Pre-tax profit is expected to rise to £8.9m this year and 95% of forecast revenues are in the order book. Early forecasts tend to be conservative so there is room for upgrades later in the year.
Video games developer Devolver Digital (DEVO) plans to cancel its AIM quotation and there will be a tender offer of up to $5m at 16p/share. Shareholders are being asked to approve the proposals at a general meeting on 8 September. A further tender offer of up to $5m is planned for 12 months after cancellation. There will be annual cost savings of $1.6m, and the board does not believe that the share price reflects the recent progress, partly due to poor liquidity. Devolver Digital joined AIM on 4 November 2021 at 157p/share
Wellnex Life Ltd (WNX) is selling its main brand Pain Away to Japan-based Rohto Pharmaceutical for up to A$21.3m. The initial cash payment of A$19.8m is payable on completion and will be used to repay debt and invest in the remaining healthcare and contract manufacturing activities. The remaining payment is dependent on performance in the 12 months after the purchase. Shareholder approval for the deal will be sought on 8 September. In 2024-25, Pain Away had revenues of A$13.4m and EBITDA of $4.36m. The rest of the business lost money. Wellnex Life raised £5.22m at 31.75p/share when it joined AIM on 21 March 2025.
Transport software and services provider Tracsis (TRCS) is selling non-core events operations for £7.3m. In 2024-25 revenues were £20.4m and EBITDA was £1.9m. This was expected to improve. This will lead to a net reduction in profit after the disposal, but management can concentrate on the core rail technology business, which has better margins.
Strategic communications company Aeorema Communications (AEO) says interim revenues should be one-third higher at £17.4m, and pre-tax profit could treble before forex movements to £1.5m. After the year end change, the first half is much stronger than the second half, where a loss is likely. Forecast full year revenues have been raised from £20.4m to £22m, while pre-tax profit is improved from £740,000 to £810,000.
Automotive interior components supplier CT Automotive (CTA) says revenues grew 15% to $62.1m in the first half. However, higher operating costs mean that profit will be much lower than in the first half of 2025. Some of the cost increase can be recovered but that has been delayed until the second half. Production inefficiencies in Mexico had to be rectified. Revenues and profit should be stronger in the second half, and the company is optimistic about achieving full year forecasts.
Furnishings supplier Sanderson Design Group (SDG) says interim revenues improved 6% to £51.4m thanks to a 19% increase in North American brand product revenues. Third-party manufacturing revenues recovered 19% to £11m. Licensing revenues were 13% higher at £4.9m. Net cash was £10.2m at the end of July 2026.
Cybersecurity services provider Corero Network Security (CNS) says interim revenues were 42% ahead at $15.5m and it made a positive EBITDA. Annualised recurring revenues are 12% higher at $24.1m. Cash is $2.1m. Zeus still expects a move back into profit for the full year with a pre-tax profit of $400,000 forecast. The broker will review its forecast when the interim results are published.
FIH Group (FIH) is selling the Momart art logistics business for £7.6m to a larger rival and the deal should complete by the end of September. Momart made a loss last year. There could be a cash distribution to shareholders, as well as investment in the remaining business in the Falkland Islands.
Hostels operator Safestay (SSTY) is selling its London Kensington Holland Park property for £3m. This is one of the company’s early sites and it generated revenues of £1.7m last year. There should be a £2.6m gain on the disposal. NAV was 22.2p/share at the end of 2025.
IP and content management Ingenta (ING) is acquiring 23.9% of FirstAida, which is an early-stage legalTech business that is involved in AI software that helps IP holders to identify copyright infringement. The cost is £500,000 in shares and there is an option to buy the rest at a price linked to performance. There is a small dilution to this year’s earnings because of the share issue.
Battery technology developer Gelion (GELN) has secured a joint development agreement with battery materials manufacturer Mitsui Kinzoku which will help progress towards commercial manufacturing in Asia. Gelion will receive £2m in staged payments to validate the company’s NES cathode active material (CAM) for use in high density liquid and solid-state sulfur battery cells. Mitsui Kinzoku has an option to negotiate manufacturing rights in some countries in Asia.
Kazera Global (KZG) says that the technical report for the Sea Concession 2A heavy mineral sands project in Alexander Bay, Northern Cape, South Africa shows an inferred mineral resource estimated at 6.65 million tonnes of heavy mineral sands at an approximate grade of 20%. This is principally garnet, ilmenite, zircon and rutile. This is based on 1.42% of the licence area.
ePharmacy company Vulcan Two (VUL) says integration of its three acquisitions is progressing well. Vulcan Two is shedding lower margin customers and focusing on profitability. Forecast 2026 revenues reduced by 4% to £38.9m and additional staff hires and duplicated running costs have cut the pre-tax profit forecast from £1.9m to £1.1m.
MAIN MARKET
Foams manufacturer Zotefoams (ZTF) grew interim revenues 23% to £95.2m and pre-tax profit was one-third higher at £15.3m. This included a full contribution from OKC, which was acquired late last year. Organic growth was 4%. This was achieved even though footwear sales were 23% lower. Underlying organic growth excluding footwear was 28%. This means that footwear is 30% of total sales, down from 48%.
North east England-based property finance and development company Develop North (DVNO) reported increased interim income of £1.27m, up from £1.04m. The total value of the portfolio is £22.9m. This covers 14 projects following two exits during the period. There were write downs on two projects unable meet interest obligations and this led to a first half loss. The total dividends are 2p/share so far this year. The NAV at the end of May 2026 was 74.8p/share.
Ground engineering and piling business Keller (KLR) grew interim revenues by 10% to £1.61bn, while underlying pre-tax profit improved from £92.7m to £108.7m. There was growth in all regions, and the order book is a record at £1.9bn. This stretches well into next year. Non-exec director Stephen King bought 6,500 shares at £30.62 each.
Solvonis Therapeutics (SVNS) says initial screeding data for SVN-015 is encouraging. This is an AI discovered stimulant use disorder candidate. The next stage of evaluation is funded by the US National Institute on Drug Abuse. Solvonis retains full ownership.
Andrew Hore
Quoted Micro 29 June 2026
AQUIS STOCK EXCHANGE
Vehicle electrification technology supplier Equipmake (EQIP) says second half trading has been in line with expectations. Trading was better than in the first half and full year revenues are set to be more than £8m, up from £3.5m the previous year. Finance director Ian Selby is stepping down, although he has acquired an additional 225,000 shares at 0.9p each, and Jason Abbott has become an executive director, who bought 100,505 shares at 0.99p each. Chairman Tim Metcalfe acquired 2.27 million shares for a total cost of £17,500, while chief executive Ian Foley bought 914,677 shares at around 0.875p each.
Trading in Supersearch Plus (SSP) shares was suspended on 23 June. Two directors have resigned leaving chief executive Foelan Wong as the only director, The frozen seafood company has sacked Guild Financial Advisory as Aquis corporate adviser. The 2025 results will not be published by the end of June.
Ethtry (ETH) had net assets of £4.47m at the end of 2025, including cash of £4.27m. Acquisitions of Ethereum started this year.
Global Connectivity (GCON) has written down its £175,000 investment in PLUG to zero. It has taken an 8% stake in successor company PLUG Networks LLC-FZ.
Wishbone Gold (WSBN) says positive gold assays have been returned from the initial assay results from drilling at Red Setter in Western Australia. Shallow gold zones have been discovered. There will be deeper diamond drilling.
Coinsilium (COIN) had net assets of £14.6m at the end of 2025, with cash of £1.43m. There was a £1.22m cash outflow from operating activities during the year.
Sulnox Group (SNOX) has secured a four-year agreement with Eastern Pacific Shipping, which will broaden its use of Sulnox Eco to more than 50 vessels. This should amount to 1.2 million litres over the period. The customer has more than 350 vessels so there is scope for further expansion. Eastern Pacific Shipping is acquiring 5.5 million Sulnox shares at 2p each and a further 7.06 million shares will be issued relating to the original contract and introductions. This will take the shareholding to 10.8% and it could reach 14% by the end of the new agreement.
Zentra Group (ZNT) says completion at One Victoria in Manchester has been delayed to the end of the third quarter of 2026.
Marc Dixon has reduced his stake in Nomad Compute (NMD) from 6.88% to 1.5%.
Mollyroe (MOY) has appointed Cairn Financial as corporate adviser.
ASSET MATCH
Octagonal (OCT) has joined Asset Match. It owns broker Global Investment Strategy UK Ltd, which has offices in London and Hong Kong.
AIM
Pawnbroker Ramsdens (RFX) is recommending a 600p/share bid from Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. That is higher than the share price has ever been. Shareholders will also receive the 6p/share interim dividend and special dividend of 3p/share. This values the company at £203m plus £3m in dividends. The bid values Ramsdens at around nine times forecast 2025-26 earnings, although profit has been boosted by the high gold price increasing gold buying activity. A fall in profit is currently expected for 2026-27 indicating a multiple of 13, although there have been previous forecast upgrades for the current year and if gold prices remain high there is upside in this forecast.
Talon Resources (TAR) moved from the Main Market on 23 June after the reverse takeover of a North American gold explorer with a 90% stake in the Eagle Lake gold project in Ontario for £4m in shares at 1.25p each, plus £170,000 in cash. There was also £2m raised at the same price. The share price had been suspended at 2.75p and started at 2.125p before falling to 1.275p at the end of the week. That is a 53.6% decline, but the share price is still above the issue price.
Energy as a service provider eEnergy Group (EAAS) expects interim revenues to be £22m and full year revenues to be £32m, compared with £38m previously. That means that EBITDA would be £1,7m rather than £4.5m. These adjustments come after the appointment of John Gahan as interim chief executive. He is generating annualised savings of £2m and there will be a restructuring charge of £500,000.
Distribution Finance Capital Holdings (DFCH) has upgraded expectations because loan originations have exceeded expectations as newer products enhance the growth in inventory finance. Arrears and impairments remain low. Panmure Liberum has raised its 2026 pre-tax profit forecast from £19.4m to £22.4m. Tangible NAV has been increased from 84.5p/share to 85.8p/share.
Online music retailer Gear4Music (G4M) bounced back last year and took advantage of competitors going out of business in the UK. Revenues jumped from £146.7m to £190.7m. There was growth across the range of products both own brand and branded. Pre-tax profit soared from £1.8m to £10.2m – only the peak Covid profit in 2020-21 was higher. This year Gear4Music is moving into a new warehouse, so there will be additional costs holding back profit in the short-term, but revenues should continue to grow.
CPP Group (CPP) announced a general meeting to gain shareholder approval to leave AIM and raise money from a convertible loan note issue. Following disposals, the focus is insurTech platform Blink Parametric, which is still relatively early stage. The final $5m owed by the purchaser of the Indian business has not been paid yet and cash is required. Gresham House Asset Management is offering to invest £3m in convertibles as long as a total of at least £5m is raised and CPP leaves AIM. Shareholders are being offered a chance to subscribe for up to £2.95m of convertibles with a minimum level of £2m. The holders of convertibles will also receive V shares to enable them to vote at meetings. The general meeting is on 14 July.
Thalia Therapeutics (THAT), formerly N4 Pharma, is acquiring Sanmirna Therapeutics Inc, which is developing miRisten for the treatment of Acute Myeloid Leukaemia, for an initial £3.675m in shares and convertible loan notes. Thalia Therapeutics has raised £2.75m at 0.6p/share, with two-fifths coming from directors. The cash will fund the completion of the miRisten phase 1 clinical trial. The data is expected in the first half of 2027.
Publishing software provider Ingenta (ING) has held its AGM and stated that more than £2m of business over three years has been won so far this year. There are other potential contracts that could be gained in the second half. Cavendish expects a dip in 2026 pre-tax profit to £1.4m because of higher sales and marketing costs the benefits of which should show through in the future.
Aerospace composite kits supplier Velocity Composites (VEL) interims were in line with expectations, but the second half will be tougher. First half revenues were 19% lower at £8.4m due to delays in projects starting in the US. The company has closed its site in Fareham and that will generate cost savings. In the second half the costs of ramping up production in the US and lower margin UK work means that although there will be a recovery in revenues margins will be hit. The full year loss will increase from £1.1m to £1.6m. There is a potential second customer in the US.
Space and aerospace technology supplier Filtronic (FTC) says full year revenues will be in line with consensus forecasts of at least £55.5m, while EBITDA will be slightly better than expected due to improved margins. That means that pre-tax profit is estimated at £8.5m. Net cash is 311.3m. The new facility has capacity of £200m. The strong order book means that 90% of 2026-27 revenues expectations of £62.6m. A second contract has been won for satellite payload technology with a US-based customer worth £400,000. This will be recognised in the current year. The 2025-26 results will be published on 4 August.
Buccaneer Energy (BUCE) has increased net proved reserves by 18% for its Texas assets after a review in connection with its WAFD Bank credit facility. Forecast cash flow has increased by 27%. NPV9 has been raised to $11.8m. The oil price assumption is $70/barrel for 2026.
Kazera Global (KZG) has agreed a definitive settlement of $10.5m with Hebei Xinjian Construction in relation to the arbitration award concerning African Tantalum. This is a $7m loan repayment and $3.5m share sale component. There will be an initial payment of $500,000 in Namibia. The rest will be paid over a period up to the end of 2029 and Hebei will then own 100% of African Tantalum. If $9m is paid by the end of 2026 then that would be the total payment.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is gaining market share in a weak market. In the year to March 2026, revenues were 23% higher with like-for-like growth of 11.8%. Operating margin improved from 4.6% to 5.7%. Pre-tax profit increased from £1.5m to £2.5m. The number of active customers rose 24% to 1.4 million. Despite new store openings and others refurbished in the new format, net cash increased to £4.4m. There will be a change in the management of the warehouse during the summer. It is being outsourced to DHL, and this should improve efficiency and help to maximise capacity. Like-for-like sales growth was maintained in the first quarter.
Structural steel supplier Severfield (SFR) has a new management team but they could not influence the underlying results for the year to March 2026. Pre-tax profit fell from £18.1m to £10.5m. That is before £47.7m of exceptional charges, which should represent the bulk of any write-downs by the new management. Net debt is £28.2m. The focus of the business will be higher margin contracts in the UK, Europe and India, plus sectors such as energy, defence and data centres.
Andrew Hore
Quoted Micro 8 December 2025
AQUIS STOCK EXCHANGE
Amazing AI (AAI), whose shares are suspended because its corporate adviser has resigned, is asking for shareholder approval to leave Aquis. Considering the negative publicity this is not a surprise.
Delta Gold Technologies (DQG) joined Aquis on 1 December 2025 when it raised £2.5m at 10p/share. The company is developing quantum computing technology that can be licenced. This involves nano-space gold and other materials. The share price improved 28.75% to 12.875p. Bitcoin mining company Sterling Digital (ASIC) was the other company that joined Aquis on 1 December, and it raised £5m at 5p/share. The cash will fund a 3MW Bitcoin mining facility in Texas powered by flared gas. The share price reached 5.25p on the first day but ended the week unchanged at 5p.
Valereum (VLRM) is progressing with the agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. The new company has been established, and 12.6 million shares have been issued to Quorium Global Photonics SPC at par value. These shares have to be retained until the $200m of capital is released. The deal is subject to compliance and regulatory approvals. Valereum is applying to join the OTCQB Market, having sold its stake in London BTC Company (BTC), which had previously prevented qualification.
Time to Act (TTA) is interested in acquiring the assets of Versarien, which has gone into administration. Subsidiary GreenSpur Wind has won a design contract with Severn Estuary Tidal Bar, which is developing Very Low Head tidal turbine systems. There will be an assessment of GreenSpur’s axial-flux generator technology in relation to the turbine systems. This should be completed in January.
WeCap (WCAP) has provided an update on its shareholding in WeShop. The WeShop share price rose early in the week and then fell back to $126.61 and daily volumes are well below those in the first week of trading. WeCap is not allowed to sell shares before 15 November 2026. It will have to repay the £6.965m discounted capital bond by 24 May 2026. WeCap is talking to the bond holder.
Hot Rocks Investments (HRIP) has bought a further 500,000 WeShop shares, taking its stake to 537,500. It is paying 99 million shares and 173.1 million performance warrants exercisable at 1.2p each to Sidney PTC, but the shares cannot be transferred until the lock-in period ends on 15 November 2026. The initial 101.5 million of warrants can be exercised when the WeShop share price exceeds $213.34 and the rest when the price is higher than $426.67.
Alex Appleton, Sarah Gow and Pierre Villeneuve have resigned as directors of wind-based hydrogen production technology developer Energy B (NRGB), formerly known as Hydrogen Future Industries. This is leading to a review of the Bitcoin given the reduction in investor interest for this. Additional cash will be required for the business.
Ananda Developments (ANA) has received ethics and MHRA approval for the phase 2 clinical trial for the efficacy of MRX1 in treating Chemotherapy-Induced Peripheral Neuropathy. The company has redeemed its 600,000 convertible loan notes in return for 150 million shares at 0.4p each. Charles Morgan’s stake is 56.3%. Shareholder approval for leaving Aquis is expected at the general meeting on 12 December.
Phoenix Digital Assets (PNIX) plans to redomicile from the UK to Gibraltar, which already has rules relating to distributed ledger technologies. There are also experienced advisers in Gibraltar.
Global Connectivity (GCON) investee company PLUG Group has raised £1.05m at £21/share. Global Connectivity director Michael Langoulant bought 5,000 shares. Global Connectivity acquired its 87,625 shares at 200p each.
B HODL (HODL) entered into two unsecured, zero-coupon Bitcoin denominated convertible loan with Adam Black and with CoinCorner Ltd. The combined amount covered is 2.1 Bitcoin and they last for three years. The conversion share price is 11.55p.
TechFinancials (TECH) has still not received the £250,000 of placing proceeds it has been waiting for because of transfer problems.
Global Chain, a company associated with NYCE International (NYCE) director Harmen Brenninkmeijer, bought 44,291 shares at 11.06p each, taking its stake to 20.97%.
IntelliAM AI (INT) says the retail offer was oversubscribed. It has raised £260,000.
Shortwave Life Sciences (PSY) consolidated 10 shares into one new share on 2 December.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks. Shareholders have approved share buybacks.
Mendell Helium (MDH) has extended the broker option over up to 10 million shares until 8 December. An additional subscription of £600 has been received.
JP JENKINS
The JP Jenkins 15 index rose 4.5% to 1147.2p in November, which is the largest monthly increase since March. There was a significant rise in THG Ingenuity. Quarterly reweighting will be in January 2026.
ASSET MATCH
Byotrol (BYOT) increased interim sales from £1.93m to £2.18m and reduced the loss from £672,000 to £319,000. There was a small cash inflow from operating activities and cash was £299,000 at the end of September 2025. The infection control products company has convertible loan stock of £962,000. Cash may be required by the middle of next year. Full year sales could be as high as £4.5m.
Brewer Wadworth (WAD) says like-for-like sales are 3% ahead with own beer sales 12% higher in the year to date. Wadworth has had to absorb £750,000 of additional costs in recent months because of the 2024 Budget. Christmas trading will be important for the full year outcome.
Gulfsands Petroleum (GPX) is seeking shareholder approval to restructure is capital to consolidate shares and get rid of shareholders with fewer than 200,000 shares. A share facility will be set up for those with fewer than 200,000 shares and for the fractional entitlement of those with higher numbers of shares. If the payment would be les than £25 the shareholder will not receive any cash. Investors can bid to increase their shareholding to one divisible by 200,000. There will be a subsequent subdivision and there will be 45.14 million shares in issue. The company wants to be in a position to resume operations in Syria.
Zytronic (ZYT) says the buyer of its property is seeking to secure better financing terms. This will delay the sale. The distribution is still expected to be in the range of 48p-58p/share.
AIM
Zimbabwe is changing its royalty and tax regimes. There is an increase in the royalty rate from 5% to 10% when the gold price exceeds $2,500/ounce – applied to the full gold price – and the 100% upfront deduction for capital spending will be spread across the life of the project. This could affect the Bilboes gold project being developed by Caledonia Mining Corporation (CMCL), where production costs would be much higher, as well as its existing production. Cavendish has reduced its 2026 earnings forecast from 2.97 cents/share to 2.62 cents/share.
Health assessment technology developer GENinCode (GENI) has secured a collaboration agreement with Thermo Fisher Scientific to distribute and manufacture the CARDIO inCode-Score® Polygenic Risk Score for the prediction and prevention of heart disease. This follows the New York approval of the test. The deal covers the US as well as Europe, the Middle East and Africa. The FDA approval process is progressing.
Wynnstay Group (WYN) is benefitting from the revised strategy of the new chief executive and trading is slightly better than expected. Feed and grain profit improved even though feed volumes were lower and grain trading was hit by a weaker wheat harvest. The arable division generated better profit on higher fertiliser sales. Like-for-like retail stores sales were flat, although margins improved. Non-recurring charges relating to the restructuring will be between £5.4m and £5.9m. Cash costs will be up to £2.5m. Net cash was £26.4m at the end of October 2025. Shore Capital raised its 2024-25 pre-tax profit forecast by 6% to £9m, compared with £7.6m in the previous year. Three directors each bought 2,891 shares at 345p each following the trading statement.
One Health Group (OHGR) did even better than expected in the first half. Interim revenues were 10% ahead at £15.5m, while underlying pre-tax profit rose from £895,000 to £1.28m. Earnings were flat at 6.89p/share because of the shares issued earlier this year when One Health switched from Aquis to AIM. Net cash was £9.7m at the end of September 2025. The interim dividend was edged up from 2.07p/share to 2.1p/share. Management is confident that the surgical hub can be up and running one year after full permissions are received.
Fulcrum Metals (FMET) has achieved more than 70% gold and silver recoveries at Teck Hughes in Canada. This is part of the phase 3 metallurgical work. Previous gold recovery levels were 59.4%. Full results from the tests are expected in the first quarter of 2026, and this will support a mineral resource estimate. This will be followed by a phase 4 preliminary feasibility study.
Iodine producer Iofina(IOF) has signed an agreement with Western Midstream Partners to develop its next IOsorb plant in the Permian Basin between western Texas and southeastern New Mexico. Up until now Iofina has been producing iodine in the Anadarko Basin in western Oklahoma. The new plant will be twice as large as existing plants with a capacity to process 50,000 barrels of brine water per day supplied by Western Midstream. It will cost up to $9m to construct with annual production of up to 220 metric tonnes of iodine. The new plant could be producing before the end of 2026.
Advanced coatings provider Hardide (HDD) has received a significant order from a North American energy sector customer with a value of £1.75m. This is higher than expected and there could be more to come. The forecast revenues for 2025-26 have been raised by £1m to £8m and pre-tax profit increased from £600,000 to £1.1m – indicating the operational gearing.
North Sea oil and gas company Deltic Energy (DELT) recommended a 7.46p/share bid from Rockrose Energy, which is owned by Viaro Energy, at the end of June but completion is still dependent on the North Sea regulator NSTA. NSTA wants further information in order to reach a decision to grant the change of control of licences. The long stop of the bid has been extended to the end of March 2026.
Synergia Energy (SYN) is selling its 50% stake in the Cambay PSC for $14m and $500,000 has already been received. The initial payment is $6.5m with a further $7m 12 months after completion. This deal requires India government approval. Synergia Energy is asking for shareholder approval to leave AIM, and it will return cash to shareholders via a share buyback. A matched bargain facility may be put in place.
Anglesey Mining (AYM) shares trebled to 0.825p after it entered into a binding letter of intent with largest shareholder Energold Minerals Inc that will enable a restructuring of the business and improve the balance sheet. Two of Anglesey Mining’s investments will be swapped for the elimination of £4m of debt. Energold Minerals is paying £350,000 for non-voting exchangeable warrants to provide immediate cash. The focus will be the Parys Mountain project. Energold Mining president Brendan Cahill and Jim Williams are joining the board.
Barely more than two weeks after reporting its interims, musical instruments retailer Gear4Music (G4M) says trading has been very strong over the past weekend. This means expectations have been raised and the full year EBITDA forecast increased from £15.2m to £16.7m.
Quantum Blockchain Technologies (QBT) has entered into three non-disclosure agreements with ASIC manufacturers in relation to its Bitcoin mining technology. They have developed equipment that will be made available to QBT so that it can install and test its software. Another non-disclosure agreement has been signed with a Bitcoin mining pool. This could bypass the need to modify the operating system of mining machines using the pool.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) has gained a contract worth $3.6m from a US government agency. This is for a two-year period and is to develop a way of accelerating computer system recovery after cyber-attacks.
New Frontier Minerals (NFM) has commenced drilling at the Harts Range heavy rare earths and niobium project. There will be up to 46 holes. This follows the recent fundraising.
Andrew Hore
Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 22 September 2025
AQUIS STOCK EXCHANGE
Vehicle electrification technology developer Equipmake (EQIP) has received a £5.45m order from Agrale to supply electric drivetrain systems for 50 buses. Agrale had previously ordered five drivetrains. The new order will be delivered from now to mid-2026 and there will be payments in advance for each delivery. Equipmake has an order book worth more than £10m.
WeCap (WCAP) investee company WeShop has filed with the SEC for a listing on Nasdaq. The SEC has to review the filings before the listing can happen. WeCap has a direct stake of 5.189 million shares in the shoppable social network. Peel Hunt holds 17.2% of WeCap. The share price increased 43.6% to 2.8p. Hot Rocks Investments (HRIP) owns 150,000 WeShop shares.
TechFinancials Inc (TECH) has concluded due diligence on the Dilotiko project in Kenya and a 25% stake in Dilotiko Ltd will be acquired for £200,000 in shares. There is an option to acquire up to 60%. TechFinancials is raising £250,000 at 0.25p/share. The company plans to change its name to Ubunto Mining and Metals Inc.
BWA Group (BWAP) has entered a binding option and earn-in agreement to acquire 70% of Aracari Resources, which holds the Aracari gold project in Cameroon. There is a 90 day due diligence period plus spending of €25,000, then a further €100,000 of spending will earn 10%, €400,000 to take the stake to 51% and an additional €1m to take the stake to 70%.
Global Connectivity (GCON) investee company PLUG has completed its pilot copper cable extraction contract in Brazil. PLUG has been added to Telefonica’s preferred supplier list for the service in Brazil and around he world.
Cannabis medicines developer Ananda Pharma (ANA) says chief executive Melissa Sturgess is presenting and attending a panel discussion at the 8th Cannabinoid & Endocannabinoid Drug Development Summit, taking place in Boston, Massachusetts in mid-October.
Mendell Helium (MDH) says dewatering has started at the M3 Corporation Rost-1-26 well in Fort Dodge, Kansas. Mendell Helium has an option to acquire M3 Helium, and the option has to be exercised by 30 September. A move to AIM is likely when Rost starts production.
Valerium (VLRM) is accelerating the strategy to build a blockchain-powered finance ecosystem, and it is selectively investing in leading operations in this area. This should enable larger and faster revenues.
Amazing AI (AAI) plans to start buying crypto assets this month, starting with Bitcoin.
Vault Ventures (VULT) has launched a new website and interactive hub at investors.vaultplc.com. A further purchase of 47.48 ETH means the total holding is 818.85 ETH and 2,201.1 SOL.
ASSET MATCH
Isles of Scilly Steamship Company (IOS) reported a slight increase in full year revenues to £21.7m, while pre-tax profit edged up from £2.95m to £3.04m. Net debt was £7.5m at the end of March 2025. A 15p/share dividend has been proposed.
AIM
Scotland-based housebuilder Springfield Properties (SPR) is refocusing on the North of Scotland. It still has projects in central Scotland, but new land buying will be in the North. There were £60.5m of land sales during the year and there is still more to come from the sale deal with Barratt Redow. That helped to cut net debt to £20.9m and it should fall to £10m by May 2026 when more disposal proceeds are received. That will enable the buying of additional land in the North. The land sales helped to nearly double pre-tax profit from £10.6m to £20.1m. Springfield Properties is planning to hold on to some of the homes it builds in the North and lease them to infrastructure providers so that they can house their workers.
Audio products supplier Focusrite (TUNE) performed strongly in the six months to August 2025. Revenues improved from £81.6m to £87m during the period. This is despite negative currency movements. New product launches helped and offset lower spending on audio reproduction equipment. Gross margin is improving despite tariffs. The 12-month revenues rose from £158.5m to £168m. EBITDA is in line with expectations of £25.2m despite the better revenues. Net debt was £11m at the end of August 2025. The new financial year end is February.
Advanced imaging and biodetection technology developer Kromek (KMK) moved into profit in the year to April 2025 thanks to revenues from its collaboration agreement with Siemens. A loss of £3.2m was turned into a pre-tax profit of £4.1m, helped by the high margin nature of the Siemens income. The Siemens income will be lower this year, but the rest of the business should grow. Kromek will remain profitable but gross margin will be lower. Regular orders from Siemens are expected in 2027. Net cash is £1.2m and there is no requirement for any share issues, because cash should build from this point.
Fiinu (BANK) has entered an exclusive strategic partnership with Manx Financial (MFG) subsidiary Conister Trust to launch Plugin Overdraft in the UK. It will be launched initially with one million plus retail customers and then rolled out to other customers. It will be branded “Conister Bank Plugin Overdraft®, powered by Fiinu“. There is a profit-sharing agreement.
Sexual health products developer Futura Medical (FUM) says 2025 revenues will be much lower than expected and it has widened the strategic review to include all options to create shareholder value. US sales of Eroxon remain weak and there are stocks left from the original order. Other markets are also weaker than expected. The $2.5m milestone payment from Haleon for granting of a US patent has been delayed until next year. Full year revenues will be between £1.3m and £1.4m. Cash was £2.71m at the end of August 2025. This should last until January 2026. Cost savings are being made and funding sought. Interim results will be published on 30 September.
Renalytix (RENX) has signed a collaboration agreement with Tempus AI which will help to accelerate the adoption of the company’s kidneyintelX.dkd test to help slow kidney disease. The test is for predicting “progressive decline in kidney function in type 2 diabetes patients with diagnosed chronic kidney disease stages 1-3b”.
Plant-based detergent ingredients developer Itaconix (ITX) increased interim revenues 30% to $4.8m and it is on course to reach $9.5m in the full year. A halved loss of $900,000 is forecast, which is slightly higher than previously expected. Reporting has been changed so that there are two main sources of revenues. Performance ingredients and SPARX formulated solutions. The latter is growing faster.
TV and film fleet services provider Facilities by ADF (ADF) reported a quiet start to the year, but momentum is improving. Interim revenues were 14% ahead at £17.4m. The loss increased from £800,000 to £2m. More productions were facilitated, but the average income was lower. One-fifth of the fleet has been placed in storage.
Acoustic products supplier Autins Group (AUTG) is suffering from volatile conditions in the automotive sector. In the five months to August 2025, revenues fell from £8m to £7.7m and the loss was reduced from £714,000 to £258,000. JLR is a major customer, and it has been hit by a cyber attack. JLR production stopped on 1 September and that will hold back Autins revenues.
Architectural and construction software provider Eleco (ELCO) continues to grow recurring revenues at an impressive rate. Annualised recurring revenues could each £32.6m at the end of 2025. That is helped by acquisitions but there is still organic growth. Recurring revenues were 81% of interim revenues.
Caledonian Holdings (CHP) is stepping back from a wider marketing of its proposed fundraising. It is focusing on talking to institutional investors. If these are successful a broadening of the fundraising will be considered. The cash will be used to invest in investee company AlbaCo to provide regulatory capital.
Employee benefits and insurance provider Personal Group Holdings (PGH) improved interim revenues 11% to £23.3m. Annualised recurring revenues ae 12% ahead at £45.7m. Pre-tax profit was 72% higher at £3.8m. The dividend was raised by 26% to 8.2p/share. The 2025 pre-tax profit forecast has been edged up to £8.2m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had already flagged up the full year figures and announced the loss of a major client. In the year to June 2025, revenues rose 1% to £48.2m, but the core revenues increased at a faster rate. Revenues will fall this year, and Eagle Eye will make a loss before rebounding to profit next year.
Cyber security software and hardware supplier Corero Network Services (CNS) had a tough start to the year, and order intake reduced. Interim revenues fell 10% to $10.9m. However, annualised recurring revenues grew to $21.6m. Customer retention was 98%.
Battery technology developer Gelion (GELN) subsidiary OXLiD has been awarded £533,000 of grant funding from the DRIVE35 programme in the UK. This will be invested in development of lithium-sulfur multi-layer pouch cells. This supports a £1.1m project which Gelion is working on with QinetiQ. There will be demonstrations of the technology in September 2026.
MAIN MARKET
Mears (MER) is acquiring Pennington Choices for £9.5m in cash. This will add to the group’s compliance activities and it could contribute annual EBITDA of £1.5m.
Life Science REIT (LABS) has completed a strategic review and decided on a managed wind down. The slow pace of leasing activity has held back further investment, and the share price has been trading at a large discount to NAV. The wind down is expected to take around 18 months. The board is in discussions with the investment manager. A circular will be sent to shareholders to gain approval for the proposals.
Andrew Hore
Quoted Micro 18 August 2025
AQUIS STOCK EXCHANGE
Adsure Services (ADS) increased its final dividend by 15% to 1.14p/share. The business assurance provider increased full year pre-tax profit by 74% to £818,000 on revenues 8% higher at £10m. Other operating expenses were lower. Net cash was £1.1m at the end of March 2025. Investment in technology should help Adsure Services continue to grow revenues and margins.
Visum Technologies (VIS) is moving into the property technology market. This involves the development of a workspace app for tech-focused workplaces. This will help to manage bookings, access support and provide information. There will property partners involved in the development. The first prototype should be available in early 2026. Visum has signed a licence agreement with Eyecon Imaging for the use of Visum’s Ride Video technology within the attractions and leisure sector.
Essentially Group (ESSN) shareholders voted in favour of leaving Aquis. The last day of trading will be 10 September.
Marula Mining (MARU) has secured an agreement with Kenya-based Bamba Mining Company to acquire 60% of the Bamba manganese mining project in Kenya. The deal is structured as a joint venture. Bamba’s 40% is non-dilutable and non-contributing. The payment is 500,000 shares at 5p each. Once 100,000 tonnes of manganese ore has been produced there will be a £250,000 payment.
Amazing AI (AAI) says new subsidiary AAI Mauritius will be used to purchase Bitcoin when it completes the legalities of acquiring cryptocurrencies. This should happen by the end of August. The subsidiary will also provide AI finance-related services to Sub-Saharan Africa and south east Asia. It will also take on business in the UK and that subsidiary will be wound up.
Vault Ventures (VULT) has paid the remaining consideration of £1m for System7 via the issue of shares.
Former Odey Asset Management boss Peter Martin has joined Oberon Investments (OBE) and he will be involved in launching a new global equities fund.
Vaultz Capital (V3TC) has purchased more Bitcoin and holds 135 Bitcoin at an average purchase price of £85,622.47 each. Aleks Nowak has been appointed as the non-board chief operating officer. Aura Digital has taken a 15.5% stake.
Wishbone Gold (WSBN) says drilling at the Red Setter gold dome project in Western Australia has intersected mineralisation in the first hole. It appears that the hole is peripheral to the main target, and another hole will be drilled to the south west.
The Smarter Web Company (SWC) has raised a further £7.6m from a placing at 221p/share. There are still another 4.49 million shares available to be placed and once that happens another subscription agreement will be signed.
Valereum (VLRM) raised £65,000 vi an offer at 3.1p each and this meant that the fundraising totalled £465,000. This will help fund a £600,000 investment in Metrikus Software, which is developing real-time building and smart infrastructure software. The two companies will work on tokenisation opportunities. This could involve fractional ownership or yield-sharing.
TruSpine Technologies (TSP) has issued a warrant over two million shares exercisable at 20p each to Proffitt Brothers Investments.
Ormonde Mining (ORM) investee company Peak Nickel, where it holds 18.9%, has entered into an agreement for Winshear Gold to earn 100% of the Portsoy project in Scotland. This requires 1,000 metres of drilling and other exploration work and the spending of £3m within five years. Winshear Gold also has to issue 6.5 million shares to Peak Nickel over five years. Peak Nickel will retain a 1% net smelter returns royalty. If the project is sold by Winshear Gold, Peak Nickel will receive 10% of the proceeds up to a maximum of £10m.
Emissions reduction additives developer SulNOx Group (SNOX) has been granted a patent for fuel oil reclamation in Eurasia. This can be used for oily wastewater from ships.
Global Connectivity (GCON) has been given permission by the courts to petition for the bankruptcy of Barry Hersh, who agreed to subscribe for 37.5 million shares at a cost of £375,000 and failed to come up with the cash.
Amirose London Holdings (ALH) has raised £30,000 at 5p/share from a long-standing manufacturing client.
Daniel Thwaites (THW) has bought back 1.18 million shares at 90.04p each from Rulegale Nominees. The shares have been cancelled. Director RAJ Bailey bought 44,500 shares at 90p each.
AIM
Rent guarantee services provider RentGuarantor Group (RGG) moved from Aquis to AIM on Friday. The switch has been made ahead of law changes that will provide additional growth potential for the business. The share price rose from the Aquis close on Thursday of 27.5p to 35p.
Mobile Tornado (MBT) is asking for shareholder approval to leave AIM. There is limited liquidity and one major shareholder in the mobile communications technology company, so the quotation is not worth the cost. The board intends to seek a buyer in the next two years and believe it would be easier as a private company. The plan is to leave on 9 September.
Light Science Technologies (LST) reported slightly lower interim revenues of £5.06m, but there was a change in product mix. That enabled gross margins to improve, and the company achieved a small operating profit. Contract electronics manufacturing revenues slipped as a major pest control product came to the end of its life. Fire protection revenues grew strongly and could do even better in the second half if the new government regulator starts to approve more work. The Agtech business is also growing revenues and has launched an off-the-shelf version of its sensorGROW product.
Outsourced video gaming services provider Winking Studios (WKS) reported a rise in interim revenues from S$15.2m to S$19.4m, although most of the improvement came from the acquisition of Mineloader. The Asian gaming market is recovering. Profit was held back by the costs of the AIM quotation, but gross margin improved. There is S$25.6m in cash and this will help finance acquisitions in the UK to provide a base for growth outside of Asia.
Zoo Digital (ZOO) has restructured its operations supplying digital media services for the TV and film sector so that it can return to profit this year. In the year to March 2025, revenues recovered 22% to $49.6m and the loss was cut from $20.5m to $8.3m. Net debt was $1.9m. Annualised cost savings were $8.4m with a further $2.5m to come. Dubbing revenues have fallen 18% in the first quarter of the new financial year, but the rest of the business is growing. There was an EBITDA profit in the first quarter. Demand from streaming service is important to Zoo Digital. A new Fast Track service has been launched.
Autonomous vehicles developer Aurrigo International (AURR) says weaker activity has hit revenues this year. Disruption from tariffs and delayed tenders have pushed revenues into next year. The tariffs are hampering demand for its supply of equipment to the automotive sector. Aurrigo has been awarded more than £1m of grant funding. Canaccord Genuity has slashed its 2025 forecast revenues from £12m to £7.5m and that means the expected loss is £3.9m. Net cash should be around £1m at the end of the year. A £900,000 contract has been won with Teeside International Airport fo an autonomous baggage and passenger moving vehicle.
Pulsar Helium (PLSR) has secured a facility to provide up to $12.5m for construction of a helium processing plant at the Topaz project in Minnesota. University Bancorp has also extended the maturity date of the existing $4m to November 2026.
Metals One (MET1) has invested £1m in the latest placing by Chile-focused lithium project developer CleanTech Lithium (CTL). The placing raised a total of £4.3m at 5p/share. The cash was raised to finance the acquisition of an additional 30 licences in the Laguna Verde project for $600,000 and finance the development of the enlarged project. The additional licences should help to seek streamlined approval for the project.
Retailer Shoe Zone (SHOE) says trading conditions are still tough. Full year pre-tax profit expectations have been slashed to £2.5m, compared with £5m previously. Consumer confidence is low and spending power after essentials is reducing for many people. Net cash could be £6m at the end of September 2025 because of lower inventory and capital investment.
Bars and escape rooms operator XP Factory (XPF) increased owned and operated revenues by 12% in the 19 weeks to 10 August. Boom Battle Bars like-for-like sales were 5.6% lower but have started to recover. The new Reading site is trading more strongly than expected. Escape Hunt like-for-likes were slightly higher. The hot weather hit sales, although not as badly as the overall market.
Investment company Seed Innovations (SEED) has launched a tender offer at 2.2p/share. The maximum amount to be paid will be £1.91m. The latest time for acceptance is 5 September.
Midlands-based property investor Real Estate Investors (RLE) has made a further £11.3m of disposals this year. There is continued demand from private investors, although marketing of some larger properties has been delayed until the turn of the year. Debt has been reduced to £34.9m. Portfolio occupancy has increased to 85.8%. Contracted rental income is maintained at £9m despite the disposals. Overall income has reduced and that is why the quarterly dividend is one-fifth down at 0.4p/share. Harwood Capital, which seeks underlying value, has increased its stake from 10% to 11.1%.
Wellnex Life (WNX) joint chief executive George Karafotias has resigned. He will be repaid his A$705,000 loan to the company. Zack Bozinovski will become sole chief executive of the Australian consumer healthcare business.
Skin health company SkinBioTherapeutics (SBTX) says revenues should increase to £4.5m-£4.8m in the year to June 2025, which is slightly lower than expectations. The loss will be much lower than last year. Cash was £4.8m at the end of June 2025. The figures are subject to audit. July was a strong month and psoriasis treatment AxisBiotix will be launched in Superdrug later this year.
Versarien (VRS) intends to accelerate the sales process of the remaining parts of the group, while it tries to secure additional finance for the group. If the disposals happen the proceeds are unlikely to cover liabilities and Versarien would be placed in administration.
The UK authorities have decided not to provide a gas storage licence to EnergyPathways (EPP) for the natural gas and hydrogen storage elements of its MESH project. A S35 planning application for the major elements of the MESH project will be submitted as a step in the process to obtain consents from the UK government. If it is granted, then the parts of the project in the submission will be assessed under the 2008 Planning Act.
Canada-based antimicrobial treatments developer Ondine Biomedical Inc (OBI) says the American British Cowdray Medical Center in Mexico City will pilot Steriwave nasal photodisinfection from September. This will help to reduce surgical infections.
Active Energy Group (AEG) has executed heads of terms to develop a 150MW battery energy storage system in the Vale of Glamorgan in partnership with Fonmon Castle, which will provide ten acres on a 30-year lease. Active Energy Group will invest £40,000 and will get that back once planning consent is received. It will also receive 5% of the first year’s rent of £300,000.
MAIN MARKET
Bulk sampling by New Frontier Minerals (NFM) has identified additional high-priority targets for drill-testing at its Harts Range rare earths project in Northern Territory. The company is waiting for regulatory approval for drilling, which could commence in the third quarter. The Headingley prospect is the main drill target. In Australia, there are proposals for a floor price and national offtake agreements for rare earths. SP Angel has been appointed broker. Aspen Bridging advanced £106.4m in the first half.
North east England focused property finance provider Develop North (DVNO) reported a slight dip in NAV to 79.79p/share at the end of May 2025, although that was after paying dividends. The total return is 2.5%. The annual dividend is 4p/share. Further news of the change in investing strategy to include direct investments and the potential fundraising should be published in the next few weeks.
S and U (SUS) says favourable trading trends are continuing and the recent court decision on motor finance commissions is helping confidence. Profit improvement is gaining momentum. The Advantage Finance business increased motor loan volumes by 6% year-on-year in June. Repayment rates have recovered. Advantage Finance is not involved in any of the most contentious type of motor loans and will be involved in the consultation for the potential FCA redress scheme.
Andrew Hore
Quoted Micro 28 July 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) reported a slump in pre-tax profit from £20.8m to £10.9m, despite lower than expected impairments. The interim dividend was raised by 10% to 22p/share. NAV is 1649p/share. Shore has reduced its full year pre-tax profit forecast from £28.5m to £25.9m.
Gledhow Investments (GDH) has withdrawn the general meeting resolution to change the nominal value of the shares from 1p. The conversion price of convertible loan notes has been changed from 0.425p to 1p.
Watchstone Group (WTG) plans to gain approval for the reduction of the share premium account by £1m so £850,000 can be returned to shareholders, which is equivalent to 1.85p/share. The company will leave Aquis on 1 August.
Heart failure medicines developer Cardiogeni (CGNI) has generated £150,000 via an advanced subscription that will enable investors to subscribe for shares at a 25% discount to the price of the next funding round of more than £100,000. The cash may be used to gain an AIM quotation. A joint venture has been formed in UAE.
Coinsilium (COIN) has raised £5m from a placing at 6p/share and a retail offer raised the full £500,000 on offer, having received applications for four times that amount. The cash will be used for the Bitcoin treasury strategy.
Wishbone Gold (WSBN) says drilling has commenced at the Red Setter Gold Dome project in Western Australia.
The Smarter Web Company (SWC) has 1,825 Bitcoin that cost £146.9m. In the six months to April 2025, the company lost £720,000. This was before the flotation on Aquis and the money subsequently raised.
Vaultz Capital (V3TC) has added a further 20 Bitcoin taking the total to 70, which cost £5.79m. Recently appointed director Sarah Gow bought a further 100,000 shares at 10.39p each.
Ormonde Mining (ORM) has issued five million shares to AIM-quoted cybersecurity company Shearwater Group (SWG) in return for two exploration licences in Spain. The share price decreased 8% to 0.115p.
Amazing AI (AAI) chief executive Paul Mathieson bought 560,000 shares at 0.7p each.
NYCE International (NYCE) generated revenues of £104,000 in the quarter to June 2025. The loss was £159,000. The company has launched a new crypto advisory business focused on the igaming sector.
Supernova Digital (SOL) has sold 30 million shares in Phoenix Digital Assets (PNIX) to the company as part of the share buyback. Phoenix Digital Assets director Jonathan Hives sold 250,000 shares at 6.14p each.
Ajax Resources (AJAX) director Richard Heywood bought 203,061 shares at 4.9p each. He owns 2.59%.
Chris Akers has raised his stake in Global Connectivity (GCON) from 5.1% to 6.5%.
AIM
Ceramic brake technology developer Surface Transforms (SCE) says first half revenues are 72% ahead at £8.1m. Second half revenues could approach £10m. Production yields have improved to 77%. This is finally some good news. Production problems have held up progress despite significant orders. Gross cash was £1.2m at the end of June 2025, while there has been £9.8m drawn down from the available loan. Cash advances from customers are £12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year.
CPP Group (CPP) is selling its business in India for £15.7m, of which £11.8m is payable on completion. The rest is dependent on performance. Tax could be £2m. This means that CPP can concentrate on the Blink InsurTech platform, focused on travel disruption and cybsersecurity. The cash will accelerate investment and fund the restructuring of the group to cut costs. Blink has annual recurring revenues of £1.6m. Net cash was £8.1m at the end of June 2025.
Payments services provider Boku (BOKU) increased interim revenues by one-third to at least $63m, with the fastest growth coming from digital wallets. There was also the benefit of higher pricing for a client during a launch phase. Stripping that out, the growth was 27%. Own cash was 16% higher at $87m. Full year pre-tax profit is expected to be $33.8m.
Fulcrum Metals (FMET) is raising £1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of £211,000 of a convertible loan note maturing on 31 July. The £445,000 left will be converted into shares at 3p each. Metals One (MET1) is making an investment of £175,000 as part of the Fulcrum Metals fundraising.
Manolete Partners (MANO) has come to an agreement over a truck cartel case and will receive £3.2m in cash this week. The settlement is 6.6 times the investment, but the book value of the claim was higher at £4m. The trial for the group of claims has been delayed until September 2026, so the immediate cash is attractive. The retained cases valuation is £10.3m. These types of cartel cases are not the core business.
Jangada Mines (JAN) has signed heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource of 210,000 ounces at a grade of 3.165g/t.
Broadcast technology supplier Pebble Beach Systems (PEB) increased interim revenues by 13% to £5.9m and margins have improved due to cost cutting. Order intake was one-third higher. Cavendish has raised its full year pre-tax profit forecast from £1.9m to £2.4m on maintained expected revenues of £11.5m.
Online gaming marketing services provider B90 (B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at €1m but believes that it could be better if the momentum continues.
Fire prevention fluids developer LifeSafe Holdings (LIFS) says first half revenues fell from £1.6m to £900,000 due to the change in sales model. There was also an unauthorised reseller on Amazon in the US. The loss increased. Management is hopeful of significant US orders in the second half. Cash was £140,000 at the end of June 2025.
Ground engineering contractor Van Elle (VANL) reported a 6% decline in revenues to £130.5m in the year to April 2025. Underlying pre-tax profit fell from £6.7m to £5.3m. The Canadian rail business is being discontinued.
Unilever has commissioned additional work from Aptamer Group (APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the existing agreement.
Personal Group Holdings (PGH) improved interim revenues by 11% to £23.3m and underlying EBITDA increased 41% to £5.5m. Full year pre-tax profit is still expected to rise from £6.8m to £8.1m. New insurance sales grew, and June was a record month. The SaaS benefits platform has annualised recurring revenues of £6.9m. Net cash was £26.9m at the end of June 2025 and around £17m would be available for acquisitions.
Iron replacement treatment provider Shield Therapeutics (STX) had a strong second quarter with revenues of $12.8m doubled the previous quarter. This means it is on track to reach cash flow positive by the end of the year. Cash was $10.8m at the end of June 2025.
MAIN MARKET
BATM (BVC) has sold three non-core businesses, and it will focus on networks, cyber and diagnostics. Two of the businesses were loss-making. The sale of a 51% stake in Progenetics was also completed. The sales generated $2.4m. Other non-core businesses may be sold.
Fintech software provider Aptitude Software (APTD) increased annual recurring revenues by 3% to £49.8m. Core products growth is offsetting loss of business from legacy software. Interim operating profit will grow in double digits. The exchange ate is hampering revenues and some opportunities have been deferred.
Hamak Gold (HAMA) says the joint venture has commenced drilling at the Nimba project in Liberia. The company will receive 100 million shares in joint venture partner First Au and A$250,000 in cash at the beginning of August, subject to shareholder approval, for the 35% stake.
Andrew Hore
Quoted Micro 26 May 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.
Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.
Smarter Web Company (SWC) has raised a further £6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for £3.13m. The total holding is 58.71 Bitcoin at a total cost of £4.54m. The additional funds will be used to buy more Bitcoin.
Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was £250,000 raised in a retail offer by Coinsilium at 3p/share.
Aquis Stock Exchange has enforced £15,000 of the suspended fine of £165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed £49,500 for shares at 1.5p each, as well as acquiring £136,573 of convertible loan notes from Geoff Miller
Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to £3.9m, which is equivalent to 1.3p/share.
Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.
Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and £398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The £441,000 investment will increase the scale of the total portfolio.
Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were £1.25m at the end of 2024.
Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.
Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.
Time to Act (TTA) raised £274,000 at 40p/share and converted £61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.
Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the company’s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.
Tin and copper explorer Tamar Minerals (TMR) has agreed a £150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.
Heart failure medicines developer Cardiogeni (CGNI) raised £650,000 at 17.3p/share. Amazing AI (AAI) has raised £37,775aat 0.5p/share from existing shareholders
Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.
SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.
Supersearch Plus (SSP) is changing its year end from June to December.
JP JENKINS
Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.
Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from £29m to £25.9m and operating profit fell from £13.6m to £11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.
AIM
Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from £4.8m to £4.5m. Revenues have been modest, but that could change this year with £2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of £2.8m should be enough for this year.
A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June.
Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from £16.3m to £18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from £10.9m at the end of March 2025 to £12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from £700,000 to £800,000 this year. That is still well below peak profitability.
Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to £26m.
Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.
telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from £22.5m to £20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from £10.5m to £9.3m. R&D spending was increased. Net cash still improved from £26.6m to £31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.
Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.
Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The £96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.
Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m.
Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to £23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to £700,000 on that basis. Next year’s pre-tax profit forecast has been cut from £500,000 to £300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.
Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate £1.35m at 0.5p/share with £224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.
Drug developer Poolbeg Pharma (POLB) is raising £4m at 2.5p/share and could raise up to £100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to “prevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapies”. Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.
Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.
Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to £61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on £4m of last year’s revenues.
Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached £50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.
Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the company’s Eureka mine in Argentina, which has previously been in production. There are plans to raise £1.5m at 4p/share. There is currently £650,000 in the bank.
Andrew Hore
Quoted Micro 12 May 2025
AQUIS STOCK EXCHANGE
In 2024, Newbury Racecourse (NYR) increased revenues by 16% to £22m and pre-tax profit improved from £720,000 to £1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was £7.5m at the end of 2024.
Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising £2.24m at 16p/share. Prior to flotation the web design and online marketing company raised £1m at 2.5p/share. That cash has been invested in Bitcoin. So far £760,000 has been spent on 10.6 Bitcoin at £71,356 each. The cash will eventually be used for expansion and acquisitions.
Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.
Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a £1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.
Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.
Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.
BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.
Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.
Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).
NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.
Valereum (VLRM) raised £500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.
Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.
ASSET MATCH
Synairgen (SNG) joined Asset Match on 8 May, having left AIM.
JP JENKINS
Renewable energy investment company Thrive Renewables (THRV) has launched a £5m share offer at 247p/share. The minimum investment is £247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from £13.6m to £11.3m. The final dividend is 12p/share.
Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.
Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.
ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.
e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.
AIM
Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to £97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from £3.9m to £4.9m. Higher national insurance and other costs will hold back profit this year.
Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterday’s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.
Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.
Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a £2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.
Aptamer (APTA) says the Optimer-based test for Alzheimer’s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first £166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimer’s disease testing market could be worth $19.6bn by 2029.
Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to £19.7m at the end of January 2025. Group full year revenues were 3% ahead at £33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from £2.1m to £1.2m. Despite a downgrade, pre-tax profit is still expected to be £2m this year.
Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from £2.4m to £14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Let’s Connect business is being closed down. The 2024 loss increased from £2.28m to £4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A £1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.
Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of £6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.
Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is £10m with deferred cash consideration of £6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated £1m of profit on revenues of £14.7m in the year to May 2024.
Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to £57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at £41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between £6.2m and £6.4m.
Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.
Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for £19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of £4m by MiniMBA founder Mark Ritson. This deal would add £3.5m to group EBITDA taking it to £8m.
Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.
Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.
Degradable plastics developer Symphony Environmental Technologies (SYM) has raised £2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.
MAIN MARKET
Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from £539.8m to £536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from £11.8m to £13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from £12.5m to £1.1m. The interim dividend was maintained at 1.75p/share.
Cardiff Property (CDFF) reported net assets of £29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.
Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.
Andrew Hore