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Brand Communications Monthly Highlights Newsletter October 2025
Brand Communications Monthly Highlights #Newsletter October 2025:
✅ Key announcements from #BRES #FDR #HREE #ECR #URU #KDNC #MSMN #MDH #SVML #GRX #FCM #AYM #SCSP
✅ CEO interviews with Richard Montjoie URU Metals #URU and Ivan Murphy Harena Rare Earths #HREE
✅ StockBox Media Research Talks October 5th | October 12th | October 19th & October 26th covering #HREE #HAMA #BUX #ARK #CMR #LEX #VLTA #BKS #FDR #BRES #COIN #SVML #WMG #MSMN #MDH #MPAL
✅ Breakout Capital Ventures #podcast October 4th | October 16th covering #IMM #MSMN #HREE #URU #SVML #BKS
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #HAMA, #ARK, #HREE & #BUX
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering:
- Hamak Strategy #HAMA
- Arkle Resources #ARK
- Harena Resources #HREE
- Buxton Resources #BUX
Brand Communications Monthly Highlights Newsletter September 2025
Alan Green talks #MDH, #KDNC and #HAMA with Justin at Breakout Capital Ventures
Alan Green discusses:
- Mendell Helium #MDH
- Cadence Minerals #KDNC
- Hamak Gold #HAMA
with Justin at Breakout Capital Ventures
Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
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 21 July 2025
AQUIS STOCK EXCHANGE
Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September.
Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to £2.13m. Increased repair costs meant that the loss increased from £77,000 to £97,000. There is £2.18m in cash and deposits.
Fintech Amazing AI (AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.
Digital assets company Vaults Capital (V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.
Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is £9.99m.
The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week.
Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.
Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.
RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.
Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.
Capital for Colleagues (CFCP) investee Bright Ascension has concluded a £2.35m fundraising. Capital for Colleagues has switched a £1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of £200,000 up until the end of January.
Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.
Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised £156,600 after costs. They were bought for 0.8p each.
EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025.
Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.
ASSET MATCH
Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.
Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.
JP JENKINS
Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries.
AIM
Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from £103m to £99.3m, while pre-tax profit improved from £800,000 to £1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.
Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of £200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from £46.3m to £37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is £7.3m.
Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to £42.8m, while underlying pre-tax profit was 17% better at £7.08m. There was a £840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at £86.3m. Like-for-like growth was 3%. Net debt was £9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.
Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.
Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000.
Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.
Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share.
Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.
Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from £13m to £14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was £6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.
AFC Energy (AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.
Eco Animal Health (EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased.
Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.
Audioboom (BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.
Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.
Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at £48.2m and EBITDA is 9% ahead at £12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are £32m after that contract loss.
MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.
Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.
Mulberry (MUL) raised £105,000 in a retail offer. There was up to £1.25m on offer.
Logistics Development Group (LDG) is investing £15m as part of DBAY’s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of £7.1m. There are also plans to acquire William Stobart.
MAIN MARKET
Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to £20m.
Andrew Hore
Quoted Micro 13 February 2023
AQUIS STOCK EXCHANGE
Hemp and cannabinoid products supplier Yooma Wellness (YOOM) is restructuring its business due to the depressed market conditions. Unprofitable activities have been wound down and management is still trying to come up with a new strategy. The 2021 Vertex acquisition is being handed back to the sellers and $1.2m in receivables has been assigned to them. The subsidiary in France is filing for a bankruptcy procedure. Yooma Wellness requires more cash and other operations may need to be sold. If not, then there could be insolvency proceedings.
Love Hemp (LIFE) has appointed administrators. Secured creditors have issued a notice of default requiring repayment of the £1.92m debt facility. Sales have slumped and a dispute with former managing director Philip Small has not helped.
Walls and Futures REIT (WAFR) is holding a general meeting on 23 February so that strategic investor Vengrove can raise cash for the company through a share issue. The number of shares in issue will be ten times as many as currently in issue. This will help Walls and Futures REIT scale up. Vengrove SI-REIT Advisors will become manager of the portfolio of assets. Pax Homes will be sold to Joseph McTaggart, so the group will no longer be a developer. Investments will be made in affordable rental housing, education property, service stations and car parks and community buildings. A portfolio of assets has been identified. The company’s name will be changed to Social Infrastructure REIT.
Music artist management and services provider All Things Considered (ATC) is estimated to have generated revenues of £11m in 2022 and the loss should be slashed from £2.7m to £300,000. Increased touring by music artists helped the business to recover. The company could breakeven in 2023.
Emissions reducing fuel ingredients supplier SulNOx Group (SNOX) finance director Steven Cowin has given notice and will leave the board at the end of March 2023. Four directors have option agreements with 6% shareholder RemNOx Ltd, which would enable it to acquire a total of 24.08 million shares at 30p each between 6 February and 28 February. That would mean that RemNOx would own 29.9% of SulNOx.
EPE Special Opportunities Ltd (EO.P) had cash of £24.5m at the end of January 2023. NAV was 334p a share, down from 456p a share. The share price recovered 5.71% to 185p. The Luceco (LUCE) share price decline was part of the reason. The company bought back 5.4% of its share capital at an average price of 139p/share. A £2m investment was made in premium dog snacks maker Denzel’s Ltd.
There are further delays in the provision of the £200,000 bridge loan to TruSpine Technologies (LON: TSP).
Newbury Racecourse (NYR) is raising its prize money by 16% to £6.06m in the 2023 season. Chairman Dominic Burke bought 6,250 shares at 815p each, taking his stake to 6.42%.
Res Privata NV took a 3.83% stake in NFT Investments (NFT).
Oberon Investments (OBE) appointed Paul Sheehan to its investment management team.
Greencare Capital has changed its name to MaxRets Ventures (MAX).
Marula Mining (MARU) appointed PWC Kenya as advisor to its East Africa activities.
AIM
Managed IT and networking services provider AdEPT Technology (ADT) is being acquired by a private equity backed Wavenet, which also provides telecom services. The 201p a share bid is a 75% premium to the previous market price it is still well below past levels. However, shareholders will not get the 2.5p a share interim dividend. The bid values AdEPT Technology at £50.3m.
Hardide (HDD) revenues grew 39% to £5m with the prospect of another sharp increase this year. The advanced coatings company continues to broaden its sector and customer base in areas such as renewable energy. Hardide is expected to continue to be loss making but the cash outflow will reduce. There is enough cash following the sale and leaseback of the US facility for the immediate requirements of Hardide.
Communications sub-systems manufacturer Filtronic (FTC) has been hit by component shortages that held back progress in the first half and this will continue in the second half. The order book is worth £17m, which is more than the 2022-23 forecast revenues of £16.5m. A small pre-tax profit is expected for the full year and there should be a sharp recovery in profit as supply problems ease next year.
Alumasc (ALU) interim revenues were 5% ahead at £45 million, pre-tax profit fell 11% to £5.6 million. The corresponding period included high margin Chap Lap Kok airport project work for the water management division and the phasing of projects hit the latest figures. The figures exclude the loss making Levolux business, which has been sold. Management indicated its confidence in the future with the 1.5% increase in the interim dividend to 3.4p a share. The second half will be stronger than the first half, but pre-tax profit is expected to decline from £12.7m to £11.3m.
Songtradr Inc launched an agreed bid for music streaming technology developer 7digital Group (7DIG) and the 0.695p a share offer values the company at £19.4m. The share has not been at this level since September 2021. Songtradr is a music licensing company with a platform and technology that connects music rights holders to brands and content creators.
Clinical communications technology developer Feedback (FDBK) revenues are still modest, but they increased by 222% to £576,000. The £450,000 contract with a Sussex community diagnostic centre made a contribution to these revenues and is up for renewal. The new contract should be worth much more when it is renewed. This pilot project will help to show other potential clients that the technology works. Other NHS trusts are showing interest in the company’s services. There was cash of £9.23m at the end of November 2022, so Feedback can finance further development and cover losses.
WH Ireland cut its forecast for SaaS-based retail software provider itim Group (ITIM) because contract delays mean that revenues will be slower coming through. Annualised recurring revenues are £13m, which is lower than expected. Revenues recognised for 2022 will be slightly below previous forecasts and that increases the loss by £200,000 to £1.1m. The 2023 loss is expected to be the same. Net cash is £3.9m. The share price slumped by 24.8% to 37.5p. The June 2021 placing was at 154p.
The share price of credit provider Morses Club (MCL) fell a further 52.6% to a new low of 0.21p ahead of the cancellation of the AIM quotation. Asset Match will provide a matched bargains facility for the shares.
esports company Gfinity (GFIN) requires more cash by the end of March so management wants to raise £1.5m via a share issue. That will finance a corporate restructuring, invest in the Athlos technology platform and help the company to move towards breakeven. Gfinity has a market capitalisation of £3.1m, so the proposed share issue will be highly dilutive.
MAIN MARKET
Used car finance and property bridging loans provider S&U (SUS) continues to do well despite weak consumer confidence. Group net receivables have risen from £370m to around £420m in the six months to January 2023. Full year figures will be published on 28 March. Full year pre-tax profit is forecast to decline from £47m – due to low bad debt provisions – to £41.2m. Net debt was £192m at the end of January 2023, compared with committed facilities of £210m. The second interim dividend is 38p a share. The full year dividend total is expected to be 132p a share.
Hamak Gold Ltd (HAMA) has commissioned a geophysical survey for the Ziatoyah gold prospect in Liberia. This will map the mineralised sulphide bearing metadolerite units where high grades of gold have been intersected.
Andrew Hore
Quoted Micro 15 August 2022
AQUIS STOCK EXCHANGE
Good Energy (GOOD) has invested a further £3.7m in EV charging app developer Zap-Map as part of a £9m fundraising. This values Zap-Map at £26.3m. Good Energy has also converted a £1m loan note into shares and it owns 49.9% of Zap-Map. Global fuel card and payment provider Fleetcor invested £5.3m and it can help Zap-Map expand internationally.
Media shell Lift Global Ventures (LFT) is buying financial PR and IR consultancy Miriad Ltd from the shell’s director Zak Mir. In the year to June 2022, Miriad Ltd generated revenues of £341,000 and an operating profit of £265,000. A general meeting will be held on 5 September. Lift Global Ventures will pay £200,000 in cash and 4.17 million shares at 4p each. The current share price is 1.125p. Zak Mir has transferred a holding of 8.33 million shares in Lift Global Ventures from Miriad Ltd to himself for nil consideration.
In the three months to June 2022, National Milk Records (NMRP) increased revenues from £5.72m to £6.09m. All parts of the business grew their revenues with genomics testing more than doubling revenues to £111,000. This is the final quarter of the financial year. Milk prices are increasing.
Altona Rare Earths (ANR) has estimated an exploration target of up to 56.6 million tonnes at up to 1.65% total rare earth oxide at the Monte Muambe rare earths deposit. The JORC mineral resource estimate should be published in the first quarter of 2023.
In the year to February 2022, Inqo Investments Ltd (INQO) reported a loss of R14.2 million after a R2.4 million impairment charge. There is a new reforestation project over 5,000 hectares of degraded land on the Kazuko private game reserve. Since the year-end, R2 million of director loans have been made available and a total of R1.44 million will be generated by the sale of the stake in Bee Sweet Honey Investment.
Asia Wealth Group Holdings Ltd (AWLP) reported a reduced 2021-22 profit of $11,266, down from $193,507, due to unrealised currency losses from Japanese Yen holdings and the write down of an investment. Net assets were $1.59m at the end of February 2022.
Invinity Energy (IES) shares commenced trading on the US OTCQX market and new US climate legislation should boost energy storage demand. The energy storage technology developer says the bill contains $369bn of clean energy investment, including tax incentives and grants.
Oscillate (MUSH) has £1.2m in cash as well as investments in three companies.
Close Asset Management has taken a 6.5% stake in Macaulay Capital (MCAP), which joined the Access segment on 29 July when £1.9m was raised at 20p a share. This week the share price rose to 25p. The strategy of the company is to originate potential investments and generate fees from these businesses by advising them and helping to raise money, as well as investing alongside other investors.
Chapel Down Group (CDGP) has replaced finnCap with Singer as its corporate adviser and broker.
Hydrogen Utopia International (HUI) has appointed Duncan Snelling as an engineering consultant and granted him options over up to 600,000 shares at 9.275p each. Each month, 50,000 options will vest, and they are exercisable between the first and fifth anniversaries of the appointment.
Vulcan Industries (VULC) has appointed Darren Taylor as a non-executive director. He was one of the shareholders in Aftech, which was acquired in March, and he has a 12.6% stake in Vulcan Industries.
Gathoni Muchai Investments, where Marula Mining (MARU) chief executive Jason Brewer is a substantial shareholder, acquired 1.5 million shares and 1.1875 million warrants exercisable at 4p each for a total of £16,000. Chairman Richard Lloyd bought one million shares at 1.07p each.
David Bull has stepped down as chief executive of Eight Capital Partners (ECP).
Goodbody Health Inc (GDBY) has shareholder approval to change its jurisdiction from Canada to Guernsey and delist from the CSE.
Rogue Baron (SHNJ) is changing its year end to 30 September. Discussions continue with the auditor about the year end stocktake at the Bin 1301 bar and the stocktake of tequila inventory.
AIM
Staffing provider Empresaria (EMR) benefited from a strong performance from its outsourcing division, which more than offset declines in profit in the regional divisions in the first half of 2022. Group net fee income was 15% higher at £32.6m. operating profit was 94% ahead at £3.5m. The Americas division had tough comparatives because of Covid-related healthcare business. Net debt is £10.8m.
Manchester-based Northcoders (CODE) has won a £4m contract from the UK government to provide scholarships for software training for individuals. This will be used to fund software development and data engineering skills training by Northcoders and it stretches into 2023. More than 85% of forecast 2022 revenues of £6.5m, up from £3m, are covered by contracted work, while 30% of the 2023 forecast of £10.5m is covered.
Self-storage sites operator Lok’nStore (LOK) published its full year trading statement showing self-storage revenues 17.3% higher. Stripping out new stores and the four stores sold in the period, the increase was 24.9%. There were increased occupancy levels and prices were raised by 13% over the year. Three new sites were opened during the year and Basildon, Bedford, Peterborough and Staines are all set to open in 2023.
Shares in Africa-focused oil and gas company Afentra (AET) returned from suspension following the publication of the admission document covering the proposed acquisition of interests in the producing Block 3/05 and the exploration Block 23 in Angola from Sonangol. The initial cost is $80.5m, with up to $50m of contingent consideration for the Block 23 interest. The acquisition cost is equivalent to $3.60/barrel – based on proved and probable reserves. In the first half of 2022, the net production from Block 3/05 was 4,700 barrels per day and it could generate $36m of cash a year at an oil price of $75/barrel. Trading in the shares had been suspended since 8 October.
MJ Hudson (MJH) raised £9.22m in a placing and PrimaryBid offer at 30p a share. The cash raised will be invested in the ESG division, help to pay deferred consideration and provide additional regulatory capital for the growing operations, particularly in Ireland.
Electrical retailer Marks Electrical (MRK) increased revenues in the first four months of the financial year by 14% to £27.7m. Marks Electrical is growing market share for major domestic appliances and consumer electronics. Televisions, vacuum cleaners, washers and air conditioning were strong categories. Rivals have been discounting prices and marketing costs are increasing, but management believes it can achieve profitable growth.
Geospatial software provider IQGeo (IQG) is acquiring automated planning and design software provider Comsof, which is profitable and cash generative. IQGeo currently includes similar software in its services, but it is supplied by a third-party. Swapping this for Comsof software will enhance margins.
Crestchic (LOAD) forecasts have been upgraded for the third time this year. The largest ever loadbank hire contract has recently been secured, which is helping trading momentum to continue to accelerate. The new factory has been completed. Demand from datacentres is strong and there is a recovery in demand from the oil and gas sector. Utilisation at record levels. The 2022 pre-tax profit forecast has been raised from £5.2m to £7.2m
Digital media company Digitalbox (DBOX) increased interim revenues by 40% to £1.9m and there was an increase in net cash to £2.4m. This is before the completion of the acquisition of the assets of TVGuide.co.uk, which will make a contribution in the second half. However, management is concerned about advertising levels in the second half.
MAIN MARKET
Used car finance and property bridging loans provider S&U (SUS) says group receivables increased from £340m to £370m and first half profit is greater than last year. Motor finance provider Advantage Finance receivables are £280m and Aspen property bridging loans have reached £90m with an average size of around £875,000 for loans this year.
Radiators company Stelrad Group (SRAD) grew interim revenues by 17% to £150m, even though volumes declined. Underlying pre-tax profit was 83% ahead at £13.9m. Net debt is £47.5m. Recently acquired DL Radiators will be earnings enhancing this year.
Hamak Gold Ltd (HAMA) executive director Karl Smithson bought 119,094 shares at 8.4p each, while non-exec Martin Lampshire purchased 122,000 at 8.18p each.
Andrew Hore
Quoted Micro 4 July 2022
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AQUIS STOCK EXCHANGE
Shepherd Neame (SHEP) issued a full year trading statement, and it is set to return to profit in 2021-22. The Kent-based brewer and pubs operator says revenues are recovering. Net debt was reduced from £93.2m to £75.3m by the end of June 2022. The estimated 2021-22 pre-tax profit is £7.2m and it is expected to improve to £9.6m in 2022-23.
Chief marketing officer Mark Harvey is leaving Chapel Down Group (CDGP). He has been with the wine maker for six years.
Energy storage technology developer Invinity Energy Systems (IES) generated revenues of £3.2m in 2021 and reported a substantial loss. VSA has cut its forecast 2022 revenues from £26.5m to £14.1m. There are already contracts that have been secured that are valued at £13.8m. The loss is expected to reduce from £21.3m to £17.9m. There should still be net cash of £10m by the end of 2022.
Visum Technologies (VIS) raised £601,000 at 14p a share ahead of its admission to Aquis on Thursday. Visum is the operator of an on-ride video camera system sold or licenced to theme parks, souvenir producers and ride operators. The share price opened at 12p before recovering to 14p
The technology investment company Asimilar (ASLR) reported interim figures, which show a £10.6m loss due to a sharp decline in the Dev Clever Holdings share price, which is currently suspended. Net assets were 25.3p a share at the end of March 2022.
Blockchain and digital assets investor KR1 (KR1) says net assets were 423% higher at 122.68p a share at the end of 2021, but that figure is likely to be lower now given the weak cryptocurrency market this year. There was £3.49m in cash on the balance sheet.
TruSpine Technologies (TSP) is waiting for the FDA’s response to the request for breakthrough technology designation before filing a 510k FDA submission for tis Cervi-LOK screwless spinal stabilisation system.
Trading in British Honey (BHC) shares was suspended at the end of the week because it has not published 2021 figures.
AIM
A further downgrade for Shield Therapeutics (STX) after its 2021 figures. Most of the 2021 revenues of £1.5m were generated in Europe and not the important US market for the Accrufer iron deficiency treatment. The latest figures show some progress in US Accrufer revenues with first quarter Accrufer prescriptions double the number in the fourth quarter of 2022, taking the total prescriptions for the quarter to more than 3,900. finnCap has reduced its 2022 forecast for US revenues from £8.1m to £6.3m thereby reducing total group revenues from £9.9m to £8.1m.
Shareholders in plant-based polymers developer Itaconix (ITX) have voted against the reappointment of two non-executive directors, including Charlean Gmunder, who was appointed on 19 April this year, and the Itaconix 2022 Equity Participation Plan for non-employees, where 79.16% of votes were against. First half revenues are substantially ahead of the previous record level.
Employee benefits services and insurance provider Personal Group (PGH) has acquired Quintage Consulting Group for £900,000 in cash. This is an employee reward and recognition consultancy providing things such as pay benchmarking surveys.
Footwear supplier Unbound Group (LSE: UBG) says trading has been in line with expectations following a good start to the year to January 2022. The multi-brand platform, that will exploit the extensive database that the company has built up, will launch on 28 July. There are 14 partner brands signed up, including Hush Puppies, and Sketchers.
IG Design Group (IGR) has started to improve operational efficiency in order to move back into profit. Higher freight and supply chain costs hit the business last year. Full year revenues increased from $873.2m to $965.1m, but an underlying pre-tax profit of $32.8m was turned into a loss of $1.3m. A modest rise in revenues is forecast for this year. The order book is already 71% of this year’s budgeted revenues.
Cosmetics supplier Warpaint London (W7L) has reported that first half sales are 30% ahead at more than £24m and gross margin has improved.
MAIN MARKET
Standard list shell Alteration Earth (ALTE) is seeking an acquisition in the clean technology or energy sectors. The plan is to do this within 24 months of admission. The shell raised a total o £1.26m by issuing nine million shares at 4p each and nine million shares at 10p each. The share price ended the first day of trading at 30p, but the bid offer spread was 10p/50p. The deal would need to make the enlarged group worth a minimum of £30m.
Hamak Gold Ltd (HAMA) says two rock chip samples from the Nimba licence in Liberia show grades of 45.5g/t and 37.3g/t. These are located where gold in soil anomalies were reported. There are assays to come from channel sampling of surface exposures.
Andrew Hore