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Quoted Micro 25 May 2026
AQUIS STOCK EXCHANGE
Time to ACT (TTA) says that Ruth Herbert has been appointed chief executive of EET Hydrogen and power, which is a potential client, and final investment decision for the HPP1 blue hydrogen project is due in the second half of 2026. Time to ACT has completed the acquisition of MTE Heat Treatment for £500,000.
Unigel Group (UNX) has decided it is best to leave Aquis and is asking for shareholder agreement. A general meeting is planned on 5 June.
Ian Bagnall has taken a 5.78% stake in Tomahawk Minerals (TMHK), formerly Shortwave Life Sciences. The company is concentrating on its gold and antimony, and it is planning a move to AIM.
In the first quarter of 2026, SuperSeed Capital (WWW) improved to 141p/share or 136.4p/share after notional management fee.
B HODL (HODL) has launched the Lightning Service Provider platform, which provides programmable liquidity for Bitcoin.
Quantum computing technology developer Delta Gold Technologies (LON: DGQ) pointed out a Wall Street Journal article concerning the award of up to $2bn in grants to the quantum computing sector. The company issued 28,571 shares at a warrant price of 50p each.
In the six months to February 2026, Astrid Intelligence (ASTR) had a cash outflow from operations was £612,000. There was £338,000 left in cash. Income from digital assets was £516,000, up from £20,000 in the first half of the previous year, but there was a sharp increase in operating costs. There was a £3.76m drop in the valuation of the digital assets.
Mendell Helium (MDH) has completed the acquisition of M3 Helium and Paul Mendell, who has a 9.37% stake, has been appointed technical director.
Arbuthnot Banking (ARBB) made a strong start to the year and loan balances edged up to £2.32bn by the end of April 2026. Deposits were 1% ahead to £4.26bn over the same period. Funds under management and administration were 5% higher at £2.8bn. No reductions in interest rates so far this year has been good for Arbuthnot Banking, and the income on its surplus funds.
Nomad Compute (NMD) has raised £3.124m at 0.125p/share. A capital reorganisation is required to reduce the apar value to enable the shares to be issued. The cash is for “developing and operating modular, containerised edge AI compute infrastructure for global enterprise and sovereign markets”.
IntelliAM AI (INT) has appointed Joel Crawfod as chief revenue officer. He will be based in Texas.
Energy B (NRGB) has appointed First Sentinel as corporate adviser.
Oliver O’Donnell, head of equities for VSA Capital (VSA), has been appointed to the group board.
Roundhouse Digital has changed its name to Roundhouse AI (ETHL).
AIM
Asia-focused oil and gas producer Jadestone Energy (JSE) reported a loss of $133.7m on revenues of $408m for 2025, but that figure is complicated by $126m impairment charge and the $18.5m write off for the abandonment of the SKUA-11 well. That masks the strong cash generation of the business last year. Cash generated from operating activities was $91.4m, helped by lower operating costs, and along with the $39.4m proceeds from a disposal this was more than enough to fund capital expenditure and interest charges. Net debt reduced to $89.1m. Jadestone Energy has refinanced debt through a $200m bond issue, which increases the cash available. Production in 2026 could be at the lower end of the 18,000-21,000 boe/day guidance range – last year it was 19,829 boe/day – because of a storm stopping production at the Stag field. That should generate enough cash to cover investment this year. The farm-out process for the Vietnam asset has commenced.
Medical devices developer Creo Medical (CREO) has raised £5.5m at 15p/share and the Bank of Wales is subscribing for £2m of convertible loan notes. Creo Medical plans to sell the remaining 49% interest in Creo Medical SL to 51% shareholder CME at book value. The sale of the 51% stake raised £24.7m after costs CME will continue to distribute Creo Medical products in Europe. Cash was £12.4m at the end of 2025 and there was a subsequent dividend of £1.6m from CME. Creo medical made an underlying operating loss of £13.7m on revenues of £6m in 2025 and the additional cash will help to accelerate growth in sales. First quarter revenues were 60% ahead and full year revenues could grow at a similar rate. Operating costs should be reduced by 15%.
Energy efficiency technology developer Sabien Technology (SNT) is entering into an agreement for a proposed strategic commercial partnership and financing that will help to accelerate commercial deployment of the M2G technology. The partnership with Haydale (HAYD) and SaveMoneyCutCarbon (SMCC) means that SMCC will be the M2G distributor in agreed commercial, industrial and public sector markets. Haydale would also help with improving manufacturing efficiency. Non-core investments are being reviewed, and additional opportunities will be assessed. A strategic investor group could acquire the 26.7% stake held by executive chairman Richard Parris and restructure the debt owed to Parris Group. A convertible loan note could raise up to £2m. Final terms have to be agreed. This announcement follows the settlement of a historical contract for £40,000 in cash and £50,000 in shares at 5.71p each.
Building and plumbing products distributor Lords Group Trading (LORD) has reported better than expected results. Pre-tax profit still fell from £3.8m to £2.8m. There has been a rationalisation of plumbing and heating distribution sites and there was a small dip in sales. Online builders merchant CMO made an initial contribution. Market share is improving. There could be a further fall in profit this year.
FIH Group (FIH) will pay a 40p/share special dividend from the funds from the £11.6m sale of the Portsmouth Harbour Ferry Company. The shares go ex-dividend on 5 June. Chief executive Stuart Munro gets a £478,000 bonus and finance director Reuben Shamu £293,000 for the successful disposal.
Gold producer Metals Exploration (MTL) produced 65,287 ounces of gold in 2025, but the higher gold price meant that revenues rose by 9% to $208.4m. Free cash generated from operations was 19% higher at $115.3m. Construction of the La India project in Nicaragua is one-third complete. The first gold pour could be in December. Gold production guidance for Runruno has been revised downwards to 40,000-48,000 ounces.
Invinity Energy Systems (IES) has won a project through FlexBase to design a GWh-scale vanadium flow battery to be deployed at the Technology Centre Laufenburg, Switzerland. This datacentre and technology campus required up to 1.5GWh and it could be expanded to 2.1 GWh. There should be phased manufacturing of the batteries.
Automotive interior components manufacturer CT Automotive (CTA) reported a 4% dip in revenues to $114.8m, while pre-tax profit improved by one-fifth to £9.5m. Earnings were 11.4 cents/share. A further improvement is expected this year.
TV programmes producer Zinc Media (ZIN) has won a $6m contract to produce an entertainment series in the Middle East. The international distribution rights should add extra income. The series has already been broadcast for 17 seasons, and it follows inventors developing ideas. Zinc Media has been brought in to refresh the format, and the programme will be shot in Arabic and English. Zinc Media is acquiring William Martin Qatar for an initial £400,000. The final purchase price will be up to £1.12m. This is an agency specialising in events and film in the Middle East and it fits well with the existing business in the region. Full year revenues of £3.4m and pre-tax profit of £300,000 are forecast.
Tap Global Group (TAP) recently launched the Tap Earn app and it has reached $3.5m of assets under management. The app offers a yield of up to 7% on supported stablecoin holdings, up to 3.5% on Ethereum and up to 2.5% on Bitcoin. Tap Earn is available across all the company’s markets and will generate revenues for the company by converting passive customer balances into generating income.
Fulcrum Metals (FMET) has secured surface rights to 270 acres of the Teck Hughes tailings project. This provides access and operational flexibility. The price is C$220,000 in cash and a 1.5% net smelter royalty. The net smelter royalty can be reduced to 0.75% for C$750,000 in cash and to 0.5% with a further C$500,000 payment.
Mkango Resources (MKA) subsidiary Mkango Rare Earths has filed a registration statement in the US concerning its merger with Crown PropTech Acquisitions. This helps to progress the proposed Nasdaq listing for Mkango Rare Earths.
Ariana Resources (AAU) is selling a 13.6% stake in the Zenit gold mining joint venture in Turkey to the majority shareholding for $19.5m – $17.2m after tax. Ariana Resources retains a 9.9% stake in Zenit, which could generate dividends, and has $29m in cash. The cash will be invested in the Dokwe project in Zimbabwe and the cash will fund the project up to the definitive feasibility study.
First quarter results from gold miner Thor Explorations (THX) show year-on-year revenues increasing from $64m to $74.3m and lower operating costs per ounce of gold. Net income rose from $34.4m to $46.7m. Net cash was $177.9m at the end of March 2026. A dividend of C$0.0275/share was announced. Full year production guidance is 75,000-85,000 ounces of gold with average costs likely to edge up.
Gene therapy technology developer 4basebio (4BB) increased 2025 revenues from £900,000 to £1.7m and it is forecast to rise to £2.5m. The loss was £17.9m. There should still be £8.5m in the bank at the end of 2025. The company has secured a clinical supply deal with a biotech company for supply of synthetic DNA to a phase II immunotherapy programme.
MAIN MARKET
Vehicle rental and claims management company Zigup (ZIG) traded strongly in the second half with profit at the upper end of expectations. Full year pre-tax profit is set to be around £160m. Cash generation has improved. The results will be released on 8 July.
Ground engineering and piling business Keller (KLR) reported stronger trading in the first four months of the year despite the global background. North America has done well. Higher costs are being passed on in new contracts. The order book is worth £1.7bn. The interim results will be published on 4 August.
New Frontier Minerals (NFM) has visited the NWQ Copper project with partner Austral Resources to inspect the Big One Deposit and Big One North prospect. The historical copper stockpile was assessed. Mt Storm was identified as an under explored near surface target.
Andrew Hore
Quoted Micro 11 May 2026
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased full year revenues by 6% to £23.4m, while pre-tax profit was flat at £1.1m. Race day attendances were one-quarter higher at 165,492. The final dividend is unchanged at 6p/share.
Invinity Energy Systems (IES) is successfully reducing the cost of the Endurium vanadium flow battery technology and making other cost savings. A contract with a Hungarian customer has been delayed and a potential US contract will take longer than expected to contribute. Revenues guidance for 2026 has been reduced to £13m and the loss could be £25m. Cash should still be £7m at the end of 2026.
Majestic Corporation (MCJ) says that its Wrexham recycling facility is operational.
Delta Gold Technologies (DGQ) has provisionally filed a patent under the research sponsorship agreement with the University of Toronto. The patent is for novel transducer structures for quantum devices. The details of the patent will be confidential for 18 months while additional work is undertaken.
Mendell Helium (MDH) has published the circular to gain shareholder approval for the issue of shares and the taking up of the option to acquire M3 Helium. The general meeting is on 18 May.
Sulnox Group (SNOX) has secured a distribution agreement with Aditya in India. This will provide access to 400 commercial and industrial customers. A patent has been granted in Algeria for fuel oil reclamation.
EPE Special Opportunities (EO.P) had net assets of 428.69p/share at the end of April 2026.
BWA Group (BWAP) has engaged SRK Exploration to conduct a ground magnetometry survey and interpretation for the Aracari gold project.
Ethtry (ETHY) has participated in a loan facility for Cerulean Winds. It has committed £500,000 to the investee company to fund development of the Aspen Phase 1 floating offshore wind project. Cerulean Winds has three seabed leases with a combined potential capacity of 3GW. There is a likely to be a final investment decision in 2027. Ethtry is considering a move to AIM.
Shepherd Neame (SHEP) non-exec George Barnes bought 680 shares at 506.8p/share.
Connecting Excellence Group (XCE) has raised £125,000 at 1.75p/share through a new strategic investor and an existing investor.
Oberon Investments (OBE) chairman Michael Cuthbert bought 300,000 shares and Alexander Hambro acquired 857,143 shares all at 1.7535p each.
AIM
Pawnbroker Ramsdens (RFX) has published the third trading statement in three months. Guidance for 2025-26 pre-tax profit has been upgraded from £24m-£28m to £28.5m-£31.5m. The gold buying operations are part of the reason, but jewellery retail and pawnbroking are also doing better than expected. Foreign exchange is slightly weaker than anticipated due to lower margins.
Online performance marketing business B90 (B90) reported results in line with the recent trading statement and management intends to use the AI performance marketing technology it has developed to move into new sectors. Revenues more than doubled to €7.2m and pre-tax profit was €1.1m, up from €700,000. Importantly, there was €603,000 in cash generated from operations and net cash was €1m at the end of 2025.
Investment that Light Science Technologies (LST) has made into gaining approvals in additional sectors for its contract electronics manufacturing business is starting to pay off. An initial order has been won from a medical devices supplier. This is worth £160,000 and could be worth up to £650,000 annually. This follows an order earlier this week worth £410,000 for the supply of Injectaclad material for fire protection. The acquisition of the Injectaclad business was completed on 14 April. The company was previously only an installer.
Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share for Deltic Energy (DELT) and it has been recommended by the board of the oil and gas company. The value is £7.2m. The bidder is providing a bridging loan of up to £2.9m.
Acoustic and insulation materials developer Autins Group (AUTG) returned to profit in 2025-26 even though revenues fell from £19.3m to £17.6m. There was an underlying net profit of £170,000, helped by an improvement in gross margin to 36.4%. This was despite a cyber attack at a major customer. There was an exceptional charge of £807,000 related to the cyber attack disruption and a cost relating to the German flooring business. Net debt is £1.6m. New contract wins provide a solid base for the current year, although expected revenues have been reduced from £24m to £22m. Post-tax profit estimate has been edged up to £800,000. Further growth next year could mean post-tax profit of £1.4m.
EnergyPathways (EPP) will be awarded a gas storage licence by the North Sea Transition Authority for its MESH project. It covers up to 60 salt storage caverns. This is part of a project in the East Irish Sea. The gas storage facility could double the UK’s gas storage capacity.
NAHL Group (NAH) increased pre-tax profit by 129% to £4.97m in 2025. This helped net debt more than halve to £3.2m. This reflects the success of handling personal injuries claims through its own National Accident Law firm. Uncertainty about its future hit the performance of the critical care division, but NAHL has decided to retain it and has changed the management. However, currently more claims are being settled is greater than new enquiries and that will hit the performance of NAHL this year. There is no forecast for 2026.
Furnishings brand Colefax (CFX) has traded ahead of expectations in the second half. Like-for-like sales are 7% ahead in the three months to April 2026. Full year pre-tax profit is expected to be at least £10.5m.
The new board of mathematical modelling and biostatistics company Physiomics (PYC) has started a review of the business. Costs will be controlled and directors will receive part of their payments in shares that will be issued each year at the price prior to issue. The board says that it has identified new opportunities that can be exploited over the medium-term. Cash should last until 2027.
Dillistone (DSG) reported a 14% fall in 2025 revenues to £4.2m, but an improved pre-tax profit of £400,000. This relates to the original IT recruitment software business, and new management has come into the group to pursue a buy and build strategy. That means the company could be significantly different in one year. The current business appears to be stabilising.
Real-time equipment monitoring technology developer Tan Delta Systems (TAND) has received an order worth £395,000 from a leading manufacturer of large commercial and industrial engines. It is for real-time oil analysis systems.
Reabold Resources (RBD) consolidated 1,000 shares into one new share.
Trading in Trellus Health (TRLS) shares has been suspended because of financial uncertainty. There is enough cash to last until the middle of June. Options include the sale of the trading business.
Alien Metals (UFO) says its joint venture partner in the Munni Munni Platinum-Palladium-Copper-Nickel project has reported infill drilling results that have some of the highest grades so far.
MAIN MARKET
Distribution company Smiths News (SNWS) reported a 4% decrease in interim revenues to £515.7m, while pre-tax profit fell from £13.1m to £12.7m. The interim dividend is unchanged at 1.75p/share. The company moved into a net cash position. The core newspaper and magazine distribution operations have secured most of their expected revenues the next few years and the cash they generate can be reinvested in newer distribution operations, such as recycling and distribution of other products. Full year pre-tax profit could be slightly down at around £34m.
Online travel hostel agency Hostelworld (HSW) reassured investors that trading is in line and there have been no significant hit from the Middle East conflict as yet. There is weakness in demand for Asia, but intra-Europe travel is holding up well.
Andrew Hore
Quoted Micro 5 January 2026
AQUIS STOCK EXCHANGE
Energy efficient technology developer Time to ACT (TTA) was held back by volatility of orders. In the six months to September 2025, revenues fell from £1.67m to £732,000, while the loss increased from £184,000 to £698,000. There are more than £4m of Large Parts contacts ready to be closed. In November 2025, Diffusion Alloys sold surplus coating compound of £540,000 and a further £472,000 is expected before the end of March 2026. This will make up for some of the shortfall in the first half.
Energy storage technology provider Invinity Energy Systems (LON: IES) has announced four agreements in the past seven working days, including two to supply 20MWh of vanadium flow battery system to a Hungarian client. The cost of production of the equipment continues to be reduced. The 2025 revenues should be £17m and there is an order book also worth £17m, although the timing of £9m of this is uncommitted.
Emissions reduction additives supplier Sulnox Group (SNOX) reported increased interim revenues of £1.2m, up from £440,000, while the loss was reduced from £4.2m to £3.7m. Cash was £1.36m at the end of September 2025. Momentum continues in the second half.
VSA Capital (VSA) reported flat interim revenues of £1.76m with higher overheads leading to a decline in profit from £298,000 to £131,000. VSA Capital says that the underlying pe-tax profit was £378,000. Cash inflow from operating activities increased from £389,000 to £673,000. There should be progress with the Drakewood Capital Management partnership in the coming year.
On the 30 December 2025, Hot Rocks Investments (HRIP) valued its stake in Nasdaq quoted WeShop at $51.2m. Prior to that, at the end of September 2025, NAV was £1.28m.
Residential developer Zentra Group (ZNT) revenues fell 45% to £8.06m and the loss declined from £3.56m to £1.71m. Four subsidiaries were sold for a gain of £1.41m. Overheads are being reduced. The focus is changing focus to larger projects and development management opportunities.
HRC World (HRC) is focusing on phase 1 of the data centre facilities in Subang Jaya, Kuala Lumpur. In the six months to September 2025, revenues dipped rom £436,000 to £357,000 and the loss increased from £52,000 to £256,000.
Personal care products contract manufacturer Amirose London Holdings (ALH) increased interim revenues from £5.13m to £7.19m, while the loss rose from £243,000 to £552,000, although that includes £331,000 of acquisition and flotation costs.
Art products maker Crushmetric Group (CUSH) generated revenues of HK$2.1m in the six months to September 2025. The loss increased from HK$3.7m to HK$6.12m.
TSP Advanced Technologies (TSP) is yet to generate revenues, and the interim loss was slightly down at £335,000, compared with £410,000. The medical device developer formerly known as TruSpine Technologies says long-term funding is required.
Southwest England-focused tin and copper explorer Tamar Minerals (TMR) plans to take advantage of the processing capacity being put in place by other miners in the region. There are options over two projects that were producing in the 19th century. There was £255,000 in cash at the end of June 2025.
Cell therapy treatments developer Cardiogeni (CGNI) expects to complete a £19m non-dilutive licence funding agreement in January. There were no interim revenues and the loss was £533,000. Cash was £149,000 at the end of September 2025. Regulatory filings should be submitted for a phase IIb/3 study in the Gulf states for CLXR-001, a heart regeneration medicine for the treatment of heart failure that is administered during coronary artery bypass surgery.
B HODL (HODL) has made an initial drawdown of £70,000 from its Bitcoin-backed loan. One Bitcoin was bought for £65,809. The total holding is 158.211 Bitcoin.
Shareholders voted in favour of Amazing AI (AAI) leaving Aquis on 7 January 2026.
Silverwood Brands (SLWD) has not published its accounts for the 18 months to June 2025 and trading in the shares was suspended on 2 January.
Nicholas Baxter increased hi holding in Vault Ventures (VULT) from 4.14% to 7.73%. Yorkshire AI Labs reduced its stake in IntelliAM AI (INT) from 15.4% to 13.7%. EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 57,304 shares at 11.49p each. He owns 35.2% of the diagnostics company. Adnams (ADB) chief executive Jennifer Hanlon acquired an initial 1,051 B shares at £19 each and finance director David Driscoll bought 166 A shares at 500p each. Nicolas Baxter has increased his stake in Vault Ventures (VULT) from 4.14% to 7.73%.
Falconedge (EDGE) has appointed Fortified Securities and SI Capital as joint brokers.
AIM
Public Policy Holding Company Inc (PPHC) is taking on a professional with a client portfolio. There will be a payment of up to $1m depending on performance. The initial $400,000 was paid in shares.
e-commerce payment services provider Mobility One (MBO) has received conditional approval to carry on Islamic digital banking in Labuan in Malaysia. The business will be called MBO Bank (Labuan). No revenues are expected in 2026. Potential partners and investors will be explored.
Galantas Gold (GAL) has completed the acquisition of RDL Mining owner of the Indiana gold copper mine in Chile and closed a placing raising $14.9m at $0.08/unit (one share and one warrant exercisable at C$0.12). The updated mineral resource estimate shows inferred gold of 355,516 ounces and 64,690t of copper. Ocean Partners has been issued 7.81 million shares to satisfy a debt of $625,000.
Shareholders in Synergia Energy (SYN) agreed to the sale of its 50% stake in the Cambay PSC for $14m but did not agree to leave AIM. This sale requires India government approval. Synergia Energy will still return cash to shareholders via a share buyback. The focus will be the UK Medway Hub Camelot CCS project and finding a new partner. Additional oil and gas opportunities will be sought in India.
Healthy snacks supplier Tooru (TOO) has been adding new retailers of its brands. Sales of gluten-free brand OAF are building. Manufacturing of brands is being streamlined, and snack bar company Pulsin is currently using a contract manufacturer. However, there has been short-term disruption to sales. A refinancing has increased the bank facility to £3.9m, which lasts until 2030. Tooru says agency business Market Rocket is non-core, and it may be sold.
Jarvis Securities (JIM) has appointed S&W Partners to help with the wind down of the company. There is currently cash of £10.4m. Two more payments of £1m each are due for the sale of the broking clients. There are obligations to redress certain clients because of sharing commission with an introducer and misleading language in client terms. The estimated cost is £2.8m, but it could be more.
Westminster Group (WSG) did not publish annual accounts by the end of 2025 and trading in the shares was suspended on 2 January 2026. A strategic investor is interested in making a significant investment and collaborate on opportunities. Project financing is being negotiated.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, plans to issue up to £5m of secured convertible loan notes to an institutional shareholder. This will be a facility lasting 12 months with multiple tranches that will come with warrants. This enhances the cash position and the first tranche of £737,500 should last for the first quarter of 2026. Average monthly cash burn has been reduced to $400,000. A general meeting will be held on 20 January. The company previously secured a $600,000 convertible loan from 25% shareholder Icahn School of Medicine at Mount Sinai.
Eurasia Mining (EUA) has agreed to sell West Kytlim mining operations. The loss-making operations are at risk of nationalisation by the Russian government. After taxes and other costs $9m should be received, even though the assets are valued at $251m. The remaining Arctic assets represent 99.7% of reserves and resources.
Heart-health functional food ingredients supplier Provexis (PXS) interim revenues slumped from £785,000 to £364,000 due to a decline in Fruitflow II SD from £725,000 to £302,000. That was due to a delay in receiving additional inventory. Several hundred thousand pounds of sales and orders have been received since September. The underlying interim operating loss rose from £98,000 to £155,000. Cash was £523,000 at the end of September 2025
Tap Global Group (TAP) increased revenues 31% to £3.48m and received £420,000 relating to recovery of historical referable bonuses paid in Bitcoin. The goodwill write down was reduced from £15.9m to £4.7m, which meant that the overall loss was reduced from £18.2m to £5.7m. There is £1.29m of goodwill left in the balance sheet. The cash outflow from operations was £184,000. The digital finance hub operator is focused on scaling up its business. Finance director Steven Borg is stepping down and being replaced by Andrew Milmine.
Executive chairman Colin Bird Bezant Resources (BZT) bought 30 million shares at 0.0745p each.
MAIN MARKET
Consultancy daVictus (DVT) has released its interims to June 2025 and this ended the trading suspension of the shares. Cash was £12,000 at the end of June 2025.
Critical Mineral Resources (CMR) confirm shallow copper mineralisation at Zone 2 North at Agadir Melloul in Morocco. This is suitable for open pit mining. There will be further drilling results in January and February.
KR1 (KR1) generated income of £211,000 from digital assets during November 2025. NAV was 32.8p/share, down from 41.5p/share at the end of October 2025.
Andrew Hore
Quoted Micro 2 June 2025
AQUIS STOCK EXCHANGE
Probiotic ingredients developer ProBiotix Health (PBX) reported that it had a strong first quarter in 2026 with growth of 50%. This was at the same time as reporting a 13% increase in 2024 sales to £1.883m. Gross margins are more than 50%. There is £1.65m in the bank after a cash outflow of just over £1m. The cost base is broadly in line with requirements so the majority of additional revenues should drop through to profit. New deals have been signed with Kemin China and TopHealth in South Korea. There are also new product launches in the second half. This should help revenues to grow this year. Currently, North America dominates revenues. There are already 24 customers and more than 100 leads. The target is revenues of £10m in 2028 and that should produce £2m of EBITDA. Chief executive Steen Andersen bought an initial 125,450 shares at 7.83p/share and chairman Adam Reynolds acquired 50,000 shares at 7.88p each.
In the year to March 2025, café chain Cooks Coffee Company (COOK) increased revenues by 49% to NZ$7m, including an initial contribution from Dairygold cafes in Ireland. Total franchise stores sales were one-third higher at NZ$79.6m. Cooks Coffee and a regional partner have acquired two Black Goo cakes and food stores. The target remains 300 stores by 2034.
AIM-quoted RiverFort Global Opportunities has completed the acquisition of the healthy snacks businesses of Aquis-quoted S-Ventures (SVEN) and changed its name to Tooru (TOO). S-Ventures becomes a cash shell and may decide to distribute the Tooru shares received in the deal to its shareholders.
Sundae Bar (KNDR), which was formed by the merger with Ora Technology, plans to move to AIM. The company is developing a platform that will be a marketplace for AI agents. There is a conditional fundraising of £2m at 8p/share. The expected admission date is 3 June.
Helium Ventures (HEV) has signed a strategic deal with NewQube Holdings to establish a Bitcoin treasury function. There has been £1.2m raised at 2p/share and this will be invested in Bitcoin. The company name will be changed to VaultZ Capital.
Hot Rocks Investments (HRIP) is also planning to become an investor in digital assets, and it will change its name. Disposal proceeds from the existing portfolio will be invested in Bitcoin.
KR1 (KR1) had net assets of 47.79p/share at the end of April 2025, down from 52.16p/share at the end of March 2025. The digital assets generated income of £394,091 during the month.
Brewer Adnams (ADB) grew 2024 sales by 3% to £68.1m and the loss was reduced. The only part of the business that declined was retail. Contract work helped the brewing and distillery operations. Net debt edged down to £15.3m and asset disposals will enable further reductions. The business will try to offset rising costs.
Flow batteries supplier Invinity Energy Services (IES) reported a fall in full year revenues from £22.1m to £5m, but the loss was lower and the increased number of shares in issue meant that the loss per share fell from 14.7p to 5.3p. Net cash is £32m. Revenues should rebound this year, and the loss fall again. Breakeven is possible in 2026 and net cash could still be £7m at the end of 2026.
Coinsilium (COIN) has raised £2.5m from a placing at 6p/share and more will come from a retail offer. The cash will be invested in Forza (Gibraltar) for Bitcoin-based treasury activities. It currently owns 10.0021 Bitcoins at an average purchase price of £81,696.90.
Capital for Colleagues (CFCP) had a small dip in interim revenues to £404,000. The NAV has fallen from 87.32p/share to 74.27p/share at the end of February 2025. General economic uncertainty led to the decline in valuations.
Smarter Web Company (SWC) has increased its Bitcoin holding to 83.24 and the average purchase price was $78,567 for each Bitcoin. Andrew Smith has increased his stake from 8.6% to 11.2%.
Residential property developer Zentra Group (ZNT) has completed the sale of five properties in Eccleshill and along with freehold land generated £1.19m. This cash will go towards acquiring a site in Manchester. The value of the 30% stake acquired in One Victoria in Manchester has been raised from £3m to £4.1m. Zentra will generate fees for development and sale of the properties.
Valereum (VLRM) says VLRM Markets has gone live. A memorandum of understanding has been signed with Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. Valereum has entered a tokenisation partnership agreement with football team Club Deportivo Futbolistas Asociados Santanecos.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to agree a cash injection by the end of June and the loan has been extended by a further month.
Tap Global Group (TAP) has received an income boost from recoupment of Bitcoin rewards. There are approximately five Bitcoins that will be added to assets.
Shares in File Forge Technology (FILE) returned from suspension after the acquisition of Amirose London and a 24-for-one share consolidation.
Marula Mining (MARU) has terminated its subscription agreement with AUO Commercial Brokerage. Instead, an unsecured debt facility will be put in place. As part of the deal 50% of the shares issued to AUO will be cancelled, so 27 million shares will be issued. A company associated with chief executive Jason Brewer bought 16.5 million shares at 3.75p each.
IntelliAM AI (INT) chief executive Tom Clayton bought 10,962 shares at 82p each.
ASSET MATCH
In 2024, brewer Wadworth and Company (WAD) grew revenues 6% to £41.3m, while pre-tax profit was 13% higher at £923,000. January and February were tough, but trading improved in March and April, and profit is improving this year. A refinancing is due by September.
C4X Discovery (C4XD) says a Euro8m milestone payment from Sanofi has been triggered by pre-clinical progress for the oral IL-17A inhibitor programme for the treatment of inflammatory diseases. So far Euro18m has been received out of a possible total of Euro414m of milestone payments and royalties.
AIM
Energy assurance and optimisation services provider Inspired (INSE) has received an indicative offer of 81p/share from HGGC managed funds. The Inspired board has indicated that it would be minded to recommend the bid at this level. Regent Gas Holdings is offering 68.5p/share in cash and says it wants Inspired to stay on AIM. That offer was rejected, and acceptances have been minimal.
Reduced frequency of services hit the ongoing business of cleaning services provider React (REAT) hit ongoing interim revenues. There were also two paused contracts. In the six months to March 2025, revenues rose from £10.6m to £12.1m, but that was after a £2.8m contribution from 24hr Aquaflow Services, which was acquired in October last year. It also helped gross margin improve from 27.1% to 32%, which should be sustainable because contracts have been in cost increases from higher National Insurance rates. Admin expenses have increased ahead of growth and because of running two systems at LaddersFree while business is transferred to a new online platform. Underlying interim pre-tax profit was flat at £1.1m, excluding acquisition costs of £220,000.
Video games publisher Frontier Developments (FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from £85.9m to £90m, compared with £89m the previous year. A loss had been expected, but this is now a pre-tax profit of £3.3m, although that includes a £3.5m gain on the sale of rights to one of its games.
Engineering company Avingtrans (AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at £161m, the pre-tax profit estimate has been raised from £6.5m to £8.1m due to the product mix and cautious forecasting.
IG Design (IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged.
A surprise trading statement from contract research business hVIVO (HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still £47m, but Cavendish expects a loss this year.
Poolbeg Pharma (POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials.
Synthetic binders developer Aptamer (APTA) has signed a second deal with Unilever for the to develop a panel of Optimer binders for an additional biological pathway associated with body odour formation. This is a fee-for-service deal that will be worth a six-figure sum. On-person trials are planned for the previous programme should commence later this year.
Diagnostics company Angle (AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues.
In the first quarter of 2025, Arrow Exploration (AXL) produced 4,100 barrels of oil equivalent/day. Colombia production declined, but Canada more than made up for that. Production should grow further after a second drilling rig arrives in early June. Up to four wells will be drilled. Net cash was $24m at 1 May. Cash generation will contribute to the $50m of capex in 2025. There is a two-year crude pre-payment agreement with an energy company to market the oil in Colombia.
Cyber security company Smarttech247 (S247) has secured renewals and a new contract worth a total of €3.7m. The three renewals are in a range of sectors and the new customer is a US industrial business. Two of the contracts are for three years. This helps to underpin an improvement in full year revenues from €13.2m to €14.2m, rising to €15.3m in the year to July 2026.
Environmental technology supplier Metir (MET), formerly Microsaic Systems, currently has cash of £151,000 and the company is dependent on timely collection of receivables. The Qatar project payment of £228,000 is not expected until after June, which is later than anticipated because of technical changes. If most of this is not paid in the third quarter, then additional finance may be required. Trading is better than expected. Management believes that Metir can be EBITDA positive in the second half of 2025.
Logistics Development Group (LDG) had net assets of 24.6p/share at the end of March 2025. Following the recent tender offer, the figure has increased to 26.1p/share.
MAIN MARKET
Shipbroker Braemar (BMS) reported a dip in full year pre-tax profit from £14.6m to £13.4m on revenues 7% lower at £141.9m. The dividend was reduced by 46% to 7p/share, but there is a £2m share buyback. The company fell into net debt of £2.5m. There was a one-third drop in tanker charter revenues, but other parts of the business grew.
Seed Capital Solutions (SCSP) plans to acquire 4DM, the developer of AI imaging diagnostics for the veterinary market, for shares valued at £33.3m at 1.75p each. A fundraising will be required. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 21 April 2025
AQUIS STOCK EXCHANGE
The Small Cap awards 2025 shortlist for Aquis company of the year comprises Ananda Pharma (ANA), EDX Medical (EDX), Oberon Investments (OBE), SulNOx Group (SNOX) and Valereum (VLRM). SulNOx Group has been granted patents for its fuel emissions reduction additives in eight African countries. Shares in Ananda Pharma have started trading on the OTCQB market in the US.
Prize draws operator Good Life Plus (GDLF) has raised £860,000 through shares issued at 2.15p/share, which is a premium to the market price, to Winforton Investments, which is associated with Sportingbet founder Mark Blandford. Another of his investment companies is converting £1m of convertible loan notes at the subscription price. The cash will finance attracting additional customers and media partnerships. Management wants to improve retention and average spending per user through the premium subscription product.
RentGuarantor Holdings (RGG) says shareholders wish to improve liquidity and there are plans to move to AIM in the summer to help with this.
Wishbone Gold (WSBN) has completed the reorganisation of the Western Australia subsidiary. Liabilities have been paid, and this is a step to taking full control of the Red Setter and Cottesloe projects. Geologist Edward Mead has been appointed a director, and he has experience in the Pilbara region of Western Australia.
Invinity Energy Systems (IES) says its partner Frontier Power has signed a Long Duration Energy Storage (LDES) joint development agreement with Ethos Green Energy, who will provide land for projects. This could support up to 20 GWh of storage projects and Frontier Power has reserved up to 2GWh of Invinity Energy Systems manufacturing capacity to support bids.
Campus Investments, which is controlled by David Rowland, is subscribing £1m in VVV Resources (VVV) at 1p/share assuming an agreement with his fully listed company R8 Capital Investments (MODE) over money it is owed. Jonathan Rowland and Richard Morecroft will join the board, and the company will change its name to VVV Sports to reflect the move into sports services.
Sameer Prasad has increased his stake in Investment Evolution Credit (IEC) from 6.99% to 7.37%.
Evrima (EVA) has appointed David Eaton as a non-executive director, and he has corporate finance experience in North America. The shares will be traded on the Open Market of the Frankfurt Stock Exchange. Mark Jackson has increased his stake from 3.12% to 4.13%. Chief executive Burns Singh Tennent-Bhohi has bought 1.9 million shares at prices between 0.5p to 0.6p each.
Jonathan Swaine is stepping down as managing director, pubs at Shepherd Neame (SHEP). He will not be directly replaced.
Fibre optic cables materials manufacturer Unigel Group (UNX) has declared an interim dividend of 2p/share. The ex-dividend date is 24 April.
Oberon Investments (OBE) has appointed Strand Hanson as corporate adviser.
AIM
Lung cancer diagnostics developer Lung Life AI (LLAI) still plans to leave AIM following its US distribution deal, which requires shareholder approval. This will leave LungLife AI with the activities of running the LungLB test and collecting royalties. Circulogene will have exclusive rights to distribute and further development the LungLB lung cancer diagnostic in the US and the other countries it is involved in. It will also receive some of LungLife AI’s equipment. The royalty payment will be 20% of net revenues generated by the test in the first year, reducing to 15% in the second year. This is a two year agreement with potential for annual renewals. There is an option for Circulogene toacquire all the IP and licences for $6.2m less any payments already made. Circulogene is making an advanced payment of $375,000, which is returnable if the deal does not go ahead. There was $850,000 in cash at the end of March and costs are being reduced. An application has been submitted to a Medicare contractor for the technical assessment of LungLB.
Jarvis Securities (JIM) is selling its execution only broking business to Interactive Investor for £11m and winding down its clearing and settlement operations. Completion will happen when client agreements are transferred and that should happen in early July. The board believes that winding up the remaining operations and returning the remaining cash to investors is the best outcome. It will take 15 months to wind up the business. There are no plans to make an acquisition and shareholder approval will be sought for cancelling the AIM quotation. The share price slumped 70.2% to 12.5p, which is the lowest it has ever been.
Steel structures supplier Billington (BILN) had an exceptionally good 2023, so it is not surprising that revenues fell from £132.5m to £113.1m in 2024. That meant that pre-tax profit fell from £13.4m to £10.8m. There was a special dividend of 13p/share last year, so the ongoing dividend was raised from 20p/share to 25p/share. Trading got tougher in the second half and management is focusing on contacts with sufficient margins rather than chasing sales. Even so, the order book remains strong. Trading will be second half weighted in 2025, and pre-tax profit is expected to dip to £7.3m, downgraded by 24% from the previous Cavendish estimate. Net cash is £21.7m and it should not fall significantly this year, even after higher capital expenditure, which should peak this year. NAV is 410p/share.
Ruggedised plug-in cards developer Concurrent Technologies (CNC) is benefiting from its strategy to bring new products to market in a quicker fashion. This has led to significant contract wins. In 2024, revenues increased from £31.7m to £40.3m, which is more than double the 2022 figure. Pre-tax profit improved from £3.7m to £5.2m. The dividend was raised 10% to 1.1p/share. Revenues of £43m are forecast for 2025 with pre-tax profit of £6m.
Sexual health products developer Futura Medical (FUM) reported figures in line with its trading statement in January. That had already warned that sales of erectile dysfunction treatment Eroxon were growing more slowly than anticipated. Product revenues more than doubled from £3.1m to £6.8m last year. There was also £7.1m of milestone payments. The over the counter product is in lock boxes in US pharmacies that makes it more difficult for potential purchasers to ask for Eroxon. The marketing focus is being refined to men under 60 years old, where efficacy is better. There is net cash of £6.6m and that should last two years.
On Monday, Alba Mineral Resources (ALBA) announced the second auction of a limited edition coin containing one ounce of Welsh gold. The first auction put a price of £20,000 on the coin, which was more than eight times the price of gold at the time. The estimate had been set at £20,000-£25,000. The second coin auction closed on 16 April and the share price jumped on the following day. According to the auction website the coin was not sold. The estimate was £22,500-£32,500, so the bidding probably did not reach that level. There is a third gold coin.
Catenai (CTAI) proposes a sub-division of capital because the share price is lower than the nominal value so no shares can be issued to raise money. The nominal value will be reduced from 0.2p to 0.01p. Catenai recently announced that it had raised £750,000 at 0.15p/share, including a £150,000 subscription by Sanderson Capital Partners. Director fees of £450,000 have been settle by the issue of 30 million shares. Catenai intends invest in Alludium, which has developed a platform for AI process automation. Subject to shareholder approval, £500,000 will be invested in Alludium and when cash is received from Klarian, or raised in a share issue, a further £450,000 may be invested. That would be a 13% stake in Alludium in total.
North Sea gas project developer Deltic Energy (DELT) estimates gross 2C contingent resources of 174bcf at the Selene gas project – a one-third increase on the previous figure. Deltic Energy has a 25% interest in the Selene gas project and its share of post-tax NPV10 estimate is $83m net at 80p/therm. Modelling suggests enhanced production potential from the B-sand interval. A final investment decision could happen in early 2027.
Battery technology developer Gelion (GELN) says initial tests of its sulfur battery technology show robust capacity retention and the achievement of more than 1,000 charge/discharge cycles. This has led to a materials testing agreement with a tier-one battery manufacturer and this should start shortly. Gelion will also recognise £780,000 of revenues relating to the battery energy storage system delivered to Borg Group. A placing and subscription raised £2m at 9p/share and a retail offer could raise up to £191,000. The cash will be used to fund business development, collaborations and the strategic partnership with the Max Planck Institute, which will accelerate the move towards commercialisation.
Sales were weak in February, but online women’s clothing retailer Sosandar (SOS) says fourth quarter sales were in line with expectations. Full year sales have fallen by one-fifth, with a 10% decline in the fourth quarter. Gross margins have improved, though. Six stores have been opened. Net cash is £7.1m. Singer has halved its pre-tax profit estimate for 2024-25 to £500,000. The 2025-26 figure is unchanged at £1.5m.
Musical instruments retailer Gear4Music (G4M) has acquired assets from the administrators of GAK (GAK.co.uk Ltd and The Guitar, Amp & Keyboard Centre Ltd). The stock purchased cost £600,000 but could have a value three times that figure. Gear4Music had been hit by discounting by GAK. There are no plans to use the GAK trading brand. There has been an improvement in trading with sales growth in double digits in recent weeks.
MAIN MARKET
Aura Renewable Acquisitions (ARA) is not going ahead with the acquisition of Zero Carbon Technologies and trading in the shares has recommenced. A minimal amount of due diligence costs were incurred. At the end of 2024, there was cash of £486,000.
Motor finance provider S and U (SUS) has been hit by the uncertainty concerning its core market. There was also a larger impairment charge. The Aspen bridging loan business continues to grow and enabled full year revenues were flat at £115.6m. Pre-tax profit fell from £33.6m to £24m. The total dividend was reduced from 120p/share to 100p/share.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore
Quoted Micro 24 February 2025
AQUIS STOCK EXCHANGE
Aquis-quoted healthcare procedures supplier One Health Group (OHGR) plans to move to AIM. As part of the process, it raised £5.2m from a placing at 180p/share and existing shareholders have the chance to take up shares in an open offer of up to £500,000. A WRAP retail offer could raise up to £500,000 more. The cash will be invested in the first owned surgical hub. This will cost up to £9m and it could generate £9m of income each year. It should be earnings enhancing in the first full year of operation. The employee benefit trust (EBT), the chairman and chief medical officer are selling £2.2m worth of shares. The EBT will repay a £750,000 loan to the company. The retail offer closes on 24 February. The minimum subscription is £100.
Invinity Energy Systems (IES) has signed a partnership with Frontier Power, and it will provide the partner with flow batteries for potential projects supported by the UK’s long duration cap and floor mechanism, where applications should commence in the summer. Frontier Power has reserved up to 2GWh of manufacturing capacity to underpin its bids. There will be an upfront fee when projects have been won. There could also be international opportunities.
EDX Medical Group (EDX) has developed a new test for prostate cancer. The test can identify cancerous cells, whether the cancer is early stage or late stage and how aggressive the cancer is. More than 100 biomarkers are measured by the test, which is more than rival tests. Accuracy should be better than 96%. There are 55,000 cases of prostate cancer in the UK each year. Founder Professor Sir Chris Evans acquired a total of 320,000 shares at an average share price of 13.68p each, plus 20,000 shares at 13.5p each, taking his stake to 37.3%. Chief executive Dr Michael Hudson bought 45,888 shares at 10.87p each, taking his stake to 5.84%, and deputy chair Martin Walton purchased an initial 85,000 shares at 10.717p each.
Valereum (VLRM) has entered into an agreement with DMC Markets Inc for a cash raise of £19m. Previously it was expected to be £13m. There will be 130 million shares issue at 10p ach and 20 million shares issued at 20p each, plus a further 20 million shares at 10p each that were previously under option to Blue Sky Vision. This will be done via a new company called Valereum Inc, which will hold 48.9% of Valereum. A UK investor will invest an additional £1m at 20p/share. The cash will be invested in minority stakes in four strategic assets sourced by DMC.
ProBiotix Health (PBX) has an agreement with Kemin China Technology, which will sell LP LDL as a cardiometabolic health ingredient in China, Hong Kong and Macau. The sales will be co-branded. Chief executive Steen Andersen has been granted 9.05 million options with an exercise price of 9.5p. They last ten years and performance criteria have to be met for them to be exercised.
Vehicle electrification technology developer Equipmake (EQIP) has signed a development agreement with JC Bamford. It will develop specific power electronics for JCB. This is an initial six-month development agreement.
Coinsilium Group Ltd (COIN) says portfolio company Otomato Web3 Agent Protocol, which has commenced the launch of the Otomato.xyz platform. The public launch is scheduled for the second quarter of 2025. The platform streamlines Web3 interactions. As well as its stake, Coinsilium has the rights to 7.5% of revenues generated by the platform up to the Token Listing Event.
Ananda Pharma (ANA) has completed the manufacture of a final technical batch of MRX1 CBD drug candidate. This enables the next step of the process to achieve MHRA clinical trial approval.
Arbuthnot Banking Group (ARBB) is trading in line with expectations and is set to achieve a 2024 pre-tax profit of £34.5m.
Tap Global Group (TAP) has raised £1m at 2p/share and this will be invested in the fintech app platform and growing its database of registered users.
SulNOx Group (SNOX) non-exec Nicholas Fairfax has bought 91,350 shares at 87p each. SulNOx has secured a patent in Malaysia covering a range of formulations for emulsifiers and fuel conditioners.
Mark Lyttleton has a 3.11% stake in WeCap (WCAP). Stephen Hill has 3.7% of Igraine (KING). Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each, taking his stake to 18.9%.
ASSET MATCH
Marshall of Cambridge (MCH) says the MoD has sold 12 ex-RAF C-130 aircraft to the Turkey government. Marshall has undertaken life extension work on seven of the aircraft and it will do the same work on the other five aircraft for the Turkey government. The value of this contract is £200m and it includes ongoing maintenance. This work will last until 2028. The US authorities are required to approve the deal.
JP JENKINS
Hotel chain operator Studio Stays Hotel Group (SSHG) has joined JP Jenkins. This is a company that was formed by chief executive Grant Bovey on 7 February 2025. It has raised £50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.
Deltex Medical Group (DEMG) has departed AIM and moved to the JP Jenkins matched bargains platform. The share price ended on AIM at 0.024p. Deltex Medical has developed ultrasound-based oesophageal doppler monitoring equipment for surgery and intensive care use.
Tribe Technology (TRYB) has also left AIM. The last share price on AIM was 0.075p. Northern Ireland-based Tribe Technology is a developer of autonomous mining equipment.
AIM
Cash shell Rosebank Industries (ROSE) is in discussions with Cerberus Capital about the acquisition of Electrical Components International Inc (ECI). US-based ECI is a supplier of critical electrical distribution systems to a range of industries. No price has been put on the acquisition, but it will require a significant share issue and a new debt facility. The deal is subject to due diligence and will require a document for readmission to AIM. Trading in Rosebank Industries shares has been suspended until there is a document. Rosebank Industries joined AIM on 11 July 2024 after raising £50m at 250p/share. There was cash of £48.1m at the end of 2024.
Greatland Gold (GGP) released maiden drilling results for the West Dome Underground target at the Telfer prospect. This deposit is 800 metres below the West Dome open pit. There were 16 out of 19 holes that intercepted significant mineralisation. The weighted average intercept is calculated as 23 metres at 2.95g/t gold and 1.07% copper. This could extend the mine life. There will be a second phase of drilling.
Rail software and technology company Tracsis (TRCS) has won the contract to provide the ‘tap converter’ ticketing technology that will enable pay-as-you-go travel across the UK rail network. Tracsis previously supplied a similar service to some train operators. This will generate a small, fixed payment to Tracsis with every journey and could generate highly significant revenues. If 10% of journeys are via PAYG then this could generate £3m of annual revenues. The technology will not be deployed until 2026 and will take time to roll out, so it does not affect the 2024-25 forecasts and is not included in the 2025-26 pre-tax profit forecast of £15.3m. The Department of Transport has published a document outlining plans for Great British Rail and this should lead to the ending of uncertainty of the future of rail.
Medical and radiation technology developer Kromek (KMK) has received the initial payment of $25m from its deal with Siemens. This will enable Kromek to be profitable this year. The total agreement is worth $37.5m. The rest is payable over four years. The deal was announced at the end of January and is for producing cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. This is a non-exclusive agreement and could lead to deals with other companies. Cavendish forecasts a 2024-25 pre-tax profit of £4.9m after a recovery in revenues in the second half. This could fall to £2.1m next year. Net cash is expected to be £1.8m at the end of April 2025 and Kromek is likely to stay in a net cash position for the next two years.
TheraCryf (TCF) is raising £4.25m at 0.25p/share. The previous closing share price was 1p. The cash will finance the pre-clinical development of Orexin-1, which came with the acquisition of Chronos Therapeutics. Orexin-1 is a potential drug for a range of neuropsychiatric disorders, including addiction and anxiety. This market could be worth $67.6bn by 2034. The preclinical data generated will help to attract potential partners. TheraCryf was previously expected to have net cash of £900,000 by the end of March 2025. Former Avacta boss Dr Alastair Smith has been appointed as TheraCryf chair. He will take his fee for at least 12 months in the form of shares.
Film and media localisation services provider Zoo Digital (ZOO) expects full year revenues to be at least $50.5m and a return to positive EBITDA of at least $1m. These are below expectations, though. Trading recovered following the writers’ strike in Hollywood, but there have been delays and cancellations. Zoo Digital is a preferred fulfilment vendor for Amazon Prime Video and there is an increase in potential work, predominantly for existing content. Original content production remains subdued and may not recover until nearer the end of the year. This year dubbing revenues will be lower than last year. Fixed costs have been cut by one-fifth over the past year and margins are improving.
Scotland-based housebuilder Springfield Properties (SPR) is selling land holdings in central Scotland to Barratt for £64.2m and could sell further sites. This will contribute a significant profit in the year to May 2025. Springfield Properties will refocus on the north of Scotland. Trading has been weak so far in this financial year. Interim revenues declined 13%, but better margins meant that pre-tax profit recovered from £2m to £3.8m. Singer has downgraded its 2025-26 pre-tax profit forecast by 14% to £14.2m, but the dividend is expected to continue to recover. A net cash position is expected by 2027.
Transense Technologies (TRT) reported interim figures showing revenues 36% ahead at £2.46m, although pre-tax profit was 13% lower at £550,000. Hiring is going on to build up the business to cope with further growth and this is holding back short-term profit. Full year pre-tax profit is expected to edge up to £1.6m this year, before slipping back to £1.3m in the year to June 2026. It should then return to growth. The company recently secured a new distribution agreement with Haltec Corporation, a US tyre valve company focused on mining, truck and aviation sectors. Cash was £1.19m at the end of 2024, but it rose to £1.87m at the end of January 2025.
Cambridge Cognition (COG) has submitted a letter of intent to the FDA under the Drug Development Tool pathway. This relates to the development of digital cognitive assessments reliable measurement of Cognitive Impairment Associated with Schizophrenia (CIAS). Cambridge Cognition does not require regulatory approval for its assessments, but the FDA qualification would help to broaden the adoption. The FDA has a backlog, and it could take more than two months to get a response. The next step would be to submit a detailed plan. Cambridge Cognition’s CANTAB platform has been used in the analysis of two phase 3 rials that were used in the FDA approval of Cobenfy from Bristol Myers Squibb. Cobenfy is the first antipsychotic drug to be approved with a new mechanism of action was approved in September 2024.
Compliance and resource management software provider AdvancedAdvT Ltd (ADVT) is winning new business and generating renewals on improved terms. Demand for cloud and digital services is growing. Singer expects EBITDA of £9.6m, having previously forecast £8.4m. The 2026 EBITDA forecast has been raised from £8.8m to £10.1m. AdvancedAdvT is still at an early stage of its buy and build strategy. Net cash is estimated to be £88m.
Media marketing platform developer SEEEN (SEEN) says 2024 revenues grew from $2.1m to $3.2m following a strong second half. This suggests that the business is gaining momentum and the current annual run-rate for revenues is $5m, which is in line with forecasts. A large publisher has contracted SEEEN to manage its video library on YouTube. SEEN has IP that can maximise the income from these videos. Revenues were below forecast but the outlook is positive.
Biome Technologies (BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility.
Allergy Therapeutics (AGY) says published data from its phase III G306 study for its grass allergen immunotherapy Grass MATA MPL shows a 20.3% improvement, which is much higher than for trials of other treatments. The treatment requires six injections rather than up to 100 injections and tablets of other treatments. The quality of life improves by 27.7%. A marketing authorisation application has been filed in Germany.
Totally (TLY) chief executive Wendy Lawrence has stepped down and the board is seeking a replacement for the healthcare services provider. This follows the trading statement at the end of the previous week when the company lost a contract. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. Professor Prasad Godbole is interim chief executive, although he is not on the board.
MAIN MARKET
Helium and hydrogen explorer Georgina Energy (GEX) has paid the A$50,000 deposit to AIM-quoted Mosman Oil and Gas (MSMN) as part of the acquisition of the company that owns the EPA155 permit. This covers Mt Winter, where previous drilling has identified helium and hydrogen, along with natural gas. The final acquisition is dependent on government authorisation of the exploration permit. This will trigger the second payment of A$300,000. Seismic data is being reprocessed. At the Hussar project, the Environmental Impact Survey is being completed.
First Tin (1SN) says crushing test work at the Taronga tin project in Australia shows it is possible to obtain up to 89.5% up to 89.5% of the contained tin. The average is 87.1% across seven samples. Testing is ongoing.
Andrew Hore
Quoted Micro 6 January 2025
AQUIS STOCK EXCHANGE
Global Connectivity (GCON) is investing £50,000 in PLUG Group, which is a 4% stake. PLUG is developing opportunities to extract decommissioned copper cables for South American telecoms companies. Livia Meyer has returned 32.5 million shares and paid £50,000 for the other five million shares subscribed for. Executive chairman Dr Keith Harris has paid the £200,000 he owes for shares he acquired. Barry Hersh has still not paid the £375,000 for the 37.5 million shares that he subscribed for.
SulNOx Group (SNOX) reported a rise in interim revenues from £136,000 to £440,000. The loss increased from £870,000 to £1.17m. There was £804,000 in the bank at the end of September 2024.
KRI (KR1) had net assets of 100.04p/share at the end of November 2024. Income of £771,347 was generated during the month. There is cash of £624,000.
Walls and Futures REIT (WAFR) maintained its NAV at 85p/share at the end of September 2024. There was a small reported profit after a £40,000 increase in property values. Management is hopeful that government plans for social and affordable housing will provide opportunities for the company.
Video technology company Visum Technologies (VIS) improved revenues from £63,000 to £130,000 in the year to June 2024. The cash outflow from operating activities was £133,000, leaving £49,000 in the bank. The focus is the leisure market, but the company wants to find other applications for its technology. Costs are being controlled.
Consumer finance provider Investment Evolution Credit (IEC) generated full year revenues of £455,000 and lost £247,000. There was cash of £101,000 at the end of June 2024.
Coinsilium (COIN) has entered into a strategic collaboration with Otomato Inc, a Web3 technology platform for autonomous agent-based solutions. The idea is to maximise the value of Coinsilium’s digital assets. The initial term is 12 months.
At the end of September 2024, Hot Rocks Investments (HRIP) NAV was £698,000, including £342,000 in cash.
Supernova Digital Assets (SOL) has bought back 67 million shares at an average price of 0.2239p each. The buyback authority lasts until the end of 2025.
Tap Global Group (TAP) has been granted virtual asset service provider registration in Bulgaria. This is a step towards expanding in the EU.
Blue Sky Vision has exercised its option to subscribe for 20 million shares in Valereum (VLRM) at 10p each.
Three directors of Invinity Energy Systems (IES) bought shares at 14.85p/share. Chairman Neil O’Brien bought 135,000 shares, chief executive Jonathan Marren acquired 134,680 shares and finance director Adam Howard purchased 134,333 shares.
Evrima (EVA) has appointed Bowsprit Partners as corporate adviser.
AIM
Pri0r1ty Intelligence Group (PR1) joined AIM on 30 December following the reversal of the AI customer relationship technology company into Alteration Earth. The business provides AI tools to automate areas such as social media and governance for smaller companies. Spreadex has sold a 3.99% stake and retains voting rights through financial instruments of 0.75%. The share price declined by 24.1% from the placing price to 10.25p, although it is 18% down on the Alteration Earth suspension price of 12.5p.
Poolbeg Pharma (POLB) is in talks with potential bidder HOOKIPA Pharma (NASDAQ: HOOK) about an all-share offer from the Nasdaq-listed company. The indicated proposal is 0.03 of a HOOKIPA share for each Poolbeg share. Cancer and infectious disease treatments developer HOOKIPA intends to raise up to $30m. That will fund phase 2a trails for POLB 001 and trials of two other treatments. HOOKIPA shareholders would receive a contingent value right instrument entitling them to 55% of milestone payments made by Gilead for HB-400 and HB-500 programmes. This could be worth up to $407.5m. They are also entitled to 80% of the proceeds generated by the HB-200 programme.
SDX Energy (LSD) postponed the general meeting on 31 December. This was called to gain shareholder approval to leave AIM due the costs of the quotation and the greater potential flexibility as a private company. Potential investors would apparently prefer to invest in an unquoted company. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. The general meeting will be rearranged.
Revolution Beauty (REVB) has come to a confidential agreement with Chrysalis Investments (CHRY) over the claims related to its investment in the company when it joined AIM in July 2021. Last year, Chrysalis Investments issued draft particulars of a claim £39m plus additional consequential loss of £6.2m. Chrysalis Investments will be paid a non-material amount of cash with out admission of liability.
Arecor Therapeutics (AREC) has signed an exclusive licence agreement for a formulation of liquid drug product AT351 for a large client. The use of the product is undisclosed. There is an upfront milestone payment with potential for further payments. The licensee will be responsible for further development and hopes to seek FDA approval within three years. Panmure Liberum has a target share price of 361p.
Marketing services provider The Mission Group (TMG) has completed its restructuring with the sale of AprilSix to US-based Marketbridge for up to £17.4m. The initial payment is £10.5m and reduces pro forma net debt to £17m. This will enable the company to negotiate an extension to its debt agreement. AprilSix generated 13.5% of 2023 revenues of £86.3m. A share buyback of up to £1.5m will be launched. There could be a dividend paid for 2025.
Cancer treatments developer Hutchmed (China) Ltd (HCM) has followed up the sale of its non-core 45% interest in Shanghai Hutchison Pharmaceuticals for $608m with news of the acceptance of a new drug application in China for savolitinib in combination with AstraZeneca’s Tagrisso as a treatment for lung cancer.
Cancer treatments developer ValiRx (VAL) has extended the exclusivity period with TheoremRx Inc on the sub-licence of VAL201 until the end of May 2025. This is the final extension, and it is due to TheoremRx Inc being involved in a transaction with a Nasdaq listed company.
Pulsar Helium Inc (PLSR) is raising up to $7.5m at 38 cents(30p)/share. A loan will be provided by University Bancorp Inc will provide a $4m line of credit to ABCrescent Cooperatief so that it can exercise 15.5 million warrants. The cash will finance exploration at the Topaz project in Minnesota and enable a decision to be made on a combined helium and CO2 production facility. Further drilling on the Jetstream #1 appraisal well will restart this week.
Restaurants operator Tasty (TAST) has received £2.5m from an insurer for breach of contract for insurance for losses in 2020. This will lead to an exceptional gain of £1.5m in 2024.
Huddled Group (HUD) acquired the 25% of Boop Beauty it did not own for £100,000 in cash.
Functional food ingredients developer Provexis (PXS) doubled interim revenues to £785,000. There was a reported loss, but a £17,000 cash inflow from operating activities. Cash was £478,000 at the end of September 2024.
MAIN MARKET
Power electronics developer for electric vehicles DG Innovate (DGI) is cancelling its listing in the transition category of the Main Market because of the difficulty in raising cash since floating on the now-defunct standard list via reverse takeover of Path Investments in April 2022. DG Innovate did raise £500,000 at 0.08p/share. This will help to support the joint venture with Indian electric vehicle manufacturer EVage Automotive for the production of DG Innovate’s Pareta e-drives and provide working capital until early February 2025. Much more cash will be required, though.
Roquefort Therapeutics (ROQ) is planning to sell Lyramid, which has a portfolio of antibody and mRNA based therapied that focus on cancer target Midkine, for a minimum of $10m. The business was acquired for £1m. This would mean that Roquefort Therapeutics would take a share stake in the buyer Pleiades Pharma. The deal replaces the previously announced licensing proposal.
Capricorn Energy (CNE) did not receive the final settlement payment of $22.5m from Waldorf Production UK for earnout considerations. As part of this deal, Capricorn Energy acquired a 25% stake in the Columbus field in the North Sea. Capricorn Energy is considering its options.
Andrew Hore
Quoted Micro 9 December 2024
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) has launched its next generation flow battery ENDURIUM. This has higher efficiency and is designed to be manufactured in Scotland in high volumes. This new product is likely to be the main source of orders from now on. There are already orders for ENDURIUM. Invinity Energy Systems is expected to move into profit in 2026.
Equipmake (EQIP) has launched a strategic review that could lead to the sale of the company. The company is still waiting for the final agreement for a $6m licence with a commercial vehicles manufacturer. It is running short of cash with £1.9m currently in the bank. That should last until March. A further share issue or a strategic partner will be required if Equipmake is to remain independent. VSA has been appointed as corporate adviser.
Vinanz Ltd (BTC) intends to move to the Main Market. This depends on the FCA approving the prospectus. Shares will be issued to all option and warrant holders.
Cooks Coffee (COOK) has entered an agreement with Dairygold Agri Business in Ireland to operate four Esquires cafes within Co-Op Superstores owned by Dairygold. The initial period is for 10 years and there are 24 other stores owned by Dairygold.
Ormonde Mining (ORM) investee company TRU Precious Metals has announced positive results of exploration in the Golden Rose project. Some of the samples showed high grades.
CRUSHMETRIC Group (CUSH) has raised £100,000 at 12.5p/share. China-based subsidiary Star Collaboration has reached a settlement with a distributor and it will pay £166,000.
Marula Mining (MARU) says contract mining should begin at the Blesberg lithium and tantalum mine in South Africa during February 2025. There is a planned leasing agreement for support vehicles.
Coinsilium (COIN) has appointed Oberon Capital as its joint broker. The company has entered a strategic advisory services agreement with TAND3M.io.
Cannabis-based medicines developer Ananda Developments (ANA) says its MRX1 drug candidate has passed through drug stability timepoints ahead of a phase 1 and two phase 2 studies.
Kondor AI (KNDR) had a cash outflow of just over £1m during the 12 months to September 2024. There is £611,000 in cash left in the balance sheet.
Fuel additives developer SulNOx Group (SNOX) has raised £1.875m via subscription at 46.6p/share and an exercise of warrants at 29p/share. A subsidiary of McQuilling has invested in the subscription and it is the preferred partner in the US market. Ora Technology (ORA) raised £255,000 at 8p each. Marallo Holdings has acquired a 27.6% stake.
EPE Special Opportunities (EO.P) is commencing a share buy back programme.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 26,572 shares at 22.556p each.
AIM
Warpaint London (W7L) is bidding 48p/share in cash for Brand Architekts (BAR), valuing the company at £13.9m. There is a share alternative. Warpaint London believes that its relationships with retailers will help to boost sales of the health and beauty brands, such as Skinny Tan and Super Facialist, owned by Brand Architekts, which has high overheads compared with its revenues. The acquisition should be earnings enhancing in 2025. Warpaint London is raising £14m at 510p/share with up to £1m more to come from a retail offer.
K3 Business Technology (KBT) is selling its UK SYSPRO business NexSys to SYSPRO owner Advent for £36m. This business generated 109% of group EBITDA and 28% of group revenues. K3 Business Technology intends to return cash to shareholders. The company’s remaining operations are K3 Fashion and Pebblestone, the IKEA software business and other retail software.
SDX Energy (SDX) plans to leave AIM because of the costs of the quotation and the greater flexibility as a private company. Potential investors would prefer to invest in an unquoted company. It is the intention to put in place a matched bargains facility. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. If shareholders agree, then the quotation will be cancelled on 9 January. SDX Energy joined AIM in May 2016 at 18p/share.
Photonics company Gooch & Housego (GHH) had a better second half, but full year profit was still lower. In the year to September 2024, revenues were 1% ahead at £136m. A decline in industrial revenues, due to weak product sales for semiconductor manufacturing and other industrial uses, was offset by higher aerospace and defence and life sciences revenues. Underlying pre-tax profit slipped 22% to £8.1m. The total dividend was raised 1.5% to 13.2p, which is 1.9 times covered by earnings.
Technology company adviser and investor EMV Capital (EMVC) raised £1.5m at 50p/share, which was a 15% premium to the previous day’s closing price. The cash will fund investment in reporting infrastructure and hiring of additional staff. It will also provide money for additional investments. Management is targeting recurring annual fund management fees of more than £1m so that it can reach breakeven. In the ten months to October 2024, core income was £2m, up from £1.2m, including £500,000 of recurring fund management fees. This excludes subsidiary portfolio companies.
Condor Gold (CNR), which is developing the La India gold project in Nicaragua, says that Metals Exploration (MTL) and Calibre Mining Corp have made bid approaches and negotiations are at an advanced stage with Metals Exploration. Calibre Mining Corp says it will not make an offer. Metals Exploration has entered into a £5.5m bridging loan facility with Drachs Investments No. 3, which has a 18.4% shareholding. This is repayable at the end of January or when talks end. Galloway is lending £475,000 to Condor Gold. Metals Exploration owns the Runruno gold project in the northern Philippines.
Bigblu Broadband (BBB) is selling Australian broadband business to SKM Telecommunications for up to £25.7m, which values the business at more than double the total cost of investment. The initial cash payment is £15.4m and £6.8m in shares in SKM, with a further £3.5m in cash due in one year. This requires shareholder approval at a general meeting on 20 December. The company will still have operations in New Zealand and a subsidiary involved in the distribution of Starlink, plus a 2.8% stake in Quickline. Revenues are forecast to be £1m in 2024-25.
Bars and leisure operator XP Factory (XPF) continues to grow both of its brands. Escape Hunt interim revenues were 7% ahead at £6.5m and management believes that this part of the business could be bigger than originally anticipated. Boom Battle Bars revenues were 56% higher and more of the franchise outlets are being acquired. Group like-for-like revenues were 4% higher. There was a small underlying pre-tax profit before contract termination and other exceptional costs. Net debt was £1.3m at the end of September 2024. Medium-term targets have been set. The plan is to increase sales by 50% and double underlying EBITDA by March 2028. That means a revenue target of £90m with a March 2028 run-rate of £100m and EBITDA margins of 15%.
Construction disputes and property services provider Diales (DIAL), formerly Driver Group, has completed its rebranding and the benefits of cost cutting will show through in the current year. Interim revenues edged up from £42.6m to £43m. A decline in European and North American revenues was offset by growth in the other markets. The Middle East returned to profit and the Asia Pacific loss was lower. Overall pre-tax profit improved from £1.1m to £1.2m. The total dividend is maintained at 1.5p/share, although it is still not covered by earnings. The net cash of £4.3m (7.9p/share) enables Diales to add more fee earners, which might come from small acquisitions that may add to the range of services and sectors that can be addressed.
SRT Marine (SRT) reported revenues of £14.8m in the 15 months to June 2024. The loss was £13.8m. Transceivers generated most of the revenues with the major systems contracts with international coastguards potentially starting in the next few months, hopefully at last one of them by the end of 2024. New finance has been obtained since the end of the period.
Floorcoverings distributor Likewise (LIKE) in contrast with some companies had a strong October and November when sales were 11% ahead. Year-to-date growth is 7.5%, which represents an increase in market share. Margins are also improving. Zeus has maintained its 2024 pre-tax profit forecast at £2m, although sales are ahead of expectations.
Investment company Seed Innovations (SEED) says MAV was £10.6m at the end of September 2024, including £3.52m in cash. That is 5.5p/share. This NAV is after the £2m cash distribution to shareholders. The main quoted investment was Alaska-focused oil and gas company Pantheon Resources (PANR) and the share price subsequently rose from 16p to 22.91p. The company sold the shares, adding £101,000 to NAV.
Semiconductor designer EnSilica (ENSI) has won another long-term design and supply contract. The total contract value for the deal with an industrial test equipment provider will be more than $30m over ten years. This comes with an upfront payment to help the cash position.
Interim figures from telematics supplier Trakm8 (TRAK) show reduced revenues from £8.54m to £8.31m, following a reduction in recurring revenues from £5.23m to £4.51m. The pre-tax profit slumped from £119,000 to £15,000. Net debt was £6.66m at the end of September 2024. Full year expectations have been reduced. The insurance market remains tough. There could be some improvement next year, but the outlook is uncertain.
Fashion retailer Quiz (QUIZ) has been hit by falls in online and stores revenues, although there was an improvement in international revenues, in the four months to the end of November. There was a sharp decline in November. Overall revenues fell 6% to £24.9m. Annual costs will be increased by £1.7m as a consequence of the Budget. Net debt is £2.8m and the £4m of bank facilities could be fully utilised by early 2025 and additional funds will be required. The company’s founder has offered a £1m loan.
Rockwood Strategic has increased its stake in film vehicles and services provider Facilities by ADF (ADF) to 4.4% stake and related investment entities still have a further 7.6%, Chief executive Marsden Proctor has bought 79,947 shares at 31.6p each.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has finally received the balance of £150,000 from the May 2024 subscription at 105p/share.
MAIN MARKET
Compliance technology developer RegTech Open Project (RTOP) plans to leave the transition category of the Main Market. Trading should end on 31 December. A new chief executive is being sought and there are plans to raise cash. The company has also promised to find an exit opportunity for existing shareholders.
Tissue engineering company BSF Enterprise (BSFA) has raised £500,000 via an oversubscribed placing at 2.5p/share and each new share comes with a warrant exercisable at 5p. There should be enough cash for more than 12 months.
Publisher National World (NWOR) says it would be minded to recommend the enhanced 23p/share bid from Media Concierge. The offer is subject to due diligence.
R8 Capital Investments (MODE) is not going ahead with the acquisition of Redwood Partners. A fundraising is planned.
Andrew Hore