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Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 16 September 2024
AQUIS STOCK EXCHANGE
Exchange services provider Aquis Exchange (AQX), which is also quoted on the Aquis Stock Exchange, has already warned that the loss of a software contract will hit revenues this year. Net interim revenues were still 4% ahead at £10m. Pre-tax profit was 8% lower at £1.1m. There was a small dip in revenues of the core exchange division. Net cash was £14.5m at the end of June 2024. There are plans to increase investment in technology to increase the addressable market, so year-end cash will be slightly lower than expected at £15.1m.
SulNOx Group (SNOX) increased revenues from £203,000 to £544,000, but the loss was still around £1.9m. Cash was £2.15m at the end of June 2024. A generator-based study for the SulNOxEco fuel additive shows fuel savings of 15%.
Ananda Developments (ANA) has raised up to £2.1m via a placing and offer at 0.3p/share and more than £2m has come from Charles Morgan, the company chairman. Charles Morgan and Melissa Sturgess have agreed to capitalised debt owed to them. The cash will fund the manufacture of MRX1 for CIPN and Endometriosis phase II studies, as well as a pharmacokinetic study for MRX1 in Australia.
Newbury Racecourse (NYR) improved interim revenues 16% to £9.28m, while the cost base rose 11%. The loss was reduced from £649,000 to £352,000. The remainder of the year is expected to be difficult.
The increase in the value of the 15% stake held by Global Connectivity (GCON) lead to the July 2024 rising from £7.8m to £17.2m in a six-month period. That is 4.25p/share.
Walls and Futures REIT (WAFR) reported a 4.5% decrease in NAV to 85p/share, although investment property value rose 2.4%. The was reduced to £44,000. The company is finding it difficult to raise additional funds.
Ace Liberty and Stone (ALSP) maintained revenues at £5.6m. There is 96% occupancy of the group properties. NAV fell from £34.4m to £31.7m at the end of April 2024.
Voyager Life (VOY) says that M3 Helium’s preparations for bringing the Rost1-26 well into production are advanced. Voyager Life has an option to acquire M3 Helium.
Cooks Coffee Company (COOK) increased sales by 23% to £13.8m in the 22 weeks to 1 September. The main growth was in the UK stores. Ten further outlets ae expected to open by the end of the financial year.
Investment company EPE Special Opportunities Ltd (EO.P) reported a reduced loss because there was a gain on fair value movements on investments compared with a loss last time. There was cash of £18.4m at the end of July 2024. NAV was 319p/share at the end of July, and it fell back to 314p/share by the end of August.
Warrants held by lupus treatment developer ImmuPharma (IMM) to subscribe for shares in Incanthera (INC) at 9.5p each have been extended to the end of March 2025 in return for a £75,0000 payment by ImmuPharma.
BWA Group (BWAP) chairman Jonathan Wearing has subscribed for 50 million shares at 0.5p each.
Jonathan Adnams has stepped down as chairman of Adnams (ADB) because of ill health. Simon Townsend will be interim chairman.
AIM
Greatland Gold (GGP) shares returned from suspension after announcing the purchase of Newmont Corporation’s 70% stake in the Havieron gold-copper project, as well as 100% ownership of the Telfer gold-copper mine and other assets in the Paterson region. The total cost is $475m in cash and shares. A placing raised £248.6m ($325m) at 4.8p each, which is a 30% discount to the market price. Wyloo is subscribing up to $100m and Newmont Corporation will own more than 20% of the gold explorer. A retail offer raised £6.7m.
Marlowe (MRL) is demerging the occupational health division as an independent AIM company called Optima Health by the end of September. Shareholders will receive one share for each Marlowe share held. Marlowe will focus on testing, inspection and certification operations. So far, £41m of the £75m share buy back has been spent. Marlowe continuing revenues are forecast to be £306m and pre-tax profit £13m.
Energy optimisation services provider Inspired (INSE) interim revenues edged up from £44.6m to £45m and pre-tax profit dipped from £6.2m to £5.7m. That was lower than forecast. Optimisation revenues declined, but product mix meant that margins were better. Cross-selling is helping to grow the ESG division and other parts of the business. Net debt is £57.6m. There is only £2.2m of contingent consideration due to be paid. Debt should start to decline over the next few years.
Chain and transmission equipment Renold (RNO) has made another earnings enhancing acquisition. Canada-based MAC Chain Company is being bought for $31.4m. This fits well with the CVC business and enables expansion into the forestry market. Last year’s pre-tax profit was $3.5m.
Optimisation software provider Checkit (CKT) reported a flat loss of £2.3m on the back of a 16% increase in interim revenues to £6.7m. However, the full year figure is set to fall from £4.2m to £3.9m. Annualised recurring revenues are £13.8m and that underpins the full year revenues forecast of £14.2m. Net cash was £7m at the end of July 2024 and higher R&D spending means that year-end cash is likely to be slightly lower than previously expected at around £5m. Chairman Keith Daley bought 135,000 shares at 21p each.
Cross-border currency payments services provider Finseta (FIN) reported a sharp increase in first half profit, although investment in growing the business will hold back profit in the short-term. There was a £100,000 contribution from the final payment relating to the licencing agreement with Avila House. The loss of that income, a higher depreciation charge and additional overheads for new operations such as a corporate Mastercard and a Canadian office means that full year pre-tax profit could dip from £1.4m to £1.3m. The benefits of the investment will be seen next year with an expected jump in pre-tax profit to £2.5m.
Contract research and infectious disease study services provider hVIVO (HVO) reported 2024 revenues 31% ahead at £35.6m, while pre-tax profit improved from £4.18m to £7.15m. The new Canary Wharf site has opened and provides additional capacity. Cash was slightly lower than anticipated at £37.1m.
Gaming machines hardware and displays supplier Nexteq (NXQ) was hit by destocking in both of its divisions. Interim revenues and profit were expected to fall. Interim revenues were 14% lower at $48.2m. Net cash reached $36.9m. The full year revenues forecast is being maintained at $93.9m to £114.3m.
Packaging equipment and automation provider Mpac Group (MPAC) reports a strong improvement in first half figures, although the comparatives were weak. Revenues improved from £52.8m to £60m, while pre-tax profit rebounded from £1.9m to £4m. The closing order book is £71.4m. Net debt is £4.9m and should be lower at the year end.
Trading in Eurasia Mining (EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was £1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to £2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around £1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each.
Shore Capital upgraded animal feed additives supplier Anpario (ANP) after it reported an 11% increase in interim revenues of £17m on the back of a much greater rise in volumes and slightly lower pricing. Raw material costs have stabilised. Full year revenues expectations have been raised from £33m to £34m, while the pre-tax profit estimate is increased from £3.9m to £4.4m, up from £3.5m in 2023.
Fulcrum Metals (FMET) is raising £643,500 at 8p/share and directors will subscribe for an additional £114,500 once the interims are published. The cash will be invested in the Teck-Hughes and Sylvanite gold tailings projects in Canada. This should enable nearer-term revenues Management will also review opportunities for exploration drilling on the Tully and Big Bear prospects and a potential technology testing facility in Ontario.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues improved 8% to £109.6m and underlying pre-tax profit rebounded from £9.4m to £11.2m. Like-for-like growth was 3.6%. The interim dividend was improved from 1.6p/share to 1.7p/share. LED lighting revenues declined, while portable power and wiring accessories revenues improved. Panmure Liberum forecasts a full year pre-tax profit improvement from £21.2m to £23m.
Hostmore (MORE) has terminated the proposed acquisition of the TGI Friday’s master franchise owner. The sale of corporate stores has reached an advanced stage. However, the proceeds may be lower than the value of related borrowings so there will be no return for the company. Once the sale is complete the holding company will be wound up.
Critical Metals (CRTM) has raised £50,000 from NIU Invest and has entered into a term sheet for a cash injection of up to £2.5m. NIU has already invested £1.1m in convertible loan notes as is the latest investment. The conversion price is 2p/share. NIU is also receiving warrants exercisable at 0.5p/share.
Shell company Ikigai Ventures (IKIV) has been moved to the new, temporary shell category. This provides one year to comply with additional requirements and a further two years to make an acquisition.
Andrew Hore
Quoted Micro 19 September 2022
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new commercial partner in Asia Pacific. Nutraceutical business Nutraconnect will develop and implement strategies for ProBiotix Health ingredients in Asia Pacific.
IamFire (FIRE) says investee company WeShop Holdings had 23,000 user downloads by the end of August. Transactions increased from 2,633 in July to 5,981 in August. Average spend per transaction has increased to £81. A US launch is planned.
Gunsynd (GUN) is making a further conditional investment of £100,000 in ASX-listed Rincon Resources. The investment is dependent on Rincon Resources shareholder approval.
Fintech investment company Eight Capital Partners (ECP) has generated £1m in fees from Zamaz (ZAMZ), which joined the standard list a fortnight ago. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Other Eight Capital Partners revenue have been modest.
Evrima (EVA) says investee company Premium Nickel Resources has created a new metals division.
Spirits brand Rogue Baron (SHNJ) says that a third party has been contacting investor saying it is raising cash for the company, which is not true. Rogue Baron is considering ways of raising further funds.
SulNOx Group (SNOX) has won a new order from Ghana for SulNOxEco fuel conditioner. There is enough to treat six million litres of diesel, which is a larger order than the previous one. New agreements are being discussed in other African countries.
Site works have commenced at the Blesberg lithium and tantalum project in South Africa. Marula Mining (MARU) says mining permits have been applied for.
A company associated with Asimilar Group (ASLR) non-exec director Mark Horrocks has acquired 750,000 shares at 4.1p each, which takes his share interest to 5.27%.
Engineering company Vulcan Industries (VULC) has raised £132,000 at 0.92p a share. Superseed Capital Ltd (WWW) has issued £1m of convertible loan notes to SuperSeed Venture LLP, which is its investment manager. The conversion price is 130p a share.
Barry Hersh is a 9.98% shareholder in Rural Broadband Solutions (RBBS). PEU SA has a 7.56% stake in Eastinco Mining and Exploration (EM.P).
AIM
Churchill China (CHH) had an extremely strong first half in 2022 because of demand for hospitality products. Sales of plates and other products to restaurants and hotels were behind the 73% growth in revenues to £41.4m. Sales of retail products declined as production focused on hospitality products. Churchill China is gaining market share in the UK and internationally. The interim dividend is 57% ahead at 10.5p a share. A full year pre-tax profit of £8.8m is forecast.
New admission Aurrigo International (AURR) has risen a further 9.52% to 57.5p. The transport technology products supplier raised £8m at 48p a share when it joined AIM. The cash will be invested in the aviation technology division and to develop new products.
Broker and administrator Jarvis Securities (JIM) has appointed Ocreus to review systems and controls at its main subsidiary after it ran into trouble with the FCA. This will take between three and six months. Jarvis has voluntarily agreed not to take on new clients from certain existing Model B corporate clients until the systems have been reviewed. The restrictions should not hamper forecast revenues and profit, although the costs of the review could hamper shareholder dividends from Jarvis Securities. This news was announced late on Friday and the share price nearly halved.
Retail brand Joules (JOUL) has ended its talks with retailer NEXT (NEXT) about a cash injection, leaving it with the need to find another source of funding. That is likely to require a share issue.
Baby products retailer Mothercare (MTC) reported revenues falling from £85.8m to £82.8m, but it returned to profit. The figures were at the top end of expectations and the company was cash generative. finnCap forecasts a fall in pre-tax profit from £8m to £1.9m this year. The pension deficit is declining.
TV and film production services provider Facilities by ADF (ADF) had tough comparisons for its interim figures and reported pre-tax profit was lower. Revenues improved from £11.5m to £12.6m, but the lack of large productions and higher overheads since flotation mean that profit was lower. There will be more, and higher value, productions in the second half, so some of the profit shortfall should be offset. Flotation funds are being used to increase the size of the vehicle fleet.
Artisanal Spirits Company (ART) increased membership by 24% in the first half of 2022. This growth was international, and the current membership is around 36,000. Full year revenues are expected to increase from £18.2m to £21.6m. The value of the casks of whisky in stock has increased from £430m to £455m in the latest six month period.
Cyber security services provider Corero Network Security (CNS) improved sales in the first half and growth could accelerate in the second half. Full year revenues are forecast to increase by one-third to $27.9m. Demand for cyber security continues to increase. Corero should breakeven this year.
Strong growth in first half revenues at plant-based polymers developer Itaconix (ITX) means that it is set to double full year revenues to $5.2m. Revenues trebled from cleaning applications. There was $900,000 of net cash at the end of June 2022.
The Property Franchise Group (TPFG) increased interim revenues by 18% to £13.1m and pre-tax profit was 9% higher at £3.8m. The interim dividend was increased by 11% to 4.2p a share. Trading remains strong even though house buying incentives were ended last year.
Building and architecture software supplier Eleco (ELCO) did not surprise the market with the 3% decline in interim revenues to £13.4m, although recurring revenues were 9% higher at £8.2m. This reflects the change to a SaaS model. Pre-tax profit was 23% down at £2.1m due to higher costs.
Ncondezi Energy Ltd (NCCL) has replaced a working capital facility with a convertible loan and more cash is being made available. The shareholder loan repayment cannot be demanded before 30 November 2023.
Shell company Advance Energy (ADV) raised £425,000 at 0.085p a share. There are warrants attached to each new share that are exercisable at 0.13p a share. The cash will enable management to investigate a suitable reverse takeover candidate and fund due diligence. Management is in talks with the majority owner of a European oil and gas company and trading in the shares is suspended. Any deal will be funded with shares and via an earn-out based on production. The suspension will continue until a prospectus is published or the deal does not happen.
Tertiary Minerals (TYM) has signed a technical co-operation agreement with First Quantum Minerals for two copper projects in Zambia – Mukai and Mushima North. Mukai is next door to First Quantum’s Trident project. First Quantum also has interests in the same region as Mushima North. First Quantum will supply historical exploration date for the areas. First Quantum does not have first right of refusal over the projects.
MAIN MARKET
Fintech Asia Ltd (FINA) is seeking fintech acquisitions. This includes mobile banking, digital payments and blockchain. It raised £1.46m at 50p a share, before expenses of £613,000. The cash should finance the operating of the company and investigating potential acquisitions for more than one year. Further share issues will be required when any targets are identified, and deals secured. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Ikigai Ventures Ltd (IKIV) is looking to acquire businesses with a positive social impact strategy, particularly those based in Asia. It has a similar shareholder base to Fintech Asia. Ikigai Ventures raised £2.09m at 50p a share, before expenses of £714,000. That cash should last more than one year. There were no trades reported on the first two days. The current share price is 55.5p (53p/57p).
Innovative materials developer HeiQ (HEIQ) increased interim revenues by 17% to $30.3m and it is making progress with newer products, such as AeoniQ and GrapheneX. Hygiene products generated 43% of total revenues. Service and licence revenues more than trebled. There was $9.5m in the bank at the end of June 2022. Cenkos expects revenues to grow from $57.9m to $69.4m in the full year and grow by a further 10% next year. The 2022 pre-tax profit is expected to be $4.8m.
Andrew Hore