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Quoted Micro 6 July 2026
AQUIS STOCK EXCHANGE
Lift Global Ventures (LFT) has bought a 2.18% stake in FourJaw Manufacturing Analytics, which is developing AI and machine learning technology for manufacturing, for £150,000 in shares at 1.5p each. The share price jumped 64.3% to 0.575p.
WeCap (WCAP) investee company WeShop has been added to the US Russell 3000 index. Hot Rocks Investments (HRIP) is also a WeShop shareholder. It has made new investments in oil and gas explorer Colossal Energy Fields and Brazil minerals explorer Prospectiva Resources.
Majestic Corporation (MCJ) reported a dip in full year revenues from $49.3m to $38.2m, while pre-tax profit improved from $1.01m to $1.35m. The recycling business expects pre-tax profit to be much higher this year.
Coinsilium Group (COIN) chairman Malcolm Palle bought 750,000 shares at 2.05p each. He has a 3.43% shareholding.
Healthcare IT supplier DXS International (DXSP) says full year revenues will be slightly lower than the previous year at around £3.4m. There should be a small profit this year. Ten pilot deployments of the NextGen referral service are active. NHS decisions are still being delayed.
Ormonde Mining (ORM) had cash of €1.09m at the end of 2025 and since then it has received the final deferred consideration for La Zarza. In 2025, cash used in operations was €679,000.
Advanced technology developer Vault Ventures (VULT) reported a non-cash impairment of £2.12m for its Dubai activities. There was a cash outflow from operating activities of £2.85m. Cash was £766,000 at the end of 2025.
Vaultz Capital (V3TC) is convening a general meeting on 21 July to gain shareholder approval to end the Bitcoin buying and to sell the remaining holding.
Tomahawk Metals (TMHK) has entered into an advisory agreement with Sven Honig and Voytech Sesulka for new projects for the company to consider. They will also analyse the information on the antimony and gold licences in Slovakia. Sampling will be conducted at the Saturn gold project in Western Australia.
Wishbone Gold (WSBN) had cash of £3.4m at the end of 2025. There was a cash outflow from operations of £2.62m and capital investment of £2.05m.
Marula Mining (MARU) has approved the budget and the mine development plan for the Tonto Tshipi and Derdepoort manganese mines in South Africa. Funding is being secured. The 2025 accounts should be audited by the end of July.
Phoenix Digital Assets (PNIX) had net assets of £16.3m at the end of 2025.
S-Ventures (SVEN) had net assets of £2.78m, including an investment in AIM-quoted Tooru valued at £3m.
Sports business VVV Sports (VVV) is raising up to £5m. Campana Investments has exercised warrants and that has already raised £1.2m this year. Net assets were £611,000 at the end of 2025.
Gledhow Investments (GDH) had net assets of £996,000at the end of March 2026.
Globe Capital (GCAP) has appointed AlbR Capital as broker. Net liabilities were £670,000 at the end of 2025.
Inqo Investments (INQO) increased full year revenues by 31% to R33.8m. The main investment is Kuzuko Lodge, which nearly doubled revenues.
BWA Group (BWAP) chief executive Peter Taylor bought 256,000 shares at 0.39p each and 238,000 shares at 0.42p each. He owns 5.65%.
JP JENKINS
On 15 May, the JP Jenkins index was 52.5 points higher at 1297.16. A reweighting was planned for the end of June.
AIM
Futura Medical (FUM) has terminated its US agreement with Haleon for erectile dysfunction treatment Eroxon because of disappointing sales. Futura Medical has waived the patent milestone and will receive a $1.9m termination fee. The US commercial rights will be returned, as well as being granted permission to use existing marketing materials. Market Performance Group will distribute Eroxon on a commission basis in the US from the beginning of September. The home tests results for WSD4000 showed that 79% of women reported a general improvement in all or most aspects of sex and three-quarters had increased interest in sex.
Decision intelligence software provider ActiveOps (AOM) grew full year revenues from £26.8m to £38m from a combination of organic growth and a nine month contribution from Enlighten. Net revenues retention was 119%, while annualised recurring revenues are £41.5m. Pre-tax profit increased from £1.3m to £2.4m. Cash was £23.8m at the end of March 2026. The $10m from the sale of the WorkIQ trademark to Microsoft was received after the year end.
Battery technology developer Ilika (IKA) has raised £5.1m at 28p/share and a retail offer could raise up to £500,000 more. This will help to finance the commercialisation of the Stereax technology, as well as providing further development funding for Goliath batteries.
Advanced materials and paper producer James Cropper (CRPR) has refinanced its debt, which will provide greater flexibility. This includes a new invoice discounting facility of up to £15m. A one-off pension funding charge of £600,000 has been agreed. The next valuation has been brought forward to March 2027.
Consumer products supplier Supreme (SUP) increased full year revenues by 17% to £270.2m, while underlying pre-tax profit fell from £32.4m to £31m, partly due to higher depreciation. Recent acquisitions helped drinks and wellness to grow, but electricals and household was hampered by poor batteries and lighting markets, although there was a contribution from 1001, which was acquired last year. Spending on acquisitions and new manufacturing facilities was more than covered by cash generation. Vaping product sales grew despite disruption from the banning of disposable vapes. There is uncertainty caused by the new vape duty based on volume of liquids. This comes into force in October.
River Global (RVRG) has issued D shares to the holders of the A shares. The D shares will be entitled to receive a distribution of Liontrust Asset Management shares issued for the sale of the fund management business. The company will retain some shares in Liontrust and more than £2m in cash to help fund annual running costs of £400,000. Rover Global will remain on AIM for the time being and will decide whether to seek a reverse takeover transaction. The remaining interest in Parmeni9on is estimated to be worth £75m-£90m.
Huddled Group (HUD) raised £1.24m at 0.4p/share via subscription and the retail offer at 0.4p/share was nearly three times subscribed and the online retailer decided to accept £200,000, which was double the amount sought. That takes the total raised to £1.51m. The cash will be spent on increasing stock levels and on marketing activity. Management believes that this should take the business to cash flow positive.
Mercantile Ports & Logistics (MPL) says the hearing before the National Company Law Tribunal relating to Karanja Terminal & Logistics has been adjourned. There will be a further hearing on 7 August. The port handled 1.2 million MT of cargo in 2025, compared to 1.33 million MT in the previous year. Net debt is £49.6m.
Fulcrum Metals (FMET) has entered a non-binding $20m royalty financing term sheet with Chancery Royalty, which would also subscribe £200,000 for shares at 8.5p each. This covers tailings at the Teck-Hughes project. This involves a proposed 5% net smelter royalty and 2% could be repurchased for $10m.
Cyber security services provider Shearwater Group (SWG) has secured a five-year contract extension with a UK telecoms client worth £25m over the period. This is for packet monitoring, forensic analysis and assurance services. There will be £12.5m recognised in 2025-26. However, cash will not be collected until after the year end. Net cash is likely to be lower than expected at £5.6m at the end of June 2026. Pre-tax profit is still forecast to rise from £600,000 to £1.1m.
Titon (TON) has acquired G-Pack Manufacturing for £1m. The business supplies injection moulded plastic components for windows and doors and revenues were £1.3m last year. Manufacturing will be moved in-house. The deal should be earnings enhancing in the first full financial year and will create cross selling opportunities.
Electronics and batteries supplier Solid State (SOLI) reported pre-tax profit 11% ahead of the Cavendish forecast at £8.6m. Revenues were 3% ahead at £154.1m, which was 23% higher than the previous year and gross margin improved. Net debt was £4.2m. The order book is worth £102.4m.
Plugin overdraft provider Fiinu (BANK) is taking a £7.3m write-down on the Everfex acquisition. There are arbitration claims against the sellers of Everfex. That write-down increases the 2025 loss to £10.4m. Conister Trust is set to launch Plugin Overdraft during the summer. Further discussions have been held with ten banks in Europe. Monthly burn rate is £220,000. Sami Kalliola is stepping down from the board but will still be involved in developing European white-label opportunities.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says the trustees of it pension fund have agreed a £53m bulk annuity buy-in with Royal London. This removes the risk of the defined benefit scheme. The income stream matches obligations. A full buy out and wind up of the pension fund is possible within two years. No pension contributions have been made since 2023. If there is any surplus at the next valuation it would be paid to the company.
KR1 (KR1) generated income of £56,228 during May. NAV was 19.73p/share at the end of May.
Shell Acceler8 Ventures (AC8) is offering 2.6797 shares for each Intuitive Investments Group (IIG) share. At 80p each, this valued Intuitive Investments, which is recommending the bid, at £600m and its shareholders will own 99% of the company. This enables Intuitive Investments to move from the Specialist Fund Segment to the Main Market. This should help to attract investors.
New Frontier Minerals (NFM) is accelerating exploration at the Harts Range heavy rare earths and niobium project. The Kings Cross prospect will be prioritised.
Andrew Hore
Quoted Micro 1 June 2026
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a new strategic alliance with Spain-based Bioksan, covering Spain and Portugal. ProBiotix will supply the LPLDL® probiotic strain to Bioksan to replace red yeast rice, which has a compound that might be prohibited in the EU. This deal is worth €200,000. There could be other companies that require a replacement and the market could be worth €26m each year.
Brewer Adnams (ADB) reported a dip in full year revenues from £68.1m to £63.7m as brewery volumes fell 6%, although this outperformed the market. A sub-contract distilling contract was lost. Off-trade volumes also outperformed the market. The pre-tax loss declined by three-quarters to £700,000. Net debt was reduced to £9.2m. There are plans to focus on the profitable opportunities.
Cooks Coffee Company (COOK) group store sales increased 23% to NZ$95.8m. That translates into recognised franchise and managed store revenues of £5.4m, up from £2.9m. Net debt has fallen from £1.8m to £1.1m. There are 109 cafés in operation.
Capital for Colleagues (CFCP) improved interim revenues from £404,000 to £424,000 and there was a swing from a loss of £1.43m to a pre-tax profit of £2.13m. That reflects an upward valuation of the investment portfolio of £2.3m. NAV was 85.5p/share at the end of February 2026.
Mendell Helium (MDH) is approaching de-watering of the well bore of Rost 2-26. Data obtained is being analysed. A permit has been received for increased water disposal at the Brobee salt water disposal well. A new disposal well is being drilled at the Schneweis Ventures 13A well, which is part of a joint venture with Ritchie Exploration. Schneweis previously produced helium and recorded a drill stem test in excess of 10,000 Mcf/day. There is a higher methane content than the Rost wells. Premier Miton has taken a 15.7% shareholding.
VVV Sports (VVV) is acquiring TOPSERIES Pickleball and raising £5m at around the market price. There are plans to seek a Nasdaq listing, while retaining the Aquis quotation. VVV Sports is planning to develop the Abu Dhabi Padel Centre of Excellence with a partner, and it could cost more than £120m.
EPE Special Opportunities (EO.P) sold 1.8 million shares in fully listed Luceco (LUCE) and raised £4.8m. It still owns 21%.
Sulnox Group (SNOX) has secured an emissions reduction additives distribution agreement in Pakistan.
Wishbone Gold (WSBN) has exercised its option to acquire the Silver Lake project in Western Australia. The purchase is funded by the issue of 3.57 million shares at 29p each. Silver demand is growing and Silver Lake has significant surface-level silver mineralisation. Drilling should start before the end of the year.
Paul Compton has increased his shareholding in Time to ACT (TTA) from 4.55% to 5.5%.
Stack BTC (STAK) has appointed Oberon Capital as corporate adviser.
Cardiogeni (CGNI) has repaid £810,000 convertible loan notes.
ASSET MATCH
Zytronic (ZYT) is sending a circular to shareholders to convene a general meeting on 26 June to gain agreement on the winding up of the company.
AIM
Telecoms test equipment supplier Calnex Solutions (CLX) has changed the way it reports its revenues, which shows how important non-telecoms are. In the year to March 2026, more than two-thirds of total revenues of £21.9m, which represents a recovery, but it is not quite the level at the peak. Pre-tax profit improved from £700,000 to £1.2m. The total dividend has been edged up to 0.99p/share, even though it is not covered by earnings. Net cash is £9.3m.
Household electricals brands owner Ultimate Products (ULTP) says third quarter trading shows revenues ahead of expectations. This marks an end to quarter-on-quarter declines. There is also a change in the management with the founder stepping down and a new boss appointed as chief executive. Simon Harrison was previously boss of Princes Group, so he has consumer experience.
Anglo Asian Mining (AAZ) brought two new mines into production during 2025, and it returned to profitability. A final dividend of 4 cents/share means that the company is returning to paying dividends. Revenues more than trebled to $122.8m. There was a move from net debt of $14.7m to net cash of $2.6m.
Diagnostics developer and manufacturer Abingdon Health (ABDX) has entered into a Business Development Tax Credit Agreement with the Wisconsin Economic Development Corporation. This means that the company is eligible to earn up to $370,000 over three years to the end of 2028. This includes $320,000 linked to taking on additional full-time employees with the rest relating to capital investment at the Wisconsin facility.
Specialist coatings services provider Hardide (HDD) has won a significant order worth £2.4m in the energy sector in North America. The US facility has improved its operational efficiency. This has increased the earnings forecast by 17% to 4p/share.
Low sodium salt developer MircoSalt (SALT) reported a jump in revenues from $800,000 to $2.1m in 2025 and they could more than double again this year as new contracts come through. However, the 2026 revenues forecast has been downgraded from $7m to $4.6m because of a delay in production at customer 3. Zeus says that this delay pushes revenues out by five months and 2027 guidance remains that revenues could be $15m. Net debt could be $1.9m by the end of 2026 with 2027 set to be cash generative.
Staffing provider RTC (RTC) says that the trajectory of positive trading in the first quarter of 2026 and six major contracts have been won and rail maintenance demand is in line with 2025 levels. Rising costs will hit margins in rail and energy divisions, and it is also holding back activity levels in the second quarter. Permanent recruitment vacancy levels are at their lowest point since 2021. Daavid Stredder has put forward AGM resolutions for the appointment of Paul Hooper, former Alumasc boss, as independent chairman and Gerard Oates as an independent non-executive director. He objects to Andy Pendlebury being chairman and chief executive and there being only one independent non-executive director and he is employed by the company’s broker. He also complains about the rise in board pay.
Kazera Global (KZG) subsidiary Whale Head Minerals has entered a production sharing agreement with minerals processor Rare Earth Minerals International (REMI) for the Walviskop heavy mineral sands. Taking effect form the 1 June and lasting 12 months, REMI will deploy processing plant valued at £1m and receive 50% of revenues. It will also contribute £27,000/month to project costs. Production should ramp up to 10,000 tonnes of processed heavy minerals sands/month by the end of September.
Ariana Resources (AAU) has updated its pre-feasibility study for the Dokwe gold project in Zimbabwe. The post-tax NPV10 is $740m at a gold price of $4,250/ounce. There was a 42% increase in ore reserves to 1.13Moz. Total pre-production capex is estimated at $163.9m.
Sound Energy (SOU) is selling its development assets in Morocco for $57m in cash and relinquishing nearby exploration assets. This will leave the company with $11m in cash after debt repayment. There are also solar and hydrogen joint ventures. Annual overheads are $2.9m. New oil and gas assets outside Morocco are being considered.
Oil and gas company Prospex Oil (PXEN) reported a 2025 loss of £2.81m, but that was after an investment valuation write down of £2.54m. Increased income from the Selva field in Spain reduced the underlying loss from £745,000 to £273,000. The income from Selva is included in finance income rather than being reported as revenues because of the way the investment is held. These figures are prior to the recent rise in the gas price. First quarter income from Selva was £912,000, which is similar to the income from the field for the whole of 2025. Prospex Energy will use the cash it is generating to expand production at Selva and develop other interests in Spain and Poland.
Pharma industry technology and data provider Diaceutics (DXRX) had annualised recurring revenues of £20m at the end of 2025. Reported revenues rose by one-fifth to £38.4m and the business returned to profit even after redundancy and acquisition costs of £798,000. The largest customer accounted for 18% of revenues. The order book grew 56% to £38.9m, with £21.1m of visibility for the next 12 months, up from £17.7m last year. Constant currency revenues growth was 15% in the first quarter.
Europa Oil and Gas (EOG) has received government approval in Equatorial Guinea for the farm out of EG-08 to Chinese company Fuhai. The final requirement is Chinese government approval. Drilling could start on the Barracuda well in early 2027. Tennyson Securities values the company’s 17% stake at 19p/share.
Borders & Southern Petroleum (BOR) says that there is multiple potential farm out partners for its Falkland Islands oil exploration assets. The final investment decision for the Sea Lion prospect, offshore Falkland Islands, has increased interest. In 2025, there was a cash outflow of $2.4m leaving $2.56m in the bank, which should fund the company in 2025.
Tooru (TOO) is not progressing with the acquisition of Mylky, a business selling small plant-based home milk making machines and associated products throughout Europe, because of concerns about the level of debt required given the current geopolitical conditions and issuing shares would have been too dilutive. There were also concerns about potential legislation.
Logistics Development Group (LDG) NAV was 1.2% lower at 26.4p/share at the end of the quarter to March 2026.
MAIN MARKET
Quantum dots developer Nanoco (NANO) plans to save £700,000 annually by leaving the Main Market. There was still £10.1m in the bank in May. The plan is to move to JP Jenkins.
Foams manufacturer Zotefoams (ZTF) says sales were 26% ahead at £64.1m in the first four months of the year. That is 7% organic growth. Footwear demand has reduced from its peak, but this has been replaced in other sectors. North America was a growth region with 30% organic growth. Surcharges have been issued to cover raw materials rising costs. Cross selling is already coming through from the OKC acquisition.
Shell Highway Capital (HWC) raised £67,000 in debt in the seven months to February 2026. The interest rate is 10%. The cash enabled the preparation of the 2023-24 accounts and work is ongoing on the next two years of accounts, after which trading in the shares could resume. A company voluntary arrangement is planned.
Digital assets investor KR1 (KR1) generated £50,046 from technology operations and £10,129 from financial operations during April 2026. NAV was 20.8p/share at the end of April 2026.
Red Capital has changed its name to Apertura Energy (VZLA), following the proposed change in investing strategy and new management appointments. Greig Gilbert is chief executive, and Scott Gilbert is chairman. The focus will be on the energy market in Venezuela.
Andrew Hore
Quoted Micro 18 May 2026
AQUIS STOCK EXCHANGE
Valereum (VLRM) is raising £1.05m at 2p/share. This cash will fund the scaling up of VLRM Markets.
Hong Kong-based seafood wholesaler Supersearch Plus (SSP) has launched a drone delivery service for freeze-dried seafood.
Mendell Helium (MDH) says M3 Helium has secured two further leases for land in Fort Lodge, Kansas. They are near to the existing Bleumer and Enlow leases. Each of the new leases could have two production wells.
Sulnox Group (SNOX) has announced a fuel additives distribution agreement with Performance Products and Services, which is focused on southern India and Sri Lanka. It has industrial and commercial clients.
Falconedge (EDGE) says incremental Bitcoin growth was 0.2187 Bitcoin, taking the holding to 20.497 Bitcoin.
Delta Gold Technologies (DGQ) was included in the launch episode of The Innovation Report, which is a documentary series focused on breakthroughs shaping emerging industries. It will be released on ADVFN platforms.
Fenikso Ltd (FNK) has received a $799,000 payment reducing the loan to $32.4m.
Edison Investment Research has published a report on Ajax Resources (AJAX).
B HODL (HODL) chief executive Freddie New bought 56,100 shares at 7.13p/share. BWA Group (BWAP) managing director James Butterfield bought 54,500 shares at 0.495p each.
JP JENKINS
Engineer Industrial Technical Holdings (ITHL) improved 2025 revenues from $7.01m to $7.41m. There was a small loss after impairment charges. Cash was $867,000 at the end of 2025. Earlier this year the order book was worth $5.6m.
AIM
Dotlines Global (DOTL) joined AIM last Tuesday after completing the reverse takeover of Main Market company Ikigai Ventures. Dotlines and Audra Solutions were acquired for £55.7m in shares and the enlarged share capital was valued at £57.9m at the issue price of 9.5p/share. Dotline;s Sohoj platform is a digital lifestyle offering for B2C and B2B2C customers with a focus on migrant populations in Malaysia. There are plans to expand the platform into the UK and Saudi Arabia. This generated 2024 revenues of £20.5m and pre-tax profit of £998,000. The latest interim revenues are £10.3m, while pre-tax profit was £713,000. The share price was suspended at 42p and started trading on AIM at 10p. The share price improved to 13.5p, but that was still 67.9% lower than the last Main Market price.
Recruitment firm Gattaca (GATC) has sparked an upgrade with its latest trading statement, which suggests that it is outperforming its rivals. Contract recruitment is doing better than expected and cost have been kept under control. Defence, energy and infrastructure sectors have been strong. Panmure Liberum has raised its 2025-26 pre-tax profit forecast by one-third to £6m.
Telematics company Microlise (SAAS) is focusing on direct business as renewals from OEMs are suffering pressure on pricing and the loss of contracts. Direct annualised recurring revenues were 16% higher, despite delays to some contracts, but this was partly offset by a 13% reduction in the OEM figure. Pre-tax profit slumped from £6.5m to £2.6m. Net cash increased to £16.7m. Capital investment will be sharply higher in 2026 and 2027 and that will use up some of the cash. The final dividend was raised from 1.24p/share to 1.3p/share. Pre-tax profit could recover to £3.3m this year.
Vossloh has launched a recommended bid for Cordel (CRDL). The 12.4p/share cash offer values the transport infrastructure analytics technology provider at £29m. The share price has not been that high since the beginning of 2022. Vossloh is involved in the rail sector and wants to provide digital services as well as move into the US market. Cordel and Vossloh are working together in Europe.
Zinnwald Lithium (ZNWD) is recommending a bid by AMG Critical Materials, which already owns 29.3%. The offer is 5p in cash and 0.001577 of an AMG share for each Zinnwald Lithium share. This is estimated to be worth 10p/share and values the lithium project developer at £57.2m.
Metals One (MET1) has expanded the agreement to treat uranium waste dumps with DISA Technologies. This covers the Uravan Belt uranium vanadium project in Colorado that is 100%-owned by Metals One. There are eight uranium mine waste dumps. DISA will start exploration work and seek permits. One will be paid a gross revenue share of saleable uranium and other minerals.
Fishing tackle and equipment retailer Angling Direct (ANG) reported 2025-26 figures broadly in line with expectations. Revenues were 14% ahead at £103.9m, while pre-tax profit improved from £2.1m to £3.2m. Net cash was £10.9m at the end of January 2026.
Mercantile Ports and Logistics (MPL) has appointed former US government and CIA administrator Marty Martin to the board and Karanpal Singh has stepped down. The company believes that Marty Martin will help with the ongoing legal process in relation to try to regain control of the Karanja Terminal & Logistics subsidiary. Mercantile says it can repay the related debt, but the proposal was rejected by the consortium of banks. They prefer an alternative plan from Adani Ports and Special Economic Zone Limited and that has been approved by the courts. The company has appealed and a further hearing is due on 8 June.
Galileo Resources (GLR) has entered into an unsecured convertible loan funding facility of £600,000 with Sanderson Capital Partners. This has a conversion price of 1p/share. The initial arrangement fee of 7% is payable in 5.42 million shares.
Zanaga Iron Ore (ZIOC) has raised £5.7m at 4p/share, which is more than originally sought. This will finance the development of the Zanaga project, including earthworks and sampling.
TheraCryf (TCF) says clinical trial enabling work for the Ox-1 blocker for treating substance use disorders is ahead of plan. Manufacturing has been scaled up, and dosing is complete in the rodent toxicology study. The remaining activities should be completed in the third quarter enabling the move to a phase 1 study in human volunteers. An application for a phase 1 clinical trial is expected to be submitted this year.
Toys and hobbies supplier Character Group (CCT) improved interim pre-tax profit by 15% to £2.4m on 9% lower revenues of £48.3m. Net cash was £13.7m at the end of February 2026 and there is a potential warehouse sale could raise £9.8m. Panmure Liberum raised its full year pre-tax profit forecast to £5m.
Retailer Shoe Zone (SHOE) reports interim revenues 12% lower at £62.9m. Although gross product margin improved due to currency movements and lower container costs, overall gross margin was hit by high fixed store costs. The interim loss doubled to £5.3m. The size of the distribution centre is being reduced following store closures. A full year loss of up to £2m is still expected.
Hospitality group Coppa Collective (COPC) interim revenues edged up 1% to £25m. Coppa Club like-for-like sales were 3.2% ahead. Gross cash is £2.6m following the acquisition of Linwood pubs. A full year loss of £2m is forecast.
MAIN MARKET
Cindrigo Holdings (CINH) says government funding eligibility has been extended for the Eich and Worms geothermal licence areas and the Weinheim licence has gained eligibility. The current government funding model provides 50% of pre-development costs up to a maximum of €2m. A second module can provide grants of up to 40% of eligible project costs up to €100m. Eich is progressing a study that could make it eligible for the second module. Exploration work continues.
Digital asset investor KR1 (KR1) has launched new activities in the convergence of AI and decentralised technologies. It has made an investment in Venice, which is a privacy-centric AI inference platform. This provides exposure to the user and agent-facing layer of AI. KR1 has acquired 60,000 Venice tokens and has commenced staking activities. KR1 also has an interest in Gensyn and it is building up a strategic holding plus evaluating potential partnerships.
Kelso Group (KLSO) has raised £650,000 at 3p/share. This is the same price as the previous two fundraisings.
Andrew Hore
Quoted Micro 20 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL) is raising £2.96m at 22.5p/share ahead of joining AIM on 27 April. This values the mining company, which is changing its name to Serval Resources, at £7.6m.
Equipmake (EQIP) has announced a further £950,000 order with Agrale for electric drivetrain systems for nine buses in South America. They will be delivered in the year to May 2027. Previous orders were for a total of 73 buses.
WeCap (WCAP) shares bounced back 55.6% to 0.7p following a recovery in the share price of investee company WeShop to $15.87.
Cooks Coffee (COOK) fourth quarter store sales were 18% higher at £11.2m with similar increases in the UK and Ireland. Full year store sales were 23% ahead at £43.1m. There are 118 stores.
Ubuntu Mining and Metals (UNTU) has secured an exclusive option to buy up to a 60% interest two Tanzanian gold projects. This lasts until 15 July. Ubuntu will be responsible for 100% of agreed costs up to commending mining. Progress is being made with the Dilotiko iron ore project in Kenya with a mining permit application undergoing final evaluation by the authorities.
Delta Gold Technologies (DGQ) has appointed Haynes Boone as global intellectual property counsel.
S-Ventures (SVEN) has raised £300,000 at 3.5p/share and a further £100,000 could be raised via a retail offer. Oberon Capital has been appointed joint broker. The cash raised will be invested in Thruxton-based defence business Hybrid Drones, where major aerospace companies are also investors, to finance development of unmanned aerial vehicles.
Ajax Resources (AJAX) has submitted and Environmental Impact Assessment for the Macacha copper and silver project in Argentina. If this is approved, then 5,000 metres of drilling is planned. The potential buyer of the Eureka gold and copper project in Argentina is going to visit the site.
Shepherd Neame (SHEP) chief executive Jonathan Neame bought 10,000 shares at 483p each.
Emissions reduction additives supplier Sulnox Group (SNOX) has raised £2m at 45p/share from a shipping customer backed subscription. This will help to finance an acceleration of the marketing for marine and land markets, as well as product development.
BWA (BWAP) highlights the announcement of a maiden JORC mineral resource estimate for the MB01-N deposit at the Mbe deposit in Cameroon, which combined with MB01-S, takes the inferred resource to 1.23 million ounces. This deposit is near to the Aracari project, where BWA is earning up to 70% through the spending of €1.5m.
The retail offer by Time to ACT (TTA) raised £16,000, taking the total raised to £431,000 at 6p/share.
Connecting Excellence Group (XCE) says its executive search business Spencer Riley has received payment of 0.516 Bitcoin at a value of £27,472.50. That takes the holding to 52.941 Bitcoin.
EDX Medical (EDX) is moving to AIM. Revenues are expected to reach £1.2m in the year to March 2026. Cash was £2.9m at year-end.
Falconedge (EDGE) generated a Bitcoin yield of 1.089% in March, so incremental Bitcoin growth was 0.2185 to 20.2782 Bitcoin.
Mendell Helium (MDH) says drilling by M3 Helium at the Rost 2-26 well has reached a total depth of 5,571 feet. The completion process will happen within ten days. There is evidence of helium with low hydrocarbon signatures in several zones.
Coinsilium (COIN) is extending its sponsorship of the When Shift Happens podcast until 1 January 2027.
Valereum (VLRM) is in advanced negotiations with Quorium Global Photonics SPC over a definitive exclusivity agreement for establishing a platform for real-world asset (RWA) tokenisation and it has received part payment of the $300,000.
Stack BTC (STAK) has bought a further 37.1898 Bitcoin at £53,778 each. That takes the total holding to 68.1898 Bitcoin. An equity trading facility worth up to £5m has been agreed with broker AlbR Capital. David Galan has been appointed chief executive. Jai Patel is leaving the board.
Oberon Investments (OBE) says year-on-year like-for-like revenues grew by one-quarter to more than £11.7m. Assets under administration are more than £1.4bn. However, the FCA has secured a voluntary requirement that no new wealth management clients can be taken on without its approval until the company’s systems are reviewed. All parts of the business grew. The company is on course to breakeven on a monthly basis by the end of the financial year. Third-party research and forecasts are planned to enhance investor understanding.
AI infrastructure operator Astrid Intelligence (ASTR) has issued shares at 0.2p each to pay outstanding fees of £10,000. The holding of Subnet 46 (RESI) has increased by 492 TAO to 1,754 TAO.
AI software developer IntelliAM AI (INT) says sales cycles are lengthening and partnerships have taken time to generate business. Full year revenues were one-third ahead at £5.25m, which is well below the Edison estimate of £7.1m. Annual recurring revenues doubled to £1.65m. Cash was £100,000 at the end of March 2026. This year’s forecasts are under review.
Heart regeneration medicines developer Cardiogeni (CGNI) says the transaction with Kira Health Invest should be completed by 20 April.
Dominic Wheatley has been appointed chairman of Mollyroe (MOY). He will provide expertise in the interactive entertainment sector.
EPE Special Opportunities (EO.P) had net assets of 384.38p/share at the end of March 2026. Giles Brand has increased his stake from 40.2% to 45.6%.
Unigel Group (UNX) is paying an interim dividend of 4p/share.
Zentra Group (ZNT) chairman David Izett bought 175,000 shares at 2p each.
ASSET MATCH
C4X Discovery (C4XD) full year revenues fell from £24.8m to £6.7m, nearly all milestone income from Sanofi, and the drug discovery company fell to a loss of £2.93m. The amount spend on research and development was reduced to £6.9m. A restructuring has reduced the cost base. There was £7.6m in cash at the end of 2025.
AIM
Animalcare (ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy.
Churchill China (CHH) had a stronger second half for its hospitality products in Europe, but the UK market remains tough. Market share is being maintained in the UK and there is scope to grow it in Europe. Revenues fell from £78.3m to £76.3m, and pre-tax profit dipped from £8.5m to £6m. The final dividend has been cut from 26.5p/share to 14p/share. Cash was £10.8m at the end of 2025. The majority of energy requirements have been bought forward, but no improvement is expected in profit this year.
Outsourced video art services provider Winking Studios (WKS) has completed the acquisition of Canadian business Studios Ampera. This has been trading for around six months, and a major attraction is the team that has been put together headed by Claude Bordeleau, a former senior manager at Keywords Studios, who will become group chief revenue officer. The deal will provide a base for Norther American expansion, as well as providing contacts with additional video games publishers.
Advanced materials and paper manufacturer James Cropper (CRPR) had a strong end to the financial year. Both parts of the business traded better than expected and the operational gearing means that profit was well ahead. Paper and packaging returned to profit in the second half. Full year revenues are set to rise from £99.3m to £103m, whereas it had been forecast to be lower, and pre-tax profit is upgraded by 30% to £4.7m. Net debt could fall to £8.3m.
Cora Gold (CORA) has signed a binding term sheet for $120m gold stream with Eagle Eye Asset Holdings, which is a 29.9% shareholder. This follows a £15.7m fundraising at 6p/share. The Sanankoro gold project in Mali is fully funded and the next key step is obtaining the mining permit. Construction of the mine can accelerate when that happens. Cora Gold has the right to replace 50% of the gold stream with debt or other funding. Eagle Eye Asset Holdings is entitled to purchase 30.44% of gold produced at Sanankoro for 20% of the spot gold price.
Retailer Mothercare (MTC) says trading conditions are still difficult with no sign of a recovery. The problems are exacerbated by exposure to the Middle East. System sales in the year to March 2026 fell 22% to £180m last year. The forecast loss has been increased to £2.4m and a loss of £2.8m is expected next year. Net bank debt is estimated to be £5.7m. Pension contributions have been deferred for a further year.
Bow Street Restaurants (BOW) has made progress with improving the performance of its existing stores and has identified potential acquisitions. Full year revenues fell from £36.6m to £31.3m following the closure of some sites. There was a swing from an underlying operating profit of £400,000 to a £500,000 loss. There was an impairment charge of £7.3m following a review of assets. Refurbishments are helping to boost income. The number of restaurants has been reduced to 29 and the refurbishments are continuing. Net cash was £11.1m at the end of 2025. This will also fund acquisitions of restaurant groups, with the initial purchase potentially an Asian style brand. Trading has improved so far this year with like-for-like growth of 6.1% in March. A 2026 loss is still expected from the current operations.
Alien Metals (UFO) says West Coast Silver, the joint venture partner for the Elizabeth Hill silver project in Western Australia, has identified a new Down Hole Electromagnetic (DHEM) conductor target. A drill test is planned. Drilling has already started on a six-hole drilling programme.
Telecoms test equipment supplier Calnex Solutions (CLX) says full year trading was slightly better than expected. More business is coming from datacentres and defence, rather than the original telecoms customer base. A new partnership with VIAVI Solutions will help to broaden the client base. Cavendish increased forecast 2025-26 pre-tax profit by 59% to £1.2m. Cash is £9.3m.
Eco (Atlantic) Oil and Gas (ECO) has agreed to farm down a 60% participating interest in its three Namibian licences to BP, which will take on operatorship. There will be a one-off cash payment of $2.7m. BP will carry Eco through the current exploration phase. Eco will retain 25% and if the licence is renewed it can sell a further 10% interest to BP for a full carry for each well on each of the licences, with a cap of $21m for each well.
Great Western Mining (GWMO) has signed a contract with Major Drilling America to undertake drilling at the Defender-Pine Crow tungsten project in Nevada. This is the primary focus of the company. Drilling should commence in July. An application has been made for cross trading of the shares on the OTCID market in the US to attract North American investors.
Iodine producer Iofina (IOF) generated record production of 179 tons in the first quarter from a combination of new capacity and higher brine temperatures improving recovery. First half guidance is being upgraded to 325-355 tons. Iodine prices are still above 70/kg. Canaccord Genuity has raised its revenue forecast from $69.5m to $71.6m and earnings from 3.7 cents/share to 3.9 cents/share.
TheraCryf (TCF) received a conditional approach to acquire the Orexin-1 and dopamine-transporter programmes. This is an area where there is increased commercial interest from pharma companies. The board felt this undervalued the assets. The Orexin-1 addiction programmed is fully funded for a phase 1 trial by the fourth quarter of 2026. If this is successful, the value of the assets will be much higher.
Thor Explorations (THX) had cash of $154m at the end of the first quarter of 2026 and it could reach $351m by the end of the year. It produced 23,397 ounces of gold at the Segilola ming, which was better than expected due to the high recovery rate, and is well on the way to the 2026 target production of 75,000-85,000 ounces of gold for the full year at an all in sustaining cost of up to $1,200/ounce. There is further drilling at the Douta project.
Building products supplier Alumasc (ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later.
IT services provider SysGroup (SYS) traded strongly in the second half, helped by the acquisition of Saxis. Full year revenues were 7% higher at £22.1m – they were previously expected to be flat. Pre-tax profit is set to be one-third higher at £400,000. Net cash was £2.7m. Pre-tax profit is forecast to rise to £900,000 in 2026-27.
LiDAR wind sensor and software developer Windar Photonics (WPHO) has secured a record number of test orders in the first quarter of 2026 and full year revenues are expected to be €7.8m, up from €6.4m in 2025. That assumes 50% of the ten active test orders are converted into contracts. A £20m share subscription facility has been agreed with GEM Global Yield LLC. The company is near to appointing a new chief executive.
Quantum Health (QHE) has raised £5m at 0.03p/share following demand from institutions. The cash will finance the development of the Sagebrush and Coyote Wash projects. The extended production test of Sagebrush-1 well is progressing.
Strip Tinning (STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production.
Quantum Blockchain Technologies (QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation.
TV programmes producer Zinc Media (ZIN) reported revenues of £41.3m, which was in line with trading statement. There was significant organic growth in the 28% increase in revenues. Pre-tax profit was one-third higher at £400,000. There is £3.5m in the bank.
Management reiterated the growth plans and the EBITDA target of £5m, compared with £1.9m last year. The Celebrity Inner Circle has been renewed for an eight episode run and this will help the entertainment division to grow. The format could also help achieve additional high margin IP revenues. The new distribution division should also generate additional revenues. There is already around £30m of work secured for this year.
hVIVO (HVO) has been hit by delays and terminations to human trials of vaccines. Some had already paid part of the cost upfront enabling the decline in 2025 revenues to be stemmed. Even so, they fell from £62.7m to £46.8m. That pushed the business into loss. The weighted contract order book is £30m and the diversification into other areas of clinical trials is helping to build a more diversified business. It is also winning new business in influenza and other areas.
Forgent (FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia.
Oracle Power (ORCP) has announced assay results from another 31 holes at the Northern Zone Intrusive Hosted gold project in Western Australia. They are some of the best intercepts for grade and width drilled at the project. The tenement is being converted to a mining lease.
Latin America focused investment company ROI Capital Holdings is subscribing £1.93m for shares in Trafalgar Property (TRAF) at 0.005p/share. This is dependent on a waiver of the obligation to make an offer for the company. The existing subsidiaries will be sold for £1, and the planned Hilton House transaction will be reversed. The whole board will be replaced, and they will seek a reverse takeover.
Shares in Tiger Alpha (TIR) have been suspended ahead of the proposed acquisition of Cyprus-based Potentially, which is building the peer-to-peer infrastructure layer for the AI economy. The consideration will be £10mthrough the issue of two billion shares at 0.5p each.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is growing in a tough consumer environment. Full year revenues are 23% higher at £85.5m, which is 12% like-for-like. It is on course to double pre-tax profit to £3.6m. Like-for-like retail growth was 5.7%, while the UK kitchenware market has declined.
KR1 (KR1) investee company Bitway has launched the BITW token and KR1 holds 100 million of them after investing $300,000. The holding is valued at $1.7m.
US cybersecurity technology company Narf Industries (NARF) has reported full year revenues rising from $3m to $4.2m. Narf has Rebranded Ranger.ai to UPxi.ai (Upstream Extended Intelligence), which did not make a significant contribution in the period. There is already $5.3m of contracted revenues for 2026-27, while a government contract worth more than $2.5m has been won since the year end.
Onward Opportunities (ONWD) moved from AIM to the Main Market on 16 April.
Andrew Hore
Quoted Micro 6 April 2026
AQUIS STOCK EXCHANGE
In 2025, heart health products developer ProBiotix Health (PBX) increased revenues by 45% to £2.73m. The loss was reduced from £852,000 to £1.24m. Revenues continue to grow in the first quarter of the new financial year, and it has achieved profitability. Cash was £1.27m at the end of 2025. The order book has more than doubled to £1.3m. The company is diversifying into new medical areas.
Dermatology products developer Incanthera (INC) says direct to consumer sales of Skin + CELL products have been disappointing, generating £12,400. Discussions continue relating to retail distribution. No bulk sale will be achieved before the end of the March 2026 financial year, so stocks will be higher than anticipated. There are also technology licensing talks. The company has to be careful with working capital, but it believes it has enough cash for immediate requirements.
Oscillate (SRVL), which is changing its name to Serval Resources, is acquiring Kalahari Copper and moving to AIM on 27 April. The strategy is to build a business with a range of copper exploration and development assets. There will be a 50-for-one share consolidation. There will be a share issue to raise £2.9m at 22.5p/share. A WRAP retail offer could raise up to $300,000.
Mendell Helium (MDH) expects to publish the document for the move to AIM during April. That will spark the exercise of the option to acquire M3 Helium. The Rost 2-26 well has reached 4,540 feet. This will test helium prospects. There are preparations for the re-completion of Schneweis Ventures 13A well.
Valereum (VLRM) confirms the exclusivity agreement with Quantum Global Photonics and the definitive agreement is expected by the end of April. As part of the agreement, the first coupon payment for medium term notes of $3.9m will be a combination of cash and VGOLD-CORE (independently valued and verified) gold-backed tokens, where the launch is subject to regulatory approval. The deal involves technology integration, tokenisation and profit sharing. So far, $900,000 has been drawn down from the $2.5m investment from Blubird Global Inc. There are currently talks with Blubird Global about revising the terms of the funding, which could mean that funding could end.
Zak Mir is no longer chief executive of Lift Global Ventures (LFT) and he is not running the investor relations business Miriad any longer. The investment strategy has changed to an AI focus. Cash was £199,000 at the end of 2025 and subsequently a £40,000 settlement was agreed with a former consultant.
Heart medicines developer Cardiogeni (CGNI) says that the share swap deal with Kira Health Invest AG is progressing and could complete by 10 April. Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and has raised £415,000 at 6p/share. The company is in talks to acquire the assets of heat treatment business MTE Heat Treatment, which is in administration. This will fit with Diffusion Alloys. It is not buying any asset from Versarien. There are other potential acquisitions.
Investment company Gledhow Investments (GDH) had NAV of £1.2m at the end of September 2025. Net cash is currently £762,000 following recent disposals. This provides the opportunity to take advantage of market volatility.
IntelliAM AI (INT) has bought the business and assets of RBM Lubrications for £25,000 payable in cash at the end of 2029. This expands the business in Scotland.
Oberon Investments (OBE) has launched a global thematic equity fund called TM Oberon Theseus Fund. It will be structured around five to eight core themes and have up to 75 investments.
B HODL (HODL) has completed the initial At-The-Market equity offer and raised £42,300 at 7.05p/share. Another Bitcoin has been acquired for £51,234. The total holding is 165.487 Bitcoin which cost an average of £81,962 each.
Digital asset miner Sterling Digital (ASIC) did not have any revenues in the period to December 2025. There was £3.67m in the bank after the Aquis flotation. Data mining equipment has been acquired, and Bitcoin should be being produced by the end of the second quarter of 2026.
South west England focused minerals explorer Tamar Minerals (TMR) had £171,000 in cash at the end of 2025 following a £256,000 cash outflow from operations in the previous six months. Since, then £2.04m has been raised.
Fund of funds investment company SuperSeed Capital (WWW) made realised and unrealised gains of more than £452,000 in 2025. This increased NAV from 1.2544p/share to 1.3668p/share.
Mollyroe (MOY) has raised £470,000 through a convertible loan note issue and £155,000 at 0.25p/share, which is also the conversion price for the loan notes. The loan facility to AI film maker Cascade has been increased from £300,000 to £500,000. Mollyroe will receive and arrangement fee of £40,000.
Macaulay Capital (MCAP) has raised £225,000 from the exercise of warrants at 25p each.
BWA Group (BWAP) managing director James Butterfield bought 1.4 million shares at 0.29p each and owns 8.02% of the company.
JP JENKINS
Surrey-based Oomisoft (OOMI) joined JP Jenkins on 1 April. The company provides membership management software, CRM and digital services. The customer is not for profit and professional organisations.
ASSET MATCH
Anti-microbial technology developer Byotrol (BYOT) has raised £250,000 at 016p/share. The cash will help to fund growth opportunities.
Recruitment services provider Macdonald and Company (MAC1) is asking for shareholder approval for a share buyback from William Buck and Robin Glover. This relates to a restructuring of interests in Asia. The general meeting is 16 April.
AIM
Building products supplier BRCK (BRCK) has received an unsolicited bid approach from Atlas Holdings LLC and after initial contact and exchange of information a 65p/share indicative offer was made. The share price has not been that level since June 2025. That offer was rejected by the board on 23 March. Atlas will be provided with additional information to see whether it can come up with a better offer, but it says this would not be enough for a firm bid.
CleanTech Lithium (CTL) has published the pre-feasibility study for the Laguna Verde lithium brine project in Chile. This shows a NPV10 of $699m over a 25-year period. This assumes extracting 15,000t per year of battery-grade lithium carbonate. The operating cost is assumed to be $5,768/t and a sale price of $22,500/t. Upfront capex is $748m. First production would be 2031.
Steel structures supplier Billington (BILN) has gained new contracts worth £50m even though the market is still relatively weak. This helps to underpin expectations for 2026, although some of the work will be done in 2027. The 2025 results are due to be published later this month. A pre-tax profit of £3.5m is forecast before a recovery to £8.3m. Manufacturing has been streamlined and Cavendish may reassess forecasts when the results are published.
Whisky supplier Artisanal Spirits Company (ART) was hit by tariffs and the US government shutdown. Elsewhere, there was an improvement in revenues last year. However, overall revenues dipped from £23.6m to £19.9m and that meant that the loss was raised from £3.1m to £7m. Net debt was £31.5m and this should start to reduce this year. The company has changed its way of trading with the US and taken on the distribution in the country.
There was a return to growth at CML Microsystems (CML) in the second half. However, the company will still make a full year loss, rather than the small profit previously expected, because the growth was in lower margin revenues. Supply chain problems have eased. Shore says it will publish 2026-27 forecasts after the latest results are published on 16 June.
Mobile games developer Gaming Realms (GMR) has been hit by changes to stake limits in the UK and there will be another setback when the tax rate increases this year. Revenues improved from £28.5m to £31.4m, while pre-tax profit rose from £8.3m to £9m as management adapted to the stake changes and kept control of costs. More games and adding licence partners have helped revenues continue to rise. North American revenues continue to grow.
Wound healing technology developer AOTI Inc (AOTI) says 2025 revenues were $66.5m, up 15% on 2024. Underlying pre-tax profit was $3.1m, compared with a loss last year. Net debt reached $6.5m. There is a $1.7m provision on money owed by Arizona. Revenues could still rise this year even though AOTI is pulling out of Arizona due to difficulty in getting paid, but profit could decline to $1.2m before starting to grow again. Outstanding debt from Arizona may eventually be reclaimed. A CMS local coverage determination is still expected in the near-term and that will provide some positivity.
Greatland Resources (GGP) benefited from a recovery in the gold price to $4,677.28/ounce. Earlier in the week, it revealed a mineral resource estimate for the O’Callaghans tungsten copper zinc lead deposit. There is 70Mt @ 0.35% of tungsten trioxide. The Telfer mineral resource estimate has been raised by 150% to 8 million ounces. Together with Havieron, the resources could be mined for many decades.
Abingdon Health (ABDX) has won a series of contracts worth £4.8m with a US client. This covers the development of multiplex quantitative lateral flow assay systems for human testing which will be delivered over 27 months. This supports the decision to expand capacity in the US. There could be a subsequent manufacturing contract. The company is set to move to around breakeven in 2026-27. The share price gained 10.3% to 8p.
Ariana Resources (AAU) reported a £12.4m loss for 2025, but this is almost all down to the change in valuation of the Turkey joint venture. That is a non-cash adjustment. The cash outflow from operating activities was £2.6m. Progress is being made with the Dokwe project in Zimbabwe and there is £5.4m in the bank to fund its development.
Monoclonal antibodies developer Bioventix (BVXP) reported interim revenues 9% lower at £6.2m. China was a tough market and some products are maturing. Pre-tax profit was slightly lower at £4.9m. Cash was £5.1m at the end of 2025. The customer base is being broadened and there is longer-term potential for royalties from the company’s antibodies that are included in products. Full year pre-tax profit is set to fall from £10.2m to £9.6m. The full year dividend is set to be unchanged at 150p/share even though it is not going to be covered by earnings.
Digital finance hub Tap Global Group (TAP) interim revenues fell from £1.8m to £1.7m. There was also £210,000 of income from settlement with crypto currency exchange Bitfinex. Cash was £433,000 at the end of 2025.
In-game advertising technology developer Mirriad Advertising (MIRI) says that the expected upturn in February and March did not happen because of the Middle East conflict. It did sign a services agreement with a UK media conglomerate. There is £675,000 in the bank, but more cash will be required before the 2025 accounts are published.
Wellheads and connectors Plexus Holdings (POS) reported a reduction in interim revenues from £2.9m to £1.2m because of delays in projects, particularly in the North Sea due to tax uncertainty and inability to offset decommissioning costs. Activity is likely to remain subdued in the second half with the assumption that work will recover in 2026-27. A full year loss is forecast before a return to profit in 2026-27. The estate of William Black has built up a stake of 5%.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) has not made the expected progress in the second half. Contract delays hampered revenues. The latest trading statement has led to a reduction in forecast earnings for 2025-26 and 2026-27. A loss of £1.5m is estimated for the year to March 2026. Net debt is expected to be £159m. The dividend is set to be slashed to 1p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for a “monoamine modulator compound series from its post-traumatic stress disorder (PTSD)” programme. This market covers more than 20 million people in the US and major European markets. This programme is part of a broader platform. SVN-114 is the lead candidate.
Digital assets investor KR1 (KR1) generated technology infrastructure income of £106,000 from staking activities and that takes the total for 2026 so far to £283,000. Financial income of £2,350 during February. NAV is 21.3p/share, down from 23.8p/share at the end of January 2026.
Andrew Hore
Quoted Micro 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
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 3 November 2025
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) is planning a move to the Main Market. A prospectus has been published, and the switch is expected on 25 November. There are also plans to raise money from a placing programme of up to 125 million shares if it is agreed by shareholders at a general meeting on 20 November. This will broaden the shareholder base. KR1 chairman Rhys Davies has been paid a bonus of 580,000 shares. NAV was 50.9p/share at the end of September 2025.
Valereum (VLRM) says COINGT, the infrastructure tokenisation project representing the Interoceanic Corridor of Guatemala, will be listed on tokenisation venue VLRM Markets. The token represents a project to create a logistics and trade route between the Atlantic and Pacific.
SulNox Group (SNOX) generated record second quarter revenues of £679,300, which is 30% above the first quarter. Fuel emission reduction additive volumes were 39% higher. So far this year, revenues are 173% ahead at £1.2m. Cash was £1.36m at the end of September 2025.
WeCap (WCAP) holds 806,022 shares in WeShop, which intends to join Nasdaq, as well as a 23.5% stake in a company that owns 2.08 million WeShop shares. The other investment is waterway cleaning technology developer Bio2pure. The 10% stake is valued at nil. WeCap had net assets of £6.77m at the end of April 2025.
Healthcare IT developer DXS International (DXSP) improved full year revenues from £3.31m to £3.47m and the loss was reduced from £4.95m to £175,000. Slow NHS decision making is holding back progress. Even excluding the previous year’s asset impairment of £4.38m the loss is lower. Turnover is expected to be flat this year and there will be another loss.
Lift Global Ventures (LFT) says it is extending the loan to investee company Trans-Africa Energy to 31 January 2026.
Igraine (KING) has received £3.91m of fundraising money and is still waiting for the other £3.24m.
UTXO Management GP has belatedly stated that it has reduced its interest in The Smarter Web Company (SWC) from 26.6% to 12.99%.
Adnams (ADB) interim chair bought 1,650 B shares at 1805p each, while finance director Andrew Driscoll bought 500 A shares at £10 each.
There will be a 150-for-one share consolidation at Nyce International (NYCE) on 3 November.
Unigel Group (UNX) is paying an interim dividend of 2.5p/share.
IntelliAM AI (INT) is switching to the Apex segment of Aquis.
ASSET MATCH
Zytronic (ZYT) has disposes of all assets except for the freehold property in Blaydon. Completion of the sale has been delayed. An environmental survey will be received later in November. The estimated return to shareholders is still 48p/share to 58p/share.
Greenshields Agri (GAH) says draft accounts for 2024-25 show a swing from a loss of £317,000 to a profit after tax of £2.68m. NAV is 158p/share.
AIM
Empire Metals (EEE) is raising £7m at 40p/share. The cash will be used to finance work on the Pitfield project in Australia. This includes metallurgical test work, resource expansion and commencement of pilot production of Ti02 product samples for end users. This will initially be for the titanium metal supply chain. A listing on ASX is being considered for 2026.
Kromek (KMK) says interim revenues will be at least £14.5m, up from £3.7m. This includes revenues from Siemens. There is still underlying growth of 70%. An interim pre-tax profit is expected.
Belluscura (BELL) is appointing an administrator.
Shareholders did not agree to the proposed fundraising by Anglesey Mining (AYM) and management is preserving cash as it seeks alternative forms of financing. Without that the company will go into administration. Alumni Capital had agreed to offer equity funding of up to £2m.
Conygar Investment Company (CIC) is selling its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property, a subsidiary of Stena Lin. The net proceeds will be £18.3m, compared with a valuation of £2.5m. NAV was £63.8m (107.5p/share) at the end of March 2025, but since then there has been a £750,000 loss on the sale of a Virgin Active gym. Premier Miton trimmed its stake from 13.9% to 12.8%, while First Equity has cut its interest from 13.2% to 12.8%.
European Green Transition (EGT) has entered an exclusive six-month option agreement to sell the Pajala copper project in northern Sweden to Recovery Metals Cyprus. Historical drilling confirms copper mineralisation. Recovery Metals Cyprus will fund due diligence during the option. Copper prices are moving towards record highs.
Caledonian Holdings (CHP) has entered an agreement with Mousdale Investment and Nevis Investments which will each swap 250,000 AlbaCo shaes for 6.25 million Caledonian Holdings shares at 0.004p each. This will take Caledonian Holdings’ sake in new smaller company focused bank AlbaCo to 5.47%.
One Health Group (OHGR) has made a positive start to the financial year. Surgical procedures jumped 16% and interim revenues were 17% higher at £15.5m, which is 10% ahead of forecast. EBITDA is expected to be higher than the previous year. Cash is £10.8m. There have been delays in building the surgical hub, but it should still be open by the end of 2026.
Specialist cleaning services provider React Group (REAT) says full year revenues were 21% ahead at around £25m, which includes an initial contribution from 24hr Aquaflow, which was acquired last October. Dowgate edged up its 2024-25 pre-tax profit from £2.1m to £2.2m. Strong fourth quarter trading meant that net debt was higher than expected at £5.2m.
Cancer treatments developer ValiRx (VAL) is raising £750,000 at 0.25p/share and a WRAP offer could raise up to £300,000 more. The offer closes on 3 November. All subscribers get one warrant exercisable at 0.5p each with every new share. The cash will fund R&D, including the preclinical development of potential breast cancer treatment Cytolytix.
Construction disputes and professional services provider Diales (DIAL) expects a 2024-25 operating profit of at least £1.3m on slightly lower revenues of £42.6m, due to weaker Asia Pacific business. Pre-tax profit should also be £1.3m. Net cash was £3m at the end of September 2025. There is a strong pipeline of disputes business.
ABCrescent Cooperatief U.A. has sold 8.22 million shares in Pulsar Helium Inc (PLSR) at 38p/share. ABCrescent, which is associated with Pulsar Helium director Brice Laurent, still has a 4.81% stake plus 15.5 million warrants. Brie Laurent owns 17,570 shares. This follows the proposed acquisition of Hybrid Hydrogen, which owns mineral rights to 6,742 acres in Michigan’s Upper Peninsula, for $80,000 in shares.
Great Western Mining Corporation (GWMO) says soil sampling at the Huntoon copper project in Nevada shows elevated levels of tungsten, copper and zinc. The soil geochemical anomaly has been extended to more than 2.8km. The consistency of anomalies suggests a larger than anticipated mineralised system. Further analysis will help to design a new drilling campaign.
Resources explorer 80 Mile (80M) says its US joint venture partner has announced that an independent report confirms the world-class potential of the Jameson Land Basin in eastern Greenland. This estimates more than 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources. 80 Mile has a 30% post earn-in share. It has a free carry on the initial drilling planned for the second half of 2026. March GL is earning up to 70%. This followd an announcement that 80 Mile has revised the terms of its acquisition of Hydrogen Valley, which operates a biofuel site in Italy.
Versarien (VRS) has signed heads of terms with a UK quoted company for the sale of Total Carbide and the other remaining assets for £100,000 in cash and £100,000 in shares. The buyer will also take responsibility for £5.7m of loans plus interest. Versarien can operate with the support of creditors until the end of November. If the transaction goes ahead Versarien will become a shell.
MAIN MARKET
Cindrigo (CINH) has completed the acquisition of an 85% stake in a company that is developing three geothermal projects in the Upper Rhine Vally in Germany, and this enabled it to return to the Main Market. Cindrigo raised £2.06m at 12p/share and £9.3m of convertible loans have been converted into shares at an average price of 17p/share. At the placing price, the market capitalisation was £40.1m.
Georgina Energy (GEX) has gained drilling approvals for the Hussar prospect in EP513 in Western Australia. There was cash of £112,000 at the end of July 2025 and since then £1m has been raised.
New Frontier Minerals (NFM) had cash and liquid resources of $1.8m at the end of September 2025. There have been good results from the Harts Range rare earths project. The NWQ copper project is also progressing.
Andrew Hore
Quoted Micro 1 September 2025
AQUIS STOCK EXCHANGE
HRC World (HRC) joined Aquis on 26 August. The data centre facilities provider is already traded on Nasdaq First Copenhagen. The plan is to expand the network of sites outside of Malaysia. It is also assessing sustainable electricity generation potential.
The Smarter Web Company (SWC) has raised a further £3.66m at 193p/share and there are 2.59 million shares still available for subscription. The company has bought 2,440 Bitcoin and the total cost was £201.1m. Net cash available to invest in Bitcoin has fallen to £600,000. PKF Littlejohn has replaced Adler Shine as auditor.
Ajax Resources (AJAX) has agreed terms for the acquisition of 74.75% in the Paguanta copper gold project in Chile. If the deal is completed thee is an initial payment of $50,000 in cash and $100,000 in cash. Progress with the project will trigger further payments.
Vault Ventures (VULT) has sold its Bitcoin assets, and it retains its other digital assets. A subsidiary has entered a strategic partnership with Quaint Insight, and this will provide access to data to help assess digital assets.
KR1 (KR1) had net assets of 49.38p/share at the end of July 2025, up from 40.69p/share at the end of June. Aggregate income during the month was £419,630.
Wishbone Gold (WSBN) has raised £1.5m at 1.25p/share and this will provide working capital for drilling at the Red Setter Dome gold target.
Lord Bethell has been appointed as a non-executive director of biotech Cardiogeni (CGNI). He is a former health minister. Another director, Ajan Reginald, bought 10,001 shares at 20p each and 2,000 shares at 10p each. He owns 22.1% of Cardiogeni.
Amazing AI (AAI) raised £72,000 at 1p each.
Phoenix Digital Assets (PNIX) director Jonathan Hives has sold 350,000 shares at 5.085p each. EDX Medical (EDX) chief executive Dr Michael Hudson bought 65,000 shares at 10.65p each.
ASSET MATCH
Zytronic (ZYT) expects to sell all its assets by the end of September, and shareholders should receive between 48p and 58p for each share they own in October.
AIM
In the year to February 2025, continuing revenues of online retailer boohoo (DEBS) fell 12% to £790.3m, but Debenhams brand gross sales were one-third higher. The adjusted loss was barely changed at £43.4m. Management says that the brands are trading at a positive EBITDA. There were a raft of exceptional costs, including an impairment provision of £47.9m. The carrying value of the investment in Revolution Beauty (REVB) has been reduced by £16m and boohoo is backing the refinancing and the return of the founders. Total exceptionals increased from £98.1m to £198.7m. Founder and executive director Carol Kane bough 6.86 million shares at 14.5p each
Fiinu (BANK) has been readmitted to AIM following the acquisition of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m was satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. The share price rose 49% to 19p.
Fire safety products supplier LifeSafe Holdings (LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer, which closes on 5 September, can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. Executive chairman Dominic Berger acquired 1.37 million shares at 1p each, taking his stake to 5.85%.
Empire Metals (EEE) has made a breakthrough in process development at the Pitfield project in Western Australia. Recoveries are 77% at the rougher stage and 90% at the cleaning stage. Leach results achieved 98% titanium dissolution. Overall titanium recovery is 67% and this is expected to improve. This is a high purity product.
Transport software and services provider Tracsis (TRCS) says full year revenues edged up from £81m to £82m, while EBITDA was slightly lower at around £12.6m. Trading improved in the second half. Cash was £23.4m at the end of July 2025.
Brain health software developer Cambridge Cognition (COG) is raising £1.12m at 27.25p/share from key shareholders and management following the interim figures. Changes to the board mean that Rob Baker becomes senior executive director, Alex Livingstone-Learmonth is chief commercial officer, and Ronald Openshaw becomes head of finance and corporate development. Interim revenues fell from £5.6m to £4.3m and the loss increased. Cash fell to £400,000. The order book was £16.4m at the end of June 2025.
Thor Explorations (THX) announced further drilling results from the Guitry Gold Project in Côte d’Ivoire. There have been 3,000 metres of drilling and the latest assays include thee with significant gold showings, including one showing 8 metres at 14.54g/t gold. The drilling shows mineralisation is open at depth. There are soil anomalies that have not been tested.
Advanced engineering materials developer Versarien (VRS) says that the sale of its remaining subsidiaries is near completion. The Chinese strategic investor has withdrawn from the investment process because of the UK national security review process only approving a restricted joint venture.
Logistics Development Group (LDG) had net assets of 26.7p/share at the end of June 2025, up 8.67% over the quarter. Since then, £15m has been invested in a company that has taken a 78.3% stake in Alternative Parcels Company.
Synthetic binders developer Aptamer Group (APTA) has launched a biomarker discovery service. Biomarkers are molecular indicators of physiological states, including disease presence and enable targeted drug development. The service will use the company’s own Optimer technology in combination with proteomic analysis and it can generate the binding molecules. This is a fee for service model.
Oriole Resources (ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year.
MTI Wireless Edge (MWE) improved revenues by 8% to $24.1m, but pre-tax profit was flat at $2.3m. Share buybacks helped earnings to increase, but net cash fell to $5.1m at the end of June 2025. Antennas revenues grew strongly and there was a doubled profit contribution. This offset lower profit from other parts of the business.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has already flagged up weaker trading. Interim revenues were 13% ahead at £146.6m, which was an organic decline of 1%. Pre-tax profit was one-third higher at £7.9m. The interim dividend is unchanged at 0.96p/share. Manufacturing operations performed better than distribution, which should improve its performance in the second half.
Andrew Hore