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Quoted Micro 10 August 2026
AQUIS STOCK EXCHANGE
Heart health products developer ProBiotix Health (PBX) interim revenues increased 53% to £2.06m and improved gross margins. There was a swing from a loss of £153,000 to a pre-tax profit of £79,000. The growth was in the US. There was a £19,000 cash outflow from operating activities during the period and £1.24m in cash at the end of June 2026. The growth was in the US and there are prospects of second half growth in Asia and Europe, as well as in the US.
Emissions reduction additives developer Sulnox Group (SNOX) increased first quarter revenues by 54% to £804,600. Volumes were 73% higher. Cash was £1.54m at the end of June 2026 with some of the £2m recently raised invested in increased inventories.
Ajax Resources (AJAX) has started the environmental permitting process for the maiden drilling at the Pereira Velho gold project in Brazil. The process could take three months. The drilling budget is $1.5m. There has already been $5m spent on drilling and other work. The new work will enable a maiden mineral resource estimate to be calculated.
Global Connectivity (GCON) raised £293,000 at 0.1p/share. This will provide working capital and should last until July 2027.
EPE Special Opportunities (EO.P) says it will not buyback any more shares for the time being. The interims will be published on 9 September.
Delta Gold Technologies (DGQ) director Jamie Tosh bought 20,000 shares at 122p each. He owns 5.7%. Delta Gold Technologies has raised £30,000 from an exercise of warrants at 15p each.
ASSET MATCH
Trading in brewer Wadworth and Co (WAD) shares is starting on the Asset Match PISCES platform. Interim sales increased 6% to £22.6m, while EBITDA improved 14% to £2.7m. Own beer sales were 8% ahead and this is helping margins of managed pubs. The World Cup helped the figures. Tenanted pubs income is flat. The current wine and spirits contract is due for renewal next year and options will be reviewed.
An independent valuation of the Valens Pay fintech platform business by Wills Capital indicates a range of $560m to $1.39bn. Valens Pay is the principal platform owned by VP Fintech (VPF).
AIM
Communications and satellite technology developer Filtronic (FTC) reported a small dip in revenues to £55.5m, despite adverse currency movements, and investment in technology and increasing capacity led to a fall in pre-tax profit from £15.1m to £8.1m. Additional engineering and business development staff have been taken on. The new Sedgefield facility is up and running and annual capacity has increased to more than £200m. SpaceX remains the largest customer, but new customers are diversifying revenues. Pre-tax profit is expected to rise to £8.9m this year and 95% of forecast revenues are in the order book. Early forecasts tend to be conservative so there is room for upgrades later in the year.
Video games developer Devolver Digital (DEVO) plans to cancel its AIM quotation and there will be a tender offer of up to $5m at 16p/share. Shareholders are being asked to approve the proposals at a general meeting on 8 September. A further tender offer of up to $5m is planned for 12 months after cancellation. There will be annual cost savings of $1.6m, and the board does not believe that the share price reflects the recent progress, partly due to poor liquidity. Devolver Digital joined AIM on 4 November 2021 at 157p/share
Wellnex Life Ltd (WNX) is selling its main brand Pain Away to Japan-based Rohto Pharmaceutical for up to A$21.3m. The initial cash payment of A$19.8m is payable on completion and will be used to repay debt and invest in the remaining healthcare and contract manufacturing activities. The remaining payment is dependent on performance in the 12 months after the purchase. Shareholder approval for the deal will be sought on 8 September. In 2024-25, Pain Away had revenues of A$13.4m and EBITDA of $4.36m. The rest of the business lost money. Wellnex Life raised £5.22m at 31.75p/share when it joined AIM on 21 March 2025.
Transport software and services provider Tracsis (TRCS) is selling non-core events operations for £7.3m. In 2024-25 revenues were £20.4m and EBITDA was £1.9m. This was expected to improve. This will lead to a net reduction in profit after the disposal, but management can concentrate on the core rail technology business, which has better margins.
Strategic communications company Aeorema Communications (AEO) says interim revenues should be one-third higher at £17.4m, and pre-tax profit could treble before forex movements to £1.5m. After the year end change, the first half is much stronger than the second half, where a loss is likely. Forecast full year revenues have been raised from £20.4m to £22m, while pre-tax profit is improved from £740,000 to £810,000.
Automotive interior components supplier CT Automotive (CTA) says revenues grew 15% to $62.1m in the first half. However, higher operating costs mean that profit will be much lower than in the first half of 2025. Some of the cost increase can be recovered but that has been delayed until the second half. Production inefficiencies in Mexico had to be rectified. Revenues and profit should be stronger in the second half, and the company is optimistic about achieving full year forecasts.
Furnishings supplier Sanderson Design Group (SDG) says interim revenues improved 6% to £51.4m thanks to a 19% increase in North American brand product revenues. Third-party manufacturing revenues recovered 19% to £11m. Licensing revenues were 13% higher at £4.9m. Net cash was £10.2m at the end of July 2026.
Cybersecurity services provider Corero Network Security (CNS) says interim revenues were 42% ahead at $15.5m and it made a positive EBITDA. Annualised recurring revenues are 12% higher at $24.1m. Cash is $2.1m. Zeus still expects a move back into profit for the full year with a pre-tax profit of $400,000 forecast. The broker will review its forecast when the interim results are published.
FIH Group (FIH) is selling the Momart art logistics business for £7.6m to a larger rival and the deal should complete by the end of September. Momart made a loss last year. There could be a cash distribution to shareholders, as well as investment in the remaining business in the Falkland Islands.
Hostels operator Safestay (SSTY) is selling its London Kensington Holland Park property for £3m. This is one of the company’s early sites and it generated revenues of £1.7m last year. There should be a £2.6m gain on the disposal. NAV was 22.2p/share at the end of 2025.
IP and content management Ingenta (ING) is acquiring 23.9% of FirstAida, which is an early-stage legalTech business that is involved in AI software that helps IP holders to identify copyright infringement. The cost is £500,000 in shares and there is an option to buy the rest at a price linked to performance. There is a small dilution to this year’s earnings because of the share issue.
Battery technology developer Gelion (GELN) has secured a joint development agreement with battery materials manufacturer Mitsui Kinzoku which will help progress towards commercial manufacturing in Asia. Gelion will receive £2m in staged payments to validate the company’s NES cathode active material (CAM) for use in high density liquid and solid-state sulfur battery cells. Mitsui Kinzoku has an option to negotiate manufacturing rights in some countries in Asia.
Kazera Global (KZG) says that the technical report for the Sea Concession 2A heavy mineral sands project in Alexander Bay, Northern Cape, South Africa shows an inferred mineral resource estimated at 6.65 million tonnes of heavy mineral sands at an approximate grade of 20%. This is principally garnet, ilmenite, zircon and rutile. This is based on 1.42% of the licence area.
ePharmacy company Vulcan Two (VUL) says integration of its three acquisitions is progressing well. Vulcan Two is shedding lower margin customers and focusing on profitability. Forecast 2026 revenues reduced by 4% to £38.9m and additional staff hires and duplicated running costs have cut the pre-tax profit forecast from £1.9m to £1.1m.
MAIN MARKET
Foams manufacturer Zotefoams (ZTF) grew interim revenues 23% to £95.2m and pre-tax profit was one-third higher at £15.3m. This included a full contribution from OKC, which was acquired late last year. Organic growth was 4%. This was achieved even though footwear sales were 23% lower. Underlying organic growth excluding footwear was 28%. This means that footwear is 30% of total sales, down from 48%.
North east England-based property finance and development company Develop North (DVNO) reported increased interim income of £1.27m, up from £1.04m. The total value of the portfolio is £22.9m. This covers 14 projects following two exits during the period. There were write downs on two projects unable meet interest obligations and this led to a first half loss. The total dividends are 2p/share so far this year. The NAV at the end of May 2026 was 74.8p/share.
Ground engineering and piling business Keller (KLR) grew interim revenues by 10% to £1.61bn, while underlying pre-tax profit improved from £92.7m to £108.7m. There was growth in all regions, and the order book is a record at £1.9bn. This stretches well into next year. Non-exec director Stephen King bought 6,500 shares at £30.62 each.
Solvonis Therapeutics (SVNS) says initial screeding data for SVN-015 is encouraging. This is an AI discovered stimulant use disorder candidate. The next stage of evaluation is funded by the US National Institute on Drug Abuse. Solvonis retains full ownership.
Andrew Hore
Quoted Micro 29 June 2026
AQUIS STOCK EXCHANGE
Vehicle electrification technology supplier Equipmake (EQIP) says second half trading has been in line with expectations. Trading was better than in the first half and full year revenues are set to be more than £8m, up from £3.5m the previous year. Finance director Ian Selby is stepping down, although he has acquired an additional 225,000 shares at 0.9p each, and Jason Abbott has become an executive director, who bought 100,505 shares at 0.99p each. Chairman Tim Metcalfe acquired 2.27 million shares for a total cost of £17,500, while chief executive Ian Foley bought 914,677 shares at around 0.875p each.
Trading in Supersearch Plus (SSP) shares was suspended on 23 June. Two directors have resigned leaving chief executive Foelan Wong as the only director, The frozen seafood company has sacked Guild Financial Advisory as Aquis corporate adviser. The 2025 results will not be published by the end of June.
Ethtry (ETH) had net assets of £4.47m at the end of 2025, including cash of £4.27m. Acquisitions of Ethereum started this year.
Global Connectivity (GCON) has written down its £175,000 investment in PLUG to zero. It has taken an 8% stake in successor company PLUG Networks LLC-FZ.
Wishbone Gold (WSBN) says positive gold assays have been returned from the initial assay results from drilling at Red Setter in Western Australia. Shallow gold zones have been discovered. There will be deeper diamond drilling.
Coinsilium (COIN) had net assets of £14.6m at the end of 2025, with cash of £1.43m. There was a £1.22m cash outflow from operating activities during the year.
Sulnox Group (SNOX) has secured a four-year agreement with Eastern Pacific Shipping, which will broaden its use of Sulnox Eco to more than 50 vessels. This should amount to 1.2 million litres over the period. The customer has more than 350 vessels so there is scope for further expansion. Eastern Pacific Shipping is acquiring 5.5 million Sulnox shares at 2p each and a further 7.06 million shares will be issued relating to the original contract and introductions. This will take the shareholding to 10.8% and it could reach 14% by the end of the new agreement.
Zentra Group (ZNT) says completion at One Victoria in Manchester has been delayed to the end of the third quarter of 2026.
Marc Dixon has reduced his stake in Nomad Compute (NMD) from 6.88% to 1.5%.
Mollyroe (MOY) has appointed Cairn Financial as corporate adviser.
ASSET MATCH
Octagonal (OCT) has joined Asset Match. It owns broker Global Investment Strategy UK Ltd, which has offices in London and Hong Kong.
AIM
Pawnbroker Ramsdens (RFX) is recommending a 600p/share bid from Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. That is higher than the share price has ever been. Shareholders will also receive the 6p/share interim dividend and special dividend of 3p/share. This values the company at £203m plus £3m in dividends. The bid values Ramsdens at around nine times forecast 2025-26 earnings, although profit has been boosted by the high gold price increasing gold buying activity. A fall in profit is currently expected for 2026-27 indicating a multiple of 13, although there have been previous forecast upgrades for the current year and if gold prices remain high there is upside in this forecast.
Talon Resources (TAR) moved from the Main Market on 23 June after the reverse takeover of a North American gold explorer with a 90% stake in the Eagle Lake gold project in Ontario for £4m in shares at 1.25p each, plus £170,000 in cash. There was also £2m raised at the same price. The share price had been suspended at 2.75p and started at 2.125p before falling to 1.275p at the end of the week. That is a 53.6% decline, but the share price is still above the issue price.
Energy as a service provider eEnergy Group (EAAS) expects interim revenues to be £22m and full year revenues to be £32m, compared with £38m previously. That means that EBITDA would be £1,7m rather than £4.5m. These adjustments come after the appointment of John Gahan as interim chief executive. He is generating annualised savings of £2m and there will be a restructuring charge of £500,000.
Distribution Finance Capital Holdings (DFCH) has upgraded expectations because loan originations have exceeded expectations as newer products enhance the growth in inventory finance. Arrears and impairments remain low. Panmure Liberum has raised its 2026 pre-tax profit forecast from £19.4m to £22.4m. Tangible NAV has been increased from 84.5p/share to 85.8p/share.
Online music retailer Gear4Music (G4M) bounced back last year and took advantage of competitors going out of business in the UK. Revenues jumped from £146.7m to £190.7m. There was growth across the range of products both own brand and branded. Pre-tax profit soared from £1.8m to £10.2m – only the peak Covid profit in 2020-21 was higher. This year Gear4Music is moving into a new warehouse, so there will be additional costs holding back profit in the short-term, but revenues should continue to grow.
CPP Group (CPP) announced a general meeting to gain shareholder approval to leave AIM and raise money from a convertible loan note issue. Following disposals, the focus is insurTech platform Blink Parametric, which is still relatively early stage. The final $5m owed by the purchaser of the Indian business has not been paid yet and cash is required. Gresham House Asset Management is offering to invest £3m in convertibles as long as a total of at least £5m is raised and CPP leaves AIM. Shareholders are being offered a chance to subscribe for up to £2.95m of convertibles with a minimum level of £2m. The holders of convertibles will also receive V shares to enable them to vote at meetings. The general meeting is on 14 July.
Thalia Therapeutics (THAT), formerly N4 Pharma, is acquiring Sanmirna Therapeutics Inc, which is developing miRisten for the treatment of Acute Myeloid Leukaemia, for an initial £3.675m in shares and convertible loan notes. Thalia Therapeutics has raised £2.75m at 0.6p/share, with two-fifths coming from directors. The cash will fund the completion of the miRisten phase 1 clinical trial. The data is expected in the first half of 2027.
Publishing software provider Ingenta (ING) has held its AGM and stated that more than £2m of business over three years has been won so far this year. There are other potential contracts that could be gained in the second half. Cavendish expects a dip in 2026 pre-tax profit to £1.4m because of higher sales and marketing costs the benefits of which should show through in the future.
Aerospace composite kits supplier Velocity Composites (VEL) interims were in line with expectations, but the second half will be tougher. First half revenues were 19% lower at £8.4m due to delays in projects starting in the US. The company has closed its site in Fareham and that will generate cost savings. In the second half the costs of ramping up production in the US and lower margin UK work means that although there will be a recovery in revenues margins will be hit. The full year loss will increase from £1.1m to £1.6m. There is a potential second customer in the US.
Space and aerospace technology supplier Filtronic (FTC) says full year revenues will be in line with consensus forecasts of at least £55.5m, while EBITDA will be slightly better than expected due to improved margins. That means that pre-tax profit is estimated at £8.5m. Net cash is 311.3m. The new facility has capacity of £200m. The strong order book means that 90% of 2026-27 revenues expectations of £62.6m. A second contract has been won for satellite payload technology with a US-based customer worth £400,000. This will be recognised in the current year. The 2025-26 results will be published on 4 August.
Buccaneer Energy (BUCE) has increased net proved reserves by 18% for its Texas assets after a review in connection with its WAFD Bank credit facility. Forecast cash flow has increased by 27%. NPV9 has been raised to $11.8m. The oil price assumption is $70/barrel for 2026.
Kazera Global (KZG) has agreed a definitive settlement of $10.5m with Hebei Xinjian Construction in relation to the arbitration award concerning African Tantalum. This is a $7m loan repayment and $3.5m share sale component. There will be an initial payment of $500,000 in Namibia. The rest will be paid over a period up to the end of 2029 and Hebei will then own 100% of African Tantalum. If $9m is paid by the end of 2026 then that would be the total payment.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is gaining market share in a weak market. In the year to March 2026, revenues were 23% higher with like-for-like growth of 11.8%. Operating margin improved from 4.6% to 5.7%. Pre-tax profit increased from £1.5m to £2.5m. The number of active customers rose 24% to 1.4 million. Despite new store openings and others refurbished in the new format, net cash increased to £4.4m. There will be a change in the management of the warehouse during the summer. It is being outsourced to DHL, and this should improve efficiency and help to maximise capacity. Like-for-like sales growth was maintained in the first quarter.
Structural steel supplier Severfield (SFR) has a new management team but they could not influence the underlying results for the year to March 2026. Pre-tax profit fell from £18.1m to £10.5m. That is before £47.7m of exceptional charges, which should represent the bulk of any write-downs by the new management. Net debt is £28.2m. The focus of the business will be higher margin contracts in the UK, Europe and India, plus sectors such as energy, defence and data centres.
Andrew Hore
Quoted Micro 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 16 December 2024
AQUIS STOCK EXCHANGE
Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. The former One Heritage Group has discontinued its co-living and in-house construction services. The focus is high quality apartments and housing, as well as work for local authorities and housing associations. A portfolio of properties was sold for £7m after the end of June 2024. There is a conditional contract to sell land for £400,000. So far, £3m has been reinvested in a 30% stake in One Victoria, a residential and commercial development, in Manchester. It is scheduled for completion in the summer. Prior to the move Zentra director Jason Upton bought 141,806 shares at 3.5p each.
AI software developer IntelliAM (INT) has signed a letter of intent with SKF Lubrication System so the two companies can sell each other’s products. IntelliAM’s machine learning platform will be included in the latter’s products. If the acquisition of 53 Degrees North Engineering had been made at the beginning of the six months to September 2024, revenues would have been £1.61m and EBITDA £140,000. Annualised recurring revenues are £149,000. Chairman David Richards bought 7,142 shares at 70p each.
Vinanz Ltd (BTC) has received commitments totalling £1.5m at 14.5p/share conditional on a move to the London Stock Exchange. This will fund the purchase of more Bitcoin mining machines. The share price edged up 0.82% to 15.375p.
Time to ACT (TTA) subsidiary GreenSpur has developed a preliminary 15MW generator design that outperforms power density and space benchmarks. It is 30% lighter and 70%-80% smaller. Further improvements are possible.
Intelliqo (IQO), which provides marketing services to technology businesses, lost £145,000 in the six months to September 2024. Revenues declined from $558,000 to $224,000. The focus is the Langaroo App. Building up sales will stop the cash outflow. Cash has fallen to less than £12,000.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire, has increased production to 100Mcf/day and is rising by 2Mcf each day. This enhances the potential value of the farm-in to Scout Energy’s acreage in the Hugoton field. The option has been extended to the end of March 2025.
In the year to April 2024, Helium Ventures (HEV) had net assets of £24,000, including £56,000 in cash plus £250,000 long-term investment and £30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the £250,000 subscription. Creditors include deferred payments to directors of £130,000.
Capital for Colleagues (CFCP) has received the third tranche of consideration for the sale of shares in investee company The Homebuilding Centre to the company so that it can expand employee ownership. There was £114,000 received, which was above the minimum of £50,000, due to strong trading.
Igraine (KING) has formalised its investment rights with GEM and its battery storage project development subsidiary BES3. The first site has been chosen.
Marula Mining (MARU) is withdrawing from planned projects in Zimbabwe. It is also relinquishing its interest in the Nkombwa Hill project in Zambia. This enables focus to be placed on the Blesberg lithium and tantalum project and other core interests.
Ananda Developments (ANA) has raised £150,000 at 0.35p/share following positive results for cannabis-based treatment MRX1. There was a significant reduction in blood plasma levels of NT-proBNP (N-terminal pro-B-type natriuretic peptide) levels. This biomarker is used in diagnosis and management of heart failure.
SulNOx Group (SNOX) has raised a further £300,000 at 52.5p/share with a warrant attached. Unicorn AIM VCT has taken its stake to 5.39%. Wishbone Gold (WSBN) has raised £250,000 at 0.2p/share. Meme Vault (MEME) raised £271,000 at 0.02p/share. The shares come with two warrants each and the exercise price is 0.02p/share.
Inqo Investments (INQO) has declared a dividend of R0.07/share.
OTAQ has left Aquis.
AIM
Sports consultancy and data analysis business 4GLOBAL (4GBL) is refocusing its strategy. The new focus is North America. In the six months to September 2024, revenues fell 3% to £1.7m. The loss increased from £1m to £1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at £1m. North American revenues rose by 161% in the period. There was cash of £287,000 at the end of September 2024, but also borrowings of £583,000 following the securing of an additional borrowing facility of £500,000 during the period. Management believes it has enough cash for its requirements, including continuing to spend on developing the data analysis technology.
Equals Group (EQLS) is recommending a bid from a bid vehicle owned a consortium comprising TowerBrook Funds, JC Flowers Funds and Railsr shareholders. The 140p/share cash offer values the multi-currency payments company at £283m. The bid is 135p/share in cash with a special dividend payment of 5p/share.
NWF (NWF) offset the decline in the food distribution by stronger trading in fuels and feed. Fuels margins improved despite flat volumes. Overall operating profit improved, but higher interest costs mean that pre-tax profit will be lower. Feeds volumes improved due to a higher milk price. Lower throughput and costs of relocating stock to the Lymedale site mean that its profit contribution fell. The winter is important to the full year outcome.
Automotive connection systems supplier Strip Tinning (STG) says that the lifetime value of nominations has risen 12% to £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be £9.3m by the end of 2026. A £3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of £27m.
Ceramic and fragrance products supplier Portmeirion (PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from £4.5m to £1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be £7.4m. An unchanged dividend of 5.5p/share is anticipated. The fragrance business is the bright spot.
Electric Guitar (ELEG) subsidiary 3radical is being liquidated and Electric Guitar has become a shell. The uncertain financial position means that trading in the shares remains suspended.
Roebuck Food Group (RFG) intends to raise up to £8.5m via a bookbuild to finance the purchase between 35% and 38.7% in GlasPort Bio, which is developing technology to reduce greenhouse gas emissions, with an option to raise this stake to 94.5%. The company is also buying a 13% to 16.7% stake in GlaspOrt Rumen Tech, which has developed ruminate feed additive RumenGlas, that reduces carbon dioxide emissions.
Autonomous vehicles developer Aurrigo International (AURR) raised £5.25m at 44p/share. The retail offer raised an additional £68,000. The cash will fund an increase in production capacity, as well as engineering.
Helix Exploration (HEX) has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025.
Trading in Aura Energy (AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker.
Orosur Mining Inc (OMI) has received assays from the second and third holes of the current drill programme at the Anza project in Colombia. There was a composite intersection of 77.3 metres @ 7.68g/t gold from surface at the second hole and 75 metres at 5.6g/t from surface at the third hole. This shows a continuing trend to the North West. The fourth hole is completed.
Orcadian Energy (ORCA) has revealed heads of agreement for a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this free carry spending through an additional 30% share of project revenues until the cost is covered. Orcadian Energy is also selling 50% of HALO Offshore UK to Independent Power Corporation, which is securing £5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% interest in the P2634 licence in the North Sea that has been acquired by Serica Energy (SQZ) from Parkmead (PMG).
Kazera Global (KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January.
Industrial monitoring and maintenance systems supplier Tan Delta Systems (TAND) says delays in orders mean that 2024 revenues will be lower than expected at £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £3m.
Business recovery services provider Begbies Traynor (BEG) is benefiting from relatively high levels of insolvencies. In the six months to October 2024, revenues were 16% ahead at £76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at £11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to £1.4m.
Seed Innovations (SEED) investee company Inveniam Capital has secured a strategic partnership with UAE-based AI company G42 to develop a platform for the financial markets. Seed Innovations owns less than 0.2% of Inveniam Capital.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) reports an increased underlying interim loss of £2.8m after a small dip in gross margins. Like-for-like revenues were 4% ahead with ecommerce growth faster than that of high street stores. There were 315,000 new customers buying in the period. Net debt is £4.2m due to deliberately increased stock levels. Management admits pre-Budget spending was subdued, but he business is second half weighted and there should be an improved full year outcome.
Investment company Thalassa Holdings (THAL) intends to raise cash to finance acquisitions. It believes this is an ideal time to pick up businesses at attractive valuations. The final price is being decided via a Dutch auction.
Alteration Earth (ALTE) has gained shareholder approval for the acquisition of Pri0r1ty AI. The company has developed a platform called Priority Adviser, which collects customer data for use in PR/investor relations. The enlarged company will move to AIM late in December.
Aura Renewable Acquisitions (ARA) is proposing the all-share acquisition of Zero Carbon Technologies, which plans to develop lead-acid and lithium-ion battery recycling operations in Europe. It is acquiring land in Spain. The target is raising at least £10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to £2m.
Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.
Andrew Hore
Quoted Micro 12 August 2024
AQUIS STOCK EXCHANGE
Quantum Exponential Group (QBIT) says potential investors have proposed a minimum investment of £1m at 1p/share. The investors have also agreed to pay the investment company £100,000 to cover costs since incurred since the proposed cancelation was announced. This will be repayable out of the proceeds of the investment when it is completed.
Marula Mining (MARU) is acquiring 80% of Kenyan mineral processing company Agarwal Metals and Ores, which owns the Kilifi manganese processing plant.
Flex Labs Inc (FLEX) is proposing to cancel its Aquis quotation and is holding a general meeting on 30 August. The plan is to seek a listing in Canada. The AI company joined Aquis last December at 6p/share. The share price halved to 0.75p last week.
Ormonde Mining (ORM) investee company TRU Precious Metals has appointed Ormonde Mining technical adviser Steve Nicol as chief executive. The 36.2%-owned TRU Precious Metals is exploring for gold and copper in Canada. Another investee company, Peak Nickel, has commenced a drill programme in Aberdeenshire. There will be a minimum of 1,000 metres drilled.
Gunsynd (GUN) remains on Aquis for a few more days and it has entered a farm-in agreement with Pinwheel Resources over acreage in Canada. It can earn 100% of Falcon Lake U-Co-Cu project and Bear Twit VMS project for a total outlay of £200,000 in cash and shares.
IntelliAM AI (INT) has secured a contract extension with a global alcohol company. The company’s consulting services will be broadened to 35 maltings sites in the UK. The contract value is a minimum of £100,000.
Walls and Futures REIT (WAFR) has been trying to attract institutional investors involved in infrastructure and property, but the General Election led to delays. The process will be restarted at the end of the summer holidays. The scale of any potential fundraising will be larger than previously expected.
Oberon Investments (OBE) raised £2.5m at 3.5p/share and that will help to accelerate growth. First quarter revenues increased by 90% to £2.54m and this came from all the divisions. Like-for-like growth of more than 30% is being targeted for the full year.
Tectonic Gold (TTAU) has sold its 10% stakes in diamond miner Deep Blue Minerals and heavy mineral sands miner Whale Head Minerals to AIM-quoted Kazera Global (KZG). A potential Western Australia gold acquisition opportunity is being assessed.
Investment Evolution Credit (IEC) has raised £100,000 at 20p/share.
Ananda Developments (ANA) has moved to the Apex segment of the Aquis Stock Exchange.
AIM
Hargreaves Services (HSP) reported a fall in full year pre-tax profit, but it was slightly higher than expected at £16.9m. Pre-tax profit was lower because of the reduced contribution from the German HRMS business, although it did have a much better second half. This recovery should continue into the current year. EU sanctions on Russian pig iron has helped prices improve, which is good for the HRMS recycling operations. The enhanced dividend will continue and should at least be maintained at 36p/share. NAV is 583p/share.
Customer engagement and intelligent automation systems supplier Netcall (NET) is spending an initial £9.6m for Govtech, which has a focus on the public sector, and this will be earnings enhancing this year. Govtech helps local authorities to automate council transactions so they can be done more quickly and efficiently. Netcall has local authority clients, and its coverage of UK councils will increase from 26% to 34%. Netcall had £33.7m of net cash at the end of June 2024. Even after the acquisition Netcall could still have £31m in cash at the end of June 2025.
Insurance premium finance and professional funding provider Orchard Funding (ORCH) says its largest customer has gone into administration. Orchard Funding has lent £16.7m to Insure That clients out of a total lending book of £66.8m at the end of June 2024. Management is assessing the recoverability of the Insure That loans. This comes six weeks after a positive trading statement.
Cash shell Earnz (EARN) is making its first acquisitions and raising up to £4m at 7.5p/share. It is buying energy services companies Cosgrove & Drew, which provides public sector project work and compliance services for heating and plumbing, and heating installation and maintenance services provider South West Heating Services. Earnz chair Bob Holt has a stake in Cosgrove & Drew, which will cost up to £196m. In 2023, it generated revenues of £9.1m and lost £832,000. South West Heating Services will cost up to £1.15m and it made revenues of £1.1m and a pre-tax profit of £275,000 in the nine months to March 2024. The focus is cross-selling of services and organic growth.
Ocean Harvest Technology (OHT) has published positive data from trials of OceanFeed Swine. Adding this feed ingredient to the diet of pregnant sows results in more piglets being born and improved milk quality in the sows. Revenues per sow increased by $24/year. More than $100bn/year is spent on swine feed.
Natural resources data analyser and provider Getech (GTC) has raised £1.5m at 2p/share and could generate up to £200,000 more from a retail offer. This will improve the balance sheet ahead of the planned sale of Nicholson House. The cost base is being reduced. There will be investment in the sales and business development teams, as well as in machine learning technology development.
Revolution Bars (RBG) has received court approval for its restructuring plan. This means that some bars can be closed, and others will have rent reductions. There will be 65 bars and pubs left in operation. This should improve annualised EBITDA by £3.8m.
Oil and gas company Prospex Energy (PXEN) raised £3.34m via a placing and subscription at 6p/share. There was also an oversubscribed retail offer that raised £859,000. Prospex Energy wants the cash to acquire an interest of 7.5% in the Vlura producing gas field that generates more than four-fifths of the Spain’s gas production.
Hermes Pacific Investment (HPAC) plans to leave AIM. The share price slumped to 40p. The investment company found it difficult to secure suitable investments in the financial services sector in south east Asia and changed into a property investor in 2022, but only one property has been acquired. There is a low free float, and the shares are trading at a large discount to the September 2023 NAV of 147p/share.
Oil and gas company Bowleven (BLVN) plans to leave AIM and 58.3% shareholder Crown Ocean Capital is offering shareholders the chance to sell shares at 0.225p each up until 11 September. This offer is dependent on the departure from AIM being agreed at a general meeting on 28 August. Management believes that being private will give the company more flexibility and reduce costs.
Floorcoverings manufacturer Airea (AIEA) was hit be a slowdown in second quarter sales. The decline of 5.6% was slightly better than for the market as a whole. Interim sales are lower with international revenues 22% lower. July has been stronger and new product launches are planned. There has been an increase in inventory because of the slow sales. The interims will be announced on 26 September. The full year expectations have been reduced.
Extended reality technology developer Engage XR (EXR) says interim revenues reached a record of €2.2m with the main growth coming from licence income. Net cash is €5.5m at the end of June 2024. Management still believes that Engage XR can move into profitability during 2025 without raising additional cash. Full year revenues of €5.3m and net cash of €3.7m are forecast.
EnergyPathways (EPP) says the retention of the decarbonisation investment allowance in the energy profits levy is a positive signal. This should be helpful for the company’s MESH Marram Energy Storage Hub) project. This part of the development of the Marram gas field in the UK Irish Sea.
Tan Delta Systems (TAND) has entered into a product agreement with an engine manufacturer to develop a sensor to monitor coolants and water-based hydraulic solutions. The initial value of the agreement is £200,000, but it could increase to £2m.
Seed Innovations (SEED) has used some of its cash to buy £250,000 of shares in the recent fundraising by AIM-quoted Pantheon Resources (PANR), which is exploring for oil and gas in Alaska. The placing was at 17p/share and the current share price is 18.18p. There is still £3.5m in cash left.
MAIN MARKET
Restaurants operator Hostmore (MORE) says interim like-for-like sales have declined 10% and this accelerated to a 23% decline in July. The first half loss has been reduced. Borrowings are likely to exceed the current debt facilities. Management continues to work on the acquisition of master franchise owner TGI Fridays Inc. The plan is to sell corporate stores to new franchisees and there are agreements to sell stores for more than $40m. A review of options if the acquisition does not happen is being undertaken.
Alkemy Capital Investments (ALK) has updated the market on progress with the Tees Valley Lithium refinery project. A collaboration with Geothermal Engineering intends to develop integrated supply chains in the UK. Project funding partners have been shortlisted, while overheads are being reduced.
Andrew Hore
Quoted Micro 6 May 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) has traded strongly since joining Aquis and raising cash for marketing. The luxury prize draw company increased the number of subscribers from 21,000 at the end of 2023 to 30,000. Churn has been reduced.
Invinity Energy Systems (IES) raised £56m at 23p/share with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. There is also an open offer to raise up to £6.6m. The share price slipped 6.12% to 23p. IES will use £30m to increase capacity ahead of the launch of the latest version of the Mistral flow battery.
KR1 (KR1) gained shareholder approval for the market acquisition of up to 14.99% of its shares. NAV was 132.05p/share at the end of March 2024, down from 134.6p/share one month earlier. There was £1.96m in income from digital assets during the month.
Apollon Formularies (APOL) has sent a general meeting notice for 28 May to gain approval of the cancelation of the Aquis quotation. The company is selling its IP to a Canadian company.
Rogue Baron (SHNJ) has acquired Eight Vodka for £70,000 in shares at 0.5p each. Eight Vodka is distilled eight times in Ecuador.
Trading in Silverwood Brands (SLWD) was restored following the completion of a capital reduction. Phoenix Asset Management increased its stake from 0.94% to 29.9%. In the first quarter a rebranding of Balmonds has disrupted sales. The costs of acquiring Cosme Science hit profitability of Sonotas.
One Health Group (OHGR) says it did better than expected last year with annual revenues improving from £20.5m to £23m. Net cash was £4.7m at the end of March 2024. There was a 13% increase in NHS patient referrals for treatments. New five-year contracts have been secured with the two largest customers.
RentGuarantor Holdings (RGG) says first quarter revenues were 62% ahead and the number of tenant contracts was 38% higher.
Investment company MaxRets Ventures (MAX) reported net assets of £19,000 at the end of October 2023, down from £497,000. There was no new investment during the year. A transformative acquisition is being sought.
Hydrogen Future Industries (HFI) more than halved the interim cash outflow from operating activities to £234,000. Ther was £263,000 in the bank at the end of January 2024, but £612,000 has been raised since then. Testing of the prototype wind turbine and the electrolyser has gone well.
Substrate AI (SAI) generated revenues of $8.6m in 2023. There was $4.42m in the bank.
Hacienda Management has taken a 7.48% stake in Supernova Digital Assets (SOL). Pete Mills increased his stake in Oscillate (MUSH) from 3.02% to 4.03%. DXS International (DXSP) chairman Robert Sutcliffe bought 100,000 shares at 1.46p/share.
AIM
Trinity Exploration & Production (TRIN) has agreed a bid from fellow AIM-quoted Trinidad oil and gas company Touchstone Exploration (TXP), which is offering 1.5 shares for every Trinity share. The Trinity shareholders will own one-fifth of the enlarged company. The combined group will be in a stronger position to make investments in new production. The Touchstone Exploration share price is 4.85% lower at 39.25p, valuing each Trinity share at 58.875p – the share price is 50% higher at 54p.
Alpha Financial Markets Consulting (AFM) has confirmed that BridgePoint Advisers has made a bid approach and Cinven is considering making a bid. Revolution Bars Group (RBG) has received interest from Nightcap (NGHT), which is assessing the situation and options include a bid or acquisition of some sites or subsidiaries.
Electric Guitar (ELEG) moved from the standard list to AIM following the reverse takeover of 3radical on 3 May. It is the first in a planned series of acquisitions in the digital marketing sector, where regulatory and market changes, such as the blocking of third-party cookies, provide significant growth opportunities. 3radical was acquired for 61.2 million shares valued at £1.28m. A fundraising generated £1.32m at 2.1p/share and that valued the company at £4.7m. 3radical was set up by the founders of campaign management software provider Alterian at the end of 2011 The shares had been suspended at 2.1p and they fell to 1.8p when trading recommenced on AIM.
Multi-channel retailer TheWorks.co.uk (WRKS) moved from a premium listing to AIM. The board felt the company was too small for the cost and regulatory burden of the Main Market. One of the attractions of AIM is that the company will no longer be classified as a Public Interest Entity and it will be able to choose an auditor from a wider range of firms. Singer forecasts a slump in pre-tax profit from £10.1m to £1m in the year to April 2024.
Cornish Metals (CUSN) has published a preliminary economic assessment of the South Crofty tin project in Cornwall. There is an after-tax NPV8 of $201m at a tin price of $31,000 /tonne. Pre-production capital requirement is $177m, which is higher than previous estimates, and there should be 14-year mine life. Life of mine all in sustaining cost is estimated at $13,661/tonne. Planned first production is in 2027.
Horizonte Minerals (HZM) has enough cash until 17 May and senior lenders have agreed to extend waivers on loans, including deferring interest payments, until 15 May. These lenders have security over the company’s assets. Horizonte Minerals has guaranteed the debt of the subsidiary that owns the Araguaia project. Discussions with creditors and investors continue in an attempt to achieve some recovery value for creditors. That may include the disposal of the Araguaia project. None of the proposals are likely to recover value for shareholders.
Arrow Exploration (AXL) grew average production from 1.3mboe/day in 2022 to 2.2mboe/day in 2023 and revenues increased from $28.1m to $50.6m, which was slightly lower than forecast. There was cash of $13m at the end of 2023 and this fell to $12m at the end of March 2024. Production has reached 2.9mboe/day in March, while drilling activity will lead to further increases in the medium-term. Canaccord Genuity has cut its 2024 revenues forecast from $103.9m to $98.6m and net cash is expected to be $17m at the end of 2024.
Trading at property services provider Kinovo (KINO) is ahead of expectations with organic growth of 23% in the year to March 2024. Underlying pre-tax profit should be more than £6m, excluding costs related to the DCB contracts, which were guaranteed by Kinovo when it was sold, still to be completed.
Mark Halpin has stepped down as chief executive of managed IT services provider CloudCoCo (CLCO) and MXC Guernsey, which holds a 10.6% stake, has extended its loan notes to 31 August 2026 in return for a £550,000 fee. The amount outstanding on the loan notes is £5.85m. MXC can also appoint an executive director and Ian Smith becomes interim chief executive. The shares returned from suspension following the release of figures for the year to September 2023 showing revenues 7% ahead at £26m. The loss was flat at £2.6m. There was a cash inflow from operating activities. Net debt was £6.3m at the end of September 2023.
Brake discs developer Surface Transforms (SCE) raised £6.5m fundraising at 1p/share. There will be a one-for 1.76036319 open offer at the same price. That could raise £2m. The cash will finance the scale up of manufacturing. Factory capacity will be increased to £75m. This year’s revenues are forecast to be £17.5m.
Gift wrap and stationery supplier IG Design (IGR) did better than expected in the year to March 2024 with margins recovering and pre-tax profit improving from $9.2m to $25.9m, compared with a forecast of $20.5m, even though revenues fell. Net cash nearly doubled to $95m. It appears the recovery is gathering pace. Management believes that margins could return to previous levels this year and an operating margin of more than 6% in 2026-27, suggesting a pre-tax profit of around $50m.
IT distributor Northamber (NAR) is acquiring Tempura Technology and Tempura Communications, which distribute unified communications products, for £6.02m in cash and 181,818 shares. There is £2.64m of the cash consideration contingent on EBITDA in the years ending June 2025, 2026 and 2027. This is a profitable business that has been growing organically.
Heavy mineral sands project developer Kazera Global (KZG) says recent changes at the National Nuclear Regulator in South Africa mean that it will have to provide additional information on how it will meet financial obligations. This should be funded by cash flow. A response is expected shortly and that will allow heavy mineral sands production to start in Alexander Bay, South Africa.
Oil and gas producer Jadestone Energy (JSE) reported a $91.3m loss for 2023 due to asset impairments, lower oil prices and higher interest costs. Capital investment has increased net debt to $110.5m by the end of March 2024. Average production in the first quarter of 2024 was 17,200 boe/day, which was hit by the Australian cyclone season. Production guidance for 2024 is 20,000-22,000 boe/day.
MAIN MARKET
Castings (CGS) did better than expected in the year to March 2024 and Canaccord Genuity upgraded its pre-tax profit forecast from £27.1m to £28.2m. Margins improved in the second half. Net cash is £32m.
Cybersecurity firm Narf Industries (NARF) is accelerating work on capabilities uniquely effective in battling a new generation threat. Developed was funded through a $2.3m contract from DARPA.
Andrew Hore
Quoted Micro 2 January 2022
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) says that 2023 revenues will be better than expected because of the order inflow in recent months and delayed contracts. The 2023 forecast was raised from £20.6m to £23.7 in September. The battery storage technology developer will still make a significant loss even with higher revenues.
Oberon Investments Group (OBE) reported a decline in interim revenues from £3.45m to £2.64m. Corporate broking revenues fell by one-third to £1.03m, although the number of clients increased from 15 to 22. Funds under management rose above £1bn, although investment management revenues also declined. The group moved from profit to a £1.7m loss as additional staff were taken on in corporate broking and investment management. There was net cash of £2.3m at the end of September 2022. The launch of an EIS fund and other new products should boost longer-term revenues.
Supported housing operator Walls & Futures REIT (WAFR) interim loss fell from £201,000 to £37,000, although there was a small increase if exceptional charges are excluded. NAV was 0.5% lower at 97.5p a share at the end of September 2022. There was cash of £829,000. The weaker residential market is helping with the search for suitable sites.
Looking Glass Labs Ltd (NFTX), which operates Web3 platforms for immersive metaverse environments and blockchain, has progressed with the development of its Pocket Dimension metaverse offering. Carl Chow has stepped down from the board and Lucas Russell has replaced him.
Tectonic Gold (TTAU) reported an increased loss of £311,000 in the year to June 2022, while there was a £270,000 cash outflow from operating activities. There was £403,000 in the bank at the end of June 2022, with net cash of £232,000.
Cadence Minerals (KDNC) has completed the pre-feasibility study for the Amapa Iron Ore and an announcement is expected in early 2023. Investee company Evergreen Lithium is awaiting final regulatory approval to join the ASX.
AQRU (AQRU) has invested £2.3m in Streaks Gaming, which is planning to join the standard list on 5 January. Streaks Gaming is creating a global conversational gaming platform.
IamFire (FIRE) has subscribed for a further £500,000 of WeShop convertible loan notes. The conversion price is 200p a share.
Gowin New Energy (GWIN) has borrowed £50,000 from its chief executive.
Geremy Thomas is no longer an executive at Goodbody Health Ltd (GBDY), although he remains as chairman. Anne Tew is stepping down as finance boss, although she will cover the role until a replacement is appointed.
AIM
Nexus Infrastructure (NEXS) is selling its utility connections and charging infrastructure businesses to FitzWalter Capital for £77.7m. That is more than the market capitalisation before the announcement. This is the highest it has been since June. TriConnex and eSmart Networks were the parts of the group with the best growth prospects and Nexus Infrastructure is left with civil engineering business Tamdown, where margins are recovering. In 2021-22, revenues were £98.4m and the operating profit was £2.3m. There will be £10m of disposal proceeds retained for working capital and the £65m left after costs will be distributed to shareholders.
Trading in digital media company Catenae Innovation (CTEA) shares has recommenced after it published its 2020-21 accounts and interims to March 2022. There was a £993,000 cash outflow from operations last year and that was reduced to £283,000 in the latest interims. There was cash of £337,000 and no debt at the end of March 2022. A £250,000 interest-free loan facility has been secured from Sanderson Capital and £125,000 has been drawn down. Shares and warrants will be issued to Sanderson Capital at 0.235p each.
NetScientific (NSCI) investee company PDS Biotech (NASDAQ: PDSB) has revealed median overall survival of 21 months in a phase II study for a PDS0101-based triple combination therapy for advanced HPV+ cancer patients. This is a better outcome than for current treatments. The PDS share price rose on the news and even though it has fallen back it has still risen by around one-third this week. NetScientific’s 4.7% stake is worth around £13.8m.
Catalyst Media Group (CMX) trebled its net assets after unwinding a previous write-down. A 20.5% shareholding in horseracing broadcaster Sports Information Services (SIS) is the only significant asset that Catalyst Media has, and it is valued at £35.4m. That is after a write-back of a previous impairment charge of £23.4m. NAV is £35.5m, or 168.9p a share. Catalyst Media has announced a 3.3p a share dividend.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says its pain clinic subsidiary LVL Health has completed the feasibility study of its non-cancer chronic pain clinical trial. The results are described as positive. The results have been submitted to the research ethics committee, which will make a decision on a larger clinical trial involving up to 5,000 patients. A trial has already been conditionally approved by the MHRA.
Barkby Group (BARK) has increased the debt facility provided by Tarncourt Properties, a company controlled by the family of Barkby chairman Charles Dickson, from £5m to £12m and it expires at the end of June 2024. Net debt was £7.7m on 2 July 2022. There is effectively £7m of cash available at the end of 2022. Net liabilities are £7.7m. Non-core assets are up for sale. The focus will be property and pubs.
Tekcapital (TEK) investee company Innovative Eyewear has signed a global licensing agreement for the outdoor brand Eddie Bauer for smart eyewear.
Allergy Therapeutics (AGY) says that its accounts will not be published by the end of 2022, so trading in the shares will be suspended on 3 January. The audit has been delayed, but there is no indication of any material problem. Management is still assessing funding options. Annual results for Kazera Global (KZG) will not be published until February, so trading in the shares will also be suspended on 3 January.
MAIN MARKET
Gresham Technologies (GHT) software Clareti Connect has won a new $1.3m contract over five years with an existing banking client. The software will replace FIX processing infrastructure and there will be additional recurring usage fees.
Standard list shell Stranger Holdings (STHP) had net debt of £761,000 at the end of September 2022. Due diligence continues on the potential acquisition of mineral rights in Africa.
Andrew Hore
Quoted Micro 4 October 2021
AQUIS STOCK EXCHANGE
Wine maker Chapel Down Group (CDGP) increased interim revenues by 35% to £8.11m, which included £287,000 from the brewing business, which has been sold. Chapel Down moved from loss to profit in the first half. Underlying pre-tax profit was £459,000, helped by £73,000 of government grant income. Wine volumes increased by 66%. Pro forma net cash is £6m, following the recent fundraising.
Digital assets investor KR1 (KR1) reported an NAV of 80.3p a share at the end of June 2021, up from 29p a share at the end of 2020. There was a £69.5m gain on intangible and financial assets.
Property investor Ace Liberty and Stone (ALSP) returned to profit in the year to April 2021. The value of the portfolio was 3% higher at £89.9m. A loss of £742,000 was turned into a pre-tax profit of £1.39m. Contracts have been exchanged for the purchase of a property in Stafford for £1.26m, where the annual rent is £95,000. The sale of properties in Leeds and Dudley are due to complete.
Tectonic Gold (TTAU) has sold a 60% stake in Whale Head Minerals to AIM-quoted Kazera Global Investments (KZG) in return for 13.5 million shares, which have been assigned to Consolidated Minerals to settle a A$279,732 loan. Tectonic retains a non-diluting 10% interest in Whale Head Minerals.
Coinsilium (COIN) made a pre-tax profit of £333,000 in the first half of 2021. A net fair value gain on unlisted investments of £793,000 was offset by a £148,000 investment write-down. There was a £136,000 cash outflow from operating activities.
NFT Investments (NFT) had net cash of £29.3m at the end of June 2021. So far, two investments have been made, including one after June. Management admits that the digital asset investment sector has been volatile and NFT is being highly selective.
Cancer treatment company Rutherford Health (RUTH) has increased its full year revenues from £5.6m to £7.3m. The operating loss increased from £25.7m to £31.1m. Additional investment has been obtained since the end of February 2021.
Incanthera (INC) has frilled two trademark names for its Sol skin cancer formulation. They are ACTINOMOD AND ACTINODERM.
Arbuthnot Banking (ARBB) has sold a further 220,000 shares in Secure Trust, raising £2.5m. Arbuthnot retains 399,538 shares in Secure Trust.
Adnams (ADB) director Guy Heald has acquired 3,000 B shares from Sidney Sussex College, Cambridge at £92.86 each. His B shares stake has increased to 17.15%.
S-Ventures (SVEN) has appointed VSA Capital as corporate adviser.
Block Commodities has been withdrawn from Aquis after a six-month trading suspension.
AIM
Frontier IP (FIPP) investee company Exscientia has joined the Nasdaq Global Select Market after a $304.7m offer at $22 per ADS, which values the pharmatech company at $2.6bn. The ADSs ended at $27.10 each on the first day of trading on 1 October. The closing price values the Frontier IP stake at £31.3m. Oxford-based Exscientia is a spin-out from the University of Dundee and uses artificial intelligence to help drug discovery.
Broker Peel Hunt (PEEL) has returned to AIM two decades after its original flotation, which ended with a takeover by Belgian bank KBC. A placing at 228p a share raised £40m for the company and valued it at £280m. Existing shareholders also raised £72m The share price ended the week at 231.3p. In the year to March 2021, Peel Hunt Ltd revenues more than doubled from £95.5m to £196.9m, while pre-tax profit jumped from £34.2m to £120.1m. That reflects another bumper trading period. Because of the reorganisation of the group, the illustrative, adjusted pre-tax profit is £73.6m, up from £19.4m. Revenues for the five months to August 2021 fell from £82.5m to £63.3m.
GreenRoc Mining (GROC) has acquired the Greenland mining assets of Alba Mineral Resources (ALBA) in return for shares equivalent to 54% of the newly floated company. The Amitsoq graphite project has graphite suitable for using in the manufacture of lithium-ion batteries and the Thule Black Sands project in north west Greenland appears to be a continuation of the Dundas mineral sands project being developed by AIM-quoted Bluejay Mining (JAY). GreenRoc raised £4.25m after expenses at 10p a share. The share price has slipped back to 9.35p.
Made Tech Group (MTEC) is a rapidly growing provider of digital transformation services to the UK public sector, including healthcare and defence. It raised £15m at 122p a share when it joined AIM at the end of September. Over the past three years annual revenues have grown at a compound rate of 89% and this growth has been financed without seeking shareholder investment. In the year to May 2021, revenues were £13.3m.
Delivered ready meals company Parsley Box (MEAL) has been hit by supply problems. The available stock is 50% of planned levels, due to staffing and logistics problems at food producers, and Parsley Box has built up its cost base in anticipation of growth. It is set to continue to make losses until the supply problems ease, even though marketing spend will be cut.
Antimicrobial technology developer Byotrol (BYOT) has sold the American rights to the Byotrol24 surface spray to its Americas licensee Integrated Resources Inc for $1.4m (£1m). Byotrol retains the rights outside of the Americas.
Northbridge Industrial Services (NBI) is growing the core loadbanks manufacturer Crestchic and the disposal of the Tasman oil and gas tools business, assuming it happens, will end the associated loss and pay off debt. Group revenues were 22% higher at £19.6m, while operating profit quadrupled to £1.6m. Net debt has fallen from £6.8m to £4.5m. A pre-tax profit of £2.83m is forecast for 2021. The construction of a new Crestchic factory has commenced.
Acquisitions and strong organic growth enabled pharma services software supplier Instem (INS) to increase interim revenues by 41% to £19.8m. Demand for the company’s software is being driven by increased life sciences investment. Instem is on course to increase full year pre-tax profit from £4m to £5.2m.
Cyber security firm Osirium Technologies (OSI) signed up 31 new customers in the first half. It was particularly successful in winning NHS Trusts. Average contract values were lower, but sales bookings were 19% higher. Interim revenues increase by 5% to £740,000, while deferred income was 17% ahead. Partners are being signed up to help with international growth. Full year revenues are expected to be 12% higher at £1.6m, but Osirium will continue to lose money due to continued investment.
Digital TV software technology developer Mirada (MIRA) has changed its strategy and employing resellers. The local presence should enable Mirada to build up its international revenues. Covid-19 hampered deployments and slowed investment decisions. Interim revenues declined by 15% to $11.1m. This is despite the growth in deployments of Mirada’s android TV technology for izzi Telecom, which is the company’s largest customer.
1Spatial (SPA) continues to win new contracts and annualised recurring revenues have increased by 12%. The latest contract for a UK government department is worth £8m.
Data erasure and mobile diagnostics services provider Blancco Technology (BLTG) reported operating 2020-21 profit slightly ahead of expectations. Investec is maintaining its 2021-22 pre-tax profit forecast of £5.4m, up from £5m.
Polymers developer Itaconix (ITX) is still loss making, but interim revenues improved 26% to $1.37m. It has a pipeline of potential deals that could generate revenues that are many times higher than that.
MAIN MARKET
S and U (SUS) reported better than expected interims. Revenues were flat at £42.8m, but the core car finance business is recovering. The loan loss provision was cut from £21.4m to £4.9m. Car finance receivables were slightly higher at the end of the six-month period at £248.8m, even though credit criteria has been toughened. Pre-tax profit more than trebled to £19.9m. This includes an improvement in the profit of the Aspen bridging loan business from £100,000 to £1.5m. The interim dividend is 50% higher at 33p a share. Edison has upgraded the 2021-22 S and U pre-tax profit forecast to £38.7m.
Anglo African Agriculture (AAAP) says that the proposed reverse takeover of Kenya-based Comarco. The loan to the company plus interest, totalling $1.5m, should be repaid by the end of October. The original loan was made in November 2018 and is secured on a company with 4.74 acres of land at Mombassa.
Aircraft lessor Avation (AVAP) reported a $70.1m loss for the year to June 2021 and it is expected to make a much smaller loss this year. Avation has a fleet of 44 aircraft. The company’s cash pile should build up when underutilised aircraft are sold.
Bay Capital (BAY) is a newly floated shell set up by two highly experienced small company directors, Peter Tom and David Williams. It raised £4m at 10p a share and has pro forma cash of £6.64m, which is equivalent to 9.5p a share. The share price ended the week at 18.4p. Acceler8 Investments (AC8) is another recently floated shell where David Williams is a director.
Roquefort Investments (ROQ) is paying £1m in cash and shares for Lyramid, which has a worldwide licence to commercialise patents related to Midkine-based therapies for cancer, kidney disease, autoimmune disorders and Covid-19. Roquefort plans to raise up to £3m. Trading in the shares has been suspended until a reverse takeover prospectus has been published.
Hygiene and protection technologies developer HeiQ (HEIQ) published lower interim revenues because the comparative figures were boosted by Covid-19 demand. Full year revenues are likely to be flat at around $50m, while pre-tax profit would decline from $7m to $3.7m due to a lower gross margin and higher overheads.
Andrew Hore