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Quoted Micro 27 July 2026
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) had a good first half performance and expectations have been upgraded. Interim pre-tax profit was flat and financial headroom remains comfortable. Improved efficiency helped to maintain profit when interest rates were lower. Specialist lending grew 18%. There is growth in the core businesses, but higher technology costs offset this growth. So, although the operating income forecast has been raised 3% to £180.4m, while pre-tax profit is barely changed at £20.7m. Forecast tangible NAV is 1522p/share.
Electric drivetrain developer Equipmake (EQIP) confirms that second half trading improved, and full year revenues rose from £3.5m to £8.2m and on top of this grant income increased from £900,000 to £1.6m. There was a positive EBITDA in the second half. Cash was £2m at the end of May 2026. Momentum has continued in the new financial year. The order book for delivery this year is more than £8m.
Brewer Shepherd Neame (SHEP) grew like-for-like pub sales by 3.4% in the past financial year and that increased to 4.3% in the first three weeks of the new financial year. Beer volumes fell 5.4%, although own beer sales grew in the company’s own pubs. Jonathan Neame will take over as chairman from Richard Oldfield and he remains an executive. Mark Rider will become managing director, and Graham Turner becomes a non-executive director.
AI software provider to industrial businesses IntelliAM AI (INT) doubled annualised recurring revenues to £1.65m. in the year to March 2026, revenues were 64% to £5.26m, while the loss more than doubled to £1.95m. Cash was £100,000 at the end of March 2026 and since then £500,000 has been raised. There are plans to move to AIM before the end of the year.
ProBiotix Health (PBX) has signed a partnership agreement with Belgium-based Nutrisan, which is launching a new cholesterol reducing product including the probiotic strain LP LDL developed by ProBiotix Health.
Residential property developer Zentra Group (ZNT) says that Torsion Construction, the principal contractor of the One Victoria development in Manchester, is appointing an administrator. There is about eight weeks of additional work required. Completion should still be before the end of the year. Zentra has loaned £4.1m to the development.
Tamar Minerals (TMR) says drilling is about to start at the Great Wheal Vor tin and copper project in Cornwall.
Valereum (VLRM) has entered an agreement with Blockchain Digital Assets, which has advisory interests in Africa and the Indian Ocean. These commercial relationships will help to develop real world asset tokenisation, digital payments and digital banking infrastructure. Quorium Global Photonics SPC has issued $VXRUP, a stable coin on the Ripple XRP Ledger.
Ethry (ETHY) has committed £1m to the senior second notes facility issued by York-based Apatura, a UK developer of large-scale battery storage and grid-secured data centre sites. There are quarterly interest payments.
Lift Global Ventures (LFT) is making a strategic investment of £30,000 in LEXcelerate, which is developing an AI conveyancing and remortgage platform, at a £3m pre-money valuation. This will acquire a 0.8% stake in LEXcelerate. Yorkshire AI Labs, where Lift Global Ventures executive chairman David Richards is managing partner, has a 35% stake in LEXcelerate.
Marula Mining (MARU) will not publish its accounts by the end of July.
JP JENKINS
CPP Group (CPP) has left AIM and moved to the JP Jenkins matched bargain facility, and it has promised to keep it for at least 12 months.
ASSET MATCH
Marshall of Cambridge (MCH) is recommending a final dividend of 4p/share. The AGM will be on 22 September.
AIM
Pehlwan Malik Holdings has taken a 3% stake in automotive interior components supplier CT Automotive (CTA). Pehlwan Malik Holdings’ main subsidiary is Green Destinations, which provides passenger transport services. In the year to July 2025, the group’s revenues were £18.1m and pre-tax profit £3.79m. Cash was £7.85m plus investments of £5.49m at the end of July 2025.
Scancell (SCLP) is merging with Nasdaq listed Neuphoria Therapeutics in an all-share deal and the combined entity will be quoted on AIM and Nasdaq. Scancell shareholders will own 85.5% of the company. Neuphoria has £7.5m in cash and a private placement will raise a further £29.2m. A UK placing will raise £9m at 9p/share, which is not dependent on the merger going ahead, and a retail offer could raise up to £2.3m. The pro forma cash balance after the merger would be £59.2m. The cash will last into 2028 and finance the global phase 3 trial for iSCIB1+ active immunotherapy in advanced melanoma. The phase 2 SCOPE study should be published within one year.
Wound healing technology developer AOTI Inc (AOTI) says the Centers for Medicare & Medicaid Services (CMS) has issued a proposed Local Coverage Determination (LCD). This covers the whole of the US and indicates that the AOTI topical oxygen therapy can be used to treat diabetic foot ulcers that have failed to heal with four consecutive weeks of optimized diabetic foot ulcer care. This decision has a 45-day public comment period, but it would significantly increase the addressable market, which in the medium term could be around $400m annually. Broader coverage would further increase the market. A trading statement will be published on 27 July.
Advanced coatings supplier Hardide (HDD) has sparked another forecast upgrade with its latest trading statement. Third quarter trading was strong, and it has grown revenues ahead of plan. Third quarter revenues were £4.1m, taking the total for the year so far to £8.9m. The full year pre-tax profit forecast has been raised from £3.4m to £4.6m. Year-end cash is expected to be £2.3m.
Floorcoverings manufacturer Victoria (VCP) reported a 6% dip in underlying revenues to £1.05bn. Margins declined and the underlying loss increased from £11.5m to £62m. That excludes one-off costs of restructuring and refinancing. Net debt, including leases, was £1.06bn at the end of March 2026. Market conditions were weaker than expected in the second half. First quarter revenues are 7% ahead and profitability is improving. EBITDA is expected to be at least £115m this year, up from £92.3m.
Fertiliser producer Harvest Minerals (HMI) is acquiring a portfolio of eight rare earth projects in Brazil for A$200,000 and 40 million shares, plus a further A$300,000 on achievement of milestones. Harvest Minerals also takes on A$1.5m of previously agreed deferred payments and a 1.5% royalty obligation. Two projects are highly prospective for ionic clay-hosted rare earths mineralisation. The company already has a rare earths prospect at its Arapua project.
Ariana Resources (AAU) says that the Tavsan Mine, where it has a 9.9% interest, has completed its ramp up and ore is being loaded onto heap leach pads at 4,000 tonnes per day. Enhancements are being made to the processing. Kiziltepe interests have been transferred into a separate entity to enable the sale of this stake.
Rent guarantee services provider Rentguarantor (RGG) continues to achieve positive momentum. The trading statement confirms that the business is growing faster than expected. Interim revenues are 250% ahead at £3.39m and the company has moved into profit. Applications more than doubled. The exercise of warrants at 17.5p each has raised a further £189,000. Cavendish has upgraded its full year pre-tax profit from £200,000 to £1.6m and doubled next year’s figure to £4.6m.
Truetide (TRUE) is changing its investing policy to focus on AI. This would proceed in phases, presumably so existing investments can be sold.
Healthy food and snacks supplier Tooru (TOO) says that the OAF range is increasing sales each week, while significant growth is expected from Pulsin thanks to launches in additional retailers.
Construction staff provider Hercules (HERC) non-executive director Martin Tedham bought 110,000 shares at 31p each, 50,000 shares at 32p each and 285,160 shares at 34.75p each. Chief executive Brusk Korkmaz acquired 100,000 shares at 39.75p each.
PACSCo Ltd (PACS) is awaiting one further approval of the sale of its businesses in Mozambique. Management is seeking reverse takeover candidates in any sector. They have to have positive cash generation and growth potential that would be attractive to institutional investors. A strong management team is also required.
Digital health and pharmacy company MedPal AI (MPAL) is acquiring eMARx, a provider of electronic medication administration software for care homes and pharmacies. The initial consideration is £380,000 in cash and shares. Revenues were £740,000 and they have trebled over three years. Pre-tax profit was £110,000.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has received a 448p/share cash possible offer from Ridgeview Partners. Management is likely to recommend this if a firm offer is made. There will be a share alternative. Lithia UK owns 31.95% and is supportive, as are other shareholders owning 16.8%. This indicative bid is lower than the Apax Partners offer of 500p/share, which did not go ahead.
Hydrogen Utopia International (HUI) has raised £850,000 at 2p/share and appointed Clear Capital as broker. The cash will fund expansion in Saudi Arabia and extend licence agreements.
Andrew Hore
Quoted Micro 15 June 2026
AQUIS STOCK EXCHANGE
Sterling Digital (ASIC) has entered a gas purchase agreement with a US supplier to power the Bitcoin mining operations in West Texas. The agreement lasts five years and includes the rights over 1.5 acres of land to establish the Bitcoin mining site. There is a minimum buying commitment of 96,360MMBtu of gas each year. Site installation works have commenced.
energy B (NRGB) is acquiring the 35% working interest in the Horse Hill oil field near Gatwick owned by UK Oil and Gas (UKOG), as well as the 77.9% shareholding in Horse Hill Developments. The combined interest in the relevant licences is 85.6%. The cost is £1m with an initial deposit of £100,000. A placing will raise £1.2m at 12p/share. This deal is part of plans to build a portfolio of oil and gas projects, as well as continuing with the wind turbine business. The Bitcoin treasury strategy has been withdrawn. David Lenigas is joining the board as executive chairman and Neil Ritson becomes chief executive.
Mendell Helium (MDH) has published updated details of its move to AIM. The move has been set for 16 June.
BWA Group (BWAP) has released results from the Aracari gold project ground magnetic survey. Major regional thrust and strike-slip faults were highlighted. A soil sampling programme has been completed.
Marula Mining (MARU) says copper sales from the Kinusi copper mine have been delayed from May to June. The Kilifi manganese processing plant postponed the initial manganese ore trial shipment due to the conflict in the Middle East. The budget for the NCLT tungsten project in South Africa has been set at $8.1m. This will be spent in two phases over 14 months. The first phase costs $2m.
Capital for Colleagues (CFCP) investee company Morris Commercial has unveiled the pre-production Morris-JE electric van. There is a path to pilot production in 2027 and commercial scale production the following year.
Wishbone Gold (WSBN) has completed 14 holes of the 25 hole drilling programme at the Red Setter project in Western Australia. Samples are being sent to Perth and results are expected at the end of July.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced a field works programme at the Golden Rose project in Newfoundland.
Falconedge (EDGE) has generated an income of 0.1766 Bitcoin during May. It holds 20.6736 Bitcoin.
Ethtry (ETHY) bought 75 Ethereum at £1,250 each for a total cost of £93,750. The company owns 1,000 Ethereum.
Unicorn Asset Management has reduced its stake in Incanthera (INC) from 9.47% to 8.61%.
Sebastian Marr and family have taken a 16.1% stake in Vaultz Capital (V3TC). Regent Resources Capital Corp owns 17.6%. Bryan Reid has sold his 7.28% shareholding.
Mark Barry has taken a 3.6% stake in Vault Ventures (VULT).
ASSET MATCH
Broker Direct (BRKD) fell into loss in 2025. The company stopped distributing EDI products to brokers and it launched new products for its clients. Revenues declined from £18m to £14.5m. There was a swing from a pre-tax profit of £368,000 to a loss of £1.85m. Cash was £11.5m at the end of 2025.
Marshall of Cambridge (MCH) has announced more details of the sale all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The gross purchase price is £200m before costs and tax. There is potential for further payments if the development outperforms expectations. This enables the company to focus on the aerospace business, although there are plans to sell this. Equity Development estimates a mid-point NAV of 324p/share.
VP Fintech Group (VPF) plans to acquire GlblNexus Inc. The Wyoming-based company is developing a crypto-to-crypto payment gateway designed to for digital asset payments, settlements, and blockchain-based transaction processing. The cost is currently confidential.
AIM
Marketing services provider Silver Bullet Data Services (SBDS) is asking for shareholder approval for a departure from AIM. It argues that the weak financial markets mean that the company is undervalued and hampers its ability to raise money. This will also save £500,000 each year. A general meeting will be held on 25 June. A matched bargains facility operated by JP Jenkins will operate for at least 12 months.
Virgin Wines (VINO) says full year revenues are 4% ahead even though the wine retail market is down by one-fifth. The fourth quarter was slightly weaker than expected. Higher rent costs and lower interest income have led to an increase in forecast 2025-26 loss to £1.5m. Warehousing is being consolidated in Preston. Cavendish expects a lower loss in 2026-27 and forecast net cash of £4m at the end of June 2027 should be the low point.
Genetic testing developer GENinCODE (GENI) reported 14% growth in 2025 revenues to £3.1m, but investment in preparation of growth in the US and other markets meant that the loss increased. There was a £4.12m cash outflow from operating activities during the year. Earlier this year, £4.3m net was raised at 1p/share, so there is enough cash to take the business into 2027. This year the new manufacturing and distribution deal with Thermo Fisher will start to make a contribution and an FDA submission for the CARDIO inCode-Score test assessing coronary genetic risk is expected in the third quarter. If things go to plan approval could be received by the end of 2026. Updated guidelines for this type of test were announced in March, and they should provide additional momentum for sales. This year Spain will continue to be the main generator of revenues, but GENinCODE is laying the foundations for additional growth in other markets next year. Ian Amiee, Daryl Amiee and Doolittle SSAS account Amiee has acquired a 3.06% stake.
Professional project services provider Diales (DIAL) management says the company’s turnaround is complete with legacy issues sorted out and selective hiring will help to maintain growth. Europe and North America were the main engine of growth in the first half. Interim revenues were 10% ahead at £23.7m and pre-tax profit improved from £700,000 to £1m, even after a £500,000 impairment charge. The gross profit margin rose from 26% to 29%. Utilisation levels dipped from 71.4% to 70.2%, although there was improved utilisation in Asia Pacific which moved back into profit on lower revenues. Revenues and profit were lower in the Middle East. Net cash was £3.9m at the end of March 2026. Full year pre-tax profit is expected to improve from £1.4m to £1.5m reflecting caution concerning global uncertainty.
Pri0R1Ty Intelligence (PR1) generated revenues of £174,000 in the year to September 2025 and the underlying loss was £3.3m. Cash was £796,000 at the end of September 2025. So far this year contracted revenues are more than £400,000. Prior to the results announcement the company announced an unsecured convertible loan note of £1.25m, and an At-The-Market facility will enable repayment of the convertible through share issues. The cash will provide working capital.
Capital machinery supplier Mpac (MPAC) is selling its subsidiary Lambert and trading remains tough. Lambert produced specialist packaging lines and differed from the rest of the business which supplies more standardised capital equipment. Lambert lost money last year, but it is expected to return to profit in 2026. Italy-based Mech.i. Tronic is paying an initial £16m for Lambert with up to £4m more depending on performance in 2026. This deal is part of the reason behind a sharp cut in the 2026 pre-tax profit forecast, but there are also tough trading conditions putting pressure on margins.
Shares in skin treatments developer SkinBioTherapeutics (SBTX) returned from suspension after the restated annual results and the most recent interims were published following an investigation in the financial affairs of the business. Royalty revenues of £770,000 were inappropriately recognised in 2024-25 due to fabricated documentation. That and the timing of bonuses hit past profit. Bonuses paid to Martin Hunt and Dr Cathy Prescott have subsequently been repaid. Interim revenues improved from £1.58m to £2.17m, while the loss was reduced from £1.04m to £794,000, but that was due to a £250,000 write back of contingent consideration.
Podcast platform operator Audioboom (BOOM) has concluded its strategic review. There were three potential bidders, but they were deemed to be undervaluing the business. First quarter revenues were a record and a 2026 pre-tax profit of $6.5m is forecast.
Atome Energy (ATOM) says that a presidential decree relating to the fixed price power purchase agreement with ANDE in Paraguay has been revoked. This means that there is uncertainty about the electricity tariffs for the Viletta fertiliser production project.
Medpal AI (MPAL) says that the UK regulatory approval of the first oral GLP-1 receptor agonist tablet developed by Novo Nordisk has come earlier than expected and this will provide a boost for the company’s New Health weight management clinic. It broadens the potential market.
Mindflair (MFAI) says CameraMatics, an investee company of Sure Valley Ventures, is raising up to €49m and Sure Valley Ventures first fund is realising part of its investment. This means that Mindflair, which invests in the fund, will receive a share of €280,000 in cash and will have a €320,000 working capital facility repaid. It also owns 24.4% of Sure Ventures plc which will receive €880,000.
Thor Energy (THR) has achieved impressive results from the phase 2 soil-air geochemistry survey at the HY-Range project, where it has a 80.2% interest, in South Australia. Peak natural hydrogen recorded was 0.3%, which is much higher than previous readings and the normal background levels. Exploration targets are being identified. Detail will be added by a 2D seismic survey.
Corporate finance business Marechale Capital (MAC) has obtained FCA approval for the acquisition of Stanford Capital Partners.
Great Western Mining Corporation (GWMO) shares will start trading on the US OTCQB market today and they should be attractive to US investors because of the mining assets in Nevada.
MAIN MARKET
Ground engineering and piling business Keller (KLR) has won an order for the I-40 highway in the US. This valued at $207m, taking the total work on the highway to $380m, of which $70m has been completed. The total order book is worth £1.9bn.
Seraphim Space Investment Trust (SSIT) has made another large book gain on a mature investment. ICEYE is valued at more than €10bn following the latest fundraising. Based on this the value of the holding has more than doubled to £202m. The increase is equivalent to 73p/share.
Cindrigo Holdings (CINH) has completed subsurface analysis and reservoir modelling for the Eich Hamm geothermal licence area. The estimated exploitable energy is 50% higher at 157.8MW, plus 7,230 tonnes per annum of lithium carbonate equivalent could be produced.
Neo Energy Metals (NEO) has suspended finance director De Wet Schutte after a misconduct allegation, although it does not relate to financials.
Andrew Hore
Quoted Micro 8 June 2026
AQUIS STOCK EXCHANGE
Incanthera (INC) is acquiring skincare brand Enielle for up to 54 million shares at 2p each depending on performance and its owner and boss Stuart Robertson will become Incanthera chief executive, taking over from Dr Simon Ward who will remain on the board. Tim McCarthy is stepping down as executive chairman. Enielle focuses on day time treatment of wrinkles and skin texture and it will fit with Skin + CELL, which is focused on evening use. There will be a multi-channel sales strategy and pricing is being reviewed.
Mendell Helium (MDH) has revealed its plans for the move to AIM. This is expected to happen in late June. No new shares will be issued.
Tomahawk Metals (TMHK) has completed the acquisition of the Koolyanobbing gold project in Western Australia. Progress is being made with due diligence for the option over Slovakian assets.
Low-energy digital asset miner Sterling Digital (ASIC) has entered into a contract with Terra Solis Mining for installation support for the first gas to energy site. Sterling Digital has opened a Bitcoin custodian account with Coinbase.
Quantum computing technology developer Delta Gold Technologies (DGQ) partner Penn State University has filed three patent applications, and these will be added to the Delta IP portfolio. The patents relate to using gold and other materials for their quantum mechanical properties for sensing, computing and information processing. Warrant exercises have raised £209,000. Directors have been buying shares.
Heart health ingredients developer ProBiotix Health (PBX) has secured a partnership with Slovakia-based iProbio for the supply of its probiotic strain LPLDL® for a new cardiometabolic health food supplement branded as CARDIObiom+®. Heat disease deaths in Slovakia are around 50% higher than the EU average.
Vaultz Capital (V3TC) is raising £1m from resources investor Regent Resources Capital Corporation at 2.2p/share. Creditors owed £320,000 will be paid. Vaultz Capital is assessing deals “aligned with the energy transition and digital economy, including strategic minerals, AI and digital infrastructure”. Eric Benz has had his employment terminated and he is no longer a director. Ian Burns is joining the board. Executive chairman Charlie Wood bought two million shares at 2.44p each. The share price is 2.6p, compared with an estimated NAV of 3.1p.
Quorium Global Photonics SPC has reduced its stake in Valereum (VLRM) from 49.9% to 44.8%.
Sulnox Group (SNOX) announced a distribution agreement with DLBC, which supplies lubricants to agricultural and transport clients in France. This broadens the use of Sulnox emissions reduction additives.
Vault Ventures (VULT) has identified that trading by its Dubai subsidiary in crypto assets has led to large losses and the loan pf £2.15m advanced to the subsidiary will be written down. There are still potential recoveries from the business.
WeCap (WCAP) has raised £37.250 at 0.35p/share for working capital for the next six months.
BWA Group (BWAP) has appointed Peter Taylor as chief executive.
Ethry (ETHY) has bought 108.3253 Ethereum for £162,488. That takes the total stake to 925 Ethereum
EPE Special Opportunities (EO.P) announced on 1 June that it planned to buy back up to £2m worth of shares. It has bought 206,250 shares and does not intend to buy any more.
Unigel (UNX) shareholders voted to leave Aquis. Chan E Lin has taken a 6.74% stake. The cancellation will be on 22 June.
JP JENKINS
Renewable energy company Thrive Renewables (THRV) reported a decline in full year revenues from £26m to £21m, while operating profit fell from £11.3m to £3.6m. This is due to lower electricity prices. The final dividend is 12p/share. The plan is to double generation capacity by 2028.
ASSET MATCH
Isles of Scilly Steamship Company (IOS) says its new freight vessel is on its way from Vietnam. The company wants to move Skybus into profit. Trading was in line with expectations in the year to March 2026. Andrew Sells has requested access to the share register so that he can contact shareholders.
Marshall of Cambridge (MCH) has sold all its property holdings in Cambridge, including Cambridge Airport, to The Hill Group and Homes England. The airport site will be leased back so that operations can be moved by 2029. Further details will be announced.
Zytronic (ZYT) has sent out the circular to gain shareholder approval for the winding up of the company. The general meeting will be on 26 June and the company would leave Asset Match on 27 June. A cash distribution is expected within three months.
Gulfsands Petroleum (GPX) reported a cash outflow from operations of $2.89m in 2025. Net debt is $1.53m. In march 2026, a management team set foot in Block 26 in Syria for the first time in more than 14 years.
AIM
Corporate finance business Marechale Capital (MAC) is acquiring broker Stanford Capital Partners along with global asset tokenisation platform Blubird Global and NJC Capital Management VSA Private Fund and its manager. The payment is 75.2 million shares issued at 1.75p each, which values the businesses at £1.32m. There will be £1.06m raised at the same price. This will make Marechale a digital merchant bank with tokenisation offering an alternative way of raising money for clients.
Portmeirion (PMP) raised £15m at 50p/share and a retail offer could raise up to £2m more. The homeware brands company will use the cash to reduce net debt and to invest in the US Amazon online business that has been brought in-house. There could also be small bolt-on acquisitions.
Iodine producer Iofina (IOF) has secured an additional supply of brine for the IO#11 plant and this will increase utilisation rates and profit. Annual production iodine volumes could increase to 45-65 tons. Production could start to increase during the third quarter of 2026. A $1.5m investment is required for a pipeline and other related costs.
Pawnbroker Ramsdens (RFX) made a higher profit in the first half than in the previous full year. The interim pre-tax profit jumped from £6.1m to £16.7m, and interim dividend is raised from 5p/share to 9p/share – including a special dividend of 3p/share compared with 0.5p/share the previous year. The loan book is at record levels. Precious metals purchases more than doubled and jewellery retail sales grew by 26%. Forex income declined. Cavendish raised its 2025-26 pre-tax profit forecast by 6% to £30.3m.
Scotland-based housebuilder Springfield Properties (SPR) has eliminated bank debt and had net cash of £1m at the end of May 2026. This will provide opportunities to acquire additional land when there are good prospects available. Full year pre-tax profit is set to be in line with expectations at £12.6m in 2025-26.
Electronic and electro-mechanical component supplier LPA Group (LPA) returned to profit in the first half. Revenues increased 45% to £13.8m with a recovery in rail income and higher industrial sales. There was a return to profit. The order book is worth £29.3m and stretches to 2028-29.
CleanTech Lithium (CTL) has raised £4.77m via a placing at 6p/share. A proposed WRAP retail offer could raise up to £250,00. The outstanding convertible loan notes will be converted into 64.5 million shares. Chairman Steve Kesler has taken £276,273 of fees in 4.6 million shares at the issue price. The cash raised will fund licence purchase costs at Laguna Verde, finance the environmental impact assessment and refinement of the direct lithium extraction processes. Nearly 20 million options will be granted to directors and senior management as part of an incentivisation package.
Floorcoverings distributor Likewise (LIKE) has increased like-for-like revenues by 16.5% in the first five months of the year. May was 19% ahead. That is higher than the first quarter growth of 15%. Capacity is being increased and it will exceed £250m per year.
Ceramic and fragrance products supplier Portmeirion (PMP) announced a fundraising late on Wednesday evening. It raised £15m at 50p/share and a retail offer could raise up to £2m more. The homeware brands company will use the cash to reduce net debt and to invest in the US Amazon online business that has been brought in-house. There could also be small bolt-on acquisitions.
Petrogas will not be making a bid for Deltic Energy (DELT). Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share and it has been recommended by the board of the oil and gas company. The value is £7.2m.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) continues to rapidly increase its NAV as its portfolio of investments matures and they start to generate revenues. In the quarter to March 2026, the NAV increased by one-quarter to 177.6p/share. Higher defence spending has boosted space investment. Many of the investments have raised money and are well-financed. The £137m raised in the C share issue provides additional funds for new investments.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 15 September 2025
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased interim turnover 4% to £9.67m and the loss reduced to £150,000. Hospitality, hotel and nursery revenues all increased. Higher attendances improved core revenues as well. Changes in betting tax rates could hold back racing revenues.
ProBiotix Health (PBX) increased interim revenues by one-third to £1.34m. This helped to reduce the loss. There is £1.3m in cash at the end of June 2025. The health supplements supplier says the market preventive cardiometabolic supplement products is expected to grow annually be more than 8%.
Richmond Hill Resources (SHNJ) plans to move to AIM in the next few weeks.
Shares in data centres operator HRC World (HRC) will stop trading on Nasdaq First North Copenhagen on 31 October and Aquis will be the only market they are traded on.
Shortwave Life Sciences (PSY), which is developing treatments for anorexia nervosa, is planning a clinical human feasibility study on impact of Psilocybin on the disease. This should lead to a phase 1 clinical study. A digital asset treasury strategy will help to fund the core business. The executive team is being changed.
Mendell Helium (MDH) says potential acquisition M3 Helium confirmed that the dewatering of the Rost project in Kansas is about to start. However, drilling in Nebraska has been delayed by wet weather and equipment problems.
The Smarter Web Company (SWC) has purchased another 30 Bitcoin taking the total holding to 2,470 Bitcoin at a total cost of £203.6m. A further £2.6m has been raised at 128p/share.
Ormonde Mining (ORM) investee company TRU Precious Metals has intersected a previously unknown broad mineralised sandstone unit in two drill holes at the Golden Rose project in Canada. This is over a strike length of 500 metres with assay results of up to 1.3g/t gold.
Marula Mining (MARU) has amended the agreement to buy Takela Mining Tanzania, which operates the Kinusi copper mine. Marula currently owns 75% and acquiring the rest is dependent on separate mining licences being combined into one mining licence. The Tanzania government will have a 16% free carried interest. The total payment will be £2.5m with £500,000 payable on signing and £750,000 on conversion of the mining licence. The rest is dependent on more than 100,000 tonnes of copper being sold. Marula Mining is in discussions with potential investors in projects and has secured a loan for the business in Kenya. There is also a new £1m shareholder loan from the chief executive.
EPE Special Opportunities (EO.P) had an NAV of 301p/share at the end of July 2025. There was an interim cash outflow of £1.82m. Cash was £6.58m at the end of July 2025.
SulNOx Group (SNOX) has signed an agreement with marine equipment distributor C-Quip Ltd to supply fuel emissions reduction product Sulnox Eco in the UK leisure marine market.
Astrid Intelligence (ASTR) has issued 575.2 million shares to Oak Securities at 0.1p each. Astrid Intelligence director Olivia Edwards bought 17.5 million shares at 0.147p each. There are plans to apply for an OTC quotation in the US.
Oscillate (MUSH) has appointed SP Angel as joint broker alongside corporate adviser Peterhouse.
Fintech company Amazing AI (AAI) raised £1.04m at 1p/share. This will fund the Bitcoin treasury policy.
Hub Affiliations Holdings has raised its stake in NYCE International (NYCE) from 10% to 19.9%.
ASSET MATCH
Marshall of Cambridge (MCH) had a tough year, and land systems and fleet solutions made losses. Ther are also large write offs. The total loss for 2024 was £123m. Fleet solutions has been sold, and land systems is being marketed for sale. Overheads have been reduced. Approval for the sale of the ex-RAF C-130 fleet should be received during September. A further loss is expected this year.
JP JENKINS
Mobile Tornado (MBT) cancelled its quotation on AIM on 9 September and joined JP Jenkins on 9 September.
Airline ecommerce services provider Datalex (DLE) cancelled its quotation on Euronext Growth Dublin and moved to JP Jenkins on 12 September.
AIM
Concrete levelling equipment supplier Somero Enterprises (SOM) is still suffering from uncertain conditions in the US, but sales are also declining in other markets. There is lower activity in larger scale projects. Interim revenues fell 23% to $39.8m, while pre-tax profit slumped 52% to $5.4m. Annual cost savings of $6m have been made. Full year pre-tax profit is forecast to fall from $25.4m to $15.3m.
Medical device developer Belluscura (BELL) has appointed Guy Peters as a director. He advised Omaha Value which previously proposed funding for the company. The period of exclusivity for a potential buyer of US business Belluscura LLC has expired. Omaha Value and a partner have reapproached Belluscura for another funding proposal. Trading in the shares remains suspended.
Scotch whisky supplier Artisanal Spirits Company (ART) was hit by tariff uncertainty in the first half. The way whisky is exported to the US has changed to minimise the impact of any tariffs. Revenues dipped 4% to £9.68m due to the delayed shipments to the US. There was growth in European subscribers, helped by a deal with AMEX, but a decline in North America and the rest of the world. The loss increased to £3.6m. Net debt was £29.5m at the end of June 2025.
Fulcrum Metals (FMET) says the Teck-Hughes tailings project drilling has started and initial assays ae up to 1.2g/t gold. This is producing data for a mineral resource estimate. Phase 3 testing of the Extrakt technology will provide processing data. This will go towards the preliminary feasibility study.
There has been another upgrade for embedded computer products manufacturer Concurrent Technologies (CNC) following its interims. Revenues were one-quarter higher at £21.1m and pe-tax profit was £2.7m. Cavendish has upgraded its 2025 pre-tax profit forecast from £6m to £6.2m. The fastest growth was in systems. The US facility move has happened and the move to the new UK facility is on course. First half design wins were worth £90m.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has continued its progress with organic growth on top of the benefits of acquisitions. Interim revenues were 50% ahead at £40.3m, while the pro forma increase was 8%. Pre-tax profit was 59% higher at £14.5m, while underlying earnings were 29% ahead at 16.7p/share. The interim dividend is 17% higher at 7p/share. Net debt was £10.9m at the end of June 2025. The fastest growth was in financial services, but even the core property business was 7% ahead on a pro forma basis. The number of lettings properties has declined, as the market becomes tougher for individual landlords.
UK regulatory changes hit UK revenues at Gaming Realms (GMR), but the mobile games developer continues to grow strongly in North America. Interim revenues were 18% ahead at £16m, helped by an increase in brand licensing from £300,000 to £2.4m – that is lumpier in terms of generating revenues. The UK games will be adapted for the new regulations by the end of the year, and revenues should recover.
Floorcoverings distributor Likewise (LIKE) reported interim revenues rising from £70.7m to £77.9m in a weak market. Margins are improving and pre-tax profit jumped from £330,000 to £740,000. Tax losses are still being used up.
Cosmetics supplier Warpaint London (W7L) had a tough first half with the administration of a major customer of the Technics brand and volatile US tariffs making it difficult to price potential orders in the US. An initial contribution from Brand Architekts helped group revenues to grow 8% to £49.3m. Pre-tax profit fell by 41% to £6.4m, although earnings we 13% down to 8.5p/share due to reduced tax charge. There was a gain on the Brand Architekts puchase, but that was more than offset by foreign exchange losses. The interim dividend was raised by 14% to 4p/share.
Interim figures from cross-border payments services provider Finseta (FIN) were disappointing due to customers delaying US dollar transactions due to foreign exchange volatility. Revenues were 16% higher at £5.9m and gross margins declined from 65.7% to 62.7%. Operating costs increased due to expansion plans. The newer offices will not make much of a contribution this year and will hold back profit.
It is still early days in the transformation of Gaming machines hardware and displays supplier Nexteq (NXQ) and interim revenues dropped from $48.2m to $40.7m, while pre-tax profit slumped from $5m to $900,000. Second quarter trading showed some improvement. More mid-level gaming equipment was sold, so that hits margins. Net cash was $28.1m. Share buybacks continue.
Angle (AGL) chief executive Andrew Newland and finance director Ian Griffiths have stepped down from the board following discussions with investors. There are no immediate replacements. This follows the latest interims from the cancer diagnostics company. Interim revenues fell by one-fifth to £800,000. Net loss increased from £7.7m to £9.3m. Net cash was £5.3m at the end of June 2025. Cash lasts until the first quarter of 2026. Cavendish has been appointed as nominated adviser and broker. A new management team may make it easier to raise cash from investors in the coming months. The current strategy could be changed.
Builders merchant Lords Group Trading (LORD) grew interim revenues by 8% to £232.1m with like-for-like growth of 7%. This is before the acquisition of online building products retailer CMO. Net debt was £20.9m at the end of June 2025. Cavendish forecasts a recovery in 2025 pre-tax profit from £3.8m to £6.7m.
Sylvania Platinum (SLP) produced 104,233 ounces of platinum group minerals in 2024-25 and this should increase significantly this year. Revenues increased from $81.7m to $104.2m. EBITDA rose from $13.5m to $29.3m, while cash reached $60.9m. There is an undrawn overdraft facility. The Thaba chrome joint venture will ramp up production this year.
Public affairs services provider Public Policy Holding Company (PPHC) grew organically by 8% in the first half of 2025. Acquisitions helped revenues increase 24% to $87.9m. Net income was one-fifth higher at $15.6m, helped by a lower tax rate. Net debt is $42.2m. Full year forecasts have been tweaked, but operating profit is still expected to rise from $36m to $44.5m. There are plans for a Nasdaq listing and a share consolidation. A general meeting will be held on 29 September.
Distribution Finance Capital (DFCH) is growing faster than expected and it is taking market share with its inventory financing product. Underlying interim pre-tax profit, excluding last year’s one-off gain, improved from £7.5m to £9m. New loan originations were £828m in the first half and the loan book grew to £728m at the end of June 2025. Bad debt provisions were 0.63%. The first half growth was before any contribution from the new asset finance product, where the first loans were in the second half. The new business will be loss making in the second half. Even so, Panmure Liberum has upgraded its 2025 pre-tax profit forecast from £14.5m to £18m, helped by a higher than anticipated net interest margin. Net tangible assets are 70.2p/share.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew interim revenues from £109.6m to £125.7m, helped by acquisitions, but pre-tax profit was flat at £8.9m. Like-for-like sales growth was 2%. The acquisition had lower margins and that is why the overall margins fell.
James Fisher (FSJ) reported flat underlying interim revenues of £191.9m, while underlying pre-tax profit was 5% ahead at £4.5m. Higher taxes meant that earnings were lower. Energy services did well, and defence returned to profit. Marine transport profit declined, but the outlook is positive. Disposals have put James Fisher in a stronger position, and it is likely to benefit from higher defence spending. Full year pre-tax profit is expected to be flat at £11.9m before sharp improvements in 2026 and 2027.
Centaur Media (CAU) has agreed to sell The Lawyer for £43m.
Roquefort Therapeutics (ROQ) plans to buy Coiled Therapeutics Inc, a spin-out from A2A Pharmaceuticals that holds the rights to AO-252, which targets the TACC3 protein for cancer. This treatment is in phase 1 clinical trials in the US. The payment for the company would be £30m in shares and the company’s name would be changed to Coiled Therapeutics. Exclusivity lasts until the end of January. Lyramid Pty Ltd and the MK Cell programme will be spun out of the group.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Quoted Micro 24 February 2025
AQUIS STOCK EXCHANGE
Aquis-quoted healthcare procedures supplier One Health Group (OHGR) plans to move to AIM. As part of the process, it raised £5.2m from a placing at 180p/share and existing shareholders have the chance to take up shares in an open offer of up to £500,000. A WRAP retail offer could raise up to £500,000 more. The cash will be invested in the first owned surgical hub. This will cost up to £9m and it could generate £9m of income each year. It should be earnings enhancing in the first full year of operation. The employee benefit trust (EBT), the chairman and chief medical officer are selling £2.2m worth of shares. The EBT will repay a £750,000 loan to the company. The retail offer closes on 24 February. The minimum subscription is £100.
Invinity Energy Systems (IES) has signed a partnership with Frontier Power, and it will provide the partner with flow batteries for potential projects supported by the UK’s long duration cap and floor mechanism, where applications should commence in the summer. Frontier Power has reserved up to 2GWh of manufacturing capacity to underpin its bids. There will be an upfront fee when projects have been won. There could also be international opportunities.
EDX Medical Group (EDX) has developed a new test for prostate cancer. The test can identify cancerous cells, whether the cancer is early stage or late stage and how aggressive the cancer is. More than 100 biomarkers are measured by the test, which is more than rival tests. Accuracy should be better than 96%. There are 55,000 cases of prostate cancer in the UK each year. Founder Professor Sir Chris Evans acquired a total of 320,000 shares at an average share price of 13.68p each, plus 20,000 shares at 13.5p each, taking his stake to 37.3%. Chief executive Dr Michael Hudson bought 45,888 shares at 10.87p each, taking his stake to 5.84%, and deputy chair Martin Walton purchased an initial 85,000 shares at 10.717p each.
Valereum (VLRM) has entered into an agreement with DMC Markets Inc for a cash raise of £19m. Previously it was expected to be £13m. There will be 130 million shares issue at 10p ach and 20 million shares issued at 20p each, plus a further 20 million shares at 10p each that were previously under option to Blue Sky Vision. This will be done via a new company called Valereum Inc, which will hold 48.9% of Valereum. A UK investor will invest an additional £1m at 20p/share. The cash will be invested in minority stakes in four strategic assets sourced by DMC.
ProBiotix Health (PBX) has an agreement with Kemin China Technology, which will sell LP LDL as a cardiometabolic health ingredient in China, Hong Kong and Macau. The sales will be co-branded. Chief executive Steen Andersen has been granted 9.05 million options with an exercise price of 9.5p. They last ten years and performance criteria have to be met for them to be exercised.
Vehicle electrification technology developer Equipmake (EQIP) has signed a development agreement with JC Bamford. It will develop specific power electronics for JCB. This is an initial six-month development agreement.
Coinsilium Group Ltd (COIN) says portfolio company Otomato Web3 Agent Protocol, which has commenced the launch of the Otomato.xyz platform. The public launch is scheduled for the second quarter of 2025. The platform streamlines Web3 interactions. As well as its stake, Coinsilium has the rights to 7.5% of revenues generated by the platform up to the Token Listing Event.
Ananda Pharma (ANA) has completed the manufacture of a final technical batch of MRX1 CBD drug candidate. This enables the next step of the process to achieve MHRA clinical trial approval.
Arbuthnot Banking Group (ARBB) is trading in line with expectations and is set to achieve a 2024 pre-tax profit of £34.5m.
Tap Global Group (TAP) has raised £1m at 2p/share and this will be invested in the fintech app platform and growing its database of registered users.
SulNOx Group (SNOX) non-exec Nicholas Fairfax has bought 91,350 shares at 87p each. SulNOx has secured a patent in Malaysia covering a range of formulations for emulsifiers and fuel conditioners.
Mark Lyttleton has a 3.11% stake in WeCap (WCAP). Stephen Hill has 3.7% of Igraine (KING). Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each, taking his stake to 18.9%.
ASSET MATCH
Marshall of Cambridge (MCH) says the MoD has sold 12 ex-RAF C-130 aircraft to the Turkey government. Marshall has undertaken life extension work on seven of the aircraft and it will do the same work on the other five aircraft for the Turkey government. The value of this contract is £200m and it includes ongoing maintenance. This work will last until 2028. The US authorities are required to approve the deal.
JP JENKINS
Hotel chain operator Studio Stays Hotel Group (SSHG) has joined JP Jenkins. This is a company that was formed by chief executive Grant Bovey on 7 February 2025. It has raised £50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.
Deltex Medical Group (DEMG) has departed AIM and moved to the JP Jenkins matched bargains platform. The share price ended on AIM at 0.024p. Deltex Medical has developed ultrasound-based oesophageal doppler monitoring equipment for surgery and intensive care use.
Tribe Technology (TRYB) has also left AIM. The last share price on AIM was 0.075p. Northern Ireland-based Tribe Technology is a developer of autonomous mining equipment.
AIM
Cash shell Rosebank Industries (ROSE) is in discussions with Cerberus Capital about the acquisition of Electrical Components International Inc (ECI). US-based ECI is a supplier of critical electrical distribution systems to a range of industries. No price has been put on the acquisition, but it will require a significant share issue and a new debt facility. The deal is subject to due diligence and will require a document for readmission to AIM. Trading in Rosebank Industries shares has been suspended until there is a document. Rosebank Industries joined AIM on 11 July 2024 after raising £50m at 250p/share. There was cash of £48.1m at the end of 2024.
Greatland Gold (GGP) released maiden drilling results for the West Dome Underground target at the Telfer prospect. This deposit is 800 metres below the West Dome open pit. There were 16 out of 19 holes that intercepted significant mineralisation. The weighted average intercept is calculated as 23 metres at 2.95g/t gold and 1.07% copper. This could extend the mine life. There will be a second phase of drilling.
Rail software and technology company Tracsis (TRCS) has won the contract to provide the ‘tap converter’ ticketing technology that will enable pay-as-you-go travel across the UK rail network. Tracsis previously supplied a similar service to some train operators. This will generate a small, fixed payment to Tracsis with every journey and could generate highly significant revenues. If 10% of journeys are via PAYG then this could generate £3m of annual revenues. The technology will not be deployed until 2026 and will take time to roll out, so it does not affect the 2024-25 forecasts and is not included in the 2025-26 pre-tax profit forecast of £15.3m. The Department of Transport has published a document outlining plans for Great British Rail and this should lead to the ending of uncertainty of the future of rail.
Medical and radiation technology developer Kromek (KMK) has received the initial payment of $25m from its deal with Siemens. This will enable Kromek to be profitable this year. The total agreement is worth $37.5m. The rest is payable over four years. The deal was announced at the end of January and is for producing cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. This is a non-exclusive agreement and could lead to deals with other companies. Cavendish forecasts a 2024-25 pre-tax profit of £4.9m after a recovery in revenues in the second half. This could fall to £2.1m next year. Net cash is expected to be £1.8m at the end of April 2025 and Kromek is likely to stay in a net cash position for the next two years.
TheraCryf (TCF) is raising £4.25m at 0.25p/share. The previous closing share price was 1p. The cash will finance the pre-clinical development of Orexin-1, which came with the acquisition of Chronos Therapeutics. Orexin-1 is a potential drug for a range of neuropsychiatric disorders, including addiction and anxiety. This market could be worth $67.6bn by 2034. The preclinical data generated will help to attract potential partners. TheraCryf was previously expected to have net cash of £900,000 by the end of March 2025. Former Avacta boss Dr Alastair Smith has been appointed as TheraCryf chair. He will take his fee for at least 12 months in the form of shares.
Film and media localisation services provider Zoo Digital (ZOO) expects full year revenues to be at least $50.5m and a return to positive EBITDA of at least $1m. These are below expectations, though. Trading recovered following the writers’ strike in Hollywood, but there have been delays and cancellations. Zoo Digital is a preferred fulfilment vendor for Amazon Prime Video and there is an increase in potential work, predominantly for existing content. Original content production remains subdued and may not recover until nearer the end of the year. This year dubbing revenues will be lower than last year. Fixed costs have been cut by one-fifth over the past year and margins are improving.
Scotland-based housebuilder Springfield Properties (SPR) is selling land holdings in central Scotland to Barratt for £64.2m and could sell further sites. This will contribute a significant profit in the year to May 2025. Springfield Properties will refocus on the north of Scotland. Trading has been weak so far in this financial year. Interim revenues declined 13%, but better margins meant that pre-tax profit recovered from £2m to £3.8m. Singer has downgraded its 2025-26 pre-tax profit forecast by 14% to £14.2m, but the dividend is expected to continue to recover. A net cash position is expected by 2027.
Transense Technologies (TRT) reported interim figures showing revenues 36% ahead at £2.46m, although pre-tax profit was 13% lower at £550,000. Hiring is going on to build up the business to cope with further growth and this is holding back short-term profit. Full year pre-tax profit is expected to edge up to £1.6m this year, before slipping back to £1.3m in the year to June 2026. It should then return to growth. The company recently secured a new distribution agreement with Haltec Corporation, a US tyre valve company focused on mining, truck and aviation sectors. Cash was £1.19m at the end of 2024, but it rose to £1.87m at the end of January 2025.
Cambridge Cognition (COG) has submitted a letter of intent to the FDA under the Drug Development Tool pathway. This relates to the development of digital cognitive assessments reliable measurement of Cognitive Impairment Associated with Schizophrenia (CIAS). Cambridge Cognition does not require regulatory approval for its assessments, but the FDA qualification would help to broaden the adoption. The FDA has a backlog, and it could take more than two months to get a response. The next step would be to submit a detailed plan. Cambridge Cognition’s CANTAB platform has been used in the analysis of two phase 3 rials that were used in the FDA approval of Cobenfy from Bristol Myers Squibb. Cobenfy is the first antipsychotic drug to be approved with a new mechanism of action was approved in September 2024.
Compliance and resource management software provider AdvancedAdvT Ltd (ADVT) is winning new business and generating renewals on improved terms. Demand for cloud and digital services is growing. Singer expects EBITDA of £9.6m, having previously forecast £8.4m. The 2026 EBITDA forecast has been raised from £8.8m to £10.1m. AdvancedAdvT is still at an early stage of its buy and build strategy. Net cash is estimated to be £88m.
Media marketing platform developer SEEEN (SEEN) says 2024 revenues grew from $2.1m to $3.2m following a strong second half. This suggests that the business is gaining momentum and the current annual run-rate for revenues is $5m, which is in line with forecasts. A large publisher has contracted SEEEN to manage its video library on YouTube. SEEN has IP that can maximise the income from these videos. Revenues were below forecast but the outlook is positive.
Biome Technologies (BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility.
Allergy Therapeutics (AGY) says published data from its phase III G306 study for its grass allergen immunotherapy Grass MATA MPL shows a 20.3% improvement, which is much higher than for trials of other treatments. The treatment requires six injections rather than up to 100 injections and tablets of other treatments. The quality of life improves by 27.7%. A marketing authorisation application has been filed in Germany.
Totally (TLY) chief executive Wendy Lawrence has stepped down and the board is seeking a replacement for the healthcare services provider. This follows the trading statement at the end of the previous week when the company lost a contract. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. Professor Prasad Godbole is interim chief executive, although he is not on the board.
MAIN MARKET
Helium and hydrogen explorer Georgina Energy (GEX) has paid the A$50,000 deposit to AIM-quoted Mosman Oil and Gas (MSMN) as part of the acquisition of the company that owns the EPA155 permit. This covers Mt Winter, where previous drilling has identified helium and hydrogen, along with natural gas. The final acquisition is dependent on government authorisation of the exploration permit. This will trigger the second payment of A$300,000. Seismic data is being reprocessed. At the Hussar project, the Environmental Impact Survey is being completed.
First Tin (1SN) says crushing test work at the Taronga tin project in Australia shows it is possible to obtain up to 89.5% up to 89.5% of the contained tin. The average is 87.1% across seven samples. Testing is ongoing.
Andrew Hore
Quoted Micro 10 February 2025
AQUIS STOCK EXCHANGE
Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to £208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of £2.5m at the end of 2024. There are 44 shipping companies evaluating the additives and there are more set to sign up. Crystal is the first cruise operator to evaluate the additive, and it made an average fuel saving of 3.4%.
Rogue Baron (SHNJ) has decided to change its strategy from drinks, because of a lack of market support for the sector, to natural resources, particularly in North America. The spirits business will be sold. The disposal will turn Rogue Baron into an Enterprise Company on Aquis. An investment committee of Hamish Harris and Charlie Wood will consider potential investments base or precious metals. The company name will change to Richmond Hill Resources. Tomoya Daimon has resigned from the board. A placing raised £209,000 0.6p/share.
Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northern Minnesota. Soil gas sensing equipment has been deployed, and shallow soil gas sampling technology will evaluate hydrogen potential.
Marula Mining (MARU) says assay results of copper concentrate samples from the Kinusi copper mine in Tanzania provide further confirmation of high-grade copper content of the material stockpile.
Oberon Investments Group (OBE) is holding a general meeting to gain approval for a capital reduction to create distributable reserves.
Coinsilium Group Ltd (COIN) is rebranding its Nifty Labs subsidiary as Forza (Gibraltar) and it will focus on treasury management for the holding company. Coinsilium is assessing innovative opportunities in treasury management.
Trading in Hydrogen Future Industries (HFI) shares has been suspended because accounts for the year to July 2024 have not been published.
Barry Hersh has forfeited the 18.66 million unpaid shares in Global Connectivity (GCON).
Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a £35,650 subscription at 1p/share. Dr Richard Leaver doubled his shareholding to two million shares after the subscription and he has become chief executive. Dr Leaver is a former director of AIM companies Blue Star Capital (BLU), Image Scan (IGE) and Toumaz. He has experience with AI and the board believes this will help to grow the consumer credit business. John van Kuffeler will not become chairman.
Supernova Digital Assets (SOL) generated revenues of £114,000 in the 12 months to October 2024 according to unaudited management accounts. A £2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was £2.41m. Net assets were £5.8m at the end of October 2024.
Ventura Finance, which is controlled by Mark Jackson, owns 3.93% of Walls and Futures REIT (WAFR).
DXS International (DXSP) chairman Bob Sutcliffe is continuing to buy shares adding another 20,000 at 3.5p each, taking his stake to 1.99%. Shepherd Neame (SHEP) has amended an earlier purchase by chairman Richard Oldfield (that was said to be 42,459 shares) to 1,500 shares at 519p each. He has also acquired 2,000 shares at 540p each. BWA Group (BWAP) managing director has bought 1.5 million shares at 0.15p each, taking his stake to 6.75%. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 5 million shares at 0.43p each, taking her shareholding above 10%.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and broker.
Jim Williams has resigned from VVV Resources (VVV) and David Ajemain has been appointed as executive chairman. The company is reviewing potential projects.
ASSET MATCH
VP Fintech (VPF) joined the Asset Match private market on 5 February. It owns 56% of Canadian company Valens Pay, which has developed a fintech platform that offers directly or via third parties users services including payment, forex and investments. There is no limit on size of transaction. At the end of 2024, there were 21 partners using the platform. Co-founder James Holmes owns 46.1%, TP Finans ApS, which is owned by co-founder Torben Pedersen, 38.9% and Torben Pedersen’s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is £25m.
Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the world’s tallest moving observation towers with 20,000 square foot of hospitality space. The deal excludes any debt, which has been released by the local council.
Oil and gas explorer and producer SDX Energy (SDX) has left AIM and joined Asset Match on 3 February. The first auction will be in March.
Isle of Scilly Steamship (IOS) has appointed Jonathan Hinkles as managing director of airline Skybus. He has been an adviser for six months and his job is to return Skybus to sustainable profitability. Skybus flies from airports in Cornwall and Devon to St Mary’s and has seven aircraft.
Marshalls of Cambridge (MCH) has appointed David Mitchard as a non-executive director.
AIM
Engineering consultancy RC Fornax (RCFX) joined AIM on 5 February after raising £5.2m at 32.5p/share. Existing shareholders raised a further £1m. The share price ended the week at 35p. RC Fornax was set up in 2020 and is focused on the UK defence sector and it would like to move into new territories.
Building components manufacturer Alumasc (ALU) is maintaining margins and has managed to generate organic growth in a period where the construction market contracted. New product development and improving efficiency help to improve the figures. Interim revenues rose by one-fifth to £57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at £7.5m. Exports grew 43% as demand from the Chek Lap Kok project in Hong Kong started to build. The interim dividend was raised by 1% to 3.5p/share.
Energy supplier and energy efficiency services provider Good Energy (GOOD) has reached agreement with Dubai-based Esyasoft and is recommending a 490p/share bid. That is higher than the share price had ever previously been and values Good Energy at £99.4m. Major shareholder and former potential bidder Ecotricity has committed to accepting the bid.
Digital tech services provider TPXimpact (TPX) says third quarter trading was in line with expectations, but contract starts have been delayed and slow to build up which will hit the fourth quarter. This is due to the UK government putting off spending decisions. The UK government comprehensive spending review should be completed in June and spending will hopefully return to expected levels after that. Dowgate has cut 2024-25 revenues from £84m to £76m, which has led to a pre-tax profit downgrade to £2.8m.
RA International (RAI) directors have decided to ask for shareholder permission to leave AIM. The remote services provider to global organisations says that disclosure requirements hamper the business by enabling rivals have a greater insight into its strategy. Also, confidentiality agreements mean that it is difficult to provide investors with the information they want. Liquidity is poor because Soraya Narfeldt and Lars Narfeldt own more than 80% of RA International. Contract mobilisation delays are hampering trading, and a loss is expected for 2024. Costs will be reduced this year and non-core business could be sold for up to $5m.
Lung cancer diagnostics developer Lung Life AI (LLAI) is planning to leave AIM with discussions continuing with one strategic partner to help to commercialise its lung cancer tests. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up.
Fuels, food and feed distributor NWF (NWF) reported an improvement in underlying pre-tax profit from £3.4m to £3.6m. Higher contributions from fuels and feed offset a small dip in profit at food distribution, where the new site at Lymedale is taking longer than expected to fill up. There are £600,000 of exceptional costs relating to an investigation into a conflict of interest in contracting transport services and the investigation will be completed by May. Full year pre-tax profit expectations have been maintained at £8.6m.
Space and defence communications technology supplier Filtronic (FTC) trebled interim revenues and went from loss to a pre-tax profit, excluding the movement in the value of SpaceX warrants and share-based payments, of £7.8m. The momentum is not expected to continue in the second half, where the comparatives are much tougher anyway. Despite investment in new capacity and working capital requirements net cash is £5.1m and it should be much higher at the year-end. There have been two forecast upgrades in recent months, and it is not a surprise that the full year pre-tax profit forecast has been maintained at £11.5m, up £3.4m last year. There is potential for further contract wins, though.
APQ Global Ltd (APQ) says the US government’s slashing of international aid and foreign assistance has created a tough environment for its investee companies. Cash flow generation and refinancing debt should enable APQ Global to repay convertible loan holders by the end of March, but it is more uncertain than previously. The outstanding principle is £26.1m. Delphos is the main investment and two-thirds of its transaction advisory contracts have been cancelled, and they were worth $5m. The others are also likely to be cancelled. Cash inflows over December and January were expected to be $18.9m, but they were $1.1m. The estimate for February has been downgraded from $16.5m to $14.5m, although the March estimate has been raised from $4.3m to $11.1m. That still means a reduction $12m over the period. APQ Global had $3.2m in cash at the end of January.
Cosmetics supplier Warpaint London (W7L) warns that growth is slowing. Interim revenues were 25% higher in the first half and they grew 14% to £102m for the full year. Usually, the second half is much stronger. Margins continue to improve. So far this year, revenues are 15% ahead.
Ilika (IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries.
Team Internet (TIG) revealed 2024 revenues fell 4% to £803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.
Online gaming marketing services provider B90 Holdings (B90) moved into profit in 2024 as overheads were slashed. Zeus forecasts a pre-tax profit of €600,000 on revenues two-thirds ahead at €5m. Net cash is €1.1m. Profit and net cash could double this year.
Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0M’s AI technology Connected IQ (CIQ). Gfinity believes it combine its network and contacts in the advertising sector to help commercialise CIQ. The fee is 30% of net profit generated by the licence. It is unclear how quickly sales can be built up. Gfinity has the option to buy 0M for £2m after the first anniversary of the agreement and lasting until the end of third year. 0M is owned by Robert Keith, who owns 19.6%. Gfinity has raised £260,000 ay 0.0625p/share. The new shares come with warrants exercisable at 0.09p/share.
Sustainable laundry technology developer Xeros Technology (XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £800,000 at the end of 2025.
Nativo Resources (NTVO) announced a share consolidation of 1,500 existing shares into one new share. The board believes this will help to make the share price less volatile.
MAIN MARKET
Homeware products supplier Ultimate Products (ULTP) says recovery has been slower than expected as the consumer market remains weak. Higher freight costs and taxes will hit profit for the year to July 2025. Pre-tax profit is forecast to fall from £14.4m to £11m.
Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for £28m in shares at a notional price of 20p each. This would make the deal large enough for the company to be readmitted to the Main Market. Trading in the shares was suspended at 5.5p.
Andrew Hore