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Quoted Micro 3 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to exchange the Rureka project and related assets for the Rachiate prospect and the El Salto project in Argentina. The deal and transaction structure are still to be finalised. No cash will be involved. Ajax was previously planning to acquire the Rachiate prospect. Ajax has also entered a binding option agreement for the acquisition of Nueva Celti copper project in Spain. A non-refundable option fee of $10,000 has been paid. The total cost will be $300,000. Orca Capital owns 9.64% of Ajax and John E Story no longer has a notifiable stake.
Supernova Digital (SOL) interim revenues slipped from £297,000 to £72,000 and the loss increased from £215,000 to £1.23m. That is down to the fair value reduction increasing from £98,000 to £810,000 due to the weak cyber currency market. NAV is £1.81m.
Falconedge (EDGE) says the launch of the recurring referral fee programme will help overall revenues to grow. Further referral agreements are being discussed. Stefania Barbaglio has left the board.
Zentra Group (ZNT) subsidiary developing One Victoria has terminated its agreement with contractor Torsion Construction has been terminated after it went into administration. The One Victoria residential development will appoint a replacement.
Macaulay Capital (MCAP) increased interim income from £157,000 to £478,000, helped by the sale of ICA Group, and it moved into profit. Net assets are £2.08m, including cash of £980,000.
Capital for Colleagues (CFCP) had net assets of 87.6p/share at the end of May 2026. There are 16 companies in the portfolio.
NYCE International (NYCE) says it had cash of £63,000 at the end of June 2026. Talks with a potential bidder have ended. More cash is required. Management is seeking shareholder approval to reorganise the share capital and issue shares at the AGM on 6 August.
EPE Special Opportunities (EO.P) has redeemed £1.73m of loan notes.
Majestic Corporation (MCJ) has appointed Allenby as corporate adviser and joint broker. VSA Capital has also become joint broker.
ASSET MATCH
Greenshields Agri Holdings (GAH) plans a share buyback in the fourth quarter. The Scottish agricultural land market remains resilient, although IHT changes could lead to more supply from 2027. Land values in England and Wales have slipped 1.5%. Wheat prices have risen with hot weather hitting production.
AIM
Floorcoverings distributor Likewise (LIKE) is taking advantage of the strong share price to raise £28.5m at 28.5p/share and a retail offer could raise up to £2m. This cash will finance the £9.8m cost of the proposed acquisition of a 60,000 sq ft warehouse freehold in Corby, as well as enabling further acquisitions of distribution facilities. The additional distribution facility will increase capacity to £300m each year. There are also £9m of bank facilities being negotiated. Net debt was previously expected to rise to £10.7m by the end of 2026 and net cash of £2.6m is now forecast.
Xcalibur Multiphysics Group has bought a 25.5% stake in subsurface resources data supplier Getech Group (GTC). Xcalibur is a global specialist in airborne and mapping geophysics. Octopus sold its 16.4% stake, and First Equity sold its 6.42% shareholding.
Cloud-based secure payments technology developer PCI-Pal (PCIP) did better than expected in 2025-26 and grew revenues 14% to £24.6m, which means the expected loss has been reduced to £800,000. Annualised recurring revenues were 29% higher at £24.4m, providing a strong base for 2026-27 forecast earnings of £27m, which will be reassessed when the full year figures are published. Net cash is £4m. The momentum continues, especially in the US. A new strategic partnership has been signed with reseller NiCE Systems Inc. Chief executive James Barham bought 26,466 shares at 56.5p each.
Cyber security software and services provider Shearwater Group (SWG) says the business won at the end of the period meant that trading was ahead of expectations in the year to June 2026. Revenues have been upgraded 18% to £42m and earnings have been raised from 4.5p/share to 4.9p/share. Net cash was £5.6m at the end of June 2026, which is around 50% of the market capitalisation. The board is considering share buybacks and /or dividends. At this point, Cavendish is not changing its 2026-27 forecast.
Brave Bison (BBSN) has launched a bid for System1 Group (SYS1), which valued the market research technology and services provider at £43.1m, or 327p/share, at the end of trading yesterday. The bid is 135p in cash and 2.04 Brave Bison shares for each Systems1 share. Brave Bison already owns 28% of Systems1 bought from founder John Kearnon and an institutional investor for an average cost of 242p/share. The original offer was valued at 297p/share and that was followed up with a 327p/share indicative offer. The combined business would have revenues of £79m.
Transport software and technology supplier Tracsis (TRCS) is acquiring UK rail software provider Mistral Data from FirstGroup for an enterprise value of £48m. In 2025-26, revenues were £13m and EBITDA was £4m. Annualised recurring revenues are 85% of group revenues. Using the cash pile to finance this will help the enhancement of earnings. The UK rail technology market is set to grow at 5%/year.
Furnishing fabrics and wallpapers designer Colefax Group (CFX) increased full year sales 5% to £115.9m, even though decorating sales declined, while pre-tax profit rose 18% to £10.5m due to a strong performance of the fabrics business in the US. Cash was £23.5m at the end of April, after £6.1m spent on share buybacks. The total dividend is 7% higher at 6.3p/share. US sales continue to be strong, but the UK is tougher.
Professional services network DSW Capital (DSW) full year revenues improved from £5m to £6.3m, helped by the contribution from DR Solicitors. Pre-tax profit fell from £1.6m to £1.3m. There was a decline in M and A revenues, down to 31% of the total, and there is caution about revenues this year. The dividend was increased to 3.2p/share.
Shield Therapeutics (STX) says US volumes of ACCRUFeR iron replacement treatment increased, but lower selling prices in the US meant that interim revenues from that market were lower. Group revenues were 41% ahead at $30.4m because of a $7.9m milestone payment from China. Operating profitability is being maintained, but it is not enough to cover interest charges. Cash was $8.3m at the end of June 2026, but there is debt to offset against this.
Media localisation and services provider Zoo Digital (ZOO) is seeing signs of improvement in the TV and film market for localisation and dubbing. Approaches from customers are increasing and Zoo Digital is moving into new areas such as live sport. Restructuring the business has helped to reduce costs. Revenues declined from $49.6m to $42.3m. The loss was reduced from $8.3m to $2.3m. The operations generated enough cash to more than cover investment in technology. The trading improvement has continued into the first quarter of this financial year.
Mobile games developer Gaming Realms (GMR) says interim revenues will be 3% lower at £15.5m. That is because non-core brand licence revenues slumped from £2.4m to £700,000. That will hit profitability in the first half. The core business did well. Net cash is £13.5m.
Fluidpower products distributor Flowtech Fluidpower (FLO) grew like for like sales by 13% in the first half as the company gains market share. Overall sales were 24% ahead at £70.4m. This was despite the lack of sales to two bridge infrastructure projects, which are likely to come through in the second half. Full year pre0tax profit is set to jump from £1.7m to £4m.
AI-enabled PR company Pathos Communications (NEWS) interim revenues rose 14% to $7.3m and it is on track to achieve full year forecasts, which appear conservative. Revenues of $14m are estimated with underlying pre-tax profit improving from $2m to $2.7m. This is despite adding to the cost base by investing in growing operations, including a new team in Asia Pacific. Cash generation is improving.
CyanConnode (CYAN) is recommending a 10.165p/share in cash from Esyasoft, valuing the smart meter technology company at £36.5m. Esyasoft previously bought Good Energy.
Newmark Security (NWT) is selling loss making physical security business Safetell for £1 and concentrating on the human capital management division.
MAIN MARKET
Online travel hostel agency Hostelworld (HSW) has reported its interims and they were in line with the trading statement with revenues 12% ahead at €52.2m. Profit was held back by one-off charges and an additional €2.3m of marketing investment. Underlying profit after tax fell from €5.1m to €4.9m. The interim dividend is €0.0083/share. Net cash is €2.5m. Guidance is unchanged with deferred income expected to unwind in the second half.
Fully listed financial management software developer Aptitude Software (APTD) has grown annualised recurring revenues for AI autonomous finance software by 12% to £20.1m thanks to Fynapse software sales. A $5.54m, three-year contract has been won in Canada. Overall annualised recurring revenues dipped to £49.9m because of lower legacy revenues. Churn should be reduced in the second half. The quality of revenues is improving and operating profit has increased in the first half. Net cash is £15.7m, after £2.6m of share buybacks.
US cybersecurity technology company Narf Industries (NARF) increased full year revenues by 50% to $4.5m. The cash outflow from operating activities was $226,000. There is $4.1m of revenues to be recognised this year. That is despite one project has been cancelled.
Andrew Hore
Quoted Micro 6 July 2026
AQUIS STOCK EXCHANGE
Lift Global Ventures (LFT) has bought a 2.18% stake in FourJaw Manufacturing Analytics, which is developing AI and machine learning technology for manufacturing, for £150,000 in shares at 1.5p each. The share price jumped 64.3% to 0.575p.
WeCap (WCAP) investee company WeShop has been added to the US Russell 3000 index. Hot Rocks Investments (HRIP) is also a WeShop shareholder. It has made new investments in oil and gas explorer Colossal Energy Fields and Brazil minerals explorer Prospectiva Resources.
Majestic Corporation (MCJ) reported a dip in full year revenues from $49.3m to $38.2m, while pre-tax profit improved from $1.01m to $1.35m. The recycling business expects pre-tax profit to be much higher this year.
Coinsilium Group (COIN) chairman Malcolm Palle bought 750,000 shares at 2.05p each. He has a 3.43% shareholding.
Healthcare IT supplier DXS International (DXSP) says full year revenues will be slightly lower than the previous year at around £3.4m. There should be a small profit this year. Ten pilot deployments of the NextGen referral service are active. NHS decisions are still being delayed.
Ormonde Mining (ORM) had cash of €1.09m at the end of 2025 and since then it has received the final deferred consideration for La Zarza. In 2025, cash used in operations was €679,000.
Advanced technology developer Vault Ventures (VULT) reported a non-cash impairment of £2.12m for its Dubai activities. There was a cash outflow from operating activities of £2.85m. Cash was £766,000 at the end of 2025.
Vaultz Capital (V3TC) is convening a general meeting on 21 July to gain shareholder approval to end the Bitcoin buying and to sell the remaining holding.
Tomahawk Metals (TMHK) has entered into an advisory agreement with Sven Honig and Voytech Sesulka for new projects for the company to consider. They will also analyse the information on the antimony and gold licences in Slovakia. Sampling will be conducted at the Saturn gold project in Western Australia.
Wishbone Gold (WSBN) had cash of £3.4m at the end of 2025. There was a cash outflow from operations of £2.62m and capital investment of £2.05m.
Marula Mining (MARU) has approved the budget and the mine development plan for the Tonto Tshipi and Derdepoort manganese mines in South Africa. Funding is being secured. The 2025 accounts should be audited by the end of July.
Phoenix Digital Assets (PNIX) had net assets of £16.3m at the end of 2025.
S-Ventures (SVEN) had net assets of £2.78m, including an investment in AIM-quoted Tooru valued at £3m.
Sports business VVV Sports (VVV) is raising up to £5m. Campana Investments has exercised warrants and that has already raised £1.2m this year. Net assets were £611,000 at the end of 2025.
Gledhow Investments (GDH) had net assets of £996,000at the end of March 2026.
Globe Capital (GCAP) has appointed AlbR Capital as broker. Net liabilities were £670,000 at the end of 2025.
Inqo Investments (INQO) increased full year revenues by 31% to R33.8m. The main investment is Kuzuko Lodge, which nearly doubled revenues.
BWA Group (BWAP) chief executive Peter Taylor bought 256,000 shares at 0.39p each and 238,000 shares at 0.42p each. He owns 5.65%.
JP JENKINS
On 15 May, the JP Jenkins index was 52.5 points higher at 1297.16. A reweighting was planned for the end of June.
AIM
Futura Medical (FUM) has terminated its US agreement with Haleon for erectile dysfunction treatment Eroxon because of disappointing sales. Futura Medical has waived the patent milestone and will receive a $1.9m termination fee. The US commercial rights will be returned, as well as being granted permission to use existing marketing materials. Market Performance Group will distribute Eroxon on a commission basis in the US from the beginning of September. The home tests results for WSD4000 showed that 79% of women reported a general improvement in all or most aspects of sex and three-quarters had increased interest in sex.
Decision intelligence software provider ActiveOps (AOM) grew full year revenues from £26.8m to £38m from a combination of organic growth and a nine month contribution from Enlighten. Net revenues retention was 119%, while annualised recurring revenues are £41.5m. Pre-tax profit increased from £1.3m to £2.4m. Cash was £23.8m at the end of March 2026. The $10m from the sale of the WorkIQ trademark to Microsoft was received after the year end.
Battery technology developer Ilika (IKA) has raised £5.1m at 28p/share and a retail offer could raise up to £500,000 more. This will help to finance the commercialisation of the Stereax technology, as well as providing further development funding for Goliath batteries.
Advanced materials and paper producer James Cropper (CRPR) has refinanced its debt, which will provide greater flexibility. This includes a new invoice discounting facility of up to £15m. A one-off pension funding charge of £600,000 has been agreed. The next valuation has been brought forward to March 2027.
Consumer products supplier Supreme (SUP) increased full year revenues by 17% to £270.2m, while underlying pre-tax profit fell from £32.4m to £31m, partly due to higher depreciation. Recent acquisitions helped drinks and wellness to grow, but electricals and household was hampered by poor batteries and lighting markets, although there was a contribution from 1001, which was acquired last year. Spending on acquisitions and new manufacturing facilities was more than covered by cash generation. Vaping product sales grew despite disruption from the banning of disposable vapes. There is uncertainty caused by the new vape duty based on volume of liquids. This comes into force in October.
River Global (RVRG) has issued D shares to the holders of the A shares. The D shares will be entitled to receive a distribution of Liontrust Asset Management shares issued for the sale of the fund management business. The company will retain some shares in Liontrust and more than £2m in cash to help fund annual running costs of £400,000. Rover Global will remain on AIM for the time being and will decide whether to seek a reverse takeover transaction. The remaining interest in Parmeni9on is estimated to be worth £75m-£90m.
Huddled Group (HUD) raised £1.24m at 0.4p/share via subscription and the retail offer at 0.4p/share was nearly three times subscribed and the online retailer decided to accept £200,000, which was double the amount sought. That takes the total raised to £1.51m. The cash will be spent on increasing stock levels and on marketing activity. Management believes that this should take the business to cash flow positive.
Mercantile Ports & Logistics (MPL) says the hearing before the National Company Law Tribunal relating to Karanja Terminal & Logistics has been adjourned. There will be a further hearing on 7 August. The port handled 1.2 million MT of cargo in 2025, compared to 1.33 million MT in the previous year. Net debt is £49.6m.
Fulcrum Metals (FMET) has entered a non-binding $20m royalty financing term sheet with Chancery Royalty, which would also subscribe £200,000 for shares at 8.5p each. This covers tailings at the Teck-Hughes project. This involves a proposed 5% net smelter royalty and 2% could be repurchased for $10m.
Cyber security services provider Shearwater Group (SWG) has secured a five-year contract extension with a UK telecoms client worth £25m over the period. This is for packet monitoring, forensic analysis and assurance services. There will be £12.5m recognised in 2025-26. However, cash will not be collected until after the year end. Net cash is likely to be lower than expected at £5.6m at the end of June 2026. Pre-tax profit is still forecast to rise from £600,000 to £1.1m.
Titon (TON) has acquired G-Pack Manufacturing for £1m. The business supplies injection moulded plastic components for windows and doors and revenues were £1.3m last year. Manufacturing will be moved in-house. The deal should be earnings enhancing in the first full financial year and will create cross selling opportunities.
Electronics and batteries supplier Solid State (SOLI) reported pre-tax profit 11% ahead of the Cavendish forecast at £8.6m. Revenues were 3% ahead at £154.1m, which was 23% higher than the previous year and gross margin improved. Net debt was £4.2m. The order book is worth £102.4m.
Plugin overdraft provider Fiinu (BANK) is taking a £7.3m write-down on the Everfex acquisition. There are arbitration claims against the sellers of Everfex. That write-down increases the 2025 loss to £10.4m. Conister Trust is set to launch Plugin Overdraft during the summer. Further discussions have been held with ten banks in Europe. Monthly burn rate is £220,000. Sami Kalliola is stepping down from the board but will still be involved in developing European white-label opportunities.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) says the trustees of it pension fund have agreed a £53m bulk annuity buy-in with Royal London. This removes the risk of the defined benefit scheme. The income stream matches obligations. A full buy out and wind up of the pension fund is possible within two years. No pension contributions have been made since 2023. If there is any surplus at the next valuation it would be paid to the company.
KR1 (KR1) generated income of £56,228 during May. NAV was 19.73p/share at the end of May.
Shell Acceler8 Ventures (AC8) is offering 2.6797 shares for each Intuitive Investments Group (IIG) share. At 80p each, this valued Intuitive Investments, which is recommending the bid, at £600m and its shareholders will own 99% of the company. This enables Intuitive Investments to move from the Specialist Fund Segment to the Main Market. This should help to attract investors.
New Frontier Minerals (NFM) is accelerating exploration at the Harts Range heavy rare earths and niobium project. The Kings Cross prospect will be prioritised.
Andrew Hore
Quoted Micro 11 May 2026
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased full year revenues by 6% to £23.4m, while pre-tax profit was flat at £1.1m. Race day attendances were one-quarter higher at 165,492. The final dividend is unchanged at 6p/share.
Invinity Energy Systems (IES) is successfully reducing the cost of the Endurium vanadium flow battery technology and making other cost savings. A contract with a Hungarian customer has been delayed and a potential US contract will take longer than expected to contribute. Revenues guidance for 2026 has been reduced to £13m and the loss could be £25m. Cash should still be £7m at the end of 2026.
Majestic Corporation (MCJ) says that its Wrexham recycling facility is operational.
Delta Gold Technologies (DGQ) has provisionally filed a patent under the research sponsorship agreement with the University of Toronto. The patent is for novel transducer structures for quantum devices. The details of the patent will be confidential for 18 months while additional work is undertaken.
Mendell Helium (MDH) has published the circular to gain shareholder approval for the issue of shares and the taking up of the option to acquire M3 Helium. The general meeting is on 18 May.
Sulnox Group (SNOX) has secured a distribution agreement with Aditya in India. This will provide access to 400 commercial and industrial customers. A patent has been granted in Algeria for fuel oil reclamation.
EPE Special Opportunities (EO.P) had net assets of 428.69p/share at the end of April 2026.
BWA Group (BWAP) has engaged SRK Exploration to conduct a ground magnetometry survey and interpretation for the Aracari gold project.
Ethtry (ETHY) has participated in a loan facility for Cerulean Winds. It has committed £500,000 to the investee company to fund development of the Aspen Phase 1 floating offshore wind project. Cerulean Winds has three seabed leases with a combined potential capacity of 3GW. There is a likely to be a final investment decision in 2027. Ethtry is considering a move to AIM.
Shepherd Neame (SHEP) non-exec George Barnes bought 680 shares at 506.8p/share.
Connecting Excellence Group (XCE) has raised £125,000 at 1.75p/share through a new strategic investor and an existing investor.
Oberon Investments (OBE) chairman Michael Cuthbert bought 300,000 shares and Alexander Hambro acquired 857,143 shares all at 1.7535p each.
AIM
Pawnbroker Ramsdens (RFX) has published the third trading statement in three months. Guidance for 2025-26 pre-tax profit has been upgraded from £24m-£28m to £28.5m-£31.5m. The gold buying operations are part of the reason, but jewellery retail and pawnbroking are also doing better than expected. Foreign exchange is slightly weaker than anticipated due to lower margins.
Online performance marketing business B90 (B90) reported results in line with the recent trading statement and management intends to use the AI performance marketing technology it has developed to move into new sectors. Revenues more than doubled to €7.2m and pre-tax profit was €1.1m, up from €700,000. Importantly, there was €603,000 in cash generated from operations and net cash was €1m at the end of 2025.
Investment that Light Science Technologies (LST) has made into gaining approvals in additional sectors for its contract electronics manufacturing business is starting to pay off. An initial order has been won from a medical devices supplier. This is worth £160,000 and could be worth up to £650,000 annually. This follows an order earlier this week worth £410,000 for the supply of Injectaclad material for fire protection. The acquisition of the Injectaclad business was completed on 14 April. The company was previously only an installer.
Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share for Deltic Energy (DELT) and it has been recommended by the board of the oil and gas company. The value is £7.2m. The bidder is providing a bridging loan of up to £2.9m.
Acoustic and insulation materials developer Autins Group (AUTG) returned to profit in 2025-26 even though revenues fell from £19.3m to £17.6m. There was an underlying net profit of £170,000, helped by an improvement in gross margin to 36.4%. This was despite a cyber attack at a major customer. There was an exceptional charge of £807,000 related to the cyber attack disruption and a cost relating to the German flooring business. Net debt is £1.6m. New contract wins provide a solid base for the current year, although expected revenues have been reduced from £24m to £22m. Post-tax profit estimate has been edged up to £800,000. Further growth next year could mean post-tax profit of £1.4m.
EnergyPathways (EPP) will be awarded a gas storage licence by the North Sea Transition Authority for its MESH project. It covers up to 60 salt storage caverns. This is part of a project in the East Irish Sea. The gas storage facility could double the UK’s gas storage capacity.
NAHL Group (NAH) increased pre-tax profit by 129% to £4.97m in 2025. This helped net debt more than halve to £3.2m. This reflects the success of handling personal injuries claims through its own National Accident Law firm. Uncertainty about its future hit the performance of the critical care division, but NAHL has decided to retain it and has changed the management. However, currently more claims are being settled is greater than new enquiries and that will hit the performance of NAHL this year. There is no forecast for 2026.
Furnishings brand Colefax (CFX) has traded ahead of expectations in the second half. Like-for-like sales are 7% ahead in the three months to April 2026. Full year pre-tax profit is expected to be at least £10.5m.
The new board of mathematical modelling and biostatistics company Physiomics (PYC) has started a review of the business. Costs will be controlled and directors will receive part of their payments in shares that will be issued each year at the price prior to issue. The board says that it has identified new opportunities that can be exploited over the medium-term. Cash should last until 2027.
Dillistone (DSG) reported a 14% fall in 2025 revenues to £4.2m, but an improved pre-tax profit of £400,000. This relates to the original IT recruitment software business, and new management has come into the group to pursue a buy and build strategy. That means the company could be significantly different in one year. The current business appears to be stabilising.
Real-time equipment monitoring technology developer Tan Delta Systems (TAND) has received an order worth £395,000 from a leading manufacturer of large commercial and industrial engines. It is for real-time oil analysis systems.
Reabold Resources (RBD) consolidated 1,000 shares into one new share.
Trading in Trellus Health (TRLS) shares has been suspended because of financial uncertainty. There is enough cash to last until the middle of June. Options include the sale of the trading business.
Alien Metals (UFO) says its joint venture partner in the Munni Munni Platinum-Palladium-Copper-Nickel project has reported infill drilling results that have some of the highest grades so far.
MAIN MARKET
Distribution company Smiths News (SNWS) reported a 4% decrease in interim revenues to £515.7m, while pre-tax profit fell from £13.1m to £12.7m. The interim dividend is unchanged at 1.75p/share. The company moved into a net cash position. The core newspaper and magazine distribution operations have secured most of their expected revenues the next few years and the cash they generate can be reinvested in newer distribution operations, such as recycling and distribution of other products. Full year pre-tax profit could be slightly down at around £34m.
Online travel hostel agency Hostelworld (HSW) reassured investors that trading is in line and there have been no significant hit from the Middle East conflict as yet. There is weakness in demand for Asia, but intra-Europe travel is holding up well.
Andrew Hore
Quoted Micro 10 November 2025
AQUIS STOCK EXCHANGE
Asset and fund managers advisory services provider Falconedge (EDGE) joined Aquis on 5 November. The company was formed in 2024, and it has five clients. There was £1.44m raised at 1.034p/share. It previously raised £1m. Falconedge was valued at £10.5m on admission. Falconedge has already bought 15.16258228 Bitcoin at $103,553.97 each. The total investment is £1.2m.
Business assurance provider Adsure Services (ADS) has grown it interim order book by a double digit percentage. Market share has been gained in the housing sector. Three new university contracts were won, and these will contribute to the second half. The audit working paper software was launched at the beginning of November.
VVV Sports (VVV) has signed non-binding heads of terms for the acquisition of R3 Sport, which owns and manages events, manages athletes, owns media rights and invests in teams and venues. The consideration is 300 million shares valued at £3m. VVV Sports is also investing in Wild Pickleball Agency, which is focused on Europe, Middle East and Africa. There are plans for a new profession circuity for singles and doubles, plus a pickleball league in the region.
AIM-quoted Pulsar Helium Inc (PLSR) has signed a definitive agreement for the acquisition of the Oscillate (SRVL) subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. Oscillate will change its name to Serval Resources and it will focus on copper and associated metals. Exploration has commenced on its proposed assets in the Kalahari Copper Belt.
AI manufacturing software provider IntelliAM AI (INT) says interim revenues were 58% higher at £2.4m. Annual recurring revenues were £1.18m at the end of September 2025 and it could reach £2m by the end of March 2026. The value of the contract with Hovis has increased. Gross cash is £778,000. Interim figures will be published on 24 November.
AIM-quoted Europa Metals (EUZ) has agreed the acquisition of Marula Africa Mining from Marula Mining (MARU). This subsidiary owns Marula Mining interests in battery and critical metals in East and Southern Africa. The intended offer is nine Europa Metals shares for each Marula share. This deal is subject to due diligence and Europa Metals raising cash. Marula Mining will distribute the Europa Metals shares to its shareholders and focus on precious metals. Marula Mining has appointed Fortified Securities, which is associated with RiverFort Global Capital, as broker. The broker is providing a £25m equity facility, while RiverFort is providing a $2m bridging facility that will eventually be taken on by Europa Metals.
Consumer loans provider Amazing AI (AAI) has made a small, initial purchase of digital assets. A few thousand dollars worth of Bitcoin was bought. Investments in Ethereum, XRP and Solana are planned.
B HODL (HODL) says that its Bitcoin strategy has achieved an annualised yield of 6.04% in the first full month. It generated a further 0.039 of a Bitcoin. The company holds 153.039 Bitcoin, and the average price is £84,610 for each Bitcoin.
The Smarter Web Company (SWC) raised £276,000 at 68p/share. A further four Bitcoin have been acquired and the total investment in 2,664 Bitcoin is £220.7m.
Sulnox Group (SNOX) says Spring Marine Group is broadening the use of emissions reducing Sulnox Eco to its entire fleet of 28 vessels.
Vault Ventures (VULT) says development subsidiary System7 has secured contracts with rewards-based app Fancy.com and Ellers Farm Distillery, helping with AI-based marketing of the recently acquired 6 O’Clock gin brand and other group brands. This takes the total number of contracts to seven with first year revenues of £200,000.
Igraine has changed its name to Ethtry (ETHY). It has received a further £1.3m of the outstanding balance of £3.24m of subscription money.
Majestic Corporation (MCJ) has entered a five-year lease agreement for an e-waste recycling facility in Wrexham at an annual rental of £130,000.
Shortwave Life Sciences (PSY) is planning a consolidation of ten shares into one new share.
Adnams (ADB) non-executive director Sacha Berendji bought 1,075 B shares at 1900p each. Philip Blows has reduced his stake in Supernova Digital Assets (SOL) from 7.98% to 2.82%.
TruSpine Technologies has changed its name to TSP Advanced Technologies (TSP). TechFinancials (TECH) will change its name to Ubuntu Mining and Metals and is raising the value of the share placing at 0.25p each by up to £100,000 to £350,000.
Probiotix Health (PBX) is moving from the Access to the Apex segment.
JP JENKINS
The JP Jenkins index of the 15 largest companies on the platform fell 0.1% to 1097.8 at the end of October 2025. Datalex, which moved from the Euronext Growth Exchange, joined the index during the period.
Cyber security services provider Smarttech247 Group (S247) left AIM and joined JP Jenkins on 4 November.
ASSET MATCH
Asset Match has added a dedicated PISCES page to its platform. It believes this will provide additional opportunities.
AIM
Winvia Entertainment (WVIA), which owns former AIM-quoted prize competitions organiser Best of the Best, raised £40m at 195p/share prior to joining AIM on 3 November. In December 2024, Winvia Entertainment also acquired one of the top three online casino operators in Romania, Click Competitions was acquired in March. The share price has risen to 215p.
Audio and content creation equipment supplier Focusrite (TUNE) reported 12-month results in line with expectations with revenues rising 6% to £168.9m, while operating profit dipped from £16.6m to £15.3m. The latest interim dividend for the 18-month period is 2.1p/share. There was growth in second half revenues despite the uncertainty brought about by tariffs. Net debt was £11m at the end of August 2025.
Laundry technology developer Xeros Technology (XSG) has raised £3m at 1.75p/share and a retail offer closing on 11 November could raise up to £1m more. There is also a follow-on subscription of £2m planned for later in November. This will strengthen the balance sheet so that existing contracts can be fulfilled and new opportunities progressed. Cavendish has published a 2026 forecast, which expects revenues to rise from £600,000 in 2025 to £1.4m. There will be initial filtration sales through Russell Hobbs and royalty payment from Yilmak. A 2026 loss of £2.1m is forecast. Even without the additional £2m there will still be net cash at the end of 2026. Revenues are expected to accelerate in 2027 and 2028.
Savannah Resources (SAV) has raised £9.2m at 3.7p/share and a retail offer closing on 11 November could raise more cash. Three of Savannah’s largest shareholders, AMG Lithium BV, Grupo Lusiaves SGPS and Pluris Investments S.A. all subscribed for shares. Savannah Resources is developing the Barroso lithium project in northern Portugal. The cash will fund the acquisition of the Aldeia mining lease, which covers the 100%-owned C-100 mining lease at the Barroso project and to advance that project beyond the Definitive Feasibility Study, which is due to be completed during the first half of 2026.
Tan Delta Systems (TAND) is starting a paid phase 2 trial by one of the world’s largest online retailers to evaluate the company’s real-time oil condition analysis and monitoring systems. This is to monitor gearboxes on conveyor systems at distribution centres. Phase 1 proved the capability on five gearboxes at one distribution hub. The customer has tens of thousands of critical gearboxes across its sites. Tan Delta Systems had £2m in cash at the end of June 2025 after a £1m cash outflow in the previous six months.
Mobile water and environmental testing technology provider Metir (MET) continues in its collaboration with Swansea University to develop methods for detecting PFAS chemical contamination in water and soil. The research has “demonstrated the feasibility of integrating portable liquid chromatography-mass spectrometry (LCMS) with innovative low-waste extraction materials”. This enables a ‘Lab in a Van’ system that can be deployed in the field. This will reduce turnaround time. Metir’s US instrumentation partner is optimising and scaling up the detector for commercial purposes. Metir is talking to local authorities and industry bodies.
RentGuarantor Holdings (RGG) is raising £2.5m at 12.5p/share. The cash will be used to grow awareness of the company and its rent guarantee service. The company will also further develop its network of partners, and the cash will fund further growth. RentGuarantor founder and chief executive is selling 2.18 million shares at the placing price.
Asiamet Resources (ARS) is selling its interest in the KSK copper project to Norin Mining for gross cash of $105m on a debt free basis. This is dependent on shareholder approval. Most of the proceeds ae likely to be distributed to shareholders.
Power generator OPG Power Ventures (OPG) is launching a tender offer of up to 182 million shares at 6.27p/share. This is part of the plan to leave AIM. The proposal will be put to shareholders at a general meeting on 3 December.
Aerospace composite components manufacturer Velocity Composites (VEL) has been hit by lower than expected Airbus A350 production. This is due to supply chain issues at Airbus. There have also been delays in programme transfers in the US. Dowgate has cut its full year revenues forecast from £23m to £20.7m. This means that the loss would be £900,000.
Aptamer Group (APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m.
Trading in Secure Property Development and Investment (SPDI) shares is suspended ahead of a potential reverse takeover of energy storage technology business AdvEn Inc. There would be an all share bid with a placing to raise cash. The company has made two loans to the potential takeover target ahead of the deal. AdvEn produces advanced carbon materials for use in supercapacitors and batteries.
MAIN MARKET
Shipbroker Braemar (BMS) says there is recovery in its markets, but interim revenues fell 16% to £63.9m and there was a sharper fall in profit. The interim dividend is 2.5p/share. Net debt is £7.4m. The order book is worth $73.8m.
New Frontier Minerals (NFM) announced a drill programme of up to 46 holes at the Harts Range Heavy Rare Earths project in Australia. Approval for the drilling campaign is imminent. This could unlock significant value.
Cancer tests developer Cizzle Biotechnology (CIZ) has entered a letter of intent with a medical diagnostic services provider that is in partnership with the NHS. This will help to verify and validate the CIZ1B biomarker test. The company has raised up to £250,000 from a convertibles issue to Frazer Lang. This is an extension of a £150,000 loan.
First Tin (1SN) says drilling at the Taronga tin project in Australia confirms extended mineralisation.
Nanoco (NANO) has extended its joint development agreement with the Asian chemical customer. The three-year extension is to further develop the material and scale up the manufacturing process of the Quantum Dot nanomaterial for silicon sensors to enable Short Wave Infrared capabilities. There is an inflationary increase in fees.
Andrew Hore
Quoted Micro 20 October 2025
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) increased sales 30% to £1.97m in the nine months to September 2025. There is sufficient cash for the company’s needs. A commercial partnership with RevivaBio has been set up to launch a new cholesterol lowering product powered by the ProBiotix patented probiotic strain LPLDL®. Chairman Adam Rynolds bought 100,000 shares at 8p each.
B HODL (HODL) has taken its Bitcoin holding to 142 at a total cost of £12m. AlbR Capital has been appointed joint broker. Four directors have been buying shares at prices between 11.88p and 13.88p each.
Mendell Helium (MDH) still has an option over M3 Helium and production at Rost is expected to start by the end of October. Potential expansion opportunities are being assessed. The planned move to AIM is progressing.
Hydrogen Future Industries (HFI) is changing its name to energy B. It has consolidated 50 shares into one new share.
The Smarter Web Company (SWC) has bought 100 Bitcoin for £9.08m. It owns 2,650 Bitcoin.
Coinsilium (COIN) plans a strategic update in the next few weeks. Malcolm Palle will become non-executive chairman, and Federica Velardo is leaving the board. Coinsilium owns 182 Bitcoin, and they are valued at £15m.
Time To Act (TTA) has sold £1m of surplus coating compound for £1m, which was not valued in the balance sheet. This will pay off the CBILS loan. The cash will be received in two instalments by early December.
Igraine (KING) raised £7.15m at 0.25p/share. Oliver Murphy is joining the board. Some of the funds will be invested in Ethereum, as well as being used in the battery energy storage systems (BESS) and electric vehicle (EV) charging sectors.
Wishbone Gold (WSBN) says drilling on hole 2 at the Red Setter gold dome project in Western Australia has been completed at 950 metres. Drilling of hole 3 should start on 21 October.
Oscillate (SRVL) has launched the Serval Resources brand as it refocuses on copper and other metals. The company will eventually change its name to Serval Resources.
TruSpine Technologies (TSP) increased its full year loss from £702,000 to £760,000. Th medical device developer raised £119,000 at 0.5p/share. Martin Armstrong raised his stake from 0.45% to 5.2%.
Ananda Pharma (ANA) had cash of £613,000 at the end of July 2025. The interim loss was £1.95m.
HRC World (HRC) has applied to leave Nasdaq First North.
Fidelio Partners has a 7.6% stake in Phoenix Digital (PNIX). It also owns 15.1% of Supernova Digital (SOL).
Majestic Corporation (MCJ) finance director Man Bing Lee bought an initial 2,857 shares at 175p each.
AIM
The existing board members put up for re-election at the requisitioned general meeting of staffing company Empresaria (EMR) were all voted off the board. All votes received 82.2% of shares voted in favour. Finance director Tim Anderson is the only remaining director, and he has been joined by three new non-exec directors. Allenby has replaced Singer as nominated adviser and joint broker.
North America was the bright spot in revenues at interior design brands owner Sanderson Design Group (SDG). North American revenues rose 1%, while elsewhere they fell 9%. There are signs of recovery outside of the UK. Interim revenues fell 4% to £48.3m. Cost savings meant that underlying pre-tax profit was flat at £2.2m. Restructuring the manufacturing business improved its margins, but there was lower internal production as inventory levels fell. That helped improve the cash balance which was £7.8m at the end of July 2025. A further £1m of annual cost savings have been made and August and September revenues were 5% ahead. Full year pre-tax profit is expected to recover from £4.4m to £5m.
Delays in securing contracts have slowed progress at location data management software provider 1Spatial (SPA), but recurring revenues continue to grow. Interim revenues were 9% higher with recurring revenues rising by one-fifth to 61% of total revenues. SaaS revenues from traffic management planning software 1Streetworks quadrupled and that was before the latest UK Power Networks contract gain worth £1m over 15 months. Cash generation is improving and getting nearer to covering capitalised development costs. Net debt is £2.5m. Australia was the only laggard, and this may possibly be sold to help finance further product development and growth in the core markets. Cavendish forecasts flat full year pre-tax profit of £1.4m.
Online womenswear retailer Sosandar (SOS) grew interim revenues by 15% to £18.7m, despite disruption from Marks & Spencer’s cyber incident, and net cash improved from £7.3m to £7.7m at the end of September 2025. That was despite an increased loss of £1.1m, up from £700,000. A full year pre-tax profit of £400,000 is forecast. Initial homeware sales through NEXT have been good.
Another positive trading statement from music instruments retailer Gear4Music (G4M) has led to a further forecast upgrade. Revenues grew 31% to £49.6m in the six months to September 2025. EBITDA expectations have been raised from £12m to £13.7m. Market conditions are improving and marketing has been stepped up. There has also been investment in improving availability of products.
Synthetic binders developer Aptamer Group (APTA) has developed its own Optimer binders and built up a valuable range of patents that could generate licence revenues in the longer-term. It continues to secure licence deals. In the year to June 2025, revenues grew by two-fifths to £1.2m and there is already visibility of £1m in revenues in the year to June 2026. Admin expenses were reduced to below £3m, but they may raise slightly this year. That means that Aptamer will still be loss-making. At the end of July cash was £2.7m and that should last into 2027.
MyHealthChecked (MHC) is selling its loss-making trading subsidiary Concepta Diagnostics to Boots UK for £2.375m. The company will become a shell with £5.7m of cash after the costs of the disposal, including an exit bonus to chief executive Penelope McCormick who is leaving with the subsidiary.
There are positive drilling results for the Redmoor tungsten tin copper project owned by Strategic Minerals (SML). The results confirm multiple zones of high-grade tungsten mineralisation at the project in Cornwall. These results are from one borehole. This suggests that Redmoor could be the highest-grade undeveloped tungsten deposit. There are also positive results for copper. The tin assays are still being reviewed. Drilling continues. Zeus has a 1.9p/share fair value for Strategic Minerals.
Newmark Security (NWT) had talks with 21.3% shareholder Thalassa (THAL) and the security company’s board will be reconstructed. Two new non-execs will be appointed.
Modular housing company Eco Buildings Group (ECOB) has expanded its geographical reach and the computerisation of the production process. It has set up a new subsidiary with Socotra Real Estate Development and Investment Company to offer modular housing in Sudan. The Khartoum-based partner will invest €5m to fund two production lines and receive 50% of any net profit.
Growth is accelerating at decision intelligence software supplier ActiveOps (AOM) with interim revenues 45% higher at £20.8m, including three months of the Enlighten acquisition. Annual recurring revenues are 55% higher at £44.6m and still grew 27% excluding Enlighten. Organic net revenues retention was 116%. Net cash is £13.3m. The full benefits of the Enlighten acquisition will come through next year. The interim results will be published on 27 November.
Semiconductors designer EnSilica (ENSI) has been hit by a contract delay and a cybersecurity incident at an automotive client. That means that full year EBITDA of £300,000 is expected, compared with £500,000 previously forecast. That is before a £1.6m bad debt provision relating to the contract delay. That contract with SIAE Microelectronics is on hold because of the client’s lack of cash and EU funding may be issued in 2026. The 2026 EBITDA guidance has been reduced to £3.5m-£4.5m.
Labour supply services provider Hercules (LSE: HERC) acquired 70% of Lyons Power Services, a provider of power and energy infrastructure services, for £702,800 in cash and shares. The existing owner will retain the other 30%. In the year to January 2025, revenues were £1.39m and pre-tax profit £287,000.
Podcast platform operator Audioboom (BOOM) increased third quarter revenues by 9% to $20.4m and EBITDA by 18% to $1.2m. There is strong growth of video views, following the Adelicious acquisition. Nine months revenues are 5% higher at $55.5m, while EBIDA more than doubled to $3m. Booked revenues for 2025 are more than $79m. A strategic review is ongoing.
Mosman Oil & Gas (MSMN) has raised £1.67m at 0.0225p/share and a retail offer could raise up to £500,000. This will close on 21 October. The cash will be spent on US helium projects, including Sagebrush and Coyote Wash in Colorado. The Independent Prospective Resource Validation at Coyote Wash is expected before the end of the year.
Energy storage technology developer Gelion (GELN) raised £10m via a placing and subscription at 20p/shar and up to £500,000 could be raised by a retail offer, which closes on 23 October. The cash will finance commercial pouch cell prototypes. The cash will last for 18 months.
Pulsar Helium Inc (PLSR) has filed a preliminary short form base shelf prospectus, which will enable the issue of securities to raise cash up to $50m over a 25-month period. There is no immediate plan to raise money.
Peter Gyllenhammar has increased his stake in infrastructure services provider Nexus Infrastructure (NEXS) from 28.15% to 29.14%. Michael Thomas Morris has cut his stake from 7.68% to 4.41%.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) generated year-on-year like-for-like growth in revenues of 8.1% in the first half with a strong performance from ecommerce. Total revenues were one-quarter higher at £21.3m. Net debt is £4.1m after investment in new stores.
Quoted Micro 21 July 2025
AQUIS STOCK EXCHANGE
Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September.
Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to £2.13m. Increased repair costs meant that the loss increased from £77,000 to £97,000. There is £2.18m in cash and deposits.
Fintech Amazing AI (AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.
Digital assets company Vaults Capital (V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.
Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is £9.99m.
The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week.
Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.
Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.
RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.
Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.
Capital for Colleagues (CFCP) investee Bright Ascension has concluded a £2.35m fundraising. Capital for Colleagues has switched a £1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of £200,000 up until the end of January.
Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.
Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised £156,600 after costs. They were bought for 0.8p each.
EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025.
Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.
ASSET MATCH
Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.
Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.
JP JENKINS
Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries.
AIM
Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from £103m to £99.3m, while pre-tax profit improved from £800,000 to £1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.
Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of £200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from £46.3m to £37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is £7.3m.
Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to £42.8m, while underlying pre-tax profit was 17% better at £7.08m. There was a £840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at £86.3m. Like-for-like growth was 3%. Net debt was £9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.
Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.
Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000.
Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.
Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share.
Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.
Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from £13m to £14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was £6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.
AFC Energy (AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.
Eco Animal Health (EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased.
Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.
Audioboom (BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.
Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.
Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at £48.2m and EBITDA is 9% ahead at £12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are £32m after that contract loss.
MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.
Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.
Mulberry (MUL) raised £105,000 in a retail offer. There was up to £1.25m on offer.
Logistics Development Group (LDG) is investing £15m as part of DBAY’s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of £7.1m. There are also plans to acquire William Stobart.
MAIN MARKET
Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to £20m.
Andrew Hore
Quoted Micro 14 October 2024
AQUIS STOCK EXCHANGE
Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to £1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.
Invinity Energy Systems (IES) is pleased with the UK government’s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.
Café chain Cooks Coffee Company (COOK) increased store sales by 26% to £16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.
Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.
Bitcoin mining company Vinanz (BTC) has added five Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.
Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.
EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.
California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).
Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.
Majestic Corporation (MCJ) has appointed Oberon Capital as broker.
AIM
After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.
Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from £26m to £29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from £400,000 to £3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to £114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of £2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.
Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at £28.4m and annualised recurring revenues were 18% ahead at £28m. Underlying pre-tax profit improved from £2.3m to £3.9m. Net cash is £6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from £6m to £6.1m on revenues of £39.6m.
Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to £5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of £700,000 on revenues of £6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to £6m on share buy backs.
Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.
Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.
Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add £1m to annual EBITDA. The restructuring charge will be £700,000. The IP infringement dispute with Roche Diagnostics will continue.
SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for £1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate £3m in 2024-25, up from £2.1m, and EBITDA could be £900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.
Data analytics software provider Rosslyn Data Technologies (RDT) is raising £1.64m via placing at 5p/share and £250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further £1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.
Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.
John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.
Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.
Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.
MAIN MARKET
Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised £2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are £4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.
Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.
Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for £720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.
Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 7 October 2024
AQUIS STOCK EXCHANGE
Prize draw operator Good Life Plus (GDLF) has increased the number of paying subscribers by 90% to more than 40,000 in less than a year. Management says that it might exceed expectations for the current financial year. Good Life Plus is raising £2m at 2.5p/share. Earlier this year, £2m was raised at 2.25p/share. The cash will finance customer acquisition and signing up new partners.
Brewer Shepherd Neame (SHEP) grew full year revenues by 4% to £172.3m and underlying pre-tax profit improved from £7.6m to £7.9m. NAV is 1217p/share, while net debt is £80m. Like-for-like retail sales were 4.9% ahead with the growth dominated by drinks offsetting a fall in accommodation income. Beer volumes declined 12% with own-brewed volume 17% lower. Brand refreshes are planned. Beer volumes continue to decline, while like-for-like retail sales for the initial 13 weeks of the new year are 3.8% higher.
Consumer brands company Silverwood Brands (SLWD) increased interim revenues from £5.85m to £7.08m and it moved into profit, but that was mainly due to exceptional gains.
CRUSHMETRIC Group (CUSH) increased interim revenues from HK$1.04m to HK$2.94m, although the loss was similar at HK$3.7m.
Talks with potential investors in Quantum Exponential Group (QBIT) have been terminated. The documentation has not been signed and the potential investor did not pay the £200,000 towards costs that it promised. Trading in the shares will end on 30 October.
Voyager Life (VOY), which has an option to acquire M3 Helium, has changed its name to Mendell Helium. The admission document is being prepared and the option should be exercised by the end of January. The company had £163,000 in the bank at the end of March.
Aquaculture technology developer OTAQ (OTAQ) reported a 16% decline in interim revenues to £1.5m because of a delay to a £350,000 order. The company continues to lose money. A forecast full year loss of £1.3m is similar to 2023, including a £150,000 benefit from cost reductions, and it could be halved in 2025 as the full benefit of cost savings show through.
KR1 (KR1) had net assets of 57.27p/share at the end of August 2024. The income in the month was £590,000.
Investment Evolution Credit (IEC), which provides loans under the Mr Amazing Loans brand, is holding a general meeting to gain approval to raise up to £2.5m from share issues. Paul Mathieson is being replaced as chief executive by Marc Howells. Former director Sam Prasad is loaning £200,000 to the company, which replaces a previous £100,000 loan.
Recycling services provider Majestic Corporation (MCJ) narly doubled interim revenues from $13m to $25m and pre-tax profit was one-third higher at $900,000. The company has received Enterprise Investment Scheme status.
RentGuarantor (RGG) has increased third quarter revenues by 62% and average revenues per tenant by 8% to £606.
Gains on investments enabled Hot Rock Investments (HRIP) to move into profit in the year to March 2024. Net assets increased to £512,000.
An undertaking of EPE Special Opportunities (EO.P) has provided additional funding of £2m to the Rayware Group. There is also a £1m contingent guarantee provided to third party lenders. EPE Special Opportunities still has £16m in cash.
ProBiotix Health (PBX) has a commercial partnership with Deutsch-Pharm. It will use two of the company’s products (for cholesterol lowering and vascular health) under its own brand in the Ukraine. Commercialisation is anticipated in the first quarter of 2025.
One Health Group (OHGR) has appointed Panmure Liberum as corporate adviser and broker.
Hydro Hotel Eastbourne (HYDP) has declared an interim dividend of 13p/share.
AIM
AO World (AO.) is acquiring musicMagpie (MMAG) for 9.07p/share, which values the pre-owned products supplier at just under £10m. There are irrevocable undertakings and letters of intent totalling 54% to accept the offer. AO World believes that the two companies have complementary online models, and a technology trade-in service will enhance its product offering. AO World says that the musicMagpie disc media and books business should not require significant investment.
EMV Capital (EMVC) director Jonathan Robinson bought 25,000 shares at 52p each following the interim results announcement of the company that was previously known as NetScientific. Total assets under management reached £106.7m following the addition of the Martlet Capital portfolio. Net assets edged up from £17.1m to £18.5m. Nasdaq-listed investee company PDS Biotech announced a 36-month survival rate of 84.4% in locally advanced cervical cancer patients treated with the company’s lead target drug Versamune HPV and Chemoradiation.
Tavistock Investments (TAVI) is raising up to £37.75m from disposals, which is more than treble the market capitalisation before the sale, with nearly £11m payable on completion and a further £11m from discharge of intragroup debt. The rest is payable based on performance. The two businesses made a pre-tax profit of £1.5m in the year to March 2023. The cash will be used for working capital and acquisitions. There could also be share buy backs. Chief executive Brian Raven bought 830,000 shares at 3.55p each.
Good Energy (GOOD) has acquired Lincolnshire-based solar installer Amelio Solar for an initial £5.5m. The focus of the business is the education and public sector. In 2023, revenues were £7m and pre-tax profit is £1.4m. However, there have been lower levels of activity in Good Energy’s existing installation business.
Packaging equipment and automation provider Mpac Group (MPAC) is making its second acquisition in recent weeks and this is by far the larger. Mpac is acquiring CSi Palletising for £47m, including £4.16m in shares, and the deal should be completed by the end of the year. CSi Palletising designs, manufactures and installs end-of-line packaging automation and robotics equipment and will enhance the geographic coverage. In 2023, CSi Palletising generated revenues of €71.5m and EBITDA of €7.3m. The latest interims show revenues of €44.4m and EBITDA of €6.8m. There is an order book worth €64.3m. A placing raised £29m at 400p/share and a retail offer to existing shareholders could add up to £1m to the figure.
Digital media publisher Digitalbox (DBOX) has commenced a strategic review, which could involve a sale of the company. This follows representations from a major shareholder disappointed about the level of the share price. Progress should be reported in November. Interim revenues were better than expected, but July and August were weak. Net cash is £2.2m, which is more than 50% of market capitalisation. A capital restructuring is underway to create positive distributable reserves.
Agricultural products supplier Wynnstay Group (WYN) says the second half has been hit by wet weather and weaker farmgate prices in part due to government policy uncertainty. Shore has reduced its 2023-24 pre-tax profit forecast by 35% to £7.5m and this will have a knock-on effect in the year to October 2025 where the profit forecast has been cut by 29% to £8.5m. Wynnstay should still have net cash, and the NAV is estimated at around 600p/share.
Payments technology company Bango (BGO) is making some progress towards regaining investor confidence and it is on course to make a full year profit. Interim revenues grew 19% to $24.1m. Annualised recurring revenues are 130% ahead at $12.9m. Net revenue retention is 159%.
Ceramic disc brake technology developer Surface Transforms (SCE) increased interim revenues by 58%, but growth is still not meeting expectations even though there is further growth in third quarter revenues. There are delays to installing additional capacity. Full year revenues are expected to be £11m, compared with previous expectations of £17.5m. There was £5m in cash at the end of June 2024. Odd Asset Management reduced its stake from 5.13% to 2.58%.
Graphene technology developer Versarien (VRS) has signed an agreement with Balfour Beatty to develop 3D-printable mortars for civil construction. It will formulate three types of mortar. This follows the disposal of AAC Cryoma for £550,000 payable in 15 instalments.
Oil and gas company Prospex Energy (PXEN) is applying for exploration licences in Poland. The licence awards should happen in the first quarter of 2025. Initial results from the Vlura-1B development well in Northern Spain are positive. Drilling intercepted significant gas shows and that confirmed the high quality reservoir. This well will be connected up and first production should be by November.
Battery and electronic components supplier Solid State (SOLI) is acquiring Gateway Electronic Components, which manufactures ferrite and magnetic components for £1.4m. These are used by electromechanical and Industrial Internet of Things businesses. The run rate pre-tax profit is £200,000, so the multiple is less than ten.
Surplus consumer products retailer Huddled (HUD) generated interim revenues of £5.3m and they continue to grow organically and via acquisition. Third quarter revenues will be around £3.5m. Management is investing in inventory and marketing. Warehouse functions are being centralised.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) published its first results following the sale of the motor dealer business. In the six months to July 2024, revenues were 11% ahead at £16.1m. Major shareholder Lithia is taking up new licences in the UK. The US roll out is being planned.
The two board representatives of Kelso Group (KLSO) on AIM-quoted The Works.co.uk (WRKS) have stepped down. This will make it easier to sell its 6.3% stake if it wishes to. The average cost was 32p/share and the current price is 25.2p.
Andrew Hore
Quoted Micro 9 September 2024
AQUIS STOCK EXCHANGE
Good Life Plus (GDLF) raised £275,000 from a convertible loan note issue that expires on 31 August 2025 when it can be repaid at a 10% premium or converted into shares at a 10% discount to the weighted average price over the previous month. If there is £2m raised in a share issue, then the loan notes are immediately convertible at a 10% discount to the issue price. The coupon is 10%. Following this issue, a partnership was announced with a major UK mobile operator. Good Life Plus will offer promotions to help with engagement with tens of millions of subscribers. This will provide access to potential subscribers to the Good Life Plus platform. There should be other partnerships in the coming months. The share price increased 3.28% to 3.15p. This is a new high for the shar price.
It is taking longer than anticipated Invinity Energy Systems (IES) even though the long duration energy storage market is growing. More time is required to develop the Mistral next-gen product to reduce costs. There is uncertainty about the timing of the recognition of revenues. The 2024 revenues were expected to be £36.3m, but it is likely to be lower. Jonathan Marren is replacing Larry Zulch as chief executive. There was £49.2m in the bank at the end of June 2024.
ProBiotix Health (PBX) is raising £1.2m at 3.36p/share. OptiBiotix Health (LON: OPTI) is unhappy with the latest fundraise by ProBiotix Health and claims a typo in the AGM notice means that it should not be allowed to issue more shares except on a pre-emptive basis. The company previously said that it had enough cash. ProBiotix Health believes that the error is not relevant. The underlying problem seems to be the high discount of the fundraising price to the market price.
EDX Medical (EDX) has signed a distribution agreement with Caris Life Sciences. They will work together to distribute Caris molecular profiling services in the UK and Nordic countries. The deal lasts for three years, and additional regions and products could be added.
Recycling services provider Majestic Corporation (MCJ) has agreed to acquire Deeside-based Telecycle Europe for up to £2m. The acquisition target already acts as a tolling agent for Majestic Corporation, and it is owned by Peter Lai, the 71.9% shareholder in Majestic Corporation. The deal will secure a steady supply of recyclable materials and should improve margins. In 2021, Telecycle Europe mad a post-tax profit of £175,000. The initial payment is £150,000 and then monthly of payments of £150,000. The full amount is dependent on volumes being met.
Peninsula Yacht Services is adopting SulNOx Group (SNOX) fuel additives for the fuel it supplies from its Gibraltar. The specialist pumping system is being installed following permission from the authorities.
Mortgage Chat has changed its name to Pitch Pit (PICH) and its strategy to become an artificial intelligence and technology accelerator. Chandila Fernando and Judith Hough will head up the new operations, who will join the board after background checks are completed. Brian Stockbridge of First Sentinel has already joined the board. The company plans to raise £500,000.
Oscillate (MUSH) is progressing the proposed acquisition of Quantum Hydrogen Inc. Regulatory approval of the documentation is being awaited and a general meeting should be announced this month.
SuperSeed Capital (WWW) had net assets of 114p/share at the end of June 2024.
Equipmake (EQIP) announced that the HTM-3500 heavy vehicle electric motor maintains its peak performance of 3,500Nm and 400kW, while its continuous power output has doubled to 200kW at 2,500rpm.
Time to ACT (TTA) subsidiary GreenSpur has won a design contract to develop an optimised wind turbine generator for XFlow Energy.
DXS International (DXSP) has changed its corporate adviser to Hybridan. Wishbone Gold (WSBN) has appointed Tavira Financial to replace SP Angel as corporate broker. A new investor relations strategy will be announced shortly. Tennyson Securities has published research on Tap Global Group (TAP). It is available via www.tennysonsecurities.co.uk.
AIM
Weak demand from independent restaurants and bars in the UK and internationally held back the interims of ceramic products manufacturer Churchill China (CHH). Independents are suffering from higher costs. Demand from national chains has held up better. Revenues fell from £44m to £40.6m, while the underlying pre-tax profit edged up from £4.7m to £4.8m. This is because capital investment has helped to improve margins. The interim dividend was raised 4.5% to 11.5p/share. The full year outcome is dependent on fourth quarter trading.
Agricultural products supplier Camellia (CAM) says trading conditions eased slightly in the first half of 2024, but they are still difficult. Revenues improved 7% to £105.1m and the loss was reduced from £15.1m to £9.7m. There is no interim dividend. The loss from tea fell, while nuts and fruits profit more than trebled to £3.2m. The engineering business returned to profit. Net cash is £24.1m and there is an investment portfolio worth £37.6m. The full year loss should be between £10m and £12m.
Signing up Donlim Group for a filtration technology licence did not offset the weaker trading news at laundry filtration technology developer Xeros Technology (XSG). Indian licensee IFB has delayed the launch of new 9kg washing machine until next year and French environmental standards for microplastics have not been clarified. Donlim owns the Morphy Richards brand, and it will manufacture the XF3 external filter under licence from the middle of next year. The 2024 pre-tax loss estimate has been raised from £2.7m to £4.3m. William Black and Armstrong Investments have increased their stake from 6.34% to 7.3%.
Rockfire Resources (ROCK) has increased the size of the resource at the Molaoi zinc lead silver germanium deposit in Greece by 500%. The JORC 2012 compliant mineral resource estimate is 15 million tonnes at an average grade of 9.96% zinc equivalent. Allenby estimates that it is one of the top 20 undeveloped zinc prospects. There is also 4.8mt of germanium. There are high recovery rates. Only 2.1km of the 7km potential strike has been tested so far. Allenby estimates a fair value of 2.6p/share.
Hostels operator Safestay (SSTY) improved interim revenues by 7% to £10.7m and the loss reduced from £947,000 to £113,000. Sales to the end of August were well ahead of last year and forward bookings are strong into next year. The lease of the loss making Venna hostel has been surrendered. Four new properties have been added this year. NAV increased by 17% to 49.8p/share.
Real-time financial data provider Arcontech (ARC) increased full year revenues by 7% to £2.9m and pre-tax profit improved from £1m to £1.1m. More than 90% of revenues are recurring. Net cash was £7.2m at the end of June 2024. The dividend has been raised to 3.75p/share. Pre-tax profit is set to fall this year because of investment in sales.
Andrew Carter has resigned as chief executive of wines producer Chapel Down Group (CDGP) and will become the boss of Timothy Taylor next year. Interim revenues fell 11% to £7.12m due to a slump in off-trade sales. There was not the expected restocking by retailers. Pre-tax profit slumped to £40,000. Net debt was £5.8m at the end of June 2024 after investment in further planting at the Buckwell vineyard.
Shield Therapeutics (STX) had $8.1m in gross cash at the end of June 2024 with a milestone payment of $5.7m expected in the second half. The first half cash outflow was $5.8m. Management believes that the business should be monthly cash flow positive during the second half of 2025. Iron deficiency treatment ACCRUFeR generated revenues of $11m in the US in the first half and total group revenues were $12.1m. Full year US revenues could be $27m.
A recovery in the Hercules Site Services (HERC) share price led to a decision to raise £8m via a subscription and placing at 49.5p/share. Morson chief executive Ged Mason subscribed for 9.5% of the enlarged share capital. Majority shareholder Brusk Korkmaz has sold 6.06 million shares to Wasdell Packaging, whose majority shareholder Martin Tedham has been appointed as a director.
First Property (FPO) has launched a one-for-three open offer to raise £2.96m at 8p/share. It is underwritten by directors Ben Habib and Alasdair Locke. The cash will settle the deferred payment for the Blue Tower property and finance the completion of the fit-out.
MAIN MARKET
Precision components supplier Carclo (CAR) says trading is in line with expectations with margins prioritised over volumes. The restructuring of US operations is ahead of schedule. Aerospace demand is strong, which has helped the speciality division.
Andrew Hore
Quoted Micro 17 June 2024
AQUIS STOCK EXCHANGE
Samarkand (SMK) has sold its probiotic brand of Probio7 for £1.3m with an initial cash payment of £1.1m. This will provide working capital for the company’s other healthcare brands. Unsecured loans made by the directors to finance the acquisition of Optimised Energetics will be repaid.
Skin treatments developer Incanthera (INC) has moved up to the Apex segment following its recent rise in valuation. The appointment of John Howes as an additional independent non-executive director has also enabled the switch.
OTAQ (OTAQ) has won a contract with Ireland’s Seafood Development Agency for two Live Plankton Analysis System (LPAS) units to be installed and generate rental income until the end of 2024. One will be deployed with a seafood producer that has encountered Harmful Algae Bloom events. The system can identify the algae.
Oberon Investment (OBE) improved revenues by more than 50% in the year to March 2024 with strong financial planning income. The capital markets division had a tougher time, but activity levels are improving. Additional teams were added to the business, and they will generate additional revenues in 2024-25. Like-for-like growth could be more than 30% this year. There could be potential to spin-off fintech software business Logic.
Metals recycling company Majestic Corporation (MCJ) increased 2023 revenues by one-quarter to $29.4m. Pre-tax profit is 149% higher at $1m. There was cash of $653,000 at the end of 2023. The company is expanding into solar and battery materials.
Global Connectivity (GCON) 15%-owned associate Rural Broadband Solutions increased its stake in Voneus from 38% to 41% following the latest capital injection of £18m. The book value of the original 25% stake had been valued at 1.8p/share, so it is much higher now.
Kasei Digital Assets (KASH) has invested $100,000 into Rule 110 Inc for its seed and strategic funding round for the launch of the RealityNet protocol. This protocol enables users to rent out unused computing resources on their devices to the rest of the network.
Phoenix Digital Assets (PNIX) says 662.5 million shares were tendered by the close of the offer, but 625 million shares were accepted at a cost of £33.7m (5.39p each).
Tunch Kashif has reduced his stake in ChallengerX (CXS) from 17.9% to 6.9%. Flash Corp Technologies sold nearly all its 6.82% shareholding. Kenneth Jolly has taken a 4.73% stake. Geoffrey Miller has reduced his stake in TruSpine Technologies (TSP) from 9.03% to 8.24%. AIM-quoted Vela Technologies (VELA) has reduced its stake from 4.3% to 3.92%. Kevin Hastings has a 3.08% stake in Marula Mining (MARU). James and Alexandra Pace have a 3.01% stake in brewer Shepherd Neame (SHEP).
AIM
Linear generator technology developer Libertine Holdings (LIB) has terminated the formal sales process because it does not believe that there will be an offer by mid-June. There is still the prospect of a £2m cash injection at 2.1p/share from two Middle East investors. One of the investments would last the company until September and the full amount of money should last until June next year. There are still conditions that need to be satisfied and if it does not happen in the next couple of weeks then the quotation may be cancelled, and the business wound down.
R&Q Insurance Holdings (RQIH) is still trying to complete the sale of its Accredited business. Costs are mounting up as talks continue with regulator and other parties and it is hampering the overall business. This has hit the financial stability of the business. There could be an alternative to the original Accredited deal, but that involves the liquidation of the holding company. Slater Investments has reduced its stake from 11.7% to 10.3%.
NWF (NWF) says that 2023-24 trading is in line with expectations. Fuels volumes improved even though there was a mild winter. Margins did fall back. Food distribution was the strongest performer even though opening costs for the new facility held back the profit contribution. Feed volumes fell. Net cash was £10m at the end of May 2024.
Insurance businesses investor BP Marsh (BPM) has launched a new share buyback programme of up to £1m following annual results. In the year to January 2024, pre-tax profit improved from £27.6m to £43.6m. This was predominantly due to disposals of stakes in Kentro Capital and Paladin Holdings. There was £40.4m in cash, plus £49.5m of assets that were sold after the year-end, at the end of January 2024. NAV increased by 102.8p/share to 629p/share.
Landore Resources (LND) has raised £3.68m at 2.4p/share with strategic investor Luso Global Mining, a subsidiary of Mota-Engil, subscribing £1m. Alexander Shaw, who is the boss of the new investor will become chief executive of Landore Resources. The cash will fund drilling at the BAM gold project at Junior Lake in northwestern Ontario.
Helium One Global (HE1) has raised £8m at 0.5p/share. This will finance the deepening of Itumbula West-1well and the extended well test, as well as the development of the helium project in Tanzania. The extended well test should start in the third quarter.
Deltic Energy (DELT) has been unable to find a partner for the Pensacola project in the North Sea. This means that Deltic Energy cannot finance its share of the development costs and it is withdrawing from the licence and transferring its 30% share to Shell and ONE-Dyas. Canaccord Genuity has reduced its NPV10 target price to 100p.
The latest drilling results for the Basin lithium project means that Bradda Head Lithium (BHL) is nearer to receiving a significant royalty payment from the LRC. The latest mineral resource estimate is being calculated and it should be much higher than the current figure of 1.08MT of LCE. The figure could be tripled in the next few weeks.
Kibo Energy (KIBO) is not going ahead with last week’s planned restructuring and new strategy after consultation with shareholders. Not all the board changes will be made, and Kibo Energy is likely to focus more on oil and gas.
MAIN MARKET
The current board of Tirupati Graphite (TGR) managed to see off the requisitioners at the general meeting. It won all the resolutions by gaining around 48 million votes compared with around 38 million for its opponents. Michael Lynch-Bell has been appointed as chairman. This does not change the company’s financial predicament, which will have to be addressed before the company focuses on its “long-term ambition of providing 8% of the world’s global flake graphite demand by 2030”.
Castings (CGS) will not be able to maintain the strong performance of last year. In the year to March 2024, underlying pre-tax profit improved from £16.7m to £21.3m. Demand for heavy trucks has passed its peak and that will hit volumes. There can be a cyclicality to the demand and Castings will continue to be a strong cash generator. There will be a 7p/share special dividend and the shares go ex-dividend on 20 June. The normal final dividend of 14.19p/share will be paid one month later.
Palace Capital (PCA) is launching a tender offer for shares at 250p each. It will spend up to £21.7m.
Andrew Hore
==========
SMALL CAP AWARDS 2024
Company of the year
IQGeo (IQG)
Aquis company of the year
Equipmake
IPO of the year
Onward Opportunities (ONWD)
ESG of the year
Eden Research (EDEN)
Transaction of the year
Journeo (JNEO) – MultiQ acquisition
Technology company of the year
Kooth (KOO)
Dividend hero/ Investor relations success
Cohort (CHRT)
Diversity, inclusivity and engagement
TPXimpact (TPX)
Executive director of the year
Chris Smith – McBride
Analyst of the year
Charles Hall – Peel Hunt
Broker of the year
Cavendish Capital Markets
Lifetime achievement
David Stirling