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Quoted Micro 18 May 2026
AQUIS STOCK EXCHANGE
Valereum (VLRM) is raising £1.05m at 2p/share. This cash will fund the scaling up of VLRM Markets.
Hong Kong-based seafood wholesaler Supersearch Plus (SSP) has launched a drone delivery service for freeze-dried seafood.
Mendell Helium (MDH) says M3 Helium has secured two further leases for land in Fort Lodge, Kansas. They are near to the existing Bleumer and Enlow leases. Each of the new leases could have two production wells.
Sulnox Group (SNOX) has announced a fuel additives distribution agreement with Performance Products and Services, which is focused on southern India and Sri Lanka. It has industrial and commercial clients.
Falconedge (EDGE) says incremental Bitcoin growth was 0.2187 Bitcoin, taking the holding to 20.497 Bitcoin.
Delta Gold Technologies (DGQ) was included in the launch episode of The Innovation Report, which is a documentary series focused on breakthroughs shaping emerging industries. It will be released on ADVFN platforms.
Fenikso Ltd (FNK) has received a $799,000 payment reducing the loan to $32.4m.
Edison Investment Research has published a report on Ajax Resources (AJAX).
B HODL (HODL) chief executive Freddie New bought 56,100 shares at 7.13p/share. BWA Group (BWAP) managing director James Butterfield bought 54,500 shares at 0.495p each.
JP JENKINS
Engineer Industrial Technical Holdings (ITHL) improved 2025 revenues from $7.01m to $7.41m. There was a small loss after impairment charges. Cash was $867,000 at the end of 2025. Earlier this year the order book was worth $5.6m.
AIM
Dotlines Global (DOTL) joined AIM last Tuesday after completing the reverse takeover of Main Market company Ikigai Ventures. Dotlines and Audra Solutions were acquired for £55.7m in shares and the enlarged share capital was valued at £57.9m at the issue price of 9.5p/share. Dotline;s Sohoj platform is a digital lifestyle offering for B2C and B2B2C customers with a focus on migrant populations in Malaysia. There are plans to expand the platform into the UK and Saudi Arabia. This generated 2024 revenues of £20.5m and pre-tax profit of £998,000. The latest interim revenues are £10.3m, while pre-tax profit was £713,000. The share price was suspended at 42p and started trading on AIM at 10p. The share price improved to 13.5p, but that was still 67.9% lower than the last Main Market price.
Recruitment firm Gattaca (GATC) has sparked an upgrade with its latest trading statement, which suggests that it is outperforming its rivals. Contract recruitment is doing better than expected and cost have been kept under control. Defence, energy and infrastructure sectors have been strong. Panmure Liberum has raised its 2025-26 pre-tax profit forecast by one-third to £6m.
Telematics company Microlise (SAAS) is focusing on direct business as renewals from OEMs are suffering pressure on pricing and the loss of contracts. Direct annualised recurring revenues were 16% higher, despite delays to some contracts, but this was partly offset by a 13% reduction in the OEM figure. Pre-tax profit slumped from £6.5m to £2.6m. Net cash increased to £16.7m. Capital investment will be sharply higher in 2026 and 2027 and that will use up some of the cash. The final dividend was raised from 1.24p/share to 1.3p/share. Pre-tax profit could recover to £3.3m this year.
Vossloh has launched a recommended bid for Cordel (CRDL). The 12.4p/share cash offer values the transport infrastructure analytics technology provider at £29m. The share price has not been that high since the beginning of 2022. Vossloh is involved in the rail sector and wants to provide digital services as well as move into the US market. Cordel and Vossloh are working together in Europe.
Zinnwald Lithium (ZNWD) is recommending a bid by AMG Critical Materials, which already owns 29.3%. The offer is 5p in cash and 0.001577 of an AMG share for each Zinnwald Lithium share. This is estimated to be worth 10p/share and values the lithium project developer at £57.2m.
Metals One (MET1) has expanded the agreement to treat uranium waste dumps with DISA Technologies. This covers the Uravan Belt uranium vanadium project in Colorado that is 100%-owned by Metals One. There are eight uranium mine waste dumps. DISA will start exploration work and seek permits. One will be paid a gross revenue share of saleable uranium and other minerals.
Fishing tackle and equipment retailer Angling Direct (ANG) reported 2025-26 figures broadly in line with expectations. Revenues were 14% ahead at £103.9m, while pre-tax profit improved from £2.1m to £3.2m. Net cash was £10.9m at the end of January 2026.
Mercantile Ports and Logistics (MPL) has appointed former US government and CIA administrator Marty Martin to the board and Karanpal Singh has stepped down. The company believes that Marty Martin will help with the ongoing legal process in relation to try to regain control of the Karanja Terminal & Logistics subsidiary. Mercantile says it can repay the related debt, but the proposal was rejected by the consortium of banks. They prefer an alternative plan from Adani Ports and Special Economic Zone Limited and that has been approved by the courts. The company has appealed and a further hearing is due on 8 June.
Galileo Resources (GLR) has entered into an unsecured convertible loan funding facility of £600,000 with Sanderson Capital Partners. This has a conversion price of 1p/share. The initial arrangement fee of 7% is payable in 5.42 million shares.
Zanaga Iron Ore (ZIOC) has raised £5.7m at 4p/share, which is more than originally sought. This will finance the development of the Zanaga project, including earthworks and sampling.
TheraCryf (TCF) says clinical trial enabling work for the Ox-1 blocker for treating substance use disorders is ahead of plan. Manufacturing has been scaled up, and dosing is complete in the rodent toxicology study. The remaining activities should be completed in the third quarter enabling the move to a phase 1 study in human volunteers. An application for a phase 1 clinical trial is expected to be submitted this year.
Toys and hobbies supplier Character Group (CCT) improved interim pre-tax profit by 15% to £2.4m on 9% lower revenues of £48.3m. Net cash was £13.7m at the end of February 2026 and there is a potential warehouse sale could raise £9.8m. Panmure Liberum raised its full year pre-tax profit forecast to £5m.
Retailer Shoe Zone (SHOE) reports interim revenues 12% lower at £62.9m. Although gross product margin improved due to currency movements and lower container costs, overall gross margin was hit by high fixed store costs. The interim loss doubled to £5.3m. The size of the distribution centre is being reduced following store closures. A full year loss of up to £2m is still expected.
Hospitality group Coppa Collective (COPC) interim revenues edged up 1% to £25m. Coppa Club like-for-like sales were 3.2% ahead. Gross cash is £2.6m following the acquisition of Linwood pubs. A full year loss of £2m is forecast.
MAIN MARKET
Cindrigo Holdings (CINH) says government funding eligibility has been extended for the Eich and Worms geothermal licence areas and the Weinheim licence has gained eligibility. The current government funding model provides 50% of pre-development costs up to a maximum of €2m. A second module can provide grants of up to 40% of eligible project costs up to €100m. Eich is progressing a study that could make it eligible for the second module. Exploration work continues.
Digital asset investor KR1 (KR1) has launched new activities in the convergence of AI and decentralised technologies. It has made an investment in Venice, which is a privacy-centric AI inference platform. This provides exposure to the user and agent-facing layer of AI. KR1 has acquired 60,000 Venice tokens and has commenced staking activities. KR1 also has an interest in Gensyn and it is building up a strategic holding plus evaluating potential partnerships.
Kelso Group (KLSO) has raised £650,000 at 3p/share. This is the same price as the previous two fundraisings.
Andrew Hore
Quoted Micro 16 March 2026
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is still investigating various sources of additional finance. The directors and related parties are providing funding. An $8m copper concentrate purchase agreement has been secured with a New York company. This covers 2,500 tonnes of copper concentrate each month from the Kinusi copper mine. The 2024 accounts have still to be published. An agreement with Baosteel Resources South Africa covers initial deliveries of a minimum of 5,000 tonnes of manganese ore from the Kilifi manganese processing plant. Marula Mining will receive a provisional payment of 90% of each monthly shipment upon delivery to Mombasa Port. Marula Mining has not paid the £1m for the minority interest in the Kilifi plant. This will be settled for £856,000 in shares at 3.85p each. Marula Mining and the WEEE Centre have finalised phase 1 of implementation of the lithium-ion Battery Recycling and Critical Metals Processing facility (the “Project”) in Kenya.
Stack BTC (STAK) raised £260,000 at 5p/share early in the week. The cash for acquisitions and investing in Bitcoin. The company subsequently bought 5 Bitcoin at £51,850 each and 5 Bitcoin at £52,758 each.
B HODL (HODL) announced a capital deployment programme. It is redeploying £350,000 in cash to invest in Bitcoin or buy back shares, which still leaves 24 months of working capital. B HODL will participate in the rewards account set up by CoinCorner, which owns 14.3% in B HODL, that will provide a return on part of the Bitcoin holding that is not in the Lightning network.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of wells on Rost and Enwell leases. The drill rig should arrive in the week beginning 16 March.
Falconedge (EDGE) says that the February Bitcoin yield was 0.912%. The total Bitcoin holding is 20.059694.
Wishbone Gold (WSBN) won a contested ballot for 67km2 of mineral title on crown land, 25km north-west of Telfer, which was applied for by multiple parties.
Vault Ventures (VULT) is developing a post-quantum secure communications platform with Whitespace Global. The contract with Whitespace Global is worth £1.6m. Vault Ventures will have controlled ownership of the cryptographic architecture.
The WeShop share price has fallen to $16.40, which is a drop of more than 90% since the high just after flotation. The value of the WeCap (WCAP) shareholding is just over $20m.
Ajax Resources (AJAX) has signed an agreement to acquire the Pereira Velho gold project. The payment is $200,000 cash plus $1.9m in shares, plus a 1.5% net smelter return, depending on the level of the gold price, which can be bought back for $1.5m. Ajax Resources issued 927,000 shares for the option agreement for the purchase of 100% to the Macacha project. Ajax Resources chief executive bought 264,146 shares at 8p each, taking his stake to 16.3%.
Macaulay Capital (MCAP) edged up income from £277,000 to £283,000 in the year to December 2025. The loss was reduced from £500,000 to £425,000. NAV was reduced from £2.14m to £1.71m.
Gana Media (GANA) is providing a loan of up to £100,000 to NYCE International (NYCE). The loan lasts with 12% and the interest rate is 7%. There are “discussions to integrate ‘NirmataPlay’ games aggregator into Estadio Gana Mexico”. NYCE chief executive Farzad Peyman-Fard is a non-executive director of Gana Media.
Astrid Intelligence (ASTR) is acquiring and integrating an existing validator within the Bittensor network under the Astrid Validator brand. Validators verify results and ensures rules are followed.
Oscillate (SRVL) has renewed four prospecting licences in Botswana for two years. The final $80,000 has been received for the sale of hydrogen assets. Pella Ventures has a 4% stake in Oscillate
Coinsilium (COIN) says that the Yellow network token and trading platform has been launched.
Fidelio Partners has a 20.2% stake in Supernova Digital Assets (SOL).
Slater Investments has reduced its stake in Arbuthnot Banking (ARBB) from 5.15% to 4.99%.
JP JENKINS
The London Tunnels (TLT) is raising money via Crowdcube. It wants to raise up to £10m at 180p/share, which is a discount to the $3 share price published by JP Jenkins. The London Tunnels is developing the Kingsway Exchange Tunnels as a visitor attraction
AIM
All Things Considered (ATC) is acquiring digital marketing and fan engagement business Push Media Ventures and Cirkay, which has developed a platform to connect artists and fans. The Cirkay Fan Pass is a digital key that provides exclusive perks and engagement. The total cost is £1.05m, which is made up of £300,000 in cash and £750,000 in shares. The operations will be integrated with the group’s platform and services division. Push has annual revenues of £2.7m and is profitable. Cirkay is yet to report revenues.
Alien Metals (UFO) says West Coast Silver has announced results of a drone magnetic survey for the Elizabeth Hill silver project joint venture. This highlighted multiple new exploration target areas. There is also potential for a larger silver bearing mineralised system outside the existing area. Joint venture partner GreenTech Minerals has completed the phase 1 drill programme at Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia. Assay results will be published. This is part of the work to calculate a JORC resource. The previous mineral resource estimate is 24 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2Moz.
Offshore energy services Tekmar Group (TGP) reported a dip in 2024-25 revenues from £32.8m to £28.7m, but recent contract wins should return the company to growth with £38.6m forecast for the year to September 2026. It should also mean that there will be a move from a loss to around break even. Net debt was £2.4m at the end of September 2025 and since then a surplus property has been sold for £2.84m. There is already a strong order book for this year and further out.
Semiconductors designer and supplier EnSilica (ENSI) raised £9.7m in an oversubscribed placing at 47p/share. A retail offer could raise a further £300,000. This is expected to unlock £2m of matching funding for the £10.4m UK Space Agency award that was previously announced. The cash will also help to accelerate supply volumes to customers. Earlier in the week, EnSilica announced another two contracts, plus a $4m extension to an existing contract with an automotive customer. The new contracts are in life science and healthcare worth an initial $1.6m and $200,000 for a feasibility study respectively.
Fulcrum Metals (FMET) has taken advantage of the share price rise to raise £550,000 at 11p/share, which was a small premium to the market price. This will help to progress the work towards a mineral resource estimate. This is much less dilutive that the £1.05m raised at 3p/share last year. Peter Hall took a 4.34% stake. Metals One (MET1) also took the chance to reduce its shareholding from 6.33% to below 3%. Further sales will not have to be reported. Metals One invested £175,000 in last year’s placing so it has already got more than its investment back.
Concrete levelling equipment supplier Somero Enterprises (SOM) had a tough time in the US and Europe in 2025. Revenues dipped from $109.2m to $88.9m, although the second half was stronger. Pre-tax profit fell from $23.4m to $16.3m. This also meant that the dividend was reduced to 10.24 cents/share, meaning it is nearly twice covered by earnings. Net cash is still $33.2m and after dividends and share buybacks it should continue at that level.
Agricultural and fire protection technology supplier Light Science Technologies (LST) is acquiring Injectaclad for up to £4.8m, as well as paying £600,000 for the 10% minority shareholding in UK Circuits and Electronics Solutions and a related property, which can also be used for the fire protection division. Injectaclad has developed a remedial cavity fire barrier for properties and Light Science Technologies has a subsidiary that installs this product. The deal could help to improve margins by streamlining the supply chain.
Earnz (EARN) is acquiring Zero Carbon Group, which takes annualised sales to £30m. The deal will initially cost £3m – £1.5m in cash and £1.5m in shares – with a further £2m plus depending on achieving profit targets. Earnz raised £3.56m at 5p/share.
Anglesey Mining (AYM) has raised £680,000 at 6p/share, following the completion a £4m debt settlement agreement with Energold. There is £250,000 earmarked for dewatering of an existing shaft, £50,000 for analysis of samples and £100,000 for ongoing exploration.
IT company CloudCoCo (CLCO) announced it is raising £275,000 at 0.12p/share. Chairman Simon Duckworth is investing £210,000. A capital reorganisation is required before new shares can be issued for less than 1p each. The cash will fund Project Brightstar, which will enhance the company’s position in the B2B market. Target revenues are £10m, compared with £8m in the year to September 2025.
Ilika (IKA) has made the first commercial delivery of Stereax batteries to Cirtec Medical.
MAIN MARKET
Marine services provider James Fisher (FSJ) significantly improved margins in 2025. In 2025, revenues adjusted for disposals and closures increased 4% to £377.2m. Last year’s profit was boosted by gains on disposals. Underlying pre-tax profit improved from £11.9m to £15.3m. Operating margin was 2.5 percentage points higher at 7.6%. All three divisions improved margins.
BATM (BVC) improved full year revenues from $117.3m to $123.2m, while pre-tax profit jumped from $3m to $13.6m, but this included an exceptional disposal gain. Net cash was $14.7m at the end of 2025. There are more non-core businesses to sell. The cyber and networks divisions are growing strongly. Pre-tax profit is expected to be modest this year before recovering in 2027.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has offered pre-IPO warrant holders the chance to realise value. The warrants are exercisable at 2.5p each. The offer price is 20.6p for each warrant. The current share price is 31.155p. The company has raised £63,000 at 37p/share. It bought three Bitcoin for £48,764 each.
Andrew Hore
Quoted Micro 18 August 2025
AQUIS STOCK EXCHANGE
Adsure Services (ADS) increased its final dividend by 15% to 1.14p/share. The business assurance provider increased full year pre-tax profit by 74% to £818,000 on revenues 8% higher at £10m. Other operating expenses were lower. Net cash was £1.1m at the end of March 2025. Investment in technology should help Adsure Services continue to grow revenues and margins.
Visum Technologies (VIS) is moving into the property technology market. This involves the development of a workspace app for tech-focused workplaces. This will help to manage bookings, access support and provide information. There will property partners involved in the development. The first prototype should be available in early 2026. Visum has signed a licence agreement with Eyecon Imaging for the use of Visum’s Ride Video technology within the attractions and leisure sector.
Essentially Group (ESSN) shareholders voted in favour of leaving Aquis. The last day of trading will be 10 September.
Marula Mining (MARU) has secured an agreement with Kenya-based Bamba Mining Company to acquire 60% of the Bamba manganese mining project in Kenya. The deal is structured as a joint venture. Bamba’s 40% is non-dilutable and non-contributing. The payment is 500,000 shares at 5p each. Once 100,000 tonnes of manganese ore has been produced there will be a £250,000 payment.
Amazing AI (AAI) says new subsidiary AAI Mauritius will be used to purchase Bitcoin when it completes the legalities of acquiring cryptocurrencies. This should happen by the end of August. The subsidiary will also provide AI finance-related services to Sub-Saharan Africa and south east Asia. It will also take on business in the UK and that subsidiary will be wound up.
Vault Ventures (VULT) has paid the remaining consideration of £1m for System7 via the issue of shares.
Former Odey Asset Management boss Peter Martin has joined Oberon Investments (OBE) and he will be involved in launching a new global equities fund.
Vaultz Capital (V3TC) has purchased more Bitcoin and holds 135 Bitcoin at an average purchase price of £85,622.47 each. Aleks Nowak has been appointed as the non-board chief operating officer. Aura Digital has taken a 15.5% stake.
Wishbone Gold (WSBN) says drilling at the Red Setter gold dome project in Western Australia has intersected mineralisation in the first hole. It appears that the hole is peripheral to the main target, and another hole will be drilled to the south west.
The Smarter Web Company (SWC) has raised a further £7.6m from a placing at 221p/share. There are still another 4.49 million shares available to be placed and once that happens another subscription agreement will be signed.
Valereum (VLRM) raised £65,000 vi an offer at 3.1p each and this meant that the fundraising totalled £465,000. This will help fund a £600,000 investment in Metrikus Software, which is developing real-time building and smart infrastructure software. The two companies will work on tokenisation opportunities. This could involve fractional ownership or yield-sharing.
TruSpine Technologies (TSP) has issued a warrant over two million shares exercisable at 20p each to Proffitt Brothers Investments.
Ormonde Mining (ORM) investee company Peak Nickel, where it holds 18.9%, has entered into an agreement for Winshear Gold to earn 100% of the Portsoy project in Scotland. This requires 1,000 metres of drilling and other exploration work and the spending of £3m within five years. Winshear Gold also has to issue 6.5 million shares to Peak Nickel over five years. Peak Nickel will retain a 1% net smelter returns royalty. If the project is sold by Winshear Gold, Peak Nickel will receive 10% of the proceeds up to a maximum of £10m.
Emissions reduction additives developer SulNOx Group (SNOX) has been granted a patent for fuel oil reclamation in Eurasia. This can be used for oily wastewater from ships.
Global Connectivity (GCON) has been given permission by the courts to petition for the bankruptcy of Barry Hersh, who agreed to subscribe for 37.5 million shares at a cost of £375,000 and failed to come up with the cash.
Amirose London Holdings (ALH) has raised £30,000 at 5p/share from a long-standing manufacturing client.
Daniel Thwaites (THW) has bought back 1.18 million shares at 90.04p each from Rulegale Nominees. The shares have been cancelled. Director RAJ Bailey bought 44,500 shares at 90p each.
AIM
Rent guarantee services provider RentGuarantor Group (RGG) moved from Aquis to AIM on Friday. The switch has been made ahead of law changes that will provide additional growth potential for the business. The share price rose from the Aquis close on Thursday of 27.5p to 35p.
Mobile Tornado (MBT) is asking for shareholder approval to leave AIM. There is limited liquidity and one major shareholder in the mobile communications technology company, so the quotation is not worth the cost. The board intends to seek a buyer in the next two years and believe it would be easier as a private company. The plan is to leave on 9 September.
Light Science Technologies (LST) reported slightly lower interim revenues of £5.06m, but there was a change in product mix. That enabled gross margins to improve, and the company achieved a small operating profit. Contract electronics manufacturing revenues slipped as a major pest control product came to the end of its life. Fire protection revenues grew strongly and could do even better in the second half if the new government regulator starts to approve more work. The Agtech business is also growing revenues and has launched an off-the-shelf version of its sensorGROW product.
Outsourced video gaming services provider Winking Studios (WKS) reported a rise in interim revenues from S$15.2m to S$19.4m, although most of the improvement came from the acquisition of Mineloader. The Asian gaming market is recovering. Profit was held back by the costs of the AIM quotation, but gross margin improved. There is S$25.6m in cash and this will help finance acquisitions in the UK to provide a base for growth outside of Asia.
Zoo Digital (ZOO) has restructured its operations supplying digital media services for the TV and film sector so that it can return to profit this year. In the year to March 2025, revenues recovered 22% to $49.6m and the loss was cut from $20.5m to $8.3m. Net debt was $1.9m. Annualised cost savings were $8.4m with a further $2.5m to come. Dubbing revenues have fallen 18% in the first quarter of the new financial year, but the rest of the business is growing. There was an EBITDA profit in the first quarter. Demand from streaming service is important to Zoo Digital. A new Fast Track service has been launched.
Autonomous vehicles developer Aurrigo International (AURR) says weaker activity has hit revenues this year. Disruption from tariffs and delayed tenders have pushed revenues into next year. The tariffs are hampering demand for its supply of equipment to the automotive sector. Aurrigo has been awarded more than £1m of grant funding. Canaccord Genuity has slashed its 2025 forecast revenues from £12m to £7.5m and that means the expected loss is £3.9m. Net cash should be around £1m at the end of the year. A £900,000 contract has been won with Teeside International Airport fo an autonomous baggage and passenger moving vehicle.
Pulsar Helium (PLSR) has secured a facility to provide up to $12.5m for construction of a helium processing plant at the Topaz project in Minnesota. University Bancorp has also extended the maturity date of the existing $4m to November 2026.
Metals One (MET1) has invested £1m in the latest placing by Chile-focused lithium project developer CleanTech Lithium (CTL). The placing raised a total of £4.3m at 5p/share. The cash was raised to finance the acquisition of an additional 30 licences in the Laguna Verde project for $600,000 and finance the development of the enlarged project. The additional licences should help to seek streamlined approval for the project.
Retailer Shoe Zone (SHOE) says trading conditions are still tough. Full year pre-tax profit expectations have been slashed to £2.5m, compared with £5m previously. Consumer confidence is low and spending power after essentials is reducing for many people. Net cash could be £6m at the end of September 2025 because of lower inventory and capital investment.
Bars and escape rooms operator XP Factory (XPF) increased owned and operated revenues by 12% in the 19 weeks to 10 August. Boom Battle Bars like-for-like sales were 5.6% lower but have started to recover. The new Reading site is trading more strongly than expected. Escape Hunt like-for-likes were slightly higher. The hot weather hit sales, although not as badly as the overall market.
Investment company Seed Innovations (SEED) has launched a tender offer at 2.2p/share. The maximum amount to be paid will be £1.91m. The latest time for acceptance is 5 September.
Midlands-based property investor Real Estate Investors (RLE) has made a further £11.3m of disposals this year. There is continued demand from private investors, although marketing of some larger properties has been delayed until the turn of the year. Debt has been reduced to £34.9m. Portfolio occupancy has increased to 85.8%. Contracted rental income is maintained at £9m despite the disposals. Overall income has reduced and that is why the quarterly dividend is one-fifth down at 0.4p/share. Harwood Capital, which seeks underlying value, has increased its stake from 10% to 11.1%.
Wellnex Life (WNX) joint chief executive George Karafotias has resigned. He will be repaid his A$705,000 loan to the company. Zack Bozinovski will become sole chief executive of the Australian consumer healthcare business.
Skin health company SkinBioTherapeutics (SBTX) says revenues should increase to £4.5m-£4.8m in the year to June 2025, which is slightly lower than expectations. The loss will be much lower than last year. Cash was £4.8m at the end of June 2025. The figures are subject to audit. July was a strong month and psoriasis treatment AxisBiotix will be launched in Superdrug later this year.
Versarien (VRS) intends to accelerate the sales process of the remaining parts of the group, while it tries to secure additional finance for the group. If the disposals happen the proceeds are unlikely to cover liabilities and Versarien would be placed in administration.
The UK authorities have decided not to provide a gas storage licence to EnergyPathways (EPP) for the natural gas and hydrogen storage elements of its MESH project. A S35 planning application for the major elements of the MESH project will be submitted as a step in the process to obtain consents from the UK government. If it is granted, then the parts of the project in the submission will be assessed under the 2008 Planning Act.
Canada-based antimicrobial treatments developer Ondine Biomedical Inc (OBI) says the American British Cowdray Medical Center in Mexico City will pilot Steriwave nasal photodisinfection from September. This will help to reduce surgical infections.
Active Energy Group (AEG) has executed heads of terms to develop a 150MW battery energy storage system in the Vale of Glamorgan in partnership with Fonmon Castle, which will provide ten acres on a 30-year lease. Active Energy Group will invest £40,000 and will get that back once planning consent is received. It will also receive 5% of the first year’s rent of £300,000.
MAIN MARKET
Bulk sampling by New Frontier Minerals (NFM) has identified additional high-priority targets for drill-testing at its Harts Range rare earths project in Northern Territory. The company is waiting for regulatory approval for drilling, which could commence in the third quarter. The Headingley prospect is the main drill target. In Australia, there are proposals for a floor price and national offtake agreements for rare earths. SP Angel has been appointed broker. Aspen Bridging advanced £106.4m in the first half.
North east England focused property finance provider Develop North (DVNO) reported a slight dip in NAV to 79.79p/share at the end of May 2025, although that was after paying dividends. The total return is 2.5%. The annual dividend is 4p/share. Further news of the change in investing strategy to include direct investments and the potential fundraising should be published in the next few weeks.
S and U (SUS) says favourable trading trends are continuing and the recent court decision on motor finance commissions is helping confidence. Profit improvement is gaining momentum. The Advantage Finance business increased motor loan volumes by 6% year-on-year in June. Repayment rates have recovered. Advantage Finance is not involved in any of the most contentious type of motor loans and will be involved in the consultation for the potential FCA redress scheme.
Andrew Hore
Quoted Micro 28 July 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) reported a slump in pre-tax profit from £20.8m to £10.9m, despite lower than expected impairments. The interim dividend was raised by 10% to 22p/share. NAV is 1649p/share. Shore has reduced its full year pre-tax profit forecast from £28.5m to £25.9m.
Gledhow Investments (GDH) has withdrawn the general meeting resolution to change the nominal value of the shares from 1p. The conversion price of convertible loan notes has been changed from 0.425p to 1p.
Watchstone Group (WTG) plans to gain approval for the reduction of the share premium account by £1m so £850,000 can be returned to shareholders, which is equivalent to 1.85p/share. The company will leave Aquis on 1 August.
Heart failure medicines developer Cardiogeni (CGNI) has generated £150,000 via an advanced subscription that will enable investors to subscribe for shares at a 25% discount to the price of the next funding round of more than £100,000. The cash may be used to gain an AIM quotation. A joint venture has been formed in UAE.
Coinsilium (COIN) has raised £5m from a placing at 6p/share and a retail offer raised the full £500,000 on offer, having received applications for four times that amount. The cash will be used for the Bitcoin treasury strategy.
Wishbone Gold (WSBN) says drilling has commenced at the Red Setter Gold Dome project in Western Australia.
The Smarter Web Company (SWC) has 1,825 Bitcoin that cost £146.9m. In the six months to April 2025, the company lost £720,000. This was before the flotation on Aquis and the money subsequently raised.
Vaultz Capital (V3TC) has added a further 20 Bitcoin taking the total to 70, which cost £5.79m. Recently appointed director Sarah Gow bought a further 100,000 shares at 10.39p each.
Ormonde Mining (ORM) has issued five million shares to AIM-quoted cybersecurity company Shearwater Group (SWG) in return for two exploration licences in Spain. The share price decreased 8% to 0.115p.
Amazing AI (AAI) chief executive Paul Mathieson bought 560,000 shares at 0.7p each.
NYCE International (NYCE) generated revenues of £104,000 in the quarter to June 2025. The loss was £159,000. The company has launched a new crypto advisory business focused on the igaming sector.
Supernova Digital (SOL) has sold 30 million shares in Phoenix Digital Assets (PNIX) to the company as part of the share buyback. Phoenix Digital Assets director Jonathan Hives sold 250,000 shares at 6.14p each.
Ajax Resources (AJAX) director Richard Heywood bought 203,061 shares at 4.9p each. He owns 2.59%.
Chris Akers has raised his stake in Global Connectivity (GCON) from 5.1% to 6.5%.
AIM
Ceramic brake technology developer Surface Transforms (SCE) says first half revenues are 72% ahead at £8.1m. Second half revenues could approach £10m. Production yields have improved to 77%. This is finally some good news. Production problems have held up progress despite significant orders. Gross cash was £1.2m at the end of June 2025, while there has been £9.8m drawn down from the available loan. Cash advances from customers are £12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year.
CPP Group (CPP) is selling its business in India for £15.7m, of which £11.8m is payable on completion. The rest is dependent on performance. Tax could be £2m. This means that CPP can concentrate on the Blink InsurTech platform, focused on travel disruption and cybsersecurity. The cash will accelerate investment and fund the restructuring of the group to cut costs. Blink has annual recurring revenues of £1.6m. Net cash was £8.1m at the end of June 2025.
Payments services provider Boku (BOKU) increased interim revenues by one-third to at least $63m, with the fastest growth coming from digital wallets. There was also the benefit of higher pricing for a client during a launch phase. Stripping that out, the growth was 27%. Own cash was 16% higher at $87m. Full year pre-tax profit is expected to be $33.8m.
Fulcrum Metals (FMET) is raising £1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of £211,000 of a convertible loan note maturing on 31 July. The £445,000 left will be converted into shares at 3p each. Metals One (MET1) is making an investment of £175,000 as part of the Fulcrum Metals fundraising.
Manolete Partners (MANO) has come to an agreement over a truck cartel case and will receive £3.2m in cash this week. The settlement is 6.6 times the investment, but the book value of the claim was higher at £4m. The trial for the group of claims has been delayed until September 2026, so the immediate cash is attractive. The retained cases valuation is £10.3m. These types of cartel cases are not the core business.
Jangada Mines (JAN) has signed heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource of 210,000 ounces at a grade of 3.165g/t.
Broadcast technology supplier Pebble Beach Systems (PEB) increased interim revenues by 13% to £5.9m and margins have improved due to cost cutting. Order intake was one-third higher. Cavendish has raised its full year pre-tax profit forecast from £1.9m to £2.4m on maintained expected revenues of £11.5m.
Online gaming marketing services provider B90 (B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at €1m but believes that it could be better if the momentum continues.
Fire prevention fluids developer LifeSafe Holdings (LIFS) says first half revenues fell from £1.6m to £900,000 due to the change in sales model. There was also an unauthorised reseller on Amazon in the US. The loss increased. Management is hopeful of significant US orders in the second half. Cash was £140,000 at the end of June 2025.
Ground engineering contractor Van Elle (VANL) reported a 6% decline in revenues to £130.5m in the year to April 2025. Underlying pre-tax profit fell from £6.7m to £5.3m. The Canadian rail business is being discontinued.
Unilever has commissioned additional work from Aptamer Group (APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the existing agreement.
Personal Group Holdings (PGH) improved interim revenues by 11% to £23.3m and underlying EBITDA increased 41% to £5.5m. Full year pre-tax profit is still expected to rise from £6.8m to £8.1m. New insurance sales grew, and June was a record month. The SaaS benefits platform has annualised recurring revenues of £6.9m. Net cash was £26.9m at the end of June 2025 and around £17m would be available for acquisitions.
Iron replacement treatment provider Shield Therapeutics (STX) had a strong second quarter with revenues of $12.8m doubled the previous quarter. This means it is on track to reach cash flow positive by the end of the year. Cash was $10.8m at the end of June 2025.
MAIN MARKET
BATM (BVC) has sold three non-core businesses, and it will focus on networks, cyber and diagnostics. Two of the businesses were loss-making. The sale of a 51% stake in Progenetics was also completed. The sales generated $2.4m. Other non-core businesses may be sold.
Fintech software provider Aptitude Software (APTD) increased annual recurring revenues by 3% to £49.8m. Core products growth is offsetting loss of business from legacy software. Interim operating profit will grow in double digits. The exchange ate is hampering revenues and some opportunities have been deferred.
Hamak Gold (HAMA) says the joint venture has commenced drilling at the Nimba project in Liberia. The company will receive 100 million shares in joint venture partner First Au and A$250,000 in cash at the beginning of August, subject to shareholder approval, for the 35% stake.
Andrew Hore
Alan Green covers Metals One #MET1, Beeks Financial #BKS & Facilities by ADF #ADF on this week’s Stockbox Research Talks
Alan Green covers Metals One #MET1, Beeks Financial #BKS & Facilities by ADF #ADF on this week’s Stockbox Research Talks
Alan Green covers Altona Rare Earths #REE, Sovereign Metals #SVML & Metals One #MET1 on this week’s Stockbox Research Talks
Alan Green covers Altona Rare Earths #REE, Sovereign Metals #SVML & Metals One #MET1 on this week’s Stockbox Research Talks
Quoted Micro 27 May 2024
AQUIS STOCK EXCHANGE
Samarkand (SMK) says revenues will be slightly lower than expected – with a decrease of up to 4% – but the ecommerce services provider’s EBITDA will be halved in line with expectations. Owned brands generated 46% of revenues with the decline coming in third party brands. Samarkand has acquired Optimised Energies, which has brands Natures Greatest Secret and BeNatural, for £600,000 in cash and deferred consideration of £700,000. The acquired company made EBITDA of £300,000 last year. Executive directors have lent £400,000 to the company for fund the acquisition.
Aquis-quoted Phoenix Digital Assets (PNIX) is proposing a tender offer of up to £33.7m at a share price of 5.39p/share. That covers up to 57.9% of the current share capital. The tender price is equivalent to the current NAV since the recovery in Bitcoin and adjusted for potential tax. The tender offer is open until 13 June. The company has available cash of £40.6m. Phoenix Digital Assets also has 17.4 million shares in Flex Labs Inc (FLEX) after it acquired AI software company IO+ PTE, for 110 million shares in total. Supernova Digital Assets received 771,930 shares in Flex Labs.
Brewer Adnams (ADB) improved 2023 sales 3% to £66.3m, but the pre-tax loss increased from £2.3m to £4m. Net debt was £15.9m at the end of 2023 and there is still some headroom in the loan facility despite the review of how to finance the long-term future of the company. Off trade volumes were 14% higher. First quarter group sales were 11% ahead. Cost pressures are easing.
Flow battery technology developer Invinity Energy Systems (IES) raised £56m at 23p/share via a placing with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. The open offer raised an additional £1.38m out of the £6.6m of shares that were on offer.
Arbuthnot Banking (ARBB) says trading is in line with expectations, although loan growth has been minimal. Specialist lending has been growing faster.
Metals One (MET1) has terminated the farm-in agreement with Gunsynd (GUN).
SuperSeed Capital (WWW) reduced the outflow from operating activities from £306,000 to £144,000. The NAV of the fund of funds company improved from 97.31p/share to 113.33p/share. That was helped by an unrealised gain of £297,000.
Paul Ryan has sold his 3.9% stake in Mortgage Chat (MCAI). Non-exec CP Freeman bought 500 shares in Hydro Hotel, Eastbourne (HYDP) at 948p each.
AIM
Telecoms testing equipment supplier Calnex Solutions (CLX) reported 2023-24 revenues two-fifths lower at £16.3m and it fell into loss. The final dividend was maintained at 0.62p/share. The telecoms market remains subdued, and Calnex Solutions is moving into new markets, such as defence. The distribution agreement with Spirent ends in July, but management is advanced with its plans to replace this source of income. Net cash declined to £11.9m because of higher inventory levels and capitalised R&D. A return to profit is expected this year and the cash level should be maintained.
Automotive interior components supplier CT Automotive (CTA) returned to profit in 2023, while net debt was reduced to $3.8m. Liberum expects underlying pre-tax profit to improve from $8.3m to $10.2m in 2024, even though revenues are forecast to decline. Improved efficiency is helping to boost margins. The Mexico factory is operating at 50% of capacity so there should be further improvement as this figure increases.
Bigblu Broadband (BBB) has sold its Nordic operations to management – including Bigblu Broadband chief executive Andrew Walwyn who is stepping down – at an enterprise value of £1.3m. There could be contingent consideration. Finance director Frank Waters becomes chief executive. The disposal leaves operations in Australia, which could be sold or floated on the ASX, and a stake in Quickline. Cavendish forecasts a 2023-24 pre-tax profit of £3m.
Coatings company Hardide (HDD) has appointed Matt Hamblin as the new chief executive, who has been a non-exec and previously ran a similar coatings business. The interim figures had been flagged. The pre-tax loss increased to £960,000. Lower depreciation means that the full year loss will not be as high as originally thought and it could be similar to the interim loss. Hardide has been EBITDA positive for the past two months. There is cash of £700,000 in the bank.
Another strong trading statement from Kinovo (KINO) with profit and cash ahead of expectations. The property services provider says 2023-24 revenues were £64.1m and net cash is £400,000The pre-tax profit estimate has been raised from £5.8m to £6.1m. Next year’s profit forecast has been raised from £6.3m to £6.6m. Most of the costs relating to the guarantee for DCB have been paid.
Energy and water efficiency services provider Eneraqua Technologies (ETP) reported 2023-24 results in line with the trading statement earlier in the year. The business moved from a pre-tax profit of £10.1m to a £6m loss because local government contracts were delayed. Cost savings have been put in place and additional work has been won so Eneraqua Technologies could move back into profit this year. A change of government could lead to additional incentives for energy saving projects.
Education software and services provider Tribal Group (TRB) has finally reached a settlement with Nanyang Technological University. This dispute has been hanging over the business for years. Tribal Group will pay £3.1m over 18 months. A further exceptional charge for the dispute will be taken in the first half of 2024.
MRI device developer Polarean Imaging (POLX) launched a heavily discounted placing, subscription and open offer. The placing and subscription raised £8m at 1p/share with £2m of that invested by NUKEM Isotopes and £1.6m by Bracco – both existing investors. Up to £2m could be raised from an open offer. The cash is being used to accelerate commercialisation of the XENOVIEW technology and further development.
Pennant International (PEN) has raised £1.51m at 25p/share. The training and software products supplier is trading in line with expectations, but order conversion has been slower than anticipated. The cash will fund the development and integrations of software products.
Watkin Jones (WJG) returned to profit in the first half to March 2024. The student accommodation and rental property developer generated an improvement in revenues from £153.9m to £175.1m. There is no dividend as cash is conserved. Borrowings have been reduced and net cash is £44m.
B90 Holdings (B90), which provides online marketing services to the gaming sector, says Oddsen.nu, an affiliate that is part of the group, has secured fixed listing fee marketing agreements that will generate income of €200,000 during 2024. There could be additional income on top of this based on marketing performance.
Scientific instruments manufacturer Judges Scientific (JDG) says that there is unlikely to be a material revenues contribution from coring contracts at the Geotek subsidiary. The potential contract is unlikely to commence until near to the end of 2024 and then make a significant contribution in 2025. Trading is subdued against tough comparators. WH Ireland still expects a full year pre-tax profit of £33.8m, although that assumes a stronger second half.
Secure payments company PCI-Pal (PCIP) has been successful in the Court of Appeal for the unfounded case brought by Sycurio against its patents. This means that £1.1m of cash should be released from escrow. The finding upheld the original court judgment. PCI-Pal will seeking further costs. The full ruling will become available in a few days.
Piling contractor Van Elle (VANL) expects 2023-24 revenues to be £140m, which is a like-for-like reduction of 12%. Last November, Rock & Alluvium was acquired, and its volumes are 30% higher than pre-acquisition. Housing and infrastructure sectors are expected to recover and a move into energy transmission will help the overall improvement for the business. The order book was worth £36.8m at the end of March 2024. Net cash is £5.5m.
Healthcare communications technology developer Feedback (FDBK) says delays in the NHS procurement process means that 2023-24 revenues will be lower than expected at £1.2m. Management hopes that the contracts will be secured in 2024-25. There was still £4.3m in the bank at the end of April 2024.
Chamberlin (CMH) has been placed in administration. Coal miner Bens Creek (BEN) has also gone into administration.
Victorian Plumbing (VIC) has acquired rival Victoria Plum for £22.5m. The business had been in administration and costs are already being reduced, so it should break even in the second half.
MAIN MARKET
James Gundy, chief executive of shipbroker Braemar (BMS), bought 6,600 shares at 290.5p/share following the full year results. Pre-tax profit fell from £18m to £14.6m on maintained revenues. The total dividend was raised from 12p/share to 13p/share. The new financial year started with an order book of $82.6m.
Power products supplier XP Power (XPP) received an indicative bid approach at £19.50/share. XP Power has rejected the proposal by Nasdaq-listed Advanced Energy Industries.
Admiral Acquisition (ADMR) has agreed to buy critical asset integrity and testing services provider Acuren for $1.85bn from American Securities. The business generates EBITDA of $190m.
Associated British Engineering (ASBE) had net assets of £391,000 at the end of March 2024, including cash of £419,000.
Andrew Hore
Alan Green covers Zenova Group #ZED, Sovereign Metals #SVML & Metals One #MET1 on this week’s Stockbox Research Talks
Alan Green covers Zenova Group #ZED, Sovereign Metals #SVML & Metals One #MET1 on this week’s Stockbox Research Talks
Alan Green covers Cobra Resources #COBR, Metals One #MET1 & ECR Minerals #ECR on this week’s Stockbox Research Talks
Alan Green covers Cobra Resources #COBR, Metals One #MET1 & ECR Minerals #ECR on this week’s Stockbox Research Talks