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Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 15 September 2025
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased interim turnover 4% to £9.67m and the loss reduced to £150,000. Hospitality, hotel and nursery revenues all increased. Higher attendances improved core revenues as well. Changes in betting tax rates could hold back racing revenues.
ProBiotix Health (PBX) increased interim revenues by one-third to £1.34m. This helped to reduce the loss. There is £1.3m in cash at the end of June 2025. The health supplements supplier says the market preventive cardiometabolic supplement products is expected to grow annually be more than 8%.
Richmond Hill Resources (SHNJ) plans to move to AIM in the next few weeks.
Shares in data centres operator HRC World (HRC) will stop trading on Nasdaq First North Copenhagen on 31 October and Aquis will be the only market they are traded on.
Shortwave Life Sciences (PSY), which is developing treatments for anorexia nervosa, is planning a clinical human feasibility study on impact of Psilocybin on the disease. This should lead to a phase 1 clinical study. A digital asset treasury strategy will help to fund the core business. The executive team is being changed.
Mendell Helium (MDH) says potential acquisition M3 Helium confirmed that the dewatering of the Rost project in Kansas is about to start. However, drilling in Nebraska has been delayed by wet weather and equipment problems.
The Smarter Web Company (SWC) has purchased another 30 Bitcoin taking the total holding to 2,470 Bitcoin at a total cost of £203.6m. A further £2.6m has been raised at 128p/share.
Ormonde Mining (ORM) investee company TRU Precious Metals has intersected a previously unknown broad mineralised sandstone unit in two drill holes at the Golden Rose project in Canada. This is over a strike length of 500 metres with assay results of up to 1.3g/t gold.
Marula Mining (MARU) has amended the agreement to buy Takela Mining Tanzania, which operates the Kinusi copper mine. Marula currently owns 75% and acquiring the rest is dependent on separate mining licences being combined into one mining licence. The Tanzania government will have a 16% free carried interest. The total payment will be £2.5m with £500,000 payable on signing and £750,000 on conversion of the mining licence. The rest is dependent on more than 100,000 tonnes of copper being sold. Marula Mining is in discussions with potential investors in projects and has secured a loan for the business in Kenya. There is also a new £1m shareholder loan from the chief executive.
EPE Special Opportunities (EO.P) had an NAV of 301p/share at the end of July 2025. There was an interim cash outflow of £1.82m. Cash was £6.58m at the end of July 2025.
SulNOx Group (SNOX) has signed an agreement with marine equipment distributor C-Quip Ltd to supply fuel emissions reduction product Sulnox Eco in the UK leisure marine market.
Astrid Intelligence (ASTR) has issued 575.2 million shares to Oak Securities at 0.1p each. Astrid Intelligence director Olivia Edwards bought 17.5 million shares at 0.147p each. There are plans to apply for an OTC quotation in the US.
Oscillate (MUSH) has appointed SP Angel as joint broker alongside corporate adviser Peterhouse.
Fintech company Amazing AI (AAI) raised £1.04m at 1p/share. This will fund the Bitcoin treasury policy.
Hub Affiliations Holdings has raised its stake in NYCE International (NYCE) from 10% to 19.9%.
ASSET MATCH
Marshall of Cambridge (MCH) had a tough year, and land systems and fleet solutions made losses. Ther are also large write offs. The total loss for 2024 was £123m. Fleet solutions has been sold, and land systems is being marketed for sale. Overheads have been reduced. Approval for the sale of the ex-RAF C-130 fleet should be received during September. A further loss is expected this year.
JP JENKINS
Mobile Tornado (MBT) cancelled its quotation on AIM on 9 September and joined JP Jenkins on 9 September.
Airline ecommerce services provider Datalex (DLE) cancelled its quotation on Euronext Growth Dublin and moved to JP Jenkins on 12 September.
AIM
Concrete levelling equipment supplier Somero Enterprises (SOM) is still suffering from uncertain conditions in the US, but sales are also declining in other markets. There is lower activity in larger scale projects. Interim revenues fell 23% to $39.8m, while pre-tax profit slumped 52% to $5.4m. Annual cost savings of $6m have been made. Full year pre-tax profit is forecast to fall from $25.4m to $15.3m.
Medical device developer Belluscura (BELL) has appointed Guy Peters as a director. He advised Omaha Value which previously proposed funding for the company. The period of exclusivity for a potential buyer of US business Belluscura LLC has expired. Omaha Value and a partner have reapproached Belluscura for another funding proposal. Trading in the shares remains suspended.
Scotch whisky supplier Artisanal Spirits Company (ART) was hit by tariff uncertainty in the first half. The way whisky is exported to the US has changed to minimise the impact of any tariffs. Revenues dipped 4% to £9.68m due to the delayed shipments to the US. There was growth in European subscribers, helped by a deal with AMEX, but a decline in North America and the rest of the world. The loss increased to £3.6m. Net debt was £29.5m at the end of June 2025.
Fulcrum Metals (FMET) says the Teck-Hughes tailings project drilling has started and initial assays ae up to 1.2g/t gold. This is producing data for a mineral resource estimate. Phase 3 testing of the Extrakt technology will provide processing data. This will go towards the preliminary feasibility study.
There has been another upgrade for embedded computer products manufacturer Concurrent Technologies (CNC) following its interims. Revenues were one-quarter higher at £21.1m and pe-tax profit was £2.7m. Cavendish has upgraded its 2025 pre-tax profit forecast from £6m to £6.2m. The fastest growth was in systems. The US facility move has happened and the move to the new UK facility is on course. First half design wins were worth £90m.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has continued its progress with organic growth on top of the benefits of acquisitions. Interim revenues were 50% ahead at £40.3m, while the pro forma increase was 8%. Pre-tax profit was 59% higher at £14.5m, while underlying earnings were 29% ahead at 16.7p/share. The interim dividend is 17% higher at 7p/share. Net debt was £10.9m at the end of June 2025. The fastest growth was in financial services, but even the core property business was 7% ahead on a pro forma basis. The number of lettings properties has declined, as the market becomes tougher for individual landlords.
UK regulatory changes hit UK revenues at Gaming Realms (GMR), but the mobile games developer continues to grow strongly in North America. Interim revenues were 18% ahead at £16m, helped by an increase in brand licensing from £300,000 to £2.4m – that is lumpier in terms of generating revenues. The UK games will be adapted for the new regulations by the end of the year, and revenues should recover.
Floorcoverings distributor Likewise (LIKE) reported interim revenues rising from £70.7m to £77.9m in a weak market. Margins are improving and pre-tax profit jumped from £330,000 to £740,000. Tax losses are still being used up.
Cosmetics supplier Warpaint London (W7L) had a tough first half with the administration of a major customer of the Technics brand and volatile US tariffs making it difficult to price potential orders in the US. An initial contribution from Brand Architekts helped group revenues to grow 8% to £49.3m. Pre-tax profit fell by 41% to £6.4m, although earnings we 13% down to 8.5p/share due to reduced tax charge. There was a gain on the Brand Architekts puchase, but that was more than offset by foreign exchange losses. The interim dividend was raised by 14% to 4p/share.
Interim figures from cross-border payments services provider Finseta (FIN) were disappointing due to customers delaying US dollar transactions due to foreign exchange volatility. Revenues were 16% higher at £5.9m and gross margins declined from 65.7% to 62.7%. Operating costs increased due to expansion plans. The newer offices will not make much of a contribution this year and will hold back profit.
It is still early days in the transformation of Gaming machines hardware and displays supplier Nexteq (NXQ) and interim revenues dropped from $48.2m to $40.7m, while pre-tax profit slumped from $5m to $900,000. Second quarter trading showed some improvement. More mid-level gaming equipment was sold, so that hits margins. Net cash was $28.1m. Share buybacks continue.
Angle (AGL) chief executive Andrew Newland and finance director Ian Griffiths have stepped down from the board following discussions with investors. There are no immediate replacements. This follows the latest interims from the cancer diagnostics company. Interim revenues fell by one-fifth to £800,000. Net loss increased from £7.7m to £9.3m. Net cash was £5.3m at the end of June 2025. Cash lasts until the first quarter of 2026. Cavendish has been appointed as nominated adviser and broker. A new management team may make it easier to raise cash from investors in the coming months. The current strategy could be changed.
Builders merchant Lords Group Trading (LORD) grew interim revenues by 8% to £232.1m with like-for-like growth of 7%. This is before the acquisition of online building products retailer CMO. Net debt was £20.9m at the end of June 2025. Cavendish forecasts a recovery in 2025 pre-tax profit from £3.8m to £6.7m.
Sylvania Platinum (SLP) produced 104,233 ounces of platinum group minerals in 2024-25 and this should increase significantly this year. Revenues increased from $81.7m to $104.2m. EBITDA rose from $13.5m to $29.3m, while cash reached $60.9m. There is an undrawn overdraft facility. The Thaba chrome joint venture will ramp up production this year.
Public affairs services provider Public Policy Holding Company (PPHC) grew organically by 8% in the first half of 2025. Acquisitions helped revenues increase 24% to $87.9m. Net income was one-fifth higher at $15.6m, helped by a lower tax rate. Net debt is $42.2m. Full year forecasts have been tweaked, but operating profit is still expected to rise from $36m to $44.5m. There are plans for a Nasdaq listing and a share consolidation. A general meeting will be held on 29 September.
Distribution Finance Capital (DFCH) is growing faster than expected and it is taking market share with its inventory financing product. Underlying interim pre-tax profit, excluding last year’s one-off gain, improved from £7.5m to £9m. New loan originations were £828m in the first half and the loan book grew to £728m at the end of June 2025. Bad debt provisions were 0.63%. The first half growth was before any contribution from the new asset finance product, where the first loans were in the second half. The new business will be loss making in the second half. Even so, Panmure Liberum has upgraded its 2025 pre-tax profit forecast from £14.5m to £18m, helped by a higher than anticipated net interest margin. Net tangible assets are 70.2p/share.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew interim revenues from £109.6m to £125.7m, helped by acquisitions, but pre-tax profit was flat at £8.9m. Like-for-like sales growth was 2%. The acquisition had lower margins and that is why the overall margins fell.
James Fisher (FSJ) reported flat underlying interim revenues of £191.9m, while underlying pre-tax profit was 5% ahead at £4.5m. Higher taxes meant that earnings were lower. Energy services did well, and defence returned to profit. Marine transport profit declined, but the outlook is positive. Disposals have put James Fisher in a stronger position, and it is likely to benefit from higher defence spending. Full year pre-tax profit is expected to be flat at £11.9m before sharp improvements in 2026 and 2027.
Centaur Media (CAU) has agreed to sell The Lawyer for £43m.
Roquefort Therapeutics (ROQ) plans to buy Coiled Therapeutics Inc, a spin-out from A2A Pharmaceuticals that holds the rights to AO-252, which targets the TACC3 protein for cancer. This treatment is in phase 1 clinical trials in the US. The payment for the company would be £30m in shares and the company’s name would be changed to Coiled Therapeutics. Exclusivity lasts until the end of January. Lyramid Pty Ltd and the MK Cell programme will be spun out of the group.
Andrew Hore
Quoted Micro 8 September 2025
AQUIS STOCK EXCHANGE
AI technology developer Astrid Intelligence (ASTR) moved from the Main Market to the Access segment of Aquis on 3 September. The company was previously a CBD and health products retailer known as Cellular Goods and most recently it was called Cel AI. It is developing autonomous AI agents that provide personalised wellness recommendations and holds digital assets.
Brewer Adnams (ADB) reported a dip in revenues from £31.9m to £30.1m, but the loss was reduced from £2.55m to £1.47m, even though exceptional costs were higher. There was an operating profit before exceptional charges relating to packaging recycling requirements. Debt has been cut to £11.7m and could be down to £8m by the end of September due to disposals. There are nine managed and 19 tenanted pubs left. Gains on disposals enabled the first half profit. The distribution business had mixed fortunes in the first half
The Smarter Web Company (SWC) has appointed Strand Hanson to replace Peterhouse as corporate adviser. Albert Soleiman has joined the board as finance director. The company has signed a subscription agreement with Shard Merchant Capital, which will be issued 21 million shares at par value, and the company will receive 97% of net proceeds when they are sold.
Oberon Investments (OBE) is raising £1.85m at 4p/share and two institutional investors have agreed, subject to documentation, to subscribe for £3m of convertible loan notes. The cash will be used to finance further hires for the investment management division and acquisitions. There are discussions concerning the acquisition of the wealth management division of another Uk firm. That would add £850m to assets under administration.
VSA Capital (VSA) chairman Mark Steeves will stand down after the AGM on 30 September. Mark Thompson will take over the role at the broker. VSA has entered into a five-year lease for new office premises in London and has been loaned £95,715 by 19.9% shareholder Drakewood Capital Management, which is represented on the board by Mark Thompson.
In the year to March 2025, SulNOx Group (SNOX) increased revenues from £54,000 to £1.21m, although the loss rose from £1.86m to £4.21m. Sales growth is accelerating and £564,000 has been generated in the two months to August 2025, taking the five month total to £1.09m.
Oscillate (MUSH) has conditionally agreed to sell its hydrogen assets to AIM-quoted Pulsar Helium (PLSR) for $800,000 in shares. The focus switches to base metals. Oscillate has entered a joint venture to develop the Duekoue copper gold molybdenum prospect in Côte d’Ivoire. Geochemical results and magnetic data has identified the historical anomalies.
All Things Considered (ATC) has merged its ATC Live and Arrival Artists businesses to form ROAM. The two parts of the business will still maintain financial independence.
Capital for Colleagues (CFCP) has received the fourth tranche of the disposal proceeds of its A shares in investee company The Homebuilding Centre. This was £75,259, which was well above the minimum payment of £50,000, and a fifth tranche is outstanding. Capital for Colleague still owns 13% of the homebuilding advice business.
Kasei Digital Assets (KASH) has completed the sale of liquid assets as part of a voluntary winding up and has £3.5m in cash. A return of capital to shareholders is prioritised although there has been interest in the company from other parties.
Marula Mining (MARU) still has not completed the 2024 accounts. Trading in the shares remains suspended. Marula Mining has completed due diligence on the proposed purchase of a 60% stake in the Bamba Manganese mining project in Kenya. Manganese ore exports from Kilifi have been delayed as result of the Bamba deal and the fact that delivery arrangements are yet to be agreed. Further work on the Blesberg lithium and tantalum mine in South Africa continues and a sample is being prepared for test work. Due diligence has been completed on the Boteti lithium brines project in Botswana and the first payment advanced.
Mollyroe (MOY) is investing £150,000 in Cascade Studio via a convertible loan note with a conversion price at a 20% discount to the next funding round. Cascade Studio is developing a SaaS platform for AI filmmaking and storytelling.
Vautz Capital (V3TC) reported a loss of £361,000 in the year to April 2025, which was prior to the change in focus to crypto currency.
NYCE International (NYCE) has raised £150,000 at 0.2p/share. And the cash will fund the expansion in the crypto casinos channel. That includes gaining certifications for the company’s games platform and developing games and services.
Valereum (VLRM) has adopted the crypto and multi-currency payroll solution developed by investee company Fideum. There is potential for this as a white label service.
Directors continue to buy shares in EDX Medical (EDX). Sir Christopher Evans bought 51,225 shares at 10.88p each and Martin Walton acquired 20,000 shares at 10.8p each. Stephen Hill has taken a 6.48% in Ingraine (KING). Ventura Finance has increased its stake in Evrima (EVA) from 5.14% to 6.15%.
IntelliAM AI (INT) has appointed Victoria Brown as a non-executive director.
ASSET MATCH
Synairgen (SNG) says full year accounts will be published by the end of September. The drug developer is assessing its financial requirements. The company intends to change its articles of association to remove first right of refusal rights for shareholders. The company is preparing a phase 2 INVENT clinical study for SNG001 in mechanically ventilated patients infected with a range of respiratory viruses. Interim analysis should be available by mid-2026 and final analysis in mid-2027. A network of 60 clinical study sites has been established and progress made towards regulatory approvals.
Zytronic (ZYT) is advising shareholders to vote against resolutions at the requisitioned general meeting. Henry Spain Investment Services wants Tom Spain and former director Glen Arnold to gain appointment as directors of Zytronic and remove two current non-executives. The strategy is not to return cash directly to shareholders, but they would be offered the chance to sell shares via a tender offer at NAV. The plan is to invest in cash generative businesses with good management. They would have a niche market and competitive advantages. The meeting will be on 1 October.
JP JENKINS
The JP Jenkins-15 index rose 0.8% to 1095.2 in the four weeks to 29 August.
AIM
Cash shell Vulcan Two Group (VUL) raised £12m at 200p/share when it joined AIM at the beginning of September. The strategy is to acquire ePharmacy businesses and consolidate a fragmented market. A suitable target would have annual revenues of between £8m and £22m and be growing rapidly at an EBITDA margin of between 10% and 20%. Independent, owner managed businesses are preferred.
Fiinu (BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing.
Bricks manufacturer Michelmersh Brick (MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years.
Churchill China (CHH) had already flagged the interim figures in its recent trading statement. UK and US trading held up, but Europe and the rest of the world were weaker. Interim revenues fell from £40.6m to £38.5m, while pre-tax profit was harder hit falling more than one-third to £3.1m. Efficiency is being improved and there are signs of recovery in Germany. Churchill China is reducing its interim dividend by 39% to 7p/share.
Building components manufacturer Alumasc (ALU) continues to outperform the UK construction market, as well as growing water management equipment exports. In the year to June 2025, revenues were 13% ahead at £113.4m, while underlying pre-tax profit was 9% higher at £14.2m. Net debt is £5.8m. All three divisions improved underlying operating profit. New products helped the housebuilding division to grow, despite a low level of housing starts. The roofing business has grown its share of the roof vents sector. The full year dividend is 11.1p/share
Flexible workplace software provider Essensys (ESYS) says it returned to positive EBITDA in the year to July 2025 even though revenues fell from £24.1m to £19.2m. Closing datacentres has helped to reduce costs. Net cash was £1.8m at the end of July. The new elumo meeting rooms bookings software has gained its first customers since the year end.
Bars and escape rooms operator XP Factory (XPF) reported figures for the year to March 2025. They may not look good compared to the comparatives but that is because they are for 15 months. There was a 19% increase in revenues to £57.8m over the previous 12 month period. Both Escape Hunt and Boom Battle Bars improved revenues with the latter buying out more franchisees. There was an underlying pre-tax profit of £800,000. There appears to be an improving trend for revenues, after a poor first quarter.
ImmuPharma (IMM) has filed a new patent application for P140, which can help to identify and treat a subpopulation of patients with Type M immune disorder that are P140 super-responders. This can be used to sped up diagnosis and treat up to 50 autoimmune diseases. The global market is worth more than $100bn.
Team Internet Group (TIG) was always expected to report a downturn in interim revenues following changes to Google search policy and they slipped from $409.7m to $263.9m. A loss was reported, but there was a profit before amortisation and impairment. The internet domains business continues to grow with new contract wins set to contribute to the second half. The comparison business had a weaker first half, but it has started to grow as revenues build up in newer countries. There are also signs of improvement in search, but they are relatively modest, with higher gross margin achieved on newer search services. Zeus forecasts a 2025 underlying pre-tax profit of $49.4m, recovering to $62m next year.
Supreme (SUP) is acquiring carpet care products brand 1001 for £1.65m, plus £1m for inventory, from WD-40. The business generated revenues of £4.5m in the year to August 2025. which is well below the peak of £8m in 2022-23. This purchase follows the recent acquisition of Typhoo Tea.
Gear4Music (G4M) forecasts have been upgraded on the back of its trading statement. The musical instruments retailer is continuing its recovery, and first quarter sales are 27% higher and the growth is continuing into the second quarter. UK and international sales are growing. The 2025-26 pre-tax profit forecast has been raised from £2.7m to £3.6m.
Newmark Security (NWT) had a much stronger second half and this is carrying on into the new year. In the year to April 2025, revenues rose 3% to £23m, while pre-tax profit improved from £388,000 to £643,000. The growth came in the Grosvenor Technology business, which provides software and hardware for access control and managing people, with recurring revenues growing faster than hardware sales. The launch of GT Tablet, a pure software product, will help to broaden the potential market. The Safetell security products revenues declined, but the services contribution increased. Increasing recurring services revenues is a core part of the company’s strategy.
Legal services provider Gateley (GTLY) is acquiring Groom Wilkes & Wright for up to £9m, which is a trademark and design law consultancy. The payment is three-quarters cash and one-quarter shares. The business generated revenues of £4.7m and pre-tax profit of £1.4m in 2024-25.
Iodine supplier Iofina (IOF) produced 74.3 MT of crystalline iodine during August, which was the record for a month. The IO#11 plant has started production and takes the number of plants to eight. Cash has reached $1.8m after a tax credit.
Atlantic Lithium (ALL) has secured up to £28m in funding though a deal with Long State Investments, who will receive 5% commission plus shares and warrants, and this will enable the Ewoyaa lithium project in Ghana to progress. A mining lease still has to be ratified by the authorities and cash outflows have been reduced until it is received. There is an initial placing to raise £2m at 8.07p/share with potential for three more placings of £2m each. A committed equity facility could raise up to £20m over 24 months. This is subject to shareholder approval.
Student accommodation and private rental housing develop Watkin Jones (WJG) has appointed Singer as joint broker alongside Peel Hunt, which is also nominated adviser.
MAIN MARKET
Cash shell Aura Renewable Acquisitions (ARA) still had £397,000 in cash at the end of June 2025. It has broadened the range of potential acquisitions by looking at healthcare and life sciences companies. Renewable energy acquisitions are still being considered, and the range of sectors could be broadened again.
Trading in Pineapple Power Corporation (PNPL) shares after the termination of the proposed acquisition of Buffalo Battery Metals.
US cybersecurity company Narf Industries (NARF) reported that the Ranger.ai threat and mediation platform has achieved “Awardable” status through the US Department of Defense’s Platform One (P1) Solutions Marketplace.
Structural steel supplier Severfield (SFR) reassured investors with its AGM statement. Bridge remedial works are in progress and the £20m insurance payment has been received. Expectations for 2025-26 are unchanged.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 14 July 2025
AQUIS STOCK EXCHANGE
TechFinancials (TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise £250,000 at 0.25p/share.
Zentra (ZNT) intends to transfer to the newly launched Aquis Real Asset Market. Zentra has completed the acquisition of a site on Old Mill Street in Manchester for £1.425m. The former car park is near a tram stop.
Broker VSA Capital (VSA) returned to profit in the year to March 2025 as revenues rose from £1.89m to £2.78m. A small loss was reported, but that was due to the amortisation charge of £330,000. Underlying pre-tax profit was £323,000. There was £537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30.
AI technology developer IntelliAM AI (INT) generated pro forma revenue of £3.92m in the year to March 2025. Annual recurring revenues are £810,000 and it is expected to grow to £2m by next March. There is cash of £2m.
Hot Rocks Investments (HRIP) increased the size of its fundraising from £375,000 to £450,000, still at 1.125p/share.
The Smarter Web Company (SWC) raised a further £10.3m at 325p/share, which follows the previous placing raising £22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of £100.1m. There is £31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding.
Vaultz Capital (V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake.
Coinsilium (COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased.
Ajax Resources (AJAX), which moved from the Main Market, plans to list on Euronext Growth Oslo. The second closing of the company’s subscription by 25 July. An Environmental Impact Study has been submitted for the Eureka copper and gold project in Argentina.
Oscillate (MUSH) has made a non-refundable payment of £500,000 to Kalahari Copper for the acquisition of a subsidiary holding the rights to the Daisu copper and silver prospects in Botswana.
Richmond Hill Resources (SHNJ) has modified terms for the purchase of Three Mile Beach with the long stop date extended until 15 October.
Wishbone Gold (WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (GGP).
Inqo Investments (INQO) has appointed Bowsprit Partners as corporate adviser.
Newbury Racecourse (NYR) director James Richardson has acquired 10,350 shares at 600p each.
JP JENKINS
Computational biological data analysis business e-therapeutics (ETX) has made progress with lead candidate, ETX-312, a GalOmic siRNA therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The doses administered in a trial were not toxic.
Sports consultancy and data analysis company 4GLOBAL (4GBL) started trading on JP Jenkins on 8 July.
The JP Jenkins index of the 15 largest companies on the platform rose 0.96% to 1063.19 in the month to 7 July.
AIM
Water and energy efficiency technology services provide Eneraqua Technologies (ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of £81m were forecast but the outcome is going to be £63m. A £7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise £1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty.
Executive search firm Norman Broadbent (NBB) reports interim net fee income up by one-third to £6m. This is helped by the rise in the average fee per mandate. Underlying EBITDA is more than £750,000. The company has moved into a net cash position of £200,000. Third quarter contracted revenues have increased.
Begbies Traynor (BEG) has launched a buyback of up to one million shares on the back of its full year results announcement. This shows the confidence in cash generation. Pre-tax profit was 7% ahead at £23.5m. Net cash was £900,000 at the end of April 2025. Total future earn out payments are £12.2m. Insolvencies remain relatively high compared with recent years. Growth is offsetting the increases in costs. There are headwinds for property advisory. Pre-tax profit could rise to £24.2m this year without further acquisitions.
IT training company Northcoders (CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced.
Plastic products supplier Coral Products (CRU) says full year sales will be slightly lower at £30.5m, but profit will be much better than expected. Cash was £750,000 at the end of April 2025. This year profitability is significantly better than anticipated and there will be an initial contribution from Arrow Film Converters.
Premier Miton (PMI) reported a small decline in assets under management to £10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end a new $50m mandate was gained.
Jarvis Securities (JIM) has confirmed the sale of its execution-only broker business to Interactive Investor. The initial £9m will be paid shortly and the other £2m deferred for up to 18 months. The settlement business is being wound down and the company will become a shell.
CML Microsystems (CML) has secured a 12-year design and supply agreement with a leading manufacturer of industrial Global Navigation Satellite System equipment. This deal will be worth more than $30m. Shore Capital is still not providing forecasts for this year because of the underlying uncertainty.
Data analysis software provider Celebrus Technologies (CLBS) reported a rise in full year pre-tax profit from $7.4m to $8.4m, although it is likely to be loss making this year. That is du to the switch to a subscription model.
Cybersecurity services provider Shearwater (SWG) issued a positive trading statement. The pre-tax profit forecast was raised from £400,000 to £600,000 and the 2025-26 figure is maintained at £1.1m.
Foreign exchange services provider Finseta (FIN) says interim revenues rose 16% to £5.9m and the number of customers has risen to 1,101. Corporate client generated the majority of revenues. Finseta had already warned that profit would be lower this year due to investment in expansion and there was a slump in the first half. Net cash was £400,000 at the end of June 2025. A stronger second half is expected.
Professional services firm DSW Capital (DSW) had a strong end to the financial year and expects M&A business to be much less important this year. Pre-tax profit was flat at £1.4m. Revenues were higher, partly due to direct solicitors rather than franchise business. Two-thirds of revenues came from M&A, and this will fall to one-third this year.
Futura Medical (FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive.
Security services provider Westminster Group (WSG) has secured a £500,000 credit facility from Pantheon A Family Office Ltd, which is already a shareholder. There is no interest charge on draw downs and an existing convertible, but the conversion price has been cut from 3p to 2p.
Petro Matad (MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation.
Active Energy Group (AEG) has closed a substantially oversubscribed placing raising £346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has bought contracts from its South African reseller. The purchase price is £2.5m and this deal includes taking on employees. BSFA
Online travel hostel agency Hostelworld (HSW) says interim revenues were flat at €46.1m and profit will be lower. Reduced bed prices have led to improved demand. Direct marketing costs have risen, holding back profit. Net cash is €6.1m.
Andrew Hore
Quoted Micro 16 June 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least £15m at 180p/share to buy more Bitcoin.
Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of £81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.
Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.
Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) £1.75m fundraising at 0.13p/share, including £300,000 invested by directors.
Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.
Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.
Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the £19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.
Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.
Mollyroe (MOY) is still seeking a suitable acquisition. There was £299,000 in the bank at the end of 2024. There was a £47,585 cash outflow during the year.
Shortwave Life Sciences (PSY) raised £40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised £100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised £1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.
Watchstone Group (WTG) plans to distribute £1m to shareholders once the share premium account has been reduced.
EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.
Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.
JP JENKINS
The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.
AIM
Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.
Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.
Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of £21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was £2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be £1.3m. Tariffs could provide additional opportunities for Diales.
Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive £53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in £4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.
Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.
Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).
A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised £45.6m. He retains 20.1%.
Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from £3.3m to £800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.
NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was £6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of £16m. There will be exceptional acquisition and restructuring costs of between £2.5m and £3m.
Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is £1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.
Caledonian Holdings (CHP) is investing £1m in AlbaCo, of which £750,000 is in cash for new shares and £250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.
Energy efficiency services provider Earnz (EARN) raised £1.02m at 7.2p/share, which was more than double the previous day’s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial £1.3m in cash and shares. The directors and related parties subscribed £268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to £1.5m of deferred consideration payable for the acquisition if it achieves performance targets.
Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised £500,000 at 4p/share,
Premier African Minerals (PREM) raised £1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.
Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.
Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month.
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
Great Western Mining Corporation (GWMO) has raised £1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.
Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.
Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a £500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.
Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of £925,0000. This will help the company to sell its AI product in the sports sector.
MAIN MARKET
Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of £5.6m, down from £21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at £15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.
EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at £10.6m.
Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).
Vinanz (BTC) has launched a WRAP retail offer of up to £1mat 13.75p. The offer closes at 4.30pm on 16 June.
Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be £200,000 in shares.
Andrew Hore
Quoted Micro 19 May 2025
AQUIS STOCK EXCHANGE
Time to Act (TTA) is raising a minimum of £264,000 at 40p/share. VSA Capital has set a target share price of 118p. Diffusion Alloys is a coatings business, and the customer base includes hydrogen, nuclear and fuel cell businesses. Another subsidiary, GreenSpur is developing axial flux technology. This business hopes to generate revenues through design services to wind turbine designers.
KR1 (KR1) increased income from digital assets rose 51% to £13m during 2024, including Income from staking activities which jumped from £6.9m to £12.8m. There was a loss on disposals of £1m, compared with a £12.1m gain in the previous year. Pre-tax profit fell from £14.7m to £7.85m. There was £1.18m in cash at the end of 2024.
Smarter Web Company (SWC) raised £2.23m at 27p/share from a retail offer, taking the total raised to £3.45m. The company has invested a further £650,000 in Bitcoin at £75,460 each, which takes total investment to £1.41m. Smarter Web Company has applied to be quoted on the US OTCQB to help to add to liquidity. Tennyson Securities has raised its target price to 38.4p/share.
Coinsilium (COIN) expects the launch of the $YELLOW token launch is expected in two months. The sale will be conducted under Regulation D in the US, making it attractive to institutional investors. Coinsilium invested $200,000 in Yellow Network and the latest fundraising has increased the value of the stake. Coinsilium is raising £1.25m at 3p/share and a retail offer could generate a further £250,000.
Telecoms components supplier Unigel Group (UNX) improved turnover from £28.5m to £29.2m in 2024. Pre-tax profit jumped from £815,000 to £2.13m. The growth came in the steel tapes business. Some manufacturing is being moved to the US to shield the company from potential tariffs.
Oscillate (MUSH) is planning a work programme for the Duekoue copper gold molybdenum prospect in Cote d’Ivoire. This involves geological mapping and soil sampling, plus ground magnetics. Further mapping will be undertaken.
SuperSeed Capital (SEED) had net assets of 125p/share at the end of 2024. The funds it manages will benefit from opportunities in digital transformation, operational efficiency and AI.
Visum Technologies (VIS) intends to acquire CandC Gordan for £414,000 in shares at 0.5p/share. The company being acquired offers shared workspace to facilitate app development. There are plans to restructure debt in return for 142 million shares.
RentGuarantor Holdings (RGG) is raising £2m at 250p/share. The funds will expand the rent guarantee business and enable the hiring of staff. It will also finance the initial costs of a move to AIM.
Meme Vault has changed its name to Vault Ventures (MEME) and it will incubate start-ups and targeting investment opportunities. Cash is being invested in cryptocurrency.
VVV Resources (VVV) is raising £900,000 at 1p/share and the underwriting commission to Campana Investments will be £90,000. This follows a previous subscription by Campana of £100,000.
Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 28.8%. BWA Holdings (BWAP) chairman Jonathan Wearing has bought 500,000 shares at 0.25p each. A share issue has paid off £21,600 of liabilities.
EPE Special Opportunities Ltd (LON: EO.P) NAV was 309.57p/share at the end of April 2025.
ASSET MATCH
Zytronic (ZYT) has moved from AIM to Asset Match on 15 May. The company is being wound up. The first auction will be on 20 June.
AIM
Pawnbroker H&T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at £297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal. The bid values H&T at 12 times prospective 2025 earnings.
Bain Capital is considering a potential offer for Craneware (CRW), although it is still early days. Scotland-based Craneware provides accounting and billing software to US hospitals. In the year to June 2025, Craneware is forecast to generate revenues of $206.8m and pre-tax profit of $44.1m.
Angling Direct (ANG) revenues increased from £81.7m to £91.3m in the year to January 2025. There were six new stores in the UK, three of which were acquired, and a store was opened in the Netherlands one year ago. The MyAD club has 409,000 members and is helping to increase spending, and it is being offered in Europe. The European loss was reduced, and group pre-tax profit was one-quarter higher at £2m. Net cash is £12.1m after capital investment and share buybacks. Angling Direct is doing well in a consolidating retail market for fishing tackle retailers.
Vertu Motors (VTU) is not immune to the tough new car market, but its performance is relatively good compared with the market. It is the fourth largest motor dealer in the UK. It has 198 dealerships. Government targets for electric vehicle sales have been the major disrupting factor for the car market, on top of the economic uncertainty. Aftermarket business has helped to offset the lower contribution from new car sales. This is less cyclical. There was also some growth in revenues from used cars, where there appears to be a more positive outlook, and fleet sales. In the year to February 2025, pre-tax profit fell from £34.7m to £29.3m. The dividend was cut from 2.35p/share to 2.05p/share. Net debt was £160.6m at the end of February 2025. Net tangible assets are 72.9p/share. The decision to rebrand every outlet with the Vertu name will make it easier to promote the company.
Iodine supplier Iofina (IOF) improved 2024 revenues from $50m to $54.5m, while pre-tax profit fell from $8.5m to $4.8m. There was a change in mix of sales with more iodine-based products sold, while crystallised iodine sales were flat. Net cash was $2.9m at the end of the year, although capital investment is likely to lead to net debt by the end of 2025. Iodine prices remain strong at above $70/kg. The IO#11 plant should begin production in the summer. Iodine production has been affected by bad weather earlier this year. First quarter production was 124.1MT and first half production of nearly 300MT is forecast for the first half. Pre-tax profit could recover to $7.3m this year.
Energy as a service provider eEnergy Group (EAAS) has entered a partnership with US-based energy as a service provider Redaptive Inc, which will provide up to £100m to support new projects. eEnergy will project manage and deliver LED and solar on behalf of Redaptive customer base in Europe. These projects will be fully funded and eEnergy cash flow will improve. The current NatWest facility can only be used for public projects.
DSW Capital (DSW) had a strong second half with full year figures set to be ahead of expectations. The professional services provider increased network revenues by 61% to £25.8m, including an additional £3m of mergers and acquisitions business ahead of last year’s Budget. Business continued to be active post-Budget and has continued into the new financial year. Pre-tax profit of £1.6m is expected. Forecast 2024-25 pre-tax profit estimate has been changed from £1.43m to £1.7m, while the current year forecast is maintained at £2.5m, when there will be a full contribution from DR Solicitors.
Staff provider Staffline (STAF) has won a new contract with food and drink logistics provider Culina that could be worth £300m over three years. This should commence in the summer. There will be initial implementation costs in 2025. Panmure Liberum has raised its 2025 pre-tax profit forecast from £5.3m to £6m. The 2026 estimate is increased from £5.7m to £8.3m.
Volvere (VLE) improved pre-tax profit from £2.73m to £4.84m in 2024. Consolidated NAV rose from £14.83/share to £17.20/share. Cash of £27.8m is the equivalent of two-thirds of NAV. The trading subsidiary is Shire Foods. Management is seeking other food acquisitions, as well as opportunities in other sectors.
Synthetic binders developer Aptamer (APTA) has gained two fee-for-service development contracts worth up to £231,000, plus licence heads of terms with a global provider of speciality enzymes. The licence agreement covers Optimer binders developed via two fee-for-service contacts. There will be milestone payments and a 10% royalty. New data for the Optimer therapeutic delivery vehicle for liver fibrosis developed in collaboration with AstraZeneca shows it effectively targets fibrosis in the liver as well as the kidney, skin, lung, and heart.
Venture Life Group (VLG) is selling its contract development and manufacturing business to Italy based BioDue so that it can focus on its own self care brands. There will also be a ten year manufacturing agreement. The disposal includes some non-core brands and will generate £53m. The remaining business should have annual revenues of £43m and cash to acquire more brands. The prospective 2026 earnings multiple is eight.
Cosmetics supplier Revolution Beauty (REVB) has got additional productions into retailers and launched the RELOVE brand, but the US and online wholesale markets are weak. Full year revenues fell 26% to £141.6m. A £10.9m loss is forecast for the year to February 2025. Inventory levels have been slashed, but net debt increased to £26.3m at the end of February 2025, which leaves little flexibility in terms of cash. It could stay at around that level by February 2026, although the company could be near to breakeven this year.
Retail software developer itim Group (ITIM) increased revenues by 11% to £17.9m in 2024. Annualised recurring revenues were flat at £13m, but that was a result of currency movements and there was underlying growth. Services revenues increased helping to improve short-term profitability. There was a swing from loss to a pre-tax profit of £200,000. Cash doubled to £3.8m. There is a strong pipeline of potential business, but the timing of decisions by retailers remains uncertain. A further improvement in profit is expected in 2025.
88 Energy (88E) has completed its 25-for-one share consolidation. The previous closing price was the equivalent of 1.4375p. The share price has declined 35.7% to 0.925p.
MAIN MARKET
Mental health treatments developer Solvonis Therapeutics (SVNS) raised £2m at 0.13p/share. The new shares are 40% of the enlarged share capital. The company is making progress to completing the acquisition of Awakn Life Sciences, which will lead to a further 2.07 billion shares being issued. The cash will provide working capital.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore
Quoted Micro 10 February 2025
AQUIS STOCK EXCHANGE
Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to £208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of £2.5m at the end of 2024. There are 44 shipping companies evaluating the additives and there are more set to sign up. Crystal is the first cruise operator to evaluate the additive, and it made an average fuel saving of 3.4%.
Rogue Baron (SHNJ) has decided to change its strategy from drinks, because of a lack of market support for the sector, to natural resources, particularly in North America. The spirits business will be sold. The disposal will turn Rogue Baron into an Enterprise Company on Aquis. An investment committee of Hamish Harris and Charlie Wood will consider potential investments base or precious metals. The company name will change to Richmond Hill Resources. Tomoya Daimon has resigned from the board. A placing raised £209,000 0.6p/share.
Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northern Minnesota. Soil gas sensing equipment has been deployed, and shallow soil gas sampling technology will evaluate hydrogen potential.
Marula Mining (MARU) says assay results of copper concentrate samples from the Kinusi copper mine in Tanzania provide further confirmation of high-grade copper content of the material stockpile.
Oberon Investments Group (OBE) is holding a general meeting to gain approval for a capital reduction to create distributable reserves.
Coinsilium Group Ltd (COIN) is rebranding its Nifty Labs subsidiary as Forza (Gibraltar) and it will focus on treasury management for the holding company. Coinsilium is assessing innovative opportunities in treasury management.
Trading in Hydrogen Future Industries (HFI) shares has been suspended because accounts for the year to July 2024 have not been published.
Barry Hersh has forfeited the 18.66 million unpaid shares in Global Connectivity (GCON).
Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a £35,650 subscription at 1p/share. Dr Richard Leaver doubled his shareholding to two million shares after the subscription and he has become chief executive. Dr Leaver is a former director of AIM companies Blue Star Capital (BLU), Image Scan (IGE) and Toumaz. He has experience with AI and the board believes this will help to grow the consumer credit business. John van Kuffeler will not become chairman.
Supernova Digital Assets (SOL) generated revenues of £114,000 in the 12 months to October 2024 according to unaudited management accounts. A £2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was £2.41m. Net assets were £5.8m at the end of October 2024.
Ventura Finance, which is controlled by Mark Jackson, owns 3.93% of Walls and Futures REIT (WAFR).
DXS International (DXSP) chairman Bob Sutcliffe is continuing to buy shares adding another 20,000 at 3.5p each, taking his stake to 1.99%. Shepherd Neame (SHEP) has amended an earlier purchase by chairman Richard Oldfield (that was said to be 42,459 shares) to 1,500 shares at 519p each. He has also acquired 2,000 shares at 540p each. BWA Group (BWAP) managing director has bought 1.5 million shares at 0.15p each, taking his stake to 6.75%. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 5 million shares at 0.43p each, taking her shareholding above 10%.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and broker.
Jim Williams has resigned from VVV Resources (VVV) and David Ajemain has been appointed as executive chairman. The company is reviewing potential projects.
ASSET MATCH
VP Fintech (VPF) joined the Asset Match private market on 5 February. It owns 56% of Canadian company Valens Pay, which has developed a fintech platform that offers directly or via third parties users services including payment, forex and investments. There is no limit on size of transaction. At the end of 2024, there were 21 partners using the platform. Co-founder James Holmes owns 46.1%, TP Finans ApS, which is owned by co-founder Torben Pedersen, 38.9% and Torben Pedersen’s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is £25m.
Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the world’s tallest moving observation towers with 20,000 square foot of hospitality space. The deal excludes any debt, which has been released by the local council.
Oil and gas explorer and producer SDX Energy (SDX) has left AIM and joined Asset Match on 3 February. The first auction will be in March.
Isle of Scilly Steamship (IOS) has appointed Jonathan Hinkles as managing director of airline Skybus. He has been an adviser for six months and his job is to return Skybus to sustainable profitability. Skybus flies from airports in Cornwall and Devon to St Mary’s and has seven aircraft.
Marshalls of Cambridge (MCH) has appointed David Mitchard as a non-executive director.
AIM
Engineering consultancy RC Fornax (RCFX) joined AIM on 5 February after raising £5.2m at 32.5p/share. Existing shareholders raised a further £1m. The share price ended the week at 35p. RC Fornax was set up in 2020 and is focused on the UK defence sector and it would like to move into new territories.
Building components manufacturer Alumasc (ALU) is maintaining margins and has managed to generate organic growth in a period where the construction market contracted. New product development and improving efficiency help to improve the figures. Interim revenues rose by one-fifth to £57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at £7.5m. Exports grew 43% as demand from the Chek Lap Kok project in Hong Kong started to build. The interim dividend was raised by 1% to 3.5p/share.
Energy supplier and energy efficiency services provider Good Energy (GOOD) has reached agreement with Dubai-based Esyasoft and is recommending a 490p/share bid. That is higher than the share price had ever previously been and values Good Energy at £99.4m. Major shareholder and former potential bidder Ecotricity has committed to accepting the bid.
Digital tech services provider TPXimpact (TPX) says third quarter trading was in line with expectations, but contract starts have been delayed and slow to build up which will hit the fourth quarter. This is due to the UK government putting off spending decisions. The UK government comprehensive spending review should be completed in June and spending will hopefully return to expected levels after that. Dowgate has cut 2024-25 revenues from £84m to £76m, which has led to a pre-tax profit downgrade to £2.8m.
RA International (RAI) directors have decided to ask for shareholder permission to leave AIM. The remote services provider to global organisations says that disclosure requirements hamper the business by enabling rivals have a greater insight into its strategy. Also, confidentiality agreements mean that it is difficult to provide investors with the information they want. Liquidity is poor because Soraya Narfeldt and Lars Narfeldt own more than 80% of RA International. Contract mobilisation delays are hampering trading, and a loss is expected for 2024. Costs will be reduced this year and non-core business could be sold for up to $5m.
Lung cancer diagnostics developer Lung Life AI (LLAI) is planning to leave AIM with discussions continuing with one strategic partner to help to commercialise its lung cancer tests. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up.
Fuels, food and feed distributor NWF (NWF) reported an improvement in underlying pre-tax profit from £3.4m to £3.6m. Higher contributions from fuels and feed offset a small dip in profit at food distribution, where the new site at Lymedale is taking longer than expected to fill up. There are £600,000 of exceptional costs relating to an investigation into a conflict of interest in contracting transport services and the investigation will be completed by May. Full year pre-tax profit expectations have been maintained at £8.6m.
Space and defence communications technology supplier Filtronic (FTC) trebled interim revenues and went from loss to a pre-tax profit, excluding the movement in the value of SpaceX warrants and share-based payments, of £7.8m. The momentum is not expected to continue in the second half, where the comparatives are much tougher anyway. Despite investment in new capacity and working capital requirements net cash is £5.1m and it should be much higher at the year-end. There have been two forecast upgrades in recent months, and it is not a surprise that the full year pre-tax profit forecast has been maintained at £11.5m, up £3.4m last year. There is potential for further contract wins, though.
APQ Global Ltd (APQ) says the US government’s slashing of international aid and foreign assistance has created a tough environment for its investee companies. Cash flow generation and refinancing debt should enable APQ Global to repay convertible loan holders by the end of March, but it is more uncertain than previously. The outstanding principle is £26.1m. Delphos is the main investment and two-thirds of its transaction advisory contracts have been cancelled, and they were worth $5m. The others are also likely to be cancelled. Cash inflows over December and January were expected to be $18.9m, but they were $1.1m. The estimate for February has been downgraded from $16.5m to $14.5m, although the March estimate has been raised from $4.3m to $11.1m. That still means a reduction $12m over the period. APQ Global had $3.2m in cash at the end of January.
Cosmetics supplier Warpaint London (W7L) warns that growth is slowing. Interim revenues were 25% higher in the first half and they grew 14% to £102m for the full year. Usually, the second half is much stronger. Margins continue to improve. So far this year, revenues are 15% ahead.
Ilika (IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries.
Team Internet (TIG) revealed 2024 revenues fell 4% to £803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.
Online gaming marketing services provider B90 Holdings (B90) moved into profit in 2024 as overheads were slashed. Zeus forecasts a pre-tax profit of €600,000 on revenues two-thirds ahead at €5m. Net cash is €1.1m. Profit and net cash could double this year.
Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0M’s AI technology Connected IQ (CIQ). Gfinity believes it combine its network and contacts in the advertising sector to help commercialise CIQ. The fee is 30% of net profit generated by the licence. It is unclear how quickly sales can be built up. Gfinity has the option to buy 0M for £2m after the first anniversary of the agreement and lasting until the end of third year. 0M is owned by Robert Keith, who owns 19.6%. Gfinity has raised £260,000 ay 0.0625p/share. The new shares come with warrants exercisable at 0.09p/share.
Sustainable laundry technology developer Xeros Technology (XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £800,000 at the end of 2025.
Nativo Resources (NTVO) announced a share consolidation of 1,500 existing shares into one new share. The board believes this will help to make the share price less volatile.
MAIN MARKET
Homeware products supplier Ultimate Products (ULTP) says recovery has been slower than expected as the consumer market remains weak. Higher freight costs and taxes will hit profit for the year to July 2025. Pre-tax profit is forecast to fall from £14.4m to £11m.
Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for £28m in shares at a notional price of 20p each. This would make the deal large enough for the company to be readmitted to the Main Market. Trading in the shares was suspended at 5.5p.
Andrew Hore