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Quoted Micro 20 October 2025
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) increased sales 30% to £1.97m in the nine months to September 2025. There is sufficient cash for the company’s needs. A commercial partnership with RevivaBio has been set up to launch a new cholesterol lowering product powered by the ProBiotix patented probiotic strain LPLDL®. Chairman Adam Rynolds bought 100,000 shares at 8p each.
B HODL (HODL) has taken its Bitcoin holding to 142 at a total cost of £12m. AlbR Capital has been appointed joint broker. Four directors have been buying shares at prices between 11.88p and 13.88p each.
Mendell Helium (MDH) still has an option over M3 Helium and production at Rost is expected to start by the end of October. Potential expansion opportunities are being assessed. The planned move to AIM is progressing.
Hydrogen Future Industries (HFI) is changing its name to energy B. It has consolidated 50 shares into one new share.
The Smarter Web Company (SWC) has bought 100 Bitcoin for £9.08m. It owns 2,650 Bitcoin.
Coinsilium (COIN) plans a strategic update in the next few weeks. Malcolm Palle will become non-executive chairman, and Federica Velardo is leaving the board. Coinsilium owns 182 Bitcoin, and they are valued at £15m.
Time To Act (TTA) has sold £1m of surplus coating compound for £1m, which was not valued in the balance sheet. This will pay off the CBILS loan. The cash will be received in two instalments by early December.
Igraine (KING) raised £7.15m at 0.25p/share. Oliver Murphy is joining the board. Some of the funds will be invested in Ethereum, as well as being used in the battery energy storage systems (BESS) and electric vehicle (EV) charging sectors.
Wishbone Gold (WSBN) says drilling on hole 2 at the Red Setter gold dome project in Western Australia has been completed at 950 metres. Drilling of hole 3 should start on 21 October.
Oscillate (SRVL) has launched the Serval Resources brand as it refocuses on copper and other metals. The company will eventually change its name to Serval Resources.
TruSpine Technologies (TSP) increased its full year loss from £702,000 to £760,000. Th medical device developer raised £119,000 at 0.5p/share. Martin Armstrong raised his stake from 0.45% to 5.2%.
Ananda Pharma (ANA) had cash of £613,000 at the end of July 2025. The interim loss was £1.95m.
HRC World (HRC) has applied to leave Nasdaq First North.
Fidelio Partners has a 7.6% stake in Phoenix Digital (PNIX). It also owns 15.1% of Supernova Digital (SOL).
Majestic Corporation (MCJ) finance director Man Bing Lee bought an initial 2,857 shares at 175p each.
AIM
The existing board members put up for re-election at the requisitioned general meeting of staffing company Empresaria (EMR) were all voted off the board. All votes received 82.2% of shares voted in favour. Finance director Tim Anderson is the only remaining director, and he has been joined by three new non-exec directors. Allenby has replaced Singer as nominated adviser and joint broker.
North America was the bright spot in revenues at interior design brands owner Sanderson Design Group (SDG). North American revenues rose 1%, while elsewhere they fell 9%. There are signs of recovery outside of the UK. Interim revenues fell 4% to £48.3m. Cost savings meant that underlying pre-tax profit was flat at £2.2m. Restructuring the manufacturing business improved its margins, but there was lower internal production as inventory levels fell. That helped improve the cash balance which was £7.8m at the end of July 2025. A further £1m of annual cost savings have been made and August and September revenues were 5% ahead. Full year pre-tax profit is expected to recover from £4.4m to £5m.
Delays in securing contracts have slowed progress at location data management software provider 1Spatial (SPA), but recurring revenues continue to grow. Interim revenues were 9% higher with recurring revenues rising by one-fifth to 61% of total revenues. SaaS revenues from traffic management planning software 1Streetworks quadrupled and that was before the latest UK Power Networks contract gain worth £1m over 15 months. Cash generation is improving and getting nearer to covering capitalised development costs. Net debt is £2.5m. Australia was the only laggard, and this may possibly be sold to help finance further product development and growth in the core markets. Cavendish forecasts flat full year pre-tax profit of £1.4m.
Online womenswear retailer Sosandar (SOS) grew interim revenues by 15% to £18.7m, despite disruption from Marks & Spencer’s cyber incident, and net cash improved from £7.3m to £7.7m at the end of September 2025. That was despite an increased loss of £1.1m, up from £700,000. A full year pre-tax profit of £400,000 is forecast. Initial homeware sales through NEXT have been good.
Another positive trading statement from music instruments retailer Gear4Music (G4M) has led to a further forecast upgrade. Revenues grew 31% to £49.6m in the six months to September 2025. EBITDA expectations have been raised from £12m to £13.7m. Market conditions are improving and marketing has been stepped up. There has also been investment in improving availability of products.
Synthetic binders developer Aptamer Group (APTA) has developed its own Optimer binders and built up a valuable range of patents that could generate licence revenues in the longer-term. It continues to secure licence deals. In the year to June 2025, revenues grew by two-fifths to £1.2m and there is already visibility of £1m in revenues in the year to June 2026. Admin expenses were reduced to below £3m, but they may raise slightly this year. That means that Aptamer will still be loss-making. At the end of July cash was £2.7m and that should last into 2027.
MyHealthChecked (MHC) is selling its loss-making trading subsidiary Concepta Diagnostics to Boots UK for £2.375m. The company will become a shell with £5.7m of cash after the costs of the disposal, including an exit bonus to chief executive Penelope McCormick who is leaving with the subsidiary.
There are positive drilling results for the Redmoor tungsten tin copper project owned by Strategic Minerals (SML). The results confirm multiple zones of high-grade tungsten mineralisation at the project in Cornwall. These results are from one borehole. This suggests that Redmoor could be the highest-grade undeveloped tungsten deposit. There are also positive results for copper. The tin assays are still being reviewed. Drilling continues. Zeus has a 1.9p/share fair value for Strategic Minerals.
Newmark Security (NWT) had talks with 21.3% shareholder Thalassa (THAL) and the security company’s board will be reconstructed. Two new non-execs will be appointed.
Modular housing company Eco Buildings Group (ECOB) has expanded its geographical reach and the computerisation of the production process. It has set up a new subsidiary with Socotra Real Estate Development and Investment Company to offer modular housing in Sudan. The Khartoum-based partner will invest €5m to fund two production lines and receive 50% of any net profit.
Growth is accelerating at decision intelligence software supplier ActiveOps (AOM) with interim revenues 45% higher at £20.8m, including three months of the Enlighten acquisition. Annual recurring revenues are 55% higher at £44.6m and still grew 27% excluding Enlighten. Organic net revenues retention was 116%. Net cash is £13.3m. The full benefits of the Enlighten acquisition will come through next year. The interim results will be published on 27 November.
Semiconductors designer EnSilica (ENSI) has been hit by a contract delay and a cybersecurity incident at an automotive client. That means that full year EBITDA of £300,000 is expected, compared with £500,000 previously forecast. That is before a £1.6m bad debt provision relating to the contract delay. That contract with SIAE Microelectronics is on hold because of the client’s lack of cash and EU funding may be issued in 2026. The 2026 EBITDA guidance has been reduced to £3.5m-£4.5m.
Labour supply services provider Hercules (LSE: HERC) acquired 70% of Lyons Power Services, a provider of power and energy infrastructure services, for £702,800 in cash and shares. The existing owner will retain the other 30%. In the year to January 2025, revenues were £1.39m and pre-tax profit £287,000.
Podcast platform operator Audioboom (BOOM) increased third quarter revenues by 9% to $20.4m and EBITDA by 18% to $1.2m. There is strong growth of video views, following the Adelicious acquisition. Nine months revenues are 5% higher at $55.5m, while EBIDA more than doubled to $3m. Booked revenues for 2025 are more than $79m. A strategic review is ongoing.
Mosman Oil & Gas (MSMN) has raised £1.67m at 0.0225p/share and a retail offer could raise up to £500,000. This will close on 21 October. The cash will be spent on US helium projects, including Sagebrush and Coyote Wash in Colorado. The Independent Prospective Resource Validation at Coyote Wash is expected before the end of the year.
Energy storage technology developer Gelion (GELN) raised £10m via a placing and subscription at 20p/shar and up to £500,000 could be raised by a retail offer, which closes on 23 October. The cash will finance commercial pouch cell prototypes. The cash will last for 18 months.
Pulsar Helium Inc (PLSR) has filed a preliminary short form base shelf prospectus, which will enable the issue of securities to raise cash up to $50m over a 25-month period. There is no immediate plan to raise money.
Peter Gyllenhammar has increased his stake in infrastructure services provider Nexus Infrastructure (NEXS) from 28.15% to 29.14%. Michael Thomas Morris has cut his stake from 7.68% to 4.41%.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) generated year-on-year like-for-like growth in revenues of 8.1% in the first half with a strong performance from ecommerce. Total revenues were one-quarter higher at £21.3m. Net debt is £4.1m after investment in new stores.
Quoted Micro 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 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 11 July
ISDX
Positive Healthcare (DOC) has made its initial acquisitions since floating its 7% secured bonds on the ISDX Growth Market. Positive bought 75% of each of two healthcare recruitment businesses, Capital Care and Fine Locums, for a total of £1.57m. Positive Healthcare chairman Gary Ashworth has loaned the company £570,000 to help fund the acquisitions. The two companies made total profits of £360,000 on revenues of £6.19m in the past financial year.
All Star Minerals (ASMO) is broadening its investing policy to include financial services, engineering, construction, renewable energy and technology, as well as natural resources. At the end of 2015, All Star’s main asset was a stake of 5.52 million shares in NQ Minerals (NQMI) valued at £704,000. All Star’s NAV was £385,000 at the end of 2015,compared with net liabilities of £199,000 at the end of 2014. All Star has extended the maturity date of its various convertible loan notes into 2017. All these convertibles have an interest charge of 20% a year and the conversion price is 0.14p a share. Additional shares have been issued at the conversion price o cover the recent interest payments for these convertibles.
Diversified Oil & Gas (DOIL) has completed the acquisition of 2,400 oil and gas wells in Pennsylvania from Seneca Resources and further acquisitions are likely in the rest of this year. This means that Diversified has more than 7,500 oil and gas wells in Pennsylvania, West Virginia and Ohio. They produce 23,000 mcf of gas and more than 500 barrels of oil each day. Diversified has raised a further £16,200, which takes the number of bonds in issue to 9.47 million.
TSX Venture Exchange-quoted Knowlton Capital’s shareholders have voted in favour of the reverse takeover of Leni Gas Cuba (CUBA). The British Virgin Islands High Court still has to approve the deal. The combined business will be called LGC Capital Ltd. (QBA) and its investments include a 15.8% stake in MEO Australia Ltd. Oil and gas explorer MEO has an interest in the onshore Block 9 production sharing contract in north Cuba and the first of three identified oil plays has an estimated prospective recoverable resource of 395 million barrels of light oil.
AIM
The Inland Homes (INL) share price has been hit by the leave vote in the EU referendum because of concerns about property prices. This appears overdone because management says that fundamentals are still strong. Inland has announced the purchase of the former Tesco head office in Cheshunt, Hertfordshire. Inland is buying the 13 acres with a 50/50 joint venture partner. Inland will inject £5m into the joint venture.
LXB Retail Properties (LXB) has decided not to sell the properties it had previously announced would provide a £4m gain on book value. It did not appear that the negotiations could be concluded satisfactorily. Shareholders voted in February to sell off properties and return cash to shareholders. The post-Brexit vote has hit the commercial property market so it may be more difficult to realise the valuations that management had hoped they could achieve.
Specialist services provider Premier Technical Services Group (PTSG) is acquiring UK Dry Risers and UK Dry Risers Maintenance, which install and maintain dry and wet riser systems, for a maximum of £5.1m. The total initial payment is £3m. The two businesses made a pre-tax profit of £1.1m last year.
Musical instruments retailer Gear4Music (G4M) says that its European like-for-like sales increased by 191% in the week after the EU referendum compared with a 120% increase in the week starting 13 June. Exchange rates have become more favourable and management has responded by adjusting Its prices to make them more attractive.
TechFinancials Inc (TECH) has started the financial year strongly and the new joint ventures are helping the B2C business perform much better this year. There was $3.9m in the bank at the end of June and this should increase to $4.5m by the end of the year. House broker Northland expects revenues to hit $20m this year and it is expected to move back into profit ($800,000). The dividend is likely to be reinstated.
Newmark Security (NWT) has warned that this year’s profit will be lower than for 2015-16 because trading conditions have become more difficult. The full 2015-16 figures will be published in August. New sales offices for the access control division are yet to generate meaningful revenues. Revenues for the workforce management software have been delayed. The asset protection business will have to replace revenues from the Post Office contract, which will not generate as much this year.
Arria NLG (NLG) is moving ahead with plans to float on the New Zealand, where the primary listing will be, and Australian Stock Exchanges and as part of this move the natural language generation company will switch from AIM to the standard list in London, where depositary interests will be traded. Cash will be raised as part of the flotations on the additional markets. Existing shareholders will receive one new Arria NLG Group share for each existing share and one warrant, with an exercise price of approximately 53p a share, for every ten existing shares.
Maxit Capital is subscribing / or procuring subscribers for $20m worth of shares in SolGold (SOLG), which will equate to up to 19.99% of the miner. The issue price has yet to be decided but SolGold says that it expects the price to be at a premium to the market price, which at the time was just over 3p – although it has risen to 4.28p. The subscription is expected to close in early October after due diligence and approvals are received. Maxit will also receive a success fee of 6% of the funds raised plus warrant equivalent to 6% of the shares placed – 50% exercisable at 14p a share and 50% at 28p a share. The cash will be invested in the Cascabel copper gold project in Ecuador.
MAIN MARKET
Tanzania-focused oil and gas explorer Aminex (AEX) is raising up to £19.5m at 1.3p a share – £16.9m from a placing and the rest via a one-for-ten open offer. Zubair Corporation will subscribe £12.8m in this fundraising. The cash will enable Aminex to finance further development of its oil and gas licences while seeking partners for these licences.