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Quoted Micro 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 23 February 2026
AQUIS STOCK EXCHANGE
Cooks Coffee Company (COOK) says its UK Esquires coffee stores generated revenues of £21.9m in the nine months to December 2025, while sales in Ireland were 27% higher at £9.9m. There was like-for-like growth of 5.1% and 6.3% respectively. Income comes predominantly from franchise fees and royalties.
Delta Gold Technologies (DGQ), the quantum computing IP developer, has raised £1.92m through subscriptions at 35p/share. Every two shares come with a warrant to subscribe for shares at 50p each. This cash will help to accelerate university agreements and collaborations. New shareholders include Purebond.
EPE Special Opportunities Fund (EO.P) says that it does not intend to buyback any more shares. It has already acquired 1.25 million shares.
ProBiotix Health (PBX) reassured investors that it has no direct connection with skin treatments developer SkinBioTherapeutics (SBTX), which has been hit by the departure of the chief executive and accounting adjustments, even though they were both spun out of OptiBiotix Health (OPTI). Michael Litichevski, who is vice president, sales, of ProBiotix Health, bought 45,100 shares at 6.5p each.
Valereum (VLRM) has signed a memorandum of understanding with Integra Foundation to establish “a framework to collaborate on real-world asset tokenisation, institutional distribution, and secondary trading, with an initial focus on real estate”. This could help to accelerate revenue generation.
The wife of BWA Holdings (BWAP) non-exec John Byfield has bought 1.98 million shares at 0.25p each, taking their joint holding to 0.79%.
Digital asset miner Sterling Digital (ASIC) has bought 450 ASIC Bitcoin mining servers at a lower cost than budgeted, as well as modular, high-density, hydro-cooled data centre infrastructure for these mining servers. Initial production should be in the second quarter of 2026.
Arbuthnot Banking (ARBB) says that it made good progress in the fourth quarter of 2025. Pre-tax profit will be at the upper end of the guidance range of £22m-£24m. A total dividend of 53p/share is forecast.
EDX Medical (EDX) has raised £3.5m at 14p/share. That is the same share price as the previous fundraising. The proceeds will accelerate the prostate cancer programme to develop diagnostic products.
Ormonde Mining (ORM) investee company TRU Precious Metals has executed the 51%/49% joint venture agreement for the Staghorn property with Quadro Resources.
Marula Mining (MARU) has signed an agreement to supply 500 tonnes of processed manganese ore from Kilifi to Jindal Pelletising in India. Deliveries to Baosteel are also set to happen following delays.
Wind-based hydrogen production technology developer Energy B (NRGB) has secured a £50,000 loan facility from chairman Neil Ritson.
Connecting Excellence (XCE) shares have begun trading on the OTC Venture Market (OTCQB) in the US.
JP JENKINS
QPLAY (QPL), which is a manufacturer of board games, joined JP Jenkins on 16 February. QPLAY has created Outsmarted, a quiz game using AI. QPLAY is held within the Velocity Capital Fund, which is managed by Sapphire Capital Partners.
The London Tunnels (TLT), which is developing the Kingsway Exchange Tunnels as a visitor attraction, will join JP Jenkins on 25 February. The plan is to open by early 2028.
AIM
Scotland-based housebuilder Springfield Properties (SPR) reported a 2% increase in interim revenues to £108m, while pre-tax profit improved from £3.8m to £4.3m. The private housing market was weak, but changes to Scottish government policies meant that the affordable housing market recovered. Springfield Properties secured a deal with Scottish and Southern Electricity Networks to provide 293 homes for workers on infrastructure projects in the North of Scotland. This is an important part of the strategy to focus on North Scotland. The benefits are not likely to be significant until the next financial year. Last year included the large land sale to Barratt, which boosted profit.
Transense Technologies (TRT) had already warned that its results would be disappointing. Interim revenues dipped 8% to £2.26m, because of a reduction in the iTrack royalty. Pre-tax profit fell from £550,000 to £64,000. Net cash is £920,000. Sensor technology products developer SAWsense revenues increased 73% to £660,000, but the growth is not as fast as hoped. A further six projects have been added, taking the total to 23, but whether or when they will become commercial products is uncertain.
Optima Health (OPT) is acquiring competitor PAM Healthcare for £100m and this will mean it has 15% of the UK and Ireland occupational health market. This takes Optima Health to its medium-term target revenues of £200m. Debt facilities will provide £70m of the acquisition payment and an underwritten open offer will raise £35m at 175p/share. In 2025, PAM generated revenues of £66.6m and EBITDA of £8.2m. The two companies would have been rivals for tenders in the past. Increased scale will enable improved margins. Pro forma 2026-27 pre-tax profit of £17.8m is forecast. Cavendish has been appointed as joint broker.
Retailer Mothercare (MTC) has refinanced its £8m debt facility with GB Europe Management Services, which has been closed after a £8.68m payment, including fees. This has been replaced by a £8.46m facility with a consortium of investors, including Richard Griffiths, that is being provided to a special purpose vehicle. This lasts until the end of 2027 and has an annual interest charge of 25%. Pension payments have been deferred until March 2027. This means that £6m of payments have been deferred and there will be a long-term payment plan put in place.
Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, has secured a six-month extension to its agreement with Johnson & Johnson Health Care Systems to provide Trellus Elevate for patients with moderate to severely active inflammatory bowel disease. Monthly cash burn has been reduced to $400,000. The 2025 revenues will be around $545,000. A $5m convertible facility has been secured, and the $737,500 drawdown from the facility will provide enough cash for the first quarter of 2026.
Pulsar Helium Inc (PLSR) has raised £7.4m at 80p/share. The cash will fund the development of the Topaz helium project in Minnesota. All six appraisal wells have been successful and there are concentrations of helium-3, which is used in quantum computing. Well testing and reservoir evaluation will continue and there will be an additional seismic survey. A pre-feasibility study for integrated helium and CO₂ production will be completed. There will also be cash spent on the Falcon project in Michigan.
Computer vison technology developer Seeing Machines (SEE) says interim revenues will decline from $25.3m to up to $24m. Annualised recurring revenues have grown from $13.5m to $14m. The EBITDA loss will decline from $17.7m to below $13.7m. Cash had fallen to $3.4m, but more recently a $14.1m advanced payment has been received. Automotive production volumes continue to grow, and new legislation comes into force in the EU that mandates camera-based driver monitoring systems for new vehicles that will further boost demand.
Roadside Real Estate (ROAD) raised £20.75m at 60p/share. This will be invested in building the portfolio of petrol forecourt stations. It is acquiring seven sites for £32.4m. The company’s stake in Cambridge Sleep Sciences should raise £48m in two tranches and help to finance expansion. Roadside Real Estate is expected to move into profit in the year to September 2027.
Broadcast technology supplier Pebble Beach Systems (PEB) has won a five-year contract in the US worth £1.3m. There is scope for upside with the US streaming client. This boosts recurring revenues. Cavendish had previously upgraded its 2026 pre-tax profit forecast to £2.7m, and this contract helps to underpin the current estimate. Dowgate Group has increased its stake from 5.22% to 10.2%.
Infrastructure-as-a-Service automated trading products supplier Beeks Financial Cloud (BKS) says interim trading is in line with expectations. Revenues are estimated to be £14.7m, down from £15.8m. Contracts won late in the period will contribute in the second half. That could contribute around £3.5m to second half revenues. Net cash is £3.3m.
Healthcare communications technology developer Feedback (FDBK) is still waiting for the NHS to make decisions on investment. Interim figures to November 2025 did not contain any surprises. Revenues were flat at £400,000 and net cash was £3.8m. Existing clients renewed contracts, so that augurs well for additional business.
The bid for Inspecs (SPEC) has been switched to a takeover offer because the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The takeover offer requires more than 50% to be in favour. It appears that the requirement is already fulfilled with current acceptances.
MAIN MARKET
The benefits of the long-term strategy of Seraphim Space Investment Trust (SSIT) are showing through in the latest uplift in NAV. In the latest quarter to December 2025, there has been a 24% increase in NAV due to sharp increases in the values of its four largest investments due to recent fundraisings or changes in how the stake is valued. Their total value is £69m higher, which is a 36% increase. There is no indication of value changes for the other investments. The interims will be published on 5 March.
Wildcat Petroleum (WCAT) intends to leave the Main Market and switch to Aquis. It will also change strategy to the gold sector. A fundraising is planned in March.
GS Chain (GSC) plans to acquire GMM Acquisition Corp, which is acquiring Giraudy, MediaLine and Source Digital. These are outdoor advertising and home entertainment media. The purchase will be in shares.
Panther Metals (PALM) has signed a letter of interest with commodities trader Traxys Europe relating to discussions concerning the Winston tailings project. Progress is being made towards a mineral resource estimate.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 19 January 2026
AQUIS STOCK EXCHANGE
Bitcoin investor and wed development company The Smarter Web Company (SWC) has published its prospectus for the move to the Main Market. A general meeting will be held on 28 January to gain shareholder approval. The listing is expected to cost £1.5m. Management wants to use the listing to fund acquisitions and further purchases of Bitcoin. The share price recovered 42.5% to 57p. The April 2025 reversal into an Aquis shell was done at 2.5p.
Ajax Resources (AJAX) says drilling has commenced at the Eureka gold and copper project in Argentina. Initial results will be at the end of the first quarter of 2026.
Vault Ventures (VULT) has entered into post-quantum security infrastructure. The initial focus is post-quantum encryption at the application layer.
Falconedge (EDGE) has achieved incremental Bitcoin growth of 0.23526 of a Bitcoin during December, taking the holding to 19.509853 Bitcoin.
WeCap (WCAP) has fallen 16% to 1.575p on the back of a further decline in the WeShop share price to $67.17. The stake is still probably worth nearly 10p/share.
Lift Global Ventures (LFT) has withdrawn resolutions 7 and 9 from its AGM. Revised authorities to allot shares and disapply pre-emption rights will be voted on at a general meeting. This is on top of the requisitioned general meeting to remove David Richards, Mark Horrocks and Sandy Barblett from the board and appoint Howard White and Nicholas Monson.
Zentra (ZNT) has formed a property management joint venture with Connor Moylan. Zentra will own 51% and continue with its own lettings and property management business. This deal will avoid adding fixed overhead to the group.
Sulnox Group (SNOX) has gained a patent for emulsification for Heavy Sulphur Fuel Oils (HSFO) and Sulnox Eco™ Fuel Conditioners in Vietnam.
Eight Capital Partners (ECP) has secured an agreement with Altarius Asset Management to establish and investment fund and two sub-funds investing in private debt and private equity. They should be established in the first quarter of 2026.
Ethtry (ETHY) has secured a partnership with the Liechtenstein Trust Integrity Network.
B HODL (HODL) has bought one more Bitcoin taking the holding to 159.295 Bitcoin costing an average of $83,103 each.
EPE Special Opportunities (EO.P) had net assets of 304.54p/share at the end of December 2025.
BWA Group (BWAP) says St. Georges Eco-Mining Corp has disposed of its shareholding. Three directors bought shares and David Butler took a 3.52% stake.
JP JENKINS
The JP Jenkins-15 index rose 5.4% to 1209.1 by the end of trading on 9 January. This is a 21% increase over the first year. THG Ingenuity has been a strong performer. OPG Power Ventures has replaced e-therapeutics in the index.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (TRX) has undertaken a review of executive directors’ activities and uncovered potentially serious corporate governance concerns. Sufficient funding has been secured for the company to support commercial operations and further investigation.
AIM
Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025.
Caledonia Mining Corporation (CMCL) has increased the offering of 5.875% convertible senior notes due 2033 from $100m to $125m. The initial purchasers have an option to purchase a further $25m for 13 days after the issue of the notes. The offer should close on 20 January. Net proceeds will be around $120m, or $144m if the option is fully taken up. There will be $12m spent on the cost of capped call transactions. The rest will fund development of the Bilboes gold project in Zimbabwe.
Retailer Shoe Zone (SHOE) reported 2024-25 results in line with the October trading statement, but Zeus has reduced its expectations for this year. Full year revenues fell 8% to £149.1m due to store closures and reduced footfall. Online sales did increase. Higher wage costs meant that pre-tax profit dropped from £10m to £2.4m. This year’s pre-tax profit forecast has been cut from £4.5m to £1m on a further fall in revenues for £145.8m.
Semiconductor wafer products supplier IQE (IQE) gained positive momentum in the second half of 2025 due to defence business. There was also strong photonics demand and higher sales of wireless products. Revenues will be full year revenues of around £97m and EBITDA at least £2m due to operational gearing. HSBC has provided a waiver for the EBITDA covenant test. Cash was £15.6m at the end of 2025. There is a strong order book. The board is negotiating with potential buyers of all or part of the business.
Online fashion retailer Sosandar (SOS) increased third quarter revenues 10% higher at £13.4m and gross margin improved. Sales from the company’s own site were 27% ahead, but the Marks & Spencer business is still being affected by the cyber incident. Net cash is £9.7m. Trading is in line with expectations of a full year pre-tax profit of £400,000.
Western Australia focused explorer Artemis Resources (ARV) plans to cancel its AIM quotation and concentrate of the ASX listing. Liquidity has been limited. There is an opportunity for each Depositary Interest holder can become a registered shareholder on the Australian share register. This is expected to happen on 13 February, which is three years after joining AIM. The introduction price was 3.75p and the share price has fallen by more than 90%.
Cyber security company Corero Network Security (CNS) says 2025 EBITDA was ahead of expectations. Revenues rose 4% to $25.5m instead of the anticipated dip and this meant that there was not a loss and instead it was positive EBITDA of $1m. Annualised recurring revenues are 23% higher at $23.9m. Net cash was $4m at the end of 2025. Zeus has maintained its 2026 EBITDA forecast of $1.4m and pre-tax loss of £1.3m. This will be reviewed when the full year figures are announced in March.
Distribution Finance (DFCH) has grown its loan book to £846m at the end of 2025, ahead of guidance, and it is targeting a figure of £1.5bn by 2030. New loan origination was more than £1.8bn in 2025. Full year underlying pre-tax profit will be at least £17.5m, up from £14.4m. Tangible net assets are at least 75p/share. The
Tern (TERN) has been notified by the general partner of SVV2 that Tern has ceased to be a limited partner in the SVV2 partnership because it has been classed as a defaulting investor. Tern’s interest has been transferred to other partners, and it is unlikely to receive any compensation. The general partner is also seeking default interest and costs of £40,000 and indemnity from consequence of default of £184,000. Tern is taking legal advice.
Virtual product advertising Miriad Advertising (MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000.
Eqtec (EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move.
After trading problems for capital equipment supplier Mpac (MPAC) earlier in the year, the 2025 outcome is set to be in line with expectations. Helped by previous acquisitions’ full contributions, revenues grew from £122.4m to £170m, while pre-tax profit should be £13.5m. The order book is worth £92m and covers 50% of 2026 forecast revenues. Some orders were delayed.
Toys and games supplier Character Group (LON: CCT) says like-for-like sales in the fourth months to December 2025 were 11% lower, but sales should improve in the second half. Full year revenues are likely to be flat, but pre-tax profit could more than double. The £2.96m share buyback is complete.
Wellnex Health Ltd (WNX) improved gross margin from 22.8% to 31.3% in the first half. Breakeven was achieved in the second quarter. The core Pain Away product generated revenues of A$3.3m in the second quarter.
Anglo Asian Mining (AAZ) produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver in 2025. Copper production was at a record level in the fourth quarter. The first sales of copper concentrate were made from the Demirli mine. Gedabek and Demirli mines both increased copper production, although copper production was slightly below guidance. There is inventory of 2,457 tonnes of copper valued at $12,504/tonne.
Public Policy Holding Company In (PPHC) has filed an amended Form S-1 with the US SFA for the proposed listing on Nasdaq. It will retain the AIM quotation after the listing.
Mkango Resources (MKA) has completed concept studies for expanding South Carolina and Nevada hubs, which will treble production of magnets and alloys to 4,656 metric tons. The expanded hubs could have a post-tax NPV of more than $2bn. This will help the proposed reversal into the US listed shell. The rare earth recycling and sintered magnet manufacturing plant in Birmingham has been officially opened.
Cancer diagnostics developer CelLBxHealth (CLBX) expects 2025 revenues to be £1.4m, which is lower than the forecast of £1.6m due to deferral of contracts. After the recent fundraising, year-end cash was £7.3m. The 2026 forecast is maintained with revenues of £3.6m and a £5.7m loss after annualised cost savings of £5.9m.
Shuka Minerals (SKA) has received the £815,000 payment from Gathoni Muchai Investments. A placing raised a further £1m at 4p/share. This funded the completion of the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. There are 5.723Mt of resources at Kabwe (including 700,000 tonnes of zinc and 100,000 tonnes of lead), with a value in excess of $2bn. The NPV10 is $561m.
MAIN MARKET
North East England-based investment company Develop North (DVNO) has published a prospectus to raise £58m to help its move towards its target of reaching £300m in assets. There is a subscription and retail offer at 81.6p/share.
Online travel hostel agency Hostelworld (HSW) increased revenues by 7% in the second half and marketing costs as a percentage of revenues declined to 45%. Social Passes were launched last November, which will help to generate income from social media. In 2025, net revenues were 2% ahead at €93.8m, while EBITDA was €19.9m, which is lower than the previous year. Net cash was €10.6m at the end of 2025.
Cadmium-free quantum dots developer Nanoco (NANO) has received $4.5m from LG Electronics with $500,000 withheld due to tax liabilities. Nanoco is seeking damages for IP infringement from rival Shoei. The case could go to trial in 2026.
Panther Metals (PALM) has signed a three-year purchase option over three mine claims in the Obonga project area in Ontario. There is a C$200,000 cash payment and 1.5% net smelter royalty.
Ecora Resources has changed its name to Ecora Royalties (ECOR) and has translated the interim dividend at 0.4471p/share.
Andrew Hore
Brand Communications Monthly Highlights Newsletter November 2025
Brand Communications Monthly Highlights #Newsletter November 2025:
✅ Key announcements from #URU #FCM #MSMN #MDH #ECR #BRES #QHE #KDNC #FDR #HREE #SVML #SCSP #GRX #FCM #AYM #SCSP
✅ StockBox Media Research Talks November 2nd | November 9th | November 19th & November 16th covering #CINH #MANO #80M #ZOO #KDNC #PALM #TRI #AAI #URU #CMR #OHGR #MPAL
✅ Ultimate Breakout #podcast November 30th covering #URU #KDNC #MDH #SBDS
Read: https://mailchi.mp/branduk/brand-communications-highlights-newsletter-november-2025
Brand Communications Monthly Highlights Newsletter September 2025
