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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 28 July 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking (ARBB) reported a slump in pre-tax profit from £20.8m to £10.9m, despite lower than expected impairments. The interim dividend was raised by 10% to 22p/share. NAV is 1649p/share. Shore has reduced its full year pre-tax profit forecast from £28.5m to £25.9m.
Gledhow Investments (GDH) has withdrawn the general meeting resolution to change the nominal value of the shares from 1p. The conversion price of convertible loan notes has been changed from 0.425p to 1p.
Watchstone Group (WTG) plans to gain approval for the reduction of the share premium account by £1m so £850,000 can be returned to shareholders, which is equivalent to 1.85p/share. The company will leave Aquis on 1 August.
Heart failure medicines developer Cardiogeni (CGNI) has generated £150,000 via an advanced subscription that will enable investors to subscribe for shares at a 25% discount to the price of the next funding round of more than £100,000. The cash may be used to gain an AIM quotation. A joint venture has been formed in UAE.
Coinsilium (COIN) has raised £5m from a placing at 6p/share and a retail offer raised the full £500,000 on offer, having received applications for four times that amount. The cash will be used for the Bitcoin treasury strategy.
Wishbone Gold (WSBN) says drilling has commenced at the Red Setter Gold Dome project in Western Australia.
The Smarter Web Company (SWC) has 1,825 Bitcoin that cost £146.9m. In the six months to April 2025, the company lost £720,000. This was before the flotation on Aquis and the money subsequently raised.
Vaultz Capital (V3TC) has added a further 20 Bitcoin taking the total to 70, which cost £5.79m. Recently appointed director Sarah Gow bought a further 100,000 shares at 10.39p each.
Ormonde Mining (ORM) has issued five million shares to AIM-quoted cybersecurity company Shearwater Group (SWG) in return for two exploration licences in Spain. The share price decreased 8% to 0.115p.
Amazing AI (AAI) chief executive Paul Mathieson bought 560,000 shares at 0.7p each.
NYCE International (NYCE) generated revenues of £104,000 in the quarter to June 2025. The loss was £159,000. The company has launched a new crypto advisory business focused on the igaming sector.
Supernova Digital (SOL) has sold 30 million shares in Phoenix Digital Assets (PNIX) to the company as part of the share buyback. Phoenix Digital Assets director Jonathan Hives sold 250,000 shares at 6.14p each.
Ajax Resources (AJAX) director Richard Heywood bought 203,061 shares at 4.9p each. He owns 2.59%.
Chris Akers has raised his stake in Global Connectivity (GCON) from 5.1% to 6.5%.
AIM
Ceramic brake technology developer Surface Transforms (SCE) says first half revenues are 72% ahead at £8.1m. Second half revenues could approach £10m. Production yields have improved to 77%. This is finally some good news. Production problems have held up progress despite significant orders. Gross cash was £1.2m at the end of June 2025, while there has been £9.8m drawn down from the available loan. Cash advances from customers are £12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year.
CPP Group (CPP) is selling its business in India for £15.7m, of which £11.8m is payable on completion. The rest is dependent on performance. Tax could be £2m. This means that CPP can concentrate on the Blink InsurTech platform, focused on travel disruption and cybsersecurity. The cash will accelerate investment and fund the restructuring of the group to cut costs. Blink has annual recurring revenues of £1.6m. Net cash was £8.1m at the end of June 2025.
Payments services provider Boku (BOKU) increased interim revenues by one-third to at least $63m, with the fastest growth coming from digital wallets. There was also the benefit of higher pricing for a client during a launch phase. Stripping that out, the growth was 27%. Own cash was 16% higher at $87m. Full year pre-tax profit is expected to be $33.8m.
Fulcrum Metals (FMET) is raising £1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of £211,000 of a convertible loan note maturing on 31 July. The £445,000 left will be converted into shares at 3p each. Metals One (MET1) is making an investment of £175,000 as part of the Fulcrum Metals fundraising.
Manolete Partners (MANO) has come to an agreement over a truck cartel case and will receive £3.2m in cash this week. The settlement is 6.6 times the investment, but the book value of the claim was higher at £4m. The trial for the group of claims has been delayed until September 2026, so the immediate cash is attractive. The retained cases valuation is £10.3m. These types of cartel cases are not the core business.
Jangada Mines (JAN) has signed heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource of 210,000 ounces at a grade of 3.165g/t.
Broadcast technology supplier Pebble Beach Systems (PEB) increased interim revenues by 13% to £5.9m and margins have improved due to cost cutting. Order intake was one-third higher. Cavendish has raised its full year pre-tax profit forecast from £1.9m to £2.4m on maintained expected revenues of £11.5m.
Online gaming marketing services provider B90 (B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at €1m but believes that it could be better if the momentum continues.
Fire prevention fluids developer LifeSafe Holdings (LIFS) says first half revenues fell from £1.6m to £900,000 due to the change in sales model. There was also an unauthorised reseller on Amazon in the US. The loss increased. Management is hopeful of significant US orders in the second half. Cash was £140,000 at the end of June 2025.
Ground engineering contractor Van Elle (VANL) reported a 6% decline in revenues to £130.5m in the year to April 2025. Underlying pre-tax profit fell from £6.7m to £5.3m. The Canadian rail business is being discontinued.
Unilever has commissioned additional work from Aptamer Group (APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the existing agreement.
Personal Group Holdings (PGH) improved interim revenues by 11% to £23.3m and underlying EBITDA increased 41% to £5.5m. Full year pre-tax profit is still expected to rise from £6.8m to £8.1m. New insurance sales grew, and June was a record month. The SaaS benefits platform has annualised recurring revenues of £6.9m. Net cash was £26.9m at the end of June 2025 and around £17m would be available for acquisitions.
Iron replacement treatment provider Shield Therapeutics (STX) had a strong second quarter with revenues of $12.8m doubled the previous quarter. This means it is on track to reach cash flow positive by the end of the year. Cash was $10.8m at the end of June 2025.
MAIN MARKET
BATM (BVC) has sold three non-core businesses, and it will focus on networks, cyber and diagnostics. Two of the businesses were loss-making. The sale of a 51% stake in Progenetics was also completed. The sales generated $2.4m. Other non-core businesses may be sold.
Fintech software provider Aptitude Software (APTD) increased annual recurring revenues by 3% to £49.8m. Core products growth is offsetting loss of business from legacy software. Interim operating profit will grow in double digits. The exchange ate is hampering revenues and some opportunities have been deferred.
Hamak Gold (HAMA) says the joint venture has commenced drilling at the Nimba project in Liberia. The company will receive 100 million shares in joint venture partner First Au and A$250,000 in cash at the beginning of August, subject to shareholder approval, for the 35% stake.
Andrew Hore
Andrew Hore Quoted Micro 21 October 2019
NEX EXCHANGEThird quarter trading at Arbuthnot Banking (ARBB) shows a one-third increase in loans to £1.6bn, while deposits are 17% ahead at £2bn. Impairments are rising, though. The private bank is adding 40 new clients each month.
Although Vox Markets has called off merger discussions with PCG Entertainment (PCGE) the latter’s shareholders will have preferential rights to participate in the flotation of Vox. Shareholders have to be on the register on 11 October to benefit. PCG has released any claims it may have against Vox, although Vox has the right to sue Align Research, the third party in the merger plans. PCG says nothing negative was found about Align in due diligence. First Sentinel has resigned as corporate adviser to PCG and trading in the shares has been suspended.
Good Energy (GOOD) has launched One Point to offer electric vehicle charging. The company has also been awarded he green classification and mark.
The Home Office has awarded Sativa Group (SATI) a controlled drug licence to grow medicinal cannabis. This covers cannabis with a THC content of greater than 0.2%. Sativa already has a low-THC industrial hemp licence.
AfriAg Global (AFRI) says that its investee company Apollon Formularies has received its third medical cannabis licence in Jamaica. This is for experimental research and development.
World Health Life (LIFE) has completed the acquisition of Love Hemp and a £2m convertible debenture fundraising. A second tranche of debentures should be issued in the next few weeks. Love Hemp has product distribution agreements with supermarkets and health food stores.
Triple Point Investment Management is providing a £20m loan facility for Rutherford Health (RUTH) and this will be drawn down in phases. The loan terms improve as patient numbers increase at the three proton beam therapy centres.
Tectonic Gold (TTAU) has received the first quarterly interest payment from Silverstream. The 12-month note matures in August 2020.
Primorus Investments (PRIM) will consolidate 20 shares into one new share and trading will commence on 22 October.
Secured Property Development (SPD) had £537,000 in the bank at the end of June 2019, but it is finding it difficult to find a suitable acquisition.
AIM
Immunodiagnostic Systems Holdings (IDH) is as consistent as ever. It has published a trading statement related to its interims at 4.35pm on Friday. The 2018-19 trading update was published at 4.35pm on Thursday 18 April – the last day before a long weekend. There was no particular reason to hide the latest statement. First half revenues were flat compared with a first quarter decline of 2%. Cash fell £300,000 to £28.1m over a three-month period.
Murgitroyd (MUR) is recommending a 675p a share bid from a company set up by Sovereign Capital Partners LLP. This values the patent and trademark attorney at £62.8m. Murgitroyd joined AIM 18 years ago at 121p a share and has been a consistent dividend payer.
Fully listed logistic services provider Wincanton (WIN) is considering a bid for Eddie Stobart Logistics (ESL) and DBAY Advisers is also still assessing whether to bid.
Disinfection products supplier Tristel (TSTL) plans to grow its revenues by up to 15% a year in each of the next three years. This follows an 18% increase to £26m in the year to June 2019, while pre-tax profit grew by one-fifth to £5.6m. The dividend was 21% higher at 5.54p a share. International markets account for 55% of revenues. Tristel is waiting for a response from the FDA, which should be forthcoming by the end of 2019.
Power projects developer Kibo Mining (KIBO) has raised £1.99m at 0.45p a share. This will be used to fund the development of power generation projects in Africa. The portfolio includes 1,055MW of power generation capacity with 355MW having heads of terms power purchase agreements. Each new share comes with a warrant exercisable at 0.8p a share.
Filtronic (FTC) has agreed to pay a warranty claim of $2m (£1.6m) and change a faulty component in antennas supplied in 2016-17. The fault relates to certain bandwidths in hot countries. The cash is payable in four instalments up until December 2020. On 23 October, Filtronic is set to report sales from continuing activities of £15.9m, down from £21.6m, and a small positive EBITDA. Filtronic has already received more than £10m of orders for its 5G backhaul transceivers due for delivery in 2019-20.
Woodford Investment Management has cut its stake in GYG (GYG) from 19.98% to less than 5%. That appears to have been a relief to the market because the share price of yacht painting services provider has recovered since the disposal. UBS has taken a 11.2% stake.
Kestrel Partners continues to build its stake in Pebble Beach Systems (PEB), taking its stake from 25% to 26.1%. Kestrel owns 23 million shares in Brady (BRY) and, even if it makes a loss, it will be having a cash inflow. Hanover Acquisitions is offering 10p a share for the risk management software company, which values it at £8.3m.
Construction consultancy services provider Driver (DRV) says it will report underlying pre-tax profit of £3m for the full year, after £400,000 of rationalisation costs. That represents a strong performance in the second half. Net cash was £5m at the year-end, after share buy backs.
Frontier IP (FIPP) has taken a 43% stake in Elute Intelligence Holdings, which is developing software to search complex documents and detect plagiarism. Frontier IP is providing some of its own IP to an existing business to form Elute with the rest of the stake coming from providing services to the company.
Blue Star Capital (BLU) is raising £900,000 at 0.1p a share and the cash will be equally split between six investments in esports companies.
Power transmission products manufacturer Renold (RNO) says that cost savings are offsetting a downturn in trading. It is still on track to report an underlying full year pre-tax profit improving from £10.1m to £10.4m. Order intake remains weak.
Rose Petroleum (ROSE) has announced a restructuring of the Paradox project. This will enable the oil and gas company to focus on the most prospective acreage.
MAIN MARKET
Quantum dots developer Nanoco (NANO) still has a cash buffer so that it can find a new manufacturing partner to replace the US one that has withdrawn from an agreement. There could still be net cash of £1.5m at the end of July 2020.
Zenith Energy (ZEN) is planning to raise cash at NOK0.35/share in Norway. That is equivalent to 2.95p/share, compared with a market price of 3.5p. The Azerbaijan-focused oil and gas company has a drilling rig that will be mobilised before the end of the month and well M-247 has been identified as a target. It was previously in production. Zenith has identified wells in the Muradkhani oilfield in which perforations of untapped intervals can generate additional production. This will happen in the next fortnight.
OTHER MARKETS
Former AIM company Getmapping has launched a strategic review and a formal sales process. Management of the believes that the geospatial services provider could grow faster with additional investment. A company taking a minority stake is another alternative. The process should be completed by the end of 2019. The shares are traded on the Britdaq matched bargains market.
Vienna-listed Fashion On Screen is moving into theatre by acquiring musicals producer Shaftesbury Avenue. The all-share purchase is valued at £2.5m. Fashion On Screen believes that some of the musicals could become film productions.
Andrew Hore
Andrew Hore Quoted Micro 29 April 2019
NEX EXCHANGE
Adnams (ADB) says that beer volumes grew year-on-year in the first quarter, helped by low alcohol Ghost Ship and pubs are also doing well. Margins are coming under pressure and gin sales have been hit by increasing competition. A new IT system has gone live.
KR1 (KR1) has cashed inn some of its tokens. It has sold the remaining OmiseGo tokens for $206,000. They were bought for 27.38 cents each and sold for 205.4 cents each. KR1 has sold 50% of its tokens in the Nash Exchange product for nearly $51,000, at a more than doubled price per token, which means that the cost of the remaining 25,000 tokens have been covered.
High Growth Capital (HASH) has appointed Mark De Smedt as chief executive. He is a Belgian who previously worked for recruitment firm Adecco and already owns a 0.6% stake in High Growth Capital. He has been awarded options over 125 million shares at 1.75p each and further options over 150 million shares, which are exercisable at 3p a share, but only if the share price reaches at least 7.5p and stays there for a consecutive period of six months. Girod Equities has taken a 3.81% stake in the company, which is proposing a name change to MESH Holdings.
SG Recruitment (SGRL) has been appointed to recruit international nurses for more than 20 hospitals in England. This is under the Health Education England Global Learners Programme, which offers three year packages. Also, the Royal Berkshire NHS Foundation Trust has appointed SG to recruit 140 nurses. A contract has been gained with Thumbay Hospital in UAE to recruit at least 150 healthcare professionals each year.
Metal Tiger (MNRG) is holding a general meeting on 15 May in order to gain shareholder approval for the directors to issue new ordinary shares without the requirement to offer them to existing shareholders.
AIM
Franchise Brands (FRAN) says that Micro Rod had a record quarter in the first three months of 2019. System sales were 12.9% higher. The business to consumer franchises have also had a good start to the year.
International payments services provider FAIRFX (FFX) increased revenues by 69% to £26.1m, while pre-tax profit jumped from £900,000 to £6.79m. City Forex was acquired in February 2018 but there was like-for-like growth. In the first quarter of 2019, revenues are 43% ahead at £7m.
Tekcapital (TEK) says that investee company Salarius has secured the first commercial order for its low sodium MicroSalt from a snack food manufacturer. Investee company Belluscura has raised just over £500,000 from a crowdfunding offer, including further investment from Tekcapital. The cash will be used to market and further develop a portable oxygen concentrator called X-PLOR.
More good news from Eden Research (EDEN) as partner Eastman has received a 120 day emergency use authorisation for Cedroz, which is used to combat plant-parasitic nematodes, in Italy. This will enable sales while the Italian authorities process the application for authorisation.
Aviation services provider Gama Aviation (GMAA) has reported 2018 figures with the comparatives for 2017 restated. Pre-tax profit slumped from $16.6m to $11m. That is before more than $40m of exceptional charges, including a $27.7m impairment charge. A final dividend of 2p a share is being paid. Hutchison Capital Holdings has bought more shares to take its stake to 25.45% after a shareholding limitation was ended.
Software company WANdisco (WAND) reported a fall in revenues from $19.6m to $17m in 2018, but this was down to a change in the revenue model to subscription-based business. The loss increased from $14m to $19.4m, but this will fall sharply over the next two years as revenues grow rapidly.
ReNeuron (RENE) has positive news from the first three retinitis pigmentosa patients given its human retinal progenitor cell product. Vision has improved after 60 days and 120 days. Longer-term evidence is required, but this is a good start and three more patients are being provided with the treatment.
Kestrel has increased its stake in Pebble Beach Systems (PEB) from 23.1% to 24.2%.
Satellite communications equipment provider Global Invacom (GINV) has terminated the proposed acquisition of Tactilis and related fund raisings. The two companies will provide equal funding of the costs of the terminated deal. Group revenues were $122.3m in 2018. Electronic component shortages have eased, and pricing is normalising. Trading in Global Invacom shares resumed and the share price jumped from 4.5p to 7p.
Angling Direct (ANG) has opened its 27th store on a former Majestic Wine site in Nottingham. The fishing equipment retailer has started the new financial year strongly. Overall sales were 50.7% higher in February and March. Full year figures for the year to January 2019 will be reported on 13 May.
Piling company Van Elle (VANL) reported that its full year profit will be slightly worse than expected but the share price still bounced back from recent lows. Volumes have recovered in the fourth quarter, but full year sales are 3% below expectations. A new director of the piling division will join in June.
The microCHP boilers developer Inspirit Energy (INSP) is still developing its product and it still has to commercialise its boilers.
MAIN MARKET
Standard list shell Fandango Holdings (FHP) has ended discussions with Konnect Mobile Communications Inc because it could not raise the finance for the acquisition. Fandango has been making loans to another standard list shell, Stranger Holdings, where Charles Tatnall is also a director. There was £141,000 outstanding at the end of August 2018, plus accrued interest of £38,721, and this has been reduced to £108,000, excluding interest. There was cash of £53,000 in the balance sheet at the end of August 2018.
Zenith Energy (ZEN) chief executive Andrea Cattaneo has acquired 593,289 shares at 3.3p each, taking his stake in the Azerbaijan-focused oil and gas company to 8.46%.
Former finance director Michael Mousley has been appointed as a non-executive director of Quarto (QRT). A new finance director will join the company in July.
Andrew Hore
Andrew Hore – Quoted Micro 21 January 2019
NEX EXCHANGE
Sport Capital Group (SCG) is acquiring Italian football club Palermo for a nominal sum. The deal also includes the project for a new stadium for the Serie B team, which is currently five points clear at the top of the table. Promotion back to Serie A would boost revenue generation and it would also trigger an earn-out payment. There is also potential for more sponsorship and match revenues. There is a plan to raise up to £10m from a bond issue that would be traded on NEX.
Clinical decision support technology provider DXS International (DXSP) reported a lower interim loss in the six months to October 2018. Revenues edged up from £1.61m to £1.69m and the loss declined from £92,000 to £35,000. Tax credits meant that there was a post-tax profit of £70,000, up from £28,000. The GPSoC tender has been delayed but it is expected to be completed this year.
Coinsilium Group Ltd (COIN) says that its priorities for 2019 are to demonstrate the potential of the blockchain investments that it has and to take advantage of the growing sector. There were record levels of investment in the blockchain sector last year. Management wants movements in the share price to reflect progress rather than the movement of the price of bitcoin, as has been the case in the past year.
KR1 (KR1) has set up a subsidiary in Gibraltar. KRX Ltd will sponsor token-based projects that will list on the Gibraltar Stock Exchange, which operates the first regulated blockchain exchange. The subsidiary will generate fees from clients and there are a limited number of sponsors.
AFH Financial Group (AFHP) has acquired fellow wealth management firm Hayburn Rock for up to £3.5m. The initial payment is £900,000. In 2017, the firm made a profit of £400,000.
TechFinancials (TECH) is selling its stake in MarketFinancials, which no longer trades, for €100,000. The investment had no value on the balance sheet.
Smaller company investor Gledhow Investments (GDH) had £167,000 in the bank at the end of September 2018, having made a small profit in the period. The NAV is £793,000.
Ashley House (ASH) is changing its year from April to June. This is the end of the first six months period for joint venture Morgan Ashley Care Developments LLP. There will be interim results for the six months to October 2018 reported at the end of January.
NQ Minerals (NQMI) has commissioned the Hellyer processing plant and in the fourth quarter generated £3.2m of revenues from lead, zinc and pyrite.
Ascent Resources (AST) is attempting to raise cash at 0.3p a share, which is a 20% discount to the market price, via PrimaryBid.com. Ascent has successfully raised cash via the platform in the past. The broker handling the deal is Stanford Capital Partners. Ascent, which has €400,000 in the bank plus a deposit for a bank guarantee of €200,000, is refocusing its expansion outside of Slovenia because of regulatory hold ups in the country. Revenues from the export of gas from Slovenia totalled €2.1m in 2018 but gaining permission to process the gas and sell it to the national grid has proved difficult.
Knights Group Holdings (KGH) has acquired Leicester-based legal services business Cummins for £1.57m in cash and shares. This fits well with the existing east Midlands operations. In the six months to October 2018, group revenues were 37% ahead at £23.9m and organic growth was 10%. Underlying pre-tax profit doubled to £4.4m. The maiden interim dividend is 0.6p a share. Net debt was £9.5m at the end of October 2018. Average fees per fee earner was one-quarter higher at £66,000.
Concrete levelling equipment supplier Somero Enterprises Inc (SOM) did better than expected last year. The 2018 pre-tax profit forecast has been raised by 5% to $29m. Net cash is $25m and 50% of the excess over $15m will be paid in a special dividend on top of the ordinary dividend. Somero has also paid $2m for concrete pouring and line dragging company Line Dragon and this broadens the product range.
Student accommodation activities fuelled the growth of Watkin Jones (WJG) last year but private rental will become increasingly important from this year onwards. Richard Simpson has taken over as chief executive.
Kromek (KMK) is making progress towards breakeven and it has plenty of cash in the bank to take it there. The imaging and radiation detection technology developer has a strong order book. There was a dip in first half revenues because of the transfer of production to a new site in Pittsburgh. Even so, full year revenues are forecast to increase from £11.8m to £15m and the loss should reduce from £2.5m to £1.9m.
Tri-Star Resources (TSTR) is selling its antinomy exploration interests in Turkey. The company’s main asset is the 40% shareholding in the Sohar antinomy and gold production facility in northern Oman. Some engineering problems have to be sorted out before the plant is fully up and running. More cash will be required. The venture has requested $10.5m from its shareholders.
The market was disappointed by news from Verona Pharma (VRP) about the clinical trial results for COPD treatment Ensifentrine (RPL554). Two different does were used in combination with Stiolto Respimat. The treatment did work better than the placebo, but the improvement in breathing was not statistically significant. The share price slumped by more than one-third, although there was a small subsequent recovery.
CH Bailey (BLEY) has decided to cancel its AIM quotation and it is asking for shareholder approval. The company is offering to buy back shares at 100p each via a tender offer.
Ariana Resources (AAU) says that its 50%-owned Kiziltepe mine produced 27,110ounces of gold in 2018. Ariana expects its $33m development loan to be fully repaid during 2019.
Tax Systems (TAX) had reduced net debt from £20.5m to £13.9m by the end of 2018. Pre-tax profit of £5.8m is forecast for 2018.
Ideagen (IDEA) is acquiring Cork-based Scannell Solutions, which provides environmental health and safety software, for £3.5m. Annualised revenues are around €1m, of which, two-thirds is recurring.
Consumer engagement technology provider Pelatro (PTRO) has confirmed that 2018 figures are in line with expectations and there was improved cash generation in the second half. Net cash was $1.8m at the end of 2018. finnCap expects 2019 pre-tax profit to double from $2.9m to $6m.
Plexus Holdings (POS) plans to buy back 4.95 million shares owned by LLC Gusar. The price will be 50.5p a share. Gusar will use the cash to buy two POS-GRIP wellhead systems, which it announced it was going to buy one year ago.
Midwich Group (MIDW) has acquired MobilePro AG, which expands the audio visual products distributor into Switzerland. The business has annual revenues of CHF25m.
Pharmaxis has completed a toxicity study for two LOXL2 inhibitors in which Synairgen (SNG) has a 17%carried financial interest. Pharmaxis can brief potential licensing partners with the information gained.
Tracsis (TRCS) is acquiring Compass Informatics, which is a data analytics and systems development business. Tracsis is paying up to €5.15m for the Dublin-based company, which made a pre-tax profit of £600,000 last year.
Portmeirion Group (PMP) has achieved record sales in 2018 and beat the profit forecast of £9.5m. The fastest growth came in the home fragrance division.
Iofina (IOF) achieved record iodine production levels in the second half of 2018. Full year production was 17% higher at 588.8 million tonnes. There should be a further rise in production this year and that could move Iofina into profit.
Brandon Hill has initiated coverage of Karelian Diamond Resources (KDR) and it has valued the company’s Lahtojoki diamond project in Finland at $32.9m, based on an average diamond price of $100/carat.
The People’s Operator (TPOP) has postponed the appointment of an administrator as negotiations with interested parties continue.
Kestrel Opportunities has increased its stake in Pebble Beach Systems (PEB) from 22.2% to 23.1%. Little more than one year ago the stake was below 15%.
Caledonia Mining Corporation (CMCL) has cut 2019 gold production guidance for its Blanket Mine and WH Ireland has downgraded its forecast from 61,200 ounces to 55,500 ounces, which is at the higher end of the guidance. There was 54,5000 ounces of gold produced in 2018.
MAIN MARKET
Athelney Trust (ATY) is holding the requisitioned general meeting on Tuesday 22 January. Robin Boyle has requisitioned a general meeting in order to get himself reappointed. He left the board last year after a disagreement over the future of the investment company. He wanted to stay on as a non-executive director to shepherd the change in investment management for the trust. The plan is to get Gresham House involved in the investment management. Boyle also wants David Lawman and Paul Coffin to be appointed and the three existing directors, Dr Emmanuel Pohl, Simon Moore and Jemma Jackson, to be removed.
Path Investments (PATH) has signed heads of agreement with ARC Marlborough. The plan is to acquire ARC, which has a nickel and cobalt project in Queensland, via a share issue. Path had £31,000 in the bank at the end of June 2018.
Challenger Acquisitions Ltd (CHAL) has agreed to sell its $300,000 investment in the Dallas Wheel project back to the developers. Challenger has received $27,000 in interest and will receive $50,000 a month, plus interest, for six months.
Gresham Technologies (GHT) has sold its VME mainframe software business for £2m.
Shefa Yamim (SEFA) has sufficient cash to finance continued exploration in the first quarter of 2019. By the middle of the year the gems explorer will be able to estimate how much cash it requires to start trial mining.
Andrew Hore
Andrew Hore – Quoted Micro 10 December 2018
NEX EXCHANGE
TechFinancials Inc (TECH) is developing a blockchain-based sports ticketing business with Footies Tech Ltd. The new company will licence blockchain technology from TechFinancials, which will have a 75% stake in the company. TechFinancials will provide up to $500,000 to the company and this commitment is dependent on a client signing up within three months. The idea is to make the sports club take control of the initial sale and any secondary ticket transactions. Former Liverpool FC chairman Ian Ayre will be chairman of the new company.
Eight Capital Partners (ECP) has invested £60,000 in Pelican House (PHM) at 0.45p a share. Eight Capital will be issued 13.33 million warrants exercisable at 0.45p a share. Eight Capital is appointing John Treacy to the board of Pelican, which is changing its investment strategy from natural resources to sports and leisure.
Crossword Cybersecurity (CCS) has raised £2m at 290p a share and it will move to AIM on 14 December. The share price peaked at 430p in March. Crossword is valued at £13.6m at the placing price. Hargreave Hale AIM VCT has taken a 7.37% stake.
Early Equity (EEQP) is assessing additional investments that fit its strategy. There was £437,000 of cash in the balance sheet at the end of August 2018. The main investment is a 47.1% stake in healthcare products distributor Yicom Global.
Miton has increased its stake in Wheelsure Holdings (WHLP) from 15.5% to 17.8%. DXS International (DXSP) chief executive David Immelman has bought 20,002 shares at 9.9p each, taking his stake to 10.45%.
Welney (WENP) is considering a couple of proposals that can enable the company to move ahead. The loan note holders have agreed not to call in the loans for at least another 12 months. Net liabilities were £268,000 at the end of June 2018.
Block Commodities (BLCC) has launched the Farmer 3.0 (described as an integrated agri-business ecosystem) pilot project, which covers up to 1,000 Ugandan farmers. The plan is to expand the service to up 50,000 farmers.
AIM
Plastics Capital (PLA) has still to see the benefits of its investment in capacity and winning new business. In the six months to September 2018, revenues improved 11% to £40.6m and underlying pre-tax profit recovered from £1.2m to £2.1m. Net debt was £15.7m at the end of September 2018 to £14.5m by March 2019. Cenkos forecasts a 2018-19 profit of £5m, rising to £5.4m next year.
Broker finnCap (FCAP) joined AIM and completed the acquisition of Cavendish Corporate Finance last week. finnCap raised £3.75m at 28p a share.
The People’s Operator (TPOP) has the chance to receive an investment from the owner of LycaMobile. A share capital reorganisation is required before any shares can be issued. Every 2,000 shares will be consolidated into one share. An investment of £1.3m will be in shares (29.9%) and convertible loan notes – convertible at 10p a share.
Evgen Pharam (EVG) says that the final patient in the STEM:SFX-01 trial for metastatic breast cancer will take her last dose by the end of 2018. The final readout for the trial should be in March.
Ceres Power (CWR) has finalised its collaboration with Weichai Power. They will create a fuel cell manufacturing joint venture in China and technology will be licenced to the new venture, which could generate up to £30m in payments. There is also a £9m joint development agreement for range extenders for electric buses. Weichai will invest £28m at 164.5p a share.
Hagai Tal has resigned as chief executive of Taptica International Ltd (TAP) after he was criticised about his actions at a previous company. Rivi Bloch takes over as interim chief executive. The business appears to be changing with revenues not up to expectations but margins improving.
Panther Securities (PNS) is paying a special dividend of 15p a share after what it calls the best year it has experienced. Next year at least 12p a share will be paid.
Woodford has says that it will subscribe £8m in a fundraising for eve Sleep (EVE) and Channel 4 says that it will invest £900,000. Chairman Paul Pindar will invest £1m. Discussions continue with other investors in order to raise the £15m required.
Vianet (VNET) is growing its smart machines operations and it was responsible for the growth in revenues in the first half. The pubs market remains tough and smart zones revenues dipped, but there is the prospect of a large order in the US. Full year profit is expected to improve from £2.7m to £3m. The interim dividend is maintained and the total dividend for the year should be unchanged at 5.7p a share.
Versarien (VRS) has signed a supply agreement to supply a new graphene enhanced polymer range to AECOM. Interim revenues were 19% higher at £5.22m. There was cash of £6.07m at the end of September 2018. There was a £1.1m cash outflow in the six month period.
Omega Diagnostics (ODX) continues to lose money and net debt was £700,000 at the end of September 2018. The £2m overdraft facility should provide enough finance for the company’s needs. The commercialisation of Visitect CD4 is important to long-term progress for the company. CE marking for advance disease should be awarded soon. The timing of approvals and therefore revenues is difficult to predict.
Pebble Beach Systems (PEB) has resolved its dispute with xG Technology Inc over the disposal of its hardware business. No further liabilities are due by either party and the forecast cash balances for Pebble Beach will not be materially different.
Rose Petroleum (ROSE) has agreed an operational plan with the Utah authorities for its acreage in the Paradox Basin and this includes recently acquired acreage. A suitable drilling rig should be available in the first quarter of 2019. The plan is to secure funding for the drilling programme.
Zinc Media Group (ZIN) has appointed Mark Browning, who is currently boss of ITN Productions, as chief executive and he will start in the first half of 2019. He replaces former finance director David Galan, who became full-time chief executive in February.
Adam Formela has stepped down as chief executive of packaging manufacturer Robinson (RBN). Martin McGee has become interim chief executive.
Trading in the shares of MySQUAR (MYSQ) will end on 10 December. Additional cash is required and a sale of assets to a NEX-quoted company in return for shares could happen. The investigation of past financial transactions continues.
Fishing tackle retailer Fishing Republic (FISH) has appointed administrators.
MAIN MARKET
Cryptocurrency mining services provider Argo Blockchain (ARB) estimates that its current annualised revenues are $6.2m (£4.8m). Trading is ahead of expectations. Net cash was £15m at the end of November 2018.
Sand U (SUS) says trading is in line with expectations. There has been a reduction in demand for finance for used cars. This means that the loan portfolio is growing more slowly than expected.
Standard list shell Spinnaker Opportunities (SOP) is evaluating opportunities in the cannabis market.
Andrew Hore
Andrew Hore – Quoted Micro 26 November 2018
NEX EXCHANGE
Blockchain venture builder Coinsilium Group Ltd (COIN) says that RIF Labs is acquiring RSK Labs, where Coinsilium owns 65,000 series Seed-1 preferred shares. The cost of the investment was $83,750. The acquisition is a share for token swap and Coinsilium will end up with 1.95 million RIF tokens, which is the equivalent of 139.4 bitcoins, currently valued at $773,000. However, an initial 12.5% of the consideration will be released six months after the deal is completed and then 2.5% each month for 42 months.
NQ Minerals (NQMI) has entered into an additional marketing and off-take agreement with Traxys Europe. The deal covers the production from the Hellyer project in Tasmania for the first five years. This includes a facility for prepayment.
Tectonic Gold (TTAU) says that its Australian subsidiary has received a A$590,000 tax rebate from the Australian government. A 43.5% rebate is due on qualifying technical expenditure and so far more than A$2m has been received. Spending continues.
Gowin New Energy Group Ltd (GWIN) chief executive Chen Chih-Lung is lending £40,000 to the company for 12 months at an annual interest rate of 2%.
AIM
Music and audio equipment supplier Focusrite (TUNE) is continuing to grow internationally although Asia is growing at the fastest rate. Full year revenues grew by 14% to £75.1m, while pre-tax profit improved from £9.51m to £11.3m. The dividend is 22% higher at 3.3p a share. There is £22.8m of cash in the bank and this could be used for add-on acquisitions. Tariffs on Chinese exports are being used as a way of testing out price rises for the US market. Forecast profit growth is modest but there is potential for outperformance.
Tristel (TSTL) is buying its distributor in Benelux and France and this will enhance earnings. The maximum payment for Ecomed will be €6.8m (£6m) with €5m paid up front. The deal also provides an additional warehouse in Europe. A full year contribution in 2019-20 will increase pre-tax profit by £700,000 to £6.5m.
Sustainable timber supplier Accsys Technologies (AXS) has increased its capacity for Accoya production by 50% and this will help production in the second half. Demand for Accoya is strong and sales increased from €28.3m to €31.1m in the six months to September 2018. The development of the Tricoya plant in Hull is progressing. Construction could be completed in the middle of 2019 and it will breakeven at 40% of capacity. Tricoya, which is used in MDF-type panels, is currently produced from Accoya and this plant will free up Accoya production for other customers. Numis forecasts a rise in full year revenues from €60.9m to €73.1m and a decline in loss to €5.1m. Net debt is expected to be €46m at the end of March 2019 and it will continue to rise because of the capital investment programmes. If partners can be secured in the USA and Asia then this could provide a significant boost to the company.
Initial drilling results at the Havieron licence area in Western Australia provided good news for Greatland Gold (GGP) with two wide zones of gold and copper mineralisation intersected. This significantly extends the known mineralisation.
Immunodiagnostic System Holdings (IDH) is up to its old tricks. The interim figures were published at 5.04pm on Friday 23 November. To be fair this is 14 minutes earlier than the half year trading statement so maybe the company is improving. Here’s hoping. Interim revenues were flat at £18.5m but the company fell into loss. There was £27.8m of cash in the bank (net cash of £26.5m) at the end of September 2018. Maybe some of this should be spent on an alarm clock so management can get up in the morning to release its results.
Chris Jagusz has stood down as chief executive of Redcentric (RCN) as revenue growth has been hard to come by. The latest interims have sparked downgrades for 2018-19 with revenues cut by 5% to £94.2m.
SIMEC AtlantisEnergy (SAE) has singed a joint venture with AD Normandie Developpement and this will enable the commencement of tidal energy projects between France and Alderney. A capacity of 3,000MW is being targeted and there is potential for EU grants.
Innovation software provider Imaginatik (IMTK) has achieved annualised cost savings of £1.2m, but the strategic review held back revenues and new orders in the first half. The cash outflow declined. Trading levels are picking up.
There are no competition concerns about the Ebiquity (EBQ) disposal of its advertising intelligence business to Neilsen Media Research. The business has been underperforming because of the uncertainty and this will enable the deal to go ahead. Ebiquity says that 2018 operating profit will be lower than expected.
Positive news about the Wressle oil project, where the planning officer for North Lincolnshire has recommended approval. The original application was refused two years ago. Operator Egdon Resources (EDR) owns a 30% interest in Wressle, Europa Oil and Gas (EOG) has a 30% interest and Union Jack Oil (UJO) has a 27.5% interest. Humber Oil and Gas owns the other 12.5%.
Integumen (SKIN) has raised £355,000 from a placing at 0.44p a share. This cash will support the development and commercialisation of Labskin. Integumen is paying €40,000 and six million shares to former chief executive Declan Service.
Sutton Harbour (SUH) returned to profit in the six months to September 2018, although the corresponding period had a hefty asset write-down, and it is raising cash for pre-construction funding. An open offer of 77-for-786 at 29p a share will raise up to £3m and close on 6 December. Planning approvals have been received for the Sugar Quay and Harbour Arch Quay schemes in Plymouth.
Electronic and battery products supplier Solid State (SOLI) is starting to improve its performance, although there may still be a decline in full year profit. In the six months to September 2018, revenues were 5% ahead at £23.6m and pre-tax profit improved from £1.55m to £1.66m. The interim dividend was 5% higher at 4.2p a share. The order book was worth £29.6m at the end of September 2018.
TomCo Energy (TOM) has appointed Turner Pope to replace SVS as broker and trading in the shares has recommenced.
SEC (SECG) is acquiring France-based public and corporate affairs business CLAI. An initial 10% stake, but with 50.1% of voting rights, will cost €490,000 in cash. A further stake of 40.01% will be acquired in the second half of 2020 and another 10% in the second half of 2023. The shareholders can ask SEC to buy the remaining shares between 30 July 2025 and 30 November 2025. The final payments are based on an earnout although the maximum will be €8.8m. In 2017, CLAI made a pre-tax profit of €551,000 on revenues of €4.49m. The acquisition could be earnings enhancing. CLAI will continue to be run by existing management.
Majestic Wine (WINE) is finding the UK market tough and margins are coming under pressure. Peel Hunt has reduced its 2018-19 pre-tax profit forecast by £2m to £12.8m, partly due to increased investment in Naked.
Kestrel has increased its stake in Pebble Beach Systems (PEB) to 22.2%.
Another disappointing trading statement from Fire Angel Safety (FA.) has led to a 2018 profit downgrade. Stock problems and delays to orders have hit the smoke alarms supplier. Scottish legislation due to be passed next year should provide a boost to demand. Fire Angel will be loss-making in 2018 but should make a small second half profit.
Legal services firm Knights Group (KGH) says that interim figures will be in line with expectations with double digit organic revenue growth. The interims will be announced on 15 January.
Maritime identification systems developer SRT Marine (SRT) had already flagged its 9% increase in interim revenues to £3.2m and increased underlying loss of £1.3m. There was little contribution from the GeoVS analytics system. There are expected to be significant deliveries in the second half, but timing cannot be guaranteed. A full year profit of around £3m is expected if the deliveries do take place. SRT is no longer considering investing in its own satellite constellation for this business.
FIH Group (FIH) reported flat interim profit, although there was a sharp improvement in contribution by the Momart art and museum logistics business. There was a decline in the performance of the Gosport ferry and Falkland Islands activities.
Lawyer Gateley (GTLY) says interim revenues will be one-fifth higher at £46.4m with around 50% of this organic growth. Full year revenues should be at least £102m. EBITDA margins should be maintained suggesting full year EBITDA of more than £19m. That is slightly higher than previous consensus.
Argentina-focused oil and gas producer and explorer President Energy (PPC) says the first Puesto Flores development well is producing at 600 bopd, having peaked at 1,000 bopd. This is as much as was anticipated from all three development wells. The results from the second development well appear positive and testing is about to commence. finnCap believes that the first well could have a post-tax NPV of $20m.
Pallett developer and manufacturer RM2 International (RM2) is raising £13m at 105p a share, following a 200-for-one share consolidation. This replaces the second tranche of a previously announced placing which would have happened at 1p a share (200p a share equivalent) but RM2 did not meet the performance requirements to spark the other placing. All but one of the investors set to buy shares previously will subscribe to the new placing. The cash will be used to fit track and trace devices to existing pallets, produce new pallets and cover admin costs. The cash will last until next April.
finnCap has sharply downgraded its pre-tax profit forecasts for telecoms services provider Maintel Holdings (MAI) due to project delays. The 2018 figure has been cut from £12.9m to £9.8m and the 2019 figure from £16.1m to £12.7m. The 2018 dividend is still expected to be 34.5p a share, although the cover will fall to 1.6 times. There is a move towards recurring revenues which will have a longer-term benefit for Maintel.
Restaurants operator Tasty (TAST) has revised its £7m term loan facility, which will be extended until March 2022. Quarterly repayments will be reduced from July 2019, by which time the amount draw down will be reduced by £1.1m. Net debt is currently £4.3m.
The NAV of value-focused investment vehicle Gresham House Strategic (GHS) has held up well considering the stockmarket decline. It grew to 1264p a share at the end of September 2018 and it was still 1243.2p a share on 16 November. The stake in IMImobile (IMO) has been reduced but it remains a strong performer. Cloud communications software supplier IMImobile improved its interim revenues by one-quarter and organic growth was 15%. The growth came from the European and American operations. Established customers are buying more services from the company and acquisitions are supplementing growth. Liontrust has increased its IMImobile stake to 21.4% but Kestrel has cut its to below 3%.
Payment protection software provider PCI-PAL (PCIP) is paying former boss William Catchpole his contracted entitlements plus £100,100 in settlement of his claims. The board unanimously asked Catchpole to leave in October. The final loan note repayment of £250,000 has been received from the buyer of the contact centre business.
Digital and media recruiter Nakama Group (NAK) reported flat interim net fees of £2.7m, but it managed to return to profit thanks to reduced costs. Further cost cutting is underway. There was a £558,00 cash inflow from operations and net debt was £488,000.
Antennas developer MTI Wireless Edge (LSE: MWE) has completed its merger with Israel-quoted majority shareholder MTI Computers and the initial benefits will show through in the second half. The interim figures show organic growth in revenues of 2%, but that growth should accelerate in the second half. Water management technology provider Mottech is winning new business and there are good prospects for the other divisions. The NAV is 17.8p a share and the full year dividend could be 1.25p a share.
Two directors have invested nearly £230,000 in shares in Condor Gold (CNR) at 22pa share. Non-executive Jim Mellon took his stake to 7%, while executive chairman Mark Child has reached 6%. Condor has been granted an important environmental permit for the development of a processing plant at its La India project in Nicaragua. SRK Consultants is preparing an updated mineral resource.
Juridica Investments Ltd (JIL) plans to leave AIM as part of the process of winding-up the company. The quotation will be cancelled on 21 December after liquidators from KPMG Channel Islands are appointed. Management fees will be reduced.
Online women’s fashion retailer Sosandar (SOS) continues to build up its sales, having been trading for two years, and they reached £1.84m in the six months to September 2018. The loss was nearly £2m. Returns were 52% but that was put down to a high level of dress sales in the period and it can be more difficult to get the right fit. The benefits of the move to the Magento 2 ecommerce platform and the investment in the website are showing through in the second half. October was a record month. A placing raised £3m after the balance sheet date so pro forma cash is £5.56m.
600 Group (SIXH) has rationalised its UK business and sorted out its pension problems. Interim revenues were slightly ahead but underlying margins improved from 5.1% to 6%. The machine tools and laser marking equipment supplier is expected to improve its full year pre-tax profit from $3.05m to $3.9m.
Motor dealer Cambria Automobiles (CAMB) has performed well considering the dip in the new car market. Used vehicles and aftersales offset some of the decline. There was a 2% decline in revenues to £630m and underlying pre-tax profit fell by 13% to £9.8m. The capital investment programme for new sites has peaked and the benefits of that investment are still to come.
Veltyco Group (VLTY) is still finding it difficult to collect the money it is owed. This means that its cash is running low and this will impact its ability to promote its own brands.
Graphene materials supplier Directa Plus (DCTA) is confident that it will achieve 2018 revenues of €2.3m and this figure could double in 2019. Growth is coming from textiles, environmental and elastomers customers.
Ubisense Group (UBI) is selling RTLS SmartSpace for up to £35m, which is around two-thirds of the software company’s current market value. The group had cash of £6.8m in the middle of November 2018. Funds managed by Investcorp Technology Partners will pay an initial £30m. Liabilities of £3.1m and a loan of £1.75m will have to be paid out of the proceeds. The company’s name will be changed to IQGeo and it will focus on the myWorld product, which helps telecom companies to integrate their technology ecosystem. The myWorld business generated interim revenues of £5.7m but £3.2m was geospatial services from third party products. Some of the cash will be distributed to shareholders.
The decline in annual pre-tax profit at Stride Gaming (STR) from £18.9m to £14.8m was no surprise given the impact of regulation and tax. The online bingo and gaming company is likely to report a further fall in profit this year. A special dividend of 8p a share has been announced and in future 50% of net earnings will be paid in dividends.
MAIN MARKET
Packaging and labels supplier Macfarlane Group (MACF) continues to grow revenues organically, supplemented by recent acquisitions. Organic growth has been 5% and overall growth is 13%. The fourth quarter is important, though. Full year pre-tax profit is forecast to improve by 47% to £13.6m and earnings per share by one-third to 7p. Acquisition payments should be offset by cash generated in the second half.
S and U (SUS) has increased its investment in Aspen Bridging from £20m to £30m. Aspen has been trading for less than two years and is already in profit.
Creightons (CRL) increased its interim profit by 44% to £1.38m on revenues one-third ahead at £22.3m. The main growth in sales has come from retailer own brands, while Creightons own brands raised their sales by 11%.
David Brown has sold his 4.55% stake in Associated British Engineering (ASBE).
Sealand Capital (SCGL) has formed a new subsidiary called ePurse (HK) Ltd, which is generating commissions from WeChat Pay activities in Hong Kong. Licences have been obtained in the UK and Dubai.
Andrew Hore
Andrew Hore – Quoted Micro 12 November 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) plans to raise up to £2.25m prior to a move to AIM at the end of this year. The cash will be invested in sales and marketing, product development and working capital.
Primorus Investments (PRIM) says that investee company Stream TV Networks has secured a deal with Beijing Optical and Electrical, which will use Stream’s 3D display technology in large flat TV and monitor screens. Primorus has invested £1.4m in Engage Technology, which has 75 corporate clients for its construction software and a further 17 that are contracted but not yet live. Revenues are growing more slowly than hoped. Engage is talking with partners and potential corporate investors.
Angelfish Investments (ANGP) is increasing its shareholding in YBOO from 20% to 35% for an investment of £400,000. A working capital loan of up to £1.5m with an annual interest charge of 10%.
Inqo Investments Ltd (INQO) reported an increase in interim revenues from R7.65m to R8.37m and the loss declined from R4.52m and R4.12m. At the end of August 2018, net cash was around R11.5m. The South Africa-based social impact investor generated the majority of its revenues from Kuzuko Lodge with a contribution from Bee Sweet Honey.
KR1 (KR1) says that its investee company Volt Ltd has raised $2m. KR1 has converted loan notes and has a 7.94% in institutional digital asset custodian Volt valued at $1.4m. The initial investment of £200,000 acquired a 5% stake in September 2017.
MetalNRG (MNRG) has completed the acquisition of the Gold Ridge project in Arizona from Winston Gold for £530,000. The final payment is funded by shares at 1.75p each. The project area includes three former producing mines. There is potential for the discovery of further gold mineralisation.
Auxico Resources Canada Inc (AUAG) has raised $315,000 at 20 cents a share. This cash will fund geological work and the evaluation of opportunities in Colombia.
Healthperm Resourcing Ltd (HPR) is changing its name to SG Recruitment Ltd.
AIM
Gresham House (GHE) is acquiring investment manager Livingbridge for an initial £30m. Up to £10m more could be payable depending on performance. This deal will help to widen the customer base and provide product development opportunities. The combined group will have assets under management of more than £2bn. A placing raised £11.7m at 448p a share. The deal is immediately earnings enhancing even before cost savings. Gresham House Energy Storage Fund has raised £100m and will invest £57.2m in a portfolio of energy storage assets in development.
Castleton Technology (CTP) increased interim revenues by one-fifth to £12.9m and there was a 5% improvement in earnings per share. finnCap forecasts an improvement in full year earnings per share from 5.2p to 5.9p. The provider of software and managed services plans to pay a maiden dividend for this financial year.
Transportation software and services provider Tracsis (TRCS) has reported figures in line with recently upgraded forecasts. In the year to July 2018, revenues improved from £34.5m to £39.8m, mainly organic growth, while pre-tax profit rose from £7.6m to £8.5m, helped by a one-fifth increase in software sales. There is £22m in the bank to finance further acquisitions.
AdEPT Technology (ADT) has acquired unified communication services provider ETS Communications for £2.5m less net debt at the end of October 2018. This deal will be immediately earnings enhancing. Thebank facility has been increased to £35m in order to fund further acquisitions.
International benefits insurance provider GBGI Ltd (GBGI) is recommending a $1.515 a share cash offer from Elm Bidco. This values GBGI at $131.8m (£101.6m). There has been modest growth in earnings per share since GBGI floated at 150p a share in February 2018. Adividend of 1.4 cents a share was paid in June.
Myanmar-focused social media platform operator MySQUAR Ltd (MYSQ) is investigating into the use of proceeds of two recent fundraisings. Approximately £900,000 was paid out of company funds to former directors and third parties. Staff are being made redundant and additional cash is required. Trading in the shares is suspended. The nominated adviser SP Angel and joint broker Daniel Stewart have resigned. Piers Pottinger has stepped down as a director.
Floorcoverings manufacturer Victoria (VCP) has reassured investors about trading and the share price has started to recover. Victoria is not issuing a bond to refinance its debt because the potential pricing was unfavourable. Invesco has increased its stake to 22.1% and The Spruce House Partnership has built up a 13.6% stake.
Estate agency Purplebricks (PURP) has grown interim revenues in the UK by one-fifth. Trading in Australia is tough, and it is still early days in the US. Net cash was more than £100m at the end of October 2018.
First Derivatives (FDP) increased its underlying interim pre-tax profit by 15% to £10.6m. The interim dividend was 10% higher at 7.7p a share. The software and consultancy company with the fastest growth coming from licences for Kx software.
URA Holdings (URA) has gained EIS approval for the funding for its proposed reverse takeover of personalised digital entertainment content provider Entertainment AI. Complexities of the deal have been solved and documentation is progressing. URA has until 20 December to complete a reverse takeover.
Interim revenues and pre-tax profit at Best of the Best (BOTB) will be better than expected and this has led to a full year pre-tax profit upgrade from £1.4m to £1.6m, which is the same as the year before. The online competitions operator will be hit by the increase in remote gaming duty from 15% to 21% from October 2019. This will mean that 2019-20 forecasts will have to be reassessed.
Polarean Imaging (POLX) says that its phase III non-inferiority clinical trial of its Xenon polariser is up and running. Enrolment should be completed in the second quarter of 2019. A new order has been received to upgrade the polariser at SickKids Hospital in Toronto.
Remote tracking technology developer Starcom (STAR) has signed a deal with a distributor in North Africa covering Helios Advanced and BIO CAN fuel sensors. This year’s group revenues are expected to improve from $5.4m to $5.9m. Starcom has raised £400,000 at 2p a share.
Broadcast software provider Pebble Beach Systems (PEB) has won two new contracts that will underpin forecasts for 2018 and 2019. The two orders have a total value of £2m.
Zoo Digital (ZOO) reported interims in line with expectations. Revenues were 17% ahead at $14.9m and the main growth has come from dubbing services. The loss was slightly higher at $159,000. A major subtitling customer will increase its demand in the second half. The full year, underlying pre-tax profit is forecast to improve from $500,000 to $1.8m.
Recruitment company Kellan Group (KLN) plans to cancel its AIM quotation and the general meeting vote already has backing from the owners of 70% of the shares. The shares are tightly held and liquidity is limited.
Fastjet (FJET) says that it can continue operating in November, but it will require more cash.
Crawshaw (CRAW) has called in administrators to itself and four subsidiaries. Thirty five stores have closed and 19 are still trading. Administrators have also been appointed to Flowgroup (FLOW) because it could not find a suitable acquisition.
MAIN MARKET
Path Investments (PATH) says it is not proceeding with the farm-in for the Alfeld-Elze II licence having failed to raise the cash it required and reach agreement on the transaction structure. The deal would have led to a move to AIM. Trading in the shares remains suspended.
Beauty and personal care products supplier InnovaDerma (IDP) expects interim revenues to be similar to last year, while full year revenues are expected to increase from £10.7m to £14.4m. finnCap forecasts a rise in pre-tax profit from £700,000 to £1.7m.
Consumer goods supplier UP Global Sourcing (UPGS) reported revenues for the year to July 2018 fell by one-fifth to £87.6m and underlying pre-tax profit decreased from £10.7m to £5.6m. The main decline was due to discount retailers seeking tougher terms and delayed sales to a European retailer. Online sales increased and this helped to maintain margins. Brands include Salter kitchenware and Constellation luggage. The Kleeneze brand is being relaunched. Non-executive chairman Jim McCarthy has acquired 135,000 shares at 39.3p each. Equity Development forecasts a rise in earnings per share from 5.4p to 5.6p, while dividend per share should rise from 2.7p to 2.8p.
Trading in Blockchain Worldwide (BLOC) shares has been suspended ahead of a proposed acquisition of Chorum Group.
Shareholders have agreed to Titon Holdings (TON) moving to AIM on 10 December.
Andrew Hore
Andrew Hore – Quoted Micro 27 August 2018
NEX EXCHANGE
Crossword Cybersecurity (CCS) has signed a memorandum of understanding with IP Group, covering the commercialising of cybersecurity intellectual property from universities.
Ananda Developments (ANA) says that investee company iCAN Israel-Cannabis Ltd has signed a memorandum of understanding with Yom Chai. The deal involves the development and validation of a cannabis-based treatment for Crohn’s Disease, Autism and other neurological and gastrointestinal diseases. The agreement will generate revenues for iCAN, as well as obtaining a stake and potential future royalties.
Supported housing developer Walls and Futures REIT (WAFR) ended March 2018 with a NAV of 92p a share. Full year revenues were 127% higher at £103,000 and the company moved into profit. The first supported housing property was completed during the period. The board wants shareholders to approve a new management incentive plan at the company’s AGM.
There was a £88,000 cash outflow for Lombard Capital (LCAP) in the year to March 2018, but the investment company has moved from net assets to net liabilities. There is £2,154 in the bank plus £112,500 in investments. Since the year end, £320,000 has been raised from subscriptions for 7.5% 2020 unsecured loan notes.
Primorus Investments (PRIM) and Gunsynd (GUN) are selling their direct interests in the Horse Hill prospect to UK Oil and Gas (UKOG) for cash and shares. Primorus will receive £375,000 in cash and £1m in UK Oil and Gas shares at 1.75p each for its 5% stake in Horse Hill Developments Ltd (HHDL), while Gunsynd will receive £50,000 in cash and £500,000 in shares for its 2% stake.
AIM
Tracsis (TRCS) says that full year revenues were ahead of expectations at around £40m and profit will be better than expected. There was £22m in the bank at the end of July 2018. The margins of the traffic and data division are improving.
Audio visual equipment distributor Midwich Group (MIDW) is acquiring Nuremberg-based Bauer und Trummer, which has annual revenues of €21m.
A potential partner has ended its interest in the Bahamas-based oil and gas prospects of Bahamas Petroleum (BPC) and that knocked two-thirds off the share price. BPC received $1m in exclusivity payments from the international oil and company and it has started talks with other third parties.
KEFI Minerals (KEFI) has signed heads of agreement with Ethiopian investors which are setting up a vehicle to make a $35m investment to finance the Tulu Kapi gold project. The first investment of $9m should be made in the current quarter.
Caledonia Mining Corp (CMCL) has agreed to acquire a further 15% of the Blanket gold mine in return for the cancellation of a $11.5m loan and 730,000 shares. That takes the Caledonia stake in Blanket to 64%. The dividend will be kept at 27.5 cents/share.
Waste gasification to energy technology provider EQTEC (EQT) has finished a strategic review following the appointment of a new chief executive. The focus will change to the delivery of customer requirements. Additional technological expertise will come from an alliance with CT3 Ingenieria.
AdEPT Telecom (ADT) is a paying an initial £5m for Shift F7 and this should be earnings enhancing. The two companies have worked together for more than a decade. AdEPT chief executive Ian Fishwick has bought 10,196 shares at 373p each.
Thor Mining (THR) has completed the definitive feasibility study for the Molyhil open pit tungsten project. The post-tax NPV is A$101 and project payback would be less than 18 months. Molyhil has opex costs of tungsten of $90/mtu, compared to an average of $157/mtu for other tungsten projects.
Data and analytics services provider D4T4 (D4T4) says that it has received the £19.5m of trade debtors in the balance sheet at the end of March 2018.
Restaurants operator Fulham Shore (FUL) says revenues generated by The Real Greek and Franco Manca have increased. New openings will be financed out of cash flow. Chief executive Nabil Mankarious has acquired 127,000 shares at 12p each, taking his stake to 19.9%.
Versarien (VRS) has signed two collaborations. A deal with AXIA Materials will lead to the development of graphene enhanced composite materials and smart graphene devices. The first two projects will be for smart buildings and electric vehicles. An agreement with AECOM will be focused on developing large-scale polymer structures for civil engineering infrastructure projects.
Broadcast software provider Pebble Beach Systems (PEB) has moved back into profit at the adjusted level in the first half of 2018, but that is after adjusting for £400,000 of amortisation of capitalised development costs. If that amortisation charge is not excluded the company would have been around breakeven. Net cash generated from operating activities was £126,000, but there is an outflow of £254,000 after capitalised investment. Most importantly, net debt is £10.5m. Debt repayments have started with £850,000 due to be repaid in the second half.
Facilities management services provider Mortice Ltd (MORT) reported a 29% decline in pre-tax profit to $3.9m. Net debt was $18.4m at the end of March 2018. The minority interest in Singapore-based Frontline Security has been acquired for $3.5m.
Wey Education (WEY) says it is planning for significant growth next year, having exceeded market expectations of revenues of £4.1m in the year to August 2018. The first sales from the Chinese joint venture should be in September. A general meeting is being held to enable the issue of more shares and to create distributable reserves to allow a dividend to be paid.
Tekmar Group (TGP) intends to acquire Subsea Innovations for up to £4m. Subsea is focused on the oil and gas sector and it is involved in back deck equipment and subsea pipeline repair clamps. The deal includes £3m of fixed assets.
Veltyco (VLTY) has trade receivables of €8.9m, higher than in July, with €5.4m owed by Celestial, €1.5m of which relates to 2017. The current cash balance is €1.3m. Veltyco will launch its own regulated online trading brand. Betsson Services has renewed its contract until May 2021.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) increased its interim pre-tax profit by 39% to £3.53m. The growth in profit came from the distribution division on the back of higher sales to internet retailers. Net debt was £11.1m at the end of June 2018. The interim dividend is increased by 8% to 0.65p a share.
London and Associated Properties (LAS) is broadening its investment remit to areas other than retail property. Diluted NAV was 54.5p a share at the end of June 2018.
Bisichi Mining (BISI) increased its pre-tax profit from £243,000 to £3.97m on the back of strong demand for coal.
Standard list shell daVictus (DVT) still has £431,000 in the bank. The board continues to look at food and beverage businesses.
Andrew Hore
Andrew Hore – Quoted Micro 13 August 2018
NEX EXCHANGE
Brewer Adnams (ADB) grew its turnover by 7% to £35.5m in the first half of 2018 but there was an underlying operating loss and lower gains from asset disposals. The reported pre-tax loss increased from £284,000 to £840,000. The second half is always more profitable. Depreciation is higher due to investment in the brewery and the refurbishment of the Swan Hotel. Adnams own beer volumes increased by 4.8%, compared with the market growth of 1.3%. Carbon dioxide shortages have affected the second half. The interim dividend is unchanged at 78p/B share and 19.5p/A share.
KSE is offering £29,419.64 a share in cash for Arsenal Holdings (AFC) and that values the football club at £1.8bn. KSE already owns or has acceptances totalling more than 97% of the shares in the company.
Healthperm Resourcing Ltd (HPR) increased revenues by 184% to £293,000 in the first half of 2018 and 144 healthcare staff candidates were deployed in the period, which was nearly three times as many as in the first half of 2017. More students are being trained in the English language. Healthcare recruitment contracts have been signed in the UK and they cover nine hospitals. Contracts have also been signed outside the UK.
Angelfish Investments (ANGP) is subscribing for 0% secured convertible loan notes in Wallet Ads Ltd. The first drawdown is £50,000 and this will be followed by five monthly instalments of £20,000. On payment of the final instalment, or under certain other circumstances, the loan notes can be converted into 20% of the enlarged share capital of Wallet Ads, which has developed a mobile engagement platform combining mobile wallet passes, web and social media and this enables digital vouchers to be sent to smartphones. Angelfish non-exec Richard Walker will join the Wallet Ads board.
Pelican House Mining (PHM) is investing in battery minerals explorer Kalahari Key Mineral Exploration (KKME), which is exploring for nickel and platinum group metals in Botswana, near the South Africa border. AIM-quoted Two Shields Investments (TSI) is a co-investor in KKME and it increased its stake to 22.2%. Two Shields Investments also increased its stake in cobalt explorer Cobalt Blue Holdings to 49% before swapping it for a 11.26% stake in African Battery Materials (ABM), thereby gaining a wider exposure to technology metals licences.
Clean Invest Africa (CIA) raised an additional £50,000 at 1p a share when it floated last year. Geremy Thomas holds a 3.1% stake.
Shareholders in Welney (WENP) have voted against the appointment of Mark Jackson and Mark Chapman as directors.
AIM-quoted TechFinancials Inc (TECH) joined NEX on 8 August. Monreal has changed its name to Eight Capital Partners (ECP).
AIM
Fryer management and commercial kitchen services provider Filta (FLTA) says that interim figures are in line with expectations. There will be a full contribution from GMG, which was acquired last year, while the sale of the refrigeration division has helped to improve margins. Revenues are growing from newer franchisees and the UK-based seals business also grew its revenues. The interims will be published on 4 September.
Former boss Philip Swinstead has sold his 9.82% stake in Parity Group (PTY) and Helium Rising Stars has taken a 10.9% shareholding. Parity is on track to achieve double digit profit growth this year. The IT recruitment and consultancy services provider is modestly rated on a prospective multiple of less than nine, even though the share price has risen following the share dealing.
Pebble Beach Systems (PEB) expects revenues to fall from £4.6m to £3.9m but the broadcast software supplier believes that the second half should be better. A backlog of £4.7m should help full year revenues to be nearer to last year’s level.
Frontier IP (FIPP) has announced its first Portugal-based spin-out. It is taking a 31.8% stake in NTPE, which is developing Paper-E technology that can be used to print electronic circuits, sensors and semiconductors. This opportunity came through the relationship with Universidade Nova de Lisboa Faculty of Science and Technology. Another investee company, 27.5%-owned Fieldwork Robotics, has secured a deal with soft fruit grower Hall Hunter to prototype and test a raspberry harvesting robot system.
Phoenix Global Mining (PGM) has reported that the first drilling results from the Empire mine in Idaho have been encouraging. There was 68 metres at 0.57% copper from the surface. The current JORC resource is 0.52% copper so it would be good news if the current drilling provides higher levels of copper.
Mereo BioPharma (MPH) had net cash of £36.9m at the end of June 2018, but a R and D tax credit of £8.2m was received in August. An adult Phase 2b study for Osteogenesis Imperfecta (OI) is due to complete enrolment by the end of September. There will be initial six month data from the open-label high dose part of the study by the middle of next year. A flotation on Nasdaq is still a possibility.
MAIN MARKET
Engineering and construction company North Midland Construction (NMD) increased its interim revenues from £135.1m to £160.9m and more than doubled pre-tax profit from £1.23m to £2.51m. The interim dividend has been doubled to 6p a share. Cash in the bank was 138% higher than 12 months before are £18.9m, although there are also finance leases of £4.5m. The order book is worth £320m. The telecoms-related part of the business is still losing money. There were much better profit contributions from the water and construction divisions.
Argo Blockchain (ARB) is developing a global datacentre management business facilitating cryptocurrency Mining-as-a-Service and has signed a deal that will provide 9.5MW of clean energy for two datacentres in Quebec (Argo already has one datacentre in Quebec). That provides the capacity for more than 150,000 subscribers and the centres will be operational in September and October. Argo joined the standard list on 3 August after raising £25m at 16p a share, which valued the company at £47m. However, the share price has fallen back to 11.13p.
Beauty and personal care products supplier InnovaDerma (IDP) has appointed Kieran Callan, who was a non-executive director, as chief executive with Haris Chaudhry moving to executive chairman. Callan used to work at PZ Cussons. This appointment follows poor trading and disappointing pre-tax profit in the year to Last October, InnovaDerma raised £4.4m at 276p a share and, having fallen by two-thirds at one point since then, the share price has recovered to 148.5p. Haircare brand Roots will be sold in Tesco.
Telecoms services provider Toople (TOOP) is holding a general meeting on 30 August in order to get shareholder approval to enable it to issue more shares to raise cash to keep the business going.
Andrew Hore