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Quoted Micro 4 May 2026
AQUIS STOCK EXCHANGE
Audit and assurance services provider Adsure Services (ADS) is increasing customer numbers and market share in the housing sector and education has also been a strong market. Other markets have been weaker. Working capital was reduced.
Ajax Resources (AJAX) has made a £200,000 strategic investment in Reveille Resources, taking a 25% stake in the Italy-focused uranium explorer that wants to join Aquis. Reveille Resources has interests in the Novazza and Val Vedello uranium deposits. Ajax Resources is taking an option over the acquisition of Minerva Metals, which holds the Sebera exploration licence in Italy, which is targeting antimony, tungsten and gold. Ajax Resources is planning a listing on Euronext Growth Oslo.
Marula Mining (MARU) has been fined £55,000, reduced to £44,000 for early settlement by the Aquis Stock Exchange because of social media posts that provided information that had not been published as official announcements on the market. It also repeatedly failed to produce accounts on time and was slow in paying Aquis fees. Marula Mining is continuing talks with WEEE Centre over their potential collaboration on a lithium-ion battery recycling centre in Kenya. Final legal reviews of the agreement are near to completion and phase one of the operations should start by the end of the second quarter of 2026.
Inqo Investments (INQO) has opened the Pabidi Lodge in Uganda. This is an eco-luxury hospitality asset located in Uganda’s Budongo Forest, within the broader Murchison Falls National Park.
Mendell Helium (MDH) has exercised the option to acquire M3 Helium. Completion is expected in May and £5m is being raised at 4p/share. M3 Helium already has helium production and potential to increase this through drilling and building infrastructure. Dividends are possible in 2027.
WeCap (WCAP) investee company WeShop published 2025 results. It remains an early stage business and there is an initial rollout of the social commerce platform and beta testing of the WeShop app in the US. The company is recruiting in the US. WeShop processed transactions with a GMV of $140m. The WeShop share price drifted down to $8.80, although it has still risen by 50% over the past month.
Digital asset company Coinsilium (COIN) continues to make progress with advancing its operating model. Otomato has launched its application across web and mobile. There is increasing activity on the Yellow Network, and it is moving towards the launch of decentralised perpetual futures contracts trading.
Sulnox Group (SNOX) generated record annual revenues of £2.62m, with like-for-like fourth quarter revenues nearly doubled. Cash was £822,000 at the end of March 2026.
Visum Technologies has changed its name to Nomad Compute (NMD) to reflect its new strategic direction. The focus is modular edge AI compute infrastructure. A fundraising is planned. It has acquired Crowdtech AB, a technology development company, for £414,000. This is being paid for in the form of the shares in subsidiary C and C Gordon at book value.
Energy B (NRGB) had £6,000 in cash at the end of January 2026. Chairman Neil Ritson has subsequently provided a £50,000 loan facility and £30,000 has been drawn down.
B HODL (HODL) has bought one Bitcoin at £57,802.
S-Ventures (SVEN) has invested £200,000 in Hybrid Drones. Defence company MBDA is a fellow investor.
NYCE International (NYCE) has raised £50,000 at 17.5p/share.
Woodland Capital, where Hot Rocks Investments (HRIP) managing director Gavin Burnell is a significant shareholder, has acquired 1.85 million shares at 1.1p each, 855,259 shares at 1.35p each and one million shares at 1.45p share. This takes Gavin Burnell’s interest to 19.2%.
JP JENKINS
Hydrogen Capital Growth (HGEN), formerly HydrogenOne Capital Growth, has moved to JP Jenkins as part of the managed realisation of its portfolio of clean hydrogen and energy transition technology investments.
ASSET MATCH
Infection prevention IP developer Byotrol (BYOT) says 2025-26 sales were flat at £4.33m, although product sales were higher. The loss was higher. Cash was £457,000 at the end of March 2026. There is expected to be a positive EBITDA this year.
Greenshield Agri (GAH) had net assets of 160p/share at the end of 2025. The company has hedged all its requirement for fertiliser for 2026. Costs have been cut and crop prospects are good.
AIM
Cosmetics supplier Warpaint London (W7L) was hit by US tariffs and weak consumer confidence in 2025 and this continued into early 2026. Full year revenues edged up from £101.6m to £105m, but it would have been lower without the brands acquired last year. Gross margin improved, but pre-tax profit dipped from £24.6m to £19.2m. It could rebound to more than £20m this year, but it is still early in the year. This year will be more second half weighted with a much larger Christmas order from Walmart.
Iodine producer Iofina (IOF) reported better than expected figures for 2025. Revenues increased from $54.5m to $66.5m. Earnings jumped from 1.52 cents/share to 3.26 cents/share. A large plant will start production later this year leading to a big rise in production in 2027. More plants are in the pipeline. X-ray demand for iodine is keeping the price high and Canaccord is anticipating it staying above $70/tonne. This year earnings could reach 3.9 cents/share, and the 2027 figure has been upgraded to 6.3 cents/share.
Property technology company Built Cybernetics (BUC) moved into profit in 2025-26 and smart buildings revenues exceed architecture revenues for the first time. However, the master systems integrator business has been hit by poor demand, and the group could fall back into loss this year. Built Cybernetics has raised £570,000 at 1.5p/share.
A positive trading statement by IG Design (IGR) has led to upgrades for the year just ended and the current year. Ongoing gift wrap and stationery business is better than expected, although consumer confidence remains weak. In the year to March 2026, revenues were $292m, while the pre-tax profit estimate has been increased from $9.5m to $11.5m. This year’s pre-tax profit forecast has been raised from $12.3m to $14.3m, helped by an earnings enhancing acquisition in South Africa. Net cash is $72m before the £3.4m spent on the acquisition.
Professional services provider Christie Group (CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m.
Xeros Technology (XSG) 2025 results show a reduction in loss from £4.5m to £3.5m. The sustainable laundry technology developer expects a sharp rise in revenues this year, albeit from a low base. All three parts of the business should start to grow royalty revenues.
Sanderson Design (SDG) did well in North America last year and that helped to offset the weak UK market. Group revenues fell 1% to £99.5m, while underlying pre-tax profit improved from £4.4m to £5.3m, helped by a better performance by manufacturing. The dividend is unchanged at 1.5p/share. Net cash is £9.8m.
Digital content technology and direct carrier billing services provider Bango (BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025
Membrane-free electrolyser technology developer Clean Power Hydrogen (CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues.
ProService Building Services Marketplace (PRO), formerly HSS Hire, says 2025-26 revenues from continuing operations is expected to be £248m, which is lower than forecast. That is due to a lower ramping up of the new arrangements with Speedy Hire and the weak construction market. The company is investing in further automation of its marketplace platform. Speedy Hire volumes are improving, and the deal should be earnings enhancing this year. Net debt was £27.2m at the end of March 2026 and the debt should be refinanced by August. Guidance for 2026-27 EBITDA is between £9m and £12m. Consensus was previously £19.6m.
Digital health company MedPal AI (MPAL) has acquired the Remedi Solutions pharmacy facility in Runcorn from administrators for £310,000. Historical annualised turnover was previously around £10m. MedPal has been operating the pharmacy ahead of approval for the transfer of ownership to the company.
Scancell (SCLP) has received FDA Fast Track designation for iSCIB1+ in advanced melanoma. Plans are being advanced for a phase 3 trial which could start in the second half of 2026. Progression free survival reached 77% at 20 months, which is 30 percentage points above standard care. Additional data is expected in the first half of 2027.
Shield Therapeutics (STX) generated revenues of $18m in the first quarter of 2026 with ACCRUFeR making $9.9m and a $7.9m milestone payment from China. The US sales continue to grow, but NY-Medicaid now requires prior authorisation for prescription approvals.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ALL.SPACE is being acquired by York Space Systems. It is a cash and shares bid. This investment was 15.9% of the net asset value at the end of 2025 and the value of the takeover should be similar to the current valuation.
Andrew Hore
Quoted Micro 21 December 2015
ISDX
Asia-focused investment company DKG Capital (DKGP) is acquiring a 30% stake in Hong Kong-based Ronix Resource Co, which provides concierge VIP services for the travel and leisure sector, for £600,000 in cash and shares. Ronix is completing the acquisition of online betting and gaming business Global Media Ltd, which has an agreement with a Malaysian firm for the referral of VIP customers as well as jointly developing an online gaming services. DKG plans to raise £200,000 from a placing early in 2016. At 1.75p (1.5p/2p) a share, DKG is valued at £900,000.
Carduus Housing (CHP2) is acquiring 15 properties for £1.19m and £2.5m of 6.25% bonds 2020 have been admitted to ISDX. The freehold properties being acquired are two/three bedroom homes in southern Glasgow. The first seven properties have been bought and the others will be acquired in January. The homes will be rented out and managed by a housing association.
Investment company Gledhow Investments (GDH) has been hit by the decline in the value of its investments in resources companies. No new investments were made last year. The NAV fell from £626,000 to £497,000, including cash of £247,000, at the end of September 2015. At 0.75p (0.5p/1p) a share, Gledhow is valued at £370,000.
Investment company Lombard Capital (LCAP) has a new major shareholder. Mark Jackson has sold his 28.8% stake in Lombard at 10p a share to David Grierson. That is a large premium to the market price of 6p (5p/7p) a share.
AIM
Molecular diagnostics company Premaitha Health (NIPT) has secured a £5m loans and warrants investment from Thermo Fisher. Premaitha’s man product is the IONA test, which is used to screen the foetus to assess if there are any genetic disorders. Thermo Fisher supplies the DNA sequencing instruments used to assess the IONA pre-natal test. European countries are starting to offer reimbursement for the use of the test. The first country is Switzerland. The additional cash will be used to further develop the test. Premaitha had £6.6m in the bank at the end of September 2015. The Thermo Fisher deal provides backing for Premaitha’s IP litigation with Illumina, which could drag on for some time.
Tungsten Corp (TUNG) is selling its bank to concentrate on its trade finance operations. Tungsten will receive £30m for the bank, which is in the books for £25.4m. It could take up to 12 months to complete the disposal. Tungsten remains heavily loss-making and there was £15.9m in the bank at the end of October 2015 – excluding the bank. Even with cost savings, cash could be running low by the time the money comes in for the bank.
Fit-out and projects contractor Styles & Wood (STY) has been retained by TSB as contractor for branch refurbishment after the bank reduced the number of contractors in the framework agreement from five to two. This should generate at least £10m a year for Styles & Wood over the next five years. Group revenues were £97m in 2014. Even though the first half profit was small, house broker Shore forecasts 2015 earnings per share of 29.5p, rising to 37.2p a share in 2016. The balance sheet has been strengthened following a refinancing of Styles’ preference shares earlier this year. Net debt, including preference shares, was £6.42m at the end of June 2015 and cash flow should be strong from now on.
Business information provider Progressive Digital Media Group (PRO) intends to acquire healthcare business information provider GlobalData Holding and sell its non-core print assets to the owners of the GlobalData. An all-share deal is likely to leave the sellers with just over one-third of the enlarged group. Progressive will have three legs: healthcare, consumer and technology. In July, Progressive bought information assets from Informa for £25m.
NWF Group (NWF) says that trading is in line with expectations and net debt continues to be reduced. Lower milk prices continue to hamper the feeds division, while the food distribution division used overflow capacity and the fuels distribution division did better than expected in the summer months – although the warm winter could hold back second half progress. The interims will be published on 2 February.
Online video content revenues generator Rightster (RSTR) is raising £10m at 5p a share – a premium to the market price. The cash will help to finance the restructuring of the business and cover continuing losses. Rightster wants to focus on enterprise customers and create targeted channels to attract certain consumer groupings. Investment in production teams and other specialists will be required. The placing is being backed by Woodford and Invesco. The number of shares in issue will be increased by nearly 60%. Ashley Mackenzie, a founder of one of the companies acquired by the group, took on the role of chief executive in November.
Thor Mining (THR) has agreed to sell its gold assets in Australia to PC Gold for A$3.5m. The deal includes the Spring Hill and Dundas gold projects. There is an initial deposit of A$150,000 with the rest of the first tranche of A$2m to acquire a 60% stake in the projects due early next year, followed by a further A$1.5m within 12 months to acquire the rest. There are also royalty payments of A$6/ounce unless the gold selling price goes above A$1,500/ounce when the payment goes up to A$14/ounce. The initial cash will pay off A$1.2m loan taken out to acquire the rest of Spring Hill. The rest of the cash will be invested in the company’s tungsten projects in Australia and the US.
Sunrise Resources (SRES) has signed a 25 year lease agreement with EP Minerals for its County Line diatomite project in Nevada. Sunrise will not have to spend any more of its own money developing the project. This project could be up and running and generating a royalty stream for Sunrise within 18 months. There is an initial payment of $450,000 in 18 months and then minimum royalty payments each year. Sunrise has acquired a second industrial minerals project in Nevada. The Pozz Ash project could be a source of natural pozzolan, which is an alternative additive to cement.
MAIN MARKET
Standard list company General Industries (GNI) is paying £1.2m for Murja from founders Richard Murphy and Christopher Jack. Murja is a treasury management consultancy and the deal has been passed by the FCA. When the acquisition is completed Richard Murphy will become an executive director. General Industries has already acquired affordable housing adviser Altair Consultancy & Advisory Services and this should provide additional client for Murja. An interim dividend of 0.22p a share is being paid on 21 December.
Standard list shell Opera Investments (OPRA) continues to try and raise cash to enable it to complete the acquisition of SoloPower Systems but it is taking longer than expected. The original announcement of heads of terms was on 20 July and trading in the shares was suspended. US-based SoloPower manufactures solar photovoltaic cells and modules from thin-film copper, indium, gallium and selenium materials and its current owner is Hudson Clean Energy Partners. SoloPower believes that its thin film solar products are cheaper to produce and install than those of its competitors. The deal is valued at $220m based on an all share acquisition at 28p a share. The plan is to raise at least $40m. An initial £1.06m net was raised at 10p a share last April. Because Opera is not on AIM there is no limit on the time that the shares can be suspended.
Andrew Hore