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Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 2 February 2026
AQUIS STOCK EXCHANGE
Roundhouse Digital (ETHL) joined Aquis on 30 January. It is an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company is valued at £10m.
Valereum (VLRM) has entered into a non-binding agreement with Injective Foundation, a Layer-1 blockchain for decentralised finance, and DigiShares inc, a provider of tokenisation technology. There would be a framework for a collaboration across the Injective blockchain, involving tokenisation and secondary trading. DigiShares has 200 issuers. Quorum Global Photonics has a 49.9% stake, while James Bannon’s shareholding has been diluted from 33.8% to 17.8%.
Property investor Ace Liberty and Stone (ALSP) moved from a loss of £243,000 to a pre-tax profit of £290,000 in the six months to October 2025. Admin costs were reduced and there was no fair value loss, compared with £1.6m in the corresponding period. NAV is £30.5m. Dr Antonios Ghorayeb bought 14,795 shares at 25p each and the chairman owns a 0.96% stake.
Vault Ventures (VULT) has publicly launched analytics platform vSignal.ai.
Equipmake (EQIP) has won a £2.4m order from Agrale for 23 electric drivetrain systems for 23 buses. This follows an order for 50 buses.
BWA Holdings (BWAP) corporate adviser Allenby has initiated research on the minerals exploration company. It believes the Aracari gold project in Cameroon could be transformational. The sum of the parts valuation is £11.2m, which is treble the current market capitalisation. Richard Battersby has transferred his shareholding to his daughter.
Interim figures from Vaultz Capital (V3TC) show initial revenues of £72,000 and a loss of £1.62m. The current value of Bitcoin is £8.68m, down from £11.2m at the end of October 2025, when net assets were £11.6m.
Sulnox Group (SNOX) has secured a South Korean patent for emissions reducing additives.
B HODL (HODL) has bought one more Bitcoin for £64,363, after drawing down£65,030 from its loan facility, taking the total to 160.295 Bitcoin costing a total of £13.3m.
WeCap (WCAP) reported a halved loss of £387,000 in the six months to October 2025. The WeShop share price has fallen back to $58.70, but the stake is still worth more than the WeCap market capitalisation.
Mendell Helium (MDH) raised £700,000 at 3p/share. There is also a proposal from US-based investors to co-fund a second well on M3 Helium’s Rost lease in Fort Dodge. Mendell Helium has an option to acquire M3.
Ajax Resources (AJAX) raised £1m at 8p/share with warrants exercisable at 16p each also issued. This will fund previously announced acquisitions.
Clinical support software DXS International (DXSP) revenues fell 3% to £1.68m in the first half, while the loss jumped from £254,000 to £1m. Management is hopeful that the NHS will begin to accelerate decision making later this year.
Cooks Coffee Company (COOK) says its Esquires Coffee subsidiary has entered a 10-year master franchise agreement for the UAE. The plan is to open at least 50 sites.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has raised £500,000 at 54p/share. Shareholders have agreed the move to the Main Market on 3 February.
Marula Mining (MARU) has terminated the planned sale of its main subsidiary to Europa Metals. Marula Mining will instead develop the assets itself.
In the year to July 2025, hydrogen producing wind turbine technology developer Energy B (NRGB) reported a reduction in loss from £1.05m to £645,000. There are no revenues. This is before the plans for a Bitcoin strategy and the raising of £400,000 at 1p/share and the settlement of creditors at the same share price.
Mental health treatments developer Shortwave Life Sciences (PSY) did not generate any revenues in the six months to October 2025. The loss was £211,000. Net assets were £2.58m.
Phoenix Digital (PNIX) has redomiciled to Gibraltar.
JP JENKINS
India-focused oil and gas company Indus Gas (INDI) left AIM and joined the JP Jenkins platform on 26 January.
ASSET MATCH
Fastjet (FJET) has published its 2024 accounts. The Africa-focused airline reported a 3% dip in revenues to $64.9m, while there was a swing from a loss of $9m to a pre0tax profit of $3.37m. That is due to a sharp fall in cost of sales.
Greenshields Agri Holdings (GAH) says there was a small improvement in 2024-25 post-tax profit at £2.71m. NAV is 160p/share.
Macdonald and Company (MAC1) is paying an interim dividend of 2p/share on 4 February.
AIM
Thor Explorations (THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m.
Aerospace component kits supplier Velocity Composites (VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract.
The Revel Collective (TRC) has appointed FTI Consulting as administrator and sold most of the bars and pubs. There are 20 sites that were not sold and those will close.
Electro-mechanical and electronics products supplier LPA Group (LPA) reported full year figures in line with the previous downgrade. The loss increased from £300,000 to £1.3m on lower revenues. The order book is worth £32.5m. This includes rail projects that have been subject to delays. There is a 41% like-for-like improvement in the first quarter of this year.
Public Policy Holding Company (PPHC) announced the price of the Nasdaq fundraising at $12.25/share. This will raise $50.8m.
Sancus Lending (LEND) shares jumped 362.5% to 1.8p on an unexpectedly strong trading performance in 2025. The finance provider increased revenues by one-third to £22.1m and a 2025 pre-tax profit of more than £1m is estimated, although that includes gains of £2.6m from repurchasing ZDPs. New lending facilities nearly doubled to £212m and total loans were one-third higher at £317m.
Late on Tuesday, Mind Gym (MIND) admitted that it is in discussions with third parties as part of a strategic review that could lead to a bid for the education and training company.
Great Western Mining (GWMO) has revealed the results of the geographical survey and the assay results of a drilling programme at Rhyolite Dome, which is part of the Olympic gold project in Nevada. The survey identified a deeper untested chargeable feature at more than 300 metres in depth. The drilling found low grade gold and more significant silver mineralisation. The geological model will be refined.
Empyrean Energy (EME) has come to an agreement with Conrad Asia Energy to resolve its dispute over the Duyung PSC and Mako gas field in Indonesia. First gas could be in the fourth quarter of 2027. A special purpose vehicle will be established to own these investments, and Empyrean Energy will own 8.5%. After this Empyrean will pay $353,000 to Conrad and a further $353,000 will be paid out of dividends from the special purpose vehicle. Empyrean’s secured convertible note will be restructured, and the lender will be paid out of dividends from the project. The share price jumped 138% to 0.0894p.
Ovoca Bio (OVB) has completed the acquisition of Tadeen International and it will change its name to Talisman Metals. There was £1.155m raised at 7.7p/share. This means the company has £2.255m in cash. The main asset is copper deposits in the Atlas Mountains in Morocco.
Video games art outsourcing provider Winking Studios (WKS) expects 2025 revenues to be at least 40% higher than the $31.9m reported in 2024. That is slightly higher than expectations. Organic growth was in mid-to-high single digits. EBITDA is anticipated to be between 7% and 13% ahead of the $4.8m reported in 2024. There are already approximately $34.6m of bookings to be recognised this year. The full year results are due to be announced on 27 February.
Physiomics (PYC) has been awarded a new contract by long-standing client Numab Therapeutics. The project is for modelling the company’s pipeline to accelerate development of therapies.
Contract proteomics services provider Proteome Sciences (PRM) has raised £840,000 via a placing at 1.75p/share and a retail offer raised £132,000, which was more than double the target. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego.
Sensing and measurement technology developer Transense Technologies (TRT) has not been securing new contracts as fast as it hoped. Also, iTrack royalty income is likely to be10% lower than expected at £2m with the total revenues for the group are forecast at £5.2m, down from £5.55m last year. The SAWsense and Translogik businesses should grow revenues by 30%. The company was profitable in the first half and had cash at £1.33m. The interim results will be released on 17 February.
Eqtec (EQT) is raising £1.3m at 0.035p/share and this represents 36% of the enlarged share capital. A restructuring of £5.79m of debt will lead to £1.93m being converted into shares. The rest will be changed into £1.93m secured, zero-coupon debt and £1.93m. There is £166,000 of debt owed on the convertible facility with GIS. As part of its new strategy Eqtec is acquiring 99% of the Green Rock copper gold exploration project. It is paying $150,000 in cash and shares. The remaining 1% stake has a carry up to $350,000 and after that it will be lent cash by Eqtec to pay for its contribution with repayment out of future revenues. There is also an option over a 99% interest in the Peak Hills gold copper exploration project in Western Australia. The waste to energy activities will continue to be a core part of the group.
Botswana Diamonds (BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners.
Laundry technology developer Xeros Technology (XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027.
MAIN MARKET
Another upgrade for LED lighting and wiring accessories supplier Luceco (LUCE), which has been improving throughout 2025 after a weak start. Like-for-like growth is 6%. Pre-tax profit is expected to be £27.1m, up from £24.9m in 2024. There is demand for retrofitted energy efficiency products and there is UK government backing for energy efficiency measures. There was an 85% increase in EV charging sales.
In the AGM statement, Swindon-based newspaper and magazines distributor Smiths News (SNWS) says trading has been positive. The company should remain cash positive despite the payment of a special dividend of 3p/share. There is more to come from the diversification into other distribution activities.
Shell company Associated British Engineering (ASBE) had net assets of 15p/share at the end of September 2025. There are capital losses of £8m and £2m of trading losses.
Nanoco (NANO) has decided not to actively seek a buyer any more. There were discussions but no firm offers. Costs are being reduced and chief executive Dmitry Shashkov is leaving.
Andrew Hore
Quoted Micro 8 December 2025
AQUIS STOCK EXCHANGE
Amazing AI (AAI), whose shares are suspended because its corporate adviser has resigned, is asking for shareholder approval to leave Aquis. Considering the negative publicity this is not a surprise.
Delta Gold Technologies (DQG) joined Aquis on 1 December 2025 when it raised £2.5m at 10p/share. The company is developing quantum computing technology that can be licenced. This involves nano-space gold and other materials. The share price improved 28.75% to 12.875p. Bitcoin mining company Sterling Digital (ASIC) was the other company that joined Aquis on 1 December, and it raised £5m at 5p/share. The cash will fund a 3MW Bitcoin mining facility in Texas powered by flared gas. The share price reached 5.25p on the first day but ended the week unchanged at 5p.
Valereum (VLRM) is progressing with the agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. The new company has been established, and 12.6 million shares have been issued to Quorium Global Photonics SPC at par value. These shares have to be retained until the $200m of capital is released. The deal is subject to compliance and regulatory approvals. Valereum is applying to join the OTCQB Market, having sold its stake in London BTC Company (BTC), which had previously prevented qualification.
Time to Act (TTA) is interested in acquiring the assets of Versarien, which has gone into administration. Subsidiary GreenSpur Wind has won a design contract with Severn Estuary Tidal Bar, which is developing Very Low Head tidal turbine systems. There will be an assessment of GreenSpur’s axial-flux generator technology in relation to the turbine systems. This should be completed in January.
WeCap (WCAP) has provided an update on its shareholding in WeShop. The WeShop share price rose early in the week and then fell back to $126.61 and daily volumes are well below those in the first week of trading. WeCap is not allowed to sell shares before 15 November 2026. It will have to repay the £6.965m discounted capital bond by 24 May 2026. WeCap is talking to the bond holder.
Hot Rocks Investments (HRIP) has bought a further 500,000 WeShop shares, taking its stake to 537,500. It is paying 99 million shares and 173.1 million performance warrants exercisable at 1.2p each to Sidney PTC, but the shares cannot be transferred until the lock-in period ends on 15 November 2026. The initial 101.5 million of warrants can be exercised when the WeShop share price exceeds $213.34 and the rest when the price is higher than $426.67.
Alex Appleton, Sarah Gow and Pierre Villeneuve have resigned as directors of wind-based hydrogen production technology developer Energy B (NRGB), formerly known as Hydrogen Future Industries. This is leading to a review of the Bitcoin given the reduction in investor interest for this. Additional cash will be required for the business.
Ananda Developments (ANA) has received ethics and MHRA approval for the phase 2 clinical trial for the efficacy of MRX1 in treating Chemotherapy-Induced Peripheral Neuropathy. The company has redeemed its 600,000 convertible loan notes in return for 150 million shares at 0.4p each. Charles Morgan’s stake is 56.3%. Shareholder approval for leaving Aquis is expected at the general meeting on 12 December.
Phoenix Digital Assets (PNIX) plans to redomicile from the UK to Gibraltar, which already has rules relating to distributed ledger technologies. There are also experienced advisers in Gibraltar.
Global Connectivity (GCON) investee company PLUG Group has raised £1.05m at £21/share. Global Connectivity director Michael Langoulant bought 5,000 shares. Global Connectivity acquired its 87,625 shares at 200p each.
B HODL (HODL) entered into two unsecured, zero-coupon Bitcoin denominated convertible loan with Adam Black and with CoinCorner Ltd. The combined amount covered is 2.1 Bitcoin and they last for three years. The conversion share price is 11.55p.
TechFinancials (TECH) has still not received the £250,000 of placing proceeds it has been waiting for because of transfer problems.
Global Chain, a company associated with NYCE International (NYCE) director Harmen Brenninkmeijer, bought 44,291 shares at 11.06p each, taking its stake to 20.97%.
IntelliAM AI (INT) says the retail offer was oversubscribed. It has raised £260,000.
Shortwave Life Sciences (PSY) consolidated 10 shares into one new share on 2 December.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks. Shareholders have approved share buybacks.
Mendell Helium (MDH) has extended the broker option over up to 10 million shares until 8 December. An additional subscription of £600 has been received.
JP JENKINS
The JP Jenkins 15 index rose 4.5% to 1147.2p in November, which is the largest monthly increase since March. There was a significant rise in THG Ingenuity. Quarterly reweighting will be in January 2026.
ASSET MATCH
Byotrol (BYOT) increased interim sales from £1.93m to £2.18m and reduced the loss from £672,000 to £319,000. There was a small cash inflow from operating activities and cash was £299,000 at the end of September 2025. The infection control products company has convertible loan stock of £962,000. Cash may be required by the middle of next year. Full year sales could be as high as £4.5m.
Brewer Wadworth (WAD) says like-for-like sales are 3% ahead with own beer sales 12% higher in the year to date. Wadworth has had to absorb £750,000 of additional costs in recent months because of the 2024 Budget. Christmas trading will be important for the full year outcome.
Gulfsands Petroleum (GPX) is seeking shareholder approval to restructure is capital to consolidate shares and get rid of shareholders with fewer than 200,000 shares. A share facility will be set up for those with fewer than 200,000 shares and for the fractional entitlement of those with higher numbers of shares. If the payment would be les than £25 the shareholder will not receive any cash. Investors can bid to increase their shareholding to one divisible by 200,000. There will be a subsequent subdivision and there will be 45.14 million shares in issue. The company wants to be in a position to resume operations in Syria.
Zytronic (ZYT) says the buyer of its property is seeking to secure better financing terms. This will delay the sale. The distribution is still expected to be in the range of 48p-58p/share.
AIM
Zimbabwe is changing its royalty and tax regimes. There is an increase in the royalty rate from 5% to 10% when the gold price exceeds $2,500/ounce – applied to the full gold price – and the 100% upfront deduction for capital spending will be spread across the life of the project. This could affect the Bilboes gold project being developed by Caledonia Mining Corporation (CMCL), where production costs would be much higher, as well as its existing production. Cavendish has reduced its 2026 earnings forecast from 2.97 cents/share to 2.62 cents/share.
Health assessment technology developer GENinCode (GENI) has secured a collaboration agreement with Thermo Fisher Scientific to distribute and manufacture the CARDIO inCode-Score® Polygenic Risk Score for the prediction and prevention of heart disease. This follows the New York approval of the test. The deal covers the US as well as Europe, the Middle East and Africa. The FDA approval process is progressing.
Wynnstay Group (WYN) is benefitting from the revised strategy of the new chief executive and trading is slightly better than expected. Feed and grain profit improved even though feed volumes were lower and grain trading was hit by a weaker wheat harvest. The arable division generated better profit on higher fertiliser sales. Like-for-like retail stores sales were flat, although margins improved. Non-recurring charges relating to the restructuring will be between £5.4m and £5.9m. Cash costs will be up to £2.5m. Net cash was £26.4m at the end of October 2025. Shore Capital raised its 2024-25 pre-tax profit forecast by 6% to £9m, compared with £7.6m in the previous year. Three directors each bought 2,891 shares at 345p each following the trading statement.
One Health Group (OHGR) did even better than expected in the first half. Interim revenues were 10% ahead at £15.5m, while underlying pre-tax profit rose from £895,000 to £1.28m. Earnings were flat at 6.89p/share because of the shares issued earlier this year when One Health switched from Aquis to AIM. Net cash was £9.7m at the end of September 2025. The interim dividend was edged up from 2.07p/share to 2.1p/share. Management is confident that the surgical hub can be up and running one year after full permissions are received.
Fulcrum Metals (FMET) has achieved more than 70% gold and silver recoveries at Teck Hughes in Canada. This is part of the phase 3 metallurgical work. Previous gold recovery levels were 59.4%. Full results from the tests are expected in the first quarter of 2026, and this will support a mineral resource estimate. This will be followed by a phase 4 preliminary feasibility study.
Iodine producer Iofina(IOF) has signed an agreement with Western Midstream Partners to develop its next IOsorb plant in the Permian Basin between western Texas and southeastern New Mexico. Up until now Iofina has been producing iodine in the Anadarko Basin in western Oklahoma. The new plant will be twice as large as existing plants with a capacity to process 50,000 barrels of brine water per day supplied by Western Midstream. It will cost up to $9m to construct with annual production of up to 220 metric tonnes of iodine. The new plant could be producing before the end of 2026.
Advanced coatings provider Hardide (HDD) has received a significant order from a North American energy sector customer with a value of £1.75m. This is higher than expected and there could be more to come. The forecast revenues for 2025-26 have been raised by £1m to £8m and pre-tax profit increased from £600,000 to £1.1m – indicating the operational gearing.
North Sea oil and gas company Deltic Energy (DELT) recommended a 7.46p/share bid from Rockrose Energy, which is owned by Viaro Energy, at the end of June but completion is still dependent on the North Sea regulator NSTA. NSTA wants further information in order to reach a decision to grant the change of control of licences. The long stop of the bid has been extended to the end of March 2026.
Synergia Energy (SYN) is selling its 50% stake in the Cambay PSC for $14m and $500,000 has already been received. The initial payment is $6.5m with a further $7m 12 months after completion. This deal requires India government approval. Synergia Energy is asking for shareholder approval to leave AIM, and it will return cash to shareholders via a share buyback. A matched bargain facility may be put in place.
Anglesey Mining (AYM) shares trebled to 0.825p after it entered into a binding letter of intent with largest shareholder Energold Minerals Inc that will enable a restructuring of the business and improve the balance sheet. Two of Anglesey Mining’s investments will be swapped for the elimination of £4m of debt. Energold Minerals is paying £350,000 for non-voting exchangeable warrants to provide immediate cash. The focus will be the Parys Mountain project. Energold Mining president Brendan Cahill and Jim Williams are joining the board.
Barely more than two weeks after reporting its interims, musical instruments retailer Gear4Music (G4M) says trading has been very strong over the past weekend. This means expectations have been raised and the full year EBITDA forecast increased from £15.2m to £16.7m.
Quantum Blockchain Technologies (QBT) has entered into three non-disclosure agreements with ASIC manufacturers in relation to its Bitcoin mining technology. They have developed equipment that will be made available to QBT so that it can install and test its software. Another non-disclosure agreement has been signed with a Bitcoin mining pool. This could bypass the need to modify the operating system of mining machines using the pool.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) has gained a contract worth $3.6m from a US government agency. This is for a two-year period and is to develop a way of accelerating computer system recovery after cyber-attacks.
New Frontier Minerals (NFM) has commenced drilling at the Harts Range heavy rare earths and niobium project. There will be up to 46 holes. This follows the recent fundraising.
Andrew Hore
Quoted Micro 10 November 2025
AQUIS STOCK EXCHANGE
Asset and fund managers advisory services provider Falconedge (EDGE) joined Aquis on 5 November. The company was formed in 2024, and it has five clients. There was £1.44m raised at 1.034p/share. It previously raised £1m. Falconedge was valued at £10.5m on admission. Falconedge has already bought 15.16258228 Bitcoin at $103,553.97 each. The total investment is £1.2m.
Business assurance provider Adsure Services (ADS) has grown it interim order book by a double digit percentage. Market share has been gained in the housing sector. Three new university contracts were won, and these will contribute to the second half. The audit working paper software was launched at the beginning of November.
VVV Sports (VVV) has signed non-binding heads of terms for the acquisition of R3 Sport, which owns and manages events, manages athletes, owns media rights and invests in teams and venues. The consideration is 300 million shares valued at £3m. VVV Sports is also investing in Wild Pickleball Agency, which is focused on Europe, Middle East and Africa. There are plans for a new profession circuity for singles and doubles, plus a pickleball league in the region.
AIM-quoted Pulsar Helium Inc (PLSR) has signed a definitive agreement for the acquisition of the Oscillate (SRVL) subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. Oscillate will change its name to Serval Resources and it will focus on copper and associated metals. Exploration has commenced on its proposed assets in the Kalahari Copper Belt.
AI manufacturing software provider IntelliAM AI (INT) says interim revenues were 58% higher at £2.4m. Annual recurring revenues were £1.18m at the end of September 2025 and it could reach £2m by the end of March 2026. The value of the contract with Hovis has increased. Gross cash is £778,000. Interim figures will be published on 24 November.
AIM-quoted Europa Metals (EUZ) has agreed the acquisition of Marula Africa Mining from Marula Mining (MARU). This subsidiary owns Marula Mining interests in battery and critical metals in East and Southern Africa. The intended offer is nine Europa Metals shares for each Marula share. This deal is subject to due diligence and Europa Metals raising cash. Marula Mining will distribute the Europa Metals shares to its shareholders and focus on precious metals. Marula Mining has appointed Fortified Securities, which is associated with RiverFort Global Capital, as broker. The broker is providing a £25m equity facility, while RiverFort is providing a $2m bridging facility that will eventually be taken on by Europa Metals.
Consumer loans provider Amazing AI (AAI) has made a small, initial purchase of digital assets. A few thousand dollars worth of Bitcoin was bought. Investments in Ethereum, XRP and Solana are planned.
B HODL (HODL) says that its Bitcoin strategy has achieved an annualised yield of 6.04% in the first full month. It generated a further 0.039 of a Bitcoin. The company holds 153.039 Bitcoin, and the average price is £84,610 for each Bitcoin.
The Smarter Web Company (SWC) raised £276,000 at 68p/share. A further four Bitcoin have been acquired and the total investment in 2,664 Bitcoin is £220.7m.
Sulnox Group (SNOX) says Spring Marine Group is broadening the use of emissions reducing Sulnox Eco to its entire fleet of 28 vessels.
Vault Ventures (VULT) says development subsidiary System7 has secured contracts with rewards-based app Fancy.com and Ellers Farm Distillery, helping with AI-based marketing of the recently acquired 6 O’Clock gin brand and other group brands. This takes the total number of contracts to seven with first year revenues of £200,000.
Igraine has changed its name to Ethtry (ETHY). It has received a further £1.3m of the outstanding balance of £3.24m of subscription money.
Majestic Corporation (MCJ) has entered a five-year lease agreement for an e-waste recycling facility in Wrexham at an annual rental of £130,000.
Shortwave Life Sciences (PSY) is planning a consolidation of ten shares into one new share.
Adnams (ADB) non-executive director Sacha Berendji bought 1,075 B shares at 1900p each. Philip Blows has reduced his stake in Supernova Digital Assets (SOL) from 7.98% to 2.82%.
TruSpine Technologies has changed its name to TSP Advanced Technologies (TSP). TechFinancials (TECH) will change its name to Ubuntu Mining and Metals and is raising the value of the share placing at 0.25p each by up to £100,000 to £350,000.
Probiotix Health (PBX) is moving from the Access to the Apex segment.
JP JENKINS
The JP Jenkins index of the 15 largest companies on the platform fell 0.1% to 1097.8 at the end of October 2025. Datalex, which moved from the Euronext Growth Exchange, joined the index during the period.
Cyber security services provider Smarttech247 Group (S247) left AIM and joined JP Jenkins on 4 November.
ASSET MATCH
Asset Match has added a dedicated PISCES page to its platform. It believes this will provide additional opportunities.
AIM
Winvia Entertainment (WVIA), which owns former AIM-quoted prize competitions organiser Best of the Best, raised £40m at 195p/share prior to joining AIM on 3 November. In December 2024, Winvia Entertainment also acquired one of the top three online casino operators in Romania, Click Competitions was acquired in March. The share price has risen to 215p.
Audio and content creation equipment supplier Focusrite (TUNE) reported 12-month results in line with expectations with revenues rising 6% to £168.9m, while operating profit dipped from £16.6m to £15.3m. The latest interim dividend for the 18-month period is 2.1p/share. There was growth in second half revenues despite the uncertainty brought about by tariffs. Net debt was £11m at the end of August 2025.
Laundry technology developer Xeros Technology (XSG) has raised £3m at 1.75p/share and a retail offer closing on 11 November could raise up to £1m more. There is also a follow-on subscription of £2m planned for later in November. This will strengthen the balance sheet so that existing contracts can be fulfilled and new opportunities progressed. Cavendish has published a 2026 forecast, which expects revenues to rise from £600,000 in 2025 to £1.4m. There will be initial filtration sales through Russell Hobbs and royalty payment from Yilmak. A 2026 loss of £2.1m is forecast. Even without the additional £2m there will still be net cash at the end of 2026. Revenues are expected to accelerate in 2027 and 2028.
Savannah Resources (SAV) has raised £9.2m at 3.7p/share and a retail offer closing on 11 November could raise more cash. Three of Savannah’s largest shareholders, AMG Lithium BV, Grupo Lusiaves SGPS and Pluris Investments S.A. all subscribed for shares. Savannah Resources is developing the Barroso lithium project in northern Portugal. The cash will fund the acquisition of the Aldeia mining lease, which covers the 100%-owned C-100 mining lease at the Barroso project and to advance that project beyond the Definitive Feasibility Study, which is due to be completed during the first half of 2026.
Tan Delta Systems (TAND) is starting a paid phase 2 trial by one of the world’s largest online retailers to evaluate the company’s real-time oil condition analysis and monitoring systems. This is to monitor gearboxes on conveyor systems at distribution centres. Phase 1 proved the capability on five gearboxes at one distribution hub. The customer has tens of thousands of critical gearboxes across its sites. Tan Delta Systems had £2m in cash at the end of June 2025 after a £1m cash outflow in the previous six months.
Mobile water and environmental testing technology provider Metir (MET) continues in its collaboration with Swansea University to develop methods for detecting PFAS chemical contamination in water and soil. The research has “demonstrated the feasibility of integrating portable liquid chromatography-mass spectrometry (LCMS) with innovative low-waste extraction materials”. This enables a ‘Lab in a Van’ system that can be deployed in the field. This will reduce turnaround time. Metir’s US instrumentation partner is optimising and scaling up the detector for commercial purposes. Metir is talking to local authorities and industry bodies.
RentGuarantor Holdings (RGG) is raising £2.5m at 12.5p/share. The cash will be used to grow awareness of the company and its rent guarantee service. The company will also further develop its network of partners, and the cash will fund further growth. RentGuarantor founder and chief executive is selling 2.18 million shares at the placing price.
Asiamet Resources (ARS) is selling its interest in the KSK copper project to Norin Mining for gross cash of $105m on a debt free basis. This is dependent on shareholder approval. Most of the proceeds ae likely to be distributed to shareholders.
Power generator OPG Power Ventures (OPG) is launching a tender offer of up to 182 million shares at 6.27p/share. This is part of the plan to leave AIM. The proposal will be put to shareholders at a general meeting on 3 December.
Aerospace composite components manufacturer Velocity Composites (VEL) has been hit by lower than expected Airbus A350 production. This is due to supply chain issues at Airbus. There have also been delays in programme transfers in the US. Dowgate has cut its full year revenues forecast from £23m to £20.7m. This means that the loss would be £900,000.
Aptamer Group (APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m.
Trading in Secure Property Development and Investment (SPDI) shares is suspended ahead of a potential reverse takeover of energy storage technology business AdvEn Inc. There would be an all share bid with a placing to raise cash. The company has made two loans to the potential takeover target ahead of the deal. AdvEn produces advanced carbon materials for use in supercapacitors and batteries.
MAIN MARKET
Shipbroker Braemar (BMS) says there is recovery in its markets, but interim revenues fell 16% to £63.9m and there was a sharper fall in profit. The interim dividend is 2.5p/share. Net debt is £7.4m. The order book is worth $73.8m.
New Frontier Minerals (NFM) announced a drill programme of up to 46 holes at the Harts Range Heavy Rare Earths project in Australia. Approval for the drilling campaign is imminent. This could unlock significant value.
Cancer tests developer Cizzle Biotechnology (CIZ) has entered a letter of intent with a medical diagnostic services provider that is in partnership with the NHS. This will help to verify and validate the CIZ1B biomarker test. The company has raised up to £250,000 from a convertibles issue to Frazer Lang. This is an extension of a £150,000 loan.
First Tin (1SN) says drilling at the Taronga tin project in Australia confirms extended mineralisation.
Nanoco (NANO) has extended its joint development agreement with the Asian chemical customer. The three-year extension is to further develop the material and scale up the manufacturing process of the Quantum Dot nanomaterial for silicon sensors to enable Short Wave Infrared capabilities. There is an inflationary increase in fees.
Andrew Hore
Brand Communications Monthly Highlights Newsletter September 2025
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #CGNR, #ECR, #PSY & #TRU
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering #ECR, #PSY & #TRU
- Conroy Gold #CGNR
- ECR Minerals #ECR
- Shortwave #PSY
- Trufin #TRU
Quoted Micro 15 September 2025
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased interim turnover 4% to £9.67m and the loss reduced to £150,000. Hospitality, hotel and nursery revenues all increased. Higher attendances improved core revenues as well. Changes in betting tax rates could hold back racing revenues.
ProBiotix Health (PBX) increased interim revenues by one-third to £1.34m. This helped to reduce the loss. There is £1.3m in cash at the end of June 2025. The health supplements supplier says the market preventive cardiometabolic supplement products is expected to grow annually be more than 8%.
Richmond Hill Resources (SHNJ) plans to move to AIM in the next few weeks.
Shares in data centres operator HRC World (HRC) will stop trading on Nasdaq First North Copenhagen on 31 October and Aquis will be the only market they are traded on.
Shortwave Life Sciences (PSY), which is developing treatments for anorexia nervosa, is planning a clinical human feasibility study on impact of Psilocybin on the disease. This should lead to a phase 1 clinical study. A digital asset treasury strategy will help to fund the core business. The executive team is being changed.
Mendell Helium (MDH) says potential acquisition M3 Helium confirmed that the dewatering of the Rost project in Kansas is about to start. However, drilling in Nebraska has been delayed by wet weather and equipment problems.
The Smarter Web Company (SWC) has purchased another 30 Bitcoin taking the total holding to 2,470 Bitcoin at a total cost of £203.6m. A further £2.6m has been raised at 128p/share.
Ormonde Mining (ORM) investee company TRU Precious Metals has intersected a previously unknown broad mineralised sandstone unit in two drill holes at the Golden Rose project in Canada. This is over a strike length of 500 metres with assay results of up to 1.3g/t gold.
Marula Mining (MARU) has amended the agreement to buy Takela Mining Tanzania, which operates the Kinusi copper mine. Marula currently owns 75% and acquiring the rest is dependent on separate mining licences being combined into one mining licence. The Tanzania government will have a 16% free carried interest. The total payment will be £2.5m with £500,000 payable on signing and £750,000 on conversion of the mining licence. The rest is dependent on more than 100,000 tonnes of copper being sold. Marula Mining is in discussions with potential investors in projects and has secured a loan for the business in Kenya. There is also a new £1m shareholder loan from the chief executive.
EPE Special Opportunities (EO.P) had an NAV of 301p/share at the end of July 2025. There was an interim cash outflow of £1.82m. Cash was £6.58m at the end of July 2025.
SulNOx Group (SNOX) has signed an agreement with marine equipment distributor C-Quip Ltd to supply fuel emissions reduction product Sulnox Eco in the UK leisure marine market.
Astrid Intelligence (ASTR) has issued 575.2 million shares to Oak Securities at 0.1p each. Astrid Intelligence director Olivia Edwards bought 17.5 million shares at 0.147p each. There are plans to apply for an OTC quotation in the US.
Oscillate (MUSH) has appointed SP Angel as joint broker alongside corporate adviser Peterhouse.
Fintech company Amazing AI (AAI) raised £1.04m at 1p/share. This will fund the Bitcoin treasury policy.
Hub Affiliations Holdings has raised its stake in NYCE International (NYCE) from 10% to 19.9%.
ASSET MATCH
Marshall of Cambridge (MCH) had a tough year, and land systems and fleet solutions made losses. Ther are also large write offs. The total loss for 2024 was £123m. Fleet solutions has been sold, and land systems is being marketed for sale. Overheads have been reduced. Approval for the sale of the ex-RAF C-130 fleet should be received during September. A further loss is expected this year.
JP JENKINS
Mobile Tornado (MBT) cancelled its quotation on AIM on 9 September and joined JP Jenkins on 9 September.
Airline ecommerce services provider Datalex (DLE) cancelled its quotation on Euronext Growth Dublin and moved to JP Jenkins on 12 September.
AIM
Concrete levelling equipment supplier Somero Enterprises (SOM) is still suffering from uncertain conditions in the US, but sales are also declining in other markets. There is lower activity in larger scale projects. Interim revenues fell 23% to $39.8m, while pre-tax profit slumped 52% to $5.4m. Annual cost savings of $6m have been made. Full year pre-tax profit is forecast to fall from $25.4m to $15.3m.
Medical device developer Belluscura (BELL) has appointed Guy Peters as a director. He advised Omaha Value which previously proposed funding for the company. The period of exclusivity for a potential buyer of US business Belluscura LLC has expired. Omaha Value and a partner have reapproached Belluscura for another funding proposal. Trading in the shares remains suspended.
Scotch whisky supplier Artisanal Spirits Company (ART) was hit by tariff uncertainty in the first half. The way whisky is exported to the US has changed to minimise the impact of any tariffs. Revenues dipped 4% to £9.68m due to the delayed shipments to the US. There was growth in European subscribers, helped by a deal with AMEX, but a decline in North America and the rest of the world. The loss increased to £3.6m. Net debt was £29.5m at the end of June 2025.
Fulcrum Metals (FMET) says the Teck-Hughes tailings project drilling has started and initial assays ae up to 1.2g/t gold. This is producing data for a mineral resource estimate. Phase 3 testing of the Extrakt technology will provide processing data. This will go towards the preliminary feasibility study.
There has been another upgrade for embedded computer products manufacturer Concurrent Technologies (CNC) following its interims. Revenues were one-quarter higher at £21.1m and pe-tax profit was £2.7m. Cavendish has upgraded its 2025 pre-tax profit forecast from £6m to £6.2m. The fastest growth was in systems. The US facility move has happened and the move to the new UK facility is on course. First half design wins were worth £90m.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has continued its progress with organic growth on top of the benefits of acquisitions. Interim revenues were 50% ahead at £40.3m, while the pro forma increase was 8%. Pre-tax profit was 59% higher at £14.5m, while underlying earnings were 29% ahead at 16.7p/share. The interim dividend is 17% higher at 7p/share. Net debt was £10.9m at the end of June 2025. The fastest growth was in financial services, but even the core property business was 7% ahead on a pro forma basis. The number of lettings properties has declined, as the market becomes tougher for individual landlords.
UK regulatory changes hit UK revenues at Gaming Realms (GMR), but the mobile games developer continues to grow strongly in North America. Interim revenues were 18% ahead at £16m, helped by an increase in brand licensing from £300,000 to £2.4m – that is lumpier in terms of generating revenues. The UK games will be adapted for the new regulations by the end of the year, and revenues should recover.
Floorcoverings distributor Likewise (LIKE) reported interim revenues rising from £70.7m to £77.9m in a weak market. Margins are improving and pre-tax profit jumped from £330,000 to £740,000. Tax losses are still being used up.
Cosmetics supplier Warpaint London (W7L) had a tough first half with the administration of a major customer of the Technics brand and volatile US tariffs making it difficult to price potential orders in the US. An initial contribution from Brand Architekts helped group revenues to grow 8% to £49.3m. Pre-tax profit fell by 41% to £6.4m, although earnings we 13% down to 8.5p/share due to reduced tax charge. There was a gain on the Brand Architekts puchase, but that was more than offset by foreign exchange losses. The interim dividend was raised by 14% to 4p/share.
Interim figures from cross-border payments services provider Finseta (FIN) were disappointing due to customers delaying US dollar transactions due to foreign exchange volatility. Revenues were 16% higher at £5.9m and gross margins declined from 65.7% to 62.7%. Operating costs increased due to expansion plans. The newer offices will not make much of a contribution this year and will hold back profit.
It is still early days in the transformation of Gaming machines hardware and displays supplier Nexteq (NXQ) and interim revenues dropped from $48.2m to $40.7m, while pre-tax profit slumped from $5m to $900,000. Second quarter trading showed some improvement. More mid-level gaming equipment was sold, so that hits margins. Net cash was $28.1m. Share buybacks continue.
Angle (AGL) chief executive Andrew Newland and finance director Ian Griffiths have stepped down from the board following discussions with investors. There are no immediate replacements. This follows the latest interims from the cancer diagnostics company. Interim revenues fell by one-fifth to £800,000. Net loss increased from £7.7m to £9.3m. Net cash was £5.3m at the end of June 2025. Cash lasts until the first quarter of 2026. Cavendish has been appointed as nominated adviser and broker. A new management team may make it easier to raise cash from investors in the coming months. The current strategy could be changed.
Builders merchant Lords Group Trading (LORD) grew interim revenues by 8% to £232.1m with like-for-like growth of 7%. This is before the acquisition of online building products retailer CMO. Net debt was £20.9m at the end of June 2025. Cavendish forecasts a recovery in 2025 pre-tax profit from £3.8m to £6.7m.
Sylvania Platinum (SLP) produced 104,233 ounces of platinum group minerals in 2024-25 and this should increase significantly this year. Revenues increased from $81.7m to $104.2m. EBITDA rose from $13.5m to $29.3m, while cash reached $60.9m. There is an undrawn overdraft facility. The Thaba chrome joint venture will ramp up production this year.
Public affairs services provider Public Policy Holding Company (PPHC) grew organically by 8% in the first half of 2025. Acquisitions helped revenues increase 24% to $87.9m. Net income was one-fifth higher at $15.6m, helped by a lower tax rate. Net debt is $42.2m. Full year forecasts have been tweaked, but operating profit is still expected to rise from $36m to $44.5m. There are plans for a Nasdaq listing and a share consolidation. A general meeting will be held on 29 September.
Distribution Finance Capital (DFCH) is growing faster than expected and it is taking market share with its inventory financing product. Underlying interim pre-tax profit, excluding last year’s one-off gain, improved from £7.5m to £9m. New loan originations were £828m in the first half and the loan book grew to £728m at the end of June 2025. Bad debt provisions were 0.63%. The first half growth was before any contribution from the new asset finance product, where the first loans were in the second half. The new business will be loss making in the second half. Even so, Panmure Liberum has upgraded its 2025 pre-tax profit forecast from £14.5m to £18m, helped by a higher than anticipated net interest margin. Net tangible assets are 70.2p/share.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew interim revenues from £109.6m to £125.7m, helped by acquisitions, but pre-tax profit was flat at £8.9m. Like-for-like sales growth was 2%. The acquisition had lower margins and that is why the overall margins fell.
James Fisher (FSJ) reported flat underlying interim revenues of £191.9m, while underlying pre-tax profit was 5% ahead at £4.5m. Higher taxes meant that earnings were lower. Energy services did well, and defence returned to profit. Marine transport profit declined, but the outlook is positive. Disposals have put James Fisher in a stronger position, and it is likely to benefit from higher defence spending. Full year pre-tax profit is expected to be flat at £11.9m before sharp improvements in 2026 and 2027.
Centaur Media (CAU) has agreed to sell The Lawyer for £43m.
Roquefort Therapeutics (ROQ) plans to buy Coiled Therapeutics Inc, a spin-out from A2A Pharmaceuticals that holds the rights to AO-252, which targets the TACC3 protein for cancer. This treatment is in phase 1 clinical trials in the US. The payment for the company would be £30m in shares and the company’s name would be changed to Coiled Therapeutics. Exclusivity lasts until the end of January. Lyramid Pty Ltd and the MK Cell programme will be spun out of the group.
Andrew Hore
Quoted Micro 16 June 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least £15m at 180p/share to buy more Bitcoin.
Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of £81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.
Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.
Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) £1.75m fundraising at 0.13p/share, including £300,000 invested by directors.
Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.
Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.
Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the £19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.
Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.
Mollyroe (MOY) is still seeking a suitable acquisition. There was £299,000 in the bank at the end of 2024. There was a £47,585 cash outflow during the year.
Shortwave Life Sciences (PSY) raised £40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised £100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised £1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.
Watchstone Group (WTG) plans to distribute £1m to shareholders once the share premium account has been reduced.
EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.
Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.
JP JENKINS
The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.
AIM
Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.
Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.
Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of £21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was £2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be £1.3m. Tariffs could provide additional opportunities for Diales.
Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive £53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in £4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.
Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.
Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).
A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised £45.6m. He retains 20.1%.
Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from £3.3m to £800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.
NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was £6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of £16m. There will be exceptional acquisition and restructuring costs of between £2.5m and £3m.
Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is £1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.
Caledonian Holdings (CHP) is investing £1m in AlbaCo, of which £750,000 is in cash for new shares and £250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.
Energy efficiency services provider Earnz (EARN) raised £1.02m at 7.2p/share, which was more than double the previous day’s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial £1.3m in cash and shares. The directors and related parties subscribed £268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to £1.5m of deferred consideration payable for the acquisition if it achieves performance targets.
Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised £500,000 at 4p/share,
Premier African Minerals (PREM) raised £1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.
Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.
Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month.
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
Great Western Mining Corporation (GWMO) has raised £1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.
Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.
Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a £500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.
Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of £925,0000. This will help the company to sell its AI product in the sports sector.
MAIN MARKET
Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of £5.6m, down from £21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at £15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.
EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at £10.6m.
Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).
Vinanz (BTC) has launched a WRAP retail offer of up to £1mat 13.75p. The offer closes at 4.30pm on 16 June.
Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be £200,000 in shares.
Andrew Hore
Quoted Micro 30 December 2024
AQUIS STOCK EXCHANGE
Valereum (VLRM) is making strategic enhancements to the GATE token strategy. It has brought in a tokenomics expert who will help to refine and enhance options. The changes could include a community voting mechanism for participatory decision making, interactive feedback sessions and transparent decision-making processes. There will be further information in the first quarter of 2025.
WeCap (WCAP) investee company WeShop Holdings has submitted a draft registration statement to the SEC. This is part of the process of obtaining a US listing, which will help the retailer app to be launched in the US and other markets. WeShop has 1,500 retailers signed up and testing in the UK has generated gross sales of £100m. WeCap owns 16% of WeShop.
Vinanz Ltd (BTC) has published the prospectus for its proposed move to the Main Market, which is planned for 13 January. This will be on the Transition Category. The cancellation of the Aquis Stock Exchange will be on 10 January. The bitcoin miner has received commitments totalling £1.5m at 14.5p/share conditional on the market switch.
Broker VSA Capital (VSA) increased interim revenues from £1.05m to £1.68m, which enabled a swing from a loss of £1.82m to a pre-tax profit of £298,000. The £57m fundraising for Invinity Energy Systems (IES) helped. The number of employees has reduced. NAV was 10.4p/share at the end of September 2024, although this does include intangible assets. Cash in the bank improved to £939,000. There are 29 retained clients. The deal pipeline is apparently growing, but timing is uncertain.
Mendell Helium (MDH) is continuing to make progress with an admission document for when it takes up its option to acquire M3 Helium. Production from the Nilson well has reached 127Mcf/day. The cost of bringing Rost into production could be reduced to $300,000. There is funding interest from local oil and gas companies in Kansas and this could be non-dilutive. This could fund further development of wells in Hugoton.
Lift Global Ventures (LFT) investee company Trans-Africa Energy is in talks with a Southern African state investor and the redemption date of the loan to the company has been extended to 31 January 2025.
Mental health treatments developer Shortwave Life Sciences (PSY) announced the pre-launch of a crowdfunding campaign on Crowdcube. The company has a psilocybin-based combination drug and proprietary buccal film delivery platform to improve outcomes for anorexia nervosa patients.
TruSpine Technologies (TSP) hopes for more news on the FDA submission for its medical devices for spinal care. The interim loss increased from £363,000 to £410,000. There was £51,000 in the bank at the end of September 2024. Finance options are being reviewed.
Adsure Services (ADS) director Peter Hammond has bought 65,000 shares at 21p each. He owns 7.17%. Coinsilium (COIN) has raised £65,250 through the exercise of warrants at 3p each. Chief executive Eddy Travia exercised 1.675 million shares taking his stake to 7.44%.
AIM
Maritime tracking technology developer Windward (WNWD) is recommending a 215p/share bid from an acquisition company formed by FTV VIII. The offer values the marine tracking technology company at £216m. The bidder wants to gain greater exposure to the maritime compliance market and believes it can help to accelerate growth. The management team will be retained. Windward joined AIM on 6 December at 155p/share.
Logistics Development Group (LDG) says Nash Squared has sold its NashTech division, which means that the AIM company’s investment of £10m in February 2024 has been redeemed for £13.1m. Logistics Development Group has £44m in cash. A tender offer at 19p/share is contemplated. That will distribute up to £21m. The plan is to distribute 50% of any further realisations and NAV will be published every quarter. The share price moved up 30.2% to 14p, which values the company at £73.4m. NAV was £99m at the end of May 2024.
Retailer Quiz (QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a £1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility. Following the announcement, Amraj Gill’s stake has risen from 8.17% to 10.1% and Tajveer Gill’s stake has increased from 8.1% to 10.3%. Interim results show a tripled pre-tax loss of £4.7m, or £4.1m before exceptionals. Revenues continue to decline. National Insurance and living wage changes will add an annualised £1.7m from April. Net debt has reached £3.5m.
Michael Ashcroft has launched a requisition bid for a general meeting at data and marketing services provider Jaywing (JWNG). Michael Ashcroft wants Jaywing to leave AIM by 1 March 2025. He owns 29.5% of Jaywing and Lombard Odier is the next biggest shareholder with 18.9%. The directors own less than 6%. DSC Investment, which is associated with Michael Ashcroft, and Lombard Odier have jointly lent £11.9m to Jaywing. Net debt was £14.8m at the end of September 2024, which was before the latest £1.1m increase in the facility.
Premier African Minerals (PREM) announced an amended offtake and prepayment agreement with Canmax Technologies for the Zulu lithium and tantalum project after trading ended on Christmas Eve. The settlement options for Canmax Technologies have been adjusted in respect of prepayment amounts that are outstanding on 1 April 2025. If Premier African Minerals does not deliver the required product of provide cash settlement, Canmax Technologies is entitled to a direct stake in Zulu lithium at a valuation of $100m. The alternative is settlement in Premier African Minerals shares.
Maritime surveillance systems developer and installer SRT Marine (SRT) has signed the $9m Middle East coast guard contract and implementation has commenced. The is a ten-year contract for an upgrade to a 2016 installation. There should be $7m of revenues recognised in the year to June 2025 and the following year combined. There could be further upside from the contract. This contract adds to the $213m Kuwait coast guard contract, where implementation has also begun. Two other contracts totalling around $250m are near to signing and could start their implementations before June 2025. Management says that 2025-26 should be “significantly profitable”, but Cavendish has yet to reinstate forecasts.
Sunrise Resources (SRES) says Tolsa USA Inc has decided not to exercise its option to acquire the Pioche Sepiolite project in Nevada. There was no agreement on the terms of a continuing royalty for Sunrise Resources. Tolsa says it was difficult to correlate specific grades from holes drilled.
Orosur Mining Inc (OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling is to resolve the complexities. Pepas has exceeded expectations.
Digital mental health company Kooth (KOO) has won a pilot contract in New Jersey and launched a share buyback programme of up to £1.5m to cover share-based rewards. The New Jersey contract is worth $1.45m in the pilot year. It covers 50,000 students between 13 and 18 years old. There are talks for a second US pilot.
Gemfields (GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed.
Mitsubishi Electric is investing £26.2m in Seeing Machines (SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%.
Property services provider Fletcher King (LON: FLK) improved interim pre-tax profit from £50,000 to £85,000 on revenues up from £1.33m to £1.6m. There is no interim dividend. Net cash was £3.77m at the end of October 2024. The second half tends to be more profitable, but the markets remain uncertain.
MAIN MARKET
Cash shell Pineapple Power Corporation (PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products. It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences. FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. The deal to acquire Ilios Hydrogen is not going ahead.
Harworth Group (HWG) has completed the sale of 278 acres of land at Ansty, Warwickshire for £53.5m. Contracts were exchanged three years ago and planning permission has been granted.
Andrew Hore
Quoted Micro 22 July 2024
AQUIS STOCK EXCHANGE
M3 Helium, where Voyager Life (VOY) has an option to acquire the company, says two samples from the Rost well at Fort Dodge in Kansas showed 5.1% helium. Two other samples were above 4.8% helium. These are highly commercial levels.
Marula Mining (MARU) is acquiring Northern Cape Lithium and Tungsten, which holds prospecting rights over land in the Northern Cape province in South Africa. This is north of the Blesburg lithium and tantalum mine.
Substrate AI (SAI) increased interim revenues by 256% to Euro9.09m and it moved from loss to positive EBITDA.The figures were slightly lower than forecast.
Hydro Hotel, Eastbourne (HYDP) increased interim revenues from £1.8m to £1.96m and reduced its loss from £171,000 to £77,000. There was a decrease in repair costs.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp says its exploration programme at the Golden Rose project in Newfoundland is underway. The programme will investigate copper, nickel and zinc.
ProBiotix Health (PBX) nearly doubled interim revenues to just above £1m and reduced the loss. A US partner has obtained positive clinical results for IBS and antibiotic recovery for a probiotic containing the company’s LP (LDL). The share price rose 7.14% to 3.75p.
Automotive electrification Equipmake (EQIP) revenues are improving, but the loss has increased. In the year to May 2024, revenues were 60% ahead at £8.1m. There was £2.5m in cash at the end of May 2024. There are plans to reduce costs and focus on higher margin technology. The share price increased 5.56% to 4.75p.
Inqo Investments (INQO) has invested in Flybox Budongo, which has developed a modular containerised system to produce Black Soldier Fly eggs and five-day old larvae that can convert organic waste into animal feed.
Valereum (VLRM) says blockchain consulting firm Antier will collaborate in the development of the V-Wallet that will form part of the VLRM Market’s ecosystem. This should be launched later this year and will enable uses to buy, sell and hold multiple cryptocurrencies. The share price fell 13.3% to 3.25p.
Gunsynd (GUN) says investee company Metals One has published a JORC inferred mineral resource of the P5 area of the Finland – Black Schist project of 29Mt. There is 1.8Mt attributable to Gunsynd, which owns 6.25% of a subsidiary of Metals One, and that company has an option to buy back the stake.
Christopher Potts reduced his stake in Shortwave Life Sciences (PSY) from 11.65% to less than 3%.
AIM
A new sensor contract for security technology provider Spectra Systems (SPSY) has led Zeus, the new broker following the takeover of WH Ireland’s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m.
Building products manufacturer Alumasc (ALU) has done better than expected in the year to June 2024. Organic growth was more than 6%, even though the construction market fell 2%. Cavendish has raised its pre-tax profit estimate from £12m to £12.6m, it has also edged up the 2024-25 forecast from £13.1m to £13.5m. All three divisions have done better. Net debt is £6.9m and could halve by next June.
Chain and transmission equipment manufacturer Renold (RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from £18.6m to £22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to £24.9m after acquisition payments and share buy backs. There was £36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is £22.8m.
Intelligent Ultrasound (IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for £40.5m. The consideration is equivalent to 12.4p/share. So far, £12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of £10m last year. Lower simulation sales meant that the latest interim revenues fell from £6.1m to £5.3m. That includes £1.5m from Clinical AI, compared with £2m for the whole of the previous year.
Vela Investments (VELA) has subscribed for £300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds.
Maritime AI technology services provider Windward (WNWD) sparked a second upgrade of forecast revenues for this year following its interim trading statement. Interim revenues were 37% ahead at $17.6m. Net cash has fallen from $17.3m to $13.8m over the six-month period.
Caspian Sunrise (CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs.
Surface Transforms (SCE) has recovered from its recent all time low after it confirmed revenues guidance of £17.5m for 2024, although the figures will be second half weighted. Interim sales were £4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025.
Kyrgyzstan miner Chaarat Gold Holdings (CGH) is the latest company to announce the intention to cancel its AIM quotation. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August.
Destiny Pharma (DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study.
Publishing software and services provider Ingenta (ING) has won three new contracts. Two of these are follow-on contracts with existing customers. These are multi-year contracts worth mor than £500,000. The largest contract is a three-year deal to migrate, host and support an existing customer’s Vista deployment onto Ingenta’s dedicated infrastructure. This worth £1.4m over three years.
MAIN MARKET
ACG Acquisition (ACG) has agreed the reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of Turkey from conglomerate Calik Holding. The mine is producing gold and silver, and production of copper and zinc will start in 2026. The deal is valued at £290m in cash and shares.
Tertre Rouge Assets (TRA) has not been able to raise the funds for its planned acquisitions. The company plans to delist on 15 August.
Andrew Hore