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Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 25 May 2026
AQUIS STOCK EXCHANGE
Time to ACT (TTA) says that Ruth Herbert has been appointed chief executive of EET Hydrogen and power, which is a potential client, and final investment decision for the HPP1 blue hydrogen project is due in the second half of 2026. Time to ACT has completed the acquisition of MTE Heat Treatment for £500,000.
Unigel Group (UNX) has decided it is best to leave Aquis and is asking for shareholder agreement. A general meeting is planned on 5 June.
Ian Bagnall has taken a 5.78% stake in Tomahawk Minerals (TMHK), formerly Shortwave Life Sciences. The company is concentrating on its gold and antimony, and it is planning a move to AIM.
In the first quarter of 2026, SuperSeed Capital (WWW) improved to 141p/share or 136.4p/share after notional management fee.
B HODL (HODL) has launched the Lightning Service Provider platform, which provides programmable liquidity for Bitcoin.
Quantum computing technology developer Delta Gold Technologies (LON: DGQ) pointed out a Wall Street Journal article concerning the award of up to $2bn in grants to the quantum computing sector. The company issued 28,571 shares at a warrant price of 50p each.
In the six months to February 2026, Astrid Intelligence (ASTR) had a cash outflow from operations was £612,000. There was £338,000 left in cash. Income from digital assets was £516,000, up from £20,000 in the first half of the previous year, but there was a sharp increase in operating costs. There was a £3.76m drop in the valuation of the digital assets.
Mendell Helium (MDH) has completed the acquisition of M3 Helium and Paul Mendell, who has a 9.37% stake, has been appointed technical director.
Arbuthnot Banking (ARBB) made a strong start to the year and loan balances edged up to £2.32bn by the end of April 2026. Deposits were 1% ahead to £4.26bn over the same period. Funds under management and administration were 5% higher at £2.8bn. No reductions in interest rates so far this year has been good for Arbuthnot Banking, and the income on its surplus funds.
Nomad Compute (NMD) has raised £3.124m at 0.125p/share. A capital reorganisation is required to reduce the apar value to enable the shares to be issued. The cash is for “developing and operating modular, containerised edge AI compute infrastructure for global enterprise and sovereign markets”.
IntelliAM AI (INT) has appointed Joel Crawfod as chief revenue officer. He will be based in Texas.
Energy B (NRGB) has appointed First Sentinel as corporate adviser.
Oliver O’Donnell, head of equities for VSA Capital (VSA), has been appointed to the group board.
Roundhouse Digital has changed its name to Roundhouse AI (ETHL).
AIM
Asia-focused oil and gas producer Jadestone Energy (JSE) reported a loss of $133.7m on revenues of $408m for 2025, but that figure is complicated by $126m impairment charge and the $18.5m write off for the abandonment of the SKUA-11 well. That masks the strong cash generation of the business last year. Cash generated from operating activities was $91.4m, helped by lower operating costs, and along with the $39.4m proceeds from a disposal this was more than enough to fund capital expenditure and interest charges. Net debt reduced to $89.1m. Jadestone Energy has refinanced debt through a $200m bond issue, which increases the cash available. Production in 2026 could be at the lower end of the 18,000-21,000 boe/day guidance range – last year it was 19,829 boe/day – because of a storm stopping production at the Stag field. That should generate enough cash to cover investment this year. The farm-out process for the Vietnam asset has commenced.
Medical devices developer Creo Medical (CREO) has raised £5.5m at 15p/share and the Bank of Wales is subscribing for £2m of convertible loan notes. Creo Medical plans to sell the remaining 49% interest in Creo Medical SL to 51% shareholder CME at book value. The sale of the 51% stake raised £24.7m after costs CME will continue to distribute Creo Medical products in Europe. Cash was £12.4m at the end of 2025 and there was a subsequent dividend of £1.6m from CME. Creo medical made an underlying operating loss of £13.7m on revenues of £6m in 2025 and the additional cash will help to accelerate growth in sales. First quarter revenues were 60% ahead and full year revenues could grow at a similar rate. Operating costs should be reduced by 15%.
Energy efficiency technology developer Sabien Technology (SNT) is entering into an agreement for a proposed strategic commercial partnership and financing that will help to accelerate commercial deployment of the M2G technology. The partnership with Haydale (HAYD) and SaveMoneyCutCarbon (SMCC) means that SMCC will be the M2G distributor in agreed commercial, industrial and public sector markets. Haydale would also help with improving manufacturing efficiency. Non-core investments are being reviewed, and additional opportunities will be assessed. A strategic investor group could acquire the 26.7% stake held by executive chairman Richard Parris and restructure the debt owed to Parris Group. A convertible loan note could raise up to £2m. Final terms have to be agreed. This announcement follows the settlement of a historical contract for £40,000 in cash and £50,000 in shares at 5.71p each.
Building and plumbing products distributor Lords Group Trading (LORD) has reported better than expected results. Pre-tax profit still fell from £3.8m to £2.8m. There has been a rationalisation of plumbing and heating distribution sites and there was a small dip in sales. Online builders merchant CMO made an initial contribution. Market share is improving. There could be a further fall in profit this year.
FIH Group (FIH) will pay a 40p/share special dividend from the funds from the £11.6m sale of the Portsmouth Harbour Ferry Company. The shares go ex-dividend on 5 June. Chief executive Stuart Munro gets a £478,000 bonus and finance director Reuben Shamu £293,000 for the successful disposal.
Gold producer Metals Exploration (MTL) produced 65,287 ounces of gold in 2025, but the higher gold price meant that revenues rose by 9% to $208.4m. Free cash generated from operations was 19% higher at $115.3m. Construction of the La India project in Nicaragua is one-third complete. The first gold pour could be in December. Gold production guidance for Runruno has been revised downwards to 40,000-48,000 ounces.
Invinity Energy Systems (IES) has won a project through FlexBase to design a GWh-scale vanadium flow battery to be deployed at the Technology Centre Laufenburg, Switzerland. This datacentre and technology campus required up to 1.5GWh and it could be expanded to 2.1 GWh. There should be phased manufacturing of the batteries.
Automotive interior components manufacturer CT Automotive (CTA) reported a 4% dip in revenues to $114.8m, while pre-tax profit improved by one-fifth to £9.5m. Earnings were 11.4 cents/share. A further improvement is expected this year.
TV programmes producer Zinc Media (ZIN) has won a $6m contract to produce an entertainment series in the Middle East. The international distribution rights should add extra income. The series has already been broadcast for 17 seasons, and it follows inventors developing ideas. Zinc Media has been brought in to refresh the format, and the programme will be shot in Arabic and English. Zinc Media is acquiring William Martin Qatar for an initial £400,000. The final purchase price will be up to £1.12m. This is an agency specialising in events and film in the Middle East and it fits well with the existing business in the region. Full year revenues of £3.4m and pre-tax profit of £300,000 are forecast.
Tap Global Group (TAP) recently launched the Tap Earn app and it has reached $3.5m of assets under management. The app offers a yield of up to 7% on supported stablecoin holdings, up to 3.5% on Ethereum and up to 2.5% on Bitcoin. Tap Earn is available across all the company’s markets and will generate revenues for the company by converting passive customer balances into generating income.
Fulcrum Metals (FMET) has secured surface rights to 270 acres of the Teck Hughes tailings project. This provides access and operational flexibility. The price is C$220,000 in cash and a 1.5% net smelter royalty. The net smelter royalty can be reduced to 0.75% for C$750,000 in cash and to 0.5% with a further C$500,000 payment.
Mkango Resources (MKA) subsidiary Mkango Rare Earths has filed a registration statement in the US concerning its merger with Crown PropTech Acquisitions. This helps to progress the proposed Nasdaq listing for Mkango Rare Earths.
Ariana Resources (AAU) is selling a 13.6% stake in the Zenit gold mining joint venture in Turkey to the majority shareholding for $19.5m – $17.2m after tax. Ariana Resources retains a 9.9% stake in Zenit, which could generate dividends, and has $29m in cash. The cash will be invested in the Dokwe project in Zimbabwe and the cash will fund the project up to the definitive feasibility study.
First quarter results from gold miner Thor Explorations (THX) show year-on-year revenues increasing from $64m to $74.3m and lower operating costs per ounce of gold. Net income rose from $34.4m to $46.7m. Net cash was $177.9m at the end of March 2026. A dividend of C$0.0275/share was announced. Full year production guidance is 75,000-85,000 ounces of gold with average costs likely to edge up.
Gene therapy technology developer 4basebio (4BB) increased 2025 revenues from £900,000 to £1.7m and it is forecast to rise to £2.5m. The loss was £17.9m. There should still be £8.5m in the bank at the end of 2025. The company has secured a clinical supply deal with a biotech company for supply of synthetic DNA to a phase II immunotherapy programme.
MAIN MARKET
Vehicle rental and claims management company Zigup (ZIG) traded strongly in the second half with profit at the upper end of expectations. Full year pre-tax profit is set to be around £160m. Cash generation has improved. The results will be released on 8 July.
Ground engineering and piling business Keller (KLR) reported stronger trading in the first four months of the year despite the global background. North America has done well. Higher costs are being passed on in new contracts. The order book is worth £1.7bn. The interim results will be published on 4 August.
New Frontier Minerals (NFM) has visited the NWQ Copper project with partner Austral Resources to inspect the Big One Deposit and Big One North prospect. The historical copper stockpile was assessed. Mt Storm was identified as an under explored near surface target.
Andrew Hore
Quoted Micro 24 November 2025
AQUIS STOCK EXCHANGE
Kasei Digital Assets (KASH) plans a return of cash to shareholders. There should be £3.4m in cash after selling assets and this should be returned to shareholders. A subscription of £200,000 at 1p/share will provide an additional £100,000 for distribution. The new investors include new executive chairman Kwasi Kwarteng, the former Chancellor of the Exchequer, new non-exec Paul Withers, Daniel Howe and Sam Daughtry, plus existing directors Jai Patel, who will become chief executive, and Brendan Kearns. Bryan Coyne, Steven Davis and Jane Thomason will resign from the board. The unsuccessful digital assets strategy will be adapted with a greater focus on Bitcoin, and more cash raised.
WeCap (WCAP) owns 11.8% of WeShop Holdings (NASDAQ: WSHP), which has joined Nasdaq, There are 806,022 shares owned directly and 2.08 million shares via a 23.5% holding in Community Social Investments Limited (CSIL). The share price was well above $200 at one point last week and ended at $113.40, which means that the stake is worth $31m. Peel Hunt has cut its shareholding in WeCap from 18.4% to below 10%.
Hot Rock Investments (HRIP) has a portfolio of shares, including 150,000 shares in WeShop. The stake is valued at $17m.
Music agent All Things Considered (ATC) is moving to AIM and raising £8.6m at 125p/share. The expected admission date is 17 December, which is four years after joining Aquis at 153p/share. Trading is second half weighted and is currently in line.
Ajax Resources (AJAX) says the terms of the conditional acquisition of the Paguanta zinc, silver and lead project have been revised. It will acquire a company with a 74.81% stake in the project for $37,500 in cash and $37,500 in shares. The seller will retain a 1% net smelter royalty capped at $500,000. The Environmental Impact Assessment has been submitted for the Eureka project and the company issued formal notices to relevant communities. The Environmental Impact Declaration should be issued in early December.
Online consumer loans provider Amazing AI (AAI) is exploring the options of quotations on the Mauritius Stock Exchange and/or the US OTCQB Market. This follows the decision not to go ahead with spinning off 80% of its subsidiary based in Mauritius and retaining the minority stake. Existing company shareholders will receive shares on a pro rata basis.
Evrima (EVA) investee company Eastport Ventures Inc has joined the TSX Venture Exchange. Evima owns 3.83% of the Botswana-focused critical minerals explorer and also holds warrants.
Wishbone Gold (WSBN) is holding a general meeting on 28 November to gain shareholder approval for a 100-for-one share consolidation.
Dominic White has stepped down as a director of technology-based financial services company Eight Capital Partners (ECP).
Energy transition engineering Time To ACT (TTA) says the main subsidiary Diffusion Alloys is likely to be profitable in 2025-26 and 2026-27, although this depends on timing. The order book of large project work is worth more than £4m and most of this will be recognised during 2026. There is enough cash for at least 12 months, but it appears it will not last as long as previously expected. Oberon Capital has been appointed joint broker. The general meeting was postponed.
Financial media company Lift Global Ventures (LFT) intends to change its name to Yorkshire AI and focus on AI investments. It will work with Yorkshire AI Labs (YAIL), where its new executive chairman David Richards is a partner. YAIL has bought a 0.45% stake in IntelliAM. In the year to June 2025, revenues declined from £477,000 to £281,000, but lower costs and a fair value gain rather than loss mean that the loss was reduced from £976,000 to £27,000. Cash was £196,000 at the end of June 2025.
TechFinancials (TECH) has not received placing proceeds of £250,000. Gathoni Muchai Investments has money in the bank, and it is still awaiting regulatory clearance. A further £100,000 will no longer be accepted.
Ethtry (ETHY) has appointed Patrick Chopard as chief executive and David Levis will become a non-executive to devote attention to the battery storage investments.
BWA Group (BWAP) used £980,000 of cash in operations and investment last year. There was £20,000 in cash at the end of June 2025.
Asia Wealth Group (AWLP) reported interim revenues falling from $504,000 to $395,000. Pre-tax profit fell from $13,000 to $8,000. There was cash of $977,000 at the end of August 2025.
AI company Astrid Intelligence (ASTR) has appointed Mark Creaser as chief executive.
NYCE International (NYCE) has appointed Alex Crockford as chief commercial officer.
The Smarter Web Company (SWC) has raised another £141,000 at 61p/share.
Valereum (VLRM) has completed a subscription to raise raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. The rest comes from another investor, which will also receive warrants. A further £50,000 has been raised by the exercising of warrants at 4p each.
Mendell Helium (MDH) raised £200,00 at 3p/share. This is a direct investment by an existing shareholder.
B HODL (LON: HODL) has taken its Bitcoin holding to 155.039 and the total cost was £13.1m.
Shepherd Neame (SHEP) non-executive director Marion Sears bought 4,000 shares at 466p each.
JP JENKINS
JP Jenkins has been awarded a PISCES (Private Intermittent Securities and Capital Exchange System) operator licence by the Financial Conduct Authority. This will be called the JP Jenkins Private Market, and the JP Jenkins Matched Bargain Facility will continue.
Bespoke kitchens designer and installer John Lewis of Hungerford (JLH), which left AIM on 29 June 2023, joined JP Jenkins on 18 November.
London and Associated Properties (LAS) left the Main Market on 19 November and joined JP Jenkins. The property investor expects to make annual savings of £350,000. There has been a lack of liquidity in the shares.
AIM
CML Microsystems (CML) interims wee hit by supply problems but they should reflect the base from which the semiconductors designer can grow. Interim revenues wee 27% lower at £9.2m and there was a loss. Net cash was £10.7m at the end of September 2025. The interim dividend is unchanged at 5p/share. CML has received £4m of the £7m proceeds of the sale of land. There are no forecasts, but a better second half is expected, and this could enable a full year profit. A major £30m plus contract over 12 years has been won from a satellite systems company.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) improved interim revenues despite the telecoms market remaining weak. Demand for datacentres and defence is providing growth opportunities. In the six months to September 2025, revenues were 9% higher at £8m. The loss was reduced from £1.3m to £1m. Telecoms is a minority contributor to revenues. Additional sales personnel have been hired to develop the other markets. Full year revenues are forecast to rise from £18.4m to £20.3m and the pre-tax profit will edge up to £700,000. That is before any recovery in the telecoms market, which probably will not happen until next year.
NWF (NWF) says its businesses have had a mixed first half performance. Heating oil volumes have been lower than normal and the winter increase in demand is not likely to make up for this. Commercial fuels demand has also been lower, and this is higher margin. This has led to pricing pressures as the company rolls out a new regional operating model. The food distribution and feeds businesses are doing well, with the former picking up new contracts.
Cloud-based digital media services provider Zoo Digital (ZOO) has significantly reduced its cost base and generated $549,000 in cash from operations in the six months to September 2025. Interim revenues fell 19% to $22.4m, but this was an increase on the second half revenues from last year. Zoo Digital has launched its Fast Track service that can provide a premium service for streaming programming that can turn around dubbing and subtitling in hours rather than days. Zoo Digital is still expected to report an underlying operating loss of $2m in 2025-26, but it will continue to generate cash from operations.
Transport software and services provider Tracsis (TRCS) says full year revenues improved from £81m to £81.9m, although like-for-like growth was 3%. Underlying pre-tax profit edged up to £10.2m. Recurring licence revenues were £23.2m. Net cash was £23.4m at the end of July 2025. The dividend was raised to 2.72p/share. The business has been reorganised and there were £2.4m of exceptional provisions with around £1m of the cash outflow expected next year. A major geointelligence contract has been won with DEFRA. This is worth up to £9m over ten years. Singer forecasts a 2025-26 pre-tax profit of £11.1m.
Eyewear supplier Inspecs (SPEC) says trading improved in October with order books 10% higher than one year ago. US tariff disruption will affect the timing of shipments. Full year revenues of £191m and EBITDA of £17.7m are expected. Safilo Group made an approach to Inspecs to acquire the Eschenbach and BoD businesses. It made two non-binding cash offers, and they we rejected by Inspecs.
Musical instruments retailer Gear4Music (G4M) has bounced back from a troubled couple of years. It is set for its best year since the Covid-boosted 2020-21. In the six months to September 2025, revenues jumped from £61.7m to £80.7m, while a loss of £1.25m was turned into a pre-tax profit of £2.72m. Gear4Music was helped by smaller rivals going out of business. This helped grow revenues and also enabled the retailer to pick up stock at attractive prices that boosted margins. Net debt was £16m at the end of September 2025 as cash generated was invested in stock. There is an upgrade to full year pre-tax profit from £5.5m to £6.7m.
Bigblu Broadband (BBB) is in talks with the buyer of Skymesh about the post-acquisition performance of the business and whether there is going to be any deferred consideration. Bigblu Broadband may have to compensate the buyer for debtors that have not been collected. Bigblu Broadband plans to ask for shareholder permission to leave AIM at a general meeting on 8 December. It could leave on 18 December. Management will seek to realise value form the remaining assets.
Floorcoverings distributor Likewise (LIKE) has reported 8.9% growth in revenues in the first ten months of the year. Zeus raised expectations for 2025 revenues, but the pre-tax profit forecast has been cut. Higher than expected cost increase have led to a one-quarter reduction in the 2025 pre-tax profit forecast to £3m. Capital investment will increase annual capacity to £250m.
Whisky supplier Artisanal Spirits Company (ART) has been hit by the US government shutdown, having already been hampered by tariffs. It is taking more than six weeks to gain approval from the US authorities for new product labels. This means that $3.2m of shipments will not clear customs this year. This will reduce EBITDA by £2m. The US strategy is being changed and the contract with the current distributor will end in March 2026. There will be a stock provision of more than £1.5m. Full year underlying revenues ae expected to be flat, excluding the one-offs.
Battery technology developer Ilika (IKA) says interim revenues will be £600,000 and are mainly from grants. Initial Stereax battery deliveries could be before the end of 2025 with commercial revenues possible in this financial year. The interims will be published on 22 January 2025.
Northern Bear (NTBR) interims exceeded expectations. The building services provider increased revenues from £37.6m to £49.4m, while pre-tax profit jumped from £1.54m to £4m. The pre-tax profit included a £1.3m one-off gain. Underlying full year pre-tax profit has been upgraded to £3.9m.
Empyrean Energy (EME) says Conrad Asia Energy has signed an agreement with PT Nations Natuna Barat for farming into the Mako gas field in the Duyung production sharing contract and the new partner will pay 100% of project development costs for a 75% non-operated participating interest in the Duyung PSC. The deal could be completed by the third quarter of 2026. Empyrean Energy is in dispute with Conrad Asia Energy about its interest in the Duyung PSC.
Industrial equipment distributor HC Slingsby (SLNG) is asking for shareholder approval to leave AIM. The shares are illiquid and the cost of being on AIM adds to the company’s loss, which was £237,000 in the nine months to September 2025. Net debt was £340,000. There is already support from shareholders owning 73.2% of the shares. HC Slingsby transferred from the Main Market to AIM on 24 May 2005. It has been on the London Stock Exchange for many decades. The cancellation could be on 23 December. No matched bargain facility is planned.
Defence consultancy RC Fornax (RCFX) raised £2.25m in a placing at 6p/share and raised £70,000 out of the £500,000 retail offer. The cash will fund development of the Procure X Marketplace to connect small companies with defence buyers and provide working capital. Directors and management are investing £156,800 in new shares. This includes Paul Reeves and Daniel Clark who raised £1m in the flotation back in February, when the company raised £5.2m at 32.5p/share. Cavendish has increased its 2025-26 forecast loss to £2m and expects a lower loss next year.
Great Western Mining Corporation (GWMO) has completed 6,158 feet of drilling at the West Huntoon copper project and the Rhyolite Dome prospect. This includes an extra hole at West Huntoon. Assay results are expected within eight weeks. Exploration is being accelerated at other sites.
Sabien Technology (SNT) says Korea-based partner City Oil Field has commissioned its first regenerated green oil production plant. The partnership is being progressed to a strategic agreement. Sabien Technology will acquire a 1.12% stake in City Oil Field for £600,000 in shares, and the UK sales agreement has been extended for ten years and will be expanded to other countries. There will also be a deal to sell products from the new plant. City Oil Field will own 15.9% of Sabien Technology.
Litigation finance provider Manolete Partners (MANO) says interim figures were hit by slower than expected revenues and cash generation, partly due to the lower average settlement values. There have also been delays in collecting money owed. Settlement values have increased in the second half, and it should be a stronger period. Even so, Canaccord Genuity has cut its 2025-26 pre-tax profit estimate from £2.8m to £1.5m.
Circulating tumour cells diagnostic device developer CellBxHealth (CLBX) has entered a non-exclusive deal with QIAGEN Manchester, which will offer the Parsortix platform to its pharmaceutical customers alongside its own molecular analysis tools. There could be joint development of products combining technologies.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) reported a 74% increase in interim revenues to $2.05m and the loss fell from $1.87m to $555,000. There was cash of $224,512 at the end of September 2025 and the chief executive loan has been extended.
Trading in New Frontier Minerals (NFM) shares has been halted on the ASX ahead of a fundraising. The company has entered a binding commercial framework with Metallium Ltd to create a “western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers”. This is an exclusive processing contract lasting ten years. There are plans to produce concentrate samples for potential customers in 2026.
Nanoco (NANO) has agreed a $5m settlement with LG relating to the dispute over quantum dot technology. There have been $600,000 of costs incurred last year. An underlying pre-tax profit of £700,00 was reported for the year to July 2025. The cash position will be boosted to enable further investment in technology.
J Smart (SMJ) continues to lose money on construction activities, but revenues from investment properties and the valuation surplus rising from £994,000 to £5.82m, helped pre-tax profit rise from £2.37m to £5.11m. So, there was an overall loss before the valuation surplus. The total dividend is 3.25p/share.
Andrew Hore
Andrew Hore – Quoted Micro 18 February 2019
NEX EXCHANGE
National Milk Records (NMRP) increased its interim revenues from £10.5m to £11.7m, although some of this was due to seasonal factors and one-off testing business. Pre-tax profit improved from £0.96m to £1.13m. Net debt was £2.06m at the end of December 2018. Every part of the business grew its revenues. Milk volumes are set to be strong in the second half, although milk margins are been squeezed by a decline in the milk price and higher feed costs.
Barkby (BARK) has completed the acquisition of Centurian Automotive for an initial payment of £201,000 in shares at 4.775p each, with up to £251,000 more based on performance over three years. Operating profit in each of the years is required to be at least £200,000 in order to achieve the full payment. The consideration represents a discount to net assets and will be equivalent to up to 20% of Barkby. In the year to March 2018, the automotive dealer made a pre-tax profit of £123,000 on revenues of £5.6m.
Sandal (SAND) says there was a significant increase in Energie MiHome sales in December, particularly later in the month, but trading is still below expectations because of a lack of cash to spend on marketing. The stock overhang has been unwound. A Wi-Fi adapter plug has been added to the range, which is being rolled out in Denman’s Electrical Wholesale branches.
Sport Capital Group (SCG) owned Palermo Football Club for less than one month before selling it back to the previous management team. It was bought for a nominal sum and is being sold for a nominal value, following further due diligence. The company’s representatives joined the board in December and resigned last week. Debt will be settled at the same time. Sports Capital had been trying to raise up to £20m over the next few months.
Trading has recommenced in the shares of EcoVista (EVTP) after it published its results for the year to August 2018. There was a £142,000 property revaluation gain and net assets were £1.39m. There are plans to launch a €10m Eurobond issue to fund further property site acquisitions in London, Hertfordshire and Essex.
Gold explorer Tectonic Gold (TTAU) has completed stage one drilling on the Specimen Hill project in Queensland and each hole drilled intersected gold. Geological modelling results will be available in March. A further 7,500 metres of drilling is being planned.
Auxico Resources Canada Inc (AUAG) has raised $400,000 at 20 cents a unit (one share and one-half warrant). The expenses of the placing were $28,000. The cash will be used for assessing coltan opportunities in Colombia and Brazil. NQ Mining (NQMI) has raised £54,000 at 11p a share.
AIM
Panoply Holdings (TPX) has made its third acquisition since floating in December. UK-based GreenShoot Labs provides digital services using artificial intelligence technology. There is no initial consideration and any payment will depend on performance.
Marketing and media services provider Ebiquity (EBQ) traded in line with expectations last year. The disposal of the advertising intelligence was completed on 2 January. This cut net debt to around £8m. The continuing business is expected to continue to grow at 8% a year.
Online merchandising software and services provider ATTRAQT Group (ATQT) increased its 2018 revenues by 26% to £17.1m and the loss declined from £4.1m to £2.7m. The largest customer has renewed for two years. Annual recurring revenues are £16m.
GRC International (GRC) has acquired data consulting business DQM Group for an initial £5.9m with up to £5m in deferred consideration, although it is not expected to be more than £3.5m. This is a significantly earnings enhancing deal.
Cabot Energy (CAB) is consolidating 100 shares into one new share and raising up to £2.85m at 10p per consolidated share. The cash will pay off trade creditors. The main focus is Canada but Cabot believes its Italian oil and gas exploration assets could still be valuable even though the Italian government has suspended exploration work and is reviewing the situation.
The administrator has sold most of the businesses of Patisserie Holdings (CAKE) but there will be no money for shareholders. Dublin-based Causeway Capital has acquired Patisserie Valerie and AF Blakemore acquired Philpotts for a total of £13m, of which £3m is deferred. Baker and Spice was sold to the Department of Coffee and Social Affairs for £2.5m. The AIM quotation will be cancelled on 25 February. Paul Mumford of Cavendish Asset Management believes that the company’s banks should have supported a rescue and been more attentive to what was happening at the company. He thinks that shareholders should seek compensation from the banks.
Malvern International (MLVN) has confirmed that it moved into profit in 2018. The education business has doubled its London-based revenues and this made up for difficult trading in Malaysia.
Realm Therapeutics (RLM) is selling is hypochlorous acid assets for $10m and intends to leave AIM. Realm already had $18.8m in the bank at the end of 2018. The plan is to use the cash to complete a strategic transaction in the life sciences sector. The ADSs will continue to be listed on Nasdaq.
Stride Gaming (STR) has started a strategic review. The choices are acquisitive or organic expansion or the sale of the online gaming company.
Renalytix AI (RENX) has secured a joint venture with laboratory and clinical trials operator AKESOgen and this will enable Renalytix AI to provide additional services in the US. The artificial intelligence-based kidney diagnostics already has a presence in New York and the new joint venture is based in Georgia.
Administrators have been appointed to Utilitywise (UTW) but none of the subsidiaries is in administration. Shareholders are not likely to get anything from the administration process. Unitlitywise was unable to raise the cash it required to keep going and meet liabilities.
Heavitree Brewery (HVT) improved full year revenues from £7.3m to £7.61m and pre-tax profit grew from £1.55m to £2.25m, although that included profit on the sale of pubs and other property of £824,000, up from £6,000. The previous year had benefited from the write-back of a bad debt provision. The final dividend is being increased from 4p a share to 4.25p a share. Heavitree no longer has to cover a pension scheme deficit because three people transferred out of the scheme.
Bowmark Capital has launched a 110p a share recommended cash bid for Tax Systems (TAX) and MXC Capital Ltd (MXC) has accepted with its 25.6% stake. The bid values the tax software provider at £100.6m.
Kodal Minerals (KOD) has published the results of the drilling programme at the Bougouni lithium project. These will be used to update the JORC resource, which should happen by the end of February. Kodal has met with the Mali authorities to update them.
Insignals Neurotech is the third Portuguese spin out for Frontier IP (FIPP) and it will hold a 33% stake. Insignals is developing technology for brain stimulation surgery.
Scientific Digital Imaging (SDI) has made another scientific instruments acquisition and it has raised £2.5m at 34p a share to help finance it. A further £100,000 was raised via PrimaryBid. Graticules manufactures reticules and graticules and fits with the digital imaging division. It cost £3.4m and has added 6% to next year’s earnings per share.
Strategic Minerals (SML) has announced a trebled resource at Redmoor, in which it has a 50% stake. There is an inferred tin equivalent contained metal of 137,000 tonnes.
James Latham (LTHM) has acquired the timber merchant that has the rights to sell Accoya wood in Ireland. Abbey Woods will cost an initial €1.825m with a further €300,000-€400,000 depending on completion accounts. Further deferred consideration of up to €400,000 depending on performance over two years. Last year, Abbey Woods generated EBITDA of €379,000 on revenues of €7.5m and it has operations in Dublin and Cork.
Vast Resources (VAST) says that the tranche B offtake finance from Mercuria Energy Trading did not happen. This means that the planned December and January repayments of the loan from Sub Sahara Goldia Investments have not been made Talks continue with potential finance providers to replace the cash to invest in 80%-owned copper, silver, gold, zinc, lead, tungsten, molybdenum Baita Plai project. Bergen Global Opportunities Fund is pausing the second tranche of the $3m bridge facility because the share price has been below 0.2p for two days. A placing has raised £896,000 at 0.135p a share and this will repay the £525,000 owed to Bergen. There are discussions with a potential cornerstone investor for a diamond project in Zimbabwe.
RiverFort Global Opportunities (RGO) has subscribed for shares in Pires Investments (PIRI), that will give it a 24.3% stake. RiverFort is taking nearly 50% of the shares issued in a placing that raised £782,000 at 2.4p a share for Pires. The cash will be used for new investments.
Trading in the shares of African Battery Materials (ABM) will resume on Monday 18 February following the issue of 200 million shares at 0.5p each. The cash will be used to pay creditors and leave enough to finance the business for 12 months. Andrew Bell has been appointed executive chairman and Paul Johnson as executive director.
Windar Photonics (WPHO) will undershoot the 2018 forecast, but there should be higher orders from Vestas and another manufacturer next year. Even so, 2019 forecasts are likely to be reduced. Total 2018 revenues were 59% ahead at €3.5m and higher gross margins meant that the loss before interest, tax, depreciation and amortisation fell from €1.22m to €360,000. The end of year order book was worth €1m.
Nostra Terra Oil and Gas (NTOG) has more than trebled its proved and probable reserves to 2.43 million barrels of oil. Net proved reserves are 764,030 barrels of oil.
President Energy (PPC) has updated the reserves position. The Argentina and Louisiana reserves are valued at almost $300m, which is equivalent to 21p a share. That is more than twice the market capitalisation. Production is predominantly oil but gas production will increase this year.
Harwood Wealth Management (HW.) has acquired IFA Castleton Financial Planning for up to £1.6m.
Trading in the shares of Urals Energy (UEN) has been suspended following the resignation of Allenby as nominated adviser. A general meeting, which will be held on 22 February, has been called by Adler Impex SA in order to remove three directors and appoint four other directors. Oil production was 1,690 barrels/day in January. Loans made without board approval have meant that the company is short of cash.
Waste-to-energy technology developer PowerHouse Energy (PHE) is confident that it could sign up a customer in the next quarter. There is increasing interest and six potential sites are being assessed. Potential engineering, procurement and construction contractors have approached PowerHouse. Development partner Waste2Tricity is in negotiations with Toyota Tsusho, which would be a way of entering the Japanese market.
Braveheart Investment Group (BRH) has reduced its stake in Remote Monitored Systems (RMS) from 5.9% to 1.32%. Stephen Jones increased his stake from below 3% to 14.5% in just over one month.
Dewscope Ltd, where Mark Horrocks is a director, has cut its stake in Sabien Technology (SNT) from 12.7% to less than 3%. Chris Akers has also reduced his stake from 16.9% to less than 3% and Brendan Adams has cut his shareholding from 4.2% to under 3%. These stakes were acquired on 14 December, when the mid-price was 0.11p. On 11 February, when the shares were sold, the share price increased from 0.145p to 0.175p. Sabien reported a decline in interim revenues from £462,000 to £342,000, but the loss was reduced from £233,000 to £207,000 due to cost reductions.
TV programme producer DCD Media (DCD) expects to report revenues of £7.3m and a small EBITDA in 2018. Trading has started well in 2019 helped by business that was delayed from last year.
HaloSource (HAL) is seeking shareholder approval for the disposal of assets to Strix (KETL) for $1.3m. The cash will pay creditors and fund the winding down of the business. The AIM quotation will be cancelled on 12 March.
WANdisco (WAND) has raised $17.5m at 546p a share to provide cash to support relationships with partners. WANdisco has become an advanced technology partner with Amazon Web Services.
Adamas Finance Asia Ltd (ADAM) is issuing 6.1 million shares to China Aerospace for a 6.8% stake in Hong Kong Mining Holdings, where Adamas already has a 84.8% stake. This is a complicated deal, but Adamas can tell China Aerospace where to transfer these shares. It means that Adamas will not necessarily increase its shareholding in the mining company. Sorting out what was effectively a stock overhang should make it easier to do a deal that will unlock cash for Adamas.
NetScientific (NSCI) has concluded its strategic review and it has decided to cancel its AIM quotation. The remaining cash will be spent on the investee companies with the best prospects of providing a return before the company runs out of money.
Angus Energy (ANGS) is repaying the £1.5m initial advance from YA II and RiverFort Global Opportunities. Angus has raised £2.2m at 4p a share.
The University of British Columbia has ordered a polariser system from Polarean Imaging (POLX).
Begbies Traynor (BEG) has made the earnings enhancing acquisition of profitable Newcastle insolvency practice KRE. The initial payment is £450,000 with up to £150,000 more based on revenue targets over 12 months.
Full year figures will be lower than expected at IFA Tavistock Investments (TAVI) but a maiden dividend is still on the cards.
Crossword Cybersecurity (CCS) will report a 45% increase in 2018 revenues, with most of the growth coming from software.
MAIN MARKET
Cryptocurrency mining services provider Argo Blockchain (ARB) is refocusing its business. All existing contracts will be terminated by the beginning of April. The focus will be Argo’s own currency mining. Ongoing costs will be cut by one-third. Net cash is £15m and that is much more than the market capitalisation of Argo. The cash outflow should be stemmed in the second half of 2019. Hadron Capital recently increased its stake to 7.6%.
Trading is in line at fasteners supplier Trifast (TRI) even though the UK automotive market is weak. More than two-thirds of sales are overseas. Additional UK stocks for Brexit are worth around £2m.
Commercial aircraft leasing company Avation (AVAP) expects to report a doubled interim profit on revenues that have risen from $52.4m to $58m.
Outdoor digital media company Grand Vision Media Holdings (GVMH) has signed a partnership agreement with Rakuten Bank in Japan to add to the one it signed with CY Group in South Korea. GVMH’s marketing services will help its partners promote themselves to Chinese tourists. GVMH has glasses-free 3D technology.
Helen Sachdev has been appointed as a non-executive director of Athelney Trust (ATY) and Frank Ashton has taken on the role of executive chairman. Discussions continue with Gresham House Asset Management about taking over the management of the company’s investments.
Future (FUTR) has secured a new £90m revolving credit facility and it is acquiring CyclingNews.com and Procycling Magazine, which generate annual revenues of £2m. This deal widens the sports publishing activities.
REA Holdings (RE.) significantly increased palm oil production in 2018, even though extraction rates were lower than expected. The Kota Bangun coal concession is heading towards reopening the mine, although there are local disputes.
Andrew Hore
Sabien Technology (SNT) – Pilot Programme showing promise
Sabien Technology (SNT) – Pilot Programme showing promise.
A broker note from Stockdale Securities.
The key elements of the interims in our view are that 30 UK pilots have been agreed for this heating season and that the sales pipeline has increased to £6.4m from the last-reported £5.8m. As anticipated the adj. LBT increased to £1.0m in the first half due to the extra costs incurred in increasing the pilot programme. It is encouraging that the company still anticipates meeting expectations for FY2016. With no changes in our forecast of the move towards profitability in FY2017 we reiterate our 50p DCF-derived TP and Buy.
New “free” pilot strategy implemented
Up until last summer Sabien charged c.£20k to run pilots for a potential customers. These involved fitting an M2G device on to at least three of their boilers to demonstrate a 10-25% reduction in gas usage via a report including substantial data analysis. While the proposition should have been compelling it inevitably led to delays as the charge meant that public sector clients typically needed to undergo a tender process first. To take advantage of the substantial level of interest it has built in its boiler optimisation technology and counteract the inertia due to the £20k charge Sabien now includes the cost of the pilot into a roll-out. Importantly, the qualification criteria remain – chiefly a minimum spend of £0.25m, good asset log data and the client’s willingness to devote some of its engineering resource to the pilot programme. To increase the number of pilots it is capable of running, Sabien has increased its headcount by 50% to 24 and has secured 30 UK pilots of its up to 35 pilots in total targeted for FY2016.
Increased sales pipeline
The main reason for introducing the more aggressive piloting strategy was to stimulate a meaningful increase in the sales pipeline. We forecast this to grow from the £6.4m reported in the interim results to £10.8m for the beginning of FY2017. We have used the historical rate of 87% of M2G pilots converting into the sales pipeline and then 69% to an estate-wide roll-out. We have then based our headline forecasts for the sales pipeline and sales on the minimum £0.25m spend. If the historical average of £0.4m spend per client were realised, then profitability would be achieved in FY2017. The company has set itself a five-year target of a sales pipeline of £25m.
DCF valuation captures benefits of the new strategy
In addition to the sales pipeline target of £25m, management also set a five-year revenue target of £8m and EBITDA margin of 25%. With no meaningful profitability forecasts in the next two financial years in our base case forecasts we continue to use a DCF analysis to derive our target price. Our 50p DCF per share assumes a WACC of 12% and a 2% long-term growth rate, both of which are conservative in our view. While we consider FY2016 to be “a year of investment” we are most encouraged by the recent £0.3m order and hope to see news of further orders and building sales pipeline start to drive the share price higher.
Link here to full broker note –Sabien-Tech_Stockdale090216
Brand CEO Alan Green talks Sabien Technology (SNT), Edenville Energy (EDR) & Andalas Energy (ADL) on VOX Markets podcast
Brand CEO Alan Green talks Sabien Technology (SNT), Edenville Energy (EDR) & Andalas Energy & Power (ADL) with Justin Waite on the VOX Markets podcast.
The interview is 20 minutes 30 seconds in. Click here to listen.
Brand CEO Alan Green talks Brexit and Sabien Technology on the VOX Markets podcast
Brand CEO Alan Green discusses Brexit and Sabien Technology (SNT) with Justin Waite on the VOX Markets podcast.
The interview is 26 minutes 40 seconds in. Link here to listen.
Sabien Technology Group (SNT) – Kamikaze Pilots or Astute Merchants
Sabien Technology Group (SNT) – Kamikaze Pilots or Astute Merchants
A report by market analyst Jon Levinson.
Sabien Technology owns a clever device “M2G” that increases the efficiency of any commercial boiler. It can be retro–‐fixed and pays for itself within two years and in energy efficiency a three–‐year payment is considered commercially attractive. Around 70% of customers need to try the device before buying, so last year free pilots (trials) were offered which has substantially increased the sales pipeline.
Until June 2015, potential customers paid for pilots. This policy elongated the sales cycle, which can take anything up to two years and income was reliant on orders being closed from a small number of pilots. This has led to lumpy orders and a greater potential for contract delays upsetting market expectations.
The Trading Update on the 2 June 2016 underlined this problem as Sabien reduced expectations for the June 2016 year-end to a loss of £1.7m from a forecast loss of £1.3m on reduced sales to around to £0.9m as administration costs increased before sales and thus depressing the share price.
The jury is out on whether the Free Pilot Policy, which was initiated last June, will accelerate sales growth and fundamentally change the business and earnings profile. There has been a significant increase in the number of pilots from 8 to 34. The unknown factor is the timing of converting the sales pipeline, currently at £11.4m, reported on 2 June 2016, into orders. Over the next four months, before reporting final there will be a heightened sense of order anticipation.
Sabien’s pilot policy is at a ‘white–knuckle’ stage. We can only guess at the conversion rate and the timescale of conversion of the Pipeline into firm orders. Even making moderate assumptions, the order book in the UK alone could build substantially to an aggregated gross profit of £16m–‐£24m in five years.
The execution risk is mitigated by the management team’s expertise of delivering, measuring and verifying pilots as well as the debt free balance sheet. A further factor is that the device sells for less than £2,000 fully fixed. This will hopefully allow an increasing number of multi‐site customers to roll out the implementation of this money saving and CO2 friendly technology at an easy-to-budget rate.
A report on Energy Efficiency (EEVS.CO.UK, June 2016), showed a decline in sales of large capital projects and that supplier confidence had fallen to an all—time low. This is partly a result of the Government’s management of energy efficiency policy. It also stated that an EU exit would most likely lead to a number of legislative drivers and incentives being removed. Consequently ‘Remaining’ may be a benefit to the sector.
The darkest hour is just before the dawn. From this depressed price, if the increased pipeline is converted, the shares have potential. We are convinced that the ‘brave’ Free Pilot policy is more likely to lead to a stepped increase in sales than a crash-landing!
Link here for the full report Sabien-Technology-Report-06-16