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Quoted Micro 11 May 2026
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased full year revenues by 6% to £23.4m, while pre-tax profit was flat at £1.1m. Race day attendances were one-quarter higher at 165,492. The final dividend is unchanged at 6p/share.
Invinity Energy Systems (IES) is successfully reducing the cost of the Endurium vanadium flow battery technology and making other cost savings. A contract with a Hungarian customer has been delayed and a potential US contract will take longer than expected to contribute. Revenues guidance for 2026 has been reduced to £13m and the loss could be £25m. Cash should still be £7m at the end of 2026.
Majestic Corporation (MCJ) says that its Wrexham recycling facility is operational.
Delta Gold Technologies (DGQ) has provisionally filed a patent under the research sponsorship agreement with the University of Toronto. The patent is for novel transducer structures for quantum devices. The details of the patent will be confidential for 18 months while additional work is undertaken.
Mendell Helium (MDH) has published the circular to gain shareholder approval for the issue of shares and the taking up of the option to acquire M3 Helium. The general meeting is on 18 May.
Sulnox Group (SNOX) has secured a distribution agreement with Aditya in India. This will provide access to 400 commercial and industrial customers. A patent has been granted in Algeria for fuel oil reclamation.
EPE Special Opportunities (EO.P) had net assets of 428.69p/share at the end of April 2026.
BWA Group (BWAP) has engaged SRK Exploration to conduct a ground magnetometry survey and interpretation for the Aracari gold project.
Ethtry (ETHY) has participated in a loan facility for Cerulean Winds. It has committed £500,000 to the investee company to fund development of the Aspen Phase 1 floating offshore wind project. Cerulean Winds has three seabed leases with a combined potential capacity of 3GW. There is a likely to be a final investment decision in 2027. Ethtry is considering a move to AIM.
Shepherd Neame (SHEP) non-exec George Barnes bought 680 shares at 506.8p/share.
Connecting Excellence Group (XCE) has raised £125,000 at 1.75p/share through a new strategic investor and an existing investor.
Oberon Investments (OBE) chairman Michael Cuthbert bought 300,000 shares and Alexander Hambro acquired 857,143 shares all at 1.7535p each.
AIM
Pawnbroker Ramsdens (RFX) has published the third trading statement in three months. Guidance for 2025-26 pre-tax profit has been upgraded from £24m-£28m to £28.5m-£31.5m. The gold buying operations are part of the reason, but jewellery retail and pawnbroking are also doing better than expected. Foreign exchange is slightly weaker than anticipated due to lower margins.
Online performance marketing business B90 (B90) reported results in line with the recent trading statement and management intends to use the AI performance marketing technology it has developed to move into new sectors. Revenues more than doubled to €7.2m and pre-tax profit was €1.1m, up from €700,000. Importantly, there was €603,000 in cash generated from operations and net cash was €1m at the end of 2025.
Investment that Light Science Technologies (LST) has made into gaining approvals in additional sectors for its contract electronics manufacturing business is starting to pay off. An initial order has been won from a medical devices supplier. This is worth £160,000 and could be worth up to £650,000 annually. This follows an order earlier this week worth £410,000 for the supply of Injectaclad material for fire protection. The acquisition of the Injectaclad business was completed on 14 April. The company was previously only an installer.
Neo Next+ Energy Upstream, which is part of the largest North Sea oil group, has bid 7.7p in cash per share for Deltic Energy (DELT) and it has been recommended by the board of the oil and gas company. The value is £7.2m. The bidder is providing a bridging loan of up to £2.9m.
Acoustic and insulation materials developer Autins Group (AUTG) returned to profit in 2025-26 even though revenues fell from £19.3m to £17.6m. There was an underlying net profit of £170,000, helped by an improvement in gross margin to 36.4%. This was despite a cyber attack at a major customer. There was an exceptional charge of £807,000 related to the cyber attack disruption and a cost relating to the German flooring business. Net debt is £1.6m. New contract wins provide a solid base for the current year, although expected revenues have been reduced from £24m to £22m. Post-tax profit estimate has been edged up to £800,000. Further growth next year could mean post-tax profit of £1.4m.
EnergyPathways (EPP) will be awarded a gas storage licence by the North Sea Transition Authority for its MESH project. It covers up to 60 salt storage caverns. This is part of a project in the East Irish Sea. The gas storage facility could double the UK’s gas storage capacity.
NAHL Group (NAH) increased pre-tax profit by 129% to £4.97m in 2025. This helped net debt more than halve to £3.2m. This reflects the success of handling personal injuries claims through its own National Accident Law firm. Uncertainty about its future hit the performance of the critical care division, but NAHL has decided to retain it and has changed the management. However, currently more claims are being settled is greater than new enquiries and that will hit the performance of NAHL this year. There is no forecast for 2026.
Furnishings brand Colefax (CFX) has traded ahead of expectations in the second half. Like-for-like sales are 7% ahead in the three months to April 2026. Full year pre-tax profit is expected to be at least £10.5m.
The new board of mathematical modelling and biostatistics company Physiomics (PYC) has started a review of the business. Costs will be controlled and directors will receive part of their payments in shares that will be issued each year at the price prior to issue. The board says that it has identified new opportunities that can be exploited over the medium-term. Cash should last until 2027.
Dillistone (DSG) reported a 14% fall in 2025 revenues to £4.2m, but an improved pre-tax profit of £400,000. This relates to the original IT recruitment software business, and new management has come into the group to pursue a buy and build strategy. That means the company could be significantly different in one year. The current business appears to be stabilising.
Real-time equipment monitoring technology developer Tan Delta Systems (TAND) has received an order worth £395,000 from a leading manufacturer of large commercial and industrial engines. It is for real-time oil analysis systems.
Reabold Resources (RBD) consolidated 1,000 shares into one new share.
Trading in Trellus Health (TRLS) shares has been suspended because of financial uncertainty. There is enough cash to last until the middle of June. Options include the sale of the trading business.
Alien Metals (UFO) says its joint venture partner in the Munni Munni Platinum-Palladium-Copper-Nickel project has reported infill drilling results that have some of the highest grades so far.
MAIN MARKET
Distribution company Smiths News (SNWS) reported a 4% decrease in interim revenues to £515.7m, while pre-tax profit fell from £13.1m to £12.7m. The interim dividend is unchanged at 1.75p/share. The company moved into a net cash position. The core newspaper and magazine distribution operations have secured most of their expected revenues the next few years and the cash they generate can be reinvested in newer distribution operations, such as recycling and distribution of other products. Full year pre-tax profit could be slightly down at around £34m.
Online travel hostel agency Hostelworld (HSW) reassured investors that trading is in line and there have been no significant hit from the Middle East conflict as yet. There is weakness in demand for Asia, but intra-Europe travel is holding up well.
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 12 May 2025
AQUIS STOCK EXCHANGE
In 2024, Newbury Racecourse (NYR) increased revenues by 16% to £22m and pre-tax profit improved from £720,000 to £1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was £7.5m at the end of 2024.
Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising £2.24m at 16p/share. Prior to flotation the web design and online marketing company raised £1m at 2.5p/share. That cash has been invested in Bitcoin. So far £760,000 has been spent on 10.6 Bitcoin at £71,356 each. The cash will eventually be used for expansion and acquisitions.
Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.
Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a £1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.
Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.
Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.
BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.
Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.
Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).
NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.
Valereum (VLRM) raised £500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.
Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.
ASSET MATCH
Synairgen (SNG) joined Asset Match on 8 May, having left AIM.
JP JENKINS
Renewable energy investment company Thrive Renewables (THRV) has launched a £5m share offer at 247p/share. The minimum investment is £247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from £13.6m to £11.3m. The final dividend is 12p/share.
Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.
Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.
ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.
e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.
AIM
Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to £97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from £3.9m to £4.9m. Higher national insurance and other costs will hold back profit this year.
Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterday’s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.
Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.
Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a £2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.
Aptamer (APTA) says the Optimer-based test for Alzheimer’s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first £166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimer’s disease testing market could be worth $19.6bn by 2029.
Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to £19.7m at the end of January 2025. Group full year revenues were 3% ahead at £33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from £2.1m to £1.2m. Despite a downgrade, pre-tax profit is still expected to be £2m this year.
Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from £2.4m to £14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Let’s Connect business is being closed down. The 2024 loss increased from £2.28m to £4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A £1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.
Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of £6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.
Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is £10m with deferred cash consideration of £6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated £1m of profit on revenues of £14.7m in the year to May 2024.
Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to £57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at £41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between £6.2m and £6.4m.
Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.
Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for £19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of £4m by MiniMBA founder Mark Ritson. This deal would add £3.5m to group EBITDA taking it to £8m.
Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.
Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.
Degradable plastics developer Symphony Environmental Technologies (SYM) has raised £2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.
MAIN MARKET
Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from £539.8m to £536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from £11.8m to £13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from £12.5m to £1.1m. The interim dividend was maintained at 1.75p/share.
Cardiff Property (CDFF) reported net assets of £29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.
Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.
Andrew Hore