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Quoted Micro 12 January 2025
AQUIS STOCK EXCHANGE
AI company Astrid Intelligence (ASTR) is transitioning into execution and infrastructure-led growth. Astrid Intelligence owns and operates Subnet 127 within the Bittensor network, whose brand has been changed from SigmaArena to Astrid Arena. Bilateral arrangements have been secured with subnet operators. Astrid Vault, a protocol-native infrastructure platform intended to facilitate orderly liquidity coordination within the Bittensor ecosystem, is being developed. Astrid Intelligence has cash to finance that growth.
Gowin New Energy (GWIN) director Chen Chih-Lung has made a £30,000 loan to the company for 12 months at an interest rate of 2%. This is for short-term liquidity.
UTXO Management has reduced its stake in The Smarter Web Company (SWC) from 12.99% to 11.1%. Martin Thomas has been appointed as a non-executive director.
EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 45,500 shares at 10.75p each and 41,780 shares at 13p each. He owns 35.2% of the diagnostics company. Chairman Jason Holt bought 235,000 shares at 11.4p each, 150,000 shares at 11.23p each and 50,000 shares at 12p each.
NYCE International (NYCE) has entered a joint venture with Spandan Manhata, which has developed software for the igaming industry. The joint venture will acquire these assets called Innovassion and NYCE will be majority shareholder and oversee commercial strategy. The first client has been secured.
Daniel Thwaites (THW) has bought back 300,000 shares at 110p each.
Shareholders in Phoenix Digital Assets (PNIX) have approved redomicile to Gibraltar.
Spreadex has a 3.08% stake in Vaultz Capital (V3TC).
Delta Gold Technologies (DSQ) is planning to get its shares traded on the OTCQB Venture Market. Jonathan Swann has a 21.3% shareholding.
B HODL (HODL) has generated revenues of 0.084 Bitcoin (£5,471) during December, which is higher than the previous month. The total holding is 158.295 Bitcoin. The share price dipped
AI software company IntelliAM (INT) has won a £115,000 contract with a frozen food company. The deal covers four manufacturing facilities.
Connecting Excellence (XCE) has purchased 16.58306046 Bitcoin at an average price of $86.980.16 each. That takes the total holding of Bitcoin to 41.35974228 at a total cost of £2.75m. The company has launched its 2026 Bitcoin-denominated convertible bond programme.
Ajax Resources (AJAX) has mobilised a drilling rig for the Eureka gold and copper project in Argentina. The initial drilling programme is near to the former Mina Eureka copper and gold mine with ten holes totalling 1,500 metres.
Zentra (ZNT) has changed its nominated adviser to Guild Financial with Hybridan continuing as broker.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (LON: TRX) has left AIM and the shares joined the Asset Match trading platform on 7 January.
AIM
Galantas Gold (GAL) is acquiring 100% of the Andacollo Oro gold project in Chile. This is an open pit mine with a historical inferred mineral resource estimate of 5.06M ounce of gold. It has been in production in the past. The seller is owned by Galantas Gold executive Robert Sedgemore, so it is a related party deal. His company bought the mine from Dragones, whose former owner will receive payments of $27.5m in the four years to the end of 2029, as well as initially being issued 91.3 million Galantas Gold shares. Galantas Gold will assume $3m of debt and pay $1.5m to Robert Sedgemore.
Cerillion (CER) has won its largest ever contract for its BSS/OSS software suite and provide ongoing support and maintenance. The Oman Telecommunications contract is worth c.£42.5m over five years will underpin the current forecasts for this year and in the future.
Semiconductor designer EnSilica (ENSI) increased interim revenues 37% to £12.7m and moved from loss to profit. Cash was £2m. A full year pre-tax profit of £600,000 is forecast.
Reabold Resources (RBD) says that the Italian authorities have published the formal decree and positive decision on the small scale LNG development plan by 47.4% owned investee company LNEnergy Ltd for the project in Colle Santo.
Pulsar Helium (PLSR) says that the Jetstream #5 appraisal well at the Topaz project in Minnesota has encountered an additional pressurized gas influx at approximately 2,857 feet in depth. This new gas zone is estimated at around 1,292 psi, the highest recorded to date at Topaz. The drilling of the hole continues before moving to the next well. The share price improved 7.98% to 57.5p.
Fiinu (BANK) has changed management at Everfex and improved controls. The acquisition enabled the group to be profitable in November. At the end of the year there was cash of £5.34m and the cash burn is less than £200,000 each month. The company has served formal non-compete breach notices against Karol Oleksa and Marta Oleksa, in respect of the non-compete obligations relating to the Everfex acquisition.
Biopesticides developer Eden Research (EDEN) has achieved a second regulatory authorisation this week with fungicide Novellus+ gaining approval in Chile. This is used in wine and table grapes to control grey mould (Botrytis cinerea) and powdery mildew (Uncinula necator). Earlier in the week Mevalone was granted approval in France to use on grapes to control downy and powdery mildew.
Extended reality technology company Engage XR (EXR) is still suffering from a tough market with contact delays and poor renewals. In 2025, revenues were €1.9m and net cash has fallen to €1.6m. Cash is being conserved and there are potential opportunities in education. Forecasts are under review.
Rent guarantee services provider RentGuarantor Holdings (RGG) increased full year revenues from £1.27m to £2.39m, which is 9% higher than expected. However, the loss is expected to be much more than the forecast of £446,000. Marketing spending was brought forward to 2025.
Graphene technology developer Directa Plus (DCTA) says 2025 revenues improved from €6.66m to €7m and the loss will be lower. Cash has fallen to €1.5m, which is much less than the outflow in 2025. A non-core land sale could generate €500,000. Joint ventures and licensing opportunities are being assessed.
Telematics services provider Quartix (QTX) says 2025 revenues and profit will be ahead of expectations. Cash was £5.6m at the end of the year. Annualised recurring revenues are 14% ahead at £37m and net revenue retention is 98.1%. A final dividend of 7.5p/share is anticipated, taking the total to 10p/share.
ValiRx (VAL) has entered a nine-month, evaluation and material transfer agreement with The Royal Institute for the Advancement of Learning/McGill University and The Institute for Research in Immunology, and Cancer-Commercialization of Research in Canada. This will evaluate a RNA Helicase inhibitor. ValiRx will own the evaluation results, and they can be swapped for a 15% stake in the company set up to commercialise the technology.
Shareholders in Indus Gas (INDI) voted in favour of leaving AIM and that will happen on 23 January. JP Jenkins will provide a matched bargains facility.
Touchstone Exploration (TXP) has drilled the Carapal Ridge-3 development well on the Central block onshore in the Republic of Trinidad and Tobago. Touchstone holds a 65% working interest. The well encountered a thick pay zone across multiple Herrera horizons and it could be tied-in to the Central block natural gas processing facility in the first quarter. There is potential for three more development wells and potential for another gas play in the Karamat formation.
Goldstone Resources (GRL) operates the Homase gold mine in Ghana which produced 2,912 ounces of gold in 2025 and generated revenues of $10m. Heavy rainfall and inspections held back production. Avrage all-in sustaining cost was $2,781/ounce up until November and it is expected to be $2,500-$2,900/ounce in 2026. Production could reach 4,000 ounces this year.
Geo Exploration (GEO) is still falling following yesterday’s news that although maiden drill holes at the Juno project in Australia intersected gold and copper sulphide mineralisation, together with silver and zinc, it appears that the higher grade mineralisation could be to the south.
In an update on the Barb Project in Manitoba, Canada, Gunsynd (GUN) says field work is consistent with a structurally controlled orogenic gold system. However, none of the latest rock sample results produced grades of more than 1g/t gold. Funding of C$105,000 has been secured from the Manitoba Mineral Development Fund to help fund further exploration. Targeted exploration will enhance understanding of the project.
Versarien (VRS) has been placed in administration with Leonard Curtis.
MAIN MARKET
Kelso Group (KLSO) has bought 400,000 shares in Saga (SAGA) at 386.5p each. Saga has been reducing borrowings via disposals, and it has strong asset backing. Kelso believes Saga is undervalued particularly compared with US listed rival Viking Holdings. Kelso has made proposals to the Saga board, including attracting US investors and continuing to reduce debt.
New Frontier Minerals (NFM) says that the mining lease application over the Big One copper deposit in Queensland has reached technical assessment phase. The JORC-compliant Mineral Resource of 2.1Mt @ 1.1% copper, and an additional 7,000t @ 1.3% copper of surface Indicated stockpiles.
Supply @ME Capital (SYME) plans to acquire the inventory ownership business and related assets of Société Financière Européenne S.A. by the end of March. This is part of the strategy to move the business model towards direct inventory ownership and capital deployment.
Lakestreet Capital Partners has requisitioned a general meeting at Palace Capital (PCA), where it owns 22.5%. It wants remove chairman Steven Owen because it believes he is being paid too much. The investor would appoint other directors which would not be paid and believes that the sale of remaining properties could be completed more quickly.
Bluebird Mining Ventures (BMV) says that there is increased interest in its gold streaming and treasury strategy. It confirmed a technology partnership with The BE Company, which is related to the company’s chief executive Sath Ganesarajah, and BE will act as the company’s technology and hosting partner. The arrangement with Skylake, which is owned by the chief executive, and it will subscribe for 650 million shares for £3.25m. An initial will be paid upfront with the rest dependent on setting up an incentive scheme where services can be supplied in lieu of cash.
Andrew Hore
Quoted Micro 18 August 2025
AQUIS STOCK EXCHANGE
Adsure Services (ADS) increased its final dividend by 15% to 1.14p/share. The business assurance provider increased full year pre-tax profit by 74% to £818,000 on revenues 8% higher at £10m. Other operating expenses were lower. Net cash was £1.1m at the end of March 2025. Investment in technology should help Adsure Services continue to grow revenues and margins.
Visum Technologies (VIS) is moving into the property technology market. This involves the development of a workspace app for tech-focused workplaces. This will help to manage bookings, access support and provide information. There will property partners involved in the development. The first prototype should be available in early 2026. Visum has signed a licence agreement with Eyecon Imaging for the use of Visum’s Ride Video technology within the attractions and leisure sector.
Essentially Group (ESSN) shareholders voted in favour of leaving Aquis. The last day of trading will be 10 September.
Marula Mining (MARU) has secured an agreement with Kenya-based Bamba Mining Company to acquire 60% of the Bamba manganese mining project in Kenya. The deal is structured as a joint venture. Bamba’s 40% is non-dilutable and non-contributing. The payment is 500,000 shares at 5p each. Once 100,000 tonnes of manganese ore has been produced there will be a £250,000 payment.
Amazing AI (AAI) says new subsidiary AAI Mauritius will be used to purchase Bitcoin when it completes the legalities of acquiring cryptocurrencies. This should happen by the end of August. The subsidiary will also provide AI finance-related services to Sub-Saharan Africa and south east Asia. It will also take on business in the UK and that subsidiary will be wound up.
Vault Ventures (VULT) has paid the remaining consideration of £1m for System7 via the issue of shares.
Former Odey Asset Management boss Peter Martin has joined Oberon Investments (OBE) and he will be involved in launching a new global equities fund.
Vaultz Capital (V3TC) has purchased more Bitcoin and holds 135 Bitcoin at an average purchase price of £85,622.47 each. Aleks Nowak has been appointed as the non-board chief operating officer. Aura Digital has taken a 15.5% stake.
Wishbone Gold (WSBN) says drilling at the Red Setter gold dome project in Western Australia has intersected mineralisation in the first hole. It appears that the hole is peripheral to the main target, and another hole will be drilled to the south west.
The Smarter Web Company (SWC) has raised a further £7.6m from a placing at 221p/share. There are still another 4.49 million shares available to be placed and once that happens another subscription agreement will be signed.
Valereum (VLRM) raised £65,000 vi an offer at 3.1p each and this meant that the fundraising totalled £465,000. This will help fund a £600,000 investment in Metrikus Software, which is developing real-time building and smart infrastructure software. The two companies will work on tokenisation opportunities. This could involve fractional ownership or yield-sharing.
TruSpine Technologies (TSP) has issued a warrant over two million shares exercisable at 20p each to Proffitt Brothers Investments.
Ormonde Mining (ORM) investee company Peak Nickel, where it holds 18.9%, has entered into an agreement for Winshear Gold to earn 100% of the Portsoy project in Scotland. This requires 1,000 metres of drilling and other exploration work and the spending of £3m within five years. Winshear Gold also has to issue 6.5 million shares to Peak Nickel over five years. Peak Nickel will retain a 1% net smelter returns royalty. If the project is sold by Winshear Gold, Peak Nickel will receive 10% of the proceeds up to a maximum of £10m.
Emissions reduction additives developer SulNOx Group (SNOX) has been granted a patent for fuel oil reclamation in Eurasia. This can be used for oily wastewater from ships.
Global Connectivity (GCON) has been given permission by the courts to petition for the bankruptcy of Barry Hersh, who agreed to subscribe for 37.5 million shares at a cost of £375,000 and failed to come up with the cash.
Amirose London Holdings (ALH) has raised £30,000 at 5p/share from a long-standing manufacturing client.
Daniel Thwaites (THW) has bought back 1.18 million shares at 90.04p each from Rulegale Nominees. The shares have been cancelled. Director RAJ Bailey bought 44,500 shares at 90p each.
AIM
Rent guarantee services provider RentGuarantor Group (RGG) moved from Aquis to AIM on Friday. The switch has been made ahead of law changes that will provide additional growth potential for the business. The share price rose from the Aquis close on Thursday of 27.5p to 35p.
Mobile Tornado (MBT) is asking for shareholder approval to leave AIM. There is limited liquidity and one major shareholder in the mobile communications technology company, so the quotation is not worth the cost. The board intends to seek a buyer in the next two years and believe it would be easier as a private company. The plan is to leave on 9 September.
Light Science Technologies (LST) reported slightly lower interim revenues of £5.06m, but there was a change in product mix. That enabled gross margins to improve, and the company achieved a small operating profit. Contract electronics manufacturing revenues slipped as a major pest control product came to the end of its life. Fire protection revenues grew strongly and could do even better in the second half if the new government regulator starts to approve more work. The Agtech business is also growing revenues and has launched an off-the-shelf version of its sensorGROW product.
Outsourced video gaming services provider Winking Studios (WKS) reported a rise in interim revenues from S$15.2m to S$19.4m, although most of the improvement came from the acquisition of Mineloader. The Asian gaming market is recovering. Profit was held back by the costs of the AIM quotation, but gross margin improved. There is S$25.6m in cash and this will help finance acquisitions in the UK to provide a base for growth outside of Asia.
Zoo Digital (ZOO) has restructured its operations supplying digital media services for the TV and film sector so that it can return to profit this year. In the year to March 2025, revenues recovered 22% to $49.6m and the loss was cut from $20.5m to $8.3m. Net debt was $1.9m. Annualised cost savings were $8.4m with a further $2.5m to come. Dubbing revenues have fallen 18% in the first quarter of the new financial year, but the rest of the business is growing. There was an EBITDA profit in the first quarter. Demand from streaming service is important to Zoo Digital. A new Fast Track service has been launched.
Autonomous vehicles developer Aurrigo International (AURR) says weaker activity has hit revenues this year. Disruption from tariffs and delayed tenders have pushed revenues into next year. The tariffs are hampering demand for its supply of equipment to the automotive sector. Aurrigo has been awarded more than £1m of grant funding. Canaccord Genuity has slashed its 2025 forecast revenues from £12m to £7.5m and that means the expected loss is £3.9m. Net cash should be around £1m at the end of the year. A £900,000 contract has been won with Teeside International Airport fo an autonomous baggage and passenger moving vehicle.
Pulsar Helium (PLSR) has secured a facility to provide up to $12.5m for construction of a helium processing plant at the Topaz project in Minnesota. University Bancorp has also extended the maturity date of the existing $4m to November 2026.
Metals One (MET1) has invested £1m in the latest placing by Chile-focused lithium project developer CleanTech Lithium (CTL). The placing raised a total of £4.3m at 5p/share. The cash was raised to finance the acquisition of an additional 30 licences in the Laguna Verde project for $600,000 and finance the development of the enlarged project. The additional licences should help to seek streamlined approval for the project.
Retailer Shoe Zone (SHOE) says trading conditions are still tough. Full year pre-tax profit expectations have been slashed to £2.5m, compared with £5m previously. Consumer confidence is low and spending power after essentials is reducing for many people. Net cash could be £6m at the end of September 2025 because of lower inventory and capital investment.
Bars and escape rooms operator XP Factory (XPF) increased owned and operated revenues by 12% in the 19 weeks to 10 August. Boom Battle Bars like-for-like sales were 5.6% lower but have started to recover. The new Reading site is trading more strongly than expected. Escape Hunt like-for-likes were slightly higher. The hot weather hit sales, although not as badly as the overall market.
Investment company Seed Innovations (SEED) has launched a tender offer at 2.2p/share. The maximum amount to be paid will be £1.91m. The latest time for acceptance is 5 September.
Midlands-based property investor Real Estate Investors (RLE) has made a further £11.3m of disposals this year. There is continued demand from private investors, although marketing of some larger properties has been delayed until the turn of the year. Debt has been reduced to £34.9m. Portfolio occupancy has increased to 85.8%. Contracted rental income is maintained at £9m despite the disposals. Overall income has reduced and that is why the quarterly dividend is one-fifth down at 0.4p/share. Harwood Capital, which seeks underlying value, has increased its stake from 10% to 11.1%.
Wellnex Life (WNX) joint chief executive George Karafotias has resigned. He will be repaid his A$705,000 loan to the company. Zack Bozinovski will become sole chief executive of the Australian consumer healthcare business.
Skin health company SkinBioTherapeutics (SBTX) says revenues should increase to £4.5m-£4.8m in the year to June 2025, which is slightly lower than expectations. The loss will be much lower than last year. Cash was £4.8m at the end of June 2025. The figures are subject to audit. July was a strong month and psoriasis treatment AxisBiotix will be launched in Superdrug later this year.
Versarien (VRS) intends to accelerate the sales process of the remaining parts of the group, while it tries to secure additional finance for the group. If the disposals happen the proceeds are unlikely to cover liabilities and Versarien would be placed in administration.
The UK authorities have decided not to provide a gas storage licence to EnergyPathways (EPP) for the natural gas and hydrogen storage elements of its MESH project. A S35 planning application for the major elements of the MESH project will be submitted as a step in the process to obtain consents from the UK government. If it is granted, then the parts of the project in the submission will be assessed under the 2008 Planning Act.
Canada-based antimicrobial treatments developer Ondine Biomedical Inc (OBI) says the American British Cowdray Medical Center in Mexico City will pilot Steriwave nasal photodisinfection from September. This will help to reduce surgical infections.
Active Energy Group (AEG) has executed heads of terms to develop a 150MW battery energy storage system in the Vale of Glamorgan in partnership with Fonmon Castle, which will provide ten acres on a 30-year lease. Active Energy Group will invest £40,000 and will get that back once planning consent is received. It will also receive 5% of the first year’s rent of £300,000.
MAIN MARKET
Bulk sampling by New Frontier Minerals (NFM) has identified additional high-priority targets for drill-testing at its Harts Range rare earths project in Northern Territory. The company is waiting for regulatory approval for drilling, which could commence in the third quarter. The Headingley prospect is the main drill target. In Australia, there are proposals for a floor price and national offtake agreements for rare earths. SP Angel has been appointed broker. Aspen Bridging advanced £106.4m in the first half.
North east England focused property finance provider Develop North (DVNO) reported a slight dip in NAV to 79.79p/share at the end of May 2025, although that was after paying dividends. The total return is 2.5%. The annual dividend is 4p/share. Further news of the change in investing strategy to include direct investments and the potential fundraising should be published in the next few weeks.
S and U (SUS) says favourable trading trends are continuing and the recent court decision on motor finance commissions is helping confidence. Profit improvement is gaining momentum. The Advantage Finance business increased motor loan volumes by 6% year-on-year in June. Repayment rates have recovered. Advantage Finance is not involved in any of the most contentious type of motor loans and will be involved in the consultation for the potential FCA redress scheme.
Andrew Hore
Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
Andrew Hore
Quoted Micro 23 June 2025
AQUIS STOCK EXCHANGE
Fund manager and broker Oberon Investments (OBE) won the Aquis company of the year award at the 2025 Small Cap Awards.
Ajax Resources (AJAX) has moved from the Main Market to Aquis. It previously raised £1m at 4p/share and another £500,000 is being raised at 5p/share. Ajax Resources has exercised an option to acquire the Minas La Escondida project in Argentina for $80,000. It has conditionally agreed to acquire a nearby licence area.
Helium Ventures (HEV) gained shareholder approval for investment in Bitcoin mining and the establishment of a Bitcoin treasury. The company is changing its name to VaultZ Capital, and it has raised £4m at 43p/share, most of which will be invested in Bitcoin. Former Argo Blockchain director Alex Appleton has been appointed chief executive and Sarah Gow, who was also at Argo Blockchain, has joined the board as an executive director. Pierre Villeneuve is chief investment officer. Global Investment Strategy UK is the new broker.
Hot Rocks Investments (HRIP) has bought 200,000 more warrants in The Smarter Web Company (SWC) exercisable at 2.5p each for 100p/warrant and one million shares in Tap Global Group (TAP) ahead of its move to AIM. The Smarter Web Company raised £29.3m at 180p/share and then announced a subscription agreement over 21 million shares, which Shard will try to place over the coming months. The total Bitcoin holding is 346.63 with an average price of £78,480 each. That is an investment of £27.2m.
Coinsilium (COIN) says the retail offer to raise £2.5m at 22.2p/share was heavily oversubscribed, and it decided to accept £4m. The Forza Gibraltar subsidiary has bought nearly 24.5 additional Bitcoin for £1.91m. The total cost of the 43.1077 Bitcoin owned is £3.38m.
Vault Ventures (VULT), which is starting a Bitcoin and Ethereum treasury, raised £1.25m at 0.018p/share. There is an eleven year plan, which focuses on growing the technology investment business, as well as the cryptocurrency investment. So far, 34.47 Ethereum and 0.22 Bitcoin have been purchased at a total cost of £81,000. Acquisitions are being assessed.
Pubs operator Daniel Thwaites (THW) reported an improvement in full year revenues from £115.5m to £120.6m, while pre-tax profit rose from £9.1m to £9.8m after doubled property disposal gains of £400,000. The total dividend is raised from 3.35p/share to 3.5p/share. The pubs division improved operating profit from £13.9m to £14.6m and the hotels contribution rose from £6.2m to £7.4m. That is before group overheads. Net debt was £71.4m at the end of March 2025.
Marula Mining (MARU) has secured a 30-year surface use agreement for the Blesberg lithium and tantalum mine in South Africa. Progress is being made towards the granting of the ten-year mining right. The remaining condition is completion of the Broad-Based Black Economic Empowerment structure for the subsidiary.
Incanthera (INC) says an independent study has confirmed the protective effects of its Skin + CELL product. Skin p-treated with the lotion showed a 6.5 fold reduction in DNA damaged. It was also shown to boost mitochondrial performance.
Valereum (VLRM) has invested €1.7m for a minority stake in Fideum Group, which will be paid in a number of tranches up until June 2026. Fideum is a blockchain business. Gary Cottle has been appointed chief executive of Valereum.
SulNOx Group (LON: SNOX) has raised £1m at 50p/share. SulNOx Innovations has been launched to invest in new fuel efficiency technologies.
Diagnostics developer EDX Medical (EDX) has signed a memorandum of understanding with Spire Healthcare. They will promote each other’s products and develop joint propositions.
Walls & Futures REIT (WAFR) gained shareholder approval to leave the Aquis Stock Exchange on 26 June and the proposed changes to the board were voted down.
Prize draw and rewards business Good Life Plus (GDLF) has raised £750,000 via a convertible loan note issue to a company associated with Mark Blandford and hopes to raise a further £750,000. The loan notes last until the end of June 2028 and offer an interest rate of 10%. The conversion price is 2.15p.
Zentra Group (ZNT) has sold land in Leicester for £250,000.
Amazing AI (AAI) says the loan facility provided by director Paul Mathieson has been increased in from £2m to £5m
Cooks Coffee Company (COOK) has appointed Allenby as corporate adviser and broker.
EPE Special Opportunities (EO.P) had net assets of 316.2p/share at the end of May 2025.
AIM
Frasers Group (FRAS) has decided not to make an offer for cosmetics supplier Revolution Beauty (REVB). There is continued engagement with other parties interested in a deal, as well as with shareholders about the alternative of a fundraising.
Defence services provider RC Fornax (RCFX) has issued a trading warning weeks after joining AIM. There have been delays in spending due to the Strategic Defence Review. The disruption related to the flotation on AIM is also blamed for a lack of new orders. Co-founder Dan Clark is stepping down. Cavendish has slashed its forecast revenues for the year to August 2025 by nearly two-thirds to £4m, down from £6.5m last year. That means that there will be a £1m loss. The share price had soared from the February 2025 placing place of 32.5p. Chair Mark Fahy, who bought his initial shares in the placing, acquired a further 38,173 shares at 26.95p each. Finance director Rob Shepherd bought an initial 93,000 shares at 26.8p each.
Cosmetics supplier Warpaint London (W7L) expects flat like-for-like sales in the first half with growth coming from a contribution from the Brand Architekts. There was 7% growth in the first quarter. That means interim sales could be up to 13% ahead at up to £52m. Margins are expected to improve this year with cost savings from the integration of the acquisition coming through in the second half. Shore Capital is maintaining its full year forecast with pre-tax profit of £29m.
AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (PR1) has announced a formal Bitcoin treasury management policy. The company can retain Bitcoin, but not other cryptocurrencies. No more than 50% of surplus cash can be retained in Bitcoin. Karen Lewis-Hollis has resigned from the board.
Litigation Capital Management (LIT) has lost a case that it co-funded. It invested £3.4m directly and its Fund 1 invested £8.2m. Total realisations for this year are A$55m, which excludes the Queensland Electricity and Quintis claims where there are appeals. Economic conditions mean that marketing for Fund III has been delayed. Cavendish forecast a A$41.7m loss in the year to June 2025.
Oxford Metrics (OMG) reported interims in line with expectations. Motion capture revenues fell compared with a strong comparative period. Acquisitions boosted the smart manufacturing revenues. Group revenues fell from £23.5m to £20.1m and Oxford Metrics slipped into loss. There was cash of £39.9m at the end of March 2025. Share buybacks are continuing and the amount has been increased by £4m.
SkinBioTherapeutics (SBTX) has signed an exclusive UK agreement with Superdrug Stores for the AxisBiotix food supplements that alleviate symptoms of inflammatory skin conditions, particularly psoriasis. On the back of this deal SkinBioTherapeutics raised £4.2m at 17p/share. Superdrug will sell AxisBiotix-Ps (for treating psoriasis) and still to be launched AxisBiotix-Ac (for treating acne) on an exclusive basis for two years. They will start to go into Superdrug stores with the highest sales of skincare products in September with a roll-out to the others next year.
Construction recruitment services provider Hercules (HERC) says interim revenues were 18% ahead at £54.6m, while pre-tax profit improved from £1.1m to £1.7m. The interim dividend is unchanged at 0.6p/share. The disposal of suction excavators has improved the balance sheet with net cash of £900,000 before deferred contingent consideration of £1m. A nominal amount has been paid for Quality Transport Training, which will be integrated with the training operation.
Quantum Blockchain Technologies (QBT) is making progress with the commercialisation of its Bitcoin mining efficiency technology. There are talks with two companies about them porting the AI technology in their existing control boards. These boards can replace the original ones in the Bitcoin miners. This will open up this market in the near future. There is engagement with two ASIC chip manufacturers about the potential to integrate the technology in their chips. This will take longer to commercialise.
CPP Group (LON: CPP) is selling its business in Turkey for £4.6m and it may also sell its operations in India. The initial payment is £3.1m. CPP wants to concentrate on its parametric Insurtech business Blink, which has won a £1.5m licence agreement with Mehrwerk for its cyber security product. Blink generated revenues of £1.1m in 2024 and that should more than double to £2.5m this year. It will remain loss making. The funds from disposals will be reinvested in Blink, which should accelerate growth, and finance the restructuring of the group.
Investment company Seed Innovations (SEED) reported a dip in NAV from 6.73p/share to 6.1p/share, but that was after paying a 1p/share special dividend, so there was underlying growth. There was a swing from an investment loss of £1.2m to a gain of £797,000. In the year to March 2025, the overall gain was £367,000, compared with a £2.12m loss the year before. The largest improvement in valuation was for sustainable oils and fats developer Clean Food Group.
Property fund adviser and investor First Property Group (FPO) returned to profit in the year to March 2025. Revenues slipped from £7.85m to £7.55m. There have been annualised cost savings of £650,000. The pre-tax profit of £3m was boosted by an increase in the share of associates profit from £1.05m to £2.83m, while the impairment loss on investment properties was reduced from £3.75m to £242,000. Third party assets under management fell from £222m to £164m. NAV is 30.5p/share.
MAIN MARKET
Motor and property finance provider S and U (SUS) continues to improve it performance. The motor finance division is trending above budge t and the Aspen business goes from strength to strength. First half profitability should be better than last year.
Construction equipment hire company Speedy Hire (SDY) says 2024-25 revenues were flat at £417m, but underlying pre-tax profit fell from £14.7m to £8.7m with a lower contribution from the Kazakhstan joint venture. Net debt was £113.1m at the end of March 2025. The dividend is unchanged at 2.6p/share.
Online travel hostel agency Hostelworld (HSW) has launched a share buyback of up to £5m. This can continue to the end of the year. So far, 22,000 shares have been purchased at 120.41p each.
Atlas Metals Group (AMG), previously known as MetalNRG, is planning to acquire Universal Pozzolanic Silica Alumina (UPSA) via an all-share offer. No figure has been put on the deal. UPSA has commercialisation rights to a pozzolanic silica alumina (PSA) in Australia. The extraction rights for 250 million tonnes last 99 years and are held by its partner Claystone International. There are another 1.35 billion tonnes of reserves over which UPSA has the rights to extract. The estimated value of the reserves in the ground is £10/tonne. UPSA has a book value of £1.08bn, based on the 250 million tonnes of PSA.
Shell Associated British Engineering (ABSE) had cash of £344,000 at the end of March 2025. Net assets are £350,000.
Andrew Hore
Quoted Micro 20 January 2025
AQUIS STOCK EXCHANGE
SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.
Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.
Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of £782,000 and digital assets of £4.26m.
Visum Technologies (VIS) has raised £100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.
IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.
Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.
AIM
Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at £338.3m was forecast to make a 2024-25 pre-tax profit of £18m, up from £13.9m last year, rising to £23.8m in 2025-26.
Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.
Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.
Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.
Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.
Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.
Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.
Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from £83.8m to £95.6m, while pre-tax profit rose from £10.1m to £11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.
Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from £7.1m to £10.5m. Net debt was £37m at the end of 2024. The order book is worth £111m and covers 53% of forecast 2025 revenues.
Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m.
Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from £63.8m to £84.1m. Continuing pre-tax profit improved from £1.6m to £2.6m and further improvement to £3.4m is expected for this year.
Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.
Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.
Premier African Minerals (PREM) has raised £1.2m from a placing at 0.0275p/share. A retail offer could raise up to £2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to £3.5m the placing and offer will not proceed.
Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of £200,000, but it will also release £2.5m from deferred income as exceptional income.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to £8.7m of income/year.
Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.
Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTER’S warehouse in Switzerland. On delivery, an invoice will be raised.
Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for €6m in cash with up to €2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.
Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for £18m, with a net initial payable after debt movements of £10.6m. Pitreavie made a 2024 pre-tax profit of £1.3m. There should be cost savings from integrating the business.
Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at €92m. Lower marketing spend meant that margins improved. More bookings were made through the company’s app. Pre-tax profit is expected to jump to €17m. Net cash is €2m. There will be an update on strategy in the second quarter.
Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.
Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.
Andrew Hore
Quoted Micro 18 November 2024
AQUIS STOCK EXCHANGE
Aquis Exchange (AQX), which operates the Aquis Stock Exchange, is recommending a bid from rival exchange trading business SIX Exchange. SIX is mainly interested in the technology that Aquis has developed, but it suggests that there is potential to develop the Aquis Stock Exchange as a pan-European market. The offer for Aquis Exchange is 727p/share in cash, which values the company at £225m. There had been several previous proposals from SIX.
Aquaculture technology developer OTAQ (OTAQ) says delays in orders mean that 2024 revenues will be lower than expected. Dowgate forecasts a drop from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should still be net cash of £100,000 by the end of the year. The orders should fall into 2025. Costs continue to be reduced and annualised savings of £500,000 have been made. The board is seeking shareholder approval to leave Aquis.
Pubs operator Daniel Thwaites (THW) increased interim revenues by 5% to £63.5m and although pre-tax profit declined, excluding gains on interest rate swaps and property disposals or income on pension assets, it improved from £6m to £6.7m. Net debt was £71.2m at the end of September 2024 and it continues to invest in its pubs and hotels. The dividend was raised from 0.85p/share to 0.9p/share. There has been weaker consumer confidence since the summer. The National Living Wage and National Insurance hikes, along with the reduction in business rate relief, will hit the business and there is limited scope to increase prices. That is a problem for the next financial year.
Crypto app developer Tap Global Group (TAP) has appointed Peter Wall as strategic adviser, and it is intended that he will become chairman. He used to be chief executive of Argo Blockchain. In the year to June 2024, unaudited revenues were £2.67m and they continue to rise. Chief executive Arsen Torosian will take on the same role at the Gibraltar-based subsidiary once regulatory approval is received.
Asia Wealth Group (AWLP) moved back into profit in the first half. A loss of $94,000 was turned into a pre-tax profit of $13,000. The company is seeking investment opportunities in the UK and Asia.
Mendell Helium (MDH) has completed the sale of health business. M3 Helium, which Mendell Helium has an option to acquire, says the potential flow rates from the Rost 1-26 well in Kansas could exceed previous expectations.
Ananda Developments (ANA) chief executive Melissa Sturgess bought 2.02 million shares at an average price of 0.32p each. She has a 9.92% shareholding.
Transport electrification technology developer Equipmake (EQIP) says Tony Ratcliffe will leave his role of finance director at the end of the month.
EPE Special Opportunities Ltd (EO.P) had net assets of 294.9p/share at the end of October 2024.
AIM
Film vehicles and services provider Facilities by ADF (ADF) has been hit by filming delays and the cancelation of projects. It had appeared that there would a strong recovery in the second half following the Hollywood writers’ strike. Revenues have been reduced from £48.6m to £35.1m and margins have been hit by competition for limited contracts. This means that Facilities by ADF will not do much better than breakeven in 2024. There should be a recovery in 2025, but revenues have been cut from £67.3m to £56.8m – including a 12-month contribution from Autotrak. Rockwood Strategic has a 3.7% stake and related investment entities have a further 7.6%, while Octopus has taken a 6.49% stake. Downing and Otus have reduced their holdings. Chairman John Richards bought 200,000 shares at 30.5p each.
Duke Capital (DUKE) is asking for more money from shareholders. A placing has raised £17.2m at 27.5p/share, which is more than the initial amount sought. A retail offer could raise up to £3m more. The cash will be used for new and follow-on investments. There could also be some stakebuilding in existing investee companies. There will also be additional debt funds that can be used. The retail offer closes on 22 November.
Investment manager Tatton Asset Management (TAM) increased assets under management and influence by 13% to £19.9bn. It will be difficult to continue this momentum. Pre-tax profit was 29% ahead at £11.4m. This was held back by additional investment in mortgage business Paradigm. The interim dividend was raised by 19% to 9.5p/share.
Programmatic advertising services provider Nexxen International (NEXN) plans ask shareholder permission at its AGM for a departure from AIM and change its Nasdaq listing from ADRs to ordinary shares. Third quarter figures show 12% growth in revenues, while EBITDA is 49% ahead at $31.6m. The 2024 EBITDA forecast has been raised by 7% to $107m, which is still well below the 2022 level.
Phoenix Copper (PXC) says NIU Invest is reviewing the Empire mine project ahead of setting out a new drawdown schedule for the $80m corporate copper bond. So far, $5m has been drawn down. The company is talking to other potential bond investors. There is enough cash to reach the second quarter of 2025.
SRT Marine Systems (SRT) is raising £8.5m at 35p/share, including £5.36m from Ocean Infinity, which has also underwritten a retail offer to raise £2m of the cash. Ocean Infinity is providing a $21.4m guarantee for the performance bond relating to a $213m marine systems contract. There are other potential contracts in the pipeline and management says that SRT Marine Systems should be significantly profitable in 2025-26.
Great Western Mining Corporation (GWMO) says the anomalous copper zone at the West Huntoon porphyry copper prospect has been expanded from 2 square km to over 3 square km. There have been some high grades of copper, gold and silver in samples. The anomalous zone appears to trend towards the company’s M2 copper resource.
Deltic Energy (DELT) says Shell has provided an updated total well cost estimate of $48m for the Selene well site in the North Sea. Deltic Energy is carried for costs of up to $49m. There are plans for a second licence term as the partners move towards a final investment decision. This news and the full inclusion of tax losses has led Canaccord Genuity to increase its NPV10 share price target from 30p to 38p.
Gold explorer and producer Ariana Resources (AAU) has secured a $5m financing agreement with RiverFort Global Partners and $2m has been received. No new shares will be issued. This will fund feasibility studies for the Dokwe gold project in Zimbabwe. RiverFort Global Partners will be the cornerstone investor for the ASX listing.
There has been plenty of news from cancer diagnostics developer Angle (AGL) this week. The DNA analysis of circulating tumour cells using Parsortix has been shown to identify EGFR-mutated non-small cell lung cancer patients that are developing resistance to treatment with AstraZeneca drug Osimertinib. Uses of the Parsortix technology are being showcased at an American Association for Cancer Research special conference. Angle is presenting a talk on PD-L1 status in circulating tumour cells isolated by its Parsortix diagnostics technology from blood samples of lung cancer patients. Data produced has high analytical sensitivity and specificity and suggests that this technology can be used for personalised treatment of lung cancer patients. Additionally, there is a report on progress of developing a system to classify HER2 protein expression for breast cancer. This is being developed with BioView. Parsortix-based assays were showcased at the European Association for Cancer Research (EACR) Liquid Biopsies Conference in France.
Delays to defence orders have hit Solid State (SOLI) and profit will be much lower than expected this year. Cavendish has downgraded 2024-25 earnings by 58% to 5.5p/share and next year’s by 48% to 7.9p/share because it is uncertain when the order will come through. The UK government has paused spending on a major defence order ahead of a strategic defence review next summer. The dividend could be maintained at 4.3p/share.
Touch sensors manufacturer Zytronic (ZYT) has completed a strategic review and decided to sell assets and return any cash to shareholders. This might involve the sale of the trading subsidiary Zytronic Displays or its assets. Net cash was £3.3m at13 November. The share price
Power generator OPG Power Ventures (OPG) is being investigated by the Indian authorities for alleged non-compliance relating to the Foreign Exchange Management Act. This regulates foreign exchange transactions. Management believes that everything they have done have been in compliance with laws. The power plants continue to operate.
MAIN MARKET
Ground engineering and piling business Keller (KLR) is trading in line with expectations, but it is cautious about European operations. Competitive pricing means that profitability has been hit. There is still one loss making problem contract. North America and Asia Pacific remain strong regions in most sectors.
Critical Metals (CRTM) says copper ore off-taker OM Metals has sent the first truck load of ore to its processing plant. Critical Metals has further extended the repayment of its loan facility. A $646,000 payment has ben deferred to 20 December and could be further extended until the end of January. Cost savings, including a voluntary salary deferrals of 25% for executives, are being undertaken.
Like-for-like foundry sales volumes were one-fifth lower at Castings (CGS) as European heavy truck sales declined. Interim revenues also fell by one-fifth to £89.2m and cost savings are not fully showing through so pre-tax profit was three-fifths down at £4.1m. The interim dividend is 2% ahead at 4.21p/share. There are opportunities in off-highway, wind energy and infrastructure and that would reduce reliance on heavy truck demand. The assets acquired from Chamberlin are profitable.
Andrew Hore
Quoted Micro 30 September 2024
AQUIS STOCK EXCHANGE
Seneca Partners has requisitioned a general meeting at ProBiotix Health (PBX) to remove chief executive Steen Andersen and Frederik Bruhn-Petersen, whose family office recently subscribed for shares, from the board. Seneca was an early backer of OptiBiotix (OPTI), which spun off ProBiotix Health and whose boss Stephen O’Hara is on the board. OptiBiotix was unhappy with the share subscription and concern about the increase of the number of employees in Denmark.
Brewer Adnams (ADB) interim revenues improved from £30m to £31.9m and the loss was reduced from £4m to £2.55m. NAV fell to £19.9m at the end of June 2024. The funding review is continuing. Proposals for additional funding have not been at suitable cost, so non-core assets will be sold to reduce debt. Adnams improved market share in the off-trade, but sales to pubs and bars declined faster than the market.
Music artist talent management services provider All Things Considered (ATC) increased interim revenues from £3.4m to £19.6m, helped by a sharp increase in services revenues and an initial contribution from the live events division. The loss rose from £1.14m to £1.26m. Net cash is £1.68m. The first major production for the ATC Experience division is Hamlet Hail to the Thief, which combines Shakespeare and Radiohead.
Skin treatments developer Incanthera (INC) says the initial launch of the SKIN + Cell is being expanded and the products will be in the European retail network of Marionnaud sooner than originally planned. That is 1,200 outlets and this should be enough to move Incanthera into profit. Full timing of the launch is still being discussed. There are also plans for additional products.
Trading in Essentially (ESSN) shares has been suspended pending an investigation.
Cleantech engineering company Time to ACT (TTA) reported a loss of £1.1m on revenues of £1.89min the year to March 2024, which was prior to flotation. There was a profit the previous year, but that was due to a one-off payment of £1.5m. Oberon forecasts revenues of £2.2m this year but points out the lumpy nature of revenues. There would still mean the company would be loss making.
Invinity Energy Systems (IES) joint venture development partner Gamesa Electric has ordered a 1.2MWh Mistral battery for a solar and wind generating site in Spain. This was announced at the same time as the interims, which were already well flagged. Interim revenues were £1.6m and the cash outflow from activities was £12.4m.
Bad debts of €1.09m were recovered by Black Sea Property (BSP) helped it move into profit in the six months to June 2024. Net assets are €50.6m.
Cadence Minerals (KDNC) made an interim loss of £2.5m, while net assets were £17.8m at the end of June 2024. The net cash outflow from activities was £300,000 and net cash was £100,000.
IntelliAM (INT) generated revenues of £106,000 between July 2023 and March 2024 and lost money.This is the period before the acquisition of 53 Degrees North Engineering. There was cash of £91,000 at the end of March 2024.
Equipmake (EQIP) has received an additional order from South American bus manufacturer Agrale. Equipmake will supply parts for the MA11 light bus platform, which is an electric/ethanol hybrid.
Hot Rocks Investments (HRIP) is investment in the Oscillate (MUSH) placing to help it finance the acquisition of Quantum Hydrogen. The investment company is buying shares in Oscillate at 1p each and they come with a warrant exercisable at 2p. The total fundraising is £700,000.
Coinsilium (COIN) reported that interim revenues slumped to £3,000, but the digital assets investor and services provider moved from loss to profit. That was due to a net fair value gain on financial assets of £336,000. Cash was £430,000 at the end of June 2024.
Igraine (KING) had £84,000 in the bank at the end of June 2024, following an interim loss of £67,000. The board is evaluating new opportunities.
Valerium (VLRM) has launched VLRM Capital Management in Gibraltar and it will act as director of VLRM Capital Management VSA Private Fund. The fund will use volume spread analysis to generate returns. Valerium chairman James Formolli has invested £1m in the fund.
Marula Mining (MARU) has updated its mine development plan for the Kinusi copper mine in Tanzania. The infrastructure is suitable to support open pit mining and two-phase copper processing operation to produce copper cathode.
Wishbone Gold (WSBN) is receiving A$55,000 from the Western Australian government towards exploration of the Nullagine tenements at Mosquito Creek.
Phoenix Digital Assets (PNIX) had net assets of 5.07p/share at the end of June.
Voyager Life (VOY) says that M3 Helium, which it has an option to acquire, plans a second frack on the Nilson well. This is a fully funded programme with investors providing $170,000 for a 25% interest in the well.
Ormonde Mining (ORM) says cash decreased by €769,000 in the first half of 2024. Net assets were €5.06m at the end of June 2024, with cash of €1.54m.
Globa Capital (GCAP) had net liabilities of £485,000 at the end of June 2024. There is support from shareholders and loan note holders to meet ongoing costs.
TechFinancials (TECH) had cash of $318,000 at the end of June 2024. Management is seeking investment opportunities.
Vinanz (BTC) raised £608,000 at 13p/share. This will fund the acquisition of more Bitcoin miners.
Lift Global Ventures (LFT) appointed Oberon as corporate adviser and broker.
RAJ Bailey acquired 10,000 shares in Daniel Thwaites (THW) at 85.25p each. It taks the director’s stake to 1.32%.
AIM
Floorcoverings supplier Airea (AIEA) had already flagged the weak second quarter trading. Interim revenues were 6% lower at £9.3m and there was a swing from a pre-tax profit of £620,000 to a loss of £68,000. Airea does not appear to be losing market share, and third quarter trading has been stronger. The investment in the manufacturing facility continues and should be completed in early 2025. There is still net cash even though inventories have increased.
Software and maintenance services provider Pennant International (PEN) says that the UK strategic defence review has led to delays in training contracts. This part of the business is being reviewed with plans to focus on a software-led model. Interim revenues were 4% higher at £7.4m despite a decline in North American revenues because of the splitting up of a large Canadian contract. There was a move back into a modest profit. A new software product will be launched in early 2025. Cavendish still expects a full year loss of £400,000, but it is reviewing its 2025 figures.
Telematics services provider Microlise (SAAS) has secured a five-year contract renewal with JC Bamford up until September 2029. The technology enhances connectivity and diagnostic capabilities to improve productivity. The relationship has lasted 14 years.
Graphene technology developer Directa Plus (DCTA) is taking a cautious approach to the environmental remediation tenders that it has been expecting to be awarded. These have been removed from forecasts and full year revenues are estimated at €7.3m, down from €10.5m, with a loss of €5.1m. The interim revenues declined 27% to €3.45m, although this was partly offset by the concentration on higher margin business. If Directa Plus wins one of the tenders, then revenues could rise significantly over the next year. There should still be net cash of €5.2m at the end of 2024, so Directa Plus can wait for the tenders to come through.
Shield Therapeutics (STX) has revealed phase 3 paediatric study results for ACCRUFeR, its iron deficiency anaemia treatment, that show highly clinically relevant effectiveness. This will support filings with the FDA and the European authorities for children older than one month. The FDA filing should be in the first quarter of 2025.
Ondine Biomedical Inc (OBI) has raised £2.8m at 12.5p/share, although the transaction is not expected to be completed until early November. This follows a partnership with Sweden-based Molnlycke Health Care that will take the Steriwave nasal antimicrobial treatment in the European and Middle East markets. The UK is the initial focus. The addressable market is $300m.
Cora Gold (CORA) says exploration work at the Sanankoro gold project in southern Mali has identified twenty new targets within eight gold bearing structures – four primary and four secondary structures. There are seven key targets. This provides potential to extend the existing gold resource of 920,000 ounces. There are signs that the Mali government may lift the moratorium on issuing permits. The existing DFS was based on a gold price of $1,750/ounce and even at this price level the project would generate $71.8m of free cash in the first year.
Clean Power Hydrogen (CPH2) has completed the final stage of the Factory Acceptance Test for the MFE110 electrolyser. The customer is Northern Ireland Water, and it will deploy one unit. This should help to spark more serious interest from other potential customers.
Fluid power products supplier Flowtech Fluidpower (FLO) had already pre-empted the interims in its July trading statement, but trading got tougher in the third quarter. Interim sales fell 6% to £55.7m with customers deferring orders. A recovery was expected in the second half, but revenues are likely to be flat leading to a 2% decline in revenues to £110m. Pre-tax profit is forecast to slump from £4.3m to £1.7m before recovering next year.
Emmerson (EML) is hopeful that it will receive the environmental permit for the Khemisset potash project in Morocco before the end of the year. There will also be the release of lab results from the second round of crop trials that examine the effectiveness of the potash providing phosphate to lettuces. Emmerson currently has $1.7m in cash. This should last well into 2025.
Hummingbird Resources (HUM) has launched an operational and strategic review and Dan Betts is moving from chief executive to chairman of the gold producer. A new boss is being sought. Lower than expected mining volumes mean that Kouroussa will take until the end of the year to reach commercial production. A $30m prepayment gold loan has been agreed with CIG. Gold will be delivered to CIG each month.
Energy services supplier Enteq Technologies (NTQ) has raised £1.5m from a placing and subscription at 5p/share. A retail offer could raise up to £500,000 and it closes on 30 September. The cash will help to finance the commercial launch of the SABER (Steer-at-Bit Enteq Rotary) tool. Testing with the first customer is ongoing. The fleet of SABER tools will be raised to ten.
Spirits supplier Distil (DIS) is raising £650,000 at 0.12p/share with non-exec Roland Grain subscribing £200,000 and Dr Graham Cooley £90,000. The shares come with placing warrants exercisable at 0.36p each. Allenby has been appointed as broker. The cash will fund promotion and production of stock.
MAIN MARKET
Highway Capital (HWC) has ceased discussions for the purchase of Guinevere Capital Esports and Entertainment. A capital restructuring is planned so that debt can be converted into equity and more cash raised via a share issue. The 2022-23 and 2023-24 accounts should be published by November. Trading in the shares was suspended in 2016.
Andrew Hore
Quoted Micro 23 September 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported interim revenues from those digital assets improving from £3.91m to £8.72m, although lower gains on disposals of assets meant that the pre-tax profit edged up from £10m to £10.3m. There was £1.5m in cash in the balance sheet at the end of June 2024. NAV was 82.01p/share at the end of June 2024 and this has fallen back to 71.92p/share at the end of July 2024.
Oscillate (MUSH) has signed an agreement to acquire Quantum Hydrogen for £1.4m in shares. The Minnesota exploration acreage has potential for hydrogen gas. There was £500,000 raised at 1p/share. Investee company Shortwave Life Sciences (PSY) announced positive safety results for its proprietary psilocybin-based drug combination.
Equipmake (EQIP) has received an order from Genco Energy, which is a supplier to Kiwi Bus Builders in New Zealand. This covers four zero emission drivetrains for trail electric buses. There are discussions for the supply of more drivetrains.
Food and beverages company Essentially (ESSN) has renegotiated supplier terms and its beverages are being sold in more stores. The Best of Latin was acquired in May. Interim revenues rose from £593,000 to £920,000. The loss was reduced from £400,000 to £236,000.
Macaulay Capital (MCAP) net assets declined from £1.36m to £1.17m in the six months to June 2024. The company has seven portfolio companies.
Mollyroe (MOY) had net assets of £267,000 at the end of June 2024 and that includes cash of £312,000. Management is seeking opportunities.
Telecom fibre optic cable components supplier Unigel (UNX) interim revenues declined from £18m to £14.8m, but higher gross margins mean that pre-tax profit improved from £630,000 to £930,000. Productivity improved and there were greater sales of higher margin products.
IntelliAM AI (INT) has won contracts with Hovis manufacturing sites, and they are worth £100,000 over 12 months.
Wishbone Gold (WSBN) has raised £360,000 at 0.375p. This will provide working capital. New 3D modelling at the Red Setter prospect owned by Wishbone Gold shows a high quality target, plus the structure of a dome target. The assessment of the Western Australia shows gold, some near the surface, and copper resource.
Probiotix Health (PBX) has secured an agreement with Greek consumer business Eifron, which will introduce YourBiotix tablets in early 2025 under its own brand. There will also be other products using Probiotix Health’s core ingredient launched.
Valereum (VLRM) says that its El Salvador subsidiary has obtained a Digital Asset Service Provider licence. This enables it to operate a real world asset ecosystem.
Marula Mining (MARU) reported a higher loss in 2023. There was a £913,000 cash outflow from operating activities. There was also a £1.67m outflow from investing activities. The first manganese export sales have been completed from the Larisoro manganese mine.
Watchstone Group (WTG) had net assets of £5.8m at the end of June 2024. That includes cash of £6.2m, but a return of capital has reduced the cash balance to £1.7m.
Adsure Services (ADS) has declared a final dividend of 0.99p/share. The ex-dividend date is 17 October.
Ananda Developments (ANA) raised £80,000 from a retail offer at 0.3p/share. This is on top of the £2.1m already raised.
Daniel Thwaites (THW) director RAJ Bailey bought 45,000 shares ate 85.05p each and 13,000 shares at 85.25p each. He owns 1.3%. Constantine Logothetis has acquired more shares in SulNOx Group (SNOX) taking his total to 25.1%. William Black and Armstrong Investments has increased its stake in EPE Special Opportunities (EO.P) from 5.1% to 6.02%.
AIM
Steel structures supplier Billington (BILN) was always going to have a tough time maintaining the 2023 figures and interim revenues fell 4% to £57.9m. Pre-tax profit was flat at £4.6m, although building safety products made a higher contribution offsetting a decline in structural steel. Net cash is still £21.9m even after the 33p/share dividend. The second half will not hold up as well. Cavendish has upgraded its 2024 forecast for the second time in six months. Pre-tax profit has been raised from £8.5m to £9.25m, still well down on the 2023 figure of £13.4m.
Digital coupons and loyalty technology provider Eagle Eye (EYE) continues to grow at an impressive rate as more retailers take up its technology with AI providing additional revenue opportunities. In the year to June 2024, revenues were 11% ahead at £47.7m, while pre-tax profit improved from £4.5m to £6.1m. Net cash is £9.1m and it will continue to build up. The five-year target is revenues of £100m.
Judges Scientific (JDG) had a tough first half. Organic revenues were 3% lower with China the weakest market. The international nature of the business helps to offset some of the downturns in specific markets. Pre-tax profit fell 16% to £10.8m. The order book covers 17 weeks of revenues. Panmure Liberum expects a dip in full year pre-tax profit from £31.7m to £30.7m. The recently announced Geotek contract will benefit the 2025 results.
Good Energy (GOOD) continues its transformation into an energy services business, but the real change will not be seen until next year when they start to make a positive contribution. The reduction in energy prices hit revenues of the supply business and profitability. The first half of the previous year was a beneficiary of high gas prices, so it is no surprise that revenues declined sharply from £156.1m to £97.4m. Pre-tax profit slumped from £13.1m to £4.4m.
There is a better outlook for kettle controls and water filtration products supplier Strix (KETL) following significant restructuring and cost cutting in the first half. This led to large exceptional charges. Interim revenues improved 2% to £66.1m and pre-tax profit rose from £6.9m to £7.8m. This excludes the Halopure business, which is up for sale. There were improved profit contributions from all three divisions. There is no interim dividend. Net debt has fallen to £68.8m.
Packaging equipment and automation provider Mpac Group (MPAC) is acquiring BCA Automation for £12.9m in cash and shares. The acquired business focuses on robotics and conveyor systems for food and other sectors, so it fits well with the existing business. The Boston-based business focuses on the packaging area, whereas Mpac is focused on earlier stages of production.
Ceramic and fragrance products supplier Portmeirion (PMP) had flagged the interim figures. Revenues fell 17% and there was a loss of £2m. Costs are being lowered and this has enabled full year estimates to be maintained with pre-tax profit expected to recover from £3m to £4.2m. This will come via cost savings and additional revenues. The dividend is being rebalanced from 3.5p/share to 1.5p/share, but the total dividend for 2024 should be higher than last year’s 5.5p/share.
There was yet another upgrade for Warpaint London (W7L) from Shore Capital following the interim figures today. There was strong growth in Europe and the UK. North America grew slightly but the focus is higher margin business. Gross margins continue to improve. Overall group sales were one-quarter ahead at £45.8m and pre-tax profit jumped from £6.3m to £11m. The full year pre-tax profit forecast has been raised 5% to £24.5m.
Kinovo (KINO) has won an 18-month contract with Hackney council. It is worth up to £12m and covers a range of decarbonisation works on 300 properties. The work should start in the fourth quarter of 2024. There is also another contract with Hackney worth £400,000. This work replaces another contract that is being retendered.
Intermediaries services provider Fintel (FNTL) grew interim revenues from £31.7m to £35.7m, helped by acquisitions. Zeus has updated its forecasts for the most recent acquisition ThreeSixty Services. The 2024 revenues have been raised from £74.3m to £77.5m, while pre-tax profit has been reduced from £18.4m to £17.2m.
DP Poland (DPP) generated like-for-like growth of 22% in the first half and the growth remains above 20% in the second half. Money raised this year is being invested in new Domino’s sites in Poland. There is also growth in franchising with four corporate stores sold to an overseas operator. The loss is reducing, and DP Poland could move into profit in 2025.
Phoenix Copper (PXC) has published the pre-feasibility study for the Empire open pit mine in Idaho. Discounted NPV at 7.5% discount is $87.9m and total cash costs are estimated at $2.44/copper equivalent pound. Over eight years the mine could generate net free cashflow of $153m. Further exploration planning is happening, and equipment is being purchased for the processing site.
Global Petroleum (GBP) has risen on the back of yesterday’s application two additional licences near to an existing Juno licence in Western Australia, where it increased its stake from 70% to 80%. This is near the Havieron project. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The company has appointed Omar Alumad, who it says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director.
Software training services provider Northcoders (CODE) reported a 26% increase in interim revenues to £4.4m. Registrations for courses were at record levels. There was a small interim pre-tax profit. Net cash is £700,000. The corporate business has been rebranded Counter. Investment in the cloud and data analytics means that there will be continued demand for Northcoders’ training and services.
Digital media company Catenai (CTAI) reduced its loss from £196,000 to £13,000 in the six months to June 2024. That is down to the fees earned for the £450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to £31,500.
Africa-focused energy company Chariot Ltd (CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners.
Rockfire Resources (ROCK) raised £450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to £250,000 managed to raise £82,000.
MAIN MARKET
Motor and property finance lender S and U (SUS) says that motor business remains challenging, although this could improve in the second half if FCA restrictions are removed. Property lending is still growing. The interims will be published on 8 October.
Trading in Hostmore (MORE) shares has been suspended and then cancelled because the company is being placed in administration.
Shipbroker Braemar (BMS) reassured investors about 2024-25 trading. Interim operating profit should be slightly higher than the £7.6m reported in the same period last year. There is £3.3m in cash. Management is confident about the rest of this year and next year despite continued volatility in shipping markets.
DG Innovate (DGI) raised £620,000 at 0.075p/share with management promising to subscribe £200,000 when the energy storage technology developer is not in a closed period. This will fund development of e-drives and energy storage products. It will also help to fund setting up a joint venture with EVage Automotive.
Becket Invest (TAB) has agreed to buy SMT Holdings, which will invest in strategic metals and rare earths used in technology and aerospace.
Andrew Hore
Quoted Micro 24 June 2024
AQUIS STOCK EXCHANGE
Brewer Daniel Thwaites (THW) increased full year revenues by 6% to £115.5m. The main growth was in the pubs and inns division. Operating profit before property disposals improved 4% to £11.3m. The interim dividend was raised from 0.75p/share to 0.85p/share. Net debt increased from £66.7m to £70.8m at the end of March 2024. The pension surplus rose to £34.9m.
Adnams (ADB) is outperforming the market in terms of beer sales and volumes. Funding plans are still being assessed.
Marula Mining (MARU) is seeking admission to the Growth Enterprise Market Segment of the Nairobi Securities Exchange in July. This will provide access to institutional investors in Kenya. Initial spodumene sales of 500 tonnes have been made from the Blesberg site. The export sales process will complete in the next four weeks. Minimum sales target of 10,000 tonnes should be achieved for 2024. Other buy-products could be sold later in the year.
Cooks Coffee (COOK) says the Esquires store sales increased by 24% in the first ten weeks of the financial year. The rate of growth is faster in the UK than in Ireland, although like-for like growth was faster in Ireland.
At the end of 2023, Evrima (EVA) had net assets of £1.02m, down from £1.77m at the end of 2022. Evrima is ready to capitalise on natural resources opportunities.
Tap Global Group (TAP) has launched its US service via its joint venture with Zero Hash. This operates a B2B2C crypto and stablecoin infrastructure platform and the US users will get access to a core suite of services to trade bitcoin and other digital assets.
EDX Medical (EDX) is launching comprehensive hereditary germline cancer testing products and services. These will predict if family members are more at risk of contracting cancer. The first test identifies mutations in 70 genes associated with cancers.
Invinity Energy Systems (IES) has secured the sale of a 4.4MWh vanadium flow battery to PowerFlex in the US and it will help to underpin the 2024 forecast revenues of £37.3m. The deal is for California where there is significant demand for storage batteries.
The Mustang Energy acquisition of Cykel AI (LON: CYK) should complete on 26 June.
Health food company Essentially Group (ESSN) has received approval for the listing of $25m of 12% fixed rate notes 2027 on the Vienna MTF. This cash will fund capital investment.
EPE Special Opportunities (EO.P) had net assets of 354.89p/share.
Skin treatments developer Incanthera (INC) has completed the recent fundraising at 15p/share. Unicorn Asset Management has taken a 11.4% stake.
TruSpine Technologies (TSP) chairman Geoffrey Miller has increased his stake from 8.24% to 9.22%. Another shareholder transferred 1.5 million shares at 1.5p each.
All Things Considered (ATC) has appointed Allenby as corporate adviser and broker.
AIM
Medical technology company AOTI Inc (LON: AOTI) has developed products that help to heal wounds by focusing oxygen on chronic wounds. These can include diabetic foot ulcers and pressure ulcers. It joined AIM last Tuesday and raised £19.5m at 132p/share, but £6m of that went on expenses. There were also shares sold by existing investors. The share price ended at 136p. Revenues are growing at an annual rate of 38% and reached $43.9m in 2023.
Market research company YouGov (YOU) says sales bookings have been lower than expected since the interims were reported. Full year revenues will be approximately £324m-£327m and underlying operating profit will be £41m-£44m. There is reduced demand for fast-turnaround research. There will also be a change in revenue recognition for consumer panel services that delays some revenue into next year.
Longboat Energy (LBE) is selling its assets in Norway for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in the main asset, which is the 52.5% owned Kertang gas prospect, offshore Sarawak. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. Chair elect James Menzies has bought one million shares at 9.75p each.
Full year results from Pennant International (PEN) achieved the expected recovery in 2023 pre-tax profit to £1.3m. Higher software income has helped margins to improve. The Gen 3.0 software launch this year has already led to a major contract gain. There is strong activity in the defence sector, but the timing of business is uncertain so a dip in pre-tax profit to £1.2m is forecast for this year.
There is a rival to the Checkit (CKT) indicative offer for Crimson Tide (TIDE), which has been rejected despite an increase in the bid from seven shares to nine shares for each Crimson Tide share. Former AIM company Ideagen has offered 312p/share for Crimson Tide, which is being considered.
Training services provider Mind Gym (MIND) reported an 18% decline in revenues and a slump into loss in the year to March 2024 and revenues are expected to continue to decline this year. Clients are putting off spending on developing the skills of employees. There was a loss of £12.1m after exceptional costs of £8.9m. There was a £6.6m write down on digital assets, restructuring costs of £1.8m and a £500,000 impairment of a US office lease. At the end of March 2024, cash was £1.4m. Liberum expects the underlying loss will be reduced from £3.3m to £1.7m in 2024-25. The new chief executive is updating strategy through further productisation of services.
Kibo Energy (KIBO) has simplified its restructuring plan. It is raising £340,000 at 0.01p each and creditors will convert £274,000 at the same share price. This replaces the £500,000 placing at 0.015p/share. Cobus van der Merwe will become an executive director and Clive Roberts a non-exec. Louis Coetzee is leaving the board.
Concurrent Technologies (CNC) has won its largest single contract worth $4.5m. The company will supply multiple standard plug-in cards to a major US defence and aerospace contractor. The lifetime value of the contract could be $40m. The income should begin this year, but the full benefit will come through in the future.
Crossword Cybersecurity (CCS) has signed a partnership to jointly market its Rizikon supply chain cyber platform. The deal is with a UK subsidiary of a global aerospace and security company. The focus is sub-sectors within the UK critical national infrastructure market. There is potential to generate several million pounds over the next few years.
Active Energy Group (AEG) dived because it intends to leave AIM and go into liquidation. There is no suitable offer for the CoalSwitch assets, but some discussions continue. Even so, shareholders are unlikely to get anything from the liquidation. Trading in the shares will be suspended on 1 July because the 2023 accounts will not be ready. Assuming the general meeting agrees to the proposals the AIM quotation will end on 23 July.
R&Q Insurance Holdings (RQIH) says that it intends to accept the alternative proposal from the buyer of Accredited. This means that the company will go into liquidation.
Geological information publisher Getech (GTC) reported a rise in loss from £3.1m to £3.6m in 2024. Getech has refocused on its core business because it does not have the financial strength to develop hydrogen products. The first four months trading in 2024 has improved by 17%, but the cash outflow needs to be stemmed. There was £400,000 in cash at the end of 2023, supplemented by a property sale in January raising £650,000. There is another property valued at £850,000. Cavendish believes Getech could break even this year.
Seed Innovations (SEED) has £3.9m in cash following the special dividend payment. The main investments are in Juvenescence, Avextra and Clean Food Group, all of which are biotech or cannabis related businesses. There are seven investments with valuations with two written down to nil.
MAIN MARKET
Chamberlin’s financial failure has provided an acquisition opportunity for Castings (CGS) which has paid £400,000 for the assets and inventory of Russell Ductile Castings. That is well below the previous book value. The foundry is based in Scunthorpe, where there is a 25-year lease, and it makes castings from 10kg to 7,000kg in iron and 10kg to 1,000kg in steel. Management believes they can maintain the customers, which diversify the business into new sectors making it less dependent on heavy trucks.
Advanced Energy Industries Inc has decided not to bid for power controllers supplier XP Power (XPP).
Andrew Hore
Quoted Micro 1 April 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has published an update on its distribution deal with Marionnaud. The first order for Skin + CELL products will generate revenues of £2m with 50,000 bottles of skin cream to be supplied for sale in Austria and Switzerland. A second order will be even bigger. The management projects revenues of £10m for the year to March 2025 and this would make it profitable. The range is being increased to five products and they are all part of the initial launch. Revenues could grow to £33m the following year. There is potential for licence deals in other countries.
Watchstone Group (WTG) says a subsidiary’s VAT appeal was dismissed even though it satisfied four out of five elements. A decision will be made on whether to appeal the judgement.
TruSpine Technologies (TSP) intends to issue a conversion notice to loan note holders. The conversion price is a 130% premium to the share price prior to the convertible loan note approval by the directors. A £200,000 debenture has been used to subscribe for convertible loan notes. Geoffrey Miller has increased his stake from 6.88% to 7.24%.
Quantum Exponential Group (QBIT) has announced a further adjournment of its a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the quantum technology investment company and offered to make a substantial investment. Stuart Woods has stepped down from the board.
Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says that the Cinovec project in the Czech Republic is in the process of completing a definitive feasibility study, but it will not be completed in the first quarter. There is potential to improve the lithium processing. Cadence Minerals has increased its stake in the Amapa iron ore project in Brazil to 34%. A study should reduce costs and improve productivity of the proposed mine.
S-Ventures (SVEN) increased interim revenues from £8.4m to £9.6m but reported a higher loss from continuing operations. The bakery business was profitable, but this did not offset losses and impairment costs for other businesses. There is no further news on the proposed sale of operations to AIM-quoted Riverfort Global Opportunities.
KR1 (KR1) had net assets of 134.6p/share at the end of February 2024. There was income generated of £1.63m.
Arbuthnot Banking Group (ARBB) increased its pre-tax profit from £20m to £47.1m and the total dividend was raised from 42p/share to 46p/share. Bad debts were lower than forecast. NAV is 1547p/share. The profit is likely to fall this year.
Global Connectivity (GCON) is amending the terms of warrants issued when it floated and extending them by two years to 20 April 2026. The exercise price is being reduced to 1.5p. Management is exploring potential investments.
Marula Mining (MARU) has commenced exploration at the Larisoro manganese mine in Kenya.
Valereum (LON: VLRM) has raised £300,000 at 6p/share from its chairman and is planning a larger fundraising in the third quarter of 2024.
Jenny Hanlon has been appointed as chief executive of brewer Adnams (ADB). She is currently finance director.
Tap Global Group (TAP) generated trading payment volumes of £181.6m in 2023. That generated revenues of £2.02m, but the loss was still £1.07m.
EPE Special Opportunities (EO.P) had net assets of 324p/share at the end of January 2024. There was £15.3m in cash offset by £4m in loan notes repayable on 23 July.
Gunsynd (GUN) investee company Aberdeen Minerals is raising £3m at 8.5p/share from Central Asia Metals with a further £2m that could be raised from the exercise of warrants at 11p/share. This deal requires regulatory approval.
Lift Global Ventures (LFT) investee company Trans-Africa Energy has received funding of £12m from an African investor. The first energy infrastructure investment is in Ghana. Lift Global Ventures’ core investor relations business generated cash in the first half, although there was a cash outflow for the group as a whole.
Aiden Keegan has been appointed chief executive of Cooks Coffee Company (COOK).
Philip Blows reduced his stake in Supernova Digital Assets (SOL) from 10.6% to 7.98%. There was £68,000 in the bank and £1.95m in investments at the end of October 2023. NAV was £2.93m.
Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 71p each.
AIM
Marine technology developer Windward (WNWD) has cut its loss and is heading towards profitability. The 2023 revenues were $28.3m, up from $21.6m. Windward started 2023 with an annual contract value of $25.5m and that has risen to $34.5m, while the 2024 forecast revenues have been edged up from $34.5m to $35.1m. Requirements for tracking cargo and ensuring that sanctions are complied with are helping to increase demand, particularly from commercial clients. Commercial revenues increased to 30% of the total for 2023, but government revenues are also growing.
Grocery distributor Kitwave Group (KITW) has made its latest acquisition, and this will be earnings enhancing. Total Foodservice Solutions is a food wholesaler with two depots based in the north of England. The customer base includes pubs, restaurants, universities and care homes. The gross cost is £21m and that is reduced to £17m when cash in the business is taken into account.
Strong growth at the Billi filtration systems helped Strix (KETL) have a better second half, but the limited recovery in kettle controls and lower consumer goods sales meant that pre-tax profit was slightly lower at £21.9m. There is no dividend. There should be an improvement in profit this year, but it will still be well down on the 2021 figure. Net debt was £83.7m and could fall below £79m by the end of 2024.
Good Energy (GOOD) had a strong performance in 2023 due to high energy prices, but 2024 will not get that benefit and energy supply profit will fall sharply. In 2023, pre-tax profit doubled to £5.7m, but the 2024 forecast has been downgraded from £8.4m to £6.7m. The energy services business, including solar and heat pump installation, is being built up and it will become a more significant profit contributor over the next couple of years making the group performance less volatile.
Floorcoverings manufacturer Airea (AEIA) increased sales of its Burmatex-branded product by 14% to £21.1m. Pre-tax profit was flat at £1.4m, although it included a small valuation gain in the latest year. Higher finance costs relate to the pension scheme and operating profit increased. The net asset value is £14.9m, including net cash of £3.4m. Strong cash generation can cover the £5m investment in new capacity and a 10% increase in the dividend to 0.55p/share. The new capacity should be ready in early 2025 and will enable Airea to take advantage of own brand opportunities for clients.
Revolution Bars Group (RBG) is assessing its options that include restructuring the business or selling all or part of the operations. There are currently no bidders. Luke Johnson is involved in talks concerning a fundraising.
Semiconductor designer CML Microsystems (CML) is being hampered by lower than expected shipments as clients reduce stocks and this is continuing into the new financial year. In the year to March 2024, revenues will be slightly lower than expectations at £23m and underlying EBITDA will be £6.4m, compared with a forecast £6.8m, due to more sales of lower margin products. Full year pre-tax profit will be just under £3m. The balance sheet remains strong with net cash of nearly £18m. The full benefits of the Microwave Technology acquisition, which has performed well, will show through over the next couple of years.
Horizonte Minerals (HZM) published the latest financing estimate for the Araguaia nickel project. The cost to complete is $454m, but the full funding required is $567m-$592m, including pre-production and transaction costs. Existing liabilities are $418, and they require restructuring. More cash will be required by mid-April. Interest payments are being deferred. Existing shareholders are not in a strong position.
A more positive trading statement from film and video translation services provider ZOO Digital (ZOO) as management believes that demand should recover following the disruption of recent strikes in Hollywood. Revenues of $40m are now expected for the year to March 2024. A new film and TV distribution client has been won and there is greater visibility of work. The company still might not move back into profit in 2024-25, though. There is potential disruption from a craft workers strike in Hollywood.
Boilers developer Inspirit Energy (INSP) is near to completing the four electronic updates for its waste heat recovery system. The team is relocating back to the UK. The cash outflow was stemmed in the six months to December 2023.
Infrastructure India (IIP) shares returned from suspension when the interims to September 2023 were published. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed at the AGM. Net liabilities are £217.4m.
Drug discovery company C4X Discovery (C4XD) also plans to cancel its AIM quotation and re-register as a private limited company if it gains shareholder approval at a general meeting on 15 April. Shareholders owning 57% of the shares are in favour. Management believes that it will be easier to raise funds as a private company and it will save money. C4X Discovery has raised £63m on AIM. In August 2022, £5.7m was raised at 25p/share. There is still £20.8m in the bank. In the six months to January 2024, revenues were £24.6m, due to milestone payments, compared with £1.7m in the first half of the previous year. The company is generally loss-making without substantial milestone payments.
Oil and gas producer Molecular Energies (MEN) is cancelling its AIM quotation because it does not believe it is worth the cost. The company should save £500,000/year. Chairman Peter Levine, who owns 29.2%, suggests that he may offer to buy shares of some other investors in the future, but there are no immediate plans to offer an exit prior to the cancellation. Green House Capital will no longer be spun off on AIM.
Infection protection technology developer Byotrol (BYOT) has been quoted for nearly 19 years and it has decided to leave AIM. Revenues from continuing products could improve from £3.7m to £3.9m this year. No further IP revenues are expected this year. Some IP was sold to Tristel (TSTL) and along with an early termination of another licence generated cash of £800,000, but minimum guaranteed royalties will be written down by £550,000 in the balance sheet. Even before that, there will be a higher loss in 2023-24. The business needs to be restructured and reduce costs and believes there will be more flexibility as a private company.
MAIN MARKET
Quantum dots developer Nanoco (NANO) generated interim revenues of £4m, including the recognition of £3m of Samsung licence income, up from £1.6m. Net cash was £54.5m at the end of January 2024. Second half non-Samsung revenues should be higher.
First Tin (1SN) had a cash outflow from operations of more than £2m in 2023. There was also £6.4m spent on exploration activities. There is £4.66m left in the bank.
Cizzle Biotechnology (CIZ) has raised £620,000 via a placing at 2p/share. This will fund the first proposed commercial test for its lung cancer test. The £500,000 loan facility with E3 Fund will be terminated.
Andrew Hore