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Quoted Micro 10 August 2026
AQUIS STOCK EXCHANGE
Heart health products developer ProBiotix Health (PBX) interim revenues increased 53% to £2.06m and improved gross margins. There was a swing from a loss of £153,000 to a pre-tax profit of £79,000. The growth was in the US. There was a £19,000 cash outflow from operating activities during the period and £1.24m in cash at the end of June 2026. The growth was in the US and there are prospects of second half growth in Asia and Europe, as well as in the US.
Emissions reduction additives developer Sulnox Group (SNOX) increased first quarter revenues by 54% to £804,600. Volumes were 73% higher. Cash was £1.54m at the end of June 2026 with some of the £2m recently raised invested in increased inventories.
Ajax Resources (AJAX) has started the environmental permitting process for the maiden drilling at the Pereira Velho gold project in Brazil. The process could take three months. The drilling budget is $1.5m. There has already been $5m spent on drilling and other work. The new work will enable a maiden mineral resource estimate to be calculated.
Global Connectivity (GCON) raised £293,000 at 0.1p/share. This will provide working capital and should last until July 2027.
EPE Special Opportunities (EO.P) says it will not buyback any more shares for the time being. The interims will be published on 9 September.
Delta Gold Technologies (DGQ) director Jamie Tosh bought 20,000 shares at 122p each. He owns 5.7%. Delta Gold Technologies has raised £30,000 from an exercise of warrants at 15p each.
ASSET MATCH
Trading in brewer Wadworth and Co (WAD) shares is starting on the Asset Match PISCES platform. Interim sales increased 6% to £22.6m, while EBITDA improved 14% to £2.7m. Own beer sales were 8% ahead and this is helping margins of managed pubs. The World Cup helped the figures. Tenanted pubs income is flat. The current wine and spirits contract is due for renewal next year and options will be reviewed.
An independent valuation of the Valens Pay fintech platform business by Wills Capital indicates a range of $560m to $1.39bn. Valens Pay is the principal platform owned by VP Fintech (VPF).
AIM
Communications and satellite technology developer Filtronic (FTC) reported a small dip in revenues to £55.5m, despite adverse currency movements, and investment in technology and increasing capacity led to a fall in pre-tax profit from £15.1m to £8.1m. Additional engineering and business development staff have been taken on. The new Sedgefield facility is up and running and annual capacity has increased to more than £200m. SpaceX remains the largest customer, but new customers are diversifying revenues. Pre-tax profit is expected to rise to £8.9m this year and 95% of forecast revenues are in the order book. Early forecasts tend to be conservative so there is room for upgrades later in the year.
Video games developer Devolver Digital (DEVO) plans to cancel its AIM quotation and there will be a tender offer of up to $5m at 16p/share. Shareholders are being asked to approve the proposals at a general meeting on 8 September. A further tender offer of up to $5m is planned for 12 months after cancellation. There will be annual cost savings of $1.6m, and the board does not believe that the share price reflects the recent progress, partly due to poor liquidity. Devolver Digital joined AIM on 4 November 2021 at 157p/share
Wellnex Life Ltd (WNX) is selling its main brand Pain Away to Japan-based Rohto Pharmaceutical for up to A$21.3m. The initial cash payment of A$19.8m is payable on completion and will be used to repay debt and invest in the remaining healthcare and contract manufacturing activities. The remaining payment is dependent on performance in the 12 months after the purchase. Shareholder approval for the deal will be sought on 8 September. In 2024-25, Pain Away had revenues of A$13.4m and EBITDA of $4.36m. The rest of the business lost money. Wellnex Life raised £5.22m at 31.75p/share when it joined AIM on 21 March 2025.
Transport software and services provider Tracsis (TRCS) is selling non-core events operations for £7.3m. In 2024-25 revenues were £20.4m and EBITDA was £1.9m. This was expected to improve. This will lead to a net reduction in profit after the disposal, but management can concentrate on the core rail technology business, which has better margins.
Strategic communications company Aeorema Communications (AEO) says interim revenues should be one-third higher at £17.4m, and pre-tax profit could treble before forex movements to £1.5m. After the year end change, the first half is much stronger than the second half, where a loss is likely. Forecast full year revenues have been raised from £20.4m to £22m, while pre-tax profit is improved from £740,000 to £810,000.
Automotive interior components supplier CT Automotive (CTA) says revenues grew 15% to $62.1m in the first half. However, higher operating costs mean that profit will be much lower than in the first half of 2025. Some of the cost increase can be recovered but that has been delayed until the second half. Production inefficiencies in Mexico had to be rectified. Revenues and profit should be stronger in the second half, and the company is optimistic about achieving full year forecasts.
Furnishings supplier Sanderson Design Group (SDG) says interim revenues improved 6% to £51.4m thanks to a 19% increase in North American brand product revenues. Third-party manufacturing revenues recovered 19% to £11m. Licensing revenues were 13% higher at £4.9m. Net cash was £10.2m at the end of July 2026.
Cybersecurity services provider Corero Network Security (CNS) says interim revenues were 42% ahead at $15.5m and it made a positive EBITDA. Annualised recurring revenues are 12% higher at $24.1m. Cash is $2.1m. Zeus still expects a move back into profit for the full year with a pre-tax profit of $400,000 forecast. The broker will review its forecast when the interim results are published.
FIH Group (FIH) is selling the Momart art logistics business for £7.6m to a larger rival and the deal should complete by the end of September. Momart made a loss last year. There could be a cash distribution to shareholders, as well as investment in the remaining business in the Falkland Islands.
Hostels operator Safestay (SSTY) is selling its London Kensington Holland Park property for £3m. This is one of the company’s early sites and it generated revenues of £1.7m last year. There should be a £2.6m gain on the disposal. NAV was 22.2p/share at the end of 2025.
IP and content management Ingenta (ING) is acquiring 23.9% of FirstAida, which is an early-stage legalTech business that is involved in AI software that helps IP holders to identify copyright infringement. The cost is £500,000 in shares and there is an option to buy the rest at a price linked to performance. There is a small dilution to this year’s earnings because of the share issue.
Battery technology developer Gelion (GELN) has secured a joint development agreement with battery materials manufacturer Mitsui Kinzoku which will help progress towards commercial manufacturing in Asia. Gelion will receive £2m in staged payments to validate the company’s NES cathode active material (CAM) for use in high density liquid and solid-state sulfur battery cells. Mitsui Kinzoku has an option to negotiate manufacturing rights in some countries in Asia.
Kazera Global (KZG) says that the technical report for the Sea Concession 2A heavy mineral sands project in Alexander Bay, Northern Cape, South Africa shows an inferred mineral resource estimated at 6.65 million tonnes of heavy mineral sands at an approximate grade of 20%. This is principally garnet, ilmenite, zircon and rutile. This is based on 1.42% of the licence area.
ePharmacy company Vulcan Two (VUL) says integration of its three acquisitions is progressing well. Vulcan Two is shedding lower margin customers and focusing on profitability. Forecast 2026 revenues reduced by 4% to £38.9m and additional staff hires and duplicated running costs have cut the pre-tax profit forecast from £1.9m to £1.1m.
MAIN MARKET
Foams manufacturer Zotefoams (ZTF) grew interim revenues 23% to £95.2m and pre-tax profit was one-third higher at £15.3m. This included a full contribution from OKC, which was acquired late last year. Organic growth was 4%. This was achieved even though footwear sales were 23% lower. Underlying organic growth excluding footwear was 28%. This means that footwear is 30% of total sales, down from 48%.
North east England-based property finance and development company Develop North (DVNO) reported increased interim income of £1.27m, up from £1.04m. The total value of the portfolio is £22.9m. This covers 14 projects following two exits during the period. There were write downs on two projects unable meet interest obligations and this led to a first half loss. The total dividends are 2p/share so far this year. The NAV at the end of May 2026 was 74.8p/share.
Ground engineering and piling business Keller (KLR) grew interim revenues by 10% to £1.61bn, while underlying pre-tax profit improved from £92.7m to £108.7m. There was growth in all regions, and the order book is a record at £1.9bn. This stretches well into next year. Non-exec director Stephen King bought 6,500 shares at £30.62 each.
Solvonis Therapeutics (SVNS) says initial screeding data for SVN-015 is encouraging. This is an AI discovered stimulant use disorder candidate. The next stage of evaluation is funded by the US National Institute on Drug Abuse. Solvonis retains full ownership.
Andrew Hore
Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 13 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL), which is changing its name to Serval Resources, raised £34,000 in its retail offer at 22.5p/share, which is below the maximum level of £300,000. It is acquiring Kalahari Copper and moving to AIM on 27 April.
Digital assets investor Valereum (VLRM) has received confirmation that the $300,000 cash element of the coupon is being paid in instalments over four days. Further amounts due from strategic partner Quorum Global Photonics (QGP), which is a 49.7% shareholder, are expected to be paid under the $200m royalty and streaming financing agreement. Pieter Scholtz and Gerhard Kotzee are directors of both companies.
Wishbone Gold (WSBN) plans to acquire the Silver Lake project in Western Australia. Before that happens, historic data will be further analysed. If it goes ahead 3.57 million shares will be issued for the acquisition.
Hot Rocks Investments (HRIP) has made new investments in Central Gold, Futuro Resources and Cobra Resources (COBR). Investee company Mendell Helium (MDH) is moving from Aquis to AIM, and 49%-owned Sunshine Gold Capital has been granted a third tenement as part of the Dexter gold project, which is near to two existing gold mines in Western Australia.
Stack BTC (STAK) made a loss of £110,000 in the six months to January 2026. There was cash of £51,000 at the end of January 2026 and since then £4.28m has been raised. There have been 31 Bitcoin acquired. The focus is finding a business to acquire.
Ethtry (ETHY) has spent £100,000 to buy 66.6737 Ethereum. It owns 816.6737 Ethereum.
Cooks Coffee Company (COOK) was franchisor of the year (expanding food and non-food) in the 2026 Irish Franchise Association Awards, and a franchisee was named franchisee of the year.
Shepherd Neame (SHEP) non-exec director George Barnes bought 2,173 shares at 458p each. Falconedge (EDGE) chief executive Roy Kashi and family have bought 2.9 million shares for an average of just over 1p each. The total holding has risen to 6.45%. EPE Special Opportunities (LON: EO.P) directors Clive Spears and David Pirouet each bought 5,968 shares at 176p and 168p respectively.
TechFinancials has changed its name to Ubuntu Mining and Metals Inc (UNTU).
ASSET MATCH
Brewer Wadworth and Company (WAD) says 2025 accounts should be published later in April. Strong Christmas trading meant like-for-like sales were 7% ahead. Beer volumes were 16% higher in the first two months of the year as the company sold more of its beer via its own pubs. Like-for-like sales of the group are 4% higher, but margins are under pressure even though gas and electricity costs are set until 2029. One pub was sold in January.
AIM
RentGuarantor (RGG) growth is accelerating with first quarter revenues more than doubling to £880,000 and this has sparked an upgrade. New partners have been brought onboard. It is also offering a new product with mydeposits that combines insuring rent deposits with the rent guarantee service. Allenby has increased its 2026 pre-tax profit forecast by 26% to £300,000. This would be a maiden profit.
Van Elle (VANL) is recommending a 52.3p/share cash bid from STRABAG UK, which values the ground engineering company at £58.8m. The share price has not been that high for more than three years. The directors had talks with other suitors before receiving this bid approach. Vienna-based STRABAG provides construction services, and it was seeking to expand in the UK.
Alien Metals (UFO) says joint venture partner GreenTech Minerals has identified material upside potential for the Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia not included in the current mineral resource estimate of 24Mt @ 2.9 g/t PGE₄ for 2.2Moz. Alien Metals has a 30% interest and a free carry until completion of a bankable feasibility study. High grade zones have been identified and there is potential for open pit mining. The results of the maiden drilling programme should be announced later this month. Joint venture partner West Coast Silver has announced a 1,500 metre drilling programme for the Elizabeth Hill silver project in Western Australia.
Data analysis software and services provider Celebrus Technologies (CLBS) says full year revenues are broadly in line with expectations at $23.3m, down from $38.7m because of a change in business model, and the loss will be around $200,000. Annualised recurring revenues grew from $13.6m to $15m. Two bank customers sold off parts of their businesses, so their payments were reduced. Some expected deals at contracted stage were lost or delayed and Celebrus Technologies is improving its skills in winning new clients. Cash was $32m at the end of March 2026. Another loss is anticipated for 2026-27.
Mercantile Ports and Logistics (MPL) is pursuing legal remedies to regain control of port operating subsidiary, Karanja Terminal & Logistics. One bank did not sanction an agreement for a one-time settlement of company debt with the consortium of banks. The court has told the Committee of Creditors holding the company debt to consider an offer to redeem 100% of outstanding debt. There has been no progress and there are potential buyers interested in the assets. An international oil and gas company is a potential provider of funds to help redeem the debt. A meeting was held to consider Mercantile’s proposal on Friday 10 April.
The shares of Secure Property Development and Investment (SPDI) returned from suspension. The property company amended heads of agreement with energy storage technology developer Adven, which it is proposed will acquired SPDI, so it is not a reverse takeover anymore. Instead, Adven intends to join AIM and launch a share exchange for SPDI. Adven can then raise money via EIS.
Steppe Cement (STCM) has increased cement sales in Kazakhstan in the first quarter of 2026 to 344,058 tonnes, from 276,217 tonnes in the same period last year. The average price was one-fifth higher at around $57/tonne. Market share increased to 16%. Capacity is being increased and the final estimated cost is $35m.
Atome (ATOM) is in the final stages of negotiations for the funding of the Villeta fertiliser project in Paraguay. Definitive documentation with the equity consortium is expected by 17 April. The potential funders are likely to be at the IMF and World Bank spring meetings at that time.
Physiomics (PYC) has accepted a general meeting request from Michael Whitlow, who owns 13.7%, and the meeting is on29 April. Michael Whitlow wanted to appoint Nicholas Tulloch, Ian Bagnall, Martin Gouldstone (later removed) and himself as directors and remove Dr Jim Millen, Shalabh Kumar, Dr Tim Corn, and Dr Peter Sargent, as long as least two of the new directors are appointed. The board did offer to appoint two non-execs to replace two existing ones, but it felt that the remuneration requested was too high. The board believes that the disruption could hamper the ability to commercialise its IP. They are asking shareholders to vote against the resolutions.
Quantum Blockchain Technologies (QBT) says a court has stopped enforcement of a €6m plus damages award against Sipiem relating to the Mediapolis business. The company has not been able to enforce the seizing of property of a former Sipiem director because he has declared bankruptcy. The liquidation of Mediapolis is being completed and a further distribution of €132,000 is expected to be received by the end of June.
MAIN MARKET
Financial management software developer Aptitude Software (LSE: APTD) has decided to seek a potential purchaser as well as considering other options for the business. It is possible that other businesses would be sold to concentrate on Fynapse. The refocus on that product led to a 1% dip to £49.8m even though Fynapse sales were higher. Recurring revenues were £54.4m and operating profit was flat at £10m. Net cash is £21.2m. The dividend is 5.4p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for its PTSD programme. The patent covers a chemically distinct monoamine modulator series designed to modulate serotonin, dopamine and noradrenaline transporter systems (SERT, DAT and NET) and lasts February 2043.
Andrew Hore
Quoted Micro 8 December 2025
AQUIS STOCK EXCHANGE
Amazing AI (AAI), whose shares are suspended because its corporate adviser has resigned, is asking for shareholder approval to leave Aquis. Considering the negative publicity this is not a surprise.
Delta Gold Technologies (DQG) joined Aquis on 1 December 2025 when it raised £2.5m at 10p/share. The company is developing quantum computing technology that can be licenced. This involves nano-space gold and other materials. The share price improved 28.75% to 12.875p. Bitcoin mining company Sterling Digital (ASIC) was the other company that joined Aquis on 1 December, and it raised £5m at 5p/share. The cash will fund a 3MW Bitcoin mining facility in Texas powered by flared gas. The share price reached 5.25p on the first day but ended the week unchanged at 5p.
Valereum (VLRM) is progressing with the agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. The new company has been established, and 12.6 million shares have been issued to Quorium Global Photonics SPC at par value. These shares have to be retained until the $200m of capital is released. The deal is subject to compliance and regulatory approvals. Valereum is applying to join the OTCQB Market, having sold its stake in London BTC Company (BTC), which had previously prevented qualification.
Time to Act (TTA) is interested in acquiring the assets of Versarien, which has gone into administration. Subsidiary GreenSpur Wind has won a design contract with Severn Estuary Tidal Bar, which is developing Very Low Head tidal turbine systems. There will be an assessment of GreenSpur’s axial-flux generator technology in relation to the turbine systems. This should be completed in January.
WeCap (WCAP) has provided an update on its shareholding in WeShop. The WeShop share price rose early in the week and then fell back to $126.61 and daily volumes are well below those in the first week of trading. WeCap is not allowed to sell shares before 15 November 2026. It will have to repay the £6.965m discounted capital bond by 24 May 2026. WeCap is talking to the bond holder.
Hot Rocks Investments (HRIP) has bought a further 500,000 WeShop shares, taking its stake to 537,500. It is paying 99 million shares and 173.1 million performance warrants exercisable at 1.2p each to Sidney PTC, but the shares cannot be transferred until the lock-in period ends on 15 November 2026. The initial 101.5 million of warrants can be exercised when the WeShop share price exceeds $213.34 and the rest when the price is higher than $426.67.
Alex Appleton, Sarah Gow and Pierre Villeneuve have resigned as directors of wind-based hydrogen production technology developer Energy B (NRGB), formerly known as Hydrogen Future Industries. This is leading to a review of the Bitcoin given the reduction in investor interest for this. Additional cash will be required for the business.
Ananda Developments (ANA) has received ethics and MHRA approval for the phase 2 clinical trial for the efficacy of MRX1 in treating Chemotherapy-Induced Peripheral Neuropathy. The company has redeemed its 600,000 convertible loan notes in return for 150 million shares at 0.4p each. Charles Morgan’s stake is 56.3%. Shareholder approval for leaving Aquis is expected at the general meeting on 12 December.
Phoenix Digital Assets (PNIX) plans to redomicile from the UK to Gibraltar, which already has rules relating to distributed ledger technologies. There are also experienced advisers in Gibraltar.
Global Connectivity (GCON) investee company PLUG Group has raised £1.05m at £21/share. Global Connectivity director Michael Langoulant bought 5,000 shares. Global Connectivity acquired its 87,625 shares at 200p each.
B HODL (HODL) entered into two unsecured, zero-coupon Bitcoin denominated convertible loan with Adam Black and with CoinCorner Ltd. The combined amount covered is 2.1 Bitcoin and they last for three years. The conversion share price is 11.55p.
TechFinancials (TECH) has still not received the £250,000 of placing proceeds it has been waiting for because of transfer problems.
Global Chain, a company associated with NYCE International (NYCE) director Harmen Brenninkmeijer, bought 44,291 shares at 11.06p each, taking its stake to 20.97%.
IntelliAM AI (INT) says the retail offer was oversubscribed. It has raised £260,000.
Shortwave Life Sciences (PSY) consolidated 10 shares into one new share on 2 December.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks. Shareholders have approved share buybacks.
Mendell Helium (MDH) has extended the broker option over up to 10 million shares until 8 December. An additional subscription of £600 has been received.
JP JENKINS
The JP Jenkins 15 index rose 4.5% to 1147.2p in November, which is the largest monthly increase since March. There was a significant rise in THG Ingenuity. Quarterly reweighting will be in January 2026.
ASSET MATCH
Byotrol (BYOT) increased interim sales from £1.93m to £2.18m and reduced the loss from £672,000 to £319,000. There was a small cash inflow from operating activities and cash was £299,000 at the end of September 2025. The infection control products company has convertible loan stock of £962,000. Cash may be required by the middle of next year. Full year sales could be as high as £4.5m.
Brewer Wadworth (WAD) says like-for-like sales are 3% ahead with own beer sales 12% higher in the year to date. Wadworth has had to absorb £750,000 of additional costs in recent months because of the 2024 Budget. Christmas trading will be important for the full year outcome.
Gulfsands Petroleum (GPX) is seeking shareholder approval to restructure is capital to consolidate shares and get rid of shareholders with fewer than 200,000 shares. A share facility will be set up for those with fewer than 200,000 shares and for the fractional entitlement of those with higher numbers of shares. If the payment would be les than £25 the shareholder will not receive any cash. Investors can bid to increase their shareholding to one divisible by 200,000. There will be a subsequent subdivision and there will be 45.14 million shares in issue. The company wants to be in a position to resume operations in Syria.
Zytronic (ZYT) says the buyer of its property is seeking to secure better financing terms. This will delay the sale. The distribution is still expected to be in the range of 48p-58p/share.
AIM
Zimbabwe is changing its royalty and tax regimes. There is an increase in the royalty rate from 5% to 10% when the gold price exceeds $2,500/ounce – applied to the full gold price – and the 100% upfront deduction for capital spending will be spread across the life of the project. This could affect the Bilboes gold project being developed by Caledonia Mining Corporation (CMCL), where production costs would be much higher, as well as its existing production. Cavendish has reduced its 2026 earnings forecast from 2.97 cents/share to 2.62 cents/share.
Health assessment technology developer GENinCode (GENI) has secured a collaboration agreement with Thermo Fisher Scientific to distribute and manufacture the CARDIO inCode-Score® Polygenic Risk Score for the prediction and prevention of heart disease. This follows the New York approval of the test. The deal covers the US as well as Europe, the Middle East and Africa. The FDA approval process is progressing.
Wynnstay Group (WYN) is benefitting from the revised strategy of the new chief executive and trading is slightly better than expected. Feed and grain profit improved even though feed volumes were lower and grain trading was hit by a weaker wheat harvest. The arable division generated better profit on higher fertiliser sales. Like-for-like retail stores sales were flat, although margins improved. Non-recurring charges relating to the restructuring will be between £5.4m and £5.9m. Cash costs will be up to £2.5m. Net cash was £26.4m at the end of October 2025. Shore Capital raised its 2024-25 pre-tax profit forecast by 6% to £9m, compared with £7.6m in the previous year. Three directors each bought 2,891 shares at 345p each following the trading statement.
One Health Group (OHGR) did even better than expected in the first half. Interim revenues were 10% ahead at £15.5m, while underlying pre-tax profit rose from £895,000 to £1.28m. Earnings were flat at 6.89p/share because of the shares issued earlier this year when One Health switched from Aquis to AIM. Net cash was £9.7m at the end of September 2025. The interim dividend was edged up from 2.07p/share to 2.1p/share. Management is confident that the surgical hub can be up and running one year after full permissions are received.
Fulcrum Metals (FMET) has achieved more than 70% gold and silver recoveries at Teck Hughes in Canada. This is part of the phase 3 metallurgical work. Previous gold recovery levels were 59.4%. Full results from the tests are expected in the first quarter of 2026, and this will support a mineral resource estimate. This will be followed by a phase 4 preliminary feasibility study.
Iodine producer Iofina(IOF) has signed an agreement with Western Midstream Partners to develop its next IOsorb plant in the Permian Basin between western Texas and southeastern New Mexico. Up until now Iofina has been producing iodine in the Anadarko Basin in western Oklahoma. The new plant will be twice as large as existing plants with a capacity to process 50,000 barrels of brine water per day supplied by Western Midstream. It will cost up to $9m to construct with annual production of up to 220 metric tonnes of iodine. The new plant could be producing before the end of 2026.
Advanced coatings provider Hardide (HDD) has received a significant order from a North American energy sector customer with a value of £1.75m. This is higher than expected and there could be more to come. The forecast revenues for 2025-26 have been raised by £1m to £8m and pre-tax profit increased from £600,000 to £1.1m – indicating the operational gearing.
North Sea oil and gas company Deltic Energy (DELT) recommended a 7.46p/share bid from Rockrose Energy, which is owned by Viaro Energy, at the end of June but completion is still dependent on the North Sea regulator NSTA. NSTA wants further information in order to reach a decision to grant the change of control of licences. The long stop of the bid has been extended to the end of March 2026.
Synergia Energy (SYN) is selling its 50% stake in the Cambay PSC for $14m and $500,000 has already been received. The initial payment is $6.5m with a further $7m 12 months after completion. This deal requires India government approval. Synergia Energy is asking for shareholder approval to leave AIM, and it will return cash to shareholders via a share buyback. A matched bargain facility may be put in place.
Anglesey Mining (AYM) shares trebled to 0.825p after it entered into a binding letter of intent with largest shareholder Energold Minerals Inc that will enable a restructuring of the business and improve the balance sheet. Two of Anglesey Mining’s investments will be swapped for the elimination of £4m of debt. Energold Minerals is paying £350,000 for non-voting exchangeable warrants to provide immediate cash. The focus will be the Parys Mountain project. Energold Mining president Brendan Cahill and Jim Williams are joining the board.
Barely more than two weeks after reporting its interims, musical instruments retailer Gear4Music (G4M) says trading has been very strong over the past weekend. This means expectations have been raised and the full year EBITDA forecast increased from £15.2m to £16.7m.
Quantum Blockchain Technologies (QBT) has entered into three non-disclosure agreements with ASIC manufacturers in relation to its Bitcoin mining technology. They have developed equipment that will be made available to QBT so that it can install and test its software. Another non-disclosure agreement has been signed with a Bitcoin mining pool. This could bypass the need to modify the operating system of mining machines using the pool.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) has gained a contract worth $3.6m from a US government agency. This is for a two-year period and is to develop a way of accelerating computer system recovery after cyber-attacks.
New Frontier Minerals (NFM) has commenced drilling at the Harts Range heavy rare earths and niobium project. There will be up to 46 holes. This follows the recent fundraising.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 2 June 2025
AQUIS STOCK EXCHANGE
Probiotic ingredients developer ProBiotix Health (PBX) reported that it had a strong first quarter in 2026 with growth of 50%. This was at the same time as reporting a 13% increase in 2024 sales to £1.883m. Gross margins are more than 50%. There is £1.65m in the bank after a cash outflow of just over £1m. The cost base is broadly in line with requirements so the majority of additional revenues should drop through to profit. New deals have been signed with Kemin China and TopHealth in South Korea. There are also new product launches in the second half. This should help revenues to grow this year. Currently, North America dominates revenues. There are already 24 customers and more than 100 leads. The target is revenues of £10m in 2028 and that should produce £2m of EBITDA. Chief executive Steen Andersen bought an initial 125,450 shares at 7.83p/share and chairman Adam Reynolds acquired 50,000 shares at 7.88p each.
In the year to March 2025, café chain Cooks Coffee Company (COOK) increased revenues by 49% to NZ$7m, including an initial contribution from Dairygold cafes in Ireland. Total franchise stores sales were one-third higher at NZ$79.6m. Cooks Coffee and a regional partner have acquired two Black Goo cakes and food stores. The target remains 300 stores by 2034.
AIM-quoted RiverFort Global Opportunities has completed the acquisition of the healthy snacks businesses of Aquis-quoted S-Ventures (SVEN) and changed its name to Tooru (TOO). S-Ventures becomes a cash shell and may decide to distribute the Tooru shares received in the deal to its shareholders.
Sundae Bar (KNDR), which was formed by the merger with Ora Technology, plans to move to AIM. The company is developing a platform that will be a marketplace for AI agents. There is a conditional fundraising of £2m at 8p/share. The expected admission date is 3 June.
Helium Ventures (HEV) has signed a strategic deal with NewQube Holdings to establish a Bitcoin treasury function. There has been £1.2m raised at 2p/share and this will be invested in Bitcoin. The company name will be changed to VaultZ Capital.
Hot Rocks Investments (HRIP) is also planning to become an investor in digital assets, and it will change its name. Disposal proceeds from the existing portfolio will be invested in Bitcoin.
KR1 (KR1) had net assets of 47.79p/share at the end of April 2025, down from 52.16p/share at the end of March 2025. The digital assets generated income of £394,091 during the month.
Brewer Adnams (ADB) grew 2024 sales by 3% to £68.1m and the loss was reduced. The only part of the business that declined was retail. Contract work helped the brewing and distillery operations. Net debt edged down to £15.3m and asset disposals will enable further reductions. The business will try to offset rising costs.
Flow batteries supplier Invinity Energy Services (IES) reported a fall in full year revenues from £22.1m to £5m, but the loss was lower and the increased number of shares in issue meant that the loss per share fell from 14.7p to 5.3p. Net cash is £32m. Revenues should rebound this year, and the loss fall again. Breakeven is possible in 2026 and net cash could still be £7m at the end of 2026.
Coinsilium (COIN) has raised £2.5m from a placing at 6p/share and more will come from a retail offer. The cash will be invested in Forza (Gibraltar) for Bitcoin-based treasury activities. It currently owns 10.0021 Bitcoins at an average purchase price of £81,696.90.
Capital for Colleagues (CFCP) had a small dip in interim revenues to £404,000. The NAV has fallen from 87.32p/share to 74.27p/share at the end of February 2025. General economic uncertainty led to the decline in valuations.
Smarter Web Company (SWC) has increased its Bitcoin holding to 83.24 and the average purchase price was $78,567 for each Bitcoin. Andrew Smith has increased his stake from 8.6% to 11.2%.
Residential property developer Zentra Group (ZNT) has completed the sale of five properties in Eccleshill and along with freehold land generated £1.19m. This cash will go towards acquiring a site in Manchester. The value of the 30% stake acquired in One Victoria in Manchester has been raised from £3m to £4.1m. Zentra will generate fees for development and sale of the properties.
Valereum (VLRM) says VLRM Markets has gone live. A memorandum of understanding has been signed with Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. Valereum has entered a tokenisation partnership agreement with football team Club Deportivo Futbolistas Asociados Santanecos.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to agree a cash injection by the end of June and the loan has been extended by a further month.
Tap Global Group (TAP) has received an income boost from recoupment of Bitcoin rewards. There are approximately five Bitcoins that will be added to assets.
Shares in File Forge Technology (FILE) returned from suspension after the acquisition of Amirose London and a 24-for-one share consolidation.
Marula Mining (MARU) has terminated its subscription agreement with AUO Commercial Brokerage. Instead, an unsecured debt facility will be put in place. As part of the deal 50% of the shares issued to AUO will be cancelled, so 27 million shares will be issued. A company associated with chief executive Jason Brewer bought 16.5 million shares at 3.75p each.
IntelliAM AI (INT) chief executive Tom Clayton bought 10,962 shares at 82p each.
ASSET MATCH
In 2024, brewer Wadworth and Company (WAD) grew revenues 6% to £41.3m, while pre-tax profit was 13% higher at £923,000. January and February were tough, but trading improved in March and April, and profit is improving this year. A refinancing is due by September.
C4X Discovery (C4XD) says a Euro8m milestone payment from Sanofi has been triggered by pre-clinical progress for the oral IL-17A inhibitor programme for the treatment of inflammatory diseases. So far Euro18m has been received out of a possible total of Euro414m of milestone payments and royalties.
AIM
Energy assurance and optimisation services provider Inspired (INSE) has received an indicative offer of 81p/share from HGGC managed funds. The Inspired board has indicated that it would be minded to recommend the bid at this level. Regent Gas Holdings is offering 68.5p/share in cash and says it wants Inspired to stay on AIM. That offer was rejected, and acceptances have been minimal.
Reduced frequency of services hit the ongoing business of cleaning services provider React (REAT) hit ongoing interim revenues. There were also two paused contracts. In the six months to March 2025, revenues rose from £10.6m to £12.1m, but that was after a £2.8m contribution from 24hr Aquaflow Services, which was acquired in October last year. It also helped gross margin improve from 27.1% to 32%, which should be sustainable because contracts have been in cost increases from higher National Insurance rates. Admin expenses have increased ahead of growth and because of running two systems at LaddersFree while business is transferred to a new online platform. Underlying interim pre-tax profit was flat at £1.1m, excluding acquisition costs of £220,000.
Video games publisher Frontier Developments (FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from £85.9m to £90m, compared with £89m the previous year. A loss had been expected, but this is now a pre-tax profit of £3.3m, although that includes a £3.5m gain on the sale of rights to one of its games.
Engineering company Avingtrans (AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at £161m, the pre-tax profit estimate has been raised from £6.5m to £8.1m due to the product mix and cautious forecasting.
IG Design (IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged.
A surprise trading statement from contract research business hVIVO (HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still £47m, but Cavendish expects a loss this year.
Poolbeg Pharma (POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials.
Synthetic binders developer Aptamer (APTA) has signed a second deal with Unilever for the to develop a panel of Optimer binders for an additional biological pathway associated with body odour formation. This is a fee-for-service deal that will be worth a six-figure sum. On-person trials are planned for the previous programme should commence later this year.
Diagnostics company Angle (AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues.
In the first quarter of 2025, Arrow Exploration (AXL) produced 4,100 barrels of oil equivalent/day. Colombia production declined, but Canada more than made up for that. Production should grow further after a second drilling rig arrives in early June. Up to four wells will be drilled. Net cash was $24m at 1 May. Cash generation will contribute to the $50m of capex in 2025. There is a two-year crude pre-payment agreement with an energy company to market the oil in Colombia.
Cyber security company Smarttech247 (S247) has secured renewals and a new contract worth a total of €3.7m. The three renewals are in a range of sectors and the new customer is a US industrial business. Two of the contracts are for three years. This helps to underpin an improvement in full year revenues from €13.2m to €14.2m, rising to €15.3m in the year to July 2026.
Environmental technology supplier Metir (MET), formerly Microsaic Systems, currently has cash of £151,000 and the company is dependent on timely collection of receivables. The Qatar project payment of £228,000 is not expected until after June, which is later than anticipated because of technical changes. If most of this is not paid in the third quarter, then additional finance may be required. Trading is better than expected. Management believes that Metir can be EBITDA positive in the second half of 2025.
Logistics Development Group (LDG) had net assets of 24.6p/share at the end of March 2025. Following the recent tender offer, the figure has increased to 26.1p/share.
MAIN MARKET
Shipbroker Braemar (BMS) reported a dip in full year pre-tax profit from £14.6m to £13.4m on revenues 7% lower at £141.9m. The dividend was reduced by 46% to 7p/share, but there is a £2m share buyback. The company fell into net debt of £2.5m. There was a one-third drop in tanker charter revenues, but other parts of the business grew.
Seed Capital Solutions (SCSP) plans to acquire 4DM, the developer of AI imaging diagnostics for the veterinary market, for shares valued at £33.3m at 1.75p each. A fundraising will be required. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore