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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 23 March 2026
AQUIS STOCK EXCHANGE
Brewer Shepherd Neame (SHEP) reported flat interim revenues and pre-tax profit of £84.7m and £4.2m respectively. Net debt is £84.7m and a £1m share buyback is planned. The dividend has been raised 3% to 4.5p/share. NAV is 1234p/share. Pubs traded strongly and that offset lower brewing volumes, which fell 6.6% representing a slowdown in the rate of decline. Over 37 weeks the like-for-like growth in retail pub sales it 4.4%, while tenanted pubs are 3% ahead over 35 weeks. Panmure Liberum forecasts a full year pre-tax profit of £7.7m, rising to £8.4m next year.
Stack BTC (STAK) raised £1.9m at 10p/share, including £94,700 from a retail offer. The cash will be used to fund acquisitions and purchase of Bitcoin. AlbR has been appointed as joint corporate broker.
Biotech company Cardiogeni (CGNI) has agreed a deal where Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m. Kira will make available to Cell Therapy up to $25m to fund the cost of achieving market approval for heart failure medicine CLXR-001. This will fund a phase 2b clinical study and provide enough cash for three years. This funding would be difficult to obtain in current stockmarkets.
S-Ventures (SVEN) is raising up to £2m at 3.5p/share and invest in HDL, a drone technology business. HDL is developing hybrid unmanned aerial vehicles and intends to raise cash from investors to finance progress. S-Ventures will invest up to £1.5m and could take a board position.
Marula Mining (MARU) says assay results from the Kilifi manganese processing plant indicate the potential for a significant manganese grade uplift from processing from four areas.
Investors were disappointed with drilling news from Wishbone Gold (WSBN) concerning Red Setter project in Western Australia, which is near to the Telfer mine.
BWA Holdings (BWAP) had a cash outflow from operations of £99,500 in the six months to December 2025. There was £47,666 in cash at the end of 2025.
Patrick Chophard and Oliver Murphy have stepped down from the Ethtry (ETHY) board and Steve Winfield has returned as an executive director. Ethtry says it plans to “concentrate on building a scalable platform at the intersection of digital infrastructure and next-generation computing, with particular emphasis on opportunities across data centre infrastructure, artificial intelligence and emerging quantum technologies”. There is also an Ethereum treasury policy.
B HODL (HODL) has bought one Bitcoin for £53,363. The total holding is 163.487 Bitcoin at an average cost of £82,319 each.
Coinsilium (COIN) has completed a strategic investment in Singapore-based Predictive Labs. It spent $150,000 for a 5.52% stake and Coinsilium could subscribed for shares to increase it to 16.3%. Additional options could take the stake to 29.85%.
Sulnox Group (SNOX) says results of an independent laboratory evaluation of Sulnox Eco™ confirmed full compatibility across all fuels tested and showed performance benefits.
Zentra Group (ZNT) has earned a £350,000 fee for the sale of the One Heritage Tower site. The residential developer has entered into a relationship agreement with majority shareholder GKU.
IntelliAM (INT) has appointed Cavendish as corporate adviser and broker.
TechFinancials (TECH) is changing its name to Ubuntu Mining and Metals Inc.
Hot Rocks Investments (HRIP) has reduced its stake in Mendell Helium (MDH) from 6.5% to 4.69%. Mustapha and Maya El Khalil have a 7.46% shareholding in Ace Liberty and Stone (ALSP).
Ajax Resources (AJAX) chief executive Ippolito Ingo Cattaneo bought 123,840 shares at 7.25p each and Richard Heyward acquired 33,172 shares at 7.536p each. BWA (BWAP) non-exec John Byfield bought 2.22 million shares at 0.225p each. VSA Capital (VSA) finance director Galin Ganchev bought an initial 32,833 shares at 3p each. Equipmake (EQIP) chairman Tim Metcalfe bought 682,730 shares at 1.245p each.
AIM
River Global (RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal.
Pawnbroker Ramsdens Holdings (RFX) has published a second update in two months and it has sparked another forecast increase. Full year pre-tax profit is expected to be £24m, compared with £21.1m previously. Precious metals buying continues to boom with a 50% increase in volumes. Jewellery retail is 25% ahead, while pawnbroking is at record levels and forex is in line with expectations.
Africa-focused oil and gas company Afentra (AET), along with Sonangol and Etablissements Maurel & Prom S.A., is jointly acquiring Etu Energias’ 10% stake in block 3/05 and 13.33% stake in block 3/05A in Angola. Afentra will buy 3.33% and 3.66% of these bocks respectively. This will cost $15.2m, plus contingent consideration of up to $6.74m. The effective date of the transaction will be the end of 2023. Afentra has also launched a strategic review following bid approaches.
Retailer TheWorks.co.uk (WRKS) is closing its online channel and moving to a non-transactional website. Online is making a small and reducing contribution to revenues. There will be exceptional costs of £2m. There are plans to open more stores. Like-for-like growth has been 3.3% this year and the company expects to meet market EBITDA expectations of £11m, or £13.5m for continuing activities. Without the online loss, 2026-27 EBITDA has been upgraded from £12.7m to £15m.
Franchised lettings and property sales business The Property Franchise Group (LSE: TPFG) is well positioned for the Renters Rights bill coming into effect. In 2025, revenues were one-quarter higher at £84.3m. Organic growth was 9%. Underlying pre-tax profit improved from £22.3m to £31m, which was better than expected. Earnings jumped from 29.1p/share to 36.5p/share. Net debt has fallen to £2.3m and there will be net cash by the end of 2026.
Diagnostics developer and manufacturer Abingdon Health (ABDX) is benefiting from strong contract development revenues. Interim revenues were 44% higher at £4.5m. the loss was reduced from £2.6m to £2.3m. Capacity is being increased in North America, and this is helping to win new contracts. The full year loss is expected to fall from £3.2m to £1.7m.
Gaming technology and displays supplier Nexteq (NXQ) is diversifying its customer base and this helped when its major customer got taken over. Revenues improved 4% to $90.2m in 2025, while pre-tax profit fell by one-quarter to $3.6m. A further decline to $2m is expected this year, although the $25m cash pile could be used to acquire a business to boost profitability.
Payment services provider Boku (BOKU) increased 2025 revenues by 30% to $128.8m with the main growth coming from digital wallets and bundling. Active users are 31% higher at 114.4 million. Operating profit trebled to £18.9m. The company’s cash increased to £102.9m. The momentum is continuing. Boku intends to repurchase up to 4 million shares. Former boss Jon Prideaux is stepping down from the board.
Chemotherapy drugs developer CRISM Therapeutics (CRTX) has gained orphan drug designation from the US FDA for irinotecan for the treatment of malignant glioma. This utilises the company’s ChemoSeed technology, which is an implantable, biodegradable technology designed for the localised and sustained delivery of chemotherapy directly into cancer tissue. The orphan drug status will enhance the profile of the commercial development programme.
Strategic Minerals (SML) is raising £4.7m at 3.5p/share. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.
Cyber security services and software provider Shearwater Group (SWG) has grown interim revenues by 31% to £14m, but there was a loss. Contracts are being renewed and there is a good base for the second half. Net cash was £2.2m. Full year revenues are set to rise from £31.6m to £35.5m, and pre-tax profit is expected to be £1.1m.
Digital loyalty and promotions platform operator Eagle Eye (EYE) had a good first half and annualised recurring revenues were 3% ahead at £42.2m despite the loss of a major contract. There was a sharp decline in profit, but cash generated covered capital investment. The second half should mark the bottom for Eagle Eye before a strong bounce back next year. Pre-tax profit could slump to £900,000 this year before rebounding to £3m next year.
Retail software provider itim Group (ITIM) says 2025 revenues will be below 2024 levels at around £17.5m due to delays in contract wins. Former AIM-quoted retailer Quiz went into administration and that has increased the expected loss to £500,000. Cost savings could help itim breakeven in 2026 on limited growth in revenues.
Virgin Wines (VINO) is starting to see the benefits of its new strategy. There was a 40% increase in customers acquired in the first half and the new mobile app is yet to be fully launched. Interim revenues were 2% higher at £34.7m in a deteriorating market and growth has accelerated in the pre-Christmas period and accelerated further in January and February. Investment in the strategy led to a swing from profit to loss. Share buybacks continue.
Market research services provider Systems1 (SYS1) is trading in line with expectations and strong momentum has enabled a forecast upgrade for 2026-27. There have also been cost reductions. The current year forecast is maintained at £2.1m, down from £5.2m. A pre-tax profit of £4.5m is expected for 2026-27, up from £2.7m previously, based on unchanged revenues of £39.1m.
CPPGroup (CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months.
Concierge technology platform provider Ten Lifestyle (TENG) has increased first half EBITDA by 16% to £1m despite unfavourable foreign exchange movements. Active members are 23% higher at 436,000. Net cash is £9.3m.
Logistics Development Group (LDG) says 50.7%-owned WS Holdco has acquired transport and logistics business EV Cargo Solutions and Distribution. The combined business will have annual sales of more than £300m.
MAIN MARKET
Foam manufacturer Zotefoams (ZTF) is making strong progress and produced record results in 2025. Pre-tax profit improved from £15.6m to £21.2m. The OKC acquisition made a small initial contribution. There was growth in Europe and North America. Footwear volumes were strong, but they are expected to ease back this year. Transport and smart technologies provide growth potential. Aerospace volumes have been recovering. Construction has been weak but there is potential for recovery.
Panther Metals (PALM) has announced two batches of assay results for the Winston tailings project. The first results showed good grade consistency and were better than the preliminary results published last year. The second assay results also showed better results than the preliminary results.
New Frontier Minerals (NFM) intends to accelerate activities at the NWQ copper project, including the Big One copper deposit where a mining lease is in the process of being obtained. There is a strong working capital position of A$2.62m with potential funding from grants and R&D rebates.
Singer Capital has initiated research on digital assets investor KR1 (KR1). The focus is increasing income to help the company to be self-funding and increasing exposure to Digital Asset Financial Infrastructure It set a 12-month target share price of 25p.
Nanoco (NANO) has entered a binding term sheet with Shoei to stay ongoing litigation with no compensation payable by either party. They will not sue each other for use of their respective quantum dot patents. A definitive agreement will be negotiated.
Taylor Maritime (TMIP) returned $143.4m to shareholders in February and plans to return at least $30m in the third quarter. Details should be published at the end of April. There will still be a regular quarterly dividend of 2 cents/share. The sale of a vessel raised $17m. The managed realisation of assets will continue.
Andrew Hore
Quoted Micro 16 March 2026
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is still investigating various sources of additional finance. The directors and related parties are providing funding. An $8m copper concentrate purchase agreement has been secured with a New York company. This covers 2,500 tonnes of copper concentrate each month from the Kinusi copper mine. The 2024 accounts have still to be published. An agreement with Baosteel Resources South Africa covers initial deliveries of a minimum of 5,000 tonnes of manganese ore from the Kilifi manganese processing plant. Marula Mining will receive a provisional payment of 90% of each monthly shipment upon delivery to Mombasa Port. Marula Mining has not paid the £1m for the minority interest in the Kilifi plant. This will be settled for £856,000 in shares at 3.85p each. Marula Mining and the WEEE Centre have finalised phase 1 of implementation of the lithium-ion Battery Recycling and Critical Metals Processing facility (the “Project”) in Kenya.
Stack BTC (STAK) raised £260,000 at 5p/share early in the week. The cash for acquisitions and investing in Bitcoin. The company subsequently bought 5 Bitcoin at £51,850 each and 5 Bitcoin at £52,758 each.
B HODL (HODL) announced a capital deployment programme. It is redeploying £350,000 in cash to invest in Bitcoin or buy back shares, which still leaves 24 months of working capital. B HODL will participate in the rewards account set up by CoinCorner, which owns 14.3% in B HODL, that will provide a return on part of the Bitcoin holding that is not in the Lightning network.
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of wells on Rost and Enwell leases. The drill rig should arrive in the week beginning 16 March.
Falconedge (EDGE) says that the February Bitcoin yield was 0.912%. The total Bitcoin holding is 20.059694.
Wishbone Gold (WSBN) won a contested ballot for 67km2 of mineral title on crown land, 25km north-west of Telfer, which was applied for by multiple parties.
Vault Ventures (VULT) is developing a post-quantum secure communications platform with Whitespace Global. The contract with Whitespace Global is worth £1.6m. Vault Ventures will have controlled ownership of the cryptographic architecture.
The WeShop share price has fallen to $16.40, which is a drop of more than 90% since the high just after flotation. The value of the WeCap (WCAP) shareholding is just over $20m.
Ajax Resources (AJAX) has signed an agreement to acquire the Pereira Velho gold project. The payment is $200,000 cash plus $1.9m in shares, plus a 1.5% net smelter return, depending on the level of the gold price, which can be bought back for $1.5m. Ajax Resources issued 927,000 shares for the option agreement for the purchase of 100% to the Macacha project. Ajax Resources chief executive bought 264,146 shares at 8p each, taking his stake to 16.3%.
Macaulay Capital (MCAP) edged up income from £277,000 to £283,000 in the year to December 2025. The loss was reduced from £500,000 to £425,000. NAV was reduced from £2.14m to £1.71m.
Gana Media (GANA) is providing a loan of up to £100,000 to NYCE International (NYCE). The loan lasts with 12% and the interest rate is 7%. There are “discussions to integrate ‘NirmataPlay’ games aggregator into Estadio Gana Mexico”. NYCE chief executive Farzad Peyman-Fard is a non-executive director of Gana Media.
Astrid Intelligence (ASTR) is acquiring and integrating an existing validator within the Bittensor network under the Astrid Validator brand. Validators verify results and ensures rules are followed.
Oscillate (SRVL) has renewed four prospecting licences in Botswana for two years. The final $80,000 has been received for the sale of hydrogen assets. Pella Ventures has a 4% stake in Oscillate
Coinsilium (COIN) says that the Yellow network token and trading platform has been launched.
Fidelio Partners has a 20.2% stake in Supernova Digital Assets (SOL).
Slater Investments has reduced its stake in Arbuthnot Banking (ARBB) from 5.15% to 4.99%.
JP JENKINS
The London Tunnels (TLT) is raising money via Crowdcube. It wants to raise up to £10m at 180p/share, which is a discount to the $3 share price published by JP Jenkins. The London Tunnels is developing the Kingsway Exchange Tunnels as a visitor attraction
AIM
All Things Considered (ATC) is acquiring digital marketing and fan engagement business Push Media Ventures and Cirkay, which has developed a platform to connect artists and fans. The Cirkay Fan Pass is a digital key that provides exclusive perks and engagement. The total cost is £1.05m, which is made up of £300,000 in cash and £750,000 in shares. The operations will be integrated with the group’s platform and services division. Push has annual revenues of £2.7m and is profitable. Cirkay is yet to report revenues.
Alien Metals (UFO) says West Coast Silver has announced results of a drone magnetic survey for the Elizabeth Hill silver project joint venture. This highlighted multiple new exploration target areas. There is also potential for a larger silver bearing mineralised system outside the existing area. Joint venture partner GreenTech Minerals has completed the phase 1 drill programme at Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia. Assay results will be published. This is part of the work to calculate a JORC resource. The previous mineral resource estimate is 24 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2Moz.
Offshore energy services Tekmar Group (TGP) reported a dip in 2024-25 revenues from £32.8m to £28.7m, but recent contract wins should return the company to growth with £38.6m forecast for the year to September 2026. It should also mean that there will be a move from a loss to around break even. Net debt was £2.4m at the end of September 2025 and since then a surplus property has been sold for £2.84m. There is already a strong order book for this year and further out.
Semiconductors designer and supplier EnSilica (ENSI) raised £9.7m in an oversubscribed placing at 47p/share. A retail offer could raise a further £300,000. This is expected to unlock £2m of matching funding for the £10.4m UK Space Agency award that was previously announced. The cash will also help to accelerate supply volumes to customers. Earlier in the week, EnSilica announced another two contracts, plus a $4m extension to an existing contract with an automotive customer. The new contracts are in life science and healthcare worth an initial $1.6m and $200,000 for a feasibility study respectively.
Fulcrum Metals (FMET) has taken advantage of the share price rise to raise £550,000 at 11p/share, which was a small premium to the market price. This will help to progress the work towards a mineral resource estimate. This is much less dilutive that the £1.05m raised at 3p/share last year. Peter Hall took a 4.34% stake. Metals One (MET1) also took the chance to reduce its shareholding from 6.33% to below 3%. Further sales will not have to be reported. Metals One invested £175,000 in last year’s placing so it has already got more than its investment back.
Concrete levelling equipment supplier Somero Enterprises (SOM) had a tough time in the US and Europe in 2025. Revenues dipped from $109.2m to $88.9m, although the second half was stronger. Pre-tax profit fell from $23.4m to $16.3m. This also meant that the dividend was reduced to 10.24 cents/share, meaning it is nearly twice covered by earnings. Net cash is still $33.2m and after dividends and share buybacks it should continue at that level.
Agricultural and fire protection technology supplier Light Science Technologies (LST) is acquiring Injectaclad for up to £4.8m, as well as paying £600,000 for the 10% minority shareholding in UK Circuits and Electronics Solutions and a related property, which can also be used for the fire protection division. Injectaclad has developed a remedial cavity fire barrier for properties and Light Science Technologies has a subsidiary that installs this product. The deal could help to improve margins by streamlining the supply chain.
Earnz (EARN) is acquiring Zero Carbon Group, which takes annualised sales to £30m. The deal will initially cost £3m – £1.5m in cash and £1.5m in shares – with a further £2m plus depending on achieving profit targets. Earnz raised £3.56m at 5p/share.
Anglesey Mining (AYM) has raised £680,000 at 6p/share, following the completion a £4m debt settlement agreement with Energold. There is £250,000 earmarked for dewatering of an existing shaft, £50,000 for analysis of samples and £100,000 for ongoing exploration.
IT company CloudCoCo (CLCO) announced it is raising £275,000 at 0.12p/share. Chairman Simon Duckworth is investing £210,000. A capital reorganisation is required before new shares can be issued for less than 1p each. The cash will fund Project Brightstar, which will enhance the company’s position in the B2B market. Target revenues are £10m, compared with £8m in the year to September 2025.
Ilika (IKA) has made the first commercial delivery of Stereax batteries to Cirtec Medical.
MAIN MARKET
Marine services provider James Fisher (FSJ) significantly improved margins in 2025. In 2025, revenues adjusted for disposals and closures increased 4% to £377.2m. Last year’s profit was boosted by gains on disposals. Underlying pre-tax profit improved from £11.9m to £15.3m. Operating margin was 2.5 percentage points higher at 7.6%. All three divisions improved margins.
BATM (BVC) improved full year revenues from $117.3m to $123.2m, while pre-tax profit jumped from $3m to $13.6m, but this included an exceptional disposal gain. Net cash was $14.7m at the end of 2025. There are more non-core businesses to sell. The cyber and networks divisions are growing strongly. Pre-tax profit is expected to be modest this year before recovering in 2027.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has offered pre-IPO warrant holders the chance to realise value. The warrants are exercisable at 2.5p each. The offer price is 20.6p for each warrant. The current share price is 31.155p. The company has raised £63,000 at 37p/share. It bought three Bitcoin for £48,764 each.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 15 December 2025
AQUIS STOCK EXCHANGE
Greengage and Co Group plans to join the Access segment of Aquis in mid-December. It has developed a fintech platform that provides business-to-business introductions which generates subscriptions and fees. There are more than 40 active clients. The strategy is to expand this part of the business and buy Bitcoin to establish a Bitcoin Yield Reserve strategy. Greengage will borrow on a non-recourse basis using Bitcoin as collateral and uses the cash to invest in high-yield private credit portfolios. The returns from this will be put into the business and buying more Bitcoin. There will be a placing and retail offer. Coinsilium Group Ltd (COIN) owns 27,133 shares in Greengage. In August 2021, Coinsilium bought up to 15,000 A shares for £300,000 and invested £200,000 in convertible loan notes. Greengage was valued at £27.3m. In June 2023, the loan notes were converted and Coinsilium invested a further £25,000. The current investment is valued at £652,537.
Ajax Resources (AJAX) is raising £1.2m at 5.5p/share and acquiring the Pereira Velho gold project in Brazil from Appian Capital Advisory, which will receive in $200,000 in cash and $400,000 in shares. Appian estimates that there is a resource of 110,000 ounces of gold having drilled 10% of the area. Ajax Resources has also signed a conditional Option-to-Purchase Agreement for the Leon copper and silver project in Argentina. The EIS for the Eureka project in northern Argentina has been approved and exploration activities can commence. Chief executive Ippolito Cattaneo bought 106,000 shares at 7.75p each and executive director Richard Heywood 144,754 shares at 6.9p each.
Connecting Excellence (XCE) raised £500,000 via an oversubscribed retail offer ahead of its flotation on 11 December. A placing and subscription had already raised £2.8m at 2.1p/share to invest in its Bitcoin strategy. Leeds-based XCE is an international executive search company which owns the Spencer Riley brand. XCE has started an operation focused on recruiting Bitcoin experts for companies seeking to commence a Bitcoin treasury strategy or for Bitcoin businesses. The share price ended the week at 2.5p.
Pete Allaway increased his stake in Evrima (EVA) from 3.13% to 6.28% and Ventura Finance raised its shareholding from 6.15% to 7.42%.
Wishbone Gold (WSBN) plans to release assay results for the Red Setter gold dome project in Australia over the next few months. It will then formulate a plan for 2026. An application has been made to build a new access road, and this will make it easier to undertake drilling.
The WeShop share price has fallen to $116 over the past week, having fallen below $100 at one point. WeCap (WCAP) has an 11.8% stake and the share price slipped 15% to 1.7p.
Dermatology treatments developer Incanthera (INC) generated revenues of £6,000 in the six months to September 2025. Cash used in operating activities was £313,000. Cash was £215,000 at the end of September 2025.
Bitcoin mining company Sterling Digital (ASIC) has bought natural gas generators for Bitcoin mining operations. The next step is a gas purchase agreement. It raised £5m at 5p/share when it joined Aquis last week.
The new board of Eight Capital Partners (ECP) has reviewed strategy and intends to launch a mid-market merchant banking advisory and investment business for Europe. Middle East and Asia. The first investment fund should be launched in 2026. Digital asset investment products will be developed. D4R is taking a 29% stake and Monfor SA a 29.2% shareholding. Trumar Capital’s stake is reducing to 31.5%.
Capital for Colleagues (CFCP) had net assets of 72.86p/share at the end of August 2025, which is down from 75.18p/share at the end of May. There was £821,582 in the bank.
Zentra Group (ZNT) has completed the disposal of Seaton House in Stockport at a loss of £140,000. Contactor disruption means that a new plan is required for the development of One Victoria, Manchester, where Zentra owns 30%. So far, 72 units have been sold.
Mendell Helium (MDH) has raised £513,000 from a convertibles issue. AlbR has been appointed joint broker.
Kasei Digital Assets has changed its name to Stockbitcointreasury (STAK).
EPE Special Opportunities (EO.P) had net assets of 311.54p/share at the end of November 2026.
Lift Global Ventures (LFT) has adjourned the AGM because shareholders are unhappy with the proposed disapplication of pre-emption rights. There will be discussions with shareholders.
Ananda Pharma (ANA) shareholders agreed to the departure from Aquis on 22 December.
Falconedge (EDGE) has spent a significant amount of its Bitcoin treasury into fully regulated yield generation platform operated by FIM.
Chris Heminway has switched from executive chairman to chief executive of Time To ACT (TTA) and Jeremy Earnshaw becomes chairman.
AIM
US automotive electrical diagnostics tools supplier Power Probe (PWR) raised £11.2m at 82p/share and joined AIM on 11 December. The market capitalisation was £60m. Power Probe has developed a range of products including powered circuit probes, testing kits, measuring tools and other accessories. It has 64% of the US powered circuit probe market. In 2022, revenues were $25m, rising to $31.3m by 2024. EBITDA increased from $4.8m to $8.3m over the same period. The latest interims show revenues of $20.5m and EBITDA of $5.3m, helped by new products. The share price ended the week at 89.5p.
Business support services provider Restore (RST) has sold relocations business Harrow Green to PIckfords for up to £5.5m so that it can concentrate on its core operations with better prospects. Information management has inflation linked prices and the technology division’s performance is improving. There will be integration benefits for Datashred next year. Underlying trading is better than expected. Non-exec Patrick Butcher bought 19,076 shares at 261.7p each.
Dispute resolution service provider Diales (DIAL) continues to improve underlying profit, but there could be more to come if utilisation levels improve. Revenues were flat at £43m, but pre-tax profit improved from £1.2m to £1.4m. Net cash was £3m at the end of September 2025. The dividend is maintained at 1.5p/share. The core UK and European operations, which are the hub of the business, improved their profit as did the other regions, except for Asia Pacific which continues to make a small loss. Group utilisation rates are currently 71.6% and the company believes that this could reach 80%, but that will not happen immediately. A pre-tax profit of £1.5m is forecast for 2025-26 and cash could improve to £3.4m.
Education software and services provider Tribal Group (TRB) had a strong second half. Revenues are in line with expectations, but EBITDA is higher than the previous forecast of £15.5m. Net cash will be at least £5m at the end of the year. That will enable a special dividend of 1.5p/share and the shares go ex-dividend on 2 January.
Digital transformation business Made Tech (MTEC) increased interim revenues 27% to £27.7m and the full year will be better than expected. The contacted backlog slipped 8% to £74m, from what was a very strong level. Net cash was £11.9m at the end of November 2025. Full year pre-tax profit is expected to improve from £2.9m to £3.9m.
Geospatial software and services provider 1Spatial (SPA) has reached agreement in principle to a 73p/share offer by VertiGIS, whose products it already distributes. That values 1Spatial at £87.1m. Shareholders owning one-third of the shares are in favour of this level of offer. Management believes that VertiGIS will help to accelerate growth. A further announcement will be made about the progress towards a recommendation.
Oil and gas company Empyrean Energy (EME) had a cash outflow from operating activities of £440,000 in the six months to September 2025. There was cash of £3.06m at the end of September 2025. There are convertible loan notes valued at £9.84m. The interest rate is 20% and the conversion price is 2.5p/share.
Petro Matad (MATD) has received a farm-in proposal that would help to further develop Block XX in Mongolia. Due diligence has been caried out. Production averaged 350 barrels of oil per day in November. Petro Matad is still in discussion with PetroChina concerning the oil sales agreement.
Premier African Minerals (PREM) says J Goddard Contracting has demanded immediate payment of $2.3m. Total group liabilities are $62.1m. More cash needs to be raised.
Ghana-focused Alliance Lithium (ALL) says that the Ghana parliament has temporarily withdrawn the mining lease for the Ewoyaa lithium project. This relates to the consultation on the mining code and royalties.
Haydale Graphene (HAYD) has agreed to acquire Intelligent Resource Management, which trades as SMCC for an initial £12m in shares at a notional price of 0.645p each. This deal will add consultancy and project installation to Haydale Graphene’s energy transition technologies and provide access to potential customers. A placing will raise £5.91m at 0.5p/share and a retail offer could add up to £500,000. Octopus is converting £500,000 of convertible loan notes into 417.88 million shares.
Cinemas operator Everyman Media Group (EMAN) has been hit by disappointing box office for films in the second half of the year. UK admissions have declined in recent months. Forecast revenues have been reduced to £114.5m, while EBITDA has been cut to £16.8m, which is slightly higher than last year.
Digital loyalty and promotions platform operator Eagle Eye (EYE) has won another new US contract. It is with a large regional grocery chain that has 500 stores. There is a fixed fee for a six month proof of concept period followed by a three year contract.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) continues to outperform the market. There are strong like-for-likes plus new store openings. There has also been trading up to higher priced products, so average spend is higher. Interim revenues were 21% ahead at £34.1m. Opening costs meant that the loss edged up from £2.88m to £2.94m. Net debt was £4.1m due to investment in store openings, but the second half cash flow is much stronger. Both stores and ecommerce grew strongly after the period end, but ecommerce like-for-like growth was 29%, compared with 9.8% for stores, although that is still a good performance. There are 1.2 million active customers.
Public services provider Mears (MER) released a trading statement revealing that underling 2025 pre-tax profit will be at the top end of guidance.
Financial management software developer Aptitude Software (APTD) says there has been a significant renewal for Fynapse software. The US-based global communications company has renewed for three years and this is worth £7.6m.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an 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. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 24 November 2025
AQUIS STOCK EXCHANGE
Kasei Digital Assets (KASH) plans a return of cash to shareholders. There should be £3.4m in cash after selling assets and this should be returned to shareholders. A subscription of £200,000 at 1p/share will provide an additional £100,000 for distribution. The new investors include new executive chairman Kwasi Kwarteng, the former Chancellor of the Exchequer, new non-exec Paul Withers, Daniel Howe and Sam Daughtry, plus existing directors Jai Patel, who will become chief executive, and Brendan Kearns. Bryan Coyne, Steven Davis and Jane Thomason will resign from the board. The unsuccessful digital assets strategy will be adapted with a greater focus on Bitcoin, and more cash raised.
WeCap (WCAP) owns 11.8% of WeShop Holdings (NASDAQ: WSHP), which has joined Nasdaq, There are 806,022 shares owned directly and 2.08 million shares via a 23.5% holding in Community Social Investments Limited (CSIL). The share price was well above $200 at one point last week and ended at $113.40, which means that the stake is worth $31m. Peel Hunt has cut its shareholding in WeCap from 18.4% to below 10%.
Hot Rock Investments (HRIP) has a portfolio of shares, including 150,000 shares in WeShop. The stake is valued at $17m.
Music agent All Things Considered (ATC) is moving to AIM and raising £8.6m at 125p/share. The expected admission date is 17 December, which is four years after joining Aquis at 153p/share. Trading is second half weighted and is currently in line.
Ajax Resources (AJAX) says the terms of the conditional acquisition of the Paguanta zinc, silver and lead project have been revised. It will acquire a company with a 74.81% stake in the project for $37,500 in cash and $37,500 in shares. The seller will retain a 1% net smelter royalty capped at $500,000. The Environmental Impact Assessment has been submitted for the Eureka project and the company issued formal notices to relevant communities. The Environmental Impact Declaration should be issued in early December.
Online consumer loans provider Amazing AI (AAI) is exploring the options of quotations on the Mauritius Stock Exchange and/or the US OTCQB Market. This follows the decision not to go ahead with spinning off 80% of its subsidiary based in Mauritius and retaining the minority stake. Existing company shareholders will receive shares on a pro rata basis.
Evrima (EVA) investee company Eastport Ventures Inc has joined the TSX Venture Exchange. Evima owns 3.83% of the Botswana-focused critical minerals explorer and also holds warrants.
Wishbone Gold (WSBN) is holding a general meeting on 28 November to gain shareholder approval for a 100-for-one share consolidation.
Dominic White has stepped down as a director of technology-based financial services company Eight Capital Partners (ECP).
Energy transition engineering Time To ACT (TTA) says the main subsidiary Diffusion Alloys is likely to be profitable in 2025-26 and 2026-27, although this depends on timing. The order book of large project work is worth more than £4m and most of this will be recognised during 2026. There is enough cash for at least 12 months, but it appears it will not last as long as previously expected. Oberon Capital has been appointed joint broker. The general meeting was postponed.
Financial media company Lift Global Ventures (LFT) intends to change its name to Yorkshire AI and focus on AI investments. It will work with Yorkshire AI Labs (YAIL), where its new executive chairman David Richards is a partner. YAIL has bought a 0.45% stake in IntelliAM. In the year to June 2025, revenues declined from £477,000 to £281,000, but lower costs and a fair value gain rather than loss mean that the loss was reduced from £976,000 to £27,000. Cash was £196,000 at the end of June 2025.
TechFinancials (TECH) has not received placing proceeds of £250,000. Gathoni Muchai Investments has money in the bank, and it is still awaiting regulatory clearance. A further £100,000 will no longer be accepted.
Ethtry (ETHY) has appointed Patrick Chopard as chief executive and David Levis will become a non-executive to devote attention to the battery storage investments.
BWA Group (BWAP) used £980,000 of cash in operations and investment last year. There was £20,000 in cash at the end of June 2025.
Asia Wealth Group (AWLP) reported interim revenues falling from $504,000 to $395,000. Pre-tax profit fell from $13,000 to $8,000. There was cash of $977,000 at the end of August 2025.
AI company Astrid Intelligence (ASTR) has appointed Mark Creaser as chief executive.
NYCE International (NYCE) has appointed Alex Crockford as chief commercial officer.
The Smarter Web Company (SWC) has raised another £141,000 at 61p/share.
Valereum (VLRM) has completed a subscription to raise raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. The rest comes from another investor, which will also receive warrants. A further £50,000 has been raised by the exercising of warrants at 4p each.
Mendell Helium (MDH) raised £200,00 at 3p/share. This is a direct investment by an existing shareholder.
B HODL (LON: HODL) has taken its Bitcoin holding to 155.039 and the total cost was £13.1m.
Shepherd Neame (SHEP) non-executive director Marion Sears bought 4,000 shares at 466p each.
JP JENKINS
JP Jenkins has been awarded a PISCES (Private Intermittent Securities and Capital Exchange System) operator licence by the Financial Conduct Authority. This will be called the JP Jenkins Private Market, and the JP Jenkins Matched Bargain Facility will continue.
Bespoke kitchens designer and installer John Lewis of Hungerford (JLH), which left AIM on 29 June 2023, joined JP Jenkins on 18 November.
London and Associated Properties (LAS) left the Main Market on 19 November and joined JP Jenkins. The property investor expects to make annual savings of £350,000. There has been a lack of liquidity in the shares.
AIM
CML Microsystems (CML) interims wee hit by supply problems but they should reflect the base from which the semiconductors designer can grow. Interim revenues wee 27% lower at £9.2m and there was a loss. Net cash was £10.7m at the end of September 2025. The interim dividend is unchanged at 5p/share. CML has received £4m of the £7m proceeds of the sale of land. There are no forecasts, but a better second half is expected, and this could enable a full year profit. A major £30m plus contract over 12 years has been won from a satellite systems company.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) improved interim revenues despite the telecoms market remaining weak. Demand for datacentres and defence is providing growth opportunities. In the six months to September 2025, revenues were 9% higher at £8m. The loss was reduced from £1.3m to £1m. Telecoms is a minority contributor to revenues. Additional sales personnel have been hired to develop the other markets. Full year revenues are forecast to rise from £18.4m to £20.3m and the pre-tax profit will edge up to £700,000. That is before any recovery in the telecoms market, which probably will not happen until next year.
NWF (NWF) says its businesses have had a mixed first half performance. Heating oil volumes have been lower than normal and the winter increase in demand is not likely to make up for this. Commercial fuels demand has also been lower, and this is higher margin. This has led to pricing pressures as the company rolls out a new regional operating model. The food distribution and feeds businesses are doing well, with the former picking up new contracts.
Cloud-based digital media services provider Zoo Digital (ZOO) has significantly reduced its cost base and generated $549,000 in cash from operations in the six months to September 2025. Interim revenues fell 19% to $22.4m, but this was an increase on the second half revenues from last year. Zoo Digital has launched its Fast Track service that can provide a premium service for streaming programming that can turn around dubbing and subtitling in hours rather than days. Zoo Digital is still expected to report an underlying operating loss of $2m in 2025-26, but it will continue to generate cash from operations.
Transport software and services provider Tracsis (TRCS) says full year revenues improved from £81m to £81.9m, although like-for-like growth was 3%. Underlying pre-tax profit edged up to £10.2m. Recurring licence revenues were £23.2m. Net cash was £23.4m at the end of July 2025. The dividend was raised to 2.72p/share. The business has been reorganised and there were £2.4m of exceptional provisions with around £1m of the cash outflow expected next year. A major geointelligence contract has been won with DEFRA. This is worth up to £9m over ten years. Singer forecasts a 2025-26 pre-tax profit of £11.1m.
Eyewear supplier Inspecs (SPEC) says trading improved in October with order books 10% higher than one year ago. US tariff disruption will affect the timing of shipments. Full year revenues of £191m and EBITDA of £17.7m are expected. Safilo Group made an approach to Inspecs to acquire the Eschenbach and BoD businesses. It made two non-binding cash offers, and they we rejected by Inspecs.
Musical instruments retailer Gear4Music (G4M) has bounced back from a troubled couple of years. It is set for its best year since the Covid-boosted 2020-21. In the six months to September 2025, revenues jumped from £61.7m to £80.7m, while a loss of £1.25m was turned into a pre-tax profit of £2.72m. Gear4Music was helped by smaller rivals going out of business. This helped grow revenues and also enabled the retailer to pick up stock at attractive prices that boosted margins. Net debt was £16m at the end of September 2025 as cash generated was invested in stock. There is an upgrade to full year pre-tax profit from £5.5m to £6.7m.
Bigblu Broadband (BBB) is in talks with the buyer of Skymesh about the post-acquisition performance of the business and whether there is going to be any deferred consideration. Bigblu Broadband may have to compensate the buyer for debtors that have not been collected. Bigblu Broadband plans to ask for shareholder permission to leave AIM at a general meeting on 8 December. It could leave on 18 December. Management will seek to realise value form the remaining assets.
Floorcoverings distributor Likewise (LIKE) has reported 8.9% growth in revenues in the first ten months of the year. Zeus raised expectations for 2025 revenues, but the pre-tax profit forecast has been cut. Higher than expected cost increase have led to a one-quarter reduction in the 2025 pre-tax profit forecast to £3m. Capital investment will increase annual capacity to £250m.
Whisky supplier Artisanal Spirits Company (ART) has been hit by the US government shutdown, having already been hampered by tariffs. It is taking more than six weeks to gain approval from the US authorities for new product labels. This means that $3.2m of shipments will not clear customs this year. This will reduce EBITDA by £2m. The US strategy is being changed and the contract with the current distributor will end in March 2026. There will be a stock provision of more than £1.5m. Full year underlying revenues ae expected to be flat, excluding the one-offs.
Battery technology developer Ilika (IKA) says interim revenues will be £600,000 and are mainly from grants. Initial Stereax battery deliveries could be before the end of 2025 with commercial revenues possible in this financial year. The interims will be published on 22 January 2025.
Northern Bear (NTBR) interims exceeded expectations. The building services provider increased revenues from £37.6m to £49.4m, while pre-tax profit jumped from £1.54m to £4m. The pre-tax profit included a £1.3m one-off gain. Underlying full year pre-tax profit has been upgraded to £3.9m.
Empyrean Energy (EME) says Conrad Asia Energy has signed an agreement with PT Nations Natuna Barat for farming into the Mako gas field in the Duyung production sharing contract and the new partner will pay 100% of project development costs for a 75% non-operated participating interest in the Duyung PSC. The deal could be completed by the third quarter of 2026. Empyrean Energy is in dispute with Conrad Asia Energy about its interest in the Duyung PSC.
Industrial equipment distributor HC Slingsby (SLNG) is asking for shareholder approval to leave AIM. The shares are illiquid and the cost of being on AIM adds to the company’s loss, which was £237,000 in the nine months to September 2025. Net debt was £340,000. There is already support from shareholders owning 73.2% of the shares. HC Slingsby transferred from the Main Market to AIM on 24 May 2005. It has been on the London Stock Exchange for many decades. The cancellation could be on 23 December. No matched bargain facility is planned.
Defence consultancy RC Fornax (RCFX) raised £2.25m in a placing at 6p/share and raised £70,000 out of the £500,000 retail offer. The cash will fund development of the Procure X Marketplace to connect small companies with defence buyers and provide working capital. Directors and management are investing £156,800 in new shares. This includes Paul Reeves and Daniel Clark who raised £1m in the flotation back in February, when the company raised £5.2m at 32.5p/share. Cavendish has increased its 2025-26 forecast loss to £2m and expects a lower loss next year.
Great Western Mining Corporation (GWMO) has completed 6,158 feet of drilling at the West Huntoon copper project and the Rhyolite Dome prospect. This includes an extra hole at West Huntoon. Assay results are expected within eight weeks. Exploration is being accelerated at other sites.
Sabien Technology (SNT) says Korea-based partner City Oil Field has commissioned its first regenerated green oil production plant. The partnership is being progressed to a strategic agreement. Sabien Technology will acquire a 1.12% stake in City Oil Field for £600,000 in shares, and the UK sales agreement has been extended for ten years and will be expanded to other countries. There will also be a deal to sell products from the new plant. City Oil Field will own 15.9% of Sabien Technology.
Litigation finance provider Manolete Partners (MANO) says interim figures were hit by slower than expected revenues and cash generation, partly due to the lower average settlement values. There have also been delays in collecting money owed. Settlement values have increased in the second half, and it should be a stronger period. Even so, Canaccord Genuity has cut its 2025-26 pre-tax profit estimate from £2.8m to £1.5m.
Circulating tumour cells diagnostic device developer CellBxHealth (CLBX) has entered a non-exclusive deal with QIAGEN Manchester, which will offer the Parsortix platform to its pharmaceutical customers alongside its own molecular analysis tools. There could be joint development of products combining technologies.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) reported a 74% increase in interim revenues to $2.05m and the loss fell from $1.87m to $555,000. There was cash of $224,512 at the end of September 2025 and the chief executive loan has been extended.
Trading in New Frontier Minerals (NFM) shares has been halted on the ASX ahead of a fundraising. The company has entered a binding commercial framework with Metallium Ltd to create a “western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers”. This is an exclusive processing contract lasting ten years. There are plans to produce concentrate samples for potential customers in 2026.
Nanoco (NANO) has agreed a $5m settlement with LG relating to the dispute over quantum dot technology. There have been $600,000 of costs incurred last year. An underlying pre-tax profit of £700,00 was reported for the year to July 2025. The cash position will be boosted to enable further investment in technology.
J Smart (SMJ) continues to lose money on construction activities, but revenues from investment properties and the valuation surplus rising from £994,000 to £5.82m, helped pre-tax profit rise from £2.37m to £5.11m. So, there was an overall loss before the valuation surplus. The total dividend is 3.25p/share.
Andrew Hore
Quoted Micro 20 October 2025
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) increased sales 30% to £1.97m in the nine months to September 2025. There is sufficient cash for the company’s needs. A commercial partnership with RevivaBio has been set up to launch a new cholesterol lowering product powered by the ProBiotix patented probiotic strain LPLDL®. Chairman Adam Rynolds bought 100,000 shares at 8p each.
B HODL (HODL) has taken its Bitcoin holding to 142 at a total cost of £12m. AlbR Capital has been appointed joint broker. Four directors have been buying shares at prices between 11.88p and 13.88p each.
Mendell Helium (MDH) still has an option over M3 Helium and production at Rost is expected to start by the end of October. Potential expansion opportunities are being assessed. The planned move to AIM is progressing.
Hydrogen Future Industries (HFI) is changing its name to energy B. It has consolidated 50 shares into one new share.
The Smarter Web Company (SWC) has bought 100 Bitcoin for £9.08m. It owns 2,650 Bitcoin.
Coinsilium (COIN) plans a strategic update in the next few weeks. Malcolm Palle will become non-executive chairman, and Federica Velardo is leaving the board. Coinsilium owns 182 Bitcoin, and they are valued at £15m.
Time To Act (TTA) has sold £1m of surplus coating compound for £1m, which was not valued in the balance sheet. This will pay off the CBILS loan. The cash will be received in two instalments by early December.
Igraine (KING) raised £7.15m at 0.25p/share. Oliver Murphy is joining the board. Some of the funds will be invested in Ethereum, as well as being used in the battery energy storage systems (BESS) and electric vehicle (EV) charging sectors.
Wishbone Gold (WSBN) says drilling on hole 2 at the Red Setter gold dome project in Western Australia has been completed at 950 metres. Drilling of hole 3 should start on 21 October.
Oscillate (SRVL) has launched the Serval Resources brand as it refocuses on copper and other metals. The company will eventually change its name to Serval Resources.
TruSpine Technologies (TSP) increased its full year loss from £702,000 to £760,000. Th medical device developer raised £119,000 at 0.5p/share. Martin Armstrong raised his stake from 0.45% to 5.2%.
Ananda Pharma (ANA) had cash of £613,000 at the end of July 2025. The interim loss was £1.95m.
HRC World (HRC) has applied to leave Nasdaq First North.
Fidelio Partners has a 7.6% stake in Phoenix Digital (PNIX). It also owns 15.1% of Supernova Digital (SOL).
Majestic Corporation (MCJ) finance director Man Bing Lee bought an initial 2,857 shares at 175p each.
AIM
The existing board members put up for re-election at the requisitioned general meeting of staffing company Empresaria (EMR) were all voted off the board. All votes received 82.2% of shares voted in favour. Finance director Tim Anderson is the only remaining director, and he has been joined by three new non-exec directors. Allenby has replaced Singer as nominated adviser and joint broker.
North America was the bright spot in revenues at interior design brands owner Sanderson Design Group (SDG). North American revenues rose 1%, while elsewhere they fell 9%. There are signs of recovery outside of the UK. Interim revenues fell 4% to £48.3m. Cost savings meant that underlying pre-tax profit was flat at £2.2m. Restructuring the manufacturing business improved its margins, but there was lower internal production as inventory levels fell. That helped improve the cash balance which was £7.8m at the end of July 2025. A further £1m of annual cost savings have been made and August and September revenues were 5% ahead. Full year pre-tax profit is expected to recover from £4.4m to £5m.
Delays in securing contracts have slowed progress at location data management software provider 1Spatial (SPA), but recurring revenues continue to grow. Interim revenues were 9% higher with recurring revenues rising by one-fifth to 61% of total revenues. SaaS revenues from traffic management planning software 1Streetworks quadrupled and that was before the latest UK Power Networks contract gain worth £1m over 15 months. Cash generation is improving and getting nearer to covering capitalised development costs. Net debt is £2.5m. Australia was the only laggard, and this may possibly be sold to help finance further product development and growth in the core markets. Cavendish forecasts flat full year pre-tax profit of £1.4m.
Online womenswear retailer Sosandar (SOS) grew interim revenues by 15% to £18.7m, despite disruption from Marks & Spencer’s cyber incident, and net cash improved from £7.3m to £7.7m at the end of September 2025. That was despite an increased loss of £1.1m, up from £700,000. A full year pre-tax profit of £400,000 is forecast. Initial homeware sales through NEXT have been good.
Another positive trading statement from music instruments retailer Gear4Music (G4M) has led to a further forecast upgrade. Revenues grew 31% to £49.6m in the six months to September 2025. EBITDA expectations have been raised from £12m to £13.7m. Market conditions are improving and marketing has been stepped up. There has also been investment in improving availability of products.
Synthetic binders developer Aptamer Group (APTA) has developed its own Optimer binders and built up a valuable range of patents that could generate licence revenues in the longer-term. It continues to secure licence deals. In the year to June 2025, revenues grew by two-fifths to £1.2m and there is already visibility of £1m in revenues in the year to June 2026. Admin expenses were reduced to below £3m, but they may raise slightly this year. That means that Aptamer will still be loss-making. At the end of July cash was £2.7m and that should last into 2027.
MyHealthChecked (MHC) is selling its loss-making trading subsidiary Concepta Diagnostics to Boots UK for £2.375m. The company will become a shell with £5.7m of cash after the costs of the disposal, including an exit bonus to chief executive Penelope McCormick who is leaving with the subsidiary.
There are positive drilling results for the Redmoor tungsten tin copper project owned by Strategic Minerals (SML). The results confirm multiple zones of high-grade tungsten mineralisation at the project in Cornwall. These results are from one borehole. This suggests that Redmoor could be the highest-grade undeveloped tungsten deposit. There are also positive results for copper. The tin assays are still being reviewed. Drilling continues. Zeus has a 1.9p/share fair value for Strategic Minerals.
Newmark Security (NWT) had talks with 21.3% shareholder Thalassa (THAL) and the security company’s board will be reconstructed. Two new non-execs will be appointed.
Modular housing company Eco Buildings Group (ECOB) has expanded its geographical reach and the computerisation of the production process. It has set up a new subsidiary with Socotra Real Estate Development and Investment Company to offer modular housing in Sudan. The Khartoum-based partner will invest €5m to fund two production lines and receive 50% of any net profit.
Growth is accelerating at decision intelligence software supplier ActiveOps (AOM) with interim revenues 45% higher at £20.8m, including three months of the Enlighten acquisition. Annual recurring revenues are 55% higher at £44.6m and still grew 27% excluding Enlighten. Organic net revenues retention was 116%. Net cash is £13.3m. The full benefits of the Enlighten acquisition will come through next year. The interim results will be published on 27 November.
Semiconductors designer EnSilica (ENSI) has been hit by a contract delay and a cybersecurity incident at an automotive client. That means that full year EBITDA of £300,000 is expected, compared with £500,000 previously forecast. That is before a £1.6m bad debt provision relating to the contract delay. That contract with SIAE Microelectronics is on hold because of the client’s lack of cash and EU funding may be issued in 2026. The 2026 EBITDA guidance has been reduced to £3.5m-£4.5m.
Labour supply services provider Hercules (LSE: HERC) acquired 70% of Lyons Power Services, a provider of power and energy infrastructure services, for £702,800 in cash and shares. The existing owner will retain the other 30%. In the year to January 2025, revenues were £1.39m and pre-tax profit £287,000.
Podcast platform operator Audioboom (BOOM) increased third quarter revenues by 9% to $20.4m and EBITDA by 18% to $1.2m. There is strong growth of video views, following the Adelicious acquisition. Nine months revenues are 5% higher at $55.5m, while EBIDA more than doubled to $3m. Booked revenues for 2025 are more than $79m. A strategic review is ongoing.
Mosman Oil & Gas (MSMN) has raised £1.67m at 0.0225p/share and a retail offer could raise up to £500,000. This will close on 21 October. The cash will be spent on US helium projects, including Sagebrush and Coyote Wash in Colorado. The Independent Prospective Resource Validation at Coyote Wash is expected before the end of the year.
Energy storage technology developer Gelion (GELN) raised £10m via a placing and subscription at 20p/shar and up to £500,000 could be raised by a retail offer, which closes on 23 October. The cash will finance commercial pouch cell prototypes. The cash will last for 18 months.
Pulsar Helium Inc (PLSR) has filed a preliminary short form base shelf prospectus, which will enable the issue of securities to raise cash up to $50m over a 25-month period. There is no immediate plan to raise money.
Peter Gyllenhammar has increased his stake in infrastructure services provider Nexus Infrastructure (NEXS) from 28.15% to 29.14%. Michael Thomas Morris has cut his stake from 7.68% to 4.41%.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) generated year-on-year like-for-like growth in revenues of 8.1% in the first half with a strong performance from ecommerce. Total revenues were one-quarter higher at £21.3m. Net debt is £4.1m after investment in new stores.
Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 1 September 2025
AQUIS STOCK EXCHANGE
HRC World (HRC) joined Aquis on 26 August. The data centre facilities provider is already traded on Nasdaq First Copenhagen. The plan is to expand the network of sites outside of Malaysia. It is also assessing sustainable electricity generation potential.
The Smarter Web Company (SWC) has raised a further £3.66m at 193p/share and there are 2.59 million shares still available for subscription. The company has bought 2,440 Bitcoin and the total cost was £201.1m. Net cash available to invest in Bitcoin has fallen to £600,000. PKF Littlejohn has replaced Adler Shine as auditor.
Ajax Resources (AJAX) has agreed terms for the acquisition of 74.75% in the Paguanta copper gold project in Chile. If the deal is completed thee is an initial payment of $50,000 in cash and $100,000 in cash. Progress with the project will trigger further payments.
Vault Ventures (VULT) has sold its Bitcoin assets, and it retains its other digital assets. A subsidiary has entered a strategic partnership with Quaint Insight, and this will provide access to data to help assess digital assets.
KR1 (KR1) had net assets of 49.38p/share at the end of July 2025, up from 40.69p/share at the end of June. Aggregate income during the month was £419,630.
Wishbone Gold (WSBN) has raised £1.5m at 1.25p/share and this will provide working capital for drilling at the Red Setter Dome gold target.
Lord Bethell has been appointed as a non-executive director of biotech Cardiogeni (CGNI). He is a former health minister. Another director, Ajan Reginald, bought 10,001 shares at 20p each and 2,000 shares at 10p each. He owns 22.1% of Cardiogeni.
Amazing AI (AAI) raised £72,000 at 1p each.
Phoenix Digital Assets (PNIX) director Jonathan Hives has sold 350,000 shares at 5.085p each. EDX Medical (EDX) chief executive Dr Michael Hudson bought 65,000 shares at 10.65p each.
ASSET MATCH
Zytronic (ZYT) expects to sell all its assets by the end of September, and shareholders should receive between 48p and 58p for each share they own in October.
AIM
In the year to February 2025, continuing revenues of online retailer boohoo (DEBS) fell 12% to £790.3m, but Debenhams brand gross sales were one-third higher. The adjusted loss was barely changed at £43.4m. Management says that the brands are trading at a positive EBITDA. There were a raft of exceptional costs, including an impairment provision of £47.9m. The carrying value of the investment in Revolution Beauty (REVB) has been reduced by £16m and boohoo is backing the refinancing and the return of the founders. Total exceptionals increased from £98.1m to £198.7m. Founder and executive director Carol Kane bough 6.86 million shares at 14.5p each
Fiinu (BANK) has been readmitted to AIM following the acquisition of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m was 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. The share price rose 49% to 19p.
Fire safety products supplier LifeSafe Holdings (LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer, which closes on 5 September, can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. Executive chairman Dominic Berger acquired 1.37 million shares at 1p each, taking his stake to 5.85%.
Empire Metals (EEE) has made a breakthrough in process development at the Pitfield project in Western Australia. Recoveries are 77% at the rougher stage and 90% at the cleaning stage. Leach results achieved 98% titanium dissolution. Overall titanium recovery is 67% and this is expected to improve. This is a high purity product.
Transport software and services provider Tracsis (TRCS) says full year revenues edged up from £81m to £82m, while EBITDA was slightly lower at around £12.6m. Trading improved in the second half. Cash was £23.4m at the end of July 2025.
Brain health software developer Cambridge Cognition (COG) is raising £1.12m at 27.25p/share from key shareholders and management following the interim figures. Changes to the board mean that Rob Baker becomes senior executive director, Alex Livingstone-Learmonth is chief commercial officer, and Ronald Openshaw becomes head of finance and corporate development. Interim revenues fell from £5.6m to £4.3m and the loss increased. Cash fell to £400,000. The order book was £16.4m at the end of June 2025.
Thor Explorations (THX) announced further drilling results from the Guitry Gold Project in Côte d’Ivoire. There have been 3,000 metres of drilling and the latest assays include thee with significant gold showings, including one showing 8 metres at 14.54g/t gold. The drilling shows mineralisation is open at depth. There are soil anomalies that have not been tested.
Advanced engineering materials developer Versarien (VRS) says that the sale of its remaining subsidiaries is near completion. The Chinese strategic investor has withdrawn from the investment process because of the UK national security review process only approving a restricted joint venture.
Logistics Development Group (LDG) had net assets of 26.7p/share at the end of June 2025, up 8.67% over the quarter. Since then, £15m has been invested in a company that has taken a 78.3% stake in Alternative Parcels Company.
Synthetic binders developer Aptamer Group (APTA) has launched a biomarker discovery service. Biomarkers are molecular indicators of physiological states, including disease presence and enable targeted drug development. The service will use the company’s own Optimer technology in combination with proteomic analysis and it can generate the binding molecules. This is a fee for service model.
Oriole Resources (ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year.
MTI Wireless Edge (MWE) improved revenues by 8% to $24.1m, but pre-tax profit was flat at $2.3m. Share buybacks helped earnings to increase, but net cash fell to $5.1m at the end of June 2025. Antennas revenues grew strongly and there was a doubled profit contribution. This offset lower profit from other parts of the business.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has already flagged up weaker trading. Interim revenues were 13% ahead at £146.6m, which was an organic decline of 1%. Pre-tax profit was one-third higher at £7.9m. The interim dividend is unchanged at 0.96p/share. Manufacturing operations performed better than distribution, which should improve its performance in the second half.
Andrew Hore