News blog

Quoted Micro 12 May 2025

BY: Andrew Hore |
POSTED: 12/05/2025 |

AQUIS STOCK EXCHANGE

In 2024, Newbury Racecourse (NYR) increased revenues by 16% to £22m and pre-tax profit improved from £720,000 to £1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was £7.5m at the end of 2024.

Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising £2.24m at 16p/share. Prior to flotation the web design and online marketing company raised £1m at 2.5p/share. That cash has been invested in Bitcoin. So far £760,000 has been spent on 10.6 Bitcoin at £71,356 each. The cash will eventually be used for expansion and acquisitions.

Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.

Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a £1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.

Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.

Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.

Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.

BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.

Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.

Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).

NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.

Valereum (VLRM) raised £500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.

Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.

ASSET MATCH

Synairgen (SNG) joined Asset Match on 8 May, having left AIM.

JP JENKINS

Renewable energy investment company Thrive Renewables (THRV) has launched a £5m share offer at 247p/share. The minimum investment is £247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from £13.6m to £11.3m. The final dividend is 12p/share.

Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.

Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.

ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.

e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.

AIM

Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to £97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from £3.9m to £4.9m. Higher national insurance and other costs will hold back profit this year.

Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterday’s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.

Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.

Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a £2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.

Aptamer (APTA) says the Optimer-based test for Alzheimer’s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first £166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimer’s disease testing market could be worth $19.6bn by 2029.

Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to £19.7m at the end of January 2025. Group full year revenues were 3% ahead at £33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from £2.1m to £1.2m. Despite a downgrade, pre-tax profit is still expected to be £2m this year.

Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from £2.4m to £14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Let’s Connect business is being closed down. The 2024 loss increased from £2.28m to £4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A £1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.

Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of £6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.

Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is £10m with deferred cash consideration of £6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated £1m of profit on revenues of £14.7m in the year to May 2024.

Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to £57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at £41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between £6.2m and £6.4m.

Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.

Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for £19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of £4m by MiniMBA founder Mark Ritson. This deal would add £3.5m to group EBITDA taking it to £8m.

Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.

Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.

Degradable plastics developer Symphony Environmental Technologies (SYM) has raised £2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.

MAIN MARKET

Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from £539.8m to £536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from £11.8m to £13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from £12.5m to £1.1m. The interim dividend was maintained at 1.75p/share.

Cardiff Property (CDFF) reported net assets of £29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.

Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.

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