News blog

Quoted Micro 19 May 2025

BY: Andrew Hore |
POSTED: 18/05/2025 |

AQUIS STOCK EXCHANGE

Time to Act (TTA) is raising a minimum of £264,000 at 40p/share. VSA Capital has set a target share price of 118p. Diffusion Alloys is a coatings business, and the customer base includes hydrogen, nuclear and fuel cell businesses. Another subsidiary, GreenSpur is developing axial flux technology. This business hopes to generate revenues through design services to wind turbine designers.

KR1 (KR1) increased income from digital assets rose 51% to £13m during 2024, including Income from staking activities which jumped from £6.9m to £12.8m. There was a loss on disposals of £1m, compared with a £12.1m gain in the previous year. Pre-tax profit fell from £14.7m to £7.85m. There was £1.18m in cash at the end of 2024.

Smarter Web Company (SWC) raised £2.23m at 27p/share from a retail offer, taking the total raised to £3.45m. The company has invested a further £650,000 in Bitcoin at £75,460 each, which takes total investment to £1.41m. Smarter Web Company has applied to be quoted on the US OTCQB to help to add to liquidity. Tennyson Securities has raised its target price to 38.4p/share.

Coinsilium (COIN) expects the launch of the $YELLOW token launch is expected in two months. The sale will be conducted under Regulation D in the US, making it attractive to institutional investors. Coinsilium invested $200,000 in Yellow Network and the latest fundraising has increased the value of the stake. Coinsilium is raising £1.25m at 3p/share and a retail offer could generate a further £250,000.

Telecoms components supplier Unigel Group (UNX) improved turnover from £28.5m to £29.2m in 2024. Pre-tax profit jumped from £815,000 to £2.13m. The growth came in the steel tapes business. Some manufacturing is being moved to the US to shield the company from potential tariffs.

Oscillate (MUSH) is planning a work programme for the Duekoue copper gold molybdenum prospect in Cote d’Ivoire. This involves geological mapping and soil sampling, plus ground magnetics. Further mapping will be undertaken.

SuperSeed Capital (SEED) had net assets of 125p/share at the end of 2024. The funds it manages will benefit from opportunities in digital transformation, operational efficiency and AI.

Visum Technologies (VIS) intends to acquire CandC Gordan for £414,000 in shares at 0.5p/share. The company being acquired offers shared workspace to facilitate app development. There are plans to restructure debt in return for 142 million shares.

RentGuarantor Holdings (RGG) is raising £2m at 250p/share. The funds will expand the rent guarantee business and enable the hiring of staff. It will also finance the initial costs of a move to AIM.

Meme Vault has changed its name to Vault Ventures (MEME) and it will incubate start-ups and targeting investment opportunities. Cash is being invested in cryptocurrency.

VVV Resources (VVV) is raising £900,000 at 1p/share and the underwriting commission to Campana Investments will be £90,000. This follows a previous subscription by Campana of £100,000.

Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 28.8%. BWA Holdings (BWAP) chairman Jonathan Wearing has bought 500,000 shares at 0.25p each. A share issue has paid off £21,600 of liabilities.

EPE Special Opportunities Ltd (LON: EO.P) NAV was 309.57p/share at the end of April 2025.

ASSET MATCH

Zytronic (ZYT) has moved from AIM to Asset Match on 15 May. The company is being wound up. The first auction will be on 20 June.

AIM

Pawnbroker H&T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at £297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal. The bid values H&T at 12 times prospective 2025 earnings.

Bain Capital is considering a potential offer for Craneware (CRW), although it is still early days. Scotland-based Craneware provides accounting and billing software to US hospitals. In the year to June 2025, Craneware is forecast to generate revenues of $206.8m and pre-tax profit of $44.1m.

Angling Direct (ANG) revenues increased from £81.7m to £91.3m in the year to January 2025. There were six new stores in the UK, three of which were acquired, and a store was opened in the Netherlands one year ago. The MyAD club has 409,000 members and is helping to increase spending, and it is being offered in Europe. The European loss was reduced, and group pre-tax profit was one-quarter higher at £2m. Net cash is £12.1m after capital investment and share buybacks. Angling Direct is doing well in a consolidating retail market for fishing tackle retailers.

Vertu Motors (VTU) is not immune to the tough new car market, but its performance is relatively good compared with the market. It is the fourth largest motor dealer in the UK. It has 198 dealerships. Government targets for electric vehicle sales have been the major disrupting factor for the car market, on top of the economic uncertainty. Aftermarket business has helped to offset the lower contribution from new car sales. This is less cyclical. There was also some growth in revenues from used cars, where there appears to be a more positive outlook, and fleet sales. In the year to February 2025, pre-tax profit fell from £34.7m to £29.3m. The dividend was cut from 2.35p/share to 2.05p/share. Net debt was £160.6m at the end of February 2025. Net tangible assets are 72.9p/share. The decision to rebrand every outlet with the Vertu name will make it easier to promote the company.

Iodine supplier Iofina (IOF) improved 2024 revenues from $50m to $54.5m, while pre-tax profit fell from $8.5m to $4.8m. There was a change in mix of sales with more iodine-based products sold, while crystallised iodine sales were flat. Net cash was $2.9m at the end of the year, although capital investment is likely to lead to net debt by the end of 2025. Iodine prices remain strong at above $70/kg. The IO#11 plant should begin production in the summer. Iodine production has been affected by bad weather earlier this year. First quarter production was 124.1MT and first half production of nearly 300MT is forecast for the first half. Pre-tax profit could recover to $7.3m this year.

Energy as a service provider eEnergy Group (EAAS) has entered a partnership with US-based energy as a service provider Redaptive Inc, which will provide up to £100m to support new projects. eEnergy will project manage and deliver LED and solar on behalf of Redaptive customer base in Europe. These projects will be fully funded and eEnergy cash flow will improve. The current NatWest facility can only be used for public projects.

DSW Capital (DSW) had a strong second half with full year figures set to be ahead of expectations. The professional services provider increased network revenues by 61% to £25.8m, including an additional £3m of mergers and acquisitions business ahead of last year’s Budget. Business continued to be active post-Budget and has continued into the new financial year. Pre-tax profit of £1.6m is expected. Forecast 2024-25 pre-tax profit estimate has been changed from £1.43m to £1.7m, while the current year forecast is maintained at £2.5m, when there will be a full contribution from DR Solicitors.

Staff provider Staffline (STAF) has won a new contract with food and drink logistics provider Culina that could be worth £300m over three years. This should commence in the summer. There will be initial implementation costs in 2025. Panmure Liberum has raised its 2025 pre-tax profit forecast from £5.3m to £6m. The 2026 estimate is increased from £5.7m to £8.3m.

Volvere (VLE) improved pre-tax profit from £2.73m to £4.84m in 2024. Consolidated NAV rose from £14.83/share to £17.20/share. Cash of £27.8m is the equivalent of two-thirds of NAV. The trading subsidiary is Shire Foods. Management is seeking other food acquisitions, as well as opportunities in other sectors.

Synthetic binders developer Aptamer (APTA) has gained two fee-for-service development contracts worth up to £231,000, plus licence heads of terms with a global provider of speciality enzymes. The licence agreement covers Optimer binders developed via two fee-for-service contacts. There will be milestone payments and a 10% royalty. New data for the Optimer therapeutic delivery vehicle for liver fibrosis developed in collaboration with AstraZeneca shows it effectively targets fibrosis in the liver as well as the kidney, skin, lung, and heart.

Venture Life Group (VLG) is selling its contract development and manufacturing business to Italy based BioDue so that it can focus on its own self care brands. There will also be a ten year manufacturing agreement. The disposal includes some non-core brands and will generate £53m. The remaining business should have annual revenues of £43m and cash to acquire more brands. The prospective 2026 earnings multiple is eight.

Cosmetics supplier Revolution Beauty (REVB) has got additional productions into retailers and launched the RELOVE brand, but the US and online wholesale markets are weak. Full year revenues fell 26% to £141.6m. A £10.9m loss is forecast for the year to February 2025. Inventory levels have been slashed, but net debt increased to £26.3m at the end of February 2025, which leaves little flexibility in terms of cash. It could stay at around that level by February 2026, although the company could be near to breakeven this year.

Retail software developer itim Group (ITIM) increased revenues by 11% to £17.9m in 2024. Annualised recurring revenues were flat at £13m, but that was a result of currency movements and there was underlying growth. Services revenues increased helping to improve short-term profitability. There was a swing from loss to a pre-tax profit of £200,000. Cash doubled to £3.8m. There is a strong pipeline of potential business, but the timing of decisions by retailers remains uncertain. A further improvement in profit is expected in 2025.

88 Energy (88E) has completed its 25-for-one share consolidation. The previous closing price was the equivalent of 1.4375p. The share price has declined 35.7% to 0.925p.

MAIN MARKET

Mental health treatments developer Solvonis Therapeutics (SVNS) raised £2m at 0.13p/share. The new shares are 40% of the enlarged share capital. The company is making progress to completing the acquisition of Awakn Life Sciences, which will lead to a further 2.07 billion shares being issued. The cash will provide working capital.

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