News blog

Quoted Micro 22 September 2025

BY: Andrew Hore |
POSTED: 21/09/2025 |

AQUIS STOCK EXCHANGE

Vehicle electrification technology developer Equipmake (EQIP) has received a £5.45m order from Agrale to supply electric drivetrain systems for 50 buses. Agrale had previously ordered five drivetrains. The new order will be delivered from now to mid-2026 and there will be payments in advance for each delivery. Equipmake has an order book worth more than £10m.

WeCap (WCAP) investee company WeShop has filed with the SEC for a listing on Nasdaq. The SEC has to review the filings before the listing can happen. WeCap has a direct stake of 5.189 million shares in the shoppable social network. Peel Hunt holds 17.2% of WeCap. The share price increased 43.6% to 2.8p. Hot Rocks Investments (HRIP) owns 150,000 WeShop shares.

TechFinancials Inc (TECH) has concluded due diligence on the Dilotiko project in Kenya and a 25% stake in Dilotiko Ltd will be acquired for £200,000 in shares. There is an option to acquire up to 60%. TechFinancials is raising £250,000 at 0.25p/share. The company plans to change its name to Ubunto Mining and Metals Inc.

BWA Group (BWAP) has entered a binding option and earn-in agreement to acquire 70% of Aracari Resources, which holds the Aracari gold project in Cameroon. There is a 90 day due diligence period plus spending of €25,000, then a further €100,000 of spending will earn 10%, €400,000 to take the stake to 51% and an additional €1m to take the stake to 70%.

Global Connectivity (GCON) investee company PLUG has completed its pilot copper cable extraction contract in Brazil. PLUG has been added to Telefonica’s preferred supplier list for the service in Brazil and around he world.

Cannabis medicines developer Ananda Pharma (ANA) says chief executive Melissa Sturgess is presenting and attending a panel discussion at the 8th Cannabinoid & Endocannabinoid Drug Development Summit, taking place in Boston, Massachusetts in mid-October.

Mendell Helium (MDH) says dewatering has started at the M3 Corporation Rost-1-26 well in Fort Dodge, Kansas. Mendell Helium has an option to acquire M3 Helium, and the option has to be exercised by 30 September. A move to AIM is likely when Rost starts production.

Valerium (VLRM) is accelerating the strategy to build a blockchain-powered finance ecosystem, and it is selectively investing in leading operations in this area. This should enable larger and faster revenues.

Amazing AI (AAI) plans to start buying crypto assets this month, starting with Bitcoin.

Vault Ventures (VULT) has launched a new website and interactive hub at investors.vaultplc.com. A further purchase of 47.48 ETH means the total holding is 818.85 ETH and 2,201.1 SOL.

ASSET MATCH

Isles of Scilly Steamship Company (IOS) reported a slight increase in full year revenues to £21.7m, while pre-tax profit edged up from £2.95m to £3.04m. Net debt was £7.5m at the end of March 2025. A 15p/share dividend has been proposed.

AIM

Scotland-based housebuilder Springfield Properties (SPR) is refocusing on the North of Scotland. It still has projects in central Scotland, but new land buying will be in the North. There were £60.5m of land sales during the year and there is still more to come from the sale deal with Barratt Redow. That helped to cut net debt to £20.9m and it should fall to £10m by May 2026 when more disposal proceeds are received. That will enable the buying of additional land in the North. The land sales helped to nearly double pre-tax profit from £10.6m to £20.1m. Springfield Properties is planning to hold on to some of the homes it builds in the North and lease them to infrastructure providers so that they can house their workers.

Audio products supplier Focusrite (TUNE) performed strongly in the six months to August 2025. Revenues improved from £81.6m to £87m during the period. This is despite negative currency movements. New product launches helped and offset lower spending on audio reproduction equipment. Gross margin is improving despite tariffs. The 12-month revenues rose from £158.5m to £168m. EBITDA is in line with expectations of £25.2m despite the better revenues. Net debt was £11m at the end of August 2025. The new financial year end is February.

Advanced imaging and biodetection technology developer Kromek (KMK) moved into profit in the year to April 2025 thanks to revenues from its collaboration agreement with Siemens. A loss of £3.2m was turned into a pre-tax profit of £4.1m, helped by the high margin nature of the Siemens income. The Siemens income will be lower this year, but the rest of the business should grow. Kromek will remain profitable but gross margin will be lower. Regular orders from Siemens are expected in 2027. Net cash is £1.2m and there is no requirement for any share issues, because cash should build from this point.

Fiinu (BANK) has entered an exclusive strategic partnership with Manx Financial (MFG) subsidiary Conister Trust to launch Plugin Overdraft in the UK. It will be launched initially with one million plus retail customers and then rolled out to other customers. It will be branded “Conister Bank Plugin Overdraft®, powered by Fiinu”. There is a profit-sharing agreement.

Sexual health products developer Futura Medical (FUM) says 2025 revenues will be much lower than expected and it has widened the strategic review to include all options to create shareholder value. US sales of Eroxon remain weak and there are stocks left from the original order. Other markets are also weaker than expected. The $2.5m milestone payment from Haleon for granting of a US patent has been delayed until next year. Full year revenues will be between £1.3m and £1.4m. Cash was £2.71m at the end of August 2025. This should last until January 2026. Cost savings are being made and funding sought. Interim results will be published on 30 September.

Renalytix (RENX) has signed a collaboration agreement with Tempus AI which will help to accelerate the adoption of the company’s kidneyintelX.dkd test to help slow kidney disease. The test is for predicting “progressive decline in kidney function in type 2 diabetes patients with diagnosed chronic kidney disease stages 1-3b”.

Plant-based detergent ingredients developer Itaconix (ITX) increased interim revenues 30% to $4.8m and it is on course to reach $9.5m in the full year. A halved loss of $900,000 is forecast, which is slightly higher than previously expected. Reporting has been changed so that there are two main sources of revenues. Performance ingredients and SPARX formulated solutions. The latter is growing faster.

TV and film fleet services provider Facilities by ADF (ADF) reported a quiet start to the year, but momentum is improving. Interim revenues were 14% ahead at £17.4m. The loss increased from £800,000 to £2m. More productions were facilitated, but the average income was lower. One-fifth of the fleet has been placed in storage.

Acoustic products supplier Autins Group (AUTG) is suffering from volatile conditions in the automotive sector. In the five months to August 2025, revenues fell from £8m to £7.7m and the loss was reduced from £714,000 to £258,000. JLR is a major customer, and it has been hit by a cyber attack. JLR production stopped on 1 September and that will hold back Autins revenues.

Architectural and construction software provider Eleco (ELCO) continues to grow recurring revenues at an impressive rate. Annualised recurring revenues could each £32.6m at the end of 2025. That is helped by acquisitions but there is still organic growth. Recurring revenues were 81% of interim revenues.

Caledonian Holdings (CHP) is stepping back from a wider marketing of its proposed fundraising. It is focusing on talking to institutional investors. If these are successful a broadening of the fundraising will be considered. The cash will be used to invest in investee company AlbaCo to provide regulatory capital.

Employee benefits and insurance provider Personal Group Holdings (PGH) improved interim revenues 11% to £23.3m. Annualised recurring revenues ae 12% ahead at £45.7m. Pre-tax profit was 72% higher at £3.8m. The dividend was raised by 26% to 8.2p/share. The 2025 pre-tax profit forecast has been edged up to £8.2m.

Digital loyalty and promotions platform operator Eagle Eye (EYE) had already flagged up the full year figures and announced the loss of a major client. In the year to June 2025, revenues rose 1% to £48.2m, but the core revenues increased at a faster rate. Revenues will fall this year, and Eagle Eye will make a loss before rebounding to profit next year.

Cyber security software and hardware supplier Corero Network Services (CNS) had a tough start to the year, and order intake reduced. Interim revenues fell 10% to $10.9m. However, annualised recurring revenues grew to $21.6m. Customer retention was 98%.

Battery technology developer Gelion (GELN) subsidiary OXLiD has been awarded £533,000 of grant funding from the DRIVE35 programme in the UK. This will be invested in development of lithium-sulfur multi-layer pouch cells. This supports a £1.1m project which Gelion is working on with QinetiQ. There will be demonstrations of the technology in September 2026.

MAIN MARKET

Mears (MER) is acquiring Pennington Choices for £9.5m in cash. This will add to the group’s compliance activities and it could contribute annual EBITDA of £1.5m.

Life Science REIT (LABS) has completed a strategic review and decided on a managed wind down. The slow pace of leasing activity has held back further investment, and the share price has been trading at a large discount to NAV. The wind down is expected to take around 18 months. The board is in discussions with the investment manager. A circular will be sent to shareholders to gain approval for the proposals.

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