News blog

Quoted Micro 23 August 2021

  • BY: Andrew Hore |
  • POSTED: 22/08/2021 |

AQUIS STOCK EXCHANGE

Adnams (ADB) says that trading has improved since 17 May with strong demand for hotel accommodation. Interim revenues were flat at £20.5m, while the loss dipped from £3.87m to £3.34m. Net bank debt was £13.4m at the end of June 2021.

GP software provider DXS International (DXSP) increased its full year revenues from £3.28m to £3.61m, while pre-tax profit improved from £239,000 to £254,000 even though the amortisation charge was significantly higher. There was £1.24m of cash generated from operations, although that is less than the £1.5m of capitalised research and development spending.

Good Energy (GOOD) continues to reject the 340p a share bid by Ecotricity because it undervalues the company. Management believes that the company can grow significantly as an independent entity. They also point out that Ecotricity is loss-making.

Oscillate (MUSH) has made a pre-IPO investment in Psych Capital, which would be one of first quoted psychedelic healthcare companies. Oscillate has acquired a 10.4% stake for £300,000. The Oscillate finance director is also finance director of Psych Capital. Richard and Charlotte Edwards have increased their stake in Oscillate from 5.94% to 8.31%. Oscillate has a 24.6% stake in Igraine (KING) which says that the report on the ARCADIA trial – relating to a potential treatment for people with diabetes suffering from Covid-19 - will be published by Excalibur Medicines on 6 September. Igraine has a 2% stake in Excalibur Medicines and also a co-investment agreement.

Yooma Wellness Inc (YOOM) is making the first of its promised acquisitions. It is paying up to £10.2m in cash and shares for Birmingham-based Vitality CBD, which sells its products through Boots, Tesco and Asda. Revenues were £1.6m in the first half of 2021.

Clarify Pharma (PSYC) has also made its first acquisition since joining Aquis. It has contributed $700,000 to a fundraising by Beckley Psytech. This gives Clarify a 0.26% stake. Beckley is developing psychedelic compounds to treat neurological and psychiatric disorders.

Dispersion Holdings (DEFI) has invested $200,000 in Blimp Technologies Inc, which has a platform that rewards homebuyers and sellers for contributing value to a tokenised network established by Home Network Foundation. Dispersion has made a second investment in Defi Yield Technologies Inc. The C$800,000 investment follows an initial investment of C$200,000, which was at a lower share price. This takes the shareholding to 2.24 million shares.

Watchstone Group (WTG) reduced its underlying admin expenses but there was still a £2.31m cash outflow in the first half of 2021. NAV was £15.4m at the end of June 2021. Watchstone has £14.1m in the bank and £1.8m more in escrow. The focus is on continuing litigation.

Eastinco Mining (EM.P) had a £528,000 outflow from operating activities in 2020. There was £52,000 of cash at the end of 2020.

SulNOx Group (SNOX) reduced its loss from £1.81m to £856,000 in the year to March 2021. SulNOx intends to move to AIM.

Coinsilium (COIN) has invested £300,000 in shares in financial services firm Greengage Global and is subscribing for up to £200,000 in convertible loan notes.

Evrima (EVA) has completed its investment in Eastport Ventures Inc, which is planning a flotation.

Abdelatif Lachab has increased his stake in Helium Ventures (HEV) from 5.94% to 6.23%.

AIM

Floorcoverings distributor Likewise (LIKE) switched from The International Stock Exchange to AIM last week and raised £10m at 25p a share. The cash raised will provide working capital for growth and cash for acquisitions. There will also be investment in further distribution centres, including a larger site in Manchester. Likewise chief executive Tony Brewer joined Headlam in 1991 and became chief executive in 2000. He left the company in 2016. The plan is to be a national distributor with revenues of more than £200m and an operating margin of more than 5% are targeted. Trading has been ahead of budget in the first half of 2021. Daily revenues exceeded £250,000 in each of May and June. The share price has risen to 31p.

Interim figures from plastic packaging manufacturer Robinson (RBN) led to a sharp downgrading of the 2021 pre-tax profit forecast. Raw material prices have soared, and volumes have not grown as fast as expected. Interim revenues were 19% higher at £21.2m – there was modest like-for-like growth excluding the Schela acquisition. A slump in gross margins meant that the business fell into loss. An interim dividend of 2.5p a share has been announced.

Piling contractor Van Elle (VANL) lost money last year, but it should return to profit this year.  In the year to April 2021, revenues were flat at £84.4m, which was a good outcome because revenues were sharply lower in the first quarter due to lockdown. The underlying loss was one-third higher at £1.2m. The cold winter also held back progress. Van Elle plans to pay a dividend next year if trading goes to plan.

SkinBioTerapeutics (SBTX) had more cash than expected at the year end and it has set the price for its AxisBiotix-Ps food supplement. In the UK, the psoriasis treatment will cost £1.50 per sachet, which is higher than expected. There was £4.6m in the bank at the end of June, compared with expectations of £3.4m.

Intelligent Ultrasound (IUG) AI technology has yet to make a significant contribution to revenues. GE is offering ScanNav Assist as an option on its SWIFT ultrasound machine, but first half revenues were minimal because of Covid-19 restrictions holding back marketing. Even so, interim revenues increased by 36% to £3.6m due to higher sales of training simulators. That growth is continuing and AI revenues will build up over the longer-term.

MTI Wireless Edge (LON: MWE) has continued to grow its profit and demand is improving for its antennas with new contracts from space and naval customers. In the first half of 2021, revenues improved from $19.6m to $21.3m, while pre-tax profit rose from $1.83m to $2.05m.

Engineer Tricorn (TCN) has appointed administrators because it is running out of money and the board is trying to sell the trading operations. Trading in the shares has been suspended and Arden has resigned as nominated adviser.

DBAY Advisors has decided not to bid for credit hire and legal services firm Anexo (ANX). Trading has been ahead of expectations at Anexo.

MAIN MARKET

Trading in standard list shell Pineapple Power Corp (PNPL) shares has been suspended following the announcement of the reverse takeover of BVP Investments and its sustainability-focused investment portfolio.

Canadian Overseas Petroleum (COPL) has completed the reverse takeover of Atomic Oil and Gas. This adds producing assets. Oil production is expected to continue to increase. Other potential asset acquisitions are being assessed.

Tirupati Graphite (TGR) is acquiring Suni Resources SA, which has a portfolio of graphite interests in Mozambique. They include the Montepuez graphite project which is already under construction. The acquisition will cost £6.6m.

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