News blog

Quoted Micro 23 February 2026

BY: Andrew Hore |
POSTED: 22/02/2026 |

AQUIS STOCK EXCHANGE

Cooks Coffee Company (COOK) says its UK Esquires coffee stores generated revenues of £21.9m in the nine months to December 2025, while sales in Ireland were 27% higher at £9.9m. There was like-for-like growth of 5.1% and 6.3% respectively. Income comes predominantly from franchise fees and royalties.

Delta Gold Technologies (DGQ), the quantum computing IP developer, has raised £1.92m through subscriptions at 35p/share. Every two shares come with a warrant to subscribe for shares at 50p each. This cash will help to accelerate university agreements and collaborations. New shareholders include Purebond.

EPE Special Opportunities Fund (EO.P) says that it does not intend to buyback any more shares. It has already acquired 1.25 million shares.

ProBiotix Health (PBX) reassured investors that it has no direct connection with skin treatments developer SkinBioTherapeutics (SBTX), which has been hit by the departure of the chief executive and accounting adjustments, even though they were both spun out of OptiBiotix Health (OPTI). Michael Litichevski, who is vice president, sales, of ProBiotix Health, bought 45,100 shares at 6.5p each.

Valereum (VLRM) has signed a memorandum of understanding with Integra Foundation to establish “a framework to collaborate on real-world asset tokenisation, institutional distribution, and secondary trading, with an initial focus on real estate”. This could help to accelerate revenue generation.

The wife of BWA Holdings (BWAP) non-exec John Byfield has bought 1.98 million shares at 0.25p each, taking their joint holding to 0.79%.

Digital asset miner Sterling Digital (ASIC) has bought 450 ASIC Bitcoin mining servers at a lower cost than budgeted, as well as modular, high-density, hydro-cooled data centre infrastructure for these mining servers. Initial production should be in the second quarter of 2026.

Arbuthnot Banking (ARBB) says that it made good progress in the fourth quarter of 2025. Pre-tax profit will be at the upper end of the guidance range of £22m-£24m. A total dividend of 53p/share is forecast.

EDX Medical (EDX) has raised £3.5m at 14p/share. That is the same share price as the previous fundraising. The proceeds will accelerate the prostate cancer programme to develop diagnostic products.

Ormonde Mining (ORM) investee company TRU Precious Metals has executed the 51%/49% joint venture agreement for the Staghorn property with Quadro Resources.

Marula Mining (MARU) has signed an agreement to supply 500 tonnes of processed manganese ore from Kilifi to Jindal Pelletising in India. Deliveries to Baosteel are also set to happen following delays.

Wind-based hydrogen production technology developer Energy B (NRGB) has secured a £50,000 loan facility from chairman Neil Ritson.

Connecting Excellence (XCE) shares have begun trading on the OTC Venture Market (OTCQB) in the US.

JP JENKINS

QPLAY (QPL), which is a manufacturer of board games, joined JP Jenkins on 16 February. QPLAY has created Outsmarted, a quiz game using AI. QPLAY is held within the Velocity Capital Fund, which is managed by Sapphire Capital Partners.

The London Tunnels (TLT), which is developing the Kingsway Exchange Tunnels as a visitor attraction, will join JP Jenkins on 25 February. The plan is to open by early 2028.

AIM

Scotland-based housebuilder Springfield Properties (SPR) reported a 2% increase in interim revenues to £108m, while pre-tax profit improved from £3.8m to £4.3m. The private housing market was weak, but changes to Scottish government policies meant that the affordable housing market recovered. Springfield Properties secured a deal with Scottish and Southern Electricity Networks to provide 293 homes for workers on infrastructure projects in the North of Scotland. This is an important part of the strategy to focus on North Scotland. The benefits are not likely to be significant until the next financial year. Last year included the large land sale to Barratt, which boosted profit.

Transense Technologies (TRT) had already warned that its results would be disappointing. Interim revenues dipped 8% to £2.26m, because of a reduction in the iTrack royalty. Pre-tax profit fell from £550,000 to £64,000. Net cash is £920,000. Sensor technology products developer SAWsense revenues increased 73% to £660,000, but the growth is not as fast as hoped. A further six projects have been added, taking the total to 23, but whether or when they will become commercial products is uncertain.

Optima Health (OPT) is acquiring competitor PAM Healthcare for £100m and this will mean it has 15% of the UK and Ireland occupational health market. This takes Optima Health to its medium-term target revenues of £200m. Debt facilities will provide £70m of the acquisition payment and an underwritten open offer will raise £35m at 175p/share. In 2025, PAM generated revenues of £66.6m and EBITDA of £8.2m. The two companies would have been rivals for tenders in the past. Increased scale will enable improved margins. Pro forma 2026-27 pre-tax profit of £17.8m is forecast. Cavendish has been appointed as joint broker.

Retailer Mothercare (MTC) has refinanced its £8m debt facility with GB Europe Management Services, which has been closed after a £8.68m payment, including fees. This has been replaced by a £8.46m facility with a consortium of investors, including Richard Griffiths, that is being provided to a special purpose vehicle. This lasts until the end of 2027 and has an annual interest charge of 25%. Pension payments have been deferred until March 2027. This means that £6m of payments have been deferred and there will be a long-term payment plan put in place.

Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, has secured a six-month extension to its agreement with Johnson & Johnson Health Care Systems to provide Trellus Elevate for patients with moderate to severely active inflammatory bowel disease. Monthly cash burn has been reduced to $400,000. The 2025 revenues will be around $545,000. A $5m convertible facility has been secured, and the $737,500 drawdown from the facility will provide enough cash for the first quarter of 2026.

Pulsar Helium Inc (PLSR) has raised £7.4m at 80p/share. The cash will fund the development of the Topaz helium project in Minnesota. All six appraisal wells have been successful and there are concentrations of helium-3, which is used in quantum computing. Well testing and reservoir evaluation will continue and there will be an additional seismic survey. A pre-feasibility study for integrated helium and CO₂ production will be completed. There will also be cash spent on the Falcon project in Michigan.

Computer vison technology developer Seeing Machines (SEE) says interim revenues will decline from $25.3m to up to $24m. Annualised recurring revenues have grown from $13.5m to $14m. The EBITDA loss will decline from $17.7m to below $13.7m. Cash had fallen to $3.4m, but more recently a $14.1m advanced payment has been received. Automotive production volumes continue to grow, and new legislation comes into force in the EU that mandates camera-based driver monitoring systems for new vehicles that will further boost demand.

Roadside Real Estate (ROAD) raised £20.75m at 60p/share. This will be invested in building the portfolio of petrol forecourt stations. It is acquiring seven sites for £32.4m. The company’s stake in Cambridge Sleep Sciences should raise £48m in two tranches and help to finance expansion. Roadside Real Estate is expected to move into profit in the year to September 2027.

Broadcast technology supplier Pebble Beach Systems (PEB) has won a five-year contract in the US worth £1.3m. There is scope for upside with the US streaming client. This boosts recurring revenues. Cavendish had previously upgraded its 2026 pre-tax profit forecast to £2.7m, and this contract helps to underpin the current estimate. Dowgate Group has increased its stake from 5.22% to 10.2%.

Infrastructure-as-a-Service automated trading products supplier Beeks Financial Cloud (BKS) says interim trading is in line with expectations. Revenues are estimated to be £14.7m, down from £15.8m. Contracts won late in the period will contribute in the second half. That could contribute around £3.5m to second half revenues. Net cash is £3.3m.

Healthcare communications technology developer Feedback (FDBK) is still waiting for the NHS to make decisions on investment. Interim figures to November 2025 did not contain any surprises. Revenues were flat at £400,000 and net cash was £3.8m. Existing clients renewed contracts, so that augurs well for additional business.

The bid for Inspecs (SPEC) has been switched to a takeover offer because the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The takeover offer requires more than 50% to be in favour. It appears that the requirement is already fulfilled with current acceptances.

MAIN MARKET

The benefits of the long-term strategy of Seraphim Space Investment Trust (SSIT) are showing through in the latest uplift in NAV. In the latest quarter to December 2025, there has been a 24% increase in NAV due to sharp increases in the values of its four largest investments due to recent fundraisings or changes in how the stake is valued. Their total value is £69m higher, which is a 36% increase. There is no indication of value changes for the other investments. The interims will be published on 5 March.

Wildcat Petroleum (WCAT) intends to leave the Main Market and switch to Aquis. It will also change strategy to the gold sector. A fundraising is planned in March.

GS Chain (GSC) plans to acquire GMM Acquisition Corp, which is acquiring Giraudy, MediaLine and Source Digital. These are outdoor advertising and home entertainment media. The purchase will be in shares.

Panther Metals (PALM) has signed a letter of interest with commodities trader Traxys Europe relating to discussions concerning the Winston tailings project. Progress is being made towards a mineral resource estimate.

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