News blog

Quoted Micro 24 March 2025

BY: Andrew Hore |
POSTED: 24/03/2025 |

AQUIS STOCK EXCHANGE

Brewer Shepherd Neame (SHEP) reported a dip in interim revenues from £89m to £85m, while underlying pre-tax profit improved from £3.8m to £4.2m. NAV rose from 1192p/share to 1221p/share. Net debt was £84.4m at the end of December. The interim dividend is 4% higher at 4.35p/share. Brewing volumes fell, but there was an improvement in profitability. Like-for-like pub revenues were higher. Beer volumes continue to decline, while retail sales continue to increase. There will be an additional £1.5m of costs due to new distribution agreements, which have improved service levels. Other cost increases that are coming off will be mitigated over the coming 18 months.

Kondor AI (KNDR) has finalised the terms of its bid for Ora Technology (ORA) and it is 0.9848 of a share for each Ora Technology share. The enlarged group will provide a marketplace to enable AI developers to market their products.

File Forge Technology (FILE) has signed a non-binding agreement for the acquisition of Amirose London for £5m in shares. The shell has switched its investing strategy from psychedelic-based medicine to decentralised storage technology. However, Amirose is a contract manufacturer for personal care products and the board believes this is a lower risk prospect. Customers stockings its products include Marks and Spencer, Tesco, Holland and Barrett, Liberty and Boots. In the year to March 2023, net assets were £574,000. In 2023-24, turnover was £12.7m and (an undefined level of) profit was £38,800. There will be a £500,000 fundraising. There will also be a 24-for-one share consolidation. Amirose boss Michael Heath will become chief executive of the group. All the current directors will resign.

EDX Medical (EDX) is raising £3m at 14p each. This will be invested in the prostate cancer test. Founder Professor Sir Chris Evans invested £740,000 and chief executive Dr Mike Hudson and director Martin Walton each subscribed for 60,714 shares.

Tectonic Gold (TTAU) has agreed non-binding heads of agreement to acquire Godolphin Exploration for £3.6m in shares. The owners of Godolphin Exploration, which is focused on tin and copper exploration in Devon and Cornwall, will hold 63% of the entire group. The business is assessing data of historic mines and has options over potential prospects.

Wishbone Gold (WSBN) says that the proposed reverse takeover of Evrensel Global Natural Resources will not go ahead, and Anthony Moore has left the board. David Lenigas has joined as a consultant. Trading in the shares remains suspended until a financing is arranged. The company requires £500,000 to pay for costs and other liabilities. One of the operating subsidiaries is being restructured and £190,000 of the cash is required to pay the reduced liabilities. The focus will be on gold prospects in Australia, particularly those near to the Telfer project owned by Greatland Gold (GGP).

Richmond Hill Resources (SHNJ) has agreed to sell two spirits subsidiaries to Intergen I Limited Partnership, which is 50%-owned by Richmond Hill Resources chief executive Ryan Dolder, for £1,000. There are two other spirits subsidiaries that are still to be sold.

Rent guarantee services provider RentGuarantor Holdings (RGG) increased 2024 revenues by 72% to £1.27m. Arrears claims as a percentage of revenues increased from 2.32% to 4.03%. The loss was reduced from £1.23m to £693,000. Management intends to continue to scale up the business and it believes that renters’ rights reforms will provide more opportunities.

BWA Group (BWAP) continues to invest in the development of mineral sands prospects in Cameroon. Results are being evaluated from Dehane 1. In the six months to December 2024, there was a cash outflow from operations of £66,000 and £471,000 invested in activities. Cash was £55,000 at the end of 2024.

Fenikso (FNK) has received another $676,000 out of the Lekoil and Gas Investments loan, which has $37.3m outstanding. This cash will be put towards paying down the Savannah Energy loan, which has an outstanding balance of $11.5m.

Mydecine Innovations Group (MYIG) will leave Aquis on 2 April. The shares will still be traded on three other platforms.

KevIn Hastings has a 3.51% stake in Marula Mining (MARU). Farzad Peyman has bought 461,333 shares in ChallengerX (CXS) at an average price of around 21.5p. Unicorn Asset Management reduced its stake in SulNOx Group (SNOX) from 5.94% to 4.93%. IntelliAM AI (INT) finance director David Khan bought 10,000 shares at 67p each.

JP JENKINS

Brewer Powder Monkey Group (PMGL) is acquiring Midlands-based Empress Ale, which supplies beers to restaurants and gastro pubs, as well as Waitrose and Ocado. This provides access to a broader customer base for the company’s beers, as well as additional beers to the product range.

Electric vehicle charging infrastructure provider Connected Kerb (CKB) has been admitted to the JP Jenkins trading platform. It collaborates with local councils to install charging points in public areas, as well as offering charging opportunities to businesses and residential developments.

AIM

NIOX Group (NIOX) has received a proposal from Keensight Capital with an indicative offer of 81p/share. This follows a previous proposal of 78p/share. The asthma diagnosis and monitoring company is talking to the potential bidder and providing it with access to due diligence.

Digital personalised marketing technology developer Eagle Eye (EYE) believes that it can achieve annual revenues of £100m within five years. A deal with an OEM, which will include the technology in its products will help to reach the target. In the six months to December 2024, revenues were flat at £24.2m, but lower contributions from services and SMS masked 10% growth in SaaS revenues. There was a lack of new wins in the period, but there have been some since. Investec forecasts an improvement in pre-tax profit from £3.9m to £5.4m. Net cash will continue to build up and could reach £13m by the end of June 2025.

Oil and gas producer Prospex Energy (PXEN) is acquiring full control of Tarba Energia for €653,000 and a 5% gross royalty on the Tesorillo. Prospex Energy is exercising its pre-emption rights after a third-party offer. Prospex Energy will own 100% of the El Romeral producing asset, where five new wells could be drilled subject to permit, and the Tesorillo and Ruedalabola exploration permits. The price equates to $0.092/barrels of oil equivalent. Drilling at the Viura project should start in May.

Nexteq (NXQ) was hit by destocking last year and that led to lower profit. The core business is gaming machines technology, but there will be an increasing focus on broadcast and medical markets. Profit could fall again this year before returning to growth in 2026. In 2024, revenues dipped from $114.3m to $86.7m, while pre-tax profit dived from $14.7m to $4.8m. The dividend was still raised by 12% to 3.7p/share and the plan is to raise it steadily each year. Cash was $29.1m at the end of 2024. the business remains cash generative. Acquisitions are planned to use the cash. There could be a medical design house, and a broadcast business added onto the group to help to grow in those sectors. This should enhance earnings.

Light Science Technologies (LST) was cash generative last year and the loss reduced from £1.14m to £30,000, following a strong second half. Revenues increased from £9.3m to £12m with an initial contribution from the fire protection business. The contract electronics manufacturing business grew, but the fastest growth was in agricultural technology. This is still a small percentage of revenues, but this will be a significant market when technology is adopted, and cross-selling opportunities are realised. The potential pipeline of business is worth £42m.

Sulfide-based battery developer Gelion (GELN) is making progress with the development of its technology and it is ready to secure one or more strategic partners to help with the commercialisation of the technology. The cash outflow was £1.76m in the six months to December 2024. In the second half £1m of revenues should be recognised for an energy storage integrated solution project and additional cost savings have been made. There was £3.5m in cash at the end of 2024. More cash will be required later this year.

Growth in antenna sales by MTI Wireless Edge (MWE) offset lower revenues elsewhere, so full year group revenues were flat at $45.6m in 2024, while underlying pre-tax profit was also flat at $4.8m. Net cash was $6m at the end of 2024, after $1.3m of share buybacks plus dividend payments. The 2024 dividend is 3.3 cents/share. Mottech was hit by disruption to irrigation projects in Israel, but higher margin services revenues helped profit to improve. The profit of the distribution and defence business slumped, but higher defence spending is likely to boost future revenues.

Investment company Volvere (VLE) raised NAV from 1483p/share to 1719p/share and that includes £27.8m in cash and saleable investments. The 80%-owned Shire Foods is the main trading business and pre-tax profit of continuing operations jumped from £3.64m to £6.27m. Higher finance income helped. Trading will be tougher this year. Potential acquisitions are being reviewed.

Beeks Financial Cloud (BKS) reported interim figures in line with the recent trading statement. It also announced its first customer in the crypto exchange market. Interim revenues were 22% ahead at £15.8m. Underlying pre-tax profit improved 37% to £1.89m. The Infrastructure-as-a-Service company is changing its sales model from long-term contracts to revenue sharing for the Exchange Cloud product. This makes forecasting more difficult. Canaccord Genuity has trimmed its 2024-25 pre-tax profit from £6.1m to £6m, while next year’s figure has been cut from £7.7m to £7m. Concierge services provider Ten Lifestyle Group (TENG) improved interim profitability despite additional costs for setting up an extra-large contract in the US. Investment in digital and automation technology improved efficiency. Revenues were 3% ahead at £31.8m and growth should accelerate in the second half and full year pre-tax profit is expected to improve from £3.1m to £3.8m.

Digital payments business Boku (BOKU) was hit by exchange losses relating to the Yen and higher share-based payments. That knocked reported pre-tax profit, but the underlying figure improved from $17.4m to $22.4m. Revenues rose from $82.7m to $99.3m. The company’s own cash was $80m at the end of 2024 – after share buy backs.

Electronic and electro-mechanical components supplier LPA Group (LPA) says trading is back on track and should improve in the second half thanks to aviation and engineering demand. Rail business remains uncertain, although contracts have been won.

MAIN MARKET

Online travel hostel agency Hostelworld (HSW) says 2024 bookings totalled 6.9 million thanks to strong growth in Asia and North America. Net revenues declined 1% to €92m due to travelling to lower cost destinations, but direct marketing was a lower percentage of revenues. That meant that costs decreased. Net cash was €2m at the end of 2024 and this is likely to rise substantially over the next two years. There is no dividend for 2024. A capital markets day will be held on 29 April.

Education services provider RM (RM.) reported 2024 revenues that fell from £175.9m to £166.1m and a dip in pre-tax profit from £3.8m to £2.4m. A strong recovery in pre-tax profit to £6.3m is forecast for this year. Singer has a sum of the parts valuation of 140p/share.

Citius Resources has changed its name to Harena Resources (HREE) after completing the acquisition of the business of the same name. It owns 75% of the Ampasindava ionic clay rare earth project, which is one of the largest deposits outside of China. The main minerals are Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), and Terbium (Tb).

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