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Quoted Micro 5 February 2024

  • BY: Andrew Hore |
  • POSTED: 05/02/2024 |

AQUIS STOCK EXCHANGE

Interim figures from DXS International (DXSP) show a 2.5% improvement in revenues to £1.69m, while higher amortisation charges led to an increased loss of £258,000. The healthcare IT company hade £386,000 in cash at the end of October 2023. Hybridan has trimmed its full year revenues forecast to £3.8m and expects a 2023-24 loss.

Silverwood Brands (SLWD) reported revenues of £5.85m for the first half of 2023. The loss was reduced from £299,000 to £189,000. The Lush transaction is still being unwound. Net debt was £8.6m. Chief executive Andrew Gerrie is subscribing £1m for shares at 54p each. The unsecured loan of £4.4m will be converted at the same price and the accrued interest will also be converted at the lower of 54p and the average closing price for five days prior to conversion. The share price is suspended at 30p.

Helium Ventures (HEV) had cash of £116,000 and net assets of £229,000 at the end of October 2023. There were costs relating to the cancelled acquisition of Trackimo. There is still an investment in Trackimo, which is expected to float on AIM.

Hydrogen Future Industries (HFI) had a cash outflow from operations of £963,000 in the year to July 2023. Cash was reduced to £262,000. The company is making progress with the testing of wind turbine technology and its electrolyser technology. The wind turbine technology has better performance, so far, than existing rivals. A mining sector feasibility study for hydrogen and clean water production has commenced.

Capital for Companies (CFCP) increased revenues from £492,000 to £887,000 in the year to August 2023. NAV was 81.99p/share. It was 81.67p/share at the end of November 2023. There was cash of £1.99m and loan receivables of £2.43m at the end of August 2023. A final dividend of 2p/share is payable on 8 March.

KR1 (KR1) had NAV of 109.91p/share at the end of 2023. Income from digital assets was £1.58m in December.

Shaun Hinds will become chief executive of Newbury Racecourse (NYR) on 3 June. Julian Thick has stepped down as chief executive. Mark Leigh will be interim chief executive.

Cadence Minerals (KNDR) investee company Hastings Technology Metals has signed an agreement with the investment agency of Estonia to collaborate on a joint scoping study for the potential development of downstream rare earth processing opportunities. The main focus is the Yangibana project.

Voyager Life (VOY) has acquired CBD brand Amphora Health for £50,000 in shares at 12p each. This payment could double if Amphora product sales exceed £100,000 over 24 months. In the year to July 2022, revenues were £69,000. No increase in group overheads will be required and manufacturing will be brought in house.

Quantum Exponential (QBIT) had net assets of £3.11m at the end of October 2023, including £831,000 in cash. There are seven portfolio investments. A European headquarters has been established in Copenhagen.

Psych Capital (PSY) had £133,000 in cash after a £254,000 cash outflow from operations in the six months to October 2023.

Valereum (VLRM) has completed the acquisition of GSX Group.

Digby Try has cut his stake in Supernova Digital Assets (SOL) from 5.1% to 0.36%.

AIM

Tekcapital (TEK) investee company MicroSalt (LON: SALT) raised £3.14m at 43p/share when it joined AIM on 1 February and immediately went to a significant premium with the share price ending the week at 55p, valuing the company at £31.4m. That values the Tekcapital’s 77.2% stake at £24.2m, which is more than its market capitalisation.

Trading has recommenced in Location Sciences (LSAI) shares after the publication of readmission document for the proposed acquisition of Sorted Holdings for nominal consideration and the assumption of £4.7m of debt. Sorted Group has developed delivery software for ecommerce businesses. There will be a one-for-625 share consolidation and £2m will be raised at 87.5p/share. The company’s name will be changed to Sorted Group Holdings. The pre-consolidation share price recovered 35.7% to 0.19p – the placing price is the pre-consolidation equivalent of 0.14p.

Eyewear manufacturer Inspecs (SPEC) says the improvement in profit in 2023 was not as great as expected because of weak December trading. EBITDA is likely to rise from £15.5m to £18m, whereas £20m was the consensus forecast. Revenues were flat. Net debt was £24.3m. The results will be published on 17 April. A Norwegian distributor has been acquired and the new Vietnam factory opens in the first half of 2024.

Symphony Environmental Technologies (SYM) has failed to get the EU court to declare EU legislation invalid. This legislation relates to the d2w biodegradable technology, which is not included in the single-use plastic directive and the company says that this has hampered the take-up of the technology.

Respiration equipment supplier Inspiration Healthcare (IHC) had a poor fourth quarter and full year revenues will be £6m lower than expected at £37m, down from £41m the previous year. That will result in a full year loss. Net debt is higher than anticipated at £6.4m. There were contract delays for neonatal products. This business should happen in 2024-25 and a rebound to a pre-tax profit of £2.9m is forecast, although that is lower than the previous estimate of £4.7m.

Midlands-based property investor Real Estate Investors (RLE) has reduced net debt to £46.3m after property sales. Even so, NAV has fallen to 58.4p/share. There remains demand from buyers for smaller properties that are of no interest to institutions. Loan-to-value is currently a comfortable 31%. Executive pay is being cut by one-third.

Potash project developer Emmerson (EML) says the scoping study of the Khemisset potash project in Morocco has enhanced economic returns and reduced the environmental impact. This is based on a ground-breaking processing method, which reduces water consumption by 50%. It also increases the recovery rate. Post-tax NPV8 is increased by 120% to $2.2bn. Annual EBITDA could be $440m and all0in sustaining cost is $163/tonne. Project capex is $525m.

Education administration software and services provider Tribal Group (TRB) says 2023 revenues will be marginally ahead of expectations. Overall annual recurring revenues are 9% ahead at £54.5m. The dispute with Nanyang Technology University continues. Net debt was £7.2m at the end of 2023. Cost savings should help profit to improve. The 74p/share offer from Ellucian lapsed.

Transport management software provider Microlise (SAAS) did better than expected in 2023 and this has sparked upgrades for 2024. Full year revenues were 13% higher at £71.6m with annualised recurring revenues 11% ahead at £47.2m – churn rates are low. Pre-tax profit is estimated to have improved from £4.9m to £5.5m. In 2024, it could reach £6.7m. Microlise completed the acquisition of Enterprise Software Systems earlier this month.

Online gaming company B90 Holdings (B90) spent more on marketing than expected in 2023. Zeus has raised its estimated loss from €2.7m to €2.9m, but it has maintained its forecast 2024 pre-tax profit at €400,000.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) did better than expected in the fourth quarter. Underlying 2023 pre-tax profit should be between £23.5m and £24m, up from £22m in 2022. The repair and maintenance market is still relatively weak, but Luceco is in a good position to benefit from an upturn.

Shell company Associated British Engineering (ASBE) had net assets of £469,000 at the end of September 2023, including £433,000 of cash.

Pendragon (PDG) has completed the sale of its motor dealerships, and it is concentrating on its software business.

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