News blog
Quoted Micro 6 October 2025
- BY: Andrew Hore |
- POSTED: 05/10/2025 |
AQUIS STOCK EXCHANGE
Richmond Hill Resources (SHNJ) shares returned from suspension 58.6% higher at 1.15p following the publishing of a prospectus for the acquisition of 145 map designated mineral exploration titles in an area of copper mineralisation in Quebec and the move to AIM on 15 October. A placing will raise £1.4m at 1p/share. This values the company at £5.9m. A retail offer is planned, which is conditional on admission to AIM. The cash raised will fund exploration and working capital.
Digital asset investor Vaultz Capital (V3TC) has had the shares approved for electronic trading on the Frankfurt Stock Exchange.
Interim revenues at digital assets investor KR1 (KR1) fell from £8.72m to £2.93m. There was a disposal loss of £162,000, compared with a £3.64m gain. There was also a drop in fair value of assets, compared with a gain last time. This means that there was a first half loss of £14.1m, compared with a pre-tax profit of £10.3m. Over 12 months, NAV fell from 78.76p/share to 40.39p/share. The NAV recovered to 50.74p/share by the end of August 2025.
B2B gaming product marketplace company Nyce International (NYCE) generated initial revenues of £122,000 in the six months to June 2025. The loss increased from £167,000 to £594,000. Shares have been issued to pay £47,500 to creditors. Hub Affiliations has raised its stake from 19.85% to 21.5%.
Brewer Shepherd Neame (SHEP) reported lower interim revenues in the year to June 2025. They fell from £172.3m in 53 weeks to £164.3m in 52 weeks. They were still lower on a like-for-like basis. Underlying pre-tax profit declined 4% to £7.6m. Dividends were raised by 4% to 21.5p/share. Net assets are 1229p/share. A revaluation of pubs showed a surplus over book value of 356p/share.
Isle of Man-based B HODL (HODL), which recently joined Aquis has appointed Canaccord Genuity as broker. The strategy is to acquire Bitcoin and a further 10 Bitcoin were acquired for £844,213. That takes the holding to 122 Bitcoin at a total cost of £10.2m. The original placing was at 14p.
Trading in wind-based hydrogen production technology Hydrogen Future Industries (HFI) was restored after the release of interims to January 2025. There are no revenues. The loss reduced from £432,000 to £198,000, mainly due to the lack of research and development spending. Director fees have been deferred. There are currently loans from directors totalling £154,000. A fundraising is planned to finance technology development and the new Bitcoin treasury strategy.
Dermatology treatments developer Incanthera (INC) did not generate any revenues in the year to March 2025, and there was a cash outflow from operating activities of £3.1m. Skin+CELL sales have commenced so there will be revenues in the first half of the new financial year. There is uncertainty about sales levels and salaries, and other costs are being deferred or reduced so that working capital can be funded.
Wishbone Gold (WSBN) is raising £4m at 1.3p/share. This will fund further exploration at the Red Setter Gold Dome in Australia. Interim results show a cash outflow of £1.3m, leaving cash of £826,000 at the end of June 2025. The previous placing was at 0.13p/share.
Online consumer loans provider Amazing AI (AAI) started the week by announcing a retail offer of up to £500,000 at up to 2p/share and it was cancelled on Thursday because of changes to market conditions. Chief executive Paul Mathieson has provided a loan facility that allows the company to drawdown funds to provide consumer loans of up to $5,000 in Georgia, USA. Amazing AI is also seeking to amend the agreement so that funds can be used to buy crypto assets.
Cooks Coffee (COOK) increased UK and Ireland store sales by 27% in the 26 weeks to 28 September 2025. The coffee shop chain generated like-for-like sales growth of 3.5%.
IntelliAM AI (INT) has won a multi-site AI contract with Hovis. There was an initial contract for three sites one year ago and the AI will now be rolled out across all manufacturing sites. Productivity improvements should enable a payback period of less than one year.
Metals recycler Majestic Corporation (MCJ) reported a fall in interim revenues from $25m to $18m and pre-tax profit halved to $600,000. NAV is $9.3m.
Vault Ventures (VULT) has raised £96,000 from the sale of its total holding of Solana. This leaves Ethereum valued at £2.6m. The cash will finance Ai development.
Phoenix Digital (PNIX) reported a first half decline in value of its digital assets of £6.06m. NAV was £22.2m at the end of June 2025.
Amirose London Holdings (ALH) reported results for the year to March 2025 showing a loss of £3,000, but this was before the acquisition of the eponymous personal care products contract manufacturer in June.
Mendell Helium (MDH) has still to take up the option to acquire helium producer M3 Helium. This means that there is no contribution to the results to March 2025 where the loss increased from £133,000 to £938,000. There are plans to move to AIM.
Valereum (LON: VLRM) has decided to cancel two million warrants exercisable at 0.5p each. In return it has paid £10,000 to the holder of the option over the warrants. The share price dipped 1.92% to 2.55p.
Silverwood Brands (SLWD) appointed AlbR Capital, which is the merged Peterhouse and Novum Securities, as corporate adviser.
ASSET MATCH
Recruitment firm Macdonald and Company (MAC1) fell into loss last year because of a goodwill impairment of £2.12m. Without that write off the pre-tax profit falls to £1.29m. Net fee income was 10% lower at £12.9m. Cash is £2.5m.That is after payment of 6p/share in dividends.
Investors have backed the Zytronic (ZYT) board’s plans to liquidate the company and rejected the requisitioned motions to appoint other directors.
Firehawk Holdings has confirmed that it does not intend to bid for Tottenham Hotspur (TTNM).
JP JENKINS
The JP Jenkins 15 index rose 0.2% to 1097.8 during September. The main riser was Thrive Renewables. So far this year the index has risen 10%.
RNAi-based treatments developer e-therapeutics has changed its name to Tangram Therapeutics. This is part of a corporate relaunch and unveiling of AI platform LLibra OS. The lead programme, TGM-312 for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), is moving towards a CTA submission before the end of the year. There is a pipeline of other potential treatments.
Tally Central (TAL), which is the central authority of the Tally full-reserve physical gold monetary system, achieved annualised revenues of £1m in September. The company wants to move into profit in 18 months and then float on a stockmarket in 2027 and 2028.
Custom teamwear provider My Club (MCE) is expanding into Ireland, France, Spain and Germany.
Powder Monkey Group (PMGL) has opened a Powder Monkey venue at the Guildhall Bar and Kitchen in Andover.
AIM
Local payments technology services provider Boku (BOKU) won the company of the year award at the AIM Awards dinner on Wednesday evening. Boku published its interims on Tuesday. Revenues increased by one-third to $63.3m, while underlying EBITDA rose 53% to $21.8m. EBITDA margins were boosted by a one-off deal, but they should remain above 30%. Total payment volumes were 28% ahead at $7.4bn, while monthly active users reached 95.5 million in June 2025.
Berenberg has initiated research on Asia Pacific-focused oil and gas producer Jadestone Energy (JSE) with a buy recommendation and a share price target of 68p. On Tuesday, interim results showed a swing from loss to profit. There was record production of 20,368 barrels of oil equivalent/day and revenues improved from £185.1m to $228.3m, while operating costs fell. Before working capital adjustments, operating cash flow jumped from $27.9m to $92.8m and the sale of Thailand assets raised a further $39.4m. Net debt was $107.7m at the end of June 2025, although $62.5m was received in July. Jadestone Energy is commercialising its Vietnam gas asset and hopes to achieve a gas sales deal and government approvals in the near future.
Pulsar Helium Inc (PLSR) has made a helium-3 discovery at the Topaz project in Minnesota. There are sustained concentrations of up to 14.5 parts per billion in produced gas. This is one of the highest naturally occurring accumulation of helium-3 ever reported. Helium-3 is one of the rarest isotopes on Earth. It can generate $2,500/litre in some markets. Uses include future fusion energy reactors, quantum computing and advanced cryogenics. There were 100,000 stock options exercised at C$0.45 each, raising C$45,000.
Litigation finance provider Litigation Capital Management (LIT) made an underlying loss of A$100.5m, compared with a pre-tax profit of A$17.2m the previous year. Six cases were lost, and three more losses are being appealed. After the results were announced the company revealed that another funded case was lost. This investment was valued at £26.5m in the balance sheet at the end of June 2025. Writing the whole amount off would halve NAV. Costs have been reduced. The company is focusing on case management rather than seeking new cases. Net debt was A$69m at the end of June 2025. There is a facility of A$114m. Tectonics Opportunity Fund cut its stake from 5.1% to 0.1%.
Interim figures from EMV Capital (EMVC) show core revenues improved 5% to £1.04m. Assets under management are £104.7m, which is a rise of 6%. That includes £38.6m of direct investments. A fund raising by plastics recycling company Deeptech Recycling increased the value of the stake and there are several projects that could start to generate income. There is still a net cash position.
UK Oil and Gas (UKOG) shares returned from suspension 224% higher at 0.033p, having been as high as 0.0535p. A subsidiary has executed a memorandum of understanding with National Gas Transmission, which is developing a 100% hydrogen pipeline system. The strategy is to connect the company’s planned onshore salt cavern hydrogen storage facilities in Yorkshire and Dorset. A placing raised £3.5m at 0.03p/share. The cash will help to accelerate technical and economic studies, as well as engineering concept and design.
Steel structures supplier Billington (LON: BILN) has been hit by delays just like many other companies involved in the construction sector. It has won business to help cover for the delays, but margins are not as high. Interim revenues fell from £57.9m to £41.8m, while pre-tax profit slipped from £4.64m to £1.67m. Cavendish has halved its full year pre-tax profit forecast to £3.5m.
Carpet tiles manufacturer Airea (AIEA) managed to increase first half revenues, while progressing the move to a new facility. Revenues improved from £9.23m to £9.82m, which is about as much as can be achieved in the current factory. The main growth was in the UK and Ireland, despite the weak market. There was a £44,000 loss after costs of setting up in Dubai and storage ahead of the move. Additional capital investment means that the move will be at the start of 2026.
Health assessment technology developer GENinCode (GENI) reported interims in line with its recent trading statement. Revenues rose 15% to £1.6m and the loss was similar to the previous year. Cash was £2.44m at the end of June 2024. Cavendish has cut its forecast 2025 revenues from £4.3m to £3.3m, while the loss is expected to be £4.7m.
Kettle controls manufacturer Strix (KETL) reported that interim revenues fell 8.5% to £60.5m, while pre-tax profit was more than one-fifth lower at £6.1m. Net debt was £68.8m. The kettle controls revenues fell, but water filtration products supplier Billi and consumer goods revenues rose.
IT training firm Northcoders (CODE) reported interim revenues 16% lower at £3.7m due to the loss of government funded work. Costs are being reduced. The new Counter consultancy business is winning work. Net cash was £900,000 at the end of June 2025. That should be enough for the immediate requirements.
Difficult market conditions hampered regenerative medicine company Tissue Regenix (TRX) and interim revenues were 6% down at $13.8m. That hit gross margin and the loss increased to $957,000. There were delays to regulatory approvals and falls in orders. Net debt is $9.3m with $5.6m of available bank facilities. Harwood Capital has raised its shareholding from 15.1% to 22.1%. Richard Snell cut his stake from 15.1% to under 3%.
In the six months to June 2025, online retailer Huddled (HUD) revenues grew from £5.25m to £9.48m. Discount Dragon generated £5.39m, Nutricircle £2.52m and Boop Beauty, which was not included in the corresponding period, £1.58m. The loss was one-fifth higher at £1.88m. The new chief executive’s focus is on profitability and improving efficiency.
Surgical Innovations (SUN) reported flat interim revenues of £6.14m and there is some initial benefit from cost cuttings. The surgical instruments manufacturer found the US market tough. Singer has raised its 2025 loss forecast to £180,000. Net debt is likely to be £900,000. Duncan Soukup of 23% shareholder Thalassa (THAL) has been appointed chair and Andrew Boteler and Roy Davis have joined the board. The plan is to help the executives improve the company’s performance.
Aurrigo International (AURR) reported a dip in group revenues from £3.86m to £3.5m even though autonomous vehicles sales rose. The recent fundraising was after the period end.
Low sodium salt provider MicroSalt (SALT) nearly quadrupled its interim revenues to $836,000 and the second half will be even stronger, and the cash outflow will reduce. There was cash of $900,000 at the end of June 2025. Next year a third customer is expected to generate $5m in revenues. There will also be growing revenues from the new MicroSalt Premium product.
Specialist IFA Frenkel Topping (FEN) is recommending a bid of 50p in cash and one contingent value right for each share from Irwell Financial Services. The cash consideration values the company at £64m. The contingent payment could be worth up to 10p/share if the business is sold in the future for the equivalent of more than 100p/share. There is also a cash and bidding company share alternative.
MAIN MARKET
Beacon Rise Holdings (BRS) is proposing the acquisition of North London-based physiotherapy provider Ergotec Health LLP for £950,000 in cash. This is dependent on due diligence and regulatory approval. If the deal goes ahead the group will move to AIM. There are also potential acquisitions of a healthcare education provider and a chiropractor practice.
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