News blog

Quoted Micro 18 August 2025

BY: Andrew Hore |
POSTED: 17/08/2025 |

AQUIS STOCK EXCHANGE

Adsure Services (ADS) increased its final dividend by 15% to 1.14p/share. The business assurance provider increased full year pre-tax profit by 74% to Â£818,000 on revenues 8% higher at Â£10m. Other operating expenses were lower. Net cash was Â£1.1m at the end of March 2025. Investment in technology should help Adsure Services continue to grow revenues and margins.

Visum Technologies (VIS) is moving into the property technology market. This involves the development of a workspace app for tech-focused workplaces. This will help to manage bookings, access support and provide information. There will property partners involved in the development. The first prototype should be available in early 2026. Visum has signed a licence agreement with Eyecon Imaging for the use of Visum’s Ride Video technology within the attractions and leisure sector.

Essentially Group (ESSN) shareholders voted in favour of leaving Aquis. The last day of trading will be 10 September.

Marula Mining (MARU) has secured an agreement with Kenya-based Bamba Mining Company to acquire 60% of the Bamba manganese mining project in Kenya. The deal is structured as a joint venture. Bambaâ€™s 40% is non-dilutable and non-contributing. The payment is 500,000 shares at 5p each. Once 100,000 tonnes of manganese ore has been produced there will be a Â£250,000 payment.

Amazing AI (AAI) says new subsidiary AAI Mauritius will be used to purchase Bitcoin when it completes the legalities of acquiring cryptocurrencies. This should happen by the end of August. The subsidiary will also provide AI finance-related services to Sub-Saharan Africa and south east Asia. It will also take on business in the UK and that subsidiary will be wound up.

Vault Ventures (VULT) has paid the remaining consideration of Â£1m for System7 via the issue of shares.

Former Odey Asset Management boss Peter Martin has joined Oberon Investments (OBE) and he will be involved in launching a new global equities fund.

Vaultz Capital (V3TC) has purchased more Bitcoin and holds 135 Bitcoin at an average purchase price of Â£85,622.47 each. Aleks Nowak has been appointed as the non-board chief operating officer. Aura Digital has taken a 15.5% stake.

Wishbone Gold (WSBN) says drilling at the Red Setter gold dome project in Western Australia has intersected mineralisation in the first hole. It appears that the hole is peripheral to the main target, and another hole will be drilled to the south west.

The Smarter Web Company (SWC) has raised a further Â£7.6m from a placing at 221p/share. There are still another 4.49 million shares available to be placed and once that happens another subscription agreement will be signed. Â

Valereum (VLRM) raised Â£65,000 vi an offer at 3.1p each and this meant that the fundraising totalled Â£465,000. This will help fund a Â£600,000 investment in Metrikus Software, which is developing real-time building and smart infrastructure software. The two companies will work on tokenisation opportunities. This could involve fractional ownership or yield-sharing.

TruSpine Technologies (TSP) has issued a warrant over two million shares exercisable at 20p each to Proffitt Brothers Investments.

Ormonde Mining (ORM) investee company Peak Nickel, where it holds 18.9%, has entered into an agreement for Winshear Gold to earn 100% of the Portsoy project in Scotland. This requires 1,000 metres of drilling and other exploration work and the spending of Â£3m within five years. Winshear Gold also has to issue 6.5 million shares to Peak Nickel over five years. Peak Nickel will retain a 1% net smelter returns royalty. If the project is sold by Winshear Gold, Peak Nickel will receive 10% of the proceeds up to a maximum of Â£10m.

Emissions reduction additives developer SulNOx Group (SNOX) has been granted a patent for fuel oil reclamation in Eurasia. This can be used for oily wastewater from ships.

Global Connectivity (GCON) has been given permission by the courts to petition for the bankruptcy of Barry Hersh, who agreed to subscribe for 37.5 million shares at a cost of Â£375,000 and failed to come up with the cash.

Amirose London Holdings (ALH) has raised Â£30,000 at 5p/share from a long-standing manufacturing client.

Daniel Thwaites (THW) has bought back 1.18 million shares at 90.04p each from Rulegale Nominees. The shares have been cancelled. Director RAJ Bailey bought 44,500 shares at 90p each.

AIM

Rent guarantee services provider RentGuarantor Group (RGG) moved from Aquis to AIM on Friday. The switch has been made ahead of law changes that will provide additional growth potential for the business. The share price rose from the Aquis close on Thursday of 27.5p to 35p.

Mobile Tornado (MBT) is asking for shareholder approval to leave AIM. There is limited liquidity and one major shareholder in the mobile communications technology company, so the quotation is not worth the cost. The board intends to seek a buyer in the next two years and believe it would be easier as a private company. The plan is to leave on 9 September.

Light Science Technologies (LST) reported slightly lower interim revenues of Â£5.06m, but there was a change in product mix. That enabled gross margins to improve, and the company achieved a small operating profit. Contract electronics manufacturing revenues slipped as a major pest control product came to the end of its life. Fire protection revenues grew strongly and could do even better in the second half if the new government regulator starts to approve more work. The Agtech business is also growing revenues and has launched an off-the-shelf version of its sensorGROW product.

Outsourced video gaming services provider Winking Studios (WKS) reported a rise in interim revenues from S$15.2m to S$19.4m, although most of the improvement came from the acquisition of Mineloader. The Asian gaming market is recovering. Profit was held back by the costs of the AIM quotation, but gross margin improved. There is S$25.6m in cash and this will help finance acquisitions in the UK to provide a base for growth outside of Asia.

Zoo Digital (ZOO) has restructured its operations supplying digital media services for the TV and film sector so that it can return to profit this year. In the year to March 2025, revenues recovered 22% to $49.6m and the loss was cut from $20.5m to $8.3m. Net debt was $1.9m. Annualised cost savings were $8.4m with a further $2.5m to come. Dubbing revenues have fallen 18% in the first quarter of the new financial year, but the rest of the business is growing. There was an EBITDA profit in the first quarter. Demand from streaming service is important to Zoo Digital. A new Fast Track service has been launched.

Autonomous vehicles developer Aurrigo International (AURR) says weaker activity has hit revenues this year. Disruption from tariffs and delayed tenders have pushed revenues into next year. The tariffs are hampering demand for its supply of equipment to the automotive sector. Aurrigo has been awarded more than Â£1m of grant funding. Canaccord Genuity has slashed its 2025 forecast revenues from Â£12m to Â£7.5m and that means the expected loss is Â£3.9m. Net cash should be around Â£1m at the end of the year. A Â£900,000 contract has been won with Teeside International Airport fo an autonomous baggage and passenger moving vehicle.

Pulsar Helium (PLSR) has secured a facility to provide up to $12.5m for construction of a helium processing plant at the Topaz project in Minnesota. University Bancorp has also extended the maturity date of the existing $4m to November 2026. Â

Metals One (MET1) has invested Â£1m in the latest placing by Chile-focused lithium project developer CleanTech Lithium (CTL). The placing raised a total of Â£4.3m at 5p/share. The cash was raised to finance the acquisition of an additional 30 licences in the Laguna Verde project for $600,000 and finance the development of the enlarged project. The additional licences should help to seek streamlined approval for the project.

Retailer Shoe Zone (SHOE) says trading conditions are still tough. Full year pre-tax profit expectations have been slashed to Â£2.5m, compared with Â£5m previously. Â Consumer confidence is low and spending power after essentials is reducing for many people. Net cash could be Â£6m at the end of September 2025 because of lower inventory and capital investment.

Bars and escape rooms operator XP Factory (XPF) increased owned and operated revenues by 12% in the 19 weeks to 10 August. Boom Battle Bars like-for-like sales were 5.6% lower but have started to recover. The new Reading site is trading more strongly than expected. Escape Hunt like-for-likes were slightly higher. The hot weather hit sales, although not as badly as the overall market.

Investment company Seed Innovations (SEED) has launched a tender offer at 2.2p/share. The maximum amount to be paid will be Â£1.91m. The latest time for acceptance is 5 September.

Midlands-based property investor Real Estate Investors (RLE) has made a further Â£11.3m of disposals this year. There is continued demand from private investors, although marketing of some larger properties has been delayed until the turn of the year. Debt has been reduced to Â£34.9m. Portfolio occupancy has increased to 85.8%. Contracted rental income is maintained at Â£9m despite the disposals. Overall income has reduced and that is why the quarterly dividend is one-fifth down at 0.4p/share. Harwood Capital, which seeks underlying value, has increased its stake from 10% to 11.1%.

Wellnex Life (WNX) joint chief executive George Karafotias has resigned. He will be repaid his A$705,000 loan to the company. Zack BozinovskiÂ will become sole chief executive of the Australian consumer healthcare business.

Skin health company SkinBioTherapeutics (SBTX) says revenues should increase to Â£4.5m-Â£4.8m in the year to June 2025, which is slightly lower than expectations. The loss will be much lower than last year. Cash was Â£4.8m at the end of June 2025. The figures are subject to audit. July was a strong month and psoriasis treatment AxisBiotix will be launched in Superdrug later this year.

Versarien (VRS) intends to accelerate the sales process of the remaining parts of the group, while it tries to secure additional finance for the group. If the disposals happen the proceeds are unlikely to cover liabilities and Versarien would be placed in administration.

The UK authorities have decided not to provide a gas storage licence to EnergyPathways (EPP) for the natural gas and hydrogen storage elements of its MESH project. A S35 planning application for the major elements of the MESH project will be submitted as a step in the process to obtain consents from the UK government. If it is granted, then the parts of the project in the submission will be assessed under the 2008 Planning Act.

Canada-based antimicrobial treatments developer Ondine Biomedical Inc (OBI) says the American British Cowdray Medical Center in Mexico City will pilot Steriwave nasal photodisinfection from September. This will help to reduce surgical infections.

Active Energy Group (AEG) has executed heads of terms to develop a 150MW battery energy storage system in the Vale of Glamorgan in partnership with Fonmon Castle, which will provide ten acres on a 30-year lease. Active Energy Group will invest Â£40,000 and will get that back once planning consent is received. It will also receive 5% of the first yearâ€™s rent of Â£300,000.

MAIN MARKET

Bulk sampling by New Frontier Minerals (NFM) has identified additional high-priority targets for drill-testing at its Harts Range rare earths project in Northern Territory. The company is waiting for regulatory approval for drilling, which could commence in the third quarter. The Headingley prospect is the main drill target. In Australia, there are proposals for a floor price and national offtake agreements for rare earths. SP Angel has been appointed broker. Aspen Bridging advanced Â£106.4m in the first half.

North east England focused property finance provider Develop North (DVNO) reported a slight dip in NAV to 79.79p/share at the end of May 2025, although that was after paying dividends. The total return is 2.5%. The annual dividend is 4p/share. Further news of the change in investing strategy to include direct investments and the potential fundraising should be published in the next few weeks.

S and U (SUS) says favourable trading trends are continuing and the recent court decision on motor finance commissions is helping confidence. Profit improvement is gaining momentum. The Advantage Finance business increased motor loan volumes by 6% year-on-year in June. Repayment rates have recovered. Advantage Finance is not involved in any of the most contentious type of motor loans and will be involved in the consultation for the potential FCA redress scheme.

AIM 50 Digest 15 August 2025

BY: Andrew Hore |
POSTED: 15/08/2025 |

GlobalData (DATA) is launching a tender offer of up to Â£60m at 150p/share. It will close on 5 September. Interim revenues were 12% higher at Â£156.5m, but operating profit fell from Â£37.8m to Â£28.5m because of integration and other costs. Underlying contracted forward revenues grew by an underlying 3% to Â£157.4m. The interim dividend is 0.3p/share. Net debt is Â£16.8m. The move to the Main Market should happen by the end of the year.
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Market research firm YouGov (YOU) expects strong revenues and operating profit in the year to July 2025, but stripping out the CPS acquisition underlying growth will be modest. The company has achieved 70% of the Â£20m of annualised cost savings. Client budgets could continue to be under pressure.
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In the year to April 2025, ITM Power (ITM) revenues improved from Â£16.5m to Â£26m. This was within guidance, Net cash was better than expected at Â£207m. The order backlog was Â£145m at the end of April 2025 and more contracts have been won since then, including the 20MW West Wales Hydrogen project. This yearâ€™s revenues guidance is Â£35m-Â£40m and there should be net cash of at least Â£170m by the end of April 2026. ITM Power will continue to be loss-making.
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North Sea oil and gas producer Serica Energy (SQZ) reported a slump in first half production from 43,700 to 24,700 barrels of oil equivalent/day. The oil price was lower, so revenues declined from $462m to $305m. There was a move from a pre-tax profit of $82m to a loss of $43m. Net debt is $57m. The interim dividend was cut by one-third to 6p/share. Production levels should improve in the second half.
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accesso Technology (ACSO) has extended its relationship with Six Flags Entertainment for a further five years from the beginning of 2026. They have been working together for two decades, and the deal covers 42 theme and water parks.
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Tatton Asset Management (TAM) has committed up to Â£10m of investment of loans and equity in IFA consolidator Carlos Topco, which is acquiring AFM Wealth Management. Inflexion will invest up to Â£100m and management Â£5m. Tatton Asset Management chief executive will be chairman of Carlos Topco, while finance director Paul Edwards will join the board. Other management will also invest in the new vehicle.
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Power and data transmission products supplier Volex (VLX) says first quarter trading is in line with expectations. Oganic growth is 10%. One of the Murat Ticaret sites has been closed and activities moved to other factories in Turkey.
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Grocery wholesaler Kitwave Group (KITW) is changing its year end from October to December. The next accounts will be for 14 months to December 2025. There will be a single dividend for the eight-month period from April 2025, following the interim dividend of 4p/share.
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The UK court has approved the capital reduction for Next 15 Group (NFG), which will increase distributable reserves by Â£192.7m.
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Franchise Brands (FRAN) says it is unlikely to consider a mover to the Main Market until the third quarter of 2027.
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Soft drinks maker Nichols (NICL) chair bought 840 shares at 1167p each. Interim finance director David Taylor bought 500 shares at 1165p each and people director Rachel Armer acquired 85 shares at 1167p.
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Slater Investments has raised its stake in Dotdigital (DOTD) from 4.87% to 5.02%. Richard Griffiths has further reduced its stake in Niox (NIOX) from 5.96% to 4.93%.
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Deutsche Bank has raised its target share price for Everplay (EVPL) from 300p to 425p.

Quoted Micro 11 August 2025

BY: Andrew Hore |
POSTED: 11/08/2025 |

AQUIS STOCK EXCHANGE

The Smarter Web Company (SWC) raised Â£8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.

EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.

Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at Â£1.03m. Macaulay Capital made a loss of Â£226,000 on interim revenues of Â£157,000. There was Â£779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.

Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.

Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.

Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.

Valereum (VLRM) has raised Â£400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise Â£100,000 at 3.1p/share will launch in the coming week.

TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.

Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.

Coinsilium (COIN) has invested a further Â£5m and owns 181.9596 Bitcoin and the total value is Â£15.7m.

Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is Â£10m.

Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.

WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth Â£50,000.

Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.

EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.

Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.

JP JENKINS

The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29Â August.

Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.

AIM

Restaurants operator Tasty (TAST) raised Â£9.25m from a placing at 0.5p/share and a retail offer generated a further Â£870,00o. The Kaye family invested Â£500,000 in the retail offer. There will be Â£3m invested in the existing restaurants and a further Â£1m on operational efficiency. There will be Â£3.6m set aside to acquire restaurant brands.

Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at Â£167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.

Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of Â£8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than Â£600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated Â£801,000 at 10p/share.

Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of Â£5m, up from Â£4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at Â£48.3m. Cost savings have reduced annualised costs by Â£1m.

Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.

SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from Â£7.4m to Â£11.4m and the 2026 estimate from Â£7.5m to Â£12.5m. In each year the expected loss has been more than halved to around Â£3m. Net debt is expected to be Â£65.1m at the end of 2025 and rise to Â£99.9m one year later.

Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.

Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at Â£37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from Â£2.3m to Â£2.6m. Net debt is slightly lower at Â£15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.

Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at Â£38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from Â£3.1m to Â£3.3m, which is higher than the Â£2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial Â£1.5m, which is equal to net fee income in the year to March 2025. Operating profit was Â£400,000.

Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from Â£4.8m to Â£4.5m, but the loss was reduced from Â£2.73m to Â£1.56m. There was cash generated from operations. Battery technology sales quadrupled to Â£1.2m. The automotive market is tough, but management is confident about long-term prospects.

Drug developer ImmuPharma (IMM) reported a reduction in loss from Â£2.78m to Â£1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.

Floorcoverings distributor Likewise (LIKE) has raised Â£1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.

Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.

The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.

Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from Â£6m to Â£2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at Â£5.5m.

MAIN MARKET

Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from Â£35.3m to Â£32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached Â£49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was Â£23.7m at the end of June 2025. The dividend is maintained at 1.8p/share. Â

Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to Â£77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at Â£11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was Â£21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.

Quoted Micro 4 August 2025

BY: Andrew Hore |
POSTED: 03/08/2025 |

AQUIS STOCK EXCHANGE

Oberon Investments Group (OBE) increased revenues by two-fifths to Â£9.36m in the year to March 2025 with all divisions growing. Corporate broking improved revenues in a tough period for the stockmarket by winning new mandates. Financial planning doubled revenues. The loss increased from Â£2.88m to Â£4.14m because of higher administrative expenses. This includes a Â£268,000 share of the loss of associate Logic Investment. During the period the stake was raised from 55.5% to 66.25%, before a sale of just over 11% for Â£320,000 cut the shareholding to 55.2%. That generated a gain of Â£101,000. Oberon Investments does not exercise control over the business so does not consolidate its figures. It is seeking to further reduce the shareholding. Net cash was Â£1.8m at the end of March 2025.

Invinity Energy Systems (IES) has confirmed a 10.8MWh order for a ENDURIUM flow battery for a project in Hungary and planning permission has been approved for the 20.7MWh LoDES project in the UK. LoDES will be given a Â£10m grant and the flow batteries should be delivered by the end of 2025.

Vehicle electrification technology supplier Equipmake (EQIP) had reduced its underlying cost base by 35% in the quarter to June. New IT is being installed. In the year to May 2025, revenues dipped from Â£8.1m to Â£4.4m because of disruption from the strategic review. The operating loss was Â£11m. Cash was Â£3.9m at the end of May 2025. Trading has improved in the new financial year. The contracted order book is worth Â£5.2m.

Valereum (VLRM) is raising Â£400,000 from a subscription at 3.1p/share by the chairman and chief executive and a further Â£100,000 may be raised from a retail offer. The cash will be used to invest in technology development and growing the business, including additional regulatory approvals. A Bitcoin treasury reserve is being set up.

Hydrogen Future Industries (HFI) says that the auditor does not have enough evidence to confirm the Â£641,000 valuation of intangible assets at the end of June 2024. The auditor also pointed out that the company is loss making and cast doubt on it being a going concern. Directors have provided Â£65,000 in loans.

Marula Mining (MARU) has a memorandum of understanding with the Geological Society of Kenya (GSK), and it initially lasts for one year. GSK will offer a consultant network, and the company will offer opportunities for up to ten graduates. The company also has a five-year collaborative research agreement with Jomo Kenyatta University of Agriculture and Technology.

NYCE International (NYCE) director Farzad Payman bought 5.47 million shares.

Vaultz Capital (V3TC) raised Â£2m at 7.75p/share, while subscriptions, including by Aura Digital, raised a further Â£4.275m and broker fees are being paid in shares. Further fundraisings are planned. Erik Benz has been appointed chief executive. Aura manages and controls crypto assets.

Lift Global Ventures (LFT) is refocusing its investing policy on AI and there are advanced discussions with a potential investee company. WANdisco co-founder David Richards and Mark Horrocks have been appointed to the board. Th redemption date of the loan to Trans-Africa Energy has been extended to the end of October 2025.

Amazing AI (AAI) chief executive Paul Mathieson bought 3.05 million shares at 0.64p each and 820,000 shares at 0.6p each. He owns 56.8%.

Supernova Digital (SOL) had net assets of Â£4.73m, including cash of Â£19,000 and Â£3.11m of cryptocurrencies, at the end of April 2025.

Ananda Developments (ANA) increased research and development spending from Â£123,000 to Â£299,000 in the year to January 2025. The operating loss was reduced to Â£3.77m.

Coinsilium (COIN) owns 124.4239 Bitcoin at a total cost of Â£10.9m. The average price was Â£82,230.26/Bitcoin.

Fintech investor Eight Capital Partners (ECP) improved net assets from Â£12.8m to Â£31.3m because of an unrealised gain on investments, mainly related to the IAF2 bond investment.

Shortwave Life Sciences (PSY) has raised Â£250,000 at 0.25p/share. The cash will be spent on the core healthcare business and on investment in digital currency. Stephen Molloy has been appointed to the board.

KR1 (KR1) generated Â£368,0000 in income from staking activities during June. NAV was 40.69p/share at the end of June.

Vault Ventures (VULT) is planning to acquire Kingbridge Capital in an all-share deal at a share price of 0.0225p, which is a large premium to the market price. The acquisition will help with execution and custody for crypto assets. The deal includes Â£375,000 of Ethereum and cash.

Clean fuel additives supplier SulNOx (SNOX) generated record revenues of Â£523,000 in the quarter to June 2025. That is 157% ahead of the first quarter of the previous financial year. Volumes have trebled. Cash was Â£1.8m at the end of June 2025.

Social impact company Inqo Investments (INQO) had net assets of R300.8m, including cash of R48.8m, at the end of February 2025. Full year revenues rose from R20.6m to R25.9m and there was a swing from loss to profit. That is mainly due to an increase in grant income from R1.7m to R19.8m.

Fenikso (FNK) has received $537,000 as part payment for the Lekoil loan, which has been reduced to $36.3m. The cash is helping to pay down the Savannah Energy Investments loan, which is down to $1.96m. The share price declined 2.78% to 1.75p.

The Smarter Web Company (SWC) has raised a further Â£19.7m at 325p/share. There are still 7.94 million shares to be placed. There are 2,050 Bitcoin owned with a total cost of Â£166.8m.

Hot Rocks Investments (HRIP) has bought 40,000 warrants in The Smarter Web Company for Â£1 each, taking the holding to 300,000 warrants, exercisable at 2.5p each. Â

Good Life Plus has left Aquis.

ASSET MATCH

Zytronic (ZYT) had net assets of Â£9.22m at the end of September 2024. The company is being wound up.

AIM

Legacy UK Holdings has made an indicative offer of 62p/share for staffing firm Empresaria (EMR), which follows two major shareholders encouraging the company to seek potential offers. The Planmatics consortium is not going ahead with the cash and loan notes offer of 60p/share, which it claims is due to a lack of due diligence materials being supplied by the company. Net fee income fell in the first half and trading remains tough.

Trading is going well at business support services provider Restore (RST). Interim revenues were 15% higher at Â£160.1m and pre-tax profit 10% ahead at Â£18m. Following the purchase of Synertec, net debt rose to Â£120.1m. The interim dividend is 10% higher at 2.2p/share. Canaccord Genuity maintained its 2025 pre-tax profit forecast at Â£40.5m, up from Â£34.4m.

NWF (NWF) benefited from an improved milk price generating higher feed volumes last year, while restructuring the other two divisions will help to further improve the performance in the year to May 2026. In the year to May 2025, revenues dipped by 5% to Â£903.1m, while underlying pre-tax profit improved from Â£12.5m to Â£13.2m. Net cash fell to Â£6.7m after spending Â£9.9m on two fuel acquisitions. Â

Restaurants operator Tasty (TAST) confirmed it was in talks with former Fulham Shore boss David Page. It was subsequently announced that he and Nick Wong are joining the board. There are plans to raise Â£9.25m at 0.5p/share. A retail offer has been launched to raise a further Â£1m at 0.5p/share and it closes on 6 August. Tasty, which will change its name to Bow Street Group, is also acquiring The Ventnor Bay Company, which has Â£200,000 in cash, for 40 million shares. This cash will fund a revised strategy.

Payment technology developer PCI-Pal (PCIP) published a positive full year trading statement, and the chief executive bought 110,941 shares at 45p each. A strategy review is targeting annual recurring revenues growth of up to one-fifth. Last year, they grew by one-quarter to Â£19.3m. An AI-based fraud risk product has been launched. There has been director buying.

Floorcoverings manufacturer Airea (AEIA) says interim sales were 6% higher at Â£9.81m, helped by growth in the UK. The third quarter has started strongly, and the momentum is expected to continue. The new manufacturing facility should be completed by the end of September. The interims will be announced on 30 September.

Versarien (VRS) did not find a suitable buyer for its UK graphene technology business and expects to put the graphene businesses into administration or liquidation. The Total Carbide business is still up for sale. The other remaining subsidiary is Gnanomat and the focus will be nanomaterials and energy storage technologies. Cash should last until the end of August. A strategic investment is still being negotiated.

Digital mental health products developer Cambridge Cognition (COG) has experienced delays in signing contracts and them generating revenues. Interim revenues fell 23% to Â£4.3m and full year guidance has been cut from Â£12.5m to Â£9.5m-Â£10m. This means that the full year loss would increase from Â£700,000 to Â£900,000.

Online gaming company Gaming Realms (GMR) continues to improve revenues and profit. Content licensing is doing well through launching more games and adding further partners. Adjusted interim EBITDA is anticipated to be 30% higher at Â£7.5m. Â

Kettle controls and consumer appliances supplier Strix (KETL) is being affected by tariffs, and they hampered the second quarter. Around 10% of sales go into products that are hit by tariffs, and these manufacturers are cautious about volumes. The weak US dollar does not help. This led to downgrades in revenues and profit forecasts.

Digital mental health services provider Kooth (KOO) says trading in California is in line with management expectations and there has been a positive impact report. Demand outstrip supply, although US federal cuts to healthcare spending could impact programmes. UK trading is steady. Net cash was Â£15.1m at the end of June 2025. The US dollar exchange rate will hold back revenues and profit.

Griffin Mining (GFM) has received $30.3m in dividends from its Chinese subsidiary. Griffin Mining has cash of $53.7m.

Nativo Resources (NTVO) has gained approval from the noteholders for the proposed restructuring. The notes will not be convertible until January 2032 unless the market capitalisation exceeds Â£35m. This means that the company is no longer in technical default. A placing will raise Â£150,000 at 0.35p/share.

Dr Graham Cooley has increased his stake in security technology provider Thruvision (THRU) from 3.17% to 6.8% and Nicholas Slater has a 3.23% shareholding. This follows the recent capital raising. Allenby has been appointed as nominated adviser and broker.

MAIN MARKET

Scottish TV Group (STVG) has been hit by a downturn in advertising and the commissioning of new programming. Total advertising revenues are expected to be 8% lower in the third quarter and 4% lower than the year before. Total advertising revenues could be between Â£90m and Â£95m. The programme production side of the business has suffered from delays, which hits margins as well as revenues. The main problem is in the unscripted area. Cost savings are being increased from Â£1.7m to Â£2.5m and there could be news of further savings with the interims.

US cybersecurity company Narf Industries (NARF) reported a decline in full year revenues from $7.57m to $3m. Delays in US government spending hampered income. Costs were reduced, but the loss rose from $1.44m to $3.56m.

AIM 50 Digest 1 August 2025

BY: Andrew Hore |
POSTED: 03/08/2025 |

Soft drinks maker Nichols (NICL) continues to benefit from the restructuring of its out of home business, while a change in strategy improved international margins. Group revenues were 2% ahead at Â£85.5m, while pre-tax profit edged up from Â£14.5m to Â£14.6m. That is before Â£3.2m of exceptional costs of IT and restructuring the business. Net cash improved over six months to Â£61.6m. The interim dividend is 15p/share and there is a special dividend of 54.8p/share. Full year pre-tax profit of Â£33m is forecast.
=====
Rockhopper Exploration (RKH) announced a conditional two tranche placing to raise $140m at 53p/share to finance phase one of the Sea Lion prospect offshore, Falkland Islands. There are plans for seven oil producer wells, plus gas and water injector wells. Rockhopper Exploration has to fund $102m of the phase one spending, including provision for cost overruns, as well as $25m of decommissioning funding. Every four shares come with one warrant exercisable at 80p/share. There will also be an open offer to raise a further $9.2m. The second phase should be funded by production revenues from the first phase.
=====
Full year figures from Hargreaves Services (HSP) were slightly ahead of expectations. In the year to May 2025, revenues improved from Â£211.1m to Â£264.4m. Although revenues from land sales were higher, there was a lower profit contribution. Higher contribution from the rest of the business more than offset that. Pre-tax profit improved from Â£16.9m to Â£17.6m. Net debt was Â£9.5m at the end of May 2025. The total dividend was 1p/share higher at 37p/share.
=====
Floorcoverings supplier James Halstead (JHD) says revenues were flat in the year to May 2025. US revenues are strong, but Europe was weaker. Panmure Liberum has trimmed its pre-tax profit forecast from Â£57.4m to Â£55.5m, which is slightly lower than the previous year. Net cash is Â£73m. The total dividend should be 6.05p/share.
=====
Digital and social media services provider Dotdigital (DOTD) lost a significant contract and that meant that full year revenues are going to be slightly lower than forecast at around Â£83.9m. Organic growth was 7%. However, pre-tax profit is in line with expectations at more than Â£18m. Net cash is Â£36.2m.
=====
A strengthening housing market helped Mortgage Advice Bureau (MAB1) improve interim revenues by 19% to Â£147m, while pre-tax profit improved from Â£12.3m to Â£14m. The period benefited from transactions being completed ahead of stamp duty changes at the end of March. There is still a gradual recovery in the housing market.
=====
MP Evans (MPE) increased its oil palm production in the first half and purchased less independent crop to keep up the quality of mill inputs. Overall crude palm oil production fell from 177,000 litres to 172,800 litres. However, the crude palm oil price has risen to more than offset that decline.
=====
Financial intermediary services provider Fintel (FNTL) increased interim revenues by 19% to Â£42.4m. Net debt was Â£32m at the end of June 2025. The EBITDA margin declined, but EBITDA rose 17% to Â£11.2m.
=====
CVS Group (CVSG) increased full year revenues by 5% to Â£673.2m, while like-for-like revenues were lightly ahead. The final quarter was stronger. EBITDA should rise from Â£123m to Â£134m. The company continues to buy vet practices in Australia, partly funded by the disposal of crematoria operations.
=====
Identity software provider GB Group (GBG) has launched a Â£25m share buyback. GB Group expects to move back to the Main Market in early November. Trading is in line with expectations.
=====
Audio visual products distributor Midwich Group (MIDW) is trading in line with revised expectations. Interim revenues fell by around 4% to Â£620m. The decline came outside of the UK, which grew by 5%. Underlying pre-tax profit is expected to slump from Â£17.2m to Â£9.5m. Cost reductions will lead to a one-off charge of Â£2m. Net debt was Â£148m at the end of June 2025.
=====
Franchise Brands (FRAN) has been hit by weak discretionary spending. Interim revenues were flat at Â£70.4m, although pre-tax profit was 10% higher at Â£11.7m. Net debt was Â£62m at the end of June 2025. The interim dividend has been raised by 5% to 1.15p/share. Allenby has reduced its 2025 forecast revenues to Â£427.3m and cut the pre-tax profit estimate from Â£27.3m to Â£23.5m.
=====
Electronic monitoring company Big Technologies (BIG) reported a dip in interim revenues from Â£26.5m to Â£24.8m. Two new contracts start in the second half. Net cash is Â£94.9m.
=====
Central Asia Metals (CAML) has decided not to increase its offer for New World Resources to counter the Kinterra offer of A$0.066/share. A break fee will be payable to Central Asia Metals.
=====
Lime and building materials supplier SigmaRoc (SRC) is on course to meet expectations for 2025. Like-for-like interim revenues were 1% lower at Â£510m and volumes fell by a greater percentage. Profit is improving, though, as cost savings show through. Full year pre-tax profit is expected to rise from Â£117.6m to Â£141m.
=====
Pantheon Resources (PANR) has spudded the Dubhe-1 well in the Ahpun field in Alaska. This will encounter three exploration horizons that have not yet had a resource estimate.
=====
Serica Energy (SQZ) says that the ramp up of production at the restarted Triton FPSO has been slower than anticipated. Remedial work has been completed. Production should reach a stable level in August. The group production guidance for 2025 has been narrowed to 33,000-35,000 barrels of oil equivalent/day.
=====
Jet2 (JET2) has launched the second tranche of its buyback programme of up to Â£125m.
=====
Johnson Service Group (JSG) moved to the Main Market on 1 August.

Quoted Micro 28 July 2025

BY: Andrew Hore |
POSTED: 28/07/2025 |

AQUIS STOCK EXCHANGE

Arbuthnot Banking (ARBB) reported a slump in pre-tax profit from Â£20.8m to Â£10.9m, despite lower than expected impairments. The interim dividend was raised by 10% to 22p/share. NAV is 1649p/share. Shore has reduced its full year pre-tax profit forecast from Â£28.5m to Â£25.9m.

Gledhow Investments (GDH) has withdrawn the general meeting resolution to change the nominal value of the shares from 1p. The conversion price of convertible loan notes has been changed from 0.425p to 1p.

Watchstone Group (WTG) plans to gain approval for the reduction of the share premium account by Â£1m so Â£850,000 can be returned to shareholders, which is equivalent to 1.85p/share. The company will leave Aquis on 1 August.

Heart failure medicines developer Cardiogeni (CGNI) has generated Â£150,000 via an advanced subscription that will enable investors to subscribe for shares at a 25% discount to the price of the next funding round of more than Â£100,000. The cash may be used to gain an AIM quotation. A joint venture has been formed in UAE.

Coinsilium (COIN) has raised Â£5m from a placing at 6p/share and a retail offer raised the full Â£500,000 on offer, having received applications for four times that amount. The cash will be used for the Bitcoin treasury strategy.

Wishbone Gold (WSBN) says drilling has commenced at the Red Setter Gold Dome project in Western Australia.

The Smarter Web Company (SWC) has 1,825 Bitcoin that cost Â£146.9m. In the six months to April 2025, the company lost Â£720,000. This was before the flotation on Aquis and the money subsequently raised.

Vaultz Capital (V3TC) has added a further 20 Bitcoin taking the total to 70, which cost Â£5.79m. Recently appointed director Sarah Gow bought a further 100,000 shares at 10.39p each.

Ormonde Mining (ORM) has issued five million shares to AIM-quoted cybersecurity company Shearwater Group (SWG) in return for two exploration licences in Spain. The share price decreased 8% to 0.115p.

Amazing AI (AAI) chief executive Paul Mathieson bought 560,000 shares at 0.7p each.

NYCE International (NYCE) generated revenues of Â£104,000 in the quarter to June 2025. The loss was Â£159,000. The company has launched a new crypto advisory business focused on the igaming sector.

Supernova Digital (SOL) has sold 30 million shares in Phoenix Digital Assets (PNIX) to the company as part of the share buyback. Phoenix Digital Assets director Jonathan Hives sold 250,000 shares at 6.14p each.

Ajax Resources (AJAX) director Richard Heywood bought 203,061 shares at 4.9p each. He owns 2.59%.

Chris Akers has raised his stake in Global Connectivity (GCON) from 5.1% to 6.5%.

AIM

Ceramic brake technology developer Surface Transforms (SCE) says first half revenues are 72% ahead at Â£8.1m. Second half revenues could approach Â£10m. Production yields have improved to 77%. This is finally some good news. Production problems have held up progress despite significant orders. Gross cash was Â£1.2m at the end of June 2025, while there has been Â£9.8m drawn down from the available loan. Cash advances from customers are Â£12.9m. Zeus believes that at current production rates the company could reach EBITDA breakeven by the end of the year.

CPP Group (CPP) is selling its business in India for Â£15.7m, of which Â£11.8m is payable on completion. The rest is dependent on performance. Tax could be Â£2m. This means that CPP can concentrate on the Blink InsurTech platform, focused on travel disruption and cybsersecurity. The cash will accelerate investment and fund the restructuring of the group to cut costs. Blink has annual recurring revenues of Â£1.6m. Net cash was Â£8.1m at the end of June 2025.

Payments services provider Boku (BOKU) increased interim revenues by one-third to at least $63m, with the fastest growth coming from digital wallets. There was also the benefit of higher pricing for a client during a launch phase. Stripping that out, the growth was 27%. Own cash was 16% higher at $87m. Full year pre-tax profit is expected to be $33.8m.

Fulcrum Metals (FMET) is raising Â£1.05m at 3p/share. The cash will help to advance the Teck Hughes mine gold tailings project and complete a mineral resource element, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology that will be used to process tailings. There will be a partial repayment of Â£211,000 of a convertible loan note maturing on 31 July. The Â£445,000 left will be converted into shares at 3p each. Metals One (MET1) is making an investment of Â£175,000 as part of the Fulcrum Metals fundraising.

Manolete Partners (MANO) has come to an agreement over a truck cartel case and will receive Â£3.2m in cash this week. The settlement is 6.6 times the investment, but the book value of the claim was higher at Â£4m. The trial for the group of claims has been delayed until September 2026, so the immediate cash is attractive. The retained cases valuation is Â£10.3m. These types of cartel cases are not the core business.

Jangada Mines (JAN) has signed heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is Â£1m worth of shares and Â£250,000 in cash. Jangada Mines has raised Â£800,000 at 0.6p/share and directors are converting Â£350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource of 210,000 ounces at a grade of 3.165g/t.

Broadcast technology supplier Pebble Beach Systems (PEB) increased interim revenues by 13% to Â£5.9m and margins have improved due to cost cutting. Order intake was one-third higher. Cavendish has raised its full year pre-tax profit forecast from Â£1.9m to Â£2.4m on maintained expected revenues of Â£11.5m.

Online gaming marketing services provider B90 (B90) revenues were accelerating during the first half. June was a record month. Flat operating costs mean that profit is improving. Zeus is maintaining its full year pre-tax profit forecast at â‚¬1m but believes that it could be better if the momentum continues.

Fire prevention fluids developer LifeSafe Holdings (LIFS) says first half revenues fell from Â£1.6m to Â£900,000 due to the change in sales model. There was also an unauthorised reseller on Amazon in the US. The loss increased. Management is hopeful of significant US orders in the second half. Cash was Â£140,000 at the end of June 2025.

Ground engineering contractor Van Elle (VANL) reported a 6% decline in revenues to Â£130.5m in the year to April 2025. Underlying pre-tax profit fell from Â£6.7m to Â£5.3m. The Canadian rail business is being discontinued.

Unilever has commissioned additional work from Aptamer Group (APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the existing agreement.

Personal Group Holdings (PGH) improved interim revenues by 11% to Â£23.3m and underlying EBITDA increased 41% to Â£5.5m. Full year pre-tax profit is still expected to rise from Â£6.8m to Â£8.1m. New insurance sales grew, and June was a record month. The SaaS benefits platform has annualised recurring revenues of Â£6.9m. Net cash was Â£26.9m at the end of June 2025 and around Â£17m would be available for acquisitions.

Iron replacement treatment provider Shield Therapeutics (STX) had a strong second quarter with revenues of $12.8m doubled the previous quarter. This means it is on track to reach cash flow positive by the end of the year. Cash was $10.8m at the end of June 2025.

MAIN MARKET

BATM (BVC) has sold three non-core businesses, and it will focus on networks, cyber and diagnostics. Two of the businesses were loss-making. The sale of a 51% stake in Progenetics was also completed. The sales generated $2.4m. Other non-core businesses may be sold.

Fintech software provider Aptitude Software (APTD) increased annual recurring revenues by 3% to Â£49.8m. Core products growth is offsetting loss of business from legacy software. Interim operating profit will grow in double digits. The exchange ate is hampering revenues and some opportunities have been deferred.

Hamak Gold (HAMA) says the joint venture has commenced drilling at the Nimba project in Liberia. The company will receive 100 million shares in joint venture partner First Au and A$250,000 in cash at the beginning of August, subject to shareholder approval, for the 35% stake.

AIM 50 Digest 18 July 2025

BY: Andrew Hore |
POSTED: 20/07/2025 |

Ticketing technology provider accesso Technology (ACSO) says that the full year revenues will be at the lower end of guidance. Weak attendance levels for customers reduced transaction revenues. This is the most important trading period. Cash EBITDA margin I still expected to be 15%. A customer says that it will not be renewing one of its agreements and that will reduce 2026 gross profit by $6m. There are some new contract wins. Following a share price slump, Peel Hunt upgraded to Add.
=====
Construction products distributor Brickability (BRCK) increased revenues from Â£594.1m to Â£637.1m in the year to March 2025, helped by acquisitions. Pre-tax profit improved from Â£35.3m to Â£37.8m. Renewable energy and contracting products increased revenues, offsetting a dip in bricks revenues.
=====
Central Asia Metals (CAML) reports first half copper production at Kounrad of 6,218 tonnes, plus 8,692 tonnes of zinc-in-concentrate and 12,613 tonnes of lead-in-concentrate produced at Sasa. Exploration is underway in Scotland and Kazakhstan. Net cash was Â£42.9m at the end of June 2025. The has increased its offer for New World Resources a number of times and the latest figure is A$0.065/share.
=====
Johnson Services Group (JSG) says interim revenues were just over 5% ahead at Â£257.6m with growth from hotel and catering and workwear divisions. Organic growth was 1%. The hotel and catering operations started the summer more slowly than anticipated because of the weak hospitality market, although there are signs of improvement. Workwear volumes are stable. Net debt was Â£99m at the end of June 2025. The interim will be announced on 2 September. JSG expects to move to the Main Market on 1 August.
=====
MP Evans (MPE) has completed the acquisition of two Indonesian plantation companies. The own 2,750 hectares. The final consideration is $35.1m, or $12,600 per hectare.
=====
GlobalData (DATA) plans a tender offer of up to Â£60m at 150p/share after the interims are announced. Interim revenue rose from Â£140m to Â£157m. The weakness of the US$ is hitting the results. There are still plans to move to the Main Market before the end of the year.
=====
Impax Asset Management (IPX) reported assets under management for June 2025 of Â£26.1bn, which is up 3% over the quarter. The completion of the acquisition of SKY Harbour added Â£1.08bn. The majority of funds under management have outperformed their benchmarks, so far this year.
=====
Video games developer Everplay (EVPL) has sparked an upgrade with it latest trading statement. There has been a good response to new game and Everplay has acquired the Hammerwatch franchise and two other games for up to Â£8m. The 2025 pre-tax profit forecast has been raised from Â£45.7m to Â£47.5m. Net cash of Â£73.8m is forecast. Bernberg has raised its share price target from 380p to 400p. Barclays increased its share price target from 310p to 435p. The interims will be published on 2 September.
=====
Offshore services provider Ashtead Technology (AT.) grew first half revenues 23% to Â£99m, but that is a pro forma decline of 6%. Margins have improved thanks to operational synergies and reduction in low margin equipment sales. Underlying full year EBITDA is likely to be slightly lower than forecast, but pre-tax profit should be in line with expectations of Â£49.2m. The medium-term outlook is positive. The interims will be published on 26 August.
=====
Defence company Cohort (CHRT) increased full year revenues by one-third to Â£270m, while earnings are 27% higher at 54.44p/share. The dividend is 10% higher at 16.3p/share. Net cash of Â£5.3m was better than expected. The order book was worth Â£616.4m at the end of April 2025, which means that 79% of this yearâ€™s forecast revenues are covered. There are opportunities from the UK Strategic Defence Review. This yearâ€™s earnings will be ahead of expectations.
=====
Airline and tour operator Jet2 (JET2) grew pre-tax profit by 11% to Â£577.7. Later summer bookings and a higher proportion of flight only bookings have not stopped Canaccord Genuity edging up its 2025-26 pre-tax profit forecast to Â£578.8m.
=====
Niox Group (NIOX) says research revenues doubled in the first half of 2025. Overall revenues were one-fifth ahead at Â£25.2m. EBITDA is 30% higher at Â£9.2m. Net cash was Â£11.8m at the end of June 2025.
=====
Oil and gas explorer Pantheon Resources (PANR) has contracted a drilling rig for the Dubhe-1 appraisal well targeting the Ahpun Topset. 2C contingent resources are estimated at 282 million barrels of Marketable Liquids and 804 billion cubic feet of natural gas.
=====
Polar Capital (POLR) increased assets under management from Â£21.4bn to Â£23.2bn in the quarter to June 2025. The improvement came from market performance.
=====
Advanced Medical Solutions (AMS) expects interim revenues to increase from Â£68m to Â£110m, while EBITDA should improve from Â£18.2m to more than Â£24m. The interims will be published on 17 September.
=====
Next 15 Group (NFG) is selling subsidiary BYND Ltd, which focuses on Google Cloud platform marketing, to Qodea.
=====
Young and Co Brewery (YNGA) increased like-for-like revenues by 7% in the first 14 weeks of the current financial year, helped by good weather.
=====
Rockhopper Exploration (RKH) is confident that it will receive the full Euro31m insurance payment following the annulment of an award after unsuccessful arbitration in Italy.
=====
Chief executive James Routh is leaving AB Dynamics (ABDP) to become boss of fully listed Victrex. His notice period is 12 months, and he will leave when a replacement is selected. Finance director Sarah Matthews-DeMers bought 1,000 shares at 1544p each.
=====
CVS Group (CVSG) chief executive Richard Faiman bought 1,644 shares at 1216p each.

Quoted Micro 21 July 25

BY: Andrew Hore |
POSTED: 20/07/2025 |

AQUIS STOCK EXCHANGE

Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to Â£1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was Â£1.3m in cash at the end of June 2025. The full interims will be published on 8 September.

Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to Â£2.13m. Increased repair costs meant that the loss increased from Â£77,000 to Â£97,000. There is Â£2.18m in cash and deposits.

Fintech Amazing AI (AAI) wanted to raise Â£200,000 via a book build and ended up raising Â£150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.

Digital assets company Vaults Capital (V3TC) completed a placing raising Â£1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.

Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is Â£9.99m.

The Smarter Web Company (SWC) has raised another Â£17.5m at 295p/share, having sought a minimum of Â£15m. The company held 1,600 Bitcoin which had a total cost of Â£127.25m. The 30-day BTC yield is 419%. There was Â£4m in cash available at the beginning of the week.

Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.

Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latterâ€™s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.

RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.

Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.

Capital for Colleagues (CFCP) investee Bright Ascension has concluded a Â£2.35m fundraising. Capital for Colleagues has switched a Â£1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of Â£200,000 up until the end of January.

Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.

Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised Â£156,600 after costs. They were bought for 0.8p each.

EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025. Â

Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.

ASSET MATCH

Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.

Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.

JP JENKINS

Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries. Â

AIM

Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from Â£103m to Â£99.3m, while pre-tax profit improved from Â£800,000 to Â£1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.

Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of Â£200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from Â£46.3m to Â£37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is Â£7.3m.

Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to Â£42.8m, while underlying pre-tax profit was 17% better at Â£7.08m. There was a Â£840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at Â£86.3m. Like-for-like growth was 3%. Net debt was Â£9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.

Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.

Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising Â£977,000.

Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.

Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost Â£30,000 in cash and Â£945,000 of shares at 0.02414p each. A placing has raised Â£550,000 at 0.017p/share.

Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.

Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from Â£13m to Â£14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was Â£6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.

AFC Energy (AFC) raised Â£23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to Â£5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.

Eco Animal Health (EAH) reported a drop in full year revenue from Â£89.4m to Â£79.6m, but non-core disposals helped pre-tax profit improve by one-third to Â£4m. Net cash was Â£25m at the end of March 2025. North America was the only region where sales increased.

Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.

Audioboom (BOOM) is acquiring podcast network Adelicious for up to Â£4.5m and has raised Â£3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.

Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from Â£28.7m to Â£24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.

Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at Â£48.2m and EBITDA is 9% ahead at Â£12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are Â£32m after that contract loss.

MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.

Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.

Mulberry (MUL) raised Â£105,000 in a retail offer. There was up to Â£1.25m on offer.

Logistics Development Group (LDG) is investing Â£15m as part of DBAYâ€™s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of Â£7.1m. There are also plans to acquire William Stobart.

MAIN MARKET

Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to Â£20m.

Quoted Micro 14 July 2025

BY: Andrew Hore |
POSTED: 13/07/2025 |

AQUIS STOCK EXCHANGE

TechFinancials (TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise Â£250,000 at 0.25p/share. Â

Zentra (ZNT) intends to transfer to the newly launched Aquis Real Asset Market. Zentra has completed the acquisition of a site on Old Mill Street in Manchester for Â£1.425m. The former car park is near a tram stop. Â Â

Broker VSA Capital (VSA) returned to profit in the year to March 2025 as revenues rose from Â£1.89m to Â£2.78m. A small loss was reported, but that was due to the amortisation charge of Â£330,000. Underlying pre-tax profit was Â£323,000. There was Â£537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30.

AI technology developer IntelliAM AI (INT) generated pro forma revenue of Â£3.92m in the year to March 2025. Annual recurring revenues are Â£810,000 and it is expected to grow to Â£2m by next March. There is cash of Â£2m.

Hot Rocks Investments (HRIP) increased the size of its fundraising from Â£375,000 to Â£450,000, still at 1.125p/share.

The Smarter Web Company (SWC) raised a further Â£10.3m at 325p/share, which follows the previous placing raising Â£22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of Â£100.1m. There is Â£31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding.

Vaultz Capital (V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake.

Coinsilium (COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased.

Ajax Resources (AJAX), which moved from the Main Market, plans to list on Euronext Growth Oslo. The second closing of the companyâ€™s subscription by 25 July. An Environmental Impact Study has been submitted for the Eureka copper and gold project inÂ Argentina.

Oscillate (MUSH) has made a non-refundable payment of Â£500,000 to Kalahari Copper for the acquisition of a subsidiary holding the rights to the Daisu copper and silver prospects in Botswana.

Richmond Hill Resources (SHNJ) has modified terms for the purchase of Three Mile Beach with the long stop date extended until 15 October.

Wishbone Gold (WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (GGP).

Inqo Investments (INQO) has appointed Bowsprit Partners as corporate adviser.

Newbury Racecourse (NYR) director James Richardson has acquired 10,350 shares at 600p each.

JP JENKINS

Computational biological data analysis business e-therapeutics (ETX) has made progress with lead candidate, ETX-312, a GalOmic siRNA therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The doses administered in a trial were not toxic.

Sports consultancy and data analysis company 4GLOBAL (4GBL) started trading on JP Jenkins on 8 July.

The JP Jenkins index of the 15 largest companies on the platform rose 0.96% to 1063.19 in the month to 7 July.

AIM

Water and energy efficiency technology services provide Eneraqua Technologies (ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of Â£81m were forecast but the outcome is going to be Â£63m. A Â£7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise Â£1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty.

Executive search firm Norman Broadbent (NBB) reports interim net fee income up by one-third to Â£6m. This is helped by the rise in the average fee per mandate. Underlying EBITDA is more than Â£750,000. The company has moved into a net cash position of Â£200,000. Third quarter contracted revenues have increased.

Begbies Traynor (BEG) has launched a buyback of up to one million shares on the back of its full year results announcement. This shows the confidence in cash generation. Â Pre-tax profit was 7% ahead at Â£23.5m. Net cash was Â£900,000 at the end of April 2025. Total future earn out payments are Â£12.2m. Insolvencies remain relatively high compared with recent years. Growth is offsetting the increases in costs. There are headwinds for property advisory. Pre-tax profit could rise to Â£24.2m this year without further acquisitions.

IT training company Northcoders (CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced.

Plastic products supplier Coral Products (CRU) says full year sales will be slightly lower at Â£30.5m, but profit will be much better than expected. Cash was Â£750,000 at the end of April 2025. This year profitability is significantly better than anticipated and there will be an initial contribution from Arrow Film Converters.

Premier Miton (PMI) reported a small decline in assets under management to Â£10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end a new $50m mandate was gained.

Jarvis Securities (JIM) has confirmed the sale of its execution-only broker business to Interactive Investor. The initial Â£9m will be paid shortly and the other Â£2m deferred for up to 18 months. The settlement business is being wound down and the company will become a shell.

CML Microsystems (CML) has secured a 12-year design and supply agreement with a leading manufacturer of industrial Global Navigation Satellite System equipment. This deal will be worth more than $30m. Shore Capital is still not providing forecasts for this year because of the underlying uncertainty.

Data analysis software provider Celebrus Technologies (CLBS) reported a rise in full year pre-tax profit from $7.4m to $8.4m, although it is likely to be loss making this year. That is du to the switch to a subscription model.

Cybersecurity services provider Shearwater (SWG) issued a positive trading statement. The pre-tax profit forecast was raised from Â£400,000 to Â£600,000 and the 2025-26 figure is maintained at Â£1.1m.

Foreign exchange services provider Finseta (FIN) says interim revenues rose 16% to Â£5.9m and the number of customers has risen to 1,101. Corporate client generated the majority of revenues. Finseta had already warned that profit would be lower this year due to investment in expansion and there was a slump in the first half. Net cash was Â£400,000 at the end of June 2025. A stronger second half is expected.

Professional services firm DSW Capital (DSW) had a strong end to the financial year and expects M&A business to be much less important this year. Pre-tax profit was flat at Â£1.4m. Revenues were higher, partly due to direct solicitors rather than franchise business. Two-thirds of revenues came from M&A, and this will fall to one-third this year.

Futura Medical (FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive.

Security services provider Westminster Group (WSG) has secured a Â£500,000 credit facility from Pantheon A Family Office Ltd, which is already a shareholder. There is no interest charge on draw downs and an existing convertible, but the conversion price has been cut from 3p to 2p.

Petro Matad (MATD) has raised Â£2.84m at 0.8p/share â€“ more than expected - and could raise a further Â£500,000 from a retail offer. The cash will be invested in lower cost power generation.

Active Energy Group (AEG) has closed a substantially oversubscribed placing raising Â£346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets.

MAIN MARKET

Motor dealer software provider Pinewood Technologies (PINE) has bought contracts from its South African reseller. The purchase price is Â£2.5m and this deal includes taking on employees. BSFA

Online travel hostel agency Hostelworld (HSW) says interim revenues were flat at â‚¬46.1m and profit will be lower. Reduced bed prices have led to improved demand. Direct marketing costs have risen, holding back profit. Net cash is â‚¬6.1m.

Quoted Micro 7 July 2025

BY: Andrew Hore |
POSTED: 07/07/2025 |

AQUIS STOCK EXCHANGE

Dermatology treatments developer Incanthera (INC) has raised Â£508,000 at 3.5p/share, which was similar to the previous closing price. The investors include Incanthera directors and subsidiary Skin + CELL director Stuart Robertson. The cash will fund the direct to consumer launch of the Skin + CELL skin care range. There is an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. The launch should be in early August.
Prize draw operator Good Life Plus (GDLF) plans to ask shareholders for approval to leave Aquis because it says there is limited liquidity, and it is getting funding outside of the market. Monthly recurring revenues are Â£420,000. In the year to January 2025, revenues were Â£3.8m and the operating loss was Â£4.2m.
Cooks Coffee Company (COOK) says first quarter system store sales increased 28% to Â£10.2m. UK like-for-like system sales were 2.8% higher, while Ireland like-for-like sales were 6.6% ahead. There are 95 stores in the UK and Ireland.
Equipmake (EQIP) has won a Â£550,000 order from Seahorse Amphibious Vehicles. It will supply electric drive systems between October 2025 and the end of 2026.
Crushmetric Group (CUSH) is changing its year end to 31 March. The company is in discussions with multinational companies about distribution agreements and co-branding. There are plans to open retail stores.
EPE Special Opportunities (EO.P) has acquired a majority stake in the LSA International band of glassware, tableware and interior accessories.
Hot Rocks Investments (HRIP) has raised Â£375,000 at 1.125p/share. It has subscribed Â£100,000 in the Hamak Gold (HAMA) fundraising that generated Â£2.5m at 0.8p/share. It also invested Â£100,000 in Cel AI.
IntelliAM AI (INT) has received a software order from a food manufacturer in the US. The deal covers three sites. A strategic partnership has been entered into with hardware Connection Technology Center Inc for the co-development of sensing products. This will be used for predictive maintenance and asset performance analysis.
The Smarter Web Company (SWC) currently owns 773.58 Bitcoin at a total cost of Â£60.4m.
Wishbone Gold (WSBN) reported a cash outflow from operations of Â£1.49m in 2024. There was Â£125,000 of cash left.
Spinal medical devices developer TruSpine Technologies (TSP) has engaged fintech adviser Alnistar to provide advice on the implementation of a Bitcoin treasury policy.
Coinsilium (COIN) raised Â£2.78m at 18p/share. A subsidiary currently holds 73.7 Bitcoin at a total value of Â£5.79m.
Mendell Helium (MDH) has published its Bitcoin treasury management policy. It intends to invest up to 50% of free cash flow in Bitcoin. Also, up to 50% of any surplus cash could also be invested in Bitcoin. There is discretion for some investment in other cryptocurrencies. Chief executive Nick Tulloch has been paid Â£22,500 of accrued remuneration in shares at 2p each.
Shares in consumer loans provider Amazing AI (AAI) returned to trading on 1 July. The company is in the process of appointing a custodian for its Bitcoin holdings.
Vault Ventures (VULT) has acquired AI development agency System7 Ventures, and it will become the in-house development and incubation arm in the AI and crypto sectors. The all-share deal should be worth Â£1m, depending on the achievement of the earn-out. A placing raised Â£1m at 0.02p/share and a WRAP offer could raise up to Â£300,000 more. There have been 881.1 Solana purchased for an average price of Â£109.60 each.
Cryptocurrency investor Phoenix Digital (PNIX) had net assets of Â£29.1m at the end of 2024.
Valereum (VLRM) had net assets of Â£2.97m at the end of 2024. It made a Â£3,222 profit after a revaluation gain of Â£1.98m. Matthew Ripperger and Grant Gischen are joining the board as Non-Executive Directors. Karl Moss and Pete Sekhon are stepping down.
KR1 (KR1) had net assets of 47.5p/share at the end of May 2025. There was nearly Â£459,000 of income generated from digital assets.
Vaultz Capital (V3TC) raised Â£1m at 15.5p/share.. The funds will be spent on operations and the Bitcoin treasury strategy. So far, 50 Bitcoin have been purchased at a cost of just over Â£4m.
Global Connectivity (GCON) invested Â£25,000 in PLUG Group, taking it stake to 7%.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to finalise a cash injection this month and the loan from Lift Global Ventures has been extended by a further month to the end of July.
Trading in Marula Mining (MARU), Eight Capital Partners (ECP) and Clean Invest Africa (CIA) shares has been suspended because they have not published 2024 accounts.
Video technology services provider Visum Technologies (VIS) is changing its financial year end from June to December.

ASSET MATCH

HeiQ (HEIQ) is selling a majority stake in AeoniQ to Altri, a Portugal-based sustainable cellulosic pulp producer. AeoniQ has developed biodegradable cellulosic filament yarn that can replace nylon and polyester. Altri will produce the yarn.
Marshall of Cambridge (MCH) has completed the sale of Slingsby Advanced Composites.

JP JENKINS

Gold miner Kadoma Mining (KAD) has joined JP Jenkins on 4 July. It produces gold at the Blue Duck Mine in the Chegtu greenstone belt of Zimbabwe.

AIM

Mkango Resources (MKA) is planning to combine its Songwe Hill rare earths project in Malawi with the Pulawy rare earth separation project in Poland and list them on Nasdaq as Mkango Rare Earths. This creates a vertically integrated rare earths business. The pro forma value of Mkango Resourcesâ€™ shareholding would be $400m before any fundraising and transaction costs.
ActiveOps (AOM) is buying fellow workforce optimisation software provider Enlighten Operational Excellence for Â£6m, plus two further payments of up to Â£6m and Â£4m respectively depending on customer renewals. ActiveOps has net cash of Â£21m. Annual sales of the Australian company were $15.3m. This deal will double US revenues, which has been a focus of growth, and should enhance 2026-27 earnings by 15% to nearly 3.5p/share. In the year to March 2025, ActiveOps revenues rose from Â£26.8m to Â£30.5m, while pre-tax profit improved from Â£987,000 to Â£1.33m.
MS International (MSI) reported a record pre-tax profit of Â£20.1m in the year to April 2025, up from Â£15.7m the previous year. Cash has fallen by around one-third to Â£27.8m. Delays in contracts in the defence sector mean that the order book has fallen slightly. Defence accounts for 70% of revenues, but delays will hamper this year. Demand for forgings improved in the second half of last year, while the petrol station superstructures business will benefit from redevelopment programmes. The plan is to focus on defence and buyers were sought for the other businesses, but no realistic offer was made.
One Health Group (OHGR) has been granted the planning application for its first surgical hub in Scunthorpe, Lincolnshire. The opening should be late summer in 2026. The planning award is well within the expected period. The region has a shortage of operating capacity and there should be significant demand. More surgical hubs are planned in the North and Midlands.
Synthetic binders developer Aptamer (APTA) is raising Â£2m at 0.3p/share. This will accelerate the commercialisation of Optimer technology. The stronger balance sheet will help with negotiations over licences. Manufacturing will be done in-house. A new service is being launched to offer biomarker identification. Some of the cash will fund the validation of the molecular target to deliver siRNA to hepatic stellate cells (HSCs) in liver fibrosis.
Capital equipment supplier Mpac (MPAC) has suffered from uncertainty surrounding tariffs in the US and that has stemmed the flow of orders coming through. The first half held up because of the order book at the start of the year, but there will be a slump in the second half because of a lack of new orders coming through. Outside of the US, trading is not as bad. There will be one-off costs of restructuring the North American operations. A pension scheme buy in has been agreed with Aviva, although it will take two years to complete. The pension scheme will come out of the balance sheet at the end of June 2025.
Mercia Asset Management (MERC) did better than expected in the year to March 2025. Assets under management increased to Â£1.82bn as capital inflows were larger than expected. Revenues were 16% higher at Â£35.2m and the company returned to profit, although that was down to the fair value reductions in the previous period. Cash was Â£40.1m at the end of March 2025. The dividend is 6% higher at 0.95p/share, while there is a new annual buyback policy of up to Â£3m. NAV is 43.6p/share.
Software provider K3 Business Technology (KBT) is planning a tender offer to acquire Â£29m worth of shares at 85p each. This is equivalent to 74.3% of the shares in issue. Shareholders will also be asked to agree the departure of the company from AIM.
Ariana Resources (AAU) has identified a gold/arsenic in soil anomaly in another part of the Dokwe project area along strike of the Dokwe North pit rim. This is another step on the progress towards a multi-million ounce resource.
Better news from digital loyalty and promotions platform operator Eagle Eye (EYE) which is acquiring Dublin-based Promotional Payments Solutions for â‚¬5.5m, which is 1.4 times revenues. This should be immediately earnings enhancing. The acquired business includes PromoBase, which is a coupon and voucher database.
Online video editing technology developer Blackbird (BIRD) has raised Â£2m from a placing and subscription at 3p/share and could raise up to Â£200,000 more from a retail offer. The cash will finance further development of the elevate.io platform and help to grow sales. There were 325 paid users at the end of May 2025 and the cost of adding each new user has more than halved to Â£115. The cost for signing up a free user is Â£2.14 each. Usage is increasing.
Viaro Energy is offering 7.48p/share for Deltic Energy (DELT). It is also providing a bridging loan of up to Â£2.7m. The bidder entered the oil and gas production sector in 2020 and has operations in the UK and Netherlands. Deltic Energy has the Selene discovery in the North Sea and this requires funding.

MAIN MARKET

New Frontier Minerals (NFM) has revealed encouraging initial metallurgical results from bulk samples from stockpiles at the Big One Deposit at the NWQ copper project in Queensland. Indicative copper recoveries from acid leaching range from 83% to 99%.

AIM 50 Digest 4 July 2025

BY: Andrew Hore |
POSTED: 07/07/2025 |

Grocery and catering wholesaler Kitwave Group (KITW) reported a 27% rise is interim revenues to Â£376.2m. Most of the growth came from the Creed acquisition, but there was organic growth. Pre-tax profit was flat at Â£8.5m. The grocery retail side is still going steadily, but the catering and leisure business has been hit by the weak economy and that will be a greater factor in the second half. Business has been retained when retendered, but at lower margins. Normally, the hot summer weather would have helped sales, but this has not been happening with people less willing to spend on food and drink when they go out. Canaccord Genuity has cut its 2024-25 pre-tax profit forecast from Â£35.5m to Â£29.1m.
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Electrical connectors supplier Volex (VLX) reported better than expected results for the year to March 2025. Revenues were 19% ahead at $1.09bn and underlying profit rose 18% to $106.2m. There was a strong recovery in electric vehicles revenues and three other parts of the business grew organically â€“ in some cases due to the ending of destocking. One-off revenues in the previous year mean that there was a small dip in medical revenues. Growth is continuing into the new financial year and exposure to tariffs is limited.
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Marketing services provider Next Fifteen (NFG) says that revenues are holding up, but the mix of business has hit margins. H2 Radnor has cut its 2025-26 pre-tax profit by 23% to Â£63m on a 2% reduction in forecast revenues. Next 15 is considering sell some of its brands. Earn out payments to Mach49 vendors have been suspended because of evidence of irregularities. Chief executive Tim Dyson has stepped down after 33 years in the business.
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Digital and social media services provider Dotdigital (DOTD) is paying up to $35m to acquire Social Snowball, which provides an influencer, affiliate and referral marketing platform. Advertisers are switching spending to influencers. This acquisition will broaden the range of services offered by Dotdigital and help to enhance average revenues per user. Social Snowball is generating annual revenues of $5m and has become cash generative. The initial cash payment is $20m with performance related consideration of up to $15m. The deal should be earnings enhancing in 2026-27.
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Central Asia Metals (CAML) has increased its cash offer for New World Resources for a third time. It is A$0.062/share, which values the target at A$230m. This follows market purchases at the higher price.
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Current trading at AB Dynamics (ABDP) says third quarter is in line with expectations. Full year operating profit is forecast to be around Â£22.3m. Net cash was Â£31.2m at the end of May 2025.
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In the six months to April 2025, public sector and engineering software supplier Idox (IDOX) increased profit by 14% to Â£6.4m on revenues 4% ahead at Â£45m. Order intake was 9% higher at Â£58.7m. Net cash was Â£200,000 at the end of April 2025. Idox has Â£110m of available facilities to finance acquisitions. The latest acquisition is Pilanz, which provides social care software and increases exposure to this local government sub-sector. Geospatial services remain a focus of expansion. Idox is expected to make a 2024-25 pre-tax profit of Â£16.1m.
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Cavendish has upgraded its forecasts for Hargreaves Services (HSP) following a trading statement saying results will be better than expected. The 2024-25 pre-tax profit forecast has been raised from Â£16.4m to Â£17.4m. following a strong performance from the services division. The 2025-26 figure has been raised from Â£20.2m to Â£21.2m and that does not include the potential disposal gains from renewable energy assets. Net debt is higher than expected at Â£23.3m.
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Iain Evans is replacing Gavin Rochussen as chief executive of Polar Capital (POLR). The fund manager had assets under management of Â£22.9bn at the end of March 2025. Full year pre-tax profit fell 6% to Â£51.6m. The total dividend is maintained at 46p/share.
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Interim figures from LBG Media (LBG) show revenues 13% higher at Â£43.9m. Pre-tax profit has jumped from Â£3.3m to Â£8.6m. Full year constant currency revenues growth of 10% is still anticipated.
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RWS (RWS) has acquired the IP of Papercupâ€™s AI dubbing technology. This is part of the strategy to embed AI in the groupâ€™s technology.
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Serica Energy (SQZ) says that production has resumed at the Triton FPSO. Finance director Martin Copeland bought 45,000 shares at 161.4p each.
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Defence company Cohort (CHRT) won company of the year at the Small Cap Awards and chief executive Andrew Thomis was named executive of the year. MP Evans (MPE) was dividend hero of the year.
=====
Victoria Plumbing (VIC) chair Philip Bowcock sold 181,000 shares at 76.21p each. This is to pay tax on a previous hare award.
=====
Pan African Resources (PAF) has launched its Â£8.2m share buyback.
=====
Franchise Brands (FRAN) has been admitted to the FTSE AIM UK 50 index.
=====
ITM Power (ITM) says that its electrolysis technology had been selected for UK projects.

Quoted Micro 30 June 2025

BY: Andrew Hore |
POSTED: 29/06/2025 |

AQUIS STOCK EXCHANGE

There has been profit-taking in The Smarter Web Company (SWC) with a three-fifths decline to 200p. This follows a Â£41.2m fundraising at 290p/share. The company owns 543.52 Bitcoin with a cost of Â£42.4m. Directors have been buying shares at below the fundraising price.
Marula Mining (MARU) says positive tests of copper grades by an offtake partner has led to negotiations about an initial three-year offtake agreement relating to Kinusi mine for up to 2,000t/month of copper concentrate and 1,000t/month of copper cathode. An initial shipment Is planned for July. Test work on lower grade material has been positive. Testing at Blesberg shows that ore comprises both microline and plagioclase feldspar material and comprises between 60% and 80% feldspar.
Brewer Adnams (ADB) says higher National Insurance rates will add Â£1m to costs in 2025 and the Extended Producer Responsibility Levy will add a further Â£1m. Price increases and productivity improvements will be used to recover these extra costs. Board costs will be reduced by one-third. By the end of June, debt should be Â£7m lower than the previous June.
Hong Kong-based frozen seafood wholesaler SuperSearch Plus (SSP) increased revenues by 4% to HK11.3m. The business moved into profit. There is HK$323,000 in the bank.
Evrima (EVA) says its most significant investee company Eastport Ventures Inc has entered into a merger agreement with TSX Venture Exchange shell company Penbar Capital. Eastport Ventures has minerals projects in Botswana. This should be completed in the second half of 2025.
Recycling business Majestic Corporation (MCJ) in revenues by two-thirds to $49.3m in 2024, Pre-tax profit was flat at $1m. There is $1.5m in the bank. Capacity has been expanded via acquisition.
In 2024, net liabilities at Globe Capital (GCAP) have increased from Â£432,000 to Â£550,000.
Vault Ventures (VULT) is broadening its treasury policy to include Solana. So far, Vault Ventures has bought 2.07606 Bitcoin and 437,843 Ethereum.
Vaultz Capital (V3TC), previously Helium Ventures, has initially purchase 10 Bitcoin for Â£774,570.
Hot Rocks Investments (HRIP) has subscribed for 7.5 million shares In Mendell Helium at 2p each. The fundraising totalled Â£515,000.
Coinsilium (COIN) reported an increase in loss from continuing operations from Â£580,000 to Â£988,000. Bitcoin holdings have increased to 58.3157 with a total value of Â£4.59m. Management is seeking shareholder approval for the issue of more shares.
NYCE International (NYCE) has established ClickSpin Media, which is a performance marketing agency for online casinos and sportsbooks, and Karim Abbassi is chief executive.
Spinal medical devices developer TruSpine Technologies (LON: TSP) is pursuing the implementation of a Bitcoin treasury policy. Fundraising opportunities are being assessed.
Investment company Gledhow Investments (LON: GDH) had cash of Â£217,000 out of net assets of Â£938,000 at the end of March 2025. This is before the acquisition of a portfolio of investments for Â£441,000 in shares and convertible loan notes. A general meeting is being held on 23 July to reduce the nominal value of the ordinary share price from 1p to 0.1p. This is so the loan notes can be converted at 0.425p/share.
Customer loans business Amazing AI (AAI) raised Â£123,000 at 0.5p/share at the beginning of the week. This is for working capital and preparing for the new Bitcoin treasury policy. There are talks with the worldâ€™s largest regulated custodian of Bitcoin to be the companyâ€™s custodian, which could provide finance of up to 50% of Bitcoin assets. A subsidiary is being set up in Mauritius to hold Bitcoin. Another fundraising is being explored. Bitcoin purchases could start in July. On Friday, the share price was suspended at 5.5p.
The Artha Global Opportunities Fund has raised its shareholding in Invinity Energy Systems (IES) from 4.25% to 5.09%. There is interest from UK battery developers who wish to use the companyâ€™s ENDURIUM batteries in projects. Bids are under review by Ofgem, and final assessment will be in the first half of 2026.
Ananda Developments (ANA) has manufactured 40 litres of MRX1 and 40 litres of a placebo. This will be used in the phase 2 trials for chemotherapy induced peripheral neuropathy and endometriosis-associated pain, as well as a separate phase 1 trial in Australia.
Tamar Minerals (TMR) has sold its 27.1 million shares in AIM-quoted Kazera Global Investments (KZG) for Â£352,000. This will be spent on exploration in Devon and Cornwall.
Investment company TechFinancials (TECH) had no revenues in 2024. There was $170,000 in cash at the end of 2024 after a cash outflow from operating activities of $189,000.
RentGuarantor (RGG) has converted Â£450,000 of convertible loan notes at 24.15p/share.
Thomas Grant Nominees has reduced its stake in Shortwave Life Sciences (PSY) from 4.75% to 3.53%. Daniel Thwaites (THW) bought 250,000 of its shares at 74p each. Director RAJ Bailey bought 50,000 shares at 74.01p each. He owns 1.43%.
Brewer Shepherd Neame (SHEP) has appointed Panmure Liberum as its corporate adviser and broker.

ASSET MATCH

Skybus, the airline subsidiary of Isles of Scilly Steamship (IOS), has secured a contract to supply two aircraft to Aurigny Air Services of Guernsey. They will fly between Alderney, Guernsey and Southampton. This is a multi-year agreement starting in November.

JP JENKINS

Brewer Powder Monkey (PMGL) has agreed terms for the potential acquisition of Akasha and Wayward Brewingâ€™s Australian assets. The operations will be centralised in Five Dock. The Powder Monkey Taphouse due to open in Camden, New South Wales in October.

AIM

Digital and social media services provider Dotdigital (DOTD) is paying up to $35m acquisition of Social Snowball, which provides an influencer, affiliate and referral marketing platform. The service is available through Spotify. This will broaden the range of services offered by Dotdigital and help to enhance average revenues per user. The initial cash payment is $20m with performance related consideration of up to $15m. This means that there will still be cash in the bank after the acquisition.
Accoya wood supplier Accsys Technologies (AXS) reported flat revenues of â‚¬136.6m for the year to March 2025, but tight control of overheads meant that it moved from loss to an underlying profit. However, the start-up loss from the 60%-owned US manufacturing joint venture increased from â‚¬4.1m to â‚¬11.9m, so the pre-exceptional loss moved up from â‚¬7.67m to â‚¬9.88m. US manufacturing commenced in the second half and revenues were â‚¬10.8m, although they are not consolidated. There is plenty of spare capacity to grow into and the US could move towards profitability by next March.
Floorcoverings distributor Likewise (LIKE) is generating like-for-like growth in revenues of 10%. This means that it is gaining market share and benefiting from operational gearing. Additional warehouse capacity is being added.
Marketing services provider Brave Bison (BBSN) raised Â£13.5m at 2.45p/share to help fund the Â£19m acquisition of MiniMBA, which is an MBA level marketing skills and training platform. This fits well with the customer base of Brave Bison. MiniMBA founder Professor Mark Ritson is subscribing for Â£2m worth of shares. Cavendish has upgraded its 2025 earnings forecast by 9% to 0.31p/share. The pro forma figure for 2025 is 0.34p/share.
Roadside Real Estate (ROAD) has entered a put option agreement with CGV Ventures 1 that will enable Roadside Real Estate to realise at least Â£48m from the future from the future sale of the 48.2% stake in Cambridge Sleep Sciences. That would represent a gain on book value of Â£7m. The company can assess alternative opportunities to sell. The cash will be reinvested in the property operations.
Cavendish has upgraded its forecasts for Hargreaves Services (HSP) following a trading statement saying results will be better than expected. The 2024-25 pre-tax profit forecast has been raised from Â£16.4m to Â£17.4m. following a strong performance from the services division. The 2025-26 figure has been raised from Â£20.2m to Â£21.2m and that does not include the potential disposal gains from renewable energy assets. Net debt is higher than expected at Â£23.3m.
Musical instruments retailer Gear4Music (G4M) announced it has made a strong start to the new year when it reported it figures for the year to March 2025. The company is benefiting from market consolidation. Full year revenues edged up from Â£144.4m to Â£146.7m, while pre-tax profit recovered from Â£1.1m to Â£1.6m.
Labour supply services provider Hercules (HERC) is using its strong cash position to acquire Advantage NRG, which diversifies the group into the overhead electrical transmission lines market. The acquisition costs an initial Â£10.2m, plus deferred consideration of up to Â£5.5m, some of which is dependent on performance. Lancashire-based Advantage NRG made a pre-tax profit of Â£1.7m in the year to February 2025. A Â£6m loan will help to finance the deal.
Energy assurance and optimisation services provider Inspired (INSE) has recommended the 81p/share from HGGC managed funds. However, the final dividend of 1p/share will not be paid.
Digital marketing services provider Silver Bullet Data Services (SBDS) is raising up to Â£3.2m from an issue of convertibles, loan notes and shares, including a retail offer of up to Â£60,000 at 30p/share. Some of the cash will be used to repay previous convertible loan notes and for working capital. Other existing convertibles will be converted into the latest convertibles, which have a three -year term. Revenues in the period to May 2025 are 13% higher at Â£4.03m.
Palm oil supplier and cashew processor Dekel Agri-Vision (DKL) has raised Â£2.33m at 0.55p/share, which was more than expected, and launched a retail offer of up to Â£300,000. The â‚¬1.2m loan from chief executive Youval Rasin will be converted at the same share price. There are also revised terms for its lending facilities, which will delay repayments. Current debt is â‚¬26.4m.
Ariana Resources (AAU) says that the revised Dokwe North pre-feasibility study economic model shows a NPV10 of $354m. That is based on a gold price of $2,750/ounces. All-in sustaining cost is estimated at $1,144/ounce. When the project in Zimbabwe was acquired, it had an NPV10 of $69m. Annul production of up to 100,000 ounces of gold over a ten-year mine life is being targeted for the definitive feasibility study.
Acoustic insulation developer Autins Group (AUTG) generated revenues of Â£31.1m in the 18 months to March 2025, and the loss was Â£1.7m. There was a small profit in the final quarter following cost savings. Net debt was Â£1.1m at the end of March 2025.
Poland-based pizza stores operator DP Poland (DPP) increased 2024 revenues by one-fifth to Â£53.6m, while like-for-like growth was 17.9%. The loss was substantially reduced from Â£4.94m to Â£551,000. Cash generated from operations was Â£5.36m and that covered capital investment. Net cash was Â£11.3m at the end of 2024. Growth has continued in 2025.
A general meeting has been requisitioned at KCR Residential REIT (KCR) and it will be held on 14 July. The votes are to remove all the current board directors and replace them with four new directors. There is also a vote on a strategic review. Majority shareholder Torchlight Fund LP intends to vote against the resolutions.

MAIN MARKET

Shell company Pristine Capital (PRIS) has agreed terms for the acquisition of a Â£20m property portfolio. This will not be enough to return to the Main Market, so there will be a switch to AIM. The plan is to offer a dividend yield of at least 8%.
US cybersecurity company Narf Industries (NARF) has launched the RANGER SaaS-based platform identifying and protecting users from threats in open source software.
New Frontier Minerals (NFM) has identified high priority targets for drill testing at the Harts Range project. Quotes are being obtained for the drilling. A $59,000 government grant has been received.

Quoted Micro 23 June 2025

BY: Andrew Hore |
POSTED: 22/06/2025 |

AQUIS STOCK EXCHANGE

Fund manager and broker Oberon Investments (OBE) won the Aquis company of the year award at the 2025 Small Cap Awards.

Ajax Resources (AJAX) has moved from the Main Market to Aquis. It previously raised Â£1m at 4p/share and another Â£500,000 is being raised at 5p/share. Ajax Resources has exercised an option to acquire the Minas La Escondida project in Argentina for $80,000. It has conditionally agreed to acquire a nearby licence area.

Helium Ventures (HEV) gained shareholder approval for investment in Bitcoin mining and the establishment of a Bitcoin treasury. The company is changing its name to VaultZ Capital, and it has raised Â£4m at 43p/share, most of which will be invested in Bitcoin. Former Argo Blockchain director Alex Appleton has been appointed chief executive and Sarah Gow, who was also at Argo Blockchain, has joined the board as an executive director. Pierre Villeneuve is chief investment officer. Global Investment Strategy UK is the new broker.

Hot Rocks Investments (HRIP) has bought 200,000 more warrants in The Smarter Web Company (SWC) exercisable at 2.5p each for 100p/warrant and one million shares in Tap Global Group (TAP) ahead of its move to AIM. The Smarter Web Company raised Â£29.3m at 180p/share and then announced a subscription agreement over 21 million shares, which Shard will try to place over the coming months. The total Bitcoin holding is 346.63 with an average price of Â£78,480 each. That is an investment of Â£27.2m.

Coinsilium (COIN) says the retail offer to raise Â£2.5m at 22.2p/share was heavily oversubscribed, and it decided to accept Â£4m. The Forza Gibraltar subsidiary has bought nearly 24.5 additional Bitcoin for Â£1.91m. The total cost of the 43.1077 Bitcoin owned is Â£3.38m.

Vault Ventures (VULT), which is starting a Bitcoin and Ethereum treasury, raised Â£1.25m at 0.018p/share. There is an eleven year plan, which focuses on growing the technology investment business, as well as the cryptocurrency investment. So far, 34.47 Ethereum and 0.22 Bitcoin have been purchased at a total cost of Â£81,000. Acquisitions are being assessed.

Pubs operator Daniel Thwaites (THW) reported an improvement in full year revenues from Â£115.5m to Â£120.6m, while pre-tax profit rose from Â£9.1m to Â£9.8m after doubled property disposal gains of Â£400,000. The total dividend is raised from 3.35p/share to 3.5p/share. The pubs division improved operating profit from Â£13.9m to Â£14.6m and the hotels contribution rose from Â£6.2m to Â£7.4m. That is before group overheads. Net debt was Â£71.4m at the end of March 2025.

Marula Mining (MARU) has secured a 30-year surface use agreement for the Blesberg lithium and tantalum mine in South Africa. Progress is being made towards the granting of the ten-year mining right. The remaining condition is completion of the Broad-Based Black Economic Empowerment structure for the subsidiary.

Incanthera (INC) says an independent study has confirmed the protective effects of its Skin + CELL product. Skin pre-treated with the lotion showed a 6.5 fold reduction in DNA damaged. It was also shown to boost mitochondrial performance.

Valereum (VLRM) has invested â‚¬1.7m for a minority stake in Fideum Group, which will be paid in a number of tranches up until June 2026. Fideum is a blockchain business. Gary Cottle has been appointed chief executive of Valereum.

SulNOx Group (SNOX) has raised Â£1m at 50p/share. SulNOx Innovations has been launched to invest in new fuel efficiency technologies.

Diagnostics developer EDX Medical (EDX) has signed a memorandum of understanding with Spire Healthcare. They will promote each otherâ€™s products and develop joint propositions.

Walls & Futures REIT (WAFR) gained shareholder approval to leave the Aquis Stock Exchange on 26 June and the proposed changes to the board were voted down.

Prize draw and rewards business Good Life Plus (GDLF) has raised Â£750,000 via a convertible loan note issue to a company associated with Mark Blandford and hopes to raise a further Â£750,000. The loan notes last until the end of June 2028 and offer an interest rate of 10%. The conversion price is 2.15p.

Zentra Group (ZNT) has sold land in Leicester for Â£250,000.

Amazing AI (AAI) says the loan facility provided by director Paul Mathieson has been increased in from Â£2m to Â£5m.

Cooks Coffee Company (COOK) has appointed Allenby as corporate adviser and broker.

EPE Special Opportunities (EO.P) had net assets of 316.2p/share at the end of May 2025.

AIM
Frasers Group (FRAS) has decided not to make an offer for cosmetics supplier Revolution Beauty (REVB). There is continued engagement with other parties interested in a deal, as well as with shareholders about the alternative of a fundraising.

Defence services provider RC Fornax (RCFX) has issued a trading warning weeks after joining AIM. There have been delays in spending due to the Strategic Defence Review. The disruption related to the flotation on AIM is also blamed for a lack of new orders. Co-founder Dan Clark is stepping down. Cavendish has slashed its forecast revenues for the year to August 2025 by nearly two-thirds to Â£4m, down from Â£6.5m last year. That means that there will be a Â£1m loss. The share price had soared from the February 2025 placing place of 32.5p. Chair Mark Fahy, who bought his initial shares in the placing, acquired a further 38,173 shares at 26.95p each. Finance director Rob Shepherd bought an initial 93,000 shares at 26.8p each.

Cosmetics supplier Warpaint London (W7L) expects flat like-for-like sales in the first half with growth coming from a contribution from the Brand Architekts. There was 7% growth in the first quarter. That means interim sales could be up to 13% ahead at up to Â£52m. Margins are expected to improve this year with cost savings from the integration of the acquisition coming through in the second half. Shore Capital is maintaining its full year forecast with pre-tax profit of Â£29m.

AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (PR1) has announced a formal Bitcoin treasury management policy. The company can retain Bitcoin, but not other cryptocurrencies. No more than 50% of surplus cash can be retained in Bitcoin. Karen Lewis-Hollis has resigned from the board.

Litigation Capital Management (LIT) has lost a case that it co-funded. It invested Â£3.4m directly and its Fund 1 invested Â£8.2m. Total realisations for this year are A$55m, which excludes the Queensland Electricity and Quintis claims where there are appeals. Economic conditions mean that marketing for Fund III has been delayed. Cavendish forecast a A$41.7m loss in the year to June 2025.

Oxford Metrics (OMG) reported interims in line with expectations. Motion capture revenues fell compared with a strong comparative period. Acquisitions boosted the smart manufacturing revenues. Group revenues fell from Â£23.5m to Â£20.1m and Oxford Metrics slipped into loss. There was cash of Â£39.9m at the end of March 2025. Share buybacks are continuing and the amount has been increased by Â£4m.

SkinBioTherapeutics (SBTX) has signed an exclusive UK agreement with Superdrug Stores for the AxisBiotix food supplements that alleviate symptoms of inflammatory skin conditions, particularly psoriasis. On the back of this deal SkinBioTherapeutics raised Â£4.2m at 17p/share. Superdrug will sell AxisBiotix-Ps (for treating psoriasis) and still to be launched AxisBiotix-Ac (for treating acne) on an exclusive basis for two years. They will start to go into Superdrug stores with the highest sales of skincare products in September with a roll-out to the others next year.

Construction recruitment services provider Hercules (HERC) says interim revenues were 18% ahead at Â£54.6m, while pre-tax profit improved from Â£1.1m to Â£1.7m. The interim dividend is unchanged at 0.6p/share. The disposal of suction excavators has improved the balance sheet with net cash of Â£900,000 before deferred contingent consideration of Â£1m. A nominal amount has been paid for Quality Transport Training, which will be integrated with the training operation.

Quantum Blockchain Technologies (QBT) is making progress with the commercialisation of its Bitcoin mining efficiency technology. There are talks with two companies about them porting the AI technology in their existing control boards. These boards can replace the original ones in the Bitcoin miners. This will open up this market in the near future. There is engagement with two ASIC chip manufacturers about the potential to integrate the technology in their chips. This will take longer to commercialise.

CPP Group (CPP) is selling its business in Turkey for Â£4.6m and it may also sell its operations in India. The initial payment is Â£3.1m. CPP wants to concentrate on its parametric Insurtech business Blink, which has won a Â£1.5m licence agreement with Mehrwerk for its cyber security product. Blink generated revenues of Â£1.1m in 2024 and that should more than double to Â£2.5m this year. It will remain loss making. The funds from disposals will be reinvested in Blink, which should accelerate growth, and finance the restructuring of the group.

Investment company Seed Innovations (SEED) reported a dip in NAV from 6.73p/share to 6.1p/share, but that was after paying a 1p/share special dividend, so there was underlying growth. There was a swing from an investment loss of Â£1.2m to a gain of Â£797,000. In the year to March 2025, the overall gain was Â£367,000, compared with a Â£2.12m loss the year before. The largest improvement in valuation was for sustainable oils and fats developer Clean Food Group.

Property fund adviser and investor First Property Group (FPO) returned to profit in the year to March 2025. Revenues slipped from Â£7.85m to Â£7.55m. There have been annualised cost savings of Â£650,000. The pre-tax profit of Â£3m was boosted by an increase in the share of associates profit from Â£1.05m to Â£2.83m, while the impairment loss on investment properties was reduced from Â£3.75m to Â£242,000. Third party assets under management fell from Â£222m to Â£164m. NAV is 30.5p/share.

MAIN MARKET
Motor and property finance provider S and U (SUS) continues to improve it performance. The motor finance division is trending above budge t and the Aspen business goes from strength to strength. First half profitability should be better than last year.

Construction equipment hire company Speedy Hire (SDY) says 2024-25 revenues were flat at Â£417m, but underlying pre-tax profit fell from Â£14.7m to Â£8.7m with a lower contribution from the Kazakhstan joint venture. Net debt was Â£113.1m at the end of March 2025. The dividend is unchanged at 2.6p/share.

Online travel hostel agency Hostelworld (HSW) has launched a share buyback of up to Â£5m. This can continue to the end of the year. So far, 22,000 shares have been purchased at 120.41p each.

Atlas Metals Group (AMG), previously known as MetalNRG, is planning to acquire Universal Pozzolanic Silica Alumina (UPSA) via an all-share offer. No figure has been put on the deal. UPSA has commercialisation rights to a pozzolanic silica alumina (PSA) in Australia. The extraction rights for 250 million tonnes last 99 years and are held by its partner Claystone International. There are another 1.35 billion tonnes of reserves over which UPSA has the rights to extract. The estimated value of the reserves in the ground is Â£10/tonne. UPSA has a book value of Â£1.08bn, based on the 250 million tonnes of PSA.

Shell Associated British Engineering (ABSE) had cash of Â£344,000 at the end of March 2025. Net assets are Â£350,000.

AIM 50 Digest 20 June 2025

BY: Andrew Hore |
POSTED: 22/06/2025 |

Tatton Asset Management (TAM) continues to build up its assets under management. In March 2021 the assets under management were Â£9bn and they have risen to Â£21.8bn by the end of March 2025. By June the figure is Â£22.9bn. The target is assets under management of Â£30bn by March 2029 â€“ which is more than double the figure in 2022-23. Revenues were 23% ahead at Â£45.3m. Underlying pre-tax profit improved from Â£17.4m to Â£23.2m. The full year dividend is 19% higher at 19p/share. Net cash improved to Â£32.1m at the end of March 2025. Zeus has edged up its 2025-26 pre-tax profit forecast to Â£26.3m.
=====
Localisation and translation services provider RWS (RWS) reported a 61% slump in underlying interim pre-tax profit to Â£18m on a 2% dip in revenue to Â£344.3m. The interim dividend is unchanged at 2.45p/share. Net debt is Â£27m. Three out of four divisions grew in the period, but a weaker performance in regulated industries hit margins. There should be modest organic growth in the second half. The new chief executive has set out a revised strategy. The business will be simplified into three business units: generate, transform and protect. Regional sale teams will be established. There will be a focus on technology development. Full year pre-tax profit could be Â£61.7m.
=====
Central Asia Metals (CAML) has increased its cash offer for New World Resources from A$0.050/share to A$0.053/share, which values the target at A$197m. There will also be a A$10m cash injection into the company if it does not receive a higher bid in the next fortnight. The bid is recommended. Kinterra Capital has acquired 428 million shares in New World Resources in the past couple of weeks.
=====
Public sector and engineering software supplier Idox (IDOX) increased profit by 14% to Â£6.4m on revenues 4% ahead at Â£45m. Order intake was 9% ahead at Â£58.7m. Net cash is Â£200,000. Idox has Â£110m of available facilities to finance acquisitions. The latest acquisition was Pilanz, which provides social care software. Geospatial services remain a focus of expansion.
=====
Identity and verification services provider GB Group (GBG) increased revenues from Â£277.3m to Â£282.7m and improved underlying operating profit from Â£61.2m to Â£67m. The final dividend was raised from 4.2p/share to 4.4p/share. Net debt was reduced from Â£80.9m to Â£48.5m, which is before the start of share buybacks that could amount to Â£10m. There was strong cash generation from operations and minimal capital expenditure and there could be another sharp fall in debt this year. This year, growth will be second half weighted, although currency movements could hamper progress. Finance director David Ward bought 10,000 shares at 235p each.
=====
MP Evans (MPE) has launched a Â£12m share buyback programme. Up to Â£2m can be used to purchase shares in the market, while the other Â£10m can be used in limited circumstances, such as when a large shareholding comes on the market. In the first five months of 2025, crops were 11% higher, but crude palm oil production was slightly lower at 621,800 tonnes. The average sale price is higher at $876/tonne.
=====
Electronic monitoring company Big Technologies (BIG) says six resolutions at the AGM were not passed, although four of them would have gained a majority if former boss Sara Muray, the subject of litigation, had not voted against them.
=====
Pan African Resources (PAF) says there has been a fatal accident at Barbertonâ€™s Sheba mine. Full year gold production is expected to increase from 186,039 ounces to 197,000 ounces, but this is below previous guidance. Costs are higher than expected. Production could exceed 275,000 ounces in 2025-26. The company expects to have paid down debt by June 2026.
=====
ICG Europe IX has ended discussions with GlobalData (DATA) about a possible offer and does not intend to bid. GlobalData is likely to revive plans to move to the Main Market.
=====
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
=====
Cohort (CHRT) was named company of the year at the 2025 Small Cap Awards, while chief executive Andrew Thomis was executive director of the year.
=====
Mortgage Advanced Bureau (MAB1) deputy chief executive Ben Thompson is stepping down from the board and take on a strategic role. Yaiza Luengo has been appointed as chief operating officer. She has experience in technology for financial services businesses.
=====
ITM Power (ITM) has been selected for two UK project in the Hydrogen Allocation Round 2. There is one large scale project and another smaller one. Both will use the POSEIDON electrolysis process module. The projects are subject to final investment decision.
=====
Vet practices operator CVS Group (CVSG) continues to engage with the Competition and Markets Authority after it extended the deadline of its market investigation.
=====
Fuel cell technology developer AFC Energy (AFC) is successfully reducing the cost of its 30kw hydrogen fuel cell generator. A value engineering exercise has cut the cost by 85%. There are plans for a manufacturing partnership with Volex (VLX).
=====
Lime and building materials supplier SigmaRoc (SRC) is investing â‚¬1m in seed funding for Koncrete, which is a French company involved in digitisation of real-time quotes and maximising efficiency of logistics. There are also plans to integrate materials from demolition into supply chains.
=====
AstraZeneca has cut its shareholding in Niox (NIOX) from 16.997% to 15.86%.
=====
Brickability (BRCK) non-exec Clive Norman sold one million shares, while Paul Hamilton, MD of distribution, sold three million shares, both at 69p/share. Founder Tony Best and his wife sold 45,000 AB Dynamics (ABDP) shares at 1746.9p each. The remaining stake is 23.5%. Fevertree Drinks (FEVR) non-exec bought 24,590 shares at $12.28 each via the US OTC Market quotation.

Quoted Micro 16 June 2025

BY: Andrew Hore |
POSTED: 15/06/2025 |

AQUIS STOCK EXCHANGE

The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least Â£15m at 180p/share to buy more Bitcoin.

Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of Â£81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.

Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.

Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) Â£1.75m fundraising at 0.13p/share, including Â£300,000 invested by directors.

Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.

Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.

Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the Â£19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.

Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.

Mollyroe (MOY) is still seeking a suitable acquisition. There was Â£299,000 in the bank at the end of 2024. There was a Â£47,585 cash outflow during the year.

Shortwave Life Sciences (PSY) raised Â£40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised Â£100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised Â£1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.

Watchstone Group (WTG) plans to distribute Â£1m to shareholders once the share premium account has been reduced.

EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.

Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.

JP JENKINS

The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.

AIM

Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at Â£186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.

Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.

Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of Â£21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was Â£2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be Â£1.3m. Tariffs could provide additional opportunities for Diales.

Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive Â£53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in Â£4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.

Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.

Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).

A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised Â£45.6m. He retains 20.1%.

Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from Â£3.3m to Â£800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.

NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was Â£6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of Â£16m. There will be exceptional acquisition and restructuring costs of between Â£2.5m and Â£3m.

Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is Â£1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.

Caledonian Holdings (CHP) is investing Â£1m in AlbaCo, of which Â£750,000 is in cash for new shares and Â£250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.

Energy efficiency services provider Earnz (EARN) raised Â£1.02m at 7.2p/share, which was more than double the previous dayâ€™s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial Â£1.3m in cash and shares. The directors and related parties subscribed Â£268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to Â£1.5m of deferred consideration payable for the acquisition if it achieves performance targets.

Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the companyâ€™s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised Â£500,000 at 4p/share,

Premier African Minerals (PREM) raised Â£1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.

Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.

Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of Â£6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from Â£275,000/month to Â£200,000/month.

Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.

Great Western Mining Corporation (GWMO) has raised Â£1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.

Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.

Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a Â£500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.

Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of Â£925,0000. This will help the company to sell its AI product in the sports sector.

MAIN MARKET

Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of Â£5.6m, down from Â£21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at Â£15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.

EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at Â£10.6m.

Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).

Vinanz (BTC) has launched a WRAP retail offer of up to Â£1mat 13.75p. The offer closes at 4.30pm on 16 June.

Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be Â£200,000 in shares.

Quoted Micro 9 June 2025

BY: Andrew Hore |
POSTED: 08/06/2025 |

AQUIS STOCK EXCHANGE

Smarter Web Company (LON: SWC) raised a further Â£13.4m at 81p/share. Andrew Webley bought 10,000 shares at 81p each, taking his stake to 14.6%. The Bitcoin purchasing continues and the total has increased to 122.76 Bitcoins at an average purchase price of Â£78,290 each.

Independent music management company All Things Considered (ATC) reported a jump in 2024 revenues from Â£24m to Â£50.9m. Acquisitions boosted the figure but there was organic growth. The live events business generated an initial Â£3.1m. The loss was reduced from Â£3m to Â£109,000. Net cash was Â£8.1m at the end of 2024. More recently there has been diversification into music rights ownership.

Valereum (VLRM) has signed a binding memorandum of understanding with Fideum, which will help to Valereum to implement SaaS services, and they will cross-sell to existing clients. The two companies will set up a joint pilot project in Turkey. Valereum has invested $2.5m in Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. There was Â£500,000 raised at 4p/share. Fortified Securities has been appointed company broker.

File Forge Technology has completed the reverse takeover of personal care products contract manufacturer Amirose London Holdings (ALH) and changed its name to that of the new business. Alfred Henry Corporate Finance is corporate adviser. The shares were suspended at 0.07p and 24 have been consolidated into one new share, so the equivalent price is 1.68p. The share price has increased 93.5% to 3.25p.

Time To ACT (TTA) says that the Offshore Renewable Energy Catapult innovation centre has completed a validation of GreenSpurâ€™s axial flux generator platform. This shows a reduction in cost of energy and weight savings. The technology is suitable for industrial scale manufacturing. Jeremy Earnshaw has joined the board, and Andrew Hall has stepped down.

Hydrogen Future Industries (HFI) is granting HFI Energy an exclusive 10-year US territory licence in return for a fee of $2m, of which 50% will be spent on technology development of the wind turbine energy system. A manufacturing licence has been agreed in return for 20% of HFI Energy. There will be a royalty of 5% of net sales or 2.5% of net sales if the licensee has redesigned the product. HFI Energy, along with potential partners, is evaluating the construction of an up to 500MW clean energy park in Whitehall, Montana.

Ananda Developments (ANA) says lead development product MRX1, has achieved 24 months of stability data. The companyâ€™s Phase 1 pharmacokinetic (PK) study has been published onÂ clinicaltrials.gov. This is required prior to clinical trials.

Vault Ventures (VULT) has revealed a strategic arrangement with CreatdStudio, which can offer studio access to investee companies.

Superseed Capital (WWW) maintained its NAV at 121p/share at the end of March 2025. There is continued strong investment activity, and the fund expect to make up six new investments this year.

Richmond Hill Resources (SHNJ) has agreed the sale of its spirits businesses for Â£10,000 and will seek shareholder approval.

S-Ventures (SVEN) shares returned from suspension following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares. The company has tax losses of Â£2.6m.

Coinsilium (COIN) has raised Â£750,000 from a retail offer at 6p/share. Subsidiary Forza Gibraltar has bought 3.6378 Bitcoins at an average price of Â£76,969.60 each. This takes the Bitcoin holding to 13.6399 Bitcoin.

Recycling company Majestic Corporation (MCJ) has raised Â£171,000 at 80p/share. Andrew Male has stepped down as a director. The 2024 accounts should be published by the end of June.

India-based Sachin Srinivas Sawrikar, designated partner of Artha Bharat Investment Managers, has taken a 4.25% stake in Invinity Energy Systems (IES). Ajan Reginald has a 21.2% stake in Cardiogeni (CGNI).

ASSET MATCH

Gulfsands Petroleum (GPX) reported a reduced 2024 loss of $2.86m, down from $5.94m. 2C Contingent resources are 108 million barrels of oil equivalent.

AIM

Predictive genetics company GENinCode (GENI) has started to generate revenues in the US, but the major growth came from the UK and the Europe. In 2024, revenues were one-quarter higher at Â£2.7m. Overheads were reduced. Following a de Novo submission for CARDIO inCode, the FDA has requested that deficiencies in relation to clinical validation be addressed, but management believes that US approval can be achieved. The timing is uncertain. Disruptions to staffing at the FDA under the new US government could delay matters. However, the current forecasts assume most of the growth in revenues to Â£4.3m in 2025 will continue to come from the UK and Europe. There is enough cash to take the company into the first quarter of 2026 and the company could be approaching breakeven by then.

Pawnbroker Ramsdens (RFX) continues to benefit from the high gold price and the strong interim results have led Panmure Gordon to raise its 2024-25 pre-tax profit forecast by 17% to Â£15.4m. Interim revenues were 18% ahead a Â£51.6m with precious metals sales 31% ahead. Retail jewellery sales were 18% higher. Underlying pre-tax profit jumped from Â£4m to Â£6.13m. The interim dividend is one-quarter higher at 4.5p/share and there is also a special dividend of 0.5p/share. Net cash was Â£7.4m at the end of March 2025.

Sports and fitness data analyser 4Global (4GBL) plans to leave AIM after less than four years on the market. It was unable to raise additional funding to finance its growth in North America. Leaving AIM would save Â£500,000 each year. There has been limited trading in the shares and the cancellation, which is dependent on shareholder approval, would be on 7 July. The December 2021 placing price was 91p.

Direct carrier billing and digital content technology services provider Bango (BGO) moved into profit in 2024. Revenues grew from $46.1m to $53.4m, while a loss of $5.7m was turned into a pre-tax profit of $4.8m. The Digital Vending Machine (DVM) technology, which enables bundling of subscription services, added nine licence customers in 2024 and a further five, so far this year. Annualised recurring revenues grew 59% to $14m, reflecting the DVM growth. Net debt was $1.8m at the end of 2024. New financing agreements provide the required capital for the investment in improving efficiency and growing the business. The payments business has been hit with high costs of sales routes and this yearâ€™s trading is currently below expectations, although that is low margin business. The growth of DVM is important to the fortunes of the company.

Scientific instruments producer SDI Group (SDI) is acquiring Severn Thermal Solutions for Â£4.75m. The business supplies high temperature furnace systems and environmental chambers for material processing and testing. This del should be immediately earnings enhancing. Cavendish upgraded its 2025-26 earnings by 4% to 7.1p/share.

In 2024, EMV Capital (EMVC) increased its core revenues from Â£1.4m to Â£2.5m following the acquisition of Martlet Capital. The underlying loss by the core investment business rose from Â£1.1m to Â£1.5m due to additional costs after the acquisition. The reported consolidated figures also include revenues from majority-owned investee companies, which are loss-making. Assets under management rose by one-third to Â£98.5m. There was Â£1m in cash at the end of 2024 and net assets were Â£14m.

Trellus Health (TRLS) reported an increased loss of $7.8m on minimal revenues in 2024. Net cash was $4.3m at the end of 2024 and this fell to $2.5m at the end of April 2025. More finance is required by October. The pilot with Johnson & Johnson covering Trellus Elevate for the support of individuals with IBD is ramping up. This should help to boost revenues. The clinical trials sector is another focus for developing income. So far this year, $340,000 in revenues have been generated.

Rail transport analytics provider Cordel (CRDL) has won a second major US Class 1 freight rail contract worth up to $7.5m. The five-year contract is for multiple LiDAR capture units and a Cordel Connect data platform. It also covers the new Positive Train Control asset management platform, which is about to be launched.

Totally (TLY) intends to appoint administrators.

MAIN MARKET

Seraphim Space Investment Trust (SSIT) has maintained its NAV in the third quarter. At the end of March 2025, NAV was 100.78p/share, compared with 101.04p/share at the end of December 2025. That includes Â£16.5m in cash. There was growth in the value of the portfolio, but it was offset by currency movements. Since March, Â£7.9m has been raised from the sale of 95% of the stake in AST SpaceMobile, one of the few quoted companies in the portfolio. The current cash balance is Â£22.6m. The UK defence review has been published and acknowledges need for changes in procurement and the importance of the type of smaller space-focused business that form part of the portfolio. Increased US defence spending will also be channelled to space projects, although there has been a short-term slowdown in procurement.

Motor dealer software provider Pinewood Technologies (PINE) intends to acquire Lithiaâ€™s majority stake in their North American joint venture for $76.5m. This will be financed by the issue of 14.56 million shares at 386.5p each. There is a related five- year contract to roll out Pinewood software to Lithia Motors dealerships in the US. Annualised revenues from Lithia Motors could reach $40m.

Associated British Engineering (ASBE) successfully asked the FCA for the restoration of its listing as a shell company.

AIM 50 Digest 6 June 2025

BY: Andrew Hore |
POSTED: 08/06/2025 |

Rockhopper Exploration (RKH) published an independent resource evaluation for the Sea Lion project in the North Falkland Basin. The gross 2C resource is still 917mmbbls. Rockhopper Explorationâ€™s 35% stake for development pending 2C resources is $1.84bn. However, the Italian arbitration annulment outcome was unsuccessful. The Italian government has had the previous award annulled so the second tranche payment will be nil. There will be a claim under the insurance policy. The insurance payment should be at least Euro31m.
=====
An AGM trading update from Fevertree Drinks (FEVR) reports that trading is in line with expectations with low single digit revenue growth. The underlying EBITDA margin is 12%. There is market share growth in the US. The 10% US tariff will be shared between the company and new distributor Molson. Local production has started in Australia. Share buybacks continue.
=====
Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) has confirmed its plan to move back to the Main Market. It has been on AIM since June 2008. No new money will be raised in the move, which should happen in early August. The share buyback programme has been doubled to Â£30m. So far, Â£10.4m has been spent. Octopus Investments has sold its 7.99% stake. This may have been part of the AIM IHT relief portfolio. Fidelity has taken a 6.6% shareholding.
=====
Youngâ€™s and Co (YNGA) increased full year revenues by one-quarter to Â£485.8m, while pre-tax profit edged up from Â£49.4m to Â£51.6m. Net debt was Â£248m at the end of March 2025. NAV is Â£12.47/share. Good weather has helped trading in the new year.
=====
M and C Saatchi (SAA) is acquiring Dune 23 Sport and Entertainment Sports Events Marketing, a Middle East based business. Saatchi chief executive Zaid Al-Qassab bought 43,597 shares at 172p each.
=====
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of Â£2.36bn at the end of April 2025. Deposits rose 3% to Â£4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from Â£35.1m to Â£28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
=====
FD Technologies (FDP) increased annualised recurring revenues rose 13% to Â£81.8m by the end of February 2025. The loss increased from Â£20.3m to Â£29.1m.
=====
Cohort (CHRT) says trading in the year to April was in line with expectations and the order book is worth Â£230m and provides 80% cover for current year expectations. Net cash was Â£5m at the end of April 2025 and since then the Â£8m sale of the transport division has been agreed.
=====
Ashtead Technology (AT.) says record key customer backlogs provide confidence for future prospects. The move to the Main Market should happen later this year.
=====
Advanced Medical Solutions (AMS) has appointed Berenberg as joint broker alongside Investec, which is also nominated adviser. NIOX Group (NIOX) has appointed Singer as broker, alongside its role as nominated adviser.
=====
CVS Group (CVSG) chairman David Wilton bought 1,000 shares at 1247.6p each.
=====
Liontrust Asset Management has reduced its stake in Everplay Group (EVPL) from 13.2% to 9.88%.

Quoted Micro 2 June 2025

BY: Andrew Hore |
POSTED: 01/06/2025 |

AQUIS STOCK EXCHANGE

Probiotic ingredients developer ProBiotix Health (PBX) reported that it had a strong first quarter in 2026 with growth of 50%. This was at the same time as reporting a 13% increase in 2024 sales to Â£1.883m. Gross margins are more than 50%. There is Â£1.65m in the bank after a cash outflow of just over Â£1m. The cost base is broadly in line with requirements so the majority of additional revenues should drop through to profit. New deals have been signed with Kemin China and TopHealth in South Korea. There are also new product launches in the second half. This should help revenues to grow this year. Currently, North America dominates revenues. There are already 24 customers and more than 100 leads. The target is revenues of Â£10m in 2028 and that should produce Â£2m of EBITDA. Chief executive Steen Andersen bought an initial 125,450 shares at 7.83p/share Â and chairman Adam Reynolds acquired 50,000 shares at 7.88p each.

In the year to March 2025, cafÃ© chain Cooks Coffee Company (COOK) increased revenues by 49% to NZ$7m, including an initial contribution from Dairygold cafes in Ireland. Total franchise stores sales were one-third higher at NZ$79.6m. Cooks Coffee and a regional partner have acquired two Black Goo cakes and food stores. The target remains 300 stores by 2034.

AIM-quoted RiverFort Global Opportunities has completed the acquisition of the healthy snacks businesses of Aquis-quoted S-Ventures (SVEN) and changed its name to Tooru (TOO). S-Ventures becomes a cash shell and may decide to distribute the Tooru shares received in the deal to its shareholders.

Sundae Bar (KNDR), which was formed by the merger with Ora Technology, plans to move to AIM. The company is developing a platform that will be a marketplace for AI agents. There is a conditional fundraising of Â£2m at 8p/share. The expected admission date is 3 June.

Helium Ventures (HEV) has signed a strategic deal with NewQube Holdings to establish a Bitcoin treasury function. There has been Â£1.2m raised at 2p/share and this will be invested in Bitcoin. The company name will be changed to VaultZ Capital.

Hot Rocks Investments (HRIP) is also planning to become an investor in digital assets, and it will change its name. Disposal proceeds from the existing portfolio will be invested in Bitcoin.

KR1 (KR1) had net assets of 47.79p/share at the end of April 2025, down from 52.16p/share at the end of March 2025. The digital assets generated income of Â£394,091 during the month.

Brewer Adnams (ADB) grew 2024 sales by 3% to Â£68.1m and the loss was reduced. The only part of the business that declined was retail. Contract work helped the brewing and distillery operations. Net debt edged down to Â£15.3m and asset disposals will enable further reductions. The business will try to offset rising costs.

Flow batteries supplier Invinity Energy Services (IES) reported a fall in full year revenues from Â£22.1m to Â£5m, but the loss was lower and the increased number of shares in issue meant that the loss per share fell from 14.7p to 5.3p. Net cash is Â£32m. Revenues should rebound this year, and the loss fall again. Breakeven is possible in 2026 and net cash could still be Â£7m at the end of 2026.

Coinsilium (COIN) has raised Â£2.5m from a placing at 6p/share and more will come from a retail offer. Â The cash will be invested in Forza (Gibraltar) for Bitcoin-based treasury activities. It currently owns 10.0021 Bitcoins at an average purchase price of Â£81,696.90.

Capital for Colleagues (CFCP) had a small dip in interim revenues to Â£404,000. The NAV has fallen from 87.32p/share to 74.27p/share at the end of February 2025. General economic uncertainty led to the decline in valuations.

Smarter Web Company (SWC) has increased its Bitcoin holding to 83.24 and the average purchase price was $78,567 for each Bitcoin. Andrew Smith has increased his stake from 8.6% to 11.2%.

Residential property developer Zentra Group (ZNT) has completed the sale of five properties in Eccleshill and along with freehold land generated Â£1.19m. This cash will go towards acquiring a site in Manchester. The value of the 30% stake acquired in One Victoria in Manchester has been raised from Â£3m to Â£4.1m. Zentra will generate fees for development and sale of the properties.

Valereum (VLRM) says VLRM Markets has gone live. A memorandum of understanding has been signed with Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. Valereum has entered a tokenisation partnership agreement with football team Club Deportivo Futbolistas Asociados Santanecos.

Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to agree a cash injection by the end of June and the loan has been extended by a further month.

Tap Global Group (TAP) has received an income boost from recoupment of Bitcoin rewards. There are approximately five Bitcoins that will be added to assets.

Shares in File Forge Technology (FILE) returned from suspension after the acquisition of Amirose London and a 24-for-one share consolidation.

Marula Mining (MARU) has terminated its subscription agreement with AUO Commercial Brokerage. Instead, an unsecured debt facility will be put in place. As part of the deal 50% of the shares issued to AUO will be cancelled, so 27 million shares will be issued. A company associated with chief executive Jason Brewer bought 16.5 million shares at 3.75p each.

IntelliAM AI (INT) chief executive Tom Clayton bought 10,962 shares at 82p each.

ASSET MATCH

In 2024, brewer Wadworth and Company (WAD) grew revenues 6% to Â£41.3m, while pre-tax profit was 13% higher at Â£923,000. January and February were tough, but trading improved in March and April, and profit is improving this year. A refinancing is due by September.

C4X Discovery (C4XD) says a Euro8m milestone payment from Sanofi has been triggered by pre-clinical progress for the oral IL-17A inhibitor programme for the treatment of inflammatory diseases. So far Euro18m has been received out of a possible total of Euro414m of milestone payments and royalties.

AIM

Energy assurance and optimisation services provider Inspired (INSE) has received an indicative offer of 81p/share from HGGC managed funds. The Inspired board has indicated that it would be minded to recommend the bid at this level. Regent Gas Holdings is offering 68.5p/share in cash and says it wants Inspired to stay on AIM. That offer was rejected, and acceptances have been minimal.

Reduced frequency of services hit the ongoing business of cleaning services provider React (REAT) hit ongoing interim revenues. There were also two paused contracts. In the six months to March 2025, revenues rose from Â£10.6m to Â£12.1m, but that was after a Â£2.8m contribution from 24hr Aquaflow Services, which was acquired in October last year. It also helped gross margin improve from 27.1% to 32%, which should be sustainable because contracts have been in cost increases from higher National Insurance rates. Admin expenses have increased ahead of growth and because of running two systems at LaddersFree while business is transferred to a new online platform. Underlying interim pre-tax profit was flat at Â£1.1m, excluding acquisition costs of Â£220,000.

Video games publisher Frontier Developments (FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from Â£85.9m to Â£90m, compared with Â£89m the previous year. A loss had been expected, but this is now a pre-tax profit of Â£3.3m, although that includes a Â£3.5m gain on the sale of rights to one of its games.

Engineering company Avingtrans (AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at Â£161m, the pre-tax profit estimate has been raised from Â£6.5m to Â£8.1m due to the product mix and cautious forecasting.

IG Design (IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged.

A surprise trading statement from contract research business hVIVO (HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still Â£47m, but Cavendish expects a loss this year.

Poolbeg Pharma (POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials.

Synthetic binders developer Aptamer (APTA) has signed a second deal with Unilever for the to develop a panel of Optimer binders for an additional biological pathway associated with body odour formation. This is a fee-for-service deal that will be worth a six-figure sum. On-person trials are planned for the previous programme should commence later this year.

Diagnostics company Angle (AGL) increased 2024 revenues by 31% to Â£2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to Â£14.2m after cost savings. Net cash was Â£10.4m at the end of 2024 with Â£2.3m of tax credits due, of which Â£1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues.

In the first quarter of 2025, Arrow Exploration (AXL) produced 4,100 barrels of oil equivalent/day. Colombia production declined, but Canada more than made up for that. Production should grow further after a second drilling rig arrives in early June. Up to four wells will be drilled. Net cash was $24m at 1 May. Cash generation will contribute to the $50m of capex in 2025. There is a two-year crude pre-payment agreement with an energy company to market the oil in Colombia.

Cyber security company Smarttech247 (S247) has secured renewals and a new contract worth a total of â‚¬3.7m. The three renewals are in a range of sectors and the new customer is a US industrial business. Two of the contracts are for three years. This helps to underpin an improvement in full year revenues from â‚¬13.2m to â‚¬14.2m, rising to â‚¬15.3m in the year to July 2026.

Environmental technology supplier Metir (MET), formerly Microsaic Systems, currently has cash of Â£151,000 and the company is dependent on timely collection of receivables. The Qatar project payment of Â£228,000 is not expected until after June, which is later than anticipated because of technical changes. If most of this is not paid in the third quarter, then additional finance may be required. Trading is better than expected. Management believes that Metir can be EBITDA positive in the second half of 2025.

Logistics Development Group (LDG) had net assets of 24.6p/share at the end of March 2025. Following the recent tender offer, the figure has increased to 26.1p/share.

MAIN MARKET

Shipbroker Braemar (BMS) reported a dip in full year pre-tax profit from Â£14.6m to Â£13.4m on revenues 7% lower at Â£141.9m. The dividend was reduced by 46% to 7p/share, but there is a Â£2m share buyback. The company fell into net debt of Â£2.5m. There was a one-third drop in tanker charter revenues, but other parts of the business grew.

Seed Capital Solutions (SCSP) plans to acquire 4DM, the developer of AI imaging diagnostics for the veterinary market, for shares valued at Â£33.3m at 1.75p each. A fundraising will be required. Trading in the shares is suspended.

Quoted Micro 26 May 2025

BY: Andrew Hore |
POSTED: 26/05/2025 |

AQUIS STOCK EXCHANGE

Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of Â£2.36bn at the end of April 2025. Deposits rose 3% to Â£4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from Â£35.1m to Â£28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.

Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.

Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.

Smarter Web Company (SWC) has raised a further Â£6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for Â£3.13m. The total holding is 58.71 Bitcoin at a total cost of Â£4.54m. The additional funds will be used to buy more Bitcoin.

Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was Â£250,000 raised in a retail offer by Coinsilium at 3p/share.

Aquis Stock Exchange has enforced Â£15,000 of the suspended fine of Â£165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed Â£49,500 for shares at 1.5p each, as well as acquiring Â£136,573 of convertible loan notes from Geoff Miller

Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to Â£3.9m, which is equivalent to 1.3p/share.

Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.

Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and Â£398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The Â£441,000 investment will increase the scale of the total portfolio.

Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were Â£1.25m at the end of 2024.

Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.

Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.

Time to Act (TTA) raised Â£274,000 at 40p/share and converted Â£61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.

Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the companyâ€™s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.

Tin and copper explorer Tamar Minerals (TMR) has agreed a Â£150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.

Heart failure medicines developer Cardiogeni (CGNI) raised Â£650,000 at 17.3p/share. Amazing AI (AAI) has raised Â£37,775aat 0.5p/share from existing shareholders

Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.

SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.

Supersearch Plus (SSP) is changing its year end from June to December.

JP JENKINS

Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.

Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from Â£29m to Â£25.9m and operating profit fell from Â£13.6m to Â£11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.

AIM

Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from Â£4.8m to Â£4.5m. Revenues have been modest, but that could change this year with Â£2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of Â£2.8m should be enough for this year.

A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise Â£24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to Â£6.7m. This will close on 17 June.

Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from Â£16.3m to Â£18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from Â£10.9m at the end of March 2025 to Â£12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from Â£700,000 to Â£800,000 this year. That is still well below peak profitability.

Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to Â£26m.

Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.

telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from Â£22.5m to Â£20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from Â£10.5m to Â£9.3m. R&D spending was increased. Net cash still improved from Â£26.6m to Â£31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.

Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.

Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The Â£96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.

Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of Â£2.4m and there should also be overhead savings of Â£5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is Â£56.7m out of the current net cash of Â£117m.

Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to Â£23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to Â£700,000 on that basis. Next yearâ€™s pre-tax profit forecast has been cut from Â£500,000 to Â£300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.

Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate Â£1.35m at 0.5p/share with Â£224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.

Drug developer Poolbeg Pharma (POLB) is raising Â£4m at 2.5p/share and could raise up to Â£100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to â€œprevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapiesâ€.Â Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.

Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.

Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to Â£61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on Â£4m of last yearâ€™s revenues.

Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached Â£50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.

Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the companyâ€™s Eureka mine in Argentina, which has previously been in production. There are plans to raise Â£1.5m at 4p/share. There is currently Â£650,000 in the bank.

AIM 50 Digest 23 May 2025

BY: Andrew Hore |
POSTED: 26/05/2025 |

Central Asis Metals (CAML) has agreed to acquire New World Resources for A$0.05/share in cash, which is a total cost of Â£119m. Existing cash and a Â£120m bank facility will fund the purchase. This deal will add the Antler copper project in Arizona. A pre-feasibility study calculated a NPV7 of $498m. An average of 30,000 tonnes of copper could be produced annually over the 12-year mine life. The mineral resource estimate is 14.2 million tonnes at 3.8%. Antler would double the companyâ€™s copper production. Pre-production capex is estimated to be $298m. Permitting is underway, and funding options will be assessed.
=====
Pawnbroker H and T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at Â£297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal.
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The latest interims from Renew Holdings (RNWH) are the first that do not include the construction business. Restated figures show a 13% increase in revenues to Â£569.3m. Pre-tax profit edged up from Â£29.5m to Â£31m. Management reiterated the underlying strength of the business and pointed out that overall spending plans for rail have not changed. They did admit that demand for rail services is unlikely to improve in the second half, but they believe that by the time of the announcement of the full year results there should be a better indication of rail spending plans.
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As anticipated, Impax Asset Management (IPX) was hit by a near-one-third decline in assets under management to Â£25.3bn at the end of March 2025. Revenues fell by 11% to Â£76.5m, but some of the fund mandate losses were later in the period. Net cash is Â£65m. Full year revenues are expected to decline from Â£170.1m to Â£141.4m. Lower profit is likely to lead to a halving of the dividend from 27.6p/share last year.
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Victorian Plumbing (VIC) increased interim revenues 6% to Â£152.7m and pre-tax profit was 3% higher at Â£11.8m. There are plans to move into the UK homewares market via the MFI brand acquired with Victoria Plum. The move into homewares will increase costs ahead of building up revenues. Canaccord Genuity expects a fall in full year pre-tax profit to Â£21.4m with little improvement next year. Finance director Daniel Barton bought 12,194 shares at 82p each following the publication of interim results.
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Electronic monitoring technology developer Big Technologies (BIG) reported a fall in revenues from Â£55.2m to Â£50.3m in 2024 and pre-tax profit slumped from Â£30.8m to Â£24.4m. Net cash was Â£93.9m at the end of 2024. There were exceptional costs for litigation against the former chief executive, and more are expected this year. There should be a partial recovery in revenues and profit this year.
=====
Steve Bell is stepping down as chief executive of video games company Everplay (EVPL). Trading is in line with upgraded expectations.
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There was significant disappointing news from Pantheon Resources (PANR). First, an initial unstimulated flow test from Megrez-1 in Alaska showed production dominated by water, which was consistent with the previous test in the area. Management will assess the data, but it currently says no recoverable oil resource should be associated with the Lower Prince Creek interval. Second, the flow testing of the Lower Sag 3 reservoir level in the Megrez-1 well was also disappointing. The well is suspended. The focus will switch to Ahpun West, and the Dubhe-1 well will drill this year. Final investment decision on Ahpun West should be in 2027.
=====
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of Â£2.36bn at the end of April 2025. Deposits rose 3% to Â£4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from Â£35.1m to Â£28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
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Serica Energy (SQZ) says maintenance work on the Triton hub means that production should restart by the end of June. There are further wells that can be attached and take the net production figure to Serica Energy from the Triton hub to more than 25,000 barrels of oil equivalent/day. Total net production averaged 26,500 barrels of oil equivalent/day in the first four months of the year. Full year productions guidance is 33,000-37,000 barrels of oil equivalent/day. Cash was $129m at the end of April 2025, following the acquisition of assets from Parkmead, while net debt was $102m. A $71m tax rebate is expected. Further acquisitions are being assessed. A move to the Main Market is anticipated before the end of the year.
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IDOX (IDOX) has acquired social care software provider Trojan Consultants for an initial Â£7.65m and this should be an earnings enhancing deal. The regulatory compliance software fits well with existing group software products in the sector.
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M and C Saatchi (SAA) says trading was good in the first quarter, which is a seasonally weak quarter. Trading was strong in Europe and the Middle East. The market remains volatile, but Â£3m of annual cost savings will help to ensure that full year pre-tax profit expectations of Â£34.4m are met.
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Subsea services provider Ashtead Technology (AT.) says trading is in line with expectations and the order book is promising. A move to the Main Market is planned before the end of the year.
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Audio visual products Midwich Group (MIDW) says tough trading conditions have continued into 2025 and there has been a mid-single digit fall in organic revenues. There has been growth in the UK, but sales in North America and Europe are lower. Gross margins are slightly better, but there has been a sharp decline operating profit. This means that full year profit will be well below previous expectations. There will be a trading statement on 21 July.
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Mortgage Advice Bureau (MAB1) says increased mortgage activity continued into 2025 helped by the reduced cost of borrowing. First quarter activity was boosted by changes to Stamp Duty Land Tax at the end of March. Even so, there should be further outperformance when compared with 2024. Refinancing of fixed mortgages will boost demand later in the year. The number of advisers has reached 2,003.
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Fintel (FNTL) confirmed at its AGM that it is trading in line with expectations. The provider of services to financial businesses has completed the acquisition of RSMR and gained six new customers after the launch of Matrix360 in the general insurance market.
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ITM Power (ITM) has been selected to supply 300MW of electrolysers to produce green hydrogen for a power plant in Asia Pacific. This project is subject to final investment decision.
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Richard Griffiths has reduced his stake in Niox (NIOX) from 8.91% to 5.96%. Sales increased by 21% on a constant currency basis in the first four months of 2025. Net cash was Â£14.5m at the end of April 2025.

Quoted Micro 19 May 2025

BY: Andrew Hore |
POSTED: 18/05/2025 |

AQUIS STOCK EXCHANGE

Time to Act (TTA) is raising a minimum of Â£264,000 at 40p/share. VSA Capital has set a target share price of 118p. Diffusion Alloys is a coatings business, and the customer base includes hydrogen, nuclear and fuel cell businesses. Another subsidiary, GreenSpur is developing axial flux technology. This business hopes to generate revenues through design services to wind turbine designers.

KR1 (KR1) increased income from digital assets rose 51% to Â£13m during 2024, including Income from staking activities which jumped from Â£6.9m to Â£12.8m. There was a loss on disposals of Â£1m, compared with a Â£12.1m gain in the previous year. Pre-tax profit fell from Â£14.7m to Â£7.85m. There was Â£1.18m in cash at the end of 2024.

Smarter Web Company (SWC) raised Â£2.23m at 27p/share from a retail offer, taking the total raised to Â£3.45m. The company has invested a further Â£650,000 in Bitcoin at Â£75,460 each, which takes total investment to Â£1.41m. Smarter Web Company has applied to be quoted on the US OTCQB to help to add to liquidity. Tennyson Securities has raised its target price to 38.4p/share.

Coinsilium (COIN) expects the launch of the $YELLOW token launch is expected in two months. The sale will be conducted under Regulation D in the US, making it attractive to institutional investors. Coinsilium invested $200,000 in Yellow Network and the latest fundraising has increased the value of the stake. Coinsilium is raising Â£1.25m at 3p/share and a retail offer could generate a further Â£250,000.

Telecoms components supplier Unigel Group (UNX) improved turnover from Â£28.5m to Â£29.2m in 2024. Pre-tax profit jumped from Â£815,000 to Â£2.13m. The growth came in the steel tapes business. Some manufacturing is being moved to the US to shield the company from potential tariffs.

Oscillate (MUSH) is planning a work programme for the Duekoue copper gold molybdenum prospect in Cote dâ€™Ivoire. This involves geological mapping and soil sampling, plus ground magnetics. Further mapping will be undertaken.

SuperSeed Capital (SEED) had net assets of 125p/share at the end of 2024. The funds it manages will benefit from opportunities in digital transformation, operational efficiency and AI.

Visum Technologies (VIS) intends to acquire CandC Gordan for Â£414,000 in shares at 0.5p/share. The company being acquired offers shared workspace to facilitate app development. There are plans to restructure debt in return for 142 million shares.

RentGuarantor Holdings (RGG) is raising Â£2m at 250p/share. The funds will expand the rent guarantee business and enable the hiring of staff. It will also finance the initial costs of a move to AIM.

Meme Vault has changed its name to Vault Ventures (MEME) and it will incubate start-ups and targeting investment opportunities. Cash is being invested in cryptocurrency.

VVV Resources (VVV) is raising Â£900,000 at 1p/share and the underwriting commission to Campana Investments will be Â£90,000. This follows a previous subscription by Campana of Â£100,000.

Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 28.8%. BWA Holdings (BWAP) chairman Jonathan Wearing has bought 500,000 shares at 0.25p each. A share issue has paid off Â£21,600 of liabilities.

EPE Special Opportunities Ltd (LON: EO.P) NAV was 309.57p/share at the end of April 2025.

ASSET MATCH

Zytronic (ZYT) has moved from AIM to Asset Match on 15 May. The company is being wound up. The first auction will be on 20 June.

AIM

Pawnbroker H&T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at Â£297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal. The bid values H&T at 12 times prospective 2025 earnings.

Bain Capital is considering a potential offer for Craneware (CRW), although it is still early days. Scotland-based Craneware provides accounting and billing software to US hospitals. In the year to June 2025, Craneware is forecast to generate revenues of $206.8m and pre-tax profit of $44.1m.

Angling Direct (ANG) revenues increased from Â£81.7m to Â£91.3m in the year to January 2025. There were six new stores in the UK, three of which were acquired, and a store was opened in the Netherlands one year ago. The MyAD club has 409,000 members and is helping to increase spending, and it is being offered in Europe. The European loss was reduced, and group pre-tax profit was one-quarter higher at Â£2m. Net cash is Â£12.1m after capital investment and share buybacks. Angling Direct is doing well in a consolidating retail market for fishing tackle retailers.

Vertu Motors (VTU) is not immune to the tough new car market, but its performance is relatively good compared with the market. It is the fourth largest motor dealer in the UK. It has 198 dealerships. Government targets for electric vehicle sales have been the major disrupting factor for the car market, on top of the economic uncertainty. Aftermarket business has helped to offset the lower contribution from new car sales. This is less cyclical. There was also some growth in revenues from used cars, where there appears to be a more positive outlook, and fleet sales. In the year to February 2025, pre-tax profit fell from Â£34.7m to Â£29.3m. The dividend was cut from 2.35p/share to 2.05p/share. Net debt was Â£160.6m at the end of February 2025. Net tangible assets are 72.9p/share. The decision to rebrand every outlet with the Vertu name will make it easier to promote the company.

Iodine supplier Iofina (IOF) improved 2024 revenues from $50m to $54.5m, while pre-tax profit fell from $8.5m to $4.8m. There was a change in mix of sales with more iodine-based products sold, while crystallised iodine sales were flat. Net cash was $2.9m at the end of the year, although capital investment is likely to lead to net debt by the end of 2025. Iodine prices remain strong at above $70/kg. The IO#11 plant should begin production in the summer. Iodine production has been affected by bad weather earlier this year. First quarter production was 124.1MT and first half production of nearly 300MT is forecast for the first half. Pre-tax profit could recover to $7.3m this year.

Energy as a service provider eEnergy Group (EAAS) has entered a partnership with US-based energy as a service provider Redaptive Inc, which will provide up to Â£100m to support new projects. eEnergy will project manage and deliver LED and solar on behalf of Redaptive customer base in Europe. These projects will be fully funded and eEnergy cash flow will improve. The current NatWest facility can only be used for public projects.

DSW Capital (DSW) had a strong second half with full year figures set to be ahead of expectations. The professional services provider increased network revenues by 61% to Â£25.8m, including an additional Â£3m of mergers and acquisitions business ahead of last yearâ€™s Budget. Business continued to be active post-Budget and has continued into the new financial year. Pre-tax profit of Â£1.6m is expected. Forecast 2024-25 pre-tax profit estimate has been changed from Â£1.43m to Â£1.7m, while the current year forecast is maintained at Â£2.5m, when there will be a full contribution from DR Solicitors.

Staff provider Staffline (STAF) has won a new contract with food and drink logistics provider Culina that could be worth Â£300m over three years. This should commence in the summer. There will be initial implementation costs in 2025. Panmure Liberum has raised its 2025 pre-tax profit forecast from Â£5.3m to Â£6m. The 2026 estimate is increased from Â£5.7m to Â£8.3m.

Volvere (VLE) improved pre-tax profit from Â£2.73m to Â£4.84m in 2024. Consolidated NAV rose from Â£14.83/share to Â£17.20/share. Cash of Â£27.8m is the equivalent of two-thirds of NAV. The trading subsidiary is Shire Foods. Management is seeking other food acquisitions, as well as opportunities in other sectors.

Synthetic binders developer Aptamer (APTA) has gained two fee-for-service development contracts worth up to Â£231,000, plus licence heads of terms with a global provider of speciality enzymes. The licence agreement covers Optimer binders developed via two fee-for-service contacts. There will be milestone payments and a 10% royalty. New data for the Optimer therapeutic delivery vehicle for liver fibrosis developed in collaboration with AstraZeneca shows it effectively targets fibrosis in the liver as well as the kidney, skin, lung, and heart.

Venture Life Group (VLG) is selling its contract development and manufacturing business to Italy based BioDue so that it can focus on its own self care brands. There will also be a ten year manufacturing agreement. The disposal includes some non-core brands and will generate Â£53m. The remaining business should have annual revenues of Â£43m and cash to acquire more brands. The prospective 2026 earnings multiple is eight.

Cosmetics supplier Revolution Beauty (REVB) has got additional productions into retailers and launched the RELOVE brand, but the US and online wholesale markets are weak. Full year revenues fell 26% to Â£141.6m. A Â£10.9m loss is forecast for the year to February 2025. Inventory levels have been slashed, but net debt increased to Â£26.3m at the end of February 2025, which leaves little flexibility in terms of cash. It could stay at around that level by February 2026, although the company could be near to breakeven this year.

Retail software developer itim Group (ITIM) increased revenues by 11% to Â£17.9m in 2024. Annualised recurring revenues were flat at Â£13m, but that was a result of currency movements and there was underlying growth. Services revenues increased helping to improve short-term profitability. There was a swing from loss to a pre-tax profit of Â£200,000. Cash doubled to Â£3.8m. There is a strong pipeline of potential business, but the timing of decisions by retailers remains uncertain. A further improvement in profit is expected in 2025.

88 Energy (88E) has completed its 25-for-one share consolidation. The previous closing price was the equivalent of 1.4375p. The share price has declined 35.7% to 0.925p.

MAIN MARKET

Mental health treatments developer Solvonis Therapeutics (SVNS) raised Â£2m at 0.13p/share. The new shares are 40% of the enlarged share capital. The company is making progress to completing the acquisition of Awakn Life Sciences, which will lead to a further 2.07 billion shares being issued. The cash will provide working capital.

Quoted Micro 12 May 2025

BY: Andrew Hore |
POSTED: 12/05/2025 |

AQUIS STOCK EXCHANGE

In 2024, Newbury Racecourse (NYR) increased revenues by 16% to Â£22m and pre-tax profit improved from Â£720,000 to Â£1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was Â£7.5m at the end of 2024.

Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising Â£2.24m at 16p/share. Prior to flotation the web design and online marketing company raised Â£1m at 2.5p/share. That cash has been invested in Bitcoin. So far Â£760,000 has been spent on 10.6 Bitcoin at Â£71,356 each. The cash will eventually be used for expansion and acquisitions.

Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.

Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a Â£1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.

Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.

Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.

Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.

BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.

Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.

Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).

NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.

Valereum (VLRM) raised Â£500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.

Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.

ASSET MATCH

Synairgen (SNG) joined Asset Match on 8 May, having left AIM.

JP JENKINS

Renewable energy investment company Thrive Renewables (THRV) has launched a Â£5m share offer at 247p/share. The minimum investment is Â£247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from Â£13.6m to Â£11.3m. The final dividend is 12p/share.

Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.

Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.

ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.

e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.

AIM

Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to Â£97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from Â£3.9m to Â£4.9m. Higher national insurance and other costs will hold back profit this year.

Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterdayâ€™s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.

Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.

Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a Â£2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.

Aptamer (APTA) says the Optimer-based test for Alzheimerâ€™s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first Â£166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimerâ€™s disease testing market could be worth $19.6bn by 2029.

Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to Â£19.7m at the end of January 2025. Group full year revenues were 3% ahead at Â£33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from Â£2.1m to Â£1.2m. Despite a downgrade, pre-tax profit is still expected to be Â£2m this year.

Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from Â£2.4m to Â£14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Letâ€™s Connect business is being closed down. The 2024 loss increased from Â£2.28m to Â£4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A Â£1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.

Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of Â£6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.

Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is Â£10m with deferred cash consideration of Â£6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated Â£1m of profit on revenues of Â£14.7m in the year to May 2024.

Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to Â£57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at Â£41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between Â£6.2m and Â£6.4m.

Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.

Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for Â£19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of Â£4m by MiniMBA founder Mark Ritson. This deal would add Â£3.5m to group EBITDA taking it to Â£8m.

Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.

Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.

Degradable plastics developer Symphony Environmental Technologies (SYM) has raised Â£2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.

MAIN MARKET

Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from Â£539.8m to Â£536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from Â£11.8m to Â£13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from Â£12.5m to Â£1.1m. The interim dividend was maintained at 1.75p/share.

Cardiff Property (CDFF) reported net assets of Â£29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.

Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.

AIM 50 Digest 9 May 2025

BY: Andrew Hore |
POSTED: 12/05/2025 |

Software company FD Technologies (FDP) is recommending a bid worth Â£570m. Entities part of the TA Fund XV are offering 2450p/share. The share price has not been at that level for three years. There is an alternative offer of 2,450 rollover shares for each FD Technologies share. This is available for up to 27% of the share capital. Net cash was Â£56m at the end of February 2025. That follows a Â£120m tender offer at 1950p/share. That followed the disposal of the original consultancy business First Derivatives for an enterprise value of Â£230m. The company is focusing on the KX software business. Annualised recurring revenues increased by 13% to Â£81.8m in the year to February 2025.
=====
Airline and tour operator Jet2 (JET2) announced a Â£250m share buyback alongside its year end trading statement. The pre-tax profit guidance of Â£565m-Â£570m includes Â£10m gain on disposal of assets. Own cash was Â£1.1bn at the end of March 2025. Canaccord Genuity has raised its 2025-26 pre-tax profit estimate from Â£574.6m to Â£578.2m and the buyback helps to increase earnings per share from 208.5p to 223.9p.
=====
Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) is trading in line with expectations. The latest AGM statement shows first quarter revenues 6% ahead at Â£121.4m with organic growth of 2%. Both hotel and catering, which has been affected by a later Easter, and workwear divisions grew at a similar rate. Customer retention is recovering at workwear. Johnson Service Group has still to gain the full benefit from the capital investment of recent years. The Crawley site started processing linen in March. One-third of customers earmarked for this site have already been moved by the end of April. There is an investor visit to the new Crawley site on 11 June, which is when an announcement about the Main Market switch will be made.
=====
Redcentric (RCN) has appointed Michelle Senecal de Fonseca has been appointed as chief executive. Trading in the year to March 2025, was slightly lower than forecast with revenues of Â£170m and EBITDA of Â£37m. Recurring revenues are Â£155m.
=====
Electronic monitoring technology developer Big Technologies (BIG) is appointing Ian Johnson as chief executive and Mike Johns as finance director, replacing Daren Morris who has been stood down as a director and put on gardening leave. Ian Johnson is moving from executive to non-executive chairman of Niox (NIOX) on 14 May. First quarter revenues were 11% ahead at Â£12.9m if the Colombia contract is excluded.
=====
Grocery and catering wholesaler Kitwave Group (KITW) says hospitality demand was weak in the early part of the interim period. However, trading improved in recent weeks. Overall trading is in line with expectations. There was like-for-like growth in the retail and wholesale division. The new foodservice distribution centre in the South West is up and running. The integration of Creed is progressing, and the initial benefits will show through in the second half. House broker Canaccord Genuity is maintaining its forecast pre-tax profit of Â£35.5m in the year to October 2025, up from Â£27.8m last year. Net debt should fall to Â£58m. The interims will be published in July.
=====
Ticketing technology company accesso Technology (ACSO) has acquired the technology of 1RISK, which provides cloud-based online liability waiver and incident risk management data technology with a focus on the ski sector.
=====
Young and Co Brewery (YNGA) had a strong finish to 2025. Managed pubs revenues grew like-for-like sales by 5.7% in the year to March 2025. The figure was 7.7% in the fourth quarter.
=====
Fully listed EnQuest has decided not to bid for fellow oil and gas producer Serica Energy (SQZ). EnQuest blames market volatility for its inability to agree terms with the North Sea-focused bid target. The deal was going to be an alternative to Serica Energy making its own move to the full list, which is still likely to happen.
=====
Social entertainment company LBG Media (LBG) increased interim revenues 13% to Â£43.9m and EBITDA is 16% higher at Â£12.2m. Net cash was Â£32.9m at the end of March 2025. Management still expects full year growth in revenues of around 10%.
=====
Data and analytics information provider GlobalData (DATA), which is in the process of moving to the Main Market, has received bid approaches from two private equity investors. This led to the suspension of a Â£50m share buyback.
=====
Lime and building materials supplier SigmaRoc (SRC) increased revenues and EBITDA in the first quarter of 2025. Revenues were 18% ahead at Â£252m, although pro forma revenues were only slightly higher. That suggests that the markets may be improving as like-for-like revenues fell last year. This means that it is on course to achieve the 2025 pre-tax profit estimate of Â£146m. Debt continues to be reduced through cash generation.
=====
Cohort (CHRT) has won a five year contract with Thales UK to provide waterfront support maintenance and inspections at Royal Navy dockyards.
=====
RWS (RWS) chair Julie Southern has bought 74,611 shares at 67.01p each.

Quoted Micro 5 May 2025

BY: Andrew Hore |
POSTED: 04/05/2025 |

AQUIS STOCK EXCHANGE

Walls and Futures REIT (WAFR) wants to withdraw from Aquis and re-register as a private limited company. This will require shareholder approval and means that REIT status will be lost. It has been difficult to raise significant funds, and the market capitalisation is well below NAV. Malcolm Jordan and Ventura Finance have requisitioned a general meeting to appoint Ventura Finance controlling shareholder Mark Jackson to the companyâ€™s board. They also want to remove chief executive Joseph Taggart, who increased his stake to 3.35%. They also want a vote to remain on Aquis. There is likely to be one meeting for all the resolutions.

Kasei Digital Assets (KASH) increased its NAV from Â£3.58m to Â£4.83m in the six months to January 2025. Disposals of assets have increased cash from Â£245,000 to Â£865,000. The company has undertaken a strategic review and decided that because the company is small it is best to seek shareholder approval for winding up the company. The target is to complete the disposal of assets and the winding up by the end of September 2025.

Supernova Digital Assets (SOL) moved into profit in the year to October 2024. NAV has risen from 0.24p/share to 0.37p/share.

SulNOx Group (SNOX) fourth quarter revenues of Â£471,000 were more than double the previous quarter. Sales to the shipping sector and in Asia were behind the growth. Year-on-year growth was 275%. Full year revenues were 106% higher at Â£1.12m. There was Â£2.2m in cash at the end of March 2025. Manufacturing of additives has started in Singapore.

Hot Rocks Investments (HRIP) bought 40 million shares in Wishbone Gold (WSBN) to take a stake of 3.2%. Wishbone Gold has appointed Apex Geoscience to manage exploration and drilling programme at Red Setter Dome in Western Australia. This will accelerate the progress.

ChallengerX has completed the changing of its name to NYCE International (NYCE). Management accounts for the first quarter of 2025 show revenues of Â£15,000. Net assets were Â£2.44m, or Â£600,000 excluding goodwill.

KR1 (KR1) had net assets of 52.16p/share at the end of March 2025, down from 58.2p/share one month earlier. There was aggregate income of Â£483,421 from staking activities.

Global Connectivity (GCON) says its stake in Rural Broadband Solutions Holdings Ltd has been diluted to 2.9%. It has invested a further Â£50,000 in PLUG Group Ltd, taking its stake to 6%. The company continues to try to recover the cash owed by Barry Hersh for 37.5 million shares.

Oscillate (MUSH) is planning to form a joint venture with La Miniere de L’Elephant SARLÂ to develop the Duekoue copper, molybdenum and gold prospect in Cote dâ€™Ivoire.

BWA (BWAP) chairman Jonathan Wearing bought 400,000 shares at 0.23p/share, taking his stake to 25.9% and managing director James Butterfield acquired 652,173 shares at 0.23p/share, taking his shareholding to 6.82%.

Chief executive Jason Brewer bought 250,000 Marula Mining (LON: MARU) shares at 3.75p each, taking his stake to 6.92%. Marula Mining has agreed to increase its shareholding in the Kilifi manganese processing plant from 80% to 100% for Â£1m in cash and 12 million shares at an issue price of 4.5p each. First manganese sales are expected in May. Due diligence has been completed on the Boteti lithium brines project in Botswana. Formal acquisition documentation will be finalised, and exploration could start in the second quarter of 2025. Geowise Resources will be issued 250,000 shares.

Investment Evolution Credit has changed its name to Amazing AI (AAI).

Dr Keith Harris has been appointed chairman-elect of IntelliAM (INT).

Shareholders have voted for the exit of Samarkand Group (SMK) from Aquis and that will happen on 7 May.

ASSET MATCH

Infection control technology developer Byotrol (BYOT) increased revenues from Â£3.97m to Â£4.32m in the year to March 2025. That growth was due to the sale of a five-year licence to the companyâ€™s trading partner in Japan. Product sales were flat, but they are growing in the new financial year. Gross margin improved and the EBITDA loss was reduced from Â£968,000 to Â£100,000. There is cash of Â£421,000.

JP JENKINS

Custom sports kit company My Club Europe (MCE) joined JP Jenkins on 28 April. The Surrey-based company creates personalised teamwear for sports teams, including football, cricket and rugby. There are nearly 4,000 clients.

AIM

Acquisitions have reduced the dependence of capital equipment supplier Mpac (MPAC) on the US market. Mpac has a spread of international customers and US manufacturing facilities, helping to offset fears about US tariffs. In 2024, revenues improved from Â£114.2m to Â£122.4m, while pre-tax profit recovered from Â£7.1m to Â£10.6m. Net debt ended 2024 at Â£27m and this could fall to Â£21.9m at the end of 2025. The pension scheme is in surplus, and this provides an opportunity to transfer it to a third party.

Uncertainty about the new structure of the UK rail industry is leading to delays in investment in software and hardware and that is hampering progress at Tracsis (TRCS). In the six months to January 2025, revenues were flat at Â£36.3m. Transport consultancy activities have ended, and like-for-like growth was 2%. There was an 18% increase in transactional revenues from pay as you go and delay repay services. There were Â£10m of recurring revenues. Pre-tax profit fell from Â£4.53m to Â£2.66m. Rising costs meant that the data and events division fell into loss despite higher revenues. Net cash was Â£22.1m at the end of January 2025. There are plans to use Â£3m for share buybacks.

Smart meter communications technology developer CyanConnode (CYAN) has not achieved the anticipated jump in revenues in the year to March 2025. Elections in India delayed shipments and there has been resistance from consumers about prepaid smart metering. The orders remain the same, but CyanConnode is reassessing expectations of the roll out. Cash was Â£5.8m at the end of March 2025, following receipt of a Â£5m loan.

Bleepa medical communications technology developer Feedback (FDBK) continues to suffer from delays in decision-making at the NHS. The company was focusing on the Elective Recovery Fund, which is no longer in the NHS budget. The government focus is reducing wating lists so Bleepa is still in a good position to gain contracts. Panmure Liberum has slashed its forecast 2024-25 revenues from Â£1.6m to Â£880,000 and the 2025-26 revenues from Â£4.14m to Â£2.84m. The loss for this year is expected to be Â£4.25m and it will be similar next year. On that basis, net cash would be down to Â£1.35m at the end of May 2026 and the company would move into net debt within 12 months.

Telematics company Trakm8 (TRAK) is being acquired by Canadian software company Constellation Software Inc. The recommended bid is 9.5p/share in cash. Weak demand from the vehicle insurance sector and delays to an expected optimisation contract hit trading at Trakm8 and it has been cutting costs. Constellation Software is attracted to Trakm8â€™s strong market position in the UK and it will provide greater financial backing. Fellow AIM telematics company Microlise (SAAS) has a 20% stake in Trakm8 as well as a convertible loan.

Professional and valuation services company Christie Group (CTG) reported 2024 pre-tax profit of Â£1m, which was triple the forecast. The professional services business sold more businesses, and the stocktaking business reduced its loss. The total dividend of 2.25p/share is also higher than forecast. A further pre-tax profit improvement to Â£1.8m is forecast for 2025.

Cosmetics supplier Warpaint London (W7L) continued to grow strongly despite weakness in the UK market late in the year. Pre-tax profit improved from Â£18.4m to Â£24.6m. The integration of Brand Architekts is going well with duplicate costs ending. The acquired brands can be sold through existing customers, particularly outside of the UK and sourcing can be improved. The 2025 pre-tax profit is expected to be Â£29m.

More shareholders are coming out against the Regent Gas Holdings offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). In total, those shareholders own 49.1% of Inspired.

European Metals Holdings (EMH) says that the Czech panel has approved a CZK800m ($36m) grant to the 49%-owned Cinovec lithium deposit in the Czech Republic from the EU Just Transition Fund. This is dependent on the Environmental Impact Assessment being published by the end of 2025 and the Czech authorities, approval of the EIA by June 2026.

GeninCode (GENI) says there are outstanding elements in the De Novo submission to the Food and Drug Administration for CARDIO inCode-Score. These relate to clinical validation, which will be addressed. A supervisory review has begun, and the company is in discussions with the FDA. This will extend the time to generating revenues in the US.

IG Design (IGR) is considering the future of its North American business, and it may decide to concentrate on its other operations. One of the major US customers has filed for bankruptcy protection and the market is tough. Trading was in line with expectations in the year to March 2025 with net cash of $84m at the year end. A small pre-tax profit is expected.

In content advertising company Mirriad Advertising (MIRI) says first quarter revenues were just over Â£80,000, although this is a seasonally weak period there were lower than expected activity levels. Cash has fallen to Â£2.7m at the end of March 2025 with monthly cash burn of up to Â£750,000. There were talks about a possible offer for the company, but they have ended. Mirriad Advertising needs to raise more cash, and management is considering placing the company in administration. M&G has sold its 11.6% shareholding. The share price slumped 92.1% to 0.03p.

Healthcare services provider Totally (TLY) has launched a strategic review following a downgrading of expectations for the year to March 2025. This reflects a delay in the start of a contract and the discontinuing of higher margin NHS111 work. EBITDA expectations have been downgraded from Â£3.5m to between nil and Â£2m. Exceptional costs are higher than anticipated at Â£3.8m. The finance director has left. There is a tight cash position and that has sparked the review to decide how to strengthen the balance sheet. David and Sharon Hudaly revealed a 3.43% stake after the trading announcement.

Oil and gas producer Prospex Energy (PXEN) says the Selva Malvezzi production concession in Italy, where it has a 37% interest, generated average daily production was 77,292scm. The Prospex Energy share of income was â‚¬1.24m. An application has been made to drill four more holes and 3D seismic survey data will be acquired. The temporary halt to production at Viura in Spain due to a leak in the completion tubing at the Viura 1-B well will reduce income from there. Production should resume in mid-June.

Enteq Technologies (NTQ) appointed administrators on 30 April after it failed to secure the additional funding to continue to meet its liabilities.

James Cropper (CRPR) has raised Euro1.75m for the sale of non-core IP assets.

MAIN MARKET

Motor dealer software provider Pinewood Technologies (PINE) has gained a five-year contract with Volkswagen Group Japan to implement its software platform. There are 350 VW and Audi distributorships in Japan. Revenues should start to come through in early 2026.

Pineapple Power Corporation (PNPL) has terminated the proposed acquisition of FUSE-AI. Instead, it plans to acquire Buffalo Battery Metals, which has exploration and producing mining assets in Zimbabwe. It has lithium, copper and gold prospects. If the acquisition goes ahead then the company will move to AIM.

New Frontier Minerals (NFM) has identified a new prospect at Harts Range in Northern Territories, Australia. The Paddington area is 200 metres west of the Bobs prospect. The company awaits the results from surface sampling. There was A$686,000 in cash at the end of March 2025, plus quoted shares valued at A$520,000.

Quoted Micro 28 April 2025

BY: Andrew Hore |
POSTED: 27/04/2025 |

AQUIS STOCK EXCHANGE

Smarter Web Company (SWC), which was formerly Uranium Energy Exploration, joined Aquis on Thursday and it raised Â£1m at 2.5p/share. Smarter Web Company provides web design, development and marketing services. It generates income from an initial fee, annual hosting and optional marketing charge. Bitcoin payments are accepted. There are plans to grow through acquisition.

Marula Mining (MARU) is acquiring up to 70% of the Boteti lithium brines project in Botswana. There are three licences within the Makgadikgadi Desert Salt Pan. Marula Mining will issue 250,000 shares at 4p each to acquire the initial 50% interest, plus Â£10,000 worth of shares once due diligence is completed. Marula Mining will finance 100% of spending up until production. Once a feasibility study is successfully completed a further Â£250,000 of shares will be issue and e is the option to increase the interest to 70% through a further issue of Â£100,000 worth of shares.

Fenikso (FNK) has renegotiated the $11.5m loan from Savannah Investments. It will be settled for $5.76m and $2.5m will be made when the deal is signed. The other $3.26m will be paid by the end of the year. There should still be cash left on the balance sheet after the payments.

Valereum (VLRM) is not going to receive the Â£19m investment by DMC Markets. VLRM Markets will commence operations, open its Real-World Asset (RWA) Platform and launch its V-Wallet. This operation has a licence in El Salvador. Management has been involved in a delegation to the SEC concerning proposals to regulate digital assets.

Wishbone Gold (WSBN) is preparing to drill the main undrilled gold target at Red Setter Dome, near the Telfer gold miner. A major dome-like structure is similar to Telfer.

Adsure Services (ADS) says there is strong demand for its audit and assurance services.

Mendell Helium (MDH) has increased the subscription from Â£796,000 to Â£834,000. The subscription price is 2p/share.

TruSpine Technologies (TRU) has issued shares at 1.5p each to pay creditors totalling Â£107,000.

Nicholas Fairfax sold 27,900 shares in SulNOx Group (SNOX) at 80p each.

ASSET MATCH

Greenshields Agri (GAH) says UK farmland values are holding steady. Current net asset value is 162p/share.

AIM

Major shareholder Regent Gas Holdings has set up a company to make an offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). Gas supplier Regent is the second largest shareholder with 29.4% and it owns convertible loan notes and warrants. Regent would prefer the focus to be reducing debt, which has already been cut following the December fundraising. This includes ending dividend payments. A strategic review will be started, so that debt can be eliminated by the end of 2026. Gresham House owns 29.7% of Inspired plus convertibles and warrants. It says that it will not accept the offer.

Selkirk Group (SELK) has made an approach to THG to acquire its MyProtein business for Â£400m-Â£600m, subject to due diligence, payable in cash and shares. THG has rejected the offer because of the valuation and the structure of the offer. Talks are not ongoing, but Selkirk could return to the potential deal if circumstances change. Management is assessing other reverse takeovers.

Foreign exchange services provider Argentex (AGFX) ran into financial problems because of currency volatility. IFX Payments is offering 2.49p/share in cash and the board is recommending the bid. It is also providing a Â£6.5m bridging loan. IFX Payments is interested in the technology that Argentex has developed.

Payment services provider Finseta (FIN) performed as anticipated in 2024, but higher costs for start-ups have hit the share price in recent weeks. In 2024, revenues were18% higher at Â£11.4m and pre-tax profit improved from Â£1.4m to Â£1.5m. There was no contribution from Canada or UAE, which start trading this year. There have been concerns about the problems at Argentex, but Finseta is a different business and is not allowed to take the type of risks taken by Argentex.

Rail software and services provider Tracsis (TRCS) had already warned of tough trading conditions prior to the interim results. Pre-exceptional and share-based payments profit fell from Â£1.8m to Â£235,000. The data, analytics and events division fell into loss because costs were higher than anticipated when work was won. This will hamper the full year contribution, although the second half is always stronger. Action will be taken to improve margins. The main concern is the continued uncertainty surrounding GB Railways. This could hold up spending in software and there was a reduction in investment in remote condition monitoring equipment due to delays in the CP7 spending period.

Software company Celebrus Technologies (CLBS) says 2024-25 revenues will be lower than expected at $38.6m, down from $40.9m last year, but pre-tax profit was in line with expectations at $8.7m, up from $7.6m. Net cash was $31m at the end of March 2025, following a property sale generating $3.9m. Celebrus Technologies is changing its revenue recognition policies to a monthly basis, rather than annually in the month of signing the contract. Annual recurring revenues will rise by 14% to $18.8m this year.

Productivity efficiency software provider ActiveOps (AOM) generated higher than expected revenues for the year to March 2025. The estimate has been raised 4% to Â£30.4m. Net recurring revenues were 108%. Annualised recurring revenues were 15% ahead despite the loss of a major customer. Net cash was Â£20.6m at the end of March 2025, which is nearly one-third of the market capitalisation. Pre-tax profit will be flat at Â£2.1m, with Â£2.3m forecast for this year.

Concrete levelling equipment supplier Somero Enterprises (SOM) is cautious about this year because of global uncertainties affecting buying decisions and the starts of projects. It is cutting 15% of its workforce. Cavendish has cut its 2025 pre-tax profit estimate by 18% to $21.3m, down from $25.4m in 2024.

Marketing data analysis company Ebiquity (EBQ) did better than expected in the second half, but pre-tax profit still fell from Â£9.7m to Â£6.5m. The first quarter of 2025 was ahead of management expectations. A modest recovery in pre-tax profit to Â£7.1m is forecast for this year and there is potential for further outperformance.

Enteq Technologies (NTQ) says that there is no likelihood of a bid for the company, and it has ended its formal sales process. Management will still talk to potential buyers for parts of the business. Spending is being reduced, and the energy services equipment supplier is seeking additional finance. There is $602,000 in the bank and that will last until mid-May. SABER equipment has been prepared for further testing.

Software training services provider Northcoders (CODE) returned to profit in 2024, but it has revealed that the 18-month Department for Education contract, worth Â£10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business.

The board of credit hire company Anexo (ANX) advises no action should be taken by shareholders following the announcement of a potential bid by DBAY Advisers, Alan Sellers and Samantha Moss. These shareholders already own 63%. The offer could be in loan notes or shares in a new holding company.

Great Western Mining Corporation (GWMO) says the mill construction is substantially complete at the 50%-owned Western Milling joint venture in Nevada. Initial trial production should start soon. There are already plans to expand capacity. This will require some third-party finance, and a specialised mine engineering company will be brought in.

Vast Resources (VAST) says the historical diamond parcel has been released by the Reserve Bank of Zimbabwe, which held it for 15 years. The contents of the parcel exceeded expectations, and the sales process should start in one month. Vast Resources is in talks with third parties about an investment in the Baita Plai polymetallic mine. The diamond sale proceeds will help to pay off debt.

Premier African Minerals (LON: PREM) has raised Â£1.575m at 0.035p/share. This will be invested in plant at the Zulu lithium and tantalum project so that grades and tonnage can be improved. That will help in the attempt to reach a binding agreement for future development.

MAIN MARKET

Structural steel supplier Severfield (SFR) reassured investors that trading is in line with expectations, although trading conditions is likely to remain tough and margins are under pressure. The UK and Europe order book has risen to Â£440m, but that includes work at Fenchurch Street that will not contribute until 2026-27. Generally, decisions are slow. Management believes that there could be annual cost savings of up to Â£4m. Insurance will cover some of the costs for the bridge remediation. Chair Charlie Cornish bought 103,125 shares at 24p each.

Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell. David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.

AIM 50 Digest 25 April 2025

BY: Andrew Hore |
POSTED: 27/04/2025 |

RWS (LON: RWS) chief executive Benjamin Faes has bought one million shares at 67.9p each following yesterday’s profit warning. Interim pre-tax profit is expected to slump from Â£46m to Â£17m and pre-tax profit guidance for 2024-25 is Â£60m-Â£70m. Consensus pre-tax profit had been Â£97.4m. There was 1% organic constant currency growth in interim revenues, although reported revenues will be slightly lower at Â£344m, and there should be growth in the full year. Three of the four divisions should grow this year. Regulated industries revenues fell because of delays to life sciences client work and that hit profit margins. The transfer of clients to automated models is adding short-term costs. Interim results will be published on 17 June.
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Pantheon Resources (PANR) says there were no signs of hydrocarbons at the first test zone of the Megrez well in Alaska. Pantheon Resources has tried to put a positive spin on the results by suggesting that higher hydrocarbon saturations and mobile oil in the shallower test zones. There will be a pause before the second test.
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Marketing services provider Next 15 (NFG) reported a 1% dip in net revenues and a 14% decline in underlying pre-tax profit in the year to January 2025. There was still Â£96m of cash generated from operations, which helped to finance Â£60m of contingent consideration payments. The dividend is maintained at 15.35p/share. Annualised savings of Â£45m have been made with most of this yet to show through in the results. Management describes trading as resilient.
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ITM Power (ITM) has raised guidance for the year to April 2025. Revenues are expected to be between Â£25.5m and Â£26.5m, compared with the previous range of Â£18m to Â£22m. Contract obligations have been achieved early enough to recognise revenues this year. Cash has been generated in the second half and cash should be up to Â£205m at the end of April 2025, up from Â£203m in October 2024. A decline had been expected. The EBITDA loss is still expected to be between Â£32m and Â£36m.
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Soft drinks maker Nichols (NICL) says UK trading is strong and there is limited exposure to tariffs with US sales less than 2% of the group total. Out of Home sales are recovering. This will help group margins to improve.
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Automotive testing services provider AB Dynamics (ABDP) increased interim revenues by 11% to Â£58m, while underlying earnings were 20% ahead at 37p/share. Net cash is Â£27.2m. The interim dividend was raised by one-fifth to 2.8p/share. The outlook is positive, but there are concerns about tariffs.
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Guidance has been raised at building products distributor Brickability (BRCK) due to a strong finish to the year to March 2025. Revenues have been upgraded from Â£630.5m to Â£637m, while pre-tax profit has been raised from Â£36.9m to Â£38m.
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MP Evans (MPE) is acquiring two Indonesian plantation companies for $34.2m. The purchase should be completed in the third quarter. The plantations produced 50,300 tonnes of palm oil and the plants are relatively immature. The cost is equivalent to $12,500/planted hectare.
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CVS Group (CVSG) is selling its crematorium operations to Anima Care UK for Â£42.4m, which is ten times their EBITDA contribution. The cash will reduce debt and enable further spending on vet practices in the UK and Australia.
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Tatton Asset Management (TAM) has added a further Â£1.9bn to assets under management in the second half. Assets under management were Â£20.9bn at the end of March 2025.
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The 2024 revenues of accesso Technologies (ACSO) were in line with guidance at $152.3m. Pre-tax profit improved from $8.8m to $11.7m. Net cash was $28.7m at the end of 2024. Transactional revenues are becoming more difficult to predict as current economic conditions could delay client decisions. There is also concern about movements in currencies.
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Identity and verification software provider GB Group (LON: GBG) says full year revenues will improve from Â£277.3m to at least Â£283m. The fastest growth was in location services, while fraud prevention revenues declined 4%. Operating profit should be 10% ahead at Â£67m. Net debt should reduce to Â£48.5m at the end of March 2025. In the new year, the company will market itself as one brand. A Â£10m share buy back programmed has commenced.
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SigmaRoc (SRC) has signed an agreement with Adaptavate, which is developing low carbon building materials. The agreement covers wallboard. SigmaRoc invested in the Â£2.7m fundraising by Adaptavate.
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There has been positive news for Impax Asset Management (IPX) concerning the management of a fund for BNP Paribas, which is a 13.8% shareholder in the company.
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Niox Group (NIOX) has declared a dividend of 1.25p/share following the decision by Keensight Capital not to make an offer. Net cash was Â£15.4m at the end of March 2025.
=====
Gamma Communications (GAMA) has published the prospectus for the move to the Main Market on 2 May.
=====
Volex (VLX) directors have been buying shares following the trading statement earlier in April. Executive chairman Lord Rothschild bought 14,841 shares at an average share price of 224.5p. He owns 25.4%. Chief operating officer John Molloy bought 66,809 shares at an average price of 223.27p each. He owns 1.29%. Fintel (FNTL) non-exec Ken Davy bought 25,000 shares at 232.5p each and 25,000 shares at 231.0228p each, taking his stake to 23.9%. A related party to joint chief executive Matt Timmins acquired 114,401 shares at prices between 220p and 300p each. Newly appointed Dotdigital (DOTD) finance director Tom Mullan bought an initial 27,096 shares at 73.8094p each. James Halstead (JHD) non-exec Russell Whiting bought 14,363 shares at 139p each.

Quoted Micro 21 April 2025

BY: Andrew Hore |
POSTED: 20/04/2025 |

AQUIS STOCK EXCHANGE

The Small Cap awards 2025 shortlist for Aquis company of the year comprises Ananda Pharma (ANA), EDX Medical (EDX), Oberon Investments (OBE), SulNOx Group (SNOX) and Valereum (VLRM). Â SulNOx Group has been granted patents for its fuel emissions reduction additives in eight African countries. Shares in Ananda Pharma have started trading on the OTCQB market in the US.

Prize draws operator Good Life Plus (GDLF) has raised Â£860,000 through shares issued at 2.15p/share, which is a premium to the market price, to Winforton Investments, which is associated with Sportingbet founder Mark Blandford. Another of his investment companies is converting Â£1m of convertible loan notes at the subscription price. The cash will finance attracting additional customers and media partnerships. Management wants to improve retention and average spending per user through the premium subscription product.

RentGuarantor Holdings (RGG) says shareholders wish to improve liquidity and there are plans to move to AIM in the summer to help with this.

Wishbone Gold (WSBN) has completed the reorganisation of the Western Australia subsidiary. Liabilities have been paid, and this is a step to taking full control of the Red Setter and Cottesloe projects. Geologist Edward Mead has been appointed a director, and he has experience in the Pilbara region of Western Australia.

Invinity Energy Systems (IES) says its partner Frontier Power has signed a Long Duration Energy Storage (LDES) joint development agreement with Ethos Green Energy, who will provide land for projects. This could support up to 20 GWh of storage projects and Frontier Power has reserved up to 2GWh of Invinity Energy Systems manufacturing capacity to support bids.

Campus Investments, which is controlled by David Rowland, is subscribing Â£1m in VVV Resources (VVV) at 1p/share assuming an agreement with his fully listed company R8 Capital Investments (MODE) over money it is owed. Jonathan Rowland and Richard Morecroft will join the board, and the company will change its name to VVV Sports to reflect the move into sports services.

Sameer Prasad has increased his stake in Investment Evolution Credit (IEC) from 6.99% to 7.37%.

Evrima (EVA) has appointed David Eaton as a non-executive director, and he has corporate finance experience in North America. The shares will be traded on the Open Market of the Frankfurt Stock Exchange. Mark Jackson has increased his stake from 3.12% to 4.13%. Chief executive Burns Singh Tennent-Bhohi has bought 1.9 million shares at prices between 0.5p to 0.6p each.

Jonathan Swaine is stepping down as managing director, pubs at Shepherd Neame (SHEP). He will not be directly replaced.

Fibre optic cables materials manufacturer Unigel Group (UNX) has declared an interim dividend of 2p/share. The ex-dividend date is 24 April.

Oberon Investments (OBE) has appointed Strand Hanson as corporate adviser.

AIM

Lung cancer diagnostics developer Lung Life AI (LLAI) still plans to leave AIM following its US distribution deal, which requires shareholder approval. This will leave LungLife AI with the activities of running the LungLB test and collecting royalties. Circulogene will have exclusive rights to distribute and further development the LungLB lung cancer diagnostic in the US and the other countries it is involved in. It will also receive some of LungLife AIâ€™s equipment. The royalty payment will be 20% of net revenues generated by the test in the first year, reducing to 15% in the second year. This is a two year agreement with potential for annual renewals. There is an option for Circulogene toacquire all the IP and licences for $6.2m less any payments already made. Circulogene is making an advanced payment of $375,000, which is returnable if the deal does not go ahead. There was $850,000 in cash at the end of March and costs are being reduced. An application has been submitted to a Medicare contractor for the technical assessment of LungLB.

Jarvis Securities (JIM) is selling its execution only broking business to Interactive Investor for Â£11m and winding down its clearing and settlement operations. Completion will happen when client agreements are transferred and that should happen in early July. The board believes that winding up the remaining operations and returning the remaining cash to investors is the best outcome. It will take 15 months to wind up the business. There are no plans to make an acquisition and shareholder approval will be sought for cancelling the AIM quotation. The share price slumped 70.2% to 12.5p, which is the lowest it has ever been.

Steel structures supplier Billington (BILN) had an exceptionally good 2023, so it is not surprising that revenues fell from Â£132.5m to Â£113.1m in 2024. That meant that pre-tax profit fell from Â£13.4m to Â£10.8m. There was a special dividend of 13p/share last year, so the ongoing dividend was raised from 20p/share to 25p/share. Trading got tougher in the second half and management is focusing on contacts with sufficient margins rather than chasing sales. Even so, the order book remains strong. Trading will be second half weighted in 2025, and pre-tax profit is expected to dip to Â£7.3m, downgraded by 24% from the previous Cavendish estimate. Net cash is Â£21.7m and it should not fall significantly this year, even after higher capital expenditure, which should peak this year. NAV is 410p/share.

Ruggedised plug-in cards developer Concurrent Technologies (CNC) is benefiting from its strategy to bring new products to market in a quicker fashion. This has led to significant contract wins. In 2024, revenues increased from Â£31.7m to Â£40.3m, which is more than double the 2022 figure. Pre-tax profit improved from Â£3.7m to Â£5.2m. The dividend was raised 10% to 1.1p/share. Revenues of Â£43m are forecast for 2025 with pre-tax profit of Â£6m.

Sexual health products developer Futura Medical (FUM) reported figures in line with its trading statement in January. That had already warned that sales of erectile dysfunction treatment Eroxon were growing more slowly than anticipated. Product revenues more than doubled from Â£3.1m to Â£6.8m last year. There was also Â£7.1m of milestone payments. The over the counter product is in lock boxes in US pharmacies that makes it more difficult for potential purchasers to ask for Eroxon. The marketing focus is being refined to men under 60 years old, where efficacy is better. There is net cash of Â£6.6m and that should last two years.

On Monday, Alba Mineral Resources (ALBA) announced the second auction of a limited edition coin containing one ounce of Welsh gold. The first auction put a price of Â£20,000 on the coin, which was more than eight times the price of gold at the time. The estimate had been set at Â£20,000-Â£25,000. The second coin auction closed on 16 April and the share price jumped on the following day. According to the auction website the coin was not sold. The estimate was Â£22,500-Â£32,500, so the bidding probably did not reach that level. There is a third gold coin.

Catenai (CTAI) proposes a sub-division of capital because the share price is lower than the nominal value so no shares can be issued to raise money. The nominal value will be reduced from 0.2p to 0.01p. Catenai recently announced that it had raised Â£750,000 at 0.15p/share, including a Â£150,000 subscription by Sanderson Capital Partners. Director fees of Â£450,000 have been settle by the issue of 30 million shares. Catenai intends invest in Alludium, which has developed a platform for AI process automation. Subject to shareholder approval, Â£500,000 will be invested in Alludium and when cash is received from Klarian, or raised in a share issue, a further Â£450,000 may be invested. That would be a 13% stake in Alludium in total.

North Sea gas project developer Deltic Energy (DELT) estimates gross 2C contingent resources of 174bcf at the Selene gas project â€“ a one-third increase on the previous figure. Deltic Energy has a 25% interest in the Selene gas project and its share of post-tax NPV10 estimate is $83m net at 80p/therm. Modelling suggests enhanced production potential from the B-sand interval. A final investment decision could happen in early 2027.

Battery technology developer Gelion (GELN) says initial tests of its sulfur battery technology show robust capacity retention and the achievement of more than 1,000 charge/discharge cycles. This has led to a materials testing agreement with a tier-one battery manufacturer and this should start shortly. Gelion will also recognise Â£780,000 of revenues relating to the battery energy storage system delivered to Borg Group. A placing and subscription raised Â£2m at 9p/share and a retail offer could raise up to Â£191,000. The cash will be used to fund business development, collaborations and the strategic partnership with the Max Planck Institute, which will accelerate the move towards commercialisation.

Sales were weak in February, but online womenâ€™s clothing retailer Sosandar (SOS) says fourth quarter sales were in line with expectations. Full year sales have fallen by one-fifth, with a 10% decline in the fourth quarter. Gross margins have improved, though. Six stores have been opened. Net cash is Â£7.1m. Singer has halved its pre-tax profit estimate for 2024-25 to Â£500,000. The 2025-26 figure is unchanged at Â£1.5m.

Musical instruments retailer Gear4Music (G4M) has acquired assets from the administrators of GAK (GAK.co.uk Ltd and The Guitar, Amp & Keyboard Centre Ltd). The stock purchased cost Â£600,000 but could have a value three times that figure. Gear4Music had been hit by discounting by GAK. There are no plans to use the GAK trading brand. There has been an improvement in trading with sales growth in double digits in recent weeks.

MAIN MARKET

Aura Renewable Acquisitions (ARA) is not going ahead with the acquisition of Zero Carbon Technologies and trading in the shares has recommenced. A minimal amount of due diligence costs were incurred. At the end of 2024, there was cash of Â£486,000.

Motor finance provider S and U (SUS) has been hit by the uncertainty concerning its core market. There was also a larger impairment charge. The Aspen bridging loan business continues to grow and enabled full year revenues were flat at Â£115.6m. Pre-tax profit fell from Â£33.6m to Â£24m. The total dividend was reduced from 120p/share to 100p/share.

Quoted Micro 14 April 2025

BY: Andrew Hore |
POSTED: 13/04/2025 |

AQUIS STOCK EXCHANGE

BWA Group (BWAP) published an updated inferred mineral resource for the Dehane heavy mineral sands project in Cameroon of 4.2 million tonnes at 3.5% THM cut-off, comprising grades of ilmenite at 0.99%, kyanite at 1.54%, rutile at 0.13% and zircon at 0.11%. There are plans for a fundraising during this year to finance the development of the project. Chairman Jonathan Wearing bought 500,000 shares at 0.2p each and Tricastle Investments, a company he controls, purchased 1.33 million shares at 0.15p each, taking his total stake to 25.85%.

Tectonic Gold (TTAU) is acquiring Godolphin Exploration, which is exploring for tin and copper in Devon and Cornwall, for Â£3.66m. The two assets are Devon Great Consols and Great Wheal Vor and there are option agreements for each of them. The company intends to consolidate every 20 shares into one new share and change its name to Tamar Minerals. Mark Thompson will join the board.

All Things Considered (ATC) is acquiring 75% of Easy Life Entertainment, which is an artist management, PR and record label owner. The consideration is Â£750,000. Annual revenues are Â£510,000. There will be cross-selling opportunities.

Richmond Hill Resources (SHNJ) has signed a term sheet to potentially acquire mineral exploration licences in Quebec. The consideration is Â£3.3m in shares. A condition of the deal is a move to AIM. Trading in the shares has been suspended.

Cooks Coffee Company (COOK) says full year group store sales were 26% higher at Â£35.1m. Operating cash flow is growing.

EDX Medical Group (EDX) is launching TC100, a highly accurate early detection test for testicular cancer. A blood sample is assessed. There have been more than 30 study reports on the test.

Automotive electrification technology developer Equipmake (EQIP) has received a Â£368,000 order from Gilmour Space Technologies, which about to launch an Australian orbital rocket later in the year. Equipmake will supply electric motors and inverters.

RentGuarantor Holdings (RGG) increased quarterly revenues by 92% and average revenues per contract were 2.5% ahead in the three months to March 2025.

Mendell Helium (MDH) has raised Â£796,000 through a placing and subscription at 2p/share. Once the option to acquire M3 Helium Corporation is taken up a move to another UK stockmarket will be considered.

Valereum (VLRM) says the Â£19m strategic deal with DMC is nearing completion but the additional Â£1m subscription by a UK institution will not happen.

Clean fuel additives SulNOx Group (SNOX) says Colas Rail UK is adopting SulNOx Eco following an evaluation. There were sharp falls in emissions and a 4.5% improvement in fuel efficiency. This is the first major contract in the rail sector.

Chief executive Paul Mathiesonâ€™s stake in Investment Evolution Credit (IEC) has reduced from 35.4% to 29.9%. Michael Rogers has a 4.88% shareholding.

Unicorn Asset Managementâ€™s stake in skincare technology developer Incanthera (INC) from 11.4% to 10.8%.

Ananda Pharma (ANA) has appointed former GW Pharma executive director Chris Tovey as an adviser.

ASSET MATCH

Political information provider Merit Group (MRT) has joined the Asset Match trading platform following its exit from AIM. Lord Ashcroft owns 42%.

JP JENKINS

Models and collectibles company Hornby (HRN) has left AIM and joined JP Jenkins.

AIM

Thor Explorations (THX) has announced a maiden dividend alongside its 2024 results. Higher gold production and lower production costs at the Segilola gold mine in Nigeria enabled net profit to jump from $10.8m to $91.1m on revenues up from $141.2m to $193.1m. There is no debt and net cash of $11.2m. Costs are expected to rise this year and production should be at least maintained. Dividends will be paid quarterly, and the first dividend is C$0.0125p/share â€“ this will be the minimum quarterly level. The shares go ex-dividend on 1 May. The dividend policy will be reviewed in two years.

Ceramic hospitality products manufacturer Churchill China (CHH) is indicating its confidence for the medium-term by increasing the final dividend by 6% to 26.5p/share, which takes the total for the year to 38p/share. This was despite the dip in pre-tax profit from Â£10.8m to Â£8.5m as revenues fell from Â£82.3m to Â£78.3m. In the UK the sales to national pub and restaurant chains rose, but independents spent less. There was a decline in international revenues, although Â£1.1m of hotel projects were won. Additional retail business was taken on to help keep the manufacturing facilities running at an efficient level even though it is lower margin. The US was 9% of revenues and tariffs create uncertainty, but there may also be opportunities to gain from manufacturers in countries where the additional tariffs are higher. There is a new manufacturing facility in Romania. A flat profit is expected this year.

Franchised lettings and property sales business The Property Franchise Group (TPFG) has made good progress integrating Belvoir. In 2024, the acquisitions meant that revenues jumped from Â£27.3m to Â£67.3m, while underlying pre-tax profit doubled to Â£22.3m. Even earnings improved from 28.4p/share to 31.4p/share. The dividend was raised from 14p/share to 18p/share. Net debt was Â£9.1m at the end of 2024.

Greatland Gold (GGP) is changing the domicile of the holding company to Australia. This will be called Greatland Resources Ltd and is part of the process of gaining a listing on ASX. The AIM quotation will be retained.

Organ transplant diagnostics developer Verici Dx (VRCI) has received the local coverage determination for Tutivia reimbursement, so revenues on the tests can start to be recognised. There were 292 tests ordered in the first quarter of 2025 and price has been set at $2,650 each. The annual global market is 100,000 patients. Singer previously cut 2025 estimated revenues from $11.6m to $4.4m. A fundraising is expected by June.

Induction Healthcare (INHC) is recommending a 10p/share cash bid from VitalHub Corp. That values the digital healthcare technology company at Â£9.7m. The flotation in 2019 raised Â£14.6m at 115p/share.

A strong gold price has benefited pawnbroker Ramsdens Holdings (RFX) in the first half and led to an upgrade in forecasts. Retail jewellery sales were also strong and the outlook for pawnbroking is positive. Panmure Liberum has raised its 2024-25 pre-tax profit forecast from Â£12m to Â£13.1m. There was a small downgrade for the foreign exchange division, and this is not expected to show growth next year.

Character Group (CCT) says that tariffs could hamper US sales this year and market guidance is being withdrawn. They were one-fifth of sales last year and it is difficult to assess the impact of the tariffs. Character still expects to be profitable in the year to August 2025. Interim figures should be in line with expectations.

Peru-focused gold explorer Nativo Resources (NTVO) is undertaking a feasibility study at the Toma La Mano tailings dump and there are other tailings dumps that are being considered. This will require additional funding. Peterhouse is subscribing for 12 million shares at 0.15p each, which gives the broker a 19.4% stake. That will be used to offset fees and Peterhouse will try to place the shares and provide Nativo Resources with 95% of the proceeds. Cash is being carefully managed, and some directors will receive their salary in shares. Further funds will be required by May and there are discussions with finance providers. Debt is being restructured. Nativo Resources is issuing 15.4 million shares at 0.7475p each to acquire Morrocota gold mine, which is near the 50%-owned Bonanza gold mine. The vendors are also subscribing for Â£10,000 of new shares. There are plans to start contract mining at Morrocota.

Clinical trials manager hVIVO (HVO) reported 2024 figures in line with its previous trading statement. Revenues improved from Â£56m to Â£62.7m and pre-tax profit rose from Â£11.9m to Â£14.1m. There was net cash of Â£44.2m before recent acquisitions and it is still expected to be Â£38m at the end of 2025, leaving room for more acquisitions. The 2025 revenues guidance for hVIVO is Â£73m.

Audioboom (BOOM) says the latest quarterly figures show record revenues per thousand downloads. The podcast platform operator increased 2024 revenues by 13% to $73.4m. The first quarter performance and advertising bookings were 15% ahead of the first quarter of 2024. Revenues are currently forecast to grow by 9% in 2025.

Belluscura (BELL) has withdrawn guidance for 2025 because of the uncertainty due to increased tariffs on imports to the US. The companyâ€™s portable oxygen concentrators are predominantly made in China, and the tariff will increase from 20% to 54%. Belluscura had been moving towards profitability. That is less likely to happen and could put pressure on the cash position. Earlier in the year, Â£4.7m was raised at 2p/share. John Gunn has increased his stake from 7.83% to 8.14%.

Consumer appliances retailer Marks Electrical (MRK) is showing signs of improvement. The full year trading statement shows revenues growing by nearly 3% to Â£117.2m, which was slightly lower than forecast. Pre-tax profit is set to fall from Â£3.3m to around Â£2.1m. Net cash was Â£8.8m at the end of March 2025.

Liquidators have been appointed to Bushveld Minerals (BMN). SP Angel has resigned as nominated adviser and broker.

MAIN MARKET

New Frontier Minerals Ltd (NFM) says the initial findings of rock chip samples from the Harts Range project in Northern Territory, Australia show heavy rare earths. There is Dysprosium Oxide (11.75%) and Terbium Oxide (1.87%). This is particularly attractive because of China restricting exports of rare earths.

Tirupati Graphite (TGR) has raised more than Â£2.5m from a zero-coupon convertible loan note issue. The conversion price has been lowered to 3.75p. In March, the Vatomina project has produced 388MTs of flake graphite concentrate. Lower ore grades and shutdowns meant that production was lower than expected. The audit of the annual results to March 2024 has resumed.

AIM 50 Digest 11 April 2025

BY: Andrew Hore |
POSTED: 13/04/2025 |

Keensight Capital has decided not to make an offer for asthma diagnostics developer Niox Group (NIOX) and the private sale process will be discontinued. This is due to the current global economic conditions. Net cash was Â£15.4m at the end of March, up from Â£10.9m at the end of 2024. In 2024, Niox grew revenues 14% to Â£41.8m, while pre-tax profit improved from Â£4.1m to Â£7.8m. A final dividend of 1.25p/share was announced.
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North Sea oil and gas producer Serica Energy (SQZ) reported 2024 figures with higher oil prices only partly offsetting a reduced gas price and lower production. Revenues fell from a pro forma Â£917m to Â£727m, while pre-tax profit declined from Â£380.4m to Â£160.5m. Net cash of Â£99m was turned into net debt of Â£83m. The final dividend was reduced from 14p/share to 10p/share.
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Power and data transmission products manufacturer Volex (VLX) benefited from a strong fourth quarter with full year revenues expected to be $1.06bn, up 16%. Operating profit should be at least $100m, which is better than expected. Increased demand for data centre products improved margins. Most divisions improved sales, but the medical sector revenues declined because of catch-up orders in the previous year. Off-highway revenues were flat. The share price rose 10.2% to 219p, recovering some of the loss because of tariff concerns, although additional costs are expected to be passed on to clients. Executive chairman Lord Rothschild bought 102,797 shares at 220p each.
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Central Asia Metals (CAML) has sold its 76.1% stake in Copper Bay to Guardian Metals, which is also buying out the minority shareholders. The total consideration is $7.5m payable in two equal tranches when production targets for the Chile-based copper tailings project are achieved. This deal will eventually add $5.7m to the cash pile and help finance any new project that the company acquires. First quarter copper production at Kounrad in Kazakhstan fell from 3,120 tonnes to 2,852 tonnes. The Sasa mine in North Macedonia produced 4,603 tonnes of zinc, which was slightly lower than the same time last year, and there was a slight increase in lead production to 6,608 tonnes. Sasa is moving to new mining methods. Full year production guidance is maintained.
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Market research services provider YouGov (YOU) increased interim revenues by one-third to Â£191.7m with underlying growth of 2%. Operating margins have fallen and underlying pre-tax profit is 21% lower at Â£24.1m. There should be modest growth in the second half and operating profit should b evenly split between the first and second halves. Management believes that performance can be improved from next year onwards.
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Engineering services provider Renew Holdings (RNWH) has reassured investors that trading is in line with revised expectations. There are still delays to renewal work in the rail sector, although there has been more maintenance work. Water demand is ahead of expectations with further potential growth as the AMP8 capital investment period begins. The order book is at a record level and net debt is coming down following recent acquisition spending. The interims will be published on 13 May.
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The latest assets under management figure from Impax Asset Management (IPX) shows the loss of the major St Jamesâ€™s Place mandate, but there is also a Â£1bn decline from negative performance. By the end of March 2025, assets under management had fallen by one-quarter to Â£25.3bn. Impax Asset Management says that figures for the year to September 2025 will be below expectations because of the poor performance, particularly in recent days after US tariff announcements. The acquisition of high yield fixed income manager SKY Harbour Capital Management has completed.
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Big Technologies (BIG) has appointed a new chair and finance director, as well as Ian Johnson as a non-executive director, who was suggested by shareholder Harwood Capital. Sara Murray has been dismissed as chief executive and proceedings issued against her. She appears to have had an undisclosed additional interest in Big Technologies shares and is accused of extracting sums of money from the group. A contract has been won in Northern Ireland. It is initially for five years and if it is extended to ten years it could be worth Â£20m.
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Information management software company Idox (IDOX) says trading is in line with expectations and net debt is being reduced.
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Redcentric (RCN) chief executive designate Brian Woodford has decided to step down and the existing chief executive will continue in the role for now.
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Mortgage Advice Bureau (MAB1) has appointed Berenberg as joint broker.
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Chief executive Gordon Banham acquired 4,250 Hargreaves Services (HSP) shares at 560p each and new executive director Simon Hicks also bought 4,250 shares at 561.572p each. James Halstead (JHD) chief executive Gordon Oliver and a related party acquired 8,200 shares at 131.835p each.

Quoted Micro 7 April 2025

BY: Andrew Hore |
POSTED: 06/04/2025 |

AQUIS STOCK EXCHANGE

Automotive electrification technology developer Equipmake (EQIP) has secured a Â£5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate Â£650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.

Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is Â£20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to Â£35.5m.

Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.

AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each â€“ the current share price is 9p - and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors Â£380,000 in shares at 8.5p each.

KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was Â£462,000 of income generated from digital assets.

Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of Â£9.28m in the six months to December 2024, compared with Â£6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a Â£359,000 loss compared with a Â£263,000 pre-tax profit. There was cash of Â£3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.

Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.

Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for Â£1. This will stop the cash outflow. There will be a Â£718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.

Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Childrenâ€™s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of Â£100,000 in revenues. In the six months to December 2024, revenues fell from Â£130,000 to Â£71,000. The loss was $325,000.

Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.

Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.

Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.

BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.

Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.

Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.

Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.

Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.

EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.

ChallengerX has changed its name to Nyce International (NYCE).

ASSET MATCH

Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.

Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to Â£663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.

Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.

Football club Tottenham Hotspur (TTNM) reported a rise in revenues from Â£549.6m to Â£528.2m in the year to June 2024 and it reduced its loss to Â£26m, helped by a Â£82.3m gain on player trading.

Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.

AIM

Online gaming company Gaming Realms (GMR) improved underlying pre-tax from Â£6.4m to Â£9.6m on revenues 22% ahead at Â£28.5m, and the momentum continues. Net cash increased to Â£13.5m. A Â£6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.

Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from Â£1.6m to Â£900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from Â£43m to at least Â£56.8m. The overall market remains difficult, though. A Â£520,000 R&D tax credit should be received in April and another payment of Â£250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.

Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.

Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.

Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of Â£8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently Â£1.2m. Manufacturing yield remains inconsistent.

Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from Â£13.6m to Â£16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.

Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to Â£9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of Â£158,000. The figures were still better than for 2022 and 2023 was a strong year.

Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from Â£102.7m to Â£91.2m, while pre-tax profit slumped from Â£3m to Â£1.1m. Net debt is Â£12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.

K3 Business Technology (KBT) intends to return Â£29m â€“ equivalent to 64.8p/share - to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have Â£6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.

Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the companyâ€™s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of â‚¬3.3bn with a mine life of 40 years.

Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling Â£1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional Â£4.44m cash injection in return for shares. Some members of DAGG would also write off Â£1.1m they are owed. DAGG wants to nominate management to take the company forward.

Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a Â£300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.

MAIN MARKET

New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.

Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.

Quoted Micro 31 March 2025

BY: Andrew Hore |
POSTED: 30/03/2025 |

AQUIS STOCK EXCHANGE

Better news for Incanthera (INC) this week. The dermatology technology developer has an agreement with the entity that claimed patent infringement relating to the Skin + Cell range. The agreement confirms no patent infringement. This had been delaying the launch of products, which are in stock. The focus will be generating cash from this stock. The deal with Limeway Pharma Design has been terminated and the two firms will cross licence patents on a royalty free basis. The development of the treatment for skin solar keratosis and prevention of skin melanoma can be done independently.

Prize draws operator Good Life Plus (GDLF) generated revenues of more than Â£3.7m in the year to January 2025.Â Monthly recurring revenues are Â£420,000. Subscriber numbers exceed 40,000. March 2025 is set to be a record month. Increased costs mean that there will be an operating loss of Â£4.3m. The Instant Wins product was launched in February 2025.

Residential developer Zentra Group (ZNT) reported a fall in interim revenues from Â£9.15m to Â£1.97m. Even so, the loss was reduced from Â£1.94m to Â£66,000. Net debt was Â£11.2m at the end of 2024. This year there is a focus on selling existing developments and plots.

Frozen seafood wholesaler Supersearch Plus (SUP) raised Â£279,000 at 10p/share ahead of flotation on the Aquis Growth Market on 25 March. The share price rose to 15p. The Hong Kong-based company supplies more than 50 types of fish product.

Marula Mining (MARU) has approved a five-year budget for the 80%-owned Kilifi manganese processing plant. This should generate pre-tax operating project cash flow of $63.5m and $43.4m post-tax. The period starts in April. Environmental authorisation has been obtained for the Blesberg lithium and tantalum mine in South Africa. A deposit of Â£510,000 and a social labour plan and black economic empowerment transaction are required to receive the ten-year mining right. An environmental assessment is ongoing at the Kinusi copper mine in Tanzania.

Metals recycling services provider Majestic Corporation (MCJ) improved revenues from continuing operations improved by two-thirds to $49m in 2024. There was a 43% increase in recycled metals to 43,000 tonnes. The full results will be published in late May. Growth is continuing into this year.

Arbuthnot Banking (ARBB) increased loans by 2% to Â£2.4bn in 2024. Trading was tougher last year, and pre-tax profit fell from Â£47.1m to Â£35.1m. Total dividend were 69p/share, including a 20p/share special dividend. NAV is 1636p/share.

Investment Evolution Credit (IEC) has withdrawn its offer for Credit Canary. There could still be a collaboration.

Heart health products developer ProBiotix Health (PBX) has signed a new partnership agreement with TopHealth in South Korea. TopHealth has the right to sell consumer products using ProBiotix Health, including the import of CholBiome X3.

Cryptocurrency app developer Tap Global Group (TAP) increased interim revenues by 39% to Â£1.8m and it moved into a positive EBIDA of Â£324,000, while practically breaking even after tax. There was Â£890,000 in the bank at the end of 2024 and another Â£1m has been raised since then. Third quarter revenues are expected to be Â£920,000.

In the six months to December 2024, Lift Global Ventures (LFT) reported a dip in revenues from Â£280,000 to Â£205,000. There was a swing from a pre-tax profit of Â£82,000 to a loss of Â£6,000. The core investor relations business was profitable.

BWA Group (BWAP) has completed preliminary exploration at Nkoteng 2 and Dehane 3 heavy mineral sands prospects in Cameroon. Results are pending on 28 samples.

Richmond Hill Resources (SHNJ) has raised Â£289,000 at 0.65p/share. This will be spent on due diligence for natural resources projects.

Janus Henderson has taken a 5.04% stake in Invinity Energy Systems (IES).

JP JENKINS

Former AIM companies Biome Technologies (BIOM) and CMO Group (CMO) have both started trading on JP Jenkins.

On Friday, Corre Energy (CORRE) joined JP Jenkins. Corre Energy develops millisecond to multiday long duration energy storage. This business has been built up over more than one decade.

AIM

Wines retailer Naked Wines (WINE) has outlined plans to build up its cash, partly by reducing inventories, and return to annual revenue growth of 5%-10%. Cost cutting and focusing on the core members will help to improve EBITDA to more than Â£10m. If the strategy is successful, cash could reach Â£100m by 2030 and some of this could be returned to shareholders. In the short-term revenues will decline as the company focuses on the profitable base rather than chasing revenues.

Financial website operator ADVFN (AFN) plans to cancel its AIM quotation. The board believes that the current share price and poor liquidity mean that it is difficult to make acquisitions. There are plans to organise a matched bargain facility with JP Jenkins. Interim revenues fell from Â£2.29m to Â£2.02m, although a reduction in admin expenses meant that the loss was lower at Â£453,000. There is Â£3.5m of cash. The share price slumped 57.7% to 5.5p.

Michelmersh Brick (MBH) revenues fell 9% to Â£70.1m, while pre-tax profit declined from Â£15.1m to Â£10.3m. The construction market conditions remain weak, but there should be some recovery this year.

Direct-to-consumer retailer Virgin Wines (VINO) has set out its growth strategy. The focus is gaining more customers and utilising technology to enhance engagement. There will be additional growth from commercial partnerships. The Warehouse Wines brand will be grown following its recent launch. The strategy will lead to higher costs initially. There are plans for share buybacks.

Telematics company Microlise (SAAS) reported an increase in revenues from Â£71.7m to Â£79.5m, while pre-tax profit improved from Â£5.6m to Â£6.5m. Annualised recurring revenues were 9% ahead at Â£56.6m. Net cash is Â£11.4m. There could be further improvements in margins as more rollouts are won.

Floor tiles manufacturer AIREA (AIEA) is on course to open its new facility later this year and that will double capacity. Last yearâ€™s revenues were flat at Â£21.2m following a stronger second half. The reported pre-tax profit slumped from Â£1.4m to Â£63,000, after Â£911,000 of one-off charges. Net cash is Â£1.16m with additional capital spending for the new facility coming this year. The chairman and finance director both subsequently acquired shares. International growth can be accelerated when there is more capacity.

Time Finance (TIME) continues to grow its loan book and nine months revenues are 14% higher at Â£27.3m. Pre-tax profit jumped by two-fifths to Â£5.9m. Net tangible assets are Â£43m. Bad debts remain low at 1% of the average loan book and net arrears are 5% of the gross lending book.

Cannabis medicines developer Celadon Pharmaceuticals (CEL) chief executive and 39.5% shareholder intended to propose the removal of the chairman and four non-executive directors at a general meeting. This is because they oppose his wish to leave AIM. The four non-executives have resigned and there will be a general meeting to propose the AIM cancellation. If this resolution passes, the chairman will resign, and JP Jenkins is likely to provide a matched bargain facility.

Woodbois Ltd (WBI) has raised Â£2.65m at 0.05p/share. Every two shares come with a warrant with a subscription share price of 0.125p. There are also two options for a total subscription of Â£650,000. The timber supplier needs the cash because it had to pause production, and it would have been insolvent. Money will be spent on maintenance and paying overdue creditors. The accounts will be brought up to date so an audit can be completed. Financial systems will be improved, and Jonna Cortez will become finance director and Mark Edworthy joint chief executive as part of the requirements of the providers of the investment. A repayment schedule has been agreed with Nykredit Bank.

Insurance and employee benefits provider Personal Group Holdings (PGH) grew revenues of continuing operations by 13% to Â£43.8m. Both the insurance and employee benefits divisions made progress with annualised recurring revenues reaching Â£43.4m. There is cash of Â£27.4m, which is Â£17m more than regulatory and group requirements. This enables the dividend to be raised from 11.7p/share to 16.6p/share and Canaccord Genuity has raised its earnings expectation for 2025 from 19p/share to 19.7p/share. Investment in new insurance products and the employee benefits platform hapi will help to drive further growth over the long-term. The deal with Sage has been extended.

Education software and services provider Tribal Group (TRB) had an improved second half, but there is continued uncertainty about the UK education sector and investment. There is also a switch in focus from perpetual licences to a subscription revenues model. In 2024, revenues improved 6% to Â£90m with cloud revenues increasing by one-quarter to Â£10.4m. Pre-tax profit dipped from Â£6.4m to Â£5.9m. Net debt was reduced to Â£5.2m. This yearâ€™s trading has started positively but it might be difficult to grow revenues in 2025.

Staffing company Empresaria (EMR) is focusing on its core operations in the UK and US, particularly IT and healthcare, and intends to dispose of more non-core operations. Those businesses made just over 50% of operating profit before central overheads and could raise enough to wipe out net debt of Â£15.3m. In 2024, group revenues dipped 2% to Â£246.2m and net fee income was down 12% to Â£50.4m. There was a slump in permanent recruitment income. Underlying pre-tax profit fell from Â£3.5m to Â£2.2m. There are no signs of an upturn in the recruitment market.

Diagnostics company Abingdon Health (ABDX) improved interim revenues by 28% to Â£3.1m, including four months from CS Lifesciences, and second half is stronger than expected. Contract development income was weak in the first half due to deferral of decisions, but new business has been won. Full year revenues are expected to rise from Â£6.1m to Â£8.5m, but Zeus has raised its forecast loss from Â£1.5m to Â£2.7m. Profitability is not expected until 20262-27.

Ariana Resources (AAU) has raised Â£1.05m at 1.5p/share, which will provide working capital and to invest in the Dokwe project in Zimbabwe. Ariana Resources is unusual for a small AIM mining company because it rarely issues shares to raise money. This money will last until July when additional should be secured. Developing the Dokwe project, which is estimated to host 1.4 million ounces of gold at a cut off of 0.3g/t, could require $82m of funding.

LifeSafe Holdings (LIFS) has signed a global distribution agreement with Hurst Jaws of Life and Vetter, which are subsidiaries of IDEX Fire & Safety. The initial term is 18 months and covers LifeSafe industrial fire prevention products into the professional fire sector. This could generate more than Â£6m in revenues over three years though access to new countries and markets. An initial order of Â£400,000 is anticipated.

Oil and gas producer Parkmead Group (PMG) reported a dip in interim revenues from Â£3.4m to Â£2.1m. There was a net cash outflow of Â£100,000. There is cash equivalent to 6.3p/share. The sale of UK North Sea licences to Serica Energy (SQZ) should complete in the second quarter. That leaves gas production in the Netherlands and an operating wind farm in Scotland. Parkmead is reviewing acquisitions.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) beat expectations for 2024 by a small margin. Like-for-like revenues were 5.8% higher in a declining market. Pe-tax profit improved from Â£24.9m to Â£21.2m on revenues of Â£242.5m. The dividend was edged up to 5p/share. Acquisitions have pushed up net debt to Â£67.9m. There was also an increase in working capital due to strong sales in December.

Structural steel supplier Severfield (SFR) says chief executive Alan Dunsmore is stepping down at the end of June. Profit is set to decline in the year to March 2025 and fall again next year.

AIM 50 Digest 28 March 2025

BY: Andrew Hore |
POSTED: 30/03/2025 |

Advanced Medical Solutions (AMS) has received a bid approach from Montagu Private Equity, but there is no firm offer yet. AMS reported a 41% increase in 2024 revenues to Â£177.5m, including like-for-like growth of 10%. Pre-tax profit was 14% ahead at Â£29.4m. Net debt is Â£55.8m. The dividend was raised from 2.36p/share to 2.6p/share. Forecast 2025 earnings are 12.5p/share.
======
Mortgage network and broker Mortgage Advice Bureau (MAB1) is seeing an initial improvement in the mortgage market and later this year there will be a boost from fixed-interest mortgages taken out at around the time of the Liz Truss Budget coming to an end. Longer-term, the plan is to improve margins, while doubling revenues and market share, which is currently 8.4%. In 2024, revenues were 11% ahead at Â£266.5m, while pre-tax profit recovered from Â£23.2m to Â£32m. Net debt was Â£9.7m at the end of the year. The total dividend edged up from 28.1p/share to 28.2p/share. The number of advisers has risen since the end of 2024. Mortgage Advice Bureau is considering a move to the Main Market.
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Oil palm plantations operator MP Evans (MPE) continued its strong first half performance into the second half as a higher crude palm oil price and improved gross margins meant that profit jumped in 2024 from $73.5m to $111.7m. Revenues increased from $307.4m to $352.8m, while pre-tax profit jumped from $73.5m to $111.7m. The dividend was raised from 45p/share to 52.5p/share. There was a 13% increase is crude palm oil sales prices to $823/tonne, and they are currently $870/tonne. The companyâ€™s own production rose, but crop processed was slightly lower at 1.61 million tonnes because less third-party crop was bought in and processed at the six mills. That change in mix helped gross margin to rise. A 2025 pre-tax profit of $93.3m is forecast, rising to $97.3m in 2027. Net cash could increase from $46.3m to $77.7m the end of 2025.
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Online marketing and domain name services provider Team Internet (TIG) has released unaudited figures for 2024. The new auditor has not completed its audit, but there should not be any changes in the numbers. In 2024, revenues fell from $837m to $803m with growth in comparison and domains divisions more than offset by the initial decline in the search division due to changes at Google. EBITDA fell from $96.4m to $91.9m. Search EBITDA declined from $74.3m to $56.4m. There was an exceptional charge of $36m, mainly down to Shinez, which was acquired last year. The book value of the Shinez acquisition has been written off. Team Internet believes it was misled by the sellers and litigation is planned. There is no final dividend.
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Central Asia Metals (CAML) continues to be strongly cash generative business paying an unchanged total dividend of 18p/share, which accounts for 63% of free cash flow. The policy is 30%-50% of free cash flow, but Central Asia Metals can afford to pay the enhanced amount and still increase cash from $57.2m to $67.6m. Central Asia Metals is seeking a new project that is near to generating cash and a decision on the dividend level will be made when any new project is secured. In 2024, revenues increased from $203.5m to $214.4m. Copper production at Kounrad was 13,459 tonnes, while Sasa production was 26,617 tonnes of lead concentrate and 18,572 tonnes of zinc concentrate. Kounrad production should be similar this year and Sasa production could be slightly higher.
======
Berenberg reduced its recommendation for Big Technologies (BIG) from buy to hold following the suspension of chief executive Sara Murray due to concerns about the litigation concerning Buddi. The board says that it is aware of information that means it cannot rely on the statement signed by Sara Murray relating to her relationship with four companies holding 17.7% of Big Technologies when it floated in July 2021. The investigations continue. Neudi Capital has a 10.5% stake.
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There was a stronger second half for mixer drinks supplier Fevertree Drinks (FEVR) enabling group revenues to improve 1% to Â£368.5m in 2024, after a decline in the UK and non-Fevertree brand revenues. The US and the rest of the world generated the growth. Pre-exceptional profit recovered from Â£23.9m to Â£43.8m. Many European markets are mature, but there are other growth markets and there is the new distribution agreement with Molson Coors in the US.
======
Ashtead Technology (AT.) is the latest company to consider a move to the Main Market. In 2024, revenues were 52% higher and pre-tax profit jumped 31% to Â£36.1m. The subsea technology market continues to grow.
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Floorcoverings supplier James Halstead (JHD) interims show improved gross margins as costs lowered and manufacturing efficiency improved. Growth came from southern Europe and the US. Group revenues rose from Â£130.1m to Â£136.5m. Pre-tax profit improved from Â£27.4m to Â£28.5m.
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IFA services provider Fintel (FNTL) reported 2024 core revenues of Â£68.9m. That excludes the conveyancing business that will eventually be sold. This year core revenues are expected to improve to Â£76m and earnings from 13.1p/share to 13.9p/share.
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M and C Saatchi (SAA) improved its full year pre-tax profit from Â£28.7m to Â£30.5m. Like-for-like revenues, following the South African disposal, were 4%. Further profit growth will come from focusing on higher margin activities.
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Gamma Communications (GAMA) increased 2024 revenues by 11% to Â£579.4m, while pre-tax profit rose from Â£97.9m to Â£111.9m. These could be the final results as an AIM company.
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Video games developer Everplay (EVPL) reported a 51% recovery in underlying 2024 pre-tax profit to Â£43.4m. The cash pile increased to Â£62.9m. The video games market has been tough recently, but Everplay has been helped by strong sales of its back catalogue, offsetting disappointing income from some newer games. There is a final dividend of 2.7p/share. There are at least ten new games and apps to be launched in 2025. This yearâ€™s profit performance should be marginally ahead of expectations of Â£42.7m.
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Building materials supplier SigmaRoc (SRC) increased full year revenues 72% to Â£997.6m, while pre-tax profit jumped from Â£71.2m to Â£117.6m. There was a small dip in organic revenues. Diluted earnings were flat at 7.8p/share, but the full benefits of the recent acquisitions will show through this year. Net debt is Â£509.5m. This year has started well, although construction markets are weak. The annual costs savings have been increased by â‚¬5m to â‚¬40m by 2027. Refinancing of loans has saved interest charges of â‚¬3m. Rettig Oy reduced its shareholding from 3.97% to 2.94%.
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Healthcare company Niox (NIOX) has received a revised proposal from Keensight Capital which involves a possible off er of 81p/share. There was previously an offer of 78p/share. The revised proposal appears to be realistic and Keensight is being given access to due diligence.
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Audio visual products distributor Midwich Group (MIDW) improved 2024 revenues by 2% to Â£1.32bn. North America was the strongest market. There was a small improvement in gross margin, but underlying pre-tax profit fell from Â£50m to Â£38.3m. The dividend was reduced from 16.5p/share to 13p/share. annualised cost savings of Â£5m have been made.
Software provider FD Technologies (FDP) increased annualised recurring revenues by 13% to Â£81.8m in the year to February 2025. Trading was at the top end of guidance and the loss was lower than expected. Net cash was Â£56m at the end of February 2024. There are new opportunities in capital markets, defence and industrial IoT and management believes that annualised recurring revenues could grow by one-fifth this year.
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AB Dynamics (ABDP) improved interim revenues 11% to Â£58m. Asia Pacific and North America ae strong markets. There should be further progress in the second half. Net cash was Â£27.2m at the end of February 2025.
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Serica Energy (SQZ) says production from the Triton FPSO is not expected to recommence until May and not in late March.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) reported a cash outflow of $16.7m after drilling and exploration costs during 2024. The $35m convertible bond issue has closed. Non-executive directors Jeremy Best and Linda Havard bought 1.08 million shares at 69.18p each and 21,000 share at 70.4p each respectively.
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ITM Power (ITM) has announced a plant engineering integration contact for EDFâ€™s Tees Green hydrogen project. There had already been a reservation of four Neptune 2 electrolyser units and this contract will involve the integration of these units into the overall project.
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Tembo Capital has sold its 58.8 million shares in Pan African Resources (PAF) at 39p/share. This is 2.5% of the company.
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RBC raised its recommendation for vet practices operator CVS Group (CVSG) from perform to outperform with the price target increasing from 940p/share to 1,500p/share.
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Brooks Macdonald (BRK) has moved to the Main Market.

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 Â£89m to Â£85m, while underlying pre-tax profit improved from Â£3.8m to Â£4.2m. NAV rose from 1192p/share to 1221p/share. Net debt was Â£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 Â£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 Â£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 Â£574,000. In 2023-24, turnover was Â£12.7m and (an undefined level of) profit was Â£38,800. There will be a Â£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 Â£3m at 14p each. This will be invested in the prostate cancer test. Founder Professor Sir Chris Evans invested Â£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 Â£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 Â£500,000 to pay for costs and other liabilities. One of the operating subsidiaries is being restructured and Â£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 Â£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 Â£1.27m. Arrears claims as a percentage of revenues increased from 2.32% to 4.03%. The loss was reduced from Â£1.23m to Â£693,000. Management intends to continue to scale up the business and it believes that rentersâ€™ 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 Â£66,000 and Â£471,000 invested in activities. Cash was Â£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%. Â 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 companyâ€™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 Â£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 Â£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 Â£3.9m to Â£5.4m. Net cash will continue to build up and could reach Â£13m by the end of June 2025.

Oil and gas producer Prospex Energy (PXEN) is acquiring full control of Tarba Energia for â‚¬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 Â£1.14m to Â£30,000, following a strong second half. Revenues increased from Â£9.3m to Â£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 Â£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 Â£1.76m in the six months to December 2024. In the second half Â£1m of revenues should be recognised for an energy storage integrated solution project and additional cost savings have been made. There was Â£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 Â£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 Â£3.64m to Â£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 Â£15.8m. Underlying pre-tax profit improved 37% to Â£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 Â£6.1m to Â£6m, while next yearâ€™s figure has been cut from Â£7.7m to Â£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 Â£31.8m and growth should accelerate in the second half and full year pre-tax profit is expected to improve from Â£3.1m to Â£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 companyâ€™s own cash was $80m at the end of 2024 â€“ 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 â‚¬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 â‚¬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 Â£175.9m to Â£166.1m and a dip in pre-tax profit from Â£3.8m to Â£2.4m. A strong recovery in pre-tax profit to Â£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).

Quoted Micro 17 March 2025

BY: Andrew Hore |
POSTED: 17/03/2025 |

AQUIS STOCK EXCHANGE

All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for Â£2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for Â£400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of Â£240,000, while JTR Productions made pre-tax profit of Â£150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.

Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.

Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.

Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.

Gledhow Investments (GDH) reported a reduction in NAV from Â£1.41m to Â£989,000 in the year to September 2024. That includes Â£150,000 in cash and subsequent disposals have increased cash to Â£220,000.

Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were Â£1.75m, including Â£1.59m in cash and Â£158,000 in short term investments.

Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.

There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised Â£300,000, taking the total fundraising to Â£7.8m. Trading on AIM will start on 20 March.

ASSET MATCH

Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.

JP JENKINS

Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claireâ€™s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.

Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was Â£4.33m at the end of 2023, including Â£342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.

Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be Â£4.3m, which is enough to be profitable.

AIM

Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI).Â Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.

Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for Â£22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified Â£1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales.Â Cake Box raised Â£7m through a placing at 180p/share and a retail offer could raise up to Â£200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add Â£1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.

US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth.Â In 2024, revenues rose 11% to $149.6mÂ with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.

Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of Â£400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.

Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed Â£18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.

Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half.Â In 2024, revenues fell from Â£120.7m to Â£109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024.Â There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.

Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiaryâ€™s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to Â£4m, while next yearâ€™s forecast has been reduced from Â£7.6m to Â£7m.

Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between Â£5m and Â£6m. The previous expectation was Â£9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.

Distil (DIS) shares have recovered some of the loss sustained following yesterdayâ€™s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to Â£1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed â€“ but not including an offer for the company. There will be a need for more cash by September.

Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised Â£1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareumâ€™s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.

SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive Â£60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.

Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswoodâ€™s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to Â£90.7m. The Kingswood independent directors â€œwould be minded to recommendâ€ the potential offer.

Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was â‚¬950/tonne, which is well above the average price assumption of â‚¬775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.

Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.

Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.

NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of Â£8.3m and increase NWFâ€™s volumes by 6%. Last yearâ€™s revenues were Â£35.1m and underlying pre-tax profit was Â£700,000.

In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from Â£298,000 to Â£653,000, while the loss was reduced from Â£1.9m to Â£1.2m. The cash outflow was Â£1.3m. Net cash is Â£1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamerâ€™s ingredient.

Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise Â£300,000 at 0.24p/share, plus Â£55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total Â£1.4m. The debts would be converted into 236.8 million shares. The CVA requires Â£115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.

MAIN MARKET

Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.

LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.

First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.

BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.

Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.

Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.

Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.

AIM 50 Digest 14 March 2025

BY: Andrew Hore |
POSTED: 16/03/2025 |

Alliance Pharma (APH) is recommending an increased bid of 64.75p/share by Aegros Bidco, which is owned by DBAY Affiliates and the ERES IV Fund. That values the healthcare brands owner at Â£362m. The original bid was 62.5p/share. The new bid has been passed by the shareholders at the adjourned general meeting. There is still an alternative of one rollover share in the bid vehicle for each Alliance Pharma share.
=====
Vimto soft drinks maker Nichols (NICL) beat expectations for 2024. There is more to come this year from efficiency gains. Overall revenues rose by 1% to Â£172.8m, while pre-tax profit improved from Â£56.4m to Â£64m. Ongoing dividends increased 13% to 32p/share and earlier in the year there was also a special dividend of 54.8p/share. That still left net cash of Â£53.7m at the end of 2024. Growth in UK packaged and international revenues offset the decline in the out of home division, which has been restructured and is making a higher profit contribution. Nichols has entered the Malaysia market. Singer forecasts a 2025 pre-tax profit of Â£67.6m and the cash pile will build up again, unless there are acquisitions.
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An acceleration by Google of the move from Adsense for Domains (AFD), set for 19 March, is going to hit revenues of Team Internet Group (TIG). The uncertainty has also led to the Verdane deciding not to make an offer for the company. AFD is an important contributor to the search business and the company guides a reduction in EBITDA from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC). Management believes that it can rebuild profitability as clients switch and it learns how to optimise results. The rest of the business continues to grow so the 2025 EBITDA guidance is a fall from $92m to $60m-$65m. Net debt will continue to reduce from the current level of $97m, but at a slower pace than previously expected.
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North Sea oil and gas producer Serica Energy (SQZ) is in talks about a potential merger with EnQuest. This will increase the scale of the business and enable cost savings. EnQuest would acquire Serica Energy, whose shareholders would receive a cash distribution as part of the transaction. This is an alternative to Serica Energy moving to the Main Market.
=====
Johnson Service Group (JSG) reported slightly better than expected full year results with underlying 2024 pre-tax profit of Â£54.8m with Investec expecting an improvement to Â£66.2m this year. The growth is coming from the hotel and catering market with volumes improving and the new Crawley facility coming on stream. Workwear revenues are flat, and profit contribution was slightly lower despite good customer retention. New contracts should improve the results of the division. The positive outlook enabled a 43% increase in total dividend to 4p/share and a Â£30m share buyback. Net debt is Â£68.6m. Johnson Service Group is considering a move to the Main Market.
=====
Groceries and catering distributor Kitwave Group (KITW) grew 2023-24 revenues by 10% to Â£663.7m, while pre-tax profit edged up to Â£27.8m. Progress was held back by a poor summer. Net debt is Â£64m, following the acquisition of Creed in September. Creed is being integrated and there are unlikely to be other acquisitions until the end of 2025. The total dividend is 11.3p/share. Kitwave says the new financial year has started well. A 2024-25 pre-tax profit of Â£35.5m is forecast. Four directors or related persons bought shares after the results announcement.
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Airline and tour operator Jet2 (JET2) has repurchased Â£301.5m of convertible bonds 2026. That leaves Â£2.9m outstanding. The purchase price is Â£103,577.29 for each Â£100,000 of convertibles. Canaccord Genuity believes that this should reduce the annual interest bill by up to Â£2m and fully diluted earnings will improve.
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Interim figures from FW Thorpe (TFW) show a 1% improvement in revenues to Â£83.8m, while pre-tax profit rose 5% to Â£11.2m. There was Â£15m of cash generated from operations. Net cash was Â£37.1m at the end of 2024. The interim dividend is 1.76p/share. The UK lighting businesses are trading well, but the Netherlands business is finding it difficult to match the corresponding periodâ€™s strong performance. The German recession hampered the LED business in that country.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) plans to start flow testing for the Megrez-1 well by the end of March. Flow data will be released at the conclusion of testing for each horizon.
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Brooks Macdonald (BRK) will make its move to the Main Market on 28 March.
=====
Semiconductor wafer manufacturer IQE (IQE) has raised Â£18m from a convertible loan financing.
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Impax Asset Management (IPX) chief executive Ian Simm bought 23,047n shares at 173.5567p each. At the end of February 2025, assets under management fell to Â£28.5m following the loss of the St Jamesâ€™s mandate.
======
Zeus believes that Tatton Asset Management (TAM) should beat its forecast assets under management of Â£20.6bn at the end of March 2025.
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Saqib Karim raised his stake floorcoverings manufacturer Victoria (VCP) from 6.12% to 7%. Public Investment Corporation has increased its stake in Pan African Resources (PAF) from 9.98% to 12.4%. Gumshoe Capital Management raised its shareholding in FD Technologies (FDP) from 6.54% to 7.09%. ITM Power (ITM) finance director Amy Grey bought 102,455 shares at an average share price of 29.268p. Vertu Motors (VTU) operations director Leonard Caruso sold 236,220 shares at 51.8292p each leaving him with 12,651 shares.

Quoted Micro 10 March 2025

BY: Andrew Hore |
POSTED: 09/03/2025 |

AQUIS STOCK EXCHANGE

EDX Medical (EDX) has signed a master service agreement with The Royal Marsden NHS Foundation Trust, which includes an eminent cancer hospital. EDX Medical will supply diagnostics services to the NHS trust.

Marula Mining (MARU) has signed an agency framework contract with Baosteel Resources South Africa, a subsidiary of the worldâ€™s largest steel producer, for purchase and sale of manganese from the Kilifi manganese plant in Kenya. The contract lasts five years and there will be an initial delivery of 5,000 tonnes of manganese ore by the end of April. From then on, the delivery will be 10,000 tonnes/month for 12-months and then increase the following year. The open pit mining operations have been extended at the Kinusi copper mine in Tanzania. The first copper sales are imminent.

Zentra Group (ZNT) has entered into a conditional contract to acquire land at Old Mill Street in Manchester for Â£1.425m. The plan is to develop residential apartments for urban professionals. The site has been used as a car park and there are plans for a six-storey block with 40 residential units and commercial space on the ground floor. Â Zentra has signed a 12-month extension to a Â£500,000 unsecured loan and the annual interest charge will be reduced from 8% to 6%.

Investment company Macaulay Capital (MCAP) reported an increase in loss from Â£76,000 to Â£500,000 in 2024. That was partly down to a lack of performance exit fees, which were Â£212,000 in 2023 due to the sale of Qualification Check Ltd. Net assets were Â£2.14m at the end of 2024. The company has seven portfolio investments, with three core investments. Two potential investments did not complete.

Trading in ChallengerX (CXS) shares resumed after First Sentinel was reappointed as corporate adviser. Shareholders have agreed to the acquisition of three gaming services and technology businesses and 510 million shares will be issued on completion which is likely to be 11 March. A fundraising has generated Â£83,000 at 0.2p/share and there is a commitment for a further Â£50,000. There have been 145.8 million shares to satisfy debt.

KR1 (KR1) owns 25.45 million RED tokens for RedStone, which provides fast and secure data feeds for the digital asset industry. It intends to commence staking activities for RedStone as the RED tokens are unlocked.

SuperSeed Capital (WWW) increased its NAV by 10p/share to 121p/share at the end of 2024p. The companyâ€™s AI/SaaS-focused investment fund is expecting to make four-seven new investments in 2025.

Richard Leaver has stepped down as chief executive of Investment Evolution Credit (IEC) and Paul Mathieson has retaken the position. Glendys Aquilera has replaced Bob Mennie as finance director.

Coinsilium Group Ltd (COIN) has entered into a strategic advisory services agreement with Context Protocol, a Layer 1 blockchain designed to enable verified AI Domains for trusted data exchange. Coinsilium will provide guidance on tokenomics and market positioning.

Crushmetric Group (CUSH) has raised Â£324,000 at 12.5p/share to Miss Cai Li. This will be used for working capital.

Valereum (VLRM) has still managed to complete the fundraising with Valereum Inc and an institutional investor. Completion was anticipated by 4 March.

Max Capital Ltd no longer has any shares in WeCap (WCAP) and Woodland Capital has taken a 3.7% stake. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 20 million shares at 0.46p each.

MaxRets Ventures (MAX) shareholders have voted to leave the Aquis Stock Exchange on 18 March.

JP JENKINS

Hotel chain operator Studio Stays Hotel Group (SSHG) completed its admission to JP Jenkins on 4 March. It raised Â£50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.

Former AIM company Eurovestech (EVT) joined JP Jenkins on 5 March. The venture capital firm focuses on early-stage software and technology investments.

AIM

Offshore energy products and services provider Tekmar Group (TGP) has a three-year strategy to grow the business. New chief executive Richard Turner has 15 years of experience in the offshore services market, so he is in a strong position to refire growth at the company. In the year to September 2024, revenues dipped from Â£35.6m to Â£32.8m, but gross margin improved from 23% to 32%. The underlying loss reduced from Â£1.8m to Â£600,000, partly due to a higher depreciation charge. Net debt was Â£1.6m at the end of September 2024. This fell to Â£400,000 by the end of January 2025. There was a credit provision of Â£500,000 relating to a debt in China, but management is confident that this will be paid. The order book was worth Â£16.4m at the end of September 2024, but more contracts have been won since.

An acceleration by Google of the move from Adsense for Domains (AFD), set for 19 March, is going to hit revenues of Team Internet Group (TIG). The uncertainty has also led to Verdane deciding not to make an offer for the company. AFD is an important contributor to the search business and the company guides a reduction in the divisionâ€™s EBITDA from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC). Management believes that it can rebuild profitability as clients switch and it learns how to optimise results. The rest of the business continues to grow so the 2025 EBITDA guidance is a fall from $92m to $60m-$65m.

APQ Global (APQ) is asking for shareholder agreement for its departure from AIM. The book value was 17.9p/share at the end of November 2024. There have been five trades today with a total value of just over Â£230. Lack of liquidity and the cost of the quotation are the reasons for leaving. There are also plans to change the convertible unsecured loan notes settlement date to the end of 2025. The interest rate will increase from 6% to 10% between the end of March and the end of December 2025. The company is trying to refinance the Â£26m plus owed.

Avacta (AVCT) says its lead peptide drug conjugate (PDC) AVA6000 has completed phase 1a dose escalation with encouraging data in patients with salivary gland cancers. There were no observed events of severe cardiac toxicity. Enrolment in phase 1b has commenced. Avacta has agreed to sell Launch Diagnostics for Â£12.9m to Duomed Belgium NV. This will provide enough cash until the first quarter of 2026.

Building services provider Northern Bear (NTBR) has benefited from relatively mild and dry weather during the winter. There has also been growth in the fire protection business and new contracts won. This means that operating profit for the year to March 2025 will exceed previous forecasts and be in the range of Â£3.15m-Â£3.45m. The cost of closing the companyâ€™s fit-out business is included in the guidance.

Battery technology developer Ilika (IKA) has produced a successful prototype of a 50Ah Goliath electric vehicle battery. This is the minimum viable product for electric vehicles. The Goliath should reduce battery costs and increase range. Production for pilot testing should start later this year.

Escape rooms and bars operator XP Factory (XPF) held a capital markets day last week setting out how it can achieve its three-year strategy. This is to generate revenues of Â£90m and EBITDA of Â£13m by 2028. Management has refined its requirements for sites using the data it has collected from existing outlets. The focus for Boom Battle Bars is larger cities, while Escape Hunt works well in smaller towns. Up to ten Escape Hunts and up to four Boom Battle Bars could be opened each year funded by cash generation and debt.

Legal services provider Knights Group Holdings (KGH) is acquiring IBB Law for up to Â£30m. This increases the coverage of south east England (Uxbridge, Reading, Beaconsfield and Ascot). The focus is corporate, property and wealth management. It also brings franchising expertise. The plan is to offload the crime business. Total revenues were Â£23m in 2023-24.

Nativo Resources (NTVO) has secured an option to evaluate the potential to reprocess the Toma la Mano tailing deposit and there are other potential tailings projects in Peru. The agreement is via the local, 50%-owned partner Boku Resources, which has three-years to produce a technical evaluation. The nearby mine produced silver, copper, lead and zinc. Nativo Resources would process the tailings and help to remove the environmental liability. Nativo Resources could do further deals for other tailings deposits in Peru, where the local communities can generate income and get rid of a potentially costly environmental liability.

A trading updated from clod-based data analytics company Rosslyn Data Technologies (RDT) reveals delays to the roll out of its technology with a major client. This means that some of the revenues will not be recognised in the year to April 2025. Forecast revenues have been cut from Â£4m to Â£3.3m. The loss estimate has been increased to Â£2.3m. Net cash is expected to be Â£1.7m at the end of April 2025.

Financial services provider Team (TEAM) is raising Â£569,000 at 10p/share. The new strategic investors are VT EPIC MA Growth Fund and VT EPIC Wealth Fund. In the year to September 2024, revenues rose from Â£5.3m to Â£10.3m. The loss increased from Â£443,000 to Â£2.92m, including an impairment charge of Â£600,000. The business has been split into three divisions: investment management, advisory and international. Assets under management are Â£325m, while assets under administration are Â£836m. Inflows are increasing this year and new product launches are planned. NAV was Â£9.95m.

Broadband provider Bigblu Broadband (BBB) is launching a tender offer of up to Â£6.1m at 40p/share. It is expected to close on 22 April. Net debt was Â£6.6m and the sale of the Australian business has brought in more cash to repay that debt.

MAIN MARKET

Helium and hydrogen explorer Georgina Energy (LON: GEX) says that the Environmental Impact Report for EP513 Hussar has been completed, but the additional development opportunities mean that the report has to be extended to cover the area. The extended report should be finished by May.

North Sea oil and gas producer Serica Energy (SQZ) is in talks about a potential reverse takeover of EnQuest (ENQ). This will increase the scale of the business and is an alternative to Serica Energy moving to the Main Market.

Cybersecurity company Narf Industries (NARF) has confirmed that it has won a $6.8m contract with DARPA in the US. This is the companyâ€™s largest ever deal. This helps to increase visibility of revenues to $5m for 2024-25 and $8m for 2025-26.

BATM Advanced Communications (LON: BVC) has sold its 51% stake in diagnostic tests distributor Progenetics for $2m. Other eco-med related businesses will be sold or closed. The 2024 group revenues were flat at $117m, while EBITDA dropped from $9.9m to $8m. A non-cash write-down of around $22m is expected. There is cash of $31.6m at the end of 2024. Demand for networking products is recovering, while the cyber division continues to gain business.

Quoted Micro 3 March 2025

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

AQUIS STOCK EXCHANGE

In the six months to November 2024, Field Systems Designs (FSD) improved revenues from Â£8.8m to Â£13.1m and pre-tax profit recovered from Â£84,000 to Â£853,000. There is cash of Â£4.4m. The mechanical and electrical engineering services company has benefit from increasing activity under the AMP7 programme for the water sector. The AMP8 programme will begin in April 2025. There are secured orders worth more than Â£22m, but the start of AMP8 is likely to see a slowdown in spending before it ramps up again.

Hydrogen Hotel, Eastbourne (HYDP) improved full year pre-tax profit from Â£236,000 to Â£350,000. There was Â£610,000 of cash generated from operations. Cash was Â£2.46m at the end of October 2024. A second interim dividend of 13p/share has been declared, taking the total to 26p/share.

Zentra Group (ZNT) has completed the sale of 19 out of 24 units at the One Meadow development in West Yorkshire to a registered housing provider for Â£3.96m. This will pay off the development finance facility. There are five units to sell privately.

Hot Rocks Investments (HRIP) has invested Â£75,000 in cross border payments company Endor Group, which trades as Universe Payments. Endor chief executive Tony Quirke was finance director at Equals.

Investment Evolution Credit (IEC) is acquiring Credit Canary, which specialises in AI and software developer and provider of credit services, for Â£4m in shares at 12.5p each. The brand will be retained.

KR1 (KR1) reported an end-January 2025 NAV of 77.5p/share, down from 77.8p/share the previous month, and has generated income of Â£721,233 during the months.

Having raised Â£7.4m from a placing at 180p/share healthcare procedures providerÂ One Health Group (OHGR) has raised a further Â£200,000 through a retail offer, where shares worth up to Â£500,000 were on offer. Existing shareholders have the chance to take up shares in a one-for-38 open offer of up to Â£500,000 ahead of the move to AIM. which is expected to happen on 20 March.

Audit and assurance services provider Adsure Services (ADS) has signed a contract with K10 Vision to implement its audit working paper software. This will enhance the efficiency of subsidiary TIAA and integration is already underway.

Rogue Baron has changed its name to Richmond Hill Resources (SHNJ) and adopted an investment strategy in the natural resources. Trading in the shares recommenced on Wednesday 26 February.

Former Daniel Stewart boss Peter Shea has been appointed as a director of Good Life Plus (GDLF) and John Taylor has stepped down from the board.

SulNOx Group (SNOX) has signed an exclusive agency agreement for Greece and Cyprus with Technava SA. The focus will be the maritime market for the companyâ€™s fuel additives.

EDX Medical Group (EDX) founder and executive director Professor Sir Chris Evans acquired 60,000 shares at 12.97p each and 30,000 shares at an average share price of 13.49p each.

Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each. Cardiogeni (CGNI) executive chairman Darrin Disley has bought 152,205 shares, mainly at 22p/share, although 50,000 of these shares were acquired at 15p each.

RentGuarantor Holdings (RGG) has appointed Allenby as corporate adviser.

Inteliqo Ltd (IQO) will leave Aquis on 14 March.

ASSET MATCH

Chaarat Gold Holdings (CGH) decided to withdraw from Asset Match and the final auction was on 28 February. The last auction share price was 0.14p. The mining company left AIM on 16 August 2024.

Agricultural land and farming activities company Greenshields Agri Holdings (GAH) reported a decline in revenues from Â£6.18m to Â£3.95m. Crop sales and other farming income declined. There was also a fall in contract income. There was a reduction in cost of sales, and that helped the loss reduce from Â£728,000 to Â£436,000. NAV was Â£22.7m at the end of June 2024, which is equivalent to 145p/share.

AIM

Online building materials retailer CMO Group (CMO) has reviewed its strategic options and decided that it should leave AIM because it cannot source the finance it requires. This should save Â£700,000/year. JP Jenkins will provide a matched bargains market. CMO joined AIM at the height of the Covid-related boom in DIY and its results have declined since then. The market is currently declining, although there are signs of improvement in February. CMO raised Â£45m at 132p/share when it joined AIM in July 2021.

Staffing firm Staffline (STAF) is selling its workplace training business PeoplePlus for up to Â£6.9m - Â£12m minus Â£5.1m deduction for advanced payments. The change in government has led to uncertainty concerning training and delays in client decisions. PeoplePlus was expected to make a 2025 pre-tax profit of Â£300,000, down from Â£1.3m in 2024. Panmure Liberum expects an Â£11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to Â£7.5m worth of shares.

Bezant Resources (BZT) is planning to sell Puna Metals, which owns the Eureka gold and copper mine in Argentina, to Main Market shell Ajax Resources (AJAX). It will pay $120,000 in cash and $100,000 in shares â€“ which will be based on the price of a fundraising.

Sovereign Metals Ltd (SVML) says graphite concentrate produced at the Kasiya rutile-graphite project has met or exceeded specifications for use in flame retardants, gaskets, seals and brake linings. Demand for graphite is growing at 6%-8%/year. Sovereign Metals believe it can produce the graphite at an incremental cost of $241/t, while the recent price was $1,140/t. The information will be used for talks with potential offtake partners. Rutile continues to be the primary potential product of the project.

Photonics and optical equipment supplier Gooch & Housego (GHH) is improving efficiency and margins and is set to meet full year expectations.Â At the AGM, it was revealed that the order book has grown to Â£126.4m. Defence optics, medical diagnostics and subsea data networks demand is strong. Semiconductors and industrial lasers markets remain weak.Â Net debt was Â£19.2m, following the acquisition of Wales-based Phoenix Optical for Â£6.75m. This business is being integrated. Net debt could fall to Â£15m by the end of September 2025. Further bolt-on acquisitions are being sought.Â Trading is likely to be second half weighted. Cavendish forecasts a recovery in pre-tax profit from Â£8.1m to Â£13.3m.

EnergyPathways (EPP) has signed a non-binding memorandum of understanding with a clean energy fund, which would be a cornerstone investor in an equity funding at higher than the current share price. This will provide cash for the development of the MESH energy storage project. A FTSE 100 constituent is interested in long-term storage capacity. The final concept engineering report has been submitted and a decision on the application for a gas storage licence is expected soon. The MESH project could be operational by the end of 2027.

Growth in the revenues of diagnostics developer Oxford BioDynamics (OBD) remains modest and the loss increased. Revenues moved up from Â£510,000 to Â£636,000, while the loss was nearly Â£12m. Since the balance sheet date Â£7.35m has been raised at 0.5p/share and Ian Ross appointed executive chairman. The company is seeking partners and collaborators to accelerate the take up of its EpiSwitch products.

Following the departure of its chief executive Wendy Lawrence and the loss of a NHS 111 contract healthcare services provider Totally (TLY) has renewed two multi-year contracts worth a total of Â£30m, including option extension periods. The original contracts had a similar annual value. David and Monique Newlands have been adding to their stake, and it has risen from 5.39% to 6.67%, while Trafalgar Capital increased its shareholding from 6.04% to 8.16%. Earlier in the week, Liontrust sold its 525% shareholding.

Retail software provider itim Group (ITIM) says that 2024 revenues were 5% better than expected at Â£17.9m thanks to contract wins in the second half. This enabled itim to move back into profit. Zeus forecasts a 2024 pre-tax profit of Â£200,000 and upgraded its 2025 figure to Â£500,000.

A June 2024 revaluation of the Mpac (MPAC) pension scheme shows an actuarial surplus of Â£21.1m. Back in June 2021the pension deficit was Â£28.4m. This should make it easier to transfer the scheme to a third party.

Asia-focused oil and gas producer Jadestone Energy (JSE) increased average production in 2024 by 35% to 18,696 barrels of oil equivalent/day. Revenues improved from $309.2m to $395m. The Akatara gas processing facility is up and running. Net debt was $104.8m at the end of 2024. This year production is expected to average 19,000-22,500 barrels of oil equivalent/day. Based on a Brent oil price of $70-$80/barrel Jadestone Energy believes it can generate $270m-$360m of free cash flow between 2025 and 2027.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) has reported 2024 revenues 4% lower and an organic decline of 8% due to lower volumes and prices. Pe-tax profit was 3% lower at Â£25m. The manufacturing operations increased revenues, although like-for-like sales were flat, and its profit contribution rose by 10%.

Cybersecurity company Narf Industries (NARF) has reportedly been awarded a $6.8m contract by DARPA in the US. This is for the Intelligent Generation of Tools for Security programme. This is designed to assess vulnerabilities in systems and lasts 36 months.

Georgina Energy (GEX) says a scoping study has confirmed the viability of commercial gas production at Hussar. The NPV10 is estimated to be $1.64bn. Management is in discussions with potential offtake partners. There is a non-exclusive agreement with potential offtake partner Harlequin Energy covering helium, hydrogen and natural gas.

AIM 50 Digest 28 February 2025

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

Airline and tour operator Jet2 (JET2) says that the winter 2024-25 load fact dipped 2.2 percentage points in the year to March 2025, although the majority of that declined is down to the later Easter this year. There was also a 14% increase in capacity. Canaccord Genuity still expects pre-tax profit to improve from Â£520m to more than Â£563m even though margins are lower. There could be an additional gain on the sale of aircraft. Bookings are being made later. Although bookings for the summer are 7% ahead that is similar to the rise in capacity. Higher labour-related costs and other inflationary pressures, combined with investment in new bases at Luton and Bournemouth will hold back profit growth this year. The 2025-26 pre-tax profit forecast has been trimmed from Â£574.4m to Â£573.2m.
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Alliance Pharma (APH) adjourned the meeting on 28 February, which was meant to gain shareholder approval for the bid backed by Dbay. It will be held on 13 March. The board has reaffirmed its recommendation of the 62.5p/share cash bid.
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CVS Group (CVSG) continues to acquire Australian vet practices as it awaits further clarity on the UK market when the Competition and Markets Authority (CMA) investigation completes later this year. The latest purchase is six vet practices in Melbourne. In the six months to December 2024, revenues were 7% ahead at Â£341.8m, but that masks a 1% like-for-like decline. Growth has come from acquisitions in Australia. Pre-tax profit dipped from Â£45.3m to Â£39.2m. That is before Â£1.1m of CMA-related charges and restructuring costs of Â£400,000. The dividend was raised from 7.5p/share to 8p/share. Net debt has increased from Â£129.2m to Â£182.9m due to acquisitions spending and it will be higher at year-end.
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Victorian Plumbing (VIC) says that improved service levels have helped revenues to grow 5% so far in this financial year. Tiles and dÃ©cor have grown particularly strong. Own brand sales are helping gross margins to improve. Victoria Plumb has been closed. Interim results will be published on 14 May.
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Max Easley has been appointed chief executive of Pantheon Resources (PANR) and a convertible bond is being issued to Sun Hung Kai. The bonds have a coupon of 5% and last until March 2028. The initial plan was to issue bonds worth $30.5m and this has been increased to $35m.
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Wealth management adviser Brooks Macdonald (BRK) reported interim figures in line with expectations and it has already made progress in its new strategy. Funds under management rose nearly 4% to Â£15.7bn, but revenues dipped from Â£53.3m to Â£51.9m. Underlying pre-tax profit slipped from Â£15.8m to Â£15.5m. The interim dividend is 30p/share. The sale of the international business has been completed and three financial planning businesses acquired. Cost savings are likely from integrating the acquisitions. There is potential to provide additional services to clients. Brooks Macdonald plans to move from AIM to the Main Market. A share buyback programme of up to Â£10m has commenced.
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Integrating Fresh Relevance and adding new products is helping marketing automation services provider Dotdigital (DOTD) to grow. In the six months to December 2024, revenues were 10% higher at Â£42.4m. Organic growth was 9%. Recurring and repeat revenues were 95% of the total. Contract recurring revenues were 80%. Pre-tax profit rose 12% to Â£10m. Average revenues per customer, which is based on billing in December, increased 12% to Â£1,916/month. Dotdigital is winning larger clients, and the loss of smaller clients is slowing. The launch of WhatApp services will help growth to continue. Net cash is Â£45.7m or 15p/share. Canaccord Genuity forecasts a full improvement in pre-tax profit from Â£16.8m to Â£18m.
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Serica Energy (SQZ) says that problems caused by storm Eowyn have led to the shutting down of production from the 46%-owned Triton FPSO in the North Sea. The operator Daba identified damage to equipment. Repairs are underway and production should restart before the end of March. Serica Energy is likely to downgrade its full year production guidance from the current level of 4,000boe/day. The OFAC licence for the Rhum field has been renewed until the end of February 2027.
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Fevertree Drinks (FEVR) has commenced its share buyback of up to Â£71m and it will last until September.
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Richard Griffiths has cut his stake in Niox Group (NIOX) from 11.9% to 9.83%. Rettig Oy Ab reduced its stake in SigmaRoc (SRC) from 4.5% to 3.97%. Dave Wilson, executive chair of LBG Media (LBG), bought 45,192 shares at 110.3p each and chief executive Solly Solomou acquired 22,209 shares at 112p each.

Quoted Micro 24 February 2025

BY: Andrew Hore |
POSTED: 23/02/2025 |

AQUIS STOCK EXCHANGE

Healthcare procedures supplierÂ One Health Group (OHGR) plans to move to AIM. As part of the process, it raised Â£5.2m from a placing at 180p/share and existing shareholders have the chance to take up shares in an open offer of up to Â£500,000. A WRAP retail offer could raise up to Â£500,000 more.Â The cash will be invested in the first owned surgical hub. This will cost up to Â£9m and it could generate Â£9m of income each year. It should be earnings enhancing in the first full year of operation.Â The employee benefit trust (EBT), the chairman and chief medical officer are selling Â£2.2m worth of shares. The EBT will repay a Â£750,000 loan to the company. The retail offer closes on 24 February. The minimum subscription is Â£100.

Invinity Energy Systems (IES) has signed a partnership with Frontier Power, and it will provide the partner with flow batteries for potential projects supported by the UKâ€™s long duration cap and floor mechanism, where applications should commence in the summer. Frontier Power has reserved up to 2GWh of manufacturing capacity to underpin its bids. There will be an upfront fee when projects have been won. There could also be international opportunities.

EDX Medical Group (EDX) has developed a new test for prostate cancer. The test can identify cancerous cells, whether the cancer is early stage or late stage and how aggressive the cancer is. More than 100 biomarkers are measured by the test, which is more than rival tests. Accuracy should be better than 96%. There are 55,000 cases of prostate cancer in the UK each year. Founder Professor Sir Chris Evans acquired a total of 320,000 shares at an average share price of 13.68p each, plus 20,000 shares at 13.5p each, taking his stake to 37.3%. Chief executive Dr Michael Hudson bought 45,888 shares at 10.87p each, taking his stake to 5.84%, and deputy chair Martin Walton purchased an initial 85,000 shares at 10.717p each.

Valereum (VLRM) has entered into an agreement with DMC Markets Inc for a cash raise of Â£19m. Previously it was expected to be Â£13m. There will be 130 million shares issue at 10p ach and 20 million shares issued at 20p each, plus a further 20 million shares at 10p each that were previously under option to Blue Sky Vision. This will be done via a new company called Valereum Inc, which will hold 48.9% of Valereum. A UK investor will invest an additional Â£1m at 20p/share. The cash will be invested in minority stakes in four strategic assets sourced by DMC.

ProBiotix Health (PBX) has an agreement with Kemin China Technology, which will sell LP LDL as a cardiometabolic health ingredient in China, Hong Kong and Macau. The sales will be co-branded. Chief executive Steen Andersen has been granted 9.05 million options with an exercise price of 9.5p. They last ten years and performance criteria have to be met for them to be exercised.

Vehicle electrification technology developer Equipmake (EQIP) has signed a development agreement with JC Bamford. It will develop specific power electronics for JCB. This is an initial six-month development agreement.

Coinsilium Group Ltd (COIN) says portfolio company Otomato Web3 Agent Protocol, which has commenced the launch of the Otomato.xyz platform. The public launch is scheduled for the second quarter of 2025. The platform streamlines Web3 interactions. As well as its stake, Coinsilium has the rights to 7.5% of revenues generated by the platform up to the Token Listing Event.

Ananda Pharma (ANA) has completed the manufacture of a final technical batch of MRX1 CBD drug candidate. This enables the next step of the process to achieve MHRA clinical trial approval.

Arbuthnot Banking Group (ARBB) is trading in line with expectations and is set to achieve a 2024 pre-tax profit of Â£34.5m.

Tap Global Group (TAP) has raised Â£1m at 2p/share and this will be invested in the fintech app platform and growing its database of registered users.

SulNOx Group (SNOX) non-exec Nicholas Fairfax has bought 91,350 shares at 87p each. SulNOx has secured a patent in Malaysia covering a range of formulations for emulsifiers and fuel conditioners.

Mark Lyttleton has a 3.11% stake in WeCap (WCAP). Stephen Hill has 3.7% of Igraine (KING). Kasei Digital Assets (KASH) director Bryan Coyne bought 1.06 million shares at 11.22p each, taking his stake to 18.9%.

ASSET MATCH

Marshall of Cambridge (MCH) says the MoD has sold 12 ex-RAF C-130 aircraft to the Turkey government. Marshall has undertaken life extension work on seven of the aircraft and it will do the same work on the other five aircraft for the Turkey government. The value of this contract is Â£200m and it includes ongoing maintenance. This work will last until 2028. The US authorities are required to approve the deal.

JP JENKINS

Hotel chain operator Studio Stays Hotel Group (SSHG) has joined JP Jenkins. This is a company that was formed by chief executive Grant Bovey on 7 February 2025. It has raised Â£50,000 at 0.5p/share. The plan is to develop a business that generates income from hotels and AIRBNB.

Deltex Medical Group (DEMG) has departed AIM and moved to the JP Jenkins matched bargains platform. The share price ended on AIM at 0.024p. Deltex Medical has developed ultrasound-based oesophageal doppler monitoring equipment for surgery and intensive care use.

Tribe Technology (TRYB) has also left AIM. The last share price on AIM was 0.075p. Northern Ireland-based Tribe Technology is a developer of autonomous mining equipment.

AIM

Cash shell Rosebank Industries (ROSE) is in discussions with Cerberus Capital about the acquisition of Electrical Components International Inc (ECI).Â US-based ECI is a supplier of critical electrical distribution systems to a range of industries. No price has been put on the acquisition, but it will require a significant share issue and a new debt facility. The deal is subject to due diligence and will require a document for readmission to AIM.Â Trading in Rosebank Industries shares has been suspended until there is a document. Rosebank Industries joined AIM on 11 July 2024 after raising Â£50m at 250p/share.Â There was cash of Â£48.1m at the end of 2024.

Greatland Gold (GGP) released maiden drilling results for the West Dome Underground target at the Telfer prospect. This deposit is 800 metres below the West Dome open pit. There were 16 out of 19 holes that intercepted significant mineralisation. The weighted average intercept is calculated as 23 metres at 2.95g/t gold and 1.07% copper. This could extend the mine life. There will be a second phase of drilling.

Rail software and technology company Tracsis (TRCS) has won the contract to provide the â€˜tap converterâ€™ ticketing technology that will enable pay-as-you-go travel across the UK rail network. Tracsis previously supplied a similar service to some train operators. This will generate a small, fixed payment to Tracsis with every journey and could generate highly significant revenues. If 10% of journeys are via PAYG then this could generate Â£3m of annual revenues. The technology will not be deployed until 2026 and will take time to roll out, so it does not affect the 2024-25 forecasts and is not included in the 2025-26 pre-tax profit forecast of Â£15.3m. The Department of Transport has published a document outlining plans for Great British Rail and this should lead to the ending of uncertainty of the future of rail.

Medical and radiation technology developer Kromek (KMK) has received the initial payment of $25m from its deal with Siemens. This will enable Kromek to be profitable this year. The total agreement is worth $37.5m. The rest is payable over four years.Â The deal was announced at the end of January and is for producing cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. This is a non-exclusive agreement and could lead to deals with other companies.Â Cavendish forecasts a 2024-25 pre-tax profit of Â£4.9m after a recovery in revenues in the second half. This could fall to Â£2.1m next year. Net cash is expected to be Â£1.8m at the end of April 2025 and Kromek is likely to stay in a net cash position for the next two years.

TheraCryf (TCF) is raising Â£4.25m at 0.25p/share. The previous closing share price was 1p. The cash will finance the pre-clinical development of Orexin-1, which came with the acquisition of Chronos Therapeutics.Â Orexin-1 is a potential drug for a range of neuropsychiatric disorders, including addiction and anxiety. This market could be worth $67.6bn by 2034. The preclinical data generated will help to attract potential partners. TheraCryf was previously expected to have net cash of Â£900,000 by the end of March 2025.Â Former Avacta boss Dr Alastair Smith has been appointed as TheraCryf chair. He will take his fee for at least 12 months in the form of shares.

Film and media localisation services provider Zoo Digital (ZOO) expects full year revenues to be at least $50.5m and a return to positive EBITDA of at least $1m. These are below expectations, though. Trading recovered following the writersâ€™ strike in Hollywood, but there have been delays and cancellations. Zoo Digital is a preferred fulfilment vendor for Amazon Prime Video and there is an increase in potential work, predominantly for existing content. Original content production remains subdued and may not recover until nearer the end of the year. This year dubbing revenues will be lower than last year. Fixed costs have been cut by one-fifth over the past year and margins are improving.

Scotland-based housebuilder Springfield Properties (SPR) is selling land holdings in central Scotland to Barratt for Â£64.2m and could sell further sites. This will contribute a significant profit in the year to May 2025. Springfield Properties will refocus on the north of Scotland. Trading has been weak so far in this financial year. Interim revenues declined 13%, but better margins meant that pre-tax profit recovered from Â£2m to Â£3.8m. Singer has downgraded its 2025-26 pre-tax profit forecast by 14% to Â£14.2m, but the dividend is expected to continue to recover. A net cash position is expected by 2027.

Transense Technologies (TRT) reported interim figures showing revenues 36% ahead at Â£2.46m, although pre-tax profit was 13% lower at Â£550,000. Hiring is going on to build up the business to cope with further growth and this is holding back short-term profit. Full year pre-tax profit is expected to edge up to Â£1.6m this year, before slipping back to Â£1.3m in the year to June 2026. It should then return to growth. The company recently secured a new distribution agreement with Haltec Corporation, a US tyre valve company focused on mining, truck and aviation sectors. Cash was Â£1.19m at the end of 2024, but it rose to Â£1.87m at the end of January 2025.

Cambridge Cognition (COG) has submitted a letter of intent to the FDA under the Drug Development Tool pathway. This relates to the development of digital cognitive assessments reliable measurement of Cognitive Impairment Associated with Schizophrenia (CIAS). Cambridge Cognition does not require regulatory approval for its assessments, but the FDA qualification would help to broaden the adoption. The FDA has a backlog, and it could take more than two months to get a response. The next step would be to submit a detailed plan.Â Cambridge Cognition’s CANTAB platform has been used in the analysis of two phase 3 rials that were used in the FDA approval of Cobenfy from Bristol Myers Squibb. Cobenfy is the first antipsychotic drug to be approved with a new mechanism of action was approved in September 2024.

Compliance and resource management software provider AdvancedAdvT Ltd (ADVT) is winning new business and generating renewals on improved terms. Demand for cloud and digital services is growing. Singer expects EBITDA of Â£9.6m, having previously forecast Â£8.4m. The 2026 EBITDA forecast has been raised from Â£8.8m to Â£10.1m. AdvancedAdvT is still at an early stage of its buy and build strategy. Net cash is estimated to be Â£88m.

Media marketing platform developer SEEEN (SEEN) says 2024 revenues grew from $2.1m to $3.2m following a strong second half. This suggests that the business is gaining momentum and the current annual run-rate for revenues is $5m, which is in line with forecasts. A large publisher has contracted SEEEN to manage its video library on YouTube. SEEN has IP that can maximise the income from these videos. Revenues were below forecast but the outlook is positive.

Biome Technologies (BIOM) is planning to leave AIM and is holding a general meeting on 13 March to gain shareholder agreement. Access to additional funding is difficult with a depressed share price due to trading disappointments. Management believes it will be easier to raise cash as a private company without a public share price. It will also be easier to enter into transactions without having to make announcements. There will also be cost savings. JP Jenkins will provide a matched bargains facility.

Allergy Therapeutics (AGY) says published data from its phase III G306 study for its grass allergen immunotherapy Grass MATA MPL shows a 20.3% improvement, which is much higher than for trials of other treatments. The treatment requires six injections rather than up to 100 injections and tablets of other treatments. The quality of life improves by 27.7%. A marketing authorisation application has been filed in Germany.

Totally (TLY) chief executive Wendy Lawrence has stepped down and the board is seeking a replacement for the healthcare services provider. This follows the trading statement at the end of the previous week when the company lost a contract. Totally is still expected to make a pre-tax profit of Â£700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from Â£1.6m to Â£700,000. Professor Prasad Godbole is interim chief executive, although he is not on the board.

MAIN MARKET

Helium and hydrogen explorer Georgina Energy (GEX) has paid the A$50,000 deposit to AIM-quoted Mosman Oil and Gas (MSMN) as part of the acquisition of the company that owns the EPA155 permit. This covers Mt Winter, where previous drilling has identified helium and hydrogen, along with natural gas. The final acquisition is dependent on government authorisation of the exploration permit. This will trigger the second payment of A$300,000. Seismic data is being reprocessed. At the Hussar project, the Environmental Impact Survey is being completed.

First Tin (1SN) says crushing test work at the Taronga tin project in Australia shows it is possible to obtain up to 89.5% up to 89.5% of the contained tin. The average is 87.1% across seven samples. Testing is ongoing.

Quoted Micro 17 February 2025

BY: Andrew Hore |
POSTED: 16/02/2025 |

AQUIS STOCK EXCHANGE

Music management and event promotion company All Things Considered (ATC) more than doubled 2024 revenues to Â£50m and EBITDA was Â£1.5m. Growth is coming from adding managers and new clients, plus acquisitions. Further acquisitions are planned. An agreement has been reached to take the stake in livestreaming platform Driift from 32.5% to 100%. All Things Considered is assessing a move to an unspecified London Stock Exchange market.

Broker and investment manager Oberon Investments Group (OBE) has raised Â£2.5m in an oversubscribed placing at 4.5p/share. The cash will be used to accelerate growth, particularly in the broking business, which is expected to increase revenues by more than 50% in the current year. Mergers among larger broker provide potential to add to clients. There are also opportunities to add teams of investment and wealth managers. The Oberon AIM VCT (OVCT) is trying to raise a further Â£5m, plus over-allotment facility of Â£3.4m. Oberon Investments gets a fee based on the amount subscribed.

Cardiogeni (CGNI) has signed a memorandum of understanding with the private office of Sheikh Al Qassimi for funding of clinical trials. A joint venture will be formed, and it will receive Â£20m over a period up to 2027 to complete research and clinical trials in the UAE. There will be an initial cash injection of Â£5m. The cash will fund phase 2b/3 clinical trials and commercialisation of Cardiogeniâ€™s heart failure treatments. The deal could be signed by the end of March 2025.

In the year to January 2025, EPE Special Opportunities (EO.P) NAV edged up to 328p/share. That includes cash of Â£11m. Trading was tough for all of the businesses in the portfolio. Investee company Whittard of Chelsea increased like-for-like sales by 6%. Pharmacy2U also grew organically and acquired a business in the pet care market.

ChallengerX (CXS) has entered into conditional agreements to acquire NYCE International for Â£1.6m, Virya VC for Â£280,000 and an instance of Reelsof ABâ€™s remote gaming software and game aggregation platform for Â£160,000. These payments will be satisfied by the issue of 510 million shares at 0.4p each. There will also be a Â£600,000 fundraising. Virya founder Farzad Peyman will be appointed chief executive and NYCE founder Harmen Brenninkmeijer will become executive chairman.

Marula Mining (MARU) has signed the first copper sales agreement for the Kinusi copper mine with a European commodity trader. The initial delivery is 250 tonnes of copper concentrate based on 20% copper grade. The income is linked to the LME copper price with additional payments for gold and silver content. The first revenues should be received in this quarter. After successfully delivery, there will be more each month that will total up to 1,000 tonnes. There are three other potential offtake agreements. Kinui has reached a milestone, so $200,000 of shares have been issued to Takela Mining Tanzania at 6p each. Marula Mining has also paid the final consideration of Â£625,000 for Northern Cape Lithium and Tungsten in the form of 20.83 million shares at 6p each. Modifications to the plant at the Kilifi processing plant in Kenya should be completed in the second quarter. As part of the drawdown agreement, AUO Commercial Brokerage has subscribed for Â£500,000 worth of shares at 3.75p/share.

Valereum (VLRM) is not proceeding with the Â£2m option agreement with Blue Sky Ventures. Blue Sky was going to subscribe for shares at 10p each. It was previously announced that the option had been exercised. The proposed subscription may be taken on by another investor.

Inteliqo Ltd (IQO) wants to cancel the admission to the Aquis Stock Exchange. Inteliqo has been developing and marketing the Langaroo app for a client. It wants to save the costs of the quotation. Trading could end on 14 March if shareholders agree at the general meeting on 27 February.

Early-stage businesses investor MaxRets Ventures (MAX) is also seeking shareholder approval at a general meeting on 4 March to leave the Aquis Stock Exchange. There has been limited liquidity in the shares, and it can be difficult to trade. It has not been possible to raise additional cash.

Ormonde Mining (ORM) has secured three-year renewals for two gold exploration licences in Zamora Province in western Spain. Ormonde Mining plans to acquire the other 51.3% interest in the licences from AIM-quoted cyber security company Shearwater Group (SWG) for five million shares. That is a discount to the implied book value.

EDX Medical (EDX) has appointed Martin Walton as deputy chair. He has worked for other life sciences companies, including former AIM company ReNeuron.

One Heritage Property Development has reduced its stake in Zentra Group (ZNT) from 65.2% to 53.8% and Jason Upton, a director of the company, has raised his shareholding from 3.5% to 14.85%.

DXS International (DXSP) chairman Bob Sutcliffe bought 60,000 shares at 2.89p each, taking his stake to 2.08%. Gowin New Energy Group (GWIN) director Chen Chih-Lung has been transferred 9.73 million shares by Choice Only International Ent Co at a price of 0.00012894p each.

Investment Evolution Credit (IEC) has appointed Oberon as broker.

ASSET MATCH

The i-nexus Global (INX) auction has closed, and 49,220 shares were traded at 1.5p each.

AIM

Agricultural products supplier Wynnstay (WYN) reported a small dip in gross profit for the year to October 2024, but higher energy and labour costs meant that pre-tax profit reduced from Â£10.3m to Â£7.6m. Higher prices for milk and other agricultural products provide a more favourable background for this year. Even after a Â£600,000 National Insurance cost increase, pre-tax profit is expected to recover to Â£8.5m this year. A three-year programme called project Genesis will help to improve efficiency and there will be investment in additional feed capacity.

Cavendish has upgraded Filtronic (FTC) due to another contract from SpaceX. The 2024-25 pre-tax profit estimate has been raised from Â£11.5m to Â£11.9m, while the 2025-26 figure has been edged up from Â£8m to Â£8.3m. This Â£16.8m order is part of the framework agreement to supply technology for the Starlink Low Earth Orbit satellite network.

Specialist staffing provider Gattaca (GATC) has offset a small decline in net fee income in the first half through cost control. This is a better performance than the sector. Interim net fee income is 3% lower at Â£18m following a 10% decline in permanent net fee income. There are signs of recovery in permanent net fee income. Interim pre-tax profit is likely to be flat at Â£800,000. The full year pre-tax profit forecast is Â£3m. The forecast dividend of 3.1p/share should be twice covered by earnings.

Distribution Finance Capital Holdings (DFCH) has received authorisation from the FCA to conduct consumer lending. The core business is providing finance to distributors and manufacturers. The new retail products should be launched by the end of the first half of 2025. They can be offered through dealers that already work with the company.

Lord Ashcroft is trying to remove another of his companies from AIM. A general meeting has been requisitioned at wine maker Gusbourne (GUS), where he owns 66.8%. Talks with potential acquirers have ended and the strategic review has been terminated. This follows Lord Ashcroftâ€™s success in getting Merit Group and Jaywing to leave AIM.

Genetics company GENinCode (GENI) is raising Â£4m at 3.7p/share and a retail offer could raise up to Â£500,000 more. The retail offer closes on 17 February at 5pm.Â There will be Â£1.5m set aside for commercialising its diagnostic products in the US. The US regulatory and reimbursement programmes will be completed. There will also be cash spent on expansion in the UK and the EU. There could be other funding options, such as partnerships and distribution agreements. Lipid inCode and Cardio inCode are the two main products. Lipid inCode diagnoses family hypercholesterolemia, which has a low rate of diagnosis with four-fifths of sufferers estimated to be undiagnosed. Cardio inCode focuses on genetic risk.

Optimisation software provider Checkit (CKT) has agreed a merger with Crimson Tide (TIDE). Shareholders will receive six Checkit shares for each Crimson Tide share. This ratio is based on the relative annual recurring revenues of each company. Checkit has been interested in a merger for four years and an indicative offer was made and rejected. Following the decision of Ideagen last July not to make a cash bid for Crimson Tide the two companies commenced discussions. The deal will increase the scale of the workflow management business. The Checkit chief executive and finance directors will remain in their roles. Crimson Tide was valued at Â£6.5m (99p/share) at the Checkit closing price last Monday.

Healthcare services provider Totally (TLY) has lost the NHS 111 Resilience support contract. The 12-month contract was worth around Â£13m and it ends on 15 February. This is due to the ending of national services for excess demand. Totally is still expected to make a pre-tax profit of Â£700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from Â£1.6m to Â£700,000. The 10-year government plan for the NHS should be published in the spring.

Medical imaging technology developer IXICO (IXI) announced the completion of the analysis of more than 6,000 images within its Huntington’s disease patient MRI datasets. This puts IXIXO in a strong position to be selected as a contract research organisation on Huntingdon’s disease clinical trials.Â This is part of the Huntington’s Disease Imaging Harmonisation consortium.Â This data should identify imaging biomarkers. This will help with improving clinical trial design, patient selection and drug development. IXICO has 25 clinical trials in its order book and ten of them are for Huntington’s disease. They account for 50% of the order book that was worth Â£15.4m at the end of September 2024. Globally, there are a total of 58 active Huntington’ disease clinical trials.

Avingtrans (AVG) subsidiary Booth Industries has won a Â£4.5m contract to supply pressure rated fire doors to HS2. These doors provide access to railway tunnels in emergencies.Â Booth Industries already had a Â£36m contract with HS2 for cross-tunnel sliding doors that seal off passageways between tunnels.Â Production for the latest contract is not expected to start until the year to May 2027. Interim results are due to be published on 26 February.

Serinus Energy (SENX) has won a legal case against the Romanian tax authorities over VAT refunds. The company has been awarded a VAT refund of $1.73m for 2018 and 2019, as well as interest of $750,000. This has to be paid within 45 days. The Romanian operation is loss-making, but there are gas projects that could be developed. The 2024 results are due to be published in March and there should be news concerning how the money will be invested in the business.

Empire Metals (EEE) has achieved a 91% extraction rate of titanium dioxide at the Pitfield project in Western Australia. The test work results suggest that the processing method is straightforward. Development of the processing flowsheet is continuing, and further refining could increase recovery. The main titanium-bearing minerals are anatase and rutile.

Surgical instruments manufacturer Surgical Innovations (SUN) has returned to profit in the second half of 2024, although the full year loss could still be Â£300,000. Trading was broadly in line with expectations. Net debt was Â£300,000 at the end of 2024. Brent Greetham has been appointed as finance director. The business restructuring of the business will benefit the 2025 figures.

Wound healing technology developer AOTI Inc (AOTI) says 2024 revenues will be in excess of $58.1m, up from $43.9m. The Veterans Association accounted for less than three-fifths of revenues as new markets are developed, and they will become increasingly important. However, payments are slower. The full figures will be published on 26 April. Growth is expected to be more than 30% in 2025.

Strategic Minerals (SML) has identified additional mineralisation at the Redmoor tungsten and copper project in Cornwall. This will add to a future update of the mineral resource estimate, which is six years old. The total inferred resource was 11.7 million tonnes at 0.82% tungsten equivalent. Further drill core from 2017 will be relogged to support the remodelling of the deposit.

MAIN MARKET

Fintech Asia has completed the reverse takeover of Mongolia-based ICFG and changed its name to ICFG Ltd (ICFG). The payment was 177.84 million shares at a valuation of 64p each, which was higher than the market price. The main subsidiary InvestCore NBFI is listed on the Mongolian Stock Exchange, but ICFG owns more than 80%. This subsidiary has operations in Mongolia and Kyrgystan and is opening additional operations in Kazakhstan and Uzbekistan. There are plans to open up in other countries in Asia. Investment in software and AI helps ICFG to be competitive. Other operations include investment banking and property investment. Trading in the shares resumed and the share price ended the week at 50.5p.

ACG Metals (ACG) is planning a cash tender offer for 30% of warrants in issue. The offer is 50 cents for each warrant. It already announced an offer for the other 70% of warrants of 0.1 of a share for each warrant. Both tenders close on 28 February. The Gediktepe mine increased gold equivalent production by 49% to 57,000 ounces. Costs fell 2% to less than $1,150/ounce.

Shares in royalty company Cloudbreak Discovery (CDL) returned from suspension following publication of the accounts for the year to June 2024.

AIM 50 Digest 14 February 2025

BY: Andrew Hore |
POSTED: 16/02/2025 |

Building materials supplier CRH has sold its 15% stake in SigmaRoc (SRC), which it acquired in a share placing at 47.5p/share in late 2023. That was part of the deal for the sale of its European lime assets to SigmaRoc. The investment totalled Â£81.5m and 14 months later the disposal, which was at 67p/share, raised Â£115m. SigmaRoc chief executive Max Vermoken purchased 32,632 shares and chairman David Barrett acquired 142,000 shares. The CRH share sale followed a year-end trading statement revealing that SigmaRoc earnings were ahead of expectations. Year-end net debt was Â£510m.
======
Motor dealer Vertu Motors (VTU) warned that UK retail care sale volumes are at the lowest level this century, although it has outperformed the market. Meanwhile, used car margins have not improved as hoped. The zero emission vehicles mandate is a major issue for the sector. Margins are likely to be hit as car makers try to increase the market share of these vehicles to 28% in 2025. There will be an additional Â£10m of costs following the Budget. Progressive Research has cut its 2024-25 pre-tax profit forecast from Â£36.9m to Â£29.6m. Next year’s figure has been slashed from Â£43.4m to Â£26.5m. A further Â£12m share buyback is planned. Cag Vega 2 has increased its stake in the motor dealer from 9.76% to just above 10%.
======
South Africa-based gold producer Pan African Resources (PAF) reported a small reduction in revenues from $191.1m to $189.3m, while profit increased by 10% to $44.6m, but that includes the one-off Tennant Consolidated Mining acquisition gain. Gold sales have slumped by 18% to 79,926 ounces and the $/Rand exchange rate also hit income. On top of that, revenues were hampered by the synthetic forward sale transaction. This is settled at the end of February. The company will then be able to receive the spot gold price, which is currently $2,680/ounce. In the first half the average sale price was $2,359/ounce. That will help the second half to be better than the first half. There should also be a significant increase in production in the year to June 2026.
======
Translation and IP services provider RWS Holdings (RWS) has generated organic constant currency growth in the first quarter, but there is pressure on prices. RWS is focusing on growth areas. Growth in volumes should continue to offset price pressure. Cost savings will predominantly come through in the second half. At the AGM, there were 23.4% of votes against the motion to approve the directors’ remuneration report. None of the other votes had that level of opposition. Octopus Investments has increased its RWS shareholding from 5.04% to 7.16%. Late in January, finance director Candida Davies sold at total of 38,288 shares in two lots at 149.62p/share and 135.17p/share respectively to pay tax obligations.
======
Team Internet (TIG) revealed 2024 revenues fell 4% to Â£803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.
======
Steve Hatch has stepped down as chief executive of YouGov (YOU) and former boss Stephan Shakespeare will return to the role on an interim basis. The business grew modestly in the first half before the initial inclusion of the CPS acquisition. Management expects to achieve 70% of the Â£20m of annual costs savings by the end of June. Trading remains tough, but there should still be modest growth in the second half. The interims will be published on 31 March.
======
Data and analytics information provider GlobalData (DATA) has announced a proposed move to the Main Market to enhance its profile and gain access to a broader range of investors. A Â£50m share buyback has commenced. The company proposes that chairman Murray Legg stay on for another three years to facilitate an orderly succession even though he has already been on the board for nine years.
======
At its recent capital markets day Mortgage Advice Bureau (MAB1) set out its strategy and medium-term targets. The plan is to double 2024 revenues and generate an underlying pre-tax profit margin of more than 15%. In tandem with this, Mortgage Advice Bureau wants to double its market share. Surplus capital not required to grow the business or make acquisitions will be paid out to shareholders. In 2025, the intention is to pay 50% of underlying earnings in dividends. Mortgage Advice Bureau is considering a move to the Main Market, and it hopes to gain inclusion in the FTSE 250 index following the switch.
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Serica Energy (SQZ) says the OFAC licence and secondary sanctions assurance relating to the 50%-owned Rhum field in the North Sea has been extended until 31 March 2025. This will enable processing of the long-term licence application.
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Semiconductor wafer manufacturer IQE (IQE) says Lombard Odier and other major investors are subscribing for convertible loan notes at an 85% discount to face value, which will raise Â£18m. The initial term is 12 months. The conversion share price is 15p. The strategic review is continuing.
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Cohort (CHRT) subsidiary MASS has obtained an extension to the Joint Command and Staff Training contract for UK Strategic Command until July 2027. This is valued at Â£17.5m.
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ITM Power (ITM) has a contract to supply four Neptune V green hydrogen plant units to La Francaise de lâ€™Energie.
======
Joint chief executive Neil Stevens is leaving IFA support services provider Fintel (FNTL) at the end of June and Matt Timmins becomes sole chief executive. He has bought 34,987 shares, while finance director David Thomson has acquired 15,868 shares and chairman Phil Smith bought 18,653. The shares cost an average of just over 267p each.
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Swedbank Robur Fonder AB has built up a 5.04% stake in Renew Holdings (RNWH) over the past month.
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LBG Media (LBG) non-executive director Carol Kane has acquired 46,844 shares at 106.5p each. She owns 0.4% of the digital media company.
======
Nichols (NICL) has appointed Berenberg as joint broker.

Quoted Micro 3 February 2025

BY: Andrew Hore |
POSTED: 02/02/2025 |

AQUIS STOCK EXCHANGE

Cellular medicines developer Cardiogeni (CGNI) joined Aquis on Friday and the share price slumped to 60p. The subscription share price ahead of the flotation was 147p, when Â£1.44m was raised. The initial market capitalisation was Â£125.5m. The CLXR-001 product is targeting the cardiac market, specifically coronary artery bypass grafting.

Marula Mining (MARU) revealed metallurgical testing and plant optimisation studies for the Kilifi manganese processing plant. This confirms that Kalifi can produce saleable product of up to 40% manganese with slight modifications to equipment. These modifications are underway. Marula Mining has drawn down Â£250,000 from its facilities with AUO Commercial Brokerage and issued 6.67 million shares at 3.75p each in consideration. Assays from copper ore samples taken from the Kinusi copper mine in Tanzania show an average grade of 21.5% copper.

KR1 (KR1) had an NAV of 77.81p/share at the end of 2024. The digital assets generated income of Â£946,000. The two largest holdings are in Celestia and Polkadot, which account for two-fifths of the digital asset portfolio.

Lift Global Ventures (LFT) investee company Trans-Africa Energy is in discussions with a Southern African state investor. If an investment is made it will enable the repayment of Â£350,000 of Lift Global Venturesâ€™ loan. The loan has been extended to 30 April.

WeCap (WCAP) increased its direct shareholding in WeShop to 5.189 million shares or 16.2%, after the end of October 2024. WeShop plans to list in the US and its most recent share issue was at 476p/share. That would value the stake at Â£24.6m. Ther is also a stake in Bio2pure.

Snacks maker S-Ventures (SVEN) has published its interims to June 2024. Revenues were Â£8m and the loss was Â£500,000. Talks continue with RiverFort Global Opportunities about the sale of the operations to the AIM-quoted company in return for shares that would then be distributed to shareholders.

Mental health treatments developer Shortwave Life Sciences (PSY) reduced its interim loss from Â£285,000 to Â£115,000. Cash declined to Â£30,000 at the end of October 2024. A Crowdcube fundraising campaign is planned to raise cash to fund the development of the anorexia nervosa treatment.

Investment Evolution Credit (IEC) reported an interim loss of Â£405,000 on the back of higher overheads. Â The previous interim loss would have been Â£204,000 without one-off income. Further funding will be required to grow the lending business.

There was a Â£979,000 cash outflow from Ora Technology (ORA) operations in the year to July 2024. That left cash of Â£58,000. The carbon credits trading platform has been completed. The merger transaction with Kondor AI is continuing.

Valereum (VLRM) says that the strategic investment with DMC Markets Inc is nearing completion.

Helium Ventures (HEV) had Â£37,000 in cash at the end of October 2024, while net liabilities are Â£57,000. There are two investments: Vestigo Technologies, trading as Trackimo, and ASX-listed Blue Star Helium.

In the year to August 2024, Capital for Companies (CFCP) pre-tax profit dipped from Â£1.71m to Â£376,000, mainly due to a Â£1m reduction in fair value gains. Net assets are Â£15.2m, including cash of Â£1.24m. NAV/share is 82p, following the payment of a 2.1p/share dividend.

Global Connectivity (GCON) investee company Rural Broadband Solutions invested Â£2.54m in UK broadband provider Voneus and maintains its stake at 41%. Global Connectivity now owns 9% of Rural Broadband Solutions. Livia Meyer has raised her stake in Global Connectivity from 8.78% to 10.2%.

Eight Capital Partners (ECP) converted its 4.8% bond into shares and consolidated 4,000 shares into one new share. The shares started the week at the equivalent of 112p and ended it at 115p.

Phoenix Digital (PNIX) has secured a credit facility of up to $2m with AMINA Bank. The annual interest charge is SOFR plus eight percentage points. This will fund the business and enable it to retain its cryptocurrency investments.

ChallengerX (CXS) had a cash outflow from operations of Â£19,000 in the six months to December 2024. Negotiations for the acquisition of Nyce International and Virya VC continue.

Constantine Logothetis has increased his shareholding in SulNOx Group (SNOX) to 26.8%. Non-executive director Nicholas Fairfax sold 21,750 shares at 72.5p each.

BWA Group (BWAP) chairman Jonathan Wearing bought 500,000 shares at 0.5p each, taking his stake to 25.65%. Shepherd Neame (SHEP) chairman Richard Oldfield bought 7,541 shares at 517.5p each and then 42,459 shares at 519p each. DXS International (DXSP) chairman Bob Sutcliffe bought 15,000 shares at 2.9p each.

Fenikso (FNK) has received a further $418,000 in repayment of a loan to Lekoil and Gas Investments. This will go towards reducing the loan from Savannah Energy Investments, which is currently $11.7m. Fenikso also has cash and investments of more than $6.5m.

The exercise of warrants in Coinsilium (COIN) raised Â£41,000 at 3p/share.

ASSET MATCH

Greenshields Agri Holdings (GAH) has increased its NAV from 153p/share to 165p/share following land sales and the buyback of 3.28 million shares. The remaining land is valued conservatively. Market values for farmland are subdued following the Budget. The farming operation is being made more efficient and profitable. The rebuilding of the fire damaged renewables shed should be completed by the summer. The insurance claim is progressing. The CHP plant is likely to be replaced by battery storage or solar because of the better potential returns. There were 184,600 shares traded in the auction at 150p each.

AIM

Energy supplier and energy efficiency services provider Good Energy (GOOD) is recommending a 490p/share bid from Esyasoft. That values Good Energy at Â£99.4m. Esyasoft is expert in smart grid technology and is attracted to Good Energy because of its transformation into an energy-as-a-service business and the potential to roll out some of its operations, such as 49%-owned Zapmap EV apps and services, outside of the UK. Good Energy has invested a further Â£1.85m in ZapMap via convertible loan notes. If converted that would make it the majority shareholder. The financial backing of a larger company will help Good Energy grow faster. Major shareholder Ecotricity has committed to accepting the bid.

Medical and security technology developer Kromek (KMK) has secured multi-year agreements with Siemens Healthcare, which will produce cadmium zinc telluride (CZT) detectors for single photon emission computed tomography (SPECT) applications. Kromek will receive $37.5m over five years and the first instalment is $25m. This is a non-exclusive agreement and enables Kromek to move into profit this year. Interim revenues fell from Â£7.1m to Â£3.7m. There was Â£600,000 in the bank at the end of October 2024, although net debt was Â£11.7m. The strengthened balance sheet should at least delay any requirement for another share issue.

Futura Medical (FUM) traded in line with expectations in 2024, but US sales of erectile dysfunction product Eroxon are not growing as quickly as hoped. US distributor Haleon is refining its marketing strategy. Some European launches have been delayed. It is unclear whether the market size will be as large as anticipated. Net cash is Â£6.6m. That will last until late 2026.

Lords Group Trading (LORD) says weak trading in the plumbing and heating division has offset progress in the buildersâ€™ merchant division. The 2024 pre-tax profit forecast has been cut from Â£6.4m to Â£4.3m. Additional National Insurance and wage costs of Â£1m have contributed to a 2025 forecast reduction from Â£8m to Â£4.7m. Cavendish is optimistic of a recovery in the second half of 2025.

Fuel additives developer Quadrise (LON: QED) generated Â£4.5m via a placing at 3p/share, which was well above the minimum sought, and the retail offer was doubled to Â£2m and was still oversubscribed.

Metals One (MET1) is raising up to Â£5m, or Â£3m after costs, plus up to Â£100,000 from a retail offer. A convertible loan note will raise Â£600,000, which will be interest free, and Â£4.4m via a warrant instrument. There will also be a ten-for-one share consolidation â€“ the retail offer price will then be 2p. The effective exercise of the warrant instrument depends on the consolidation and shareholder approval, plus a 24-month consulting agreement with MavDB costing Â£2m. The PEA for theÂ FinlandÂ - Black Schist Ni-Cu-Co-Zn projectÂ has been published.

Franchised lettings and property sales business The Property Franchise Group (TPFG) increased 2024 revenues from Â£27.3m to Â£67.2m thanks to the contribution from Belvoir. That deal makes financial services a much bigger contributor. Further acquisitions led to the creation of a licensing division, which provides central support for a licence fee. There was organic growth in letting and sales. Pre-tax profit is expected to rise from Â£11.2m to Â£22m, but earnings will be flat with a post-merger boost coming this year.

Clinical trials manager hVIVO (HVO) is acquiring two clinical research units from Germany-based CRS for â‚¬10m. This will broaden the range of phase I and phase II trials that can be provided. Last yearâ€™s revenues were â‚¬19.9m and the acquisition should be earnings enhancing in 2026. The group order book is Â£67m. Year-end cash was Â£44.2m. hVIVO has signed a letter of intent with ILiAD Biotechnologies to conduct a large-scale phase 3 human challenge trial for a potential whooping cough vaccine, BPZE1. The trial will start in the second half of 2025. No contract value is mentioned but it should be worth more than Â£10m.

Kettle controls and water filtration products supplier Strix (KETL) had a strong fourth quarter and pre-tax profit was ahead of previously upgraded forecast. It is expected to be Â£18.4m and the 2025 estimate has been raised from Â£18.2m to Â£18.7m. Perhaps more importantly net debt was lower than expected at Â£68m.

Energy efficiency services provider eEnergy Group (EAAS) ended 2024 strongly with full year revenues well ahead of expectations. Even so, this has not significantly changed the forecast loss which is Â£500,000. This excludes the discontinued activities. Net cash is Â£2.3m and this should build up through cash generated from operations. The contracted order book is Â£7m. The company has been appointed to the NHS Commercial Solutions Sustainable Estates Framework Agreement.

Ground engineer Van Elle (VANL) reported a dip in interim revenues from Â£68.2m to Â£65.2m with underlying pre-tax profit dropping from Â£2.5m to Â£2.1m. Even so, full year pre-tax profit is expected to improve. There are already signs of improving markets. Housebuilding demand has picked up, while water and rail pending should start to rise as the latest five-year capital project period builds up.

Prospex Energy (PXEN) has received regional approval for 3D seismic at the Selva Malvezzi project in Italy. National approval is still required. The 3D seismic will identify four potential wells to be drilled. The Selva Malvezzi production concession averaged daily gas production of 79,596scm in the fourth quarter, maintaining the quarter-on-quarter growth. The weighted average price rose to â‚¬0.46/scm. Prospex Energy has a 37% interest, so its share of the revenues was Euro1.25m. Total income for 2024 was Euro3.8m.

Although Franchise Brands (FRAN) warned that growth was not quite as fast as expected in 2024 and the fixed overhead base means that pre-tax profit will be slightly lower than the expected Â£22.2m. Net debt has reduced to Â£65m and could fall to Â£50m by the end of 2025.

Telematics company Microlise Group (SAAS) has bounced back from its cybersecurity problems. Although 2024 revenues of Â£81m were slightly lower than forecast, EBITDA was ahead of expectations at Â£11.3m. Exceptional costs relating to the cyber attack should be reclaimed via insurance. No customers were lost. Net cash was Â£11.4m at the end of 2024. Annualised recurring revenues of Â£56.6m underpins 62% of forecast 2025 revenues.

Cleaning services provider React (REAT) grew full year revenues by 6% to Â£20.7m despite the ending of a rail contract because margins were going to be reduced. Pre-tax profit improved from Â£1.8m to Â£2.1m. Contract renewals are being made for larger amounts as clients take on additional services. Singer trimmed forecasts for the year to September 2025, but pre-tax profit is expected to rise to Â£2.8m, helped by an initial contribution from plumbing services provider Aquaflow.

Growth in the human capital management business in North America offset delays in other parts of Newmark Security (NWT) in the first half. Revenues fell 2% to Â£10.2m and the loss increased from Â£126,000 to Â£431,000. There is an increasing focus on recurring software revenues and that is helping to edge up overall gross margins. The second half is always stronger, and Newmark Security has built up a base in the North America to enable further growth in the region, while UK and European markets are more subdued.

Education administration software provider Tribal Group (TRB) says 2024 revenues and cash flow are ahead of expectations. Singer raised its forecast revenues by 5% to Â£90m, while pre-tax profit is expected to be Â£12m. There was Â£5m of legacy contract revenues that are reducing, so 2025 revenues are expected to be flat, which would mean 2025 pre-tax profit of Â£10.4m.

Quilvest Capital Partners is winding down its fund and has sold its 20% stake in Tortilla Mexican Grill (MEX) to Auctor Group, a technology holding company. Auctor has relevant technology expertise for the restaurant operator.

Legal services provider RBG Holdings (RBGP) has failed to secure the finance or agreement with principal creditors that would allow it to continue trading solvently. Talks continue concerning a sale of the Rosenblatt brand business. The company is going into administrations. Trading in the shares was suspended.

MAIN MARKET

Dukemount Capital (DKE) has defined its new strategy which will focus on artificial intelligence, and it is changing its name to CapAI (CPAI). All legacy issues have been addressed and there is enough cash to finance the running of the company. Accountant Sarah Davy and Marcus Yeoman, who has been on the board of AIM companies, have joined the board.

The NAV of Associated British Engineering (ASBE) fell to 18p/share in the year to September 2024. It has been unable to fund a suitable acquisition. There is Â£374,000 in cash. The shares are suspended, and they are likely to continue to be even though the company wants trading to recommence.

Guild Esports has changed its name to Cassell Capital (CASS).

Quoted Micro 10 February 2025

BY: Andrew Hore |
POSTED: 02/02/2025 |

AQUIS STOCK EXCHANGE

Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to Â£208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of Â£2.5m at the end of 2024. There are 44 shipping companies evaluating the additives and there are more set to sign up. Crystal is the first cruise operator to evaluate the additive, and it made an average fuel saving of 3.4%.

Rogue Baron (SHNJ) has decided to change its strategy from drinks, because of a lack of market support for the sector, to natural resources, particularly in North America. The spirits business will be sold. The disposal will turn Rogue Baron into an Enterprise Company on Aquis. An investment committee of Hamish Harris and Charlie Wood will consider potential investments base or precious metals. The company name will change to Richmond Hill Resources. Tomoya Daimon has resigned from the board. A placing raised Â£209,000 0.6p/share.

Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northernÂ Minnesota. Soil gas sensing equipment has been deployed, and shallow soil gas sampling technology will evaluate hydrogen potential.

Marula Mining (MARU) says assay results of copper concentrate samples from the Kinusi copper mine in Tanzania provide further confirmation of high-grade copper content of the material stockpile.

Oberon Investments Group (OBE) is holding a general meeting to gain approval for a capital reduction to create distributable reserves.

Coinsilium Group Ltd (COIN) is rebranding its Nifty Labs subsidiary as Forza (Gibraltar) and it will focus on treasury management for the holding company. Coinsilium is assessing innovative opportunities in treasury management.

Trading in Hydrogen Future Industries (HFI) shares has been suspended because accounts for the year to July 2024 have not been published.

Barry Hersh has forfeited the 18.66 million unpaid shares in Global Connectivity (GCON).

Paul Mathiesonâ€™s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a Â£35,650 subscription at 1p/share. Dr Richard Leaver doubled his shareholding to two million shares after the subscription and he has become chief executive. Dr Leaver is a former director of AIM companies Blue Star Capital (BLU), Image Scan (IGE) and Toumaz. He has experience with AI and the board believes this will help to grow the consumer credit business. John van Kuffeler will not become chairman.

Supernova Digital Assets (SOL) generated revenues of Â£114,000 in the 12 months to October 2024 according to unaudited management accounts. A Â£2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was Â£2.41m. Net assets were Â£5.8m at the end of October 2024.

Ventura Finance, which is controlled by Mark Jackson, owns 3.93% of Walls and Futures REIT (WAFR).

DXS International (DXSP) chairman Bob Sutcliffe is continuing to buy shares adding another 20,000 at 3.5p each, taking his stake to 1.99%. Shepherd Neame (SHEP) has amended an earlier purchase by chairman Richard Oldfield (that was said to be 42,459 shares) to 1,500 shares at 519p each. He has also acquired 2,000 shares at 540p each. BWA Group (BWAP) managing director has bought 1.5 million shares at 0.15p each, taking his stake to 6.75%. Ananda Pharma (ANA) chief executive Melissa Sturgess bought 5 million shares at 0.43p each, taking her shareholding above 10%.

Time to ACT (TTA) has appointed VSA Capital as corporate adviser and broker.

Jim Williams has resigned from VVV Resources (VVV) and David Ajemain has been appointed as executive chairman. The company is reviewing potential projects.

ASSET MATCH

VP Fintech (VPF) joined the Asset Match private market on 5 February. It owns 56% of Canadian company Valens Pay, which has developed a fintech platform that offers directly or via third parties users services including payment, forex and investments. There is no limit on size of transaction. At the end of 2024, there were 21 partners using the platform. Co-founder James Holmes owns 46.1%, TP Finans ApS, which is owned by co-founder Torben Pedersen, 38.9% and Torben Pedersenâ€™s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is Â£25m.

Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the worldâ€™s tallest moving observation towers with 20,000 square foot of hospitality space. The deal excludes any debt, which has been released by the local council.

Oil and gas explorer and producer SDX Energy (SDX) has left AIM and joined Asset Match on 3 February. The first auction will be in March.

Isle of Scilly Steamship (IOS) has appointed Jonathan Hinkles as managing director of airline Skybus. He has been an adviser for six months and his job is to return Skybus to sustainable profitability. Skybus flies from airports in Cornwall and Devon to St Maryâ€™s and has seven aircraft.

Marshalls of Cambridge (MCH) has appointed David Mitchard as a non-executive director.

AIM

Engineering consultancy RC Fornax (RCFX) joined AIM on 5 February after raising Â£5.2m at 32.5p/share. Existing shareholders raised a further Â£1m. The share price ended the week at 35p. RC Fornax was set up in 2020 and is focused on the UK defence sector and it would like to move into new territories.

Building components manufacturer Alumasc (ALU) is maintaining margins and has managed to generate organic growth in a period where the construction market contracted. New product development and improving efficiency help to improve the figures. Interim revenues rose by one-fifth to Â£57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at Â£7.5m. Exports grew 43% as demand from the Chek Lap Kok project in Hong Kong started to build. The interim dividend was raised by 1% to 3.5p/share.

Energy supplier and energy efficiency services provider Good Energy (GOOD) has reached agreement with Dubai-based Esyasoft and is recommending a 490p/share bid. That is higher than the share price had ever previously been and values Good Energy at Â£99.4m. Major shareholder and former potential bidder Ecotricity has committed to accepting the bid.

Digital tech services provider TPXimpact (TPX) says third quarter trading was in line with expectations, but contract starts have been delayed and slow to build up which will hit the fourth quarter. This is due to the UK government putting off spending decisions. The UK government comprehensive spending review should be completed in June and spending will hopefully return to expected levels after that. Dowgate has cut 2024-25 revenues from Â£84m to Â£76m, which has led to a pre-tax profit downgrade to Â£2.8m.

RA International (RAI) directors have decided to ask for shareholder permission to leave AIM. The remote services provider to global organisations says that disclosure requirements hamper the business by enabling rivals have a greater insight into its strategy. Also, confidentiality agreements mean that it is difficult to provide investors with the information they want. Liquidity is poor because Soraya Narfeldt and Lars NarfeldtÂ own more than 80% of RA International. Contract mobilisation delays are hampering trading, and a loss is expected for 2024. Costs will be reduced this year and non-core business could be sold for up to $5m.

Lung cancer diagnostics developer Lung Life AI (LLAI) is planning to leave AIM with discussions continuing with one strategic partner to help to commercialise its lung cancer tests. However, there is unlikely to be an agreement in the short-term and cash, currently $1.31m, is only going to last until later in the second quarter. A public share issue is unlikely to be viable. If no source of funding can be found, then the company would be wound up.

Fuels, food and feed distributor NWF (NWF) reported an improvement in underlying pre-tax profit from Â£3.4m to Â£3.6m. Higher contributions from fuels and feed offset a small dip in profit at food distribution, where the new site at Lymedale is taking longer than expected to fill up. There are Â£600,000 of exceptional costs relating to an investigation into a conflict of interest in contracting transport services and the investigation will be completed by May. Full year pre-tax profit expectations have been maintained at Â£8.6m.

Space and defence communications technology supplier Filtronic (FTC) trebled interim revenues and went from loss to a pre-tax profit, excluding the movement in the value of SpaceX warrants and share-based payments, of Â£7.8m. The momentum is not expected to continue in the second half, where the comparatives are much tougher anyway. Despite investment in new capacity and working capital requirements net cash is Â£5.1m and it should be much higher at the year-end. There have been two forecast upgrades in recent months, and it is not a surprise that the full year pre-tax profit forecast has been maintained at Â£11.5m, up Â£3.4m last year. There is potential for further contract wins, though.

APQ Global Ltd (APQ) says the US governmentâ€™s slashing of international aid and foreign assistance has created a tough environment for its investee companies. Cash flow generation and refinancing debt should enable APQ Global to repay convertible loan holders by the end of March, but it is more uncertain than previously. The outstanding principle is Â£26.1m. Delphos is the main investment and two-thirds of its transaction advisory contracts have been cancelled, and they were worth $5m. The others are also likely to be cancelled. Cash inflows over December and January were expected to be $18.9m, but they were $1.1m. The estimate for February has been downgraded from $16.5m to $14.5m, although the March estimate has been raised from $4.3m to $11.1m. That still means a reduction $12m over the period. APQ Global had $3.2m in cash at the end of January.

Cosmetics supplier Warpaint London (W7L) warns that growth is slowing. Interim revenues were 25% higher in the first half and they grew 14% to Â£102m for the full year. Usually, the second half is much stronger. Margins continue to improve. So far this year, revenues are 15% ahead.

Ilika (IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries.

Team Internet (TIG) revealed 2024 revenues fell 4% to Â£803m. Even three months ago growth was anticipated. Profit also declined. The original domain names business grew revenues by 7%, while the new comparison division grew 43%. The search division, which is the rest of the online marketing business, reports a 11% decline in revenues. This is the main profit contributor and gains elsewhere were more than offset by the lower profit here. Net debt was $97m at the end of 2024. It would have fallen without acquisition costs. The Shinez acquisition has not gone as well as expected and there will be a non-cash write-down, plus legal action against the sellers.

Online gaming marketing services provider B90 Holdings (B90) moved into profit in 2024 as overheads were slashed. Zeus forecasts a pre-tax profit of â‚¬600,000 on revenues two-thirds ahead at â‚¬5m. Net cash is â‚¬1.1m. Profit and net cash could double this year.

Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0Mâ€™s AI technology Connected IQ (CIQ). Gfinity believes it combine its network and contacts in the advertising sector to help commercialise CIQ. The fee is 30% of net profit generated by the licence. It is unclear how quickly sales can be built up. Gfinity has the option to buy 0M for Â£2m after the first anniversary of the agreement and lasting until the end of third year. 0M is owned by Robert Keith, who owns 19.6%. Gfinity has raised Â£260,000 ay 0.0625p/share. The new shares come with warrants exercisable at 0.09p/share.

Sustainable laundry technology developer Xeros Technology (XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from Â£4.8m to Â£4.5m in 2024. Net cash was Â£2.8m at the end of 2024 and it should be Â£800,000 at the end of 2025.

Nativo Resources (NTVO) announced a share consolidation of 1,500 existing shares into one new share. The board believes this will help to make the share price less volatile.

MAIN MARKET

Homeware products supplier Ultimate Products (ULTP) says recovery has been slower than expected as the consumer market remains weak. Higher freight costs and taxes will hit profit for the year to July 2025. Pre-tax profit is forecast to fall from Â£14.4m to Â£11m.

Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for Â£28m in shares at a notional price of 20p each. This would make the deal large enough for the company to be readmitted to the Main Market. Trading in the shares was suspended at 5.5p.

AIM 50 Digest 31 January 2025

BY: Andrew Hore |
POSTED: 02/02/2025 |

Fevertree Drinks (FEVR) has signed a strategic partnership with brewer Molson Coors, which will acquire a 7.5% stake in the mixer drinks supplier at 654.2p/share. The Â£71m raised will be used for share buybacks. The companyâ€™s mixer drinks will be sold through Molson Coorsâ€™ US distribution network and marketing will be ramped up. There will also be US production of mixer drinks. Three directors subsequently bought shares. Jefferies has been appointed as joint broker.
========
Engineering services Renew Holdings (RNWH) has a solid track record, but this has been knocked by the timing of the rail renewal programmes. Rail is nearly two-fifths of revenues. The timing of the renewal spending is uncertain, and Peel Hunt has reduced its 2023-24 earnings forecast by 10% to 63.6p/share, down from 65.9p/share the previous year. The water business has been strong, and the order book is growing. Non-executive director Liz Barber made an initial purchase of 2,830 shares at 709p each and other non-execs also bought shares.
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Mortgage Advice Bureau (MAB1) did slightly better than anticipated in 2024. In 2024, there was 4% growth in UK gross lending, while Mortgage Advice Bureau grew revenues by 11% to Â£266m. Pre-tax profit recovered 31% to Â£30.5m before the benefit of Â£1.5m of capitalised development costs. Average revenues per adviser rose 12% to Â£138,000. That was partly down to a lower level of new recruits than expected, because they take time to build up their income. However, this is a significant underlying improvement. As the market recovers, there should be an acceleration of recruitment.
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Interim figures from Hargreaves Services (HSP) show growing services revenues and an improved contribution from HRMS. In the six months to November 2024, revenues are 14% ahead at Â£125.3m. HRMS in Germany made a small profit contribution, compared with a Â£1.9m loss in the corresponding period. Pre-tax profit nearly doubled to Â£5.3m. That was despite a higher loss in the property business. The dividend was raised 3% to 18.5p/share.
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Volex (VLX) generated revenues of $789.4m in the nine months to the end of 2024 with organic growth of nearly 10%. Medical sales have weakened in the third quarter, but there is growth in the electric vehicles market. Operating margins are within target range. Net debt is $151m. Jefferies has initiated research and is forecasts an underlying 2024-25 pre-tax profit of $76.5m.
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Information management software provider IDOX (IDOX) grew revenues by one-fifth to Â£87.6m, while pre-tax profit edged up from Â£15.8m to Â£16.1m. Geospatial data operations grew strongly. There was a dip in margins due to the General Election, but the trend still appears to be upward. The dividend was raised from 0.6p/share to 0.7p/share. Net debt was Â£9.9m at the end of October 2024.
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Semiconductor wafer manufacturer IQE (IQE) is partnering with Quintessent Inc to develop the world’s first large-scale quantum dot laser (QDL) and semiconductor optical amplifier (SOA) epitaxial wafer supply chain. Quintessent Inc has made an initial order of $500,000. This follows the announcement that 2024 revenues were better than expected at Â£118m. The loss is still likely to be more than Â£24m.
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Serica Energy (SQZ) generated 2024 revenues of $726m, down from a pro forma figure of $920m in 2023. That was due to lower average production and reduced gas prices. Net debt was $71m at the end of 2024. This year, average production is expected to be around 40,000 barrels of oil equivalent per day with maintenance causing reductions in the second half. A move to the Main Market is planned for 2025.
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Oil palm plantations operator MP Evans (MPE) continues to be a beneficiary of strong palm oil prices. There was a small weather-related dip in production. Cavendish has raised its 2024 earnings forecast by 8% to 152.5 cents/share but maintained 2025 and 2026 forecasts for the time being.
========
Leisure and ticketing technology provider accesso Technology (ACSO) says 2024 revenues will be in line with guidance at $152m. Excluding $3.3m of pass-through revenues that were ended, the growth is 4%. EBITDA margins will be above the 13%-14% guidance range at around 15%. Net cash was $28.7m at the end of 2024.
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ITM Power (ITM) reported interims in line with the recent trading statement, but cash expectations have been upgraded. Interim revenues were Â£15.2m, including Â£10.8m from one customer, and cash was Â£203m at the end of October 2024. The cash outflow is slowing, and net cash is expected to be Â£185m-Â£195m at the end of April 2025. The contract backlog is Â£135.3m. ITM Power is jointly developing a design configuration for a 10MW green hydrogen plant with an unnamed European energy company. This will be used in several UK projects. The design involves two 5MW NEPTUNE V electrolyser systems.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) anticipates a resource upgrade in the Ahpun Eastern Topset area with at least four well tests planned for Megrez-1. The tests will start in the first quarter and should be completed by the end of June. There could be an increase in resources of up to 50% in the four reservoirs, which were estimated at 609 mmbbls prior to drilling. The executive order to proceed with the gas pipeline means that the required infrastructure should be available.
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Learning Technologies Group (LTG) has confirmed the recommendation of a 100p/share cash bid from technology investor General Atlantic despite a delay in the general meeting to gain shareholder approval. That values the company at Â£802.4m. The company warns that the new US regime will hit revenues for DEI related training this year.
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Alliance Pharma (APH) says 2024 profit will be in line with the 2023 figure on revenues 1% lower. The board is recommending a bid of 62.5p/share by Aegros Bidco, which is owned by DBAY Affiliates and the ERES IV Fund.
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Remote monitoring technology developer Big Technologies (BIG) plans to announce 2024 results on 2 April. Adjusted EBITDA is set to decline from Â£33m to Â£27m following the loss of a client in Colombia.
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LBG Media (LBG) says trading was ahead of expectations in 2024. Revenues were 22% higher at Â£86.1m, while pre-tax profit was one-third ahead at Â£14.5m. Cash is Â£27.2m.
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Floorcoverings supplier James Halstead (JHD) says interim revenues will be slightly lower, but pre-tax profit should be similar to the Â£27.4m made in the corresponding period. There was destocking in the UK in the first half. The Middle East and the Americas were stronger.
========
Ashtead Technology (AT.) expects 2024 revenues of Â£168m and EBITDA will be ahead of consensus. Peel Hunt has been appointed as joint broker.
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Midwich Group (MIDW) 2024 revenues rose slightly to more than Â£1.3bn, but gross margin was a new record at 17.1%. There was a small dip in organic revenues. Net debt was Â£130m at the end of 2024. The full year results will be reported on 18 March.
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Marketing services provider Next 15 Group (NFG) admits that full year profit will be at the bottom of the range of expectations. There will be redundancy costs of Â£15m Annualised savings will be Â£40m. New business wins will benefit the new year and there should be a recovery in government work. More AI products will be launched. Peter Harris is stepping down as finance director.
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Financial services support activities provider Fintel (FNTL) increased full year revenues by 21% to Â£78.3m with SaaS and subscription revenues 17% higher at Â£44.1m. Net debt was Â£23.7m at the end of 2024. Regulatory approval has been received for the acquisition of Rayner Spencer Mills Research. There will be additional National Insurance costs of Â£650,000 in 2025, but this should be offset by cost savings.
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Vet practices operator CVS Group (CVSG) increased interim revenues by 7% to Â£341.8m. Like-for-like sales dipped 1%. EBITDA was slightly higher at Â£67.4m. Further acquisitions will be made in Australia with Â£23.3m already spent since June 2024. Net debt is Â£182.9m. The CMA investigation continues.
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Digital marketing technology and services provider Dotdigital (DOTD) confirmed it is on track to meet full year expectations. First half revenues are 9% ahead at Â£42.4m. Churn levels have reduced. North America, which had been a problem, grew by one-fifth.
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Redcentric (RCN) appointed Brian Woodford as chief executive. He has worked at Capita and Vodafone. David Senior is stepping down as finance director.
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Cohort (CHRT) has completed the acquisition of Australia-based satellite terminals supplier EM Solutions.
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Brooks Macdonald (BRK) has commenced its share buyback programme of up to Â£10m.
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Gamma Communications (GAMA) director Colin Lees bought an initial 3,079 shares at 1300p each. Polar Capital (POLR) chief investment officer Alexander Black sold 11,000 shares at 512.6902p/share. SigmaRoc (SRC) chairman David Barrett acquired 85,000 shares at 70.6p each.

AIM 50 Digest 31 January 2025

BY: Andrew Hore |
POSTED: 02/02/2025 |

Quoted Micro 27 January 2025

BY: Andrew Hore |
POSTED: 26/01/2025 |

AQUIS STOCK EXCHANGE

Cooks Coffee Company (COOK), which owns the Esquires coffee shops, increased group store sales by 26% to Â£25.5m in the nine months to December 2024. The growth was 32% in the latest quarter. The number of sies has risen from 71 to 87 over the past 12 months with all but three franchised. So far in this financial year, UK like-for-like sales are 2.8% higher and sales in Ireland are ahead by 5.1%. A further six stores are planned in the current quarter and there should be more than 100 stores by the end of 2025. The business is generating cash from operations.

Healthcare IT software provider DXS International (DXSP) grew interim revenues by 2% to Â£1.73m and the pre-tax loss was slashed from Â£258,000 to Â£59,000, helped by grant income of Â£170,000. There was a small post-tax profit after R&D tax credits. There was no capitalised development pending in the period and the cash position improved over six months to Â£96,000. Chairman Bob Sutcliffe bought 50,000 shares at 2p each and 37,037 shares at 2.7p each. He owns 1.93% of the company.

Cardiometabolic health products developer ProBiotix Health (PBX) reported 13% growth in net sales to Â£1.88m, while the order book for the first quarter is worth Â£620,000. The EBIDA loss fell from Â£709,000 to Â£568,000. There was cash of Â£1.65m at the end of 2024. The relationship with SEED Health in the enabled the launch of products in 2,000 Target stores, which drove growth in US sales. There are negotiations that could lead to ingredient sales in China. Management believes that the company can reach breakeven by early 2026.

Wishbone Gold (WSBN) has signed non-binding heads of terms for the acquisition of Evrensel Global Natural Resources, which has mining and trading activities in Africa. This would be a reverse takeover. Existing Wishbone Gold shareholders are likely to own 30% of the enlarged group. Wishbone Gold chairman Anthony Moore owns the Gibraltar-based target company. Some or all of the existing Australian mining assets are likely to be sold.

Brewer Shepherd Neame (SHEP) has launched a share buyback programme worth up to Â£500,000. The shares will be cancelled. This should enhance earnings. Like-for-like retail sales were 7.4% ahead over the Christmas and New Year period with particularly strong sales within the M25. First half like-for-like retail sales were 4.4% higher, while tenanted pub sales were slightly higher. Beer volumes slipped 12.6%. A change in logistics arrangements will add Â£1.5m to costs. Wage and National Insurance costs will rise by an annualised Â£2.6m. Management will try to offset these rises through price increases and improved efficiency.

ChallengerX (CXS) is in negotiations for the potential acquisitions of Nyce International and Virya VC. Hng Kong-based NYCE International helps to accelerate the sales and product distribution process for gaming companies. UK-based Virya provides executive and directorship services for the betting and gaming sector. As part of this proposed transaction ChallengerX will secure a perpetual licence for Reelsoft AB’s Vision RGS (Remote Gaming Server) and Game Aggregation Platform. ChallengerX had net liabilities of Â£187,000 at the end of June 2024.

Property investor Ace Liberty and Stone (ALSP) edged up rental by 1% to Â£2.75m in the first half. Higher interest costs and a Â£37,515 disposal loss meant that the loss increased from Â£5,000 to Â£243,000. NAV is Â£31.4m, while the market capitalisation is Â£33.7m. Net debt is Â£46.3m.

RentGuarrantor Holdings (RGG) increased fourth quarter revenues by 88% through a 73% rise in tenant contracts.

BWA Group (BWAP) says that initial mineral resources for the Dehane project in Cameroon are 4.2 million tonnes at a 3.5% cut0ff. That comprises 0.99% ilmenite, 0.13% rutile and 0.11% zircon. Results of the kyanite test work are expected in the second quarter. That could lead to an update to the mineral resources estimate.

Fintech and blockchain technology company Tap Global Group (TAP) has increased monthly revenues to Â£451,000 in December. Revenues for the six-month period rose from Â£1.29m to Â£1.8m and there should be a positive EBITDA for the period.

Eight Capital Partners (ECP) is planning a capital reorganisation and conversion of its 4.8% bond into shares. There will be a consolidation of 4,000 shares into one new share. The bond will be converted into 810,325 new shares, thereby reducing debt by Â£910,000. The record date is 29 January.

Capital for Colleagues (CFCP) had NAV of 82p/share at the end of August 2024, down from 87.9p/share at the end of May 2024. There was Â£1.24m in the bank. The tough economic conditions led to downgraded valuations of some earlier stage investments.

SulNOx Group (SNOX) has generated Â£126,000 from the exercise of options at 36p each by a former director. It has also settled Â£36,330 of costs via issuing shares. SulNOx has secured a patent in Nigeria for its improved oil/water separation methodology.

At the end of 2024, EPE Special Opportunities (EO.P) had an NAV of 292.78p/share.

Mark Horrocks has reduced his stake in WeCap (WCAP) from 5.03% to 4.8%. Premier Mitonâ€™s stake in Global Connectivity (GCON) has reduced from 5.21% to 3.69%. First Car International increased its Samarkand Group (SMK) shareholding from 17.6% to 21.6%. Jason Upton has increased his stake in Zentra Group (ZNT) to 3.53%.

Gowin New Energy Group (GWIN) director Chien Chih-Peng has bought 33.16 million shares a 1p each. This is a shareholding of 11.4%. Jia-Hong Guoâ€™s stake has been reduced from 8.74% to under 3%. Chien Chih-Peng has also made a Â£37,000 loan available to Gowin New Energy.

AIM

Nexus Infrastructure (NEXS) offers civil engineering services, such as earthworks, drainage and foundations, to housebuilders. In the year to September 2024, revenues fell by 36% to Â£56.7m and it made a Â£700,000 underlying loss. However, it is already winning new business with housebuilders, such as Vistry and Taylor Wimpey. That has helped the order book grow to Â£51.6m at the end of September 2024. A further Â£15.9m of orders have been won since then. Water infrastructure services provider Coleman Construction and Utilities was acquired in October. Following this acquisition, the pro forma cash figure is just below Â£10m.

Payments technology company Bango (BGO) increased 2024 revenues by 16% to $53.4m. Annualised recurring revenues were 59% higher at $14m. A pre-tax profit of $3m is estimated for 2024, but that includes $2.2m of non-cash income. Net debt is $1.7m. Matt Wilson has replaced Matt Garner as finance director.

Yu Group (YU.) increased energy supplied by 78% in 2024 and margins are better than expected. Revenues did not grow as rapidly because of lower prices, but they are two-fifths higher at approaching Â£650m. That is lower than the Panmure Liberum estimate of Â£680m. Managing bad debts and the hedging policy means that the pre-tax profit has edged up from Â£46m to Â£48.3m.

Revolution Beauty (REVB) is having a poor fourth quarter to February 2025 with some retail launched delayed until the first quarter of 2025-26. This includes a launch in Walmart in the US. Online trading was also weaker than expected. Full year revenues are forecast to fall by one-quarter to Â£143.6m and a profit is no longer expected. A Â£1.6m loss is likely. The 2025-26 pre-tax profit forecast has been more than halved from Â£5m to Â£2.4m. Net debt is set to stay around Â£25m.

GENinCode (GENI) says that its heart disease risk assessment product CARDIO inCode is included in the US 2025 Clinical Lab Fee Schedule enabling reimbursement from Medicare and Medicaid. The price varies from $450-$570. It is also being used to prevent heart disease in Catalonia.

There was a short-term trading improvement in December for Sanderson Design Group (SDG), but this has not continued, and profit expectations have been reduced. Band sales are 9% lower. Revenues are expected to decline from Â£108.6m to Â£101m, while pre-tax profit could slump from Â£12.2m to Â£4.2m â€“ previously Â£7.2m was forecast. There has been less high margin work for the manufacturing division, which hit overall profitability.

Fuel additives developer Quadrise (QED) generated Â£4.5m via a placing at 3p/share, which was well above the minimum sought, and a retail offer could raise up to Â£1m more â€“ although that figure could be increased. The money already raised will last well into 2026.

Shoe retailer Shoe Zone (SHOE) had already warned about the results for the year to September 2024. Pre-tax profit fell from Â£16.5m to Â£10m, which was slightly higher than forecast. There is no final dividend â€“ the interim was 2.5p/share. Net cash is Â£3.6m. Several loss-making stores are being closed. The 2024-25 pre-tax profit is expected to halve to Â£5m.

Floorcoverings supplier Airea (AIEA) had a much better second half growing by 6% and full year revenues were 0.6% ahead at Â£21.2m. International sales were still lower in 2024 despite a 11.8% increase in the second half. Inventory levels have been reduced. There will be non-recurring costs. The equipment is expected to be installed in the new manufacturing facility during the second quarter. An investment property worth Â£4.1m is still up for sale. David and Monique Newlands increased their shareholding from 11.1% to 12.4%.

Bars operator The Revel Collective (TRC) had a good Christmas, but it faces higher costs because of the National Living Wage and National Insurance increases. Annualised costs will rise by Â£4m. This has led to forecasts of larger than expected losses. Like-for-like Christmas revenues were 1.6% higher. Net debt is expected to be Â£24m at the end of June 2025.

Managed services provider Tialis Essential IT (TIA) has made a good start to 2025 with preferred partner and contract extensions totalling Â£17.8m. Some of these are five-year contracts and are higher margin lifecycle management contracts. The 2024 pre-tax profit is expected to be flat at Â£1.1m, but earnings are forecast to treble to 3.6p/share.

Ariana Resources (AAU) produced 20,900 ounces of gold from its 23.5% owned Zenit mining operations in Turkey. Revenues were $54.7m. Mining is building up at the new Tavsan mine. A resource estimate is expected from Dokwe in Zimbabwe after further drilling analysis.

Quantum Blockchain Technologies (QBT) has raised Â£2m at 1.15p/share so that it can invest in its Bitcoin mining technology. Last week, it announced a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle provides a 30% improved performance compared with other methods. The company is seeking a chip manufacturing partner to produce a commercial product.

Premier African Minerals (PREM) has raised Â£540,000 at 0.02p/share. This is interim funding following the decision not to proceed with the fundraising at 0.0275p/share because the retail offer did not raise enough to reach a total raising of Â£3.5m. The company will require more cash and I talking to its offtake partner.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) had a strong fourth quarter despite the tough market conditions for some parts of the business. Trading was better than forecast with a modest improvement in pre-tax profit to Â£21.9m expected. Net debt is expected to be Â£69m.

Dukemount Capital (DKE) had Â£28,000 in cash at the end of September 2024, while net assets were Â£59,000.

Neuchatel Investment is subscribing for 29.9% of Aseana Properties Ltd (ASPL). This is expected to raise $5.45m at $0.08 cents/share.

Quoted Micro 20 January 2025

BY: Andrew Hore |
POSTED: 19/01/2025 |

AQUIS STOCK EXCHANGE

SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.

Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.

Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of Â£782,000 and digital assets of Â£4.26m.

Visum Technologies (VIS) has raised Â£100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.

IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.

Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.

AIM

Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at Â£338.3m was forecast to make a 2024-25 pre-tax profit of Â£18m, up from Â£13.9m last year, rising to Â£23.8m in 2025-26.

Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.

Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.

Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.

Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save Â£200,000/year. Last yearâ€™s revenues from sales of heart monitoring systems improved from Â£1.8m to Â£2.1m and cash was Â£240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.

Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.

Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.

Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of Â£1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.

Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.

Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from Â£83.8m to Â£95.6m, while pre-tax profit rose from Â£10.1m to Â£11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.

Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from Â£7.1m to Â£10.5m. Net debt was Â£37m at the end of 2024. The order book is worth Â£111m and covers 53% of forecast 2025 revenues.

Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from Â£9.6m to Â£11.5m.

Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from Â£63.8m to Â£84.1m. Continuing pre-tax profit improved from Â£1.6m to Â£2.6m and further improvement to Â£3.4m is expected for this year.

Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.

Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be Â£2m compared to a forecast of Â£1.9m. There was Â£2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.

Premier African Minerals (PREM) has raised Â£1.2m from a placing at 0.0275p/share. A retail offer could raise up to Â£2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to Â£3.5m the placing and offer will not proceed.

Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of Â£200,000, but it will also release Â£2.5m from deferred income as exceptional income.

Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to Â£8.7m of income/year.

Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.

Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTERâ€™S warehouse in Switzerland. On delivery, an invoice will be raised.

Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for â‚¬6m in cash with up to â‚¬2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.

Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for Â£18m, with a net initial payable after debt movements of Â£10.6m. Pitreavie made a 2024 pre-tax profit of Â£1.3m. There should be cost savings from integrating the business.

Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at â‚¬92m. Lower marketing spend meant that margins improved. More bookings were made through the companyâ€™s app. Pre-tax profit is expected to jump to â‚¬17m. Net cash is â‚¬2m. There will be an update on strategy in the second quarter.

Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.

Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.

AIM 50 Digest 17 January 2025

BY: Andrew Hore |
POSTED: 19/01/2025 |

Alliance Pharma (APH) is recommending a bid of 62.5p/share by Aegros Bidco, which is owned by DBAY Affiliates and the ERES IV Fund. That values the healthcare brands owner at Â£349.7m. There is an alternative of one rollover share in the bid vehicle for each Alliance Pharma share. DBAY has been building up a stake in Alliance Pharma for more than two years and currently owns 27.9%. DBAY believes that it will be easier to make operational changes without the distraction of being quoted. There will also be additional backing to make further acquisitions.
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Communications services provider Gamma Communications (GAMA) is buying SFT Technologies Holding, trading as STARFACE, for around Â£165m. This puts Gamma Communications in a strong market position in the smaller companies cloud PBX market in Germany. There are also operations in Austria and Switzerland. Regulatory approval is expected within two months. The deal should be earnings enhancing in 2025. Trading in 2024 was in line with expectations. Revenues will be within the consensus range of Â£124m to Â£127m. Underlying 2024 earnings will be at the upper end of the range of 80.3p/share to 88.4p/share. Even before the completion of the STARFACE acquisition, the 2025 earnings forecast is 92.2p/share.
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Wealth management services provider Brooks Macdonald (BRK) maintained funds under management at Â£17.9bn in the second quarter to December 2024. Brooks Macdonald intends to move from AIM to the Main Market during March. Even excluding the international business that is currently being sold, funds under management was flat at Â£15.7bn. There have been outflows offset by positive performance. Management believes that net inflows should return in the second half. Singer has trimmed its 2024-25 earnings forecast by 1% to 142.7p/shares, down from 161p/share. Brooks Macdonald was on of the broker’s key picks for 2025. Aberforth Partners has taken a 5.44% stake. Three directors have bought shares at 1660p each.
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There were two bid approaches for domain name and online marketing company Team Internet Group (TIG). TowerBrook Capital decided against making an offer. That still leaves Verdane Fund Manager AB as a potential bidder. It is proposing an offer of 125p/share. Previous approaches were rejected for being too low.
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In the year to September 2024, Victorian Plumbing (VIC) revenues improved from Â£285.1m to Â£295.7m, while pre-tax profit rose from Â£20.3m to Â£23.1m. The dividend was increased from 1.4p/share to 1.6p/share. Canaccord Genuity has reduced its forecast revenues for 2024-25 but maintained pre-tax profit expectations at Â£26.4m.
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Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) says organic growth was 4% in 2024. Margins also improved. Total revenues were 10% ahead at Â£513m with the new Crawley facility starting up late in the year. Net debt was Â£70m. Trading is in line with expectations.
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Central Asia Metals (CAML) produced 13,439 tonnes of copper at its Kounrad mine, which was within guidance, but lower than in 2023. It did miss guidance for zinc and lead production at Sasa, although capital investment should improve production this year. Zinc concentrate production was 18,572 tonnes and lead concentrate production was 26,167 tonnes. This year, zinc production guidance is 19,000 to 21,000 tonnes and lead guidance is 27,000 to 29,000 tonnes. The new Dry Stack Tailings plant should be operational later in the first quarter. Kounrad 2025 copper guidance is 13,000 to 14.000 tonnes. Aberdeen Minerals completed its 2024 drilling programme. Net cash is Â£67.6m.
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M and C Saatchi (SAA) increased 2024 like-for-like revenues by 3.5% in 2024 and it has made Â£10m of annualised savings. Net cash has risen to Â£16m. Pre-tax profit is forecast to improve from Â£28.7m to Â£31.5m. Panmure Liberum expects organic growth of 4% and higher margins in 2025. The 2025 pre-tax profit forecast is Â£36.6m.
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Soft drinks maker Nichols (NICL) says 2024 revenues were 1% higher at Â£172.1m, which reflects improved growth in the second half, helped by Middle East sales. More sales of packaged products and the benefits of cost cutting in the business have improved margins. Pre-tax profit could be Â£30m, up from Â£27.2m. Net cash is expected to be Â£53.7m.
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Woundcare company Advanced Medical Solutions (AMS) says there has been strong growth across the product portfolio and recent acquisitions are being integrated. The 2024 pre-tax profit is expected to be in the range of Â£29.2m to Â£29.7m.
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Impax Asset Management (IPX) reports assets under management falling 8% to Â£34.1bn in the quarter to December 2024. The ending of the smaller mandate with St Jamesâ€™s Place was a factor and the larger mandate will hit the current quarter. There was also a negative market performance. The rate of outflows elsewhere is slowing.
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Polar Capital (POLR) increased its assets under management by 9% to Â£23.8bn in the quarter to December 2024. There was a fund inflow even after a fund closure, while most of the gain was through performance. Net performance fees reached Â£8.3m in the nine months to December 2024.
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Power and transmission products supplier Volex (VLX) says Turkey-based acquisition Murat Ticaret has exceeded its profit targets for the first 12 months since its purchase. The deferred consideration payment is â‚¬10m in cash and 2.88 million Volex shares. Non-executive director John Wilson bought an initial 10,000 shares at 272p each.
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Serica Energy (SQZ) has resumed initial production into the Triton FPSO and gas exports have commenced. The 2024 average production was 34,600 barrels of oil equivalent/day net. At the beginning of January, production was 46,400 barrels of oil equivalent/day net to Serica Energy, and this should rise as Triton continues its phased restart. The EC1 well on the Guillemot North West field should start production by the end of March.
=========
AB Dynamics (ABDP) announced at its AGM that trading in the first four months of the financial year has shown growth and is in line with expectations. Net cash was Â£23.2m at the end of 2024.
=========
Niox Group (NIOX) performed slightly better than expected in 2024. Revenues were 14% ahead at Â£41.8m with research revenues one-third higher. Net cash was Â£10.9m after returning Â£21m to shareholders via a tender offer.
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Christmas and New Year trading at Youngâ€™s (YNGA) was 30% ahead and like-for-like growth was nearly 12%. Like-for-like managed pubs growth was 5.5% in just over nine months to 13 January 2025.
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Cohort (CHRT) subsidiary ELAC has won a contract worth around Â£15m to deliver another sonar system for a new build submarine for the Italian navy. This is in addition to the original contract taking the number submarines using the sonic system to four.
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IDOX (IDOX) has been awarded a five-year extension for the provision of election services in Malta.
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SigmaRoc (SRC) chairman David Barrett bought 85,000 shares at 70.6p each.

Quoted Micro 13 January 2025

BY: Andrew Hore |
POSTED: 12/01/2025 |

AQUIS STOCK EXCHANGE

Good Life Plus (GDLF) has launched more partnerships in the past three months, including with Reach and News UK. The family interests of Mark Blandford are subscribing Â£1m for an issue of convertible loan notes with up to Â£1m more on offer to other investors until the end of January. The cash will be invested in expanding customer acquisition and partnership, plus to enhance the premium prize draw operations. There are also plans for international expansion.

Healthy snacks supplier S-Ventures (SVEN) has published its results for the 15 months to December 2023. This is part of the work that is required to be in a position to reverse the operating subsidiaries into AIM shell Riverfort Global Opportunities (RGO). Annualised revenues grew 170% to Â£20m. The cash outflow from operating activities was Â£1.4m in the 15 month period.

Oscillate (MUSH) has appointed Robin Birchall, a former director of Helium One Global, as chief executive and Steve Xerri becomes an executive director. Robin Birchall will receive options over 2% of the current issued share capital at a price equivalent to the share price at the time of a move to AIM or other Recognised Investment Exchange, plus he will receive a payment to buy 4.25 million shares. Igraine (KING) has reduced its shareholding in Oscillate from 5.05% to 3.64%.

Automotive electrification technology developer Equipmake (EQIP) has received approaches from strategic investors and potential acquirers. Discussions continue. In the six months to November 2024, revenues improved 19% to Â£2.47m with EV components revenues increasing 80% to Â£254,000. There was a cash outflow from operating activities of Â£2.37m and capital spending of Â£686,000. Bus repowering services are being scaled down because of low volumes and this will save Â£2m/year. There was Â£2m in the bank at the end of November 2024. The contracted order book is worth Â£11m.

Zentra Group (ZNT), which was previously One Heritage, has signed a new relationship agreement with 65.2% shareholder One Heritage Property Development. This ensures at least two independent directors and the majority shareholderâ€™s nominated director will not vote on outlined matters.

RentGuarantor (RGG) has raised Â£455,000 from a convertible loan notes issue to RentGuarantor chief executive Paul Foy. They are redeemable on 18 November 2026.

Chris Akers has a 5.1% stake in Global Connectivity (GCON), while Chris New increased his shareholding from 8.88% to 9.75%. Keith Harris raised his stake from 9.98% to nearly 11%. Premier Miton has increased its shareholding from 4.74% to 5.21%, while Placifor Investments raised its stake from 9.76% to 10.7%. Livia Meyerâ€™s stake has reduced from 16.97% to 8.78%. Barry Hersh has still not paid the Â£375,000 subscription amount for 37.5 million shares.

ChallengerX (CXS) has raised Â£120,000 via a convertible loan note, which is convertible into 120 million shares when the company is readmitted to Aquis. The cash will fund due diligence on potential acquisitions.

Ace Liberty and Stone (ALSP) chairman Dr Antonios Ghorayeb bought 23,940 shares for a total of Â£11,475 in September and October. The announcement is late.

AIM

Data and marketing services provider Jaywing (JWNG) has sent out the circular to gain shareholder approval for the cancellation of the AIM admission. This follows a requisition notice by 29.5% shareholder Michael Ashcroft and the company has decided that the departure from AIM is in the best interests of the shareholders. The general meeting is on the 5 February.

It has been a topsy turvy week for legal services provider RBG Holdings (RBGP). It initially terminated the consultancy agreement of Ian Rosenblatt due to breaches of contract and offensive behaviour. He has restrictive covenants lasting until July 2028, but was identified as owner of AWH Acquisition Corp, which is regulated as a firm of solicitors that changed its name to Rosenblatt Law. He is a director of this company along with former RBG Holdings director Tania MacLeod. Ian Rosenblatt had requisitioned a general meeting to remove Jon Divers as chief executive of RBG Holdings. At the end of the week after the market closed, RBG Holdings said it had entered into an exclusivity period with Ian Rosenblatt for the sale of the Rosenblatt brand business to Rosenblatt Law. Ian Rosenblatt will withdraw his winding up petition and the general meeting notice. This exclusivity lasts until 24 January.

Downhole oil and gas technology developer Enteq Technologies (NTQ) says testing of the SABER rotary tool results in the requirement for further engineering modifications. Delays to the start of active test drilling with an Australian customer mean that the timing of revenues is uncertain. The drilling could begin in April. There are also additional costs. This means that cash will not last as long as previously expected and Cavendish has pulled its forecasts. Enteq was expected to move into profit in 2026-27.

There was a strong end to the year for floorcoverings distributor Likewise (LIKE). The market fell but Likewise continues to grow. Fourth quarter revenues were 10% higher than the corresponding period. Full year revenues of Â£150.8m was 3% ahead of forecast. A new logistics centre has been acquired in Plymouth.

Team Internet Group (TIG) announced that it had received two bid approaches from TowerBook Capital Partners and Verdane Fund Manager AB. Each of the potential bidders was proposing an offer of 125p/share. Previous approaches were rejected for being too low. Both approaches are being considered. TowerBook Capital Partners has since decided not to bid.

Pawnbroker H and T (HAT) says 2024 trading was in line with expectations. The pledge book increased 26% to Â£127m, with more loans of over Â£5,000. There was strong demand for lower price jewellery, which boosted retail sales. National Insurance changes will increase costs by Â£2m/year. Octopus Investments has cut its stake from 10.9% to 9.98%. The 2024 results will be published on 18 March.

ImmuPharma (IMM) says the preclinical research programme for autoimmune therapy P140 should pave the way for earlier, more accurate diagnostics, as well as better identification and improved monitoring of patients. Detailed data is not being published.

Plastic products supplier Coral Products (CRU) has sold and leased back two freehold properties for Â£1.7m. The initial annual payment of the 15-year lease is Â£155,000. The Â£1.1m of related mortgages will be repaid. A final agreement for the insurance claim for the May 2020 fire at one of the companyâ€™s premises has resulted in a payment of Â£900,000.

Arecor Therapeutics (AREC) is ceasing the operations of Tetris Pharma and it is returning the rights to Ogluo, a glucagon auto-injector pen for severe hypoglycaemia, to Xeris BioPhaarma. A partner of Tetris Pharma lost a key NHS Tender, which means revenues will be lower than expected in 2025. There will be a Â£3m write down. This enables Arecor Therapeutics to concentrate on core products, including ultra-rapid acting insulin candidate AT278, where partner discussions continue.

Automated transport analytics provider Cordel (CRDL) has won a new contract with Angel Trains. It will pinpoint track geometry data from high-speed passenger trains, rather than dedicated monitoring trains. This should help to reduce costs. The technology is Network Rail certified.

A trading statement from animal feed additives supplier Anpario (ANP) has sparked the fifth upgrade to 2024 forecasts. There was strong growth in Middle East and Africa. Shore has raised its pre-tax profit forecast to Â£5.5m, compared with Â£3.5m in 2023. Net cash is estimated to be Â£10.5m.

MAIN MARKET

Kitchenware retailer ProCook Group (PROC) had a strong third quarter, which is the third quarter in a row where the growth rate has accelerated. Third quarter revenues were 11% higher at Â£25.6m, which means that the year-to-date figure is 9.2% ahead at Â£54m. Third quarter growth in retail was 12.4%, helped by store openings. Three more stores will be opened in the fourth quarter. Ecommerce growth was 9.2%. Like-for-like growth to December 2024 was 3.8% with ecommerce growing fastest. Net cash was Â£1m at the end of 2024.

Quoted Micro 6 January 2025

BY: Andrew Hore |
POSTED: 04/01/2025 |

AQUIS STOCK EXCHANGE

Global Connectivity (GCON) is investing Â£50,000 in PLUG Group, which is a 4% stake. PLUG is developing opportunities to extract decommissioned copper cables for South American telecoms companies. Livia Meyer has returned 32.5 million shares and paid Â£50,000 for the other five million shares subscribed for. Executive chairman Dr Keith Harris has paid the Â£200,000 he owes for shares he acquired. Barry Hersh has still not paid the Â£375,000 for the 37.5 million shares that he subscribed for.

SulNOx Group (SNOX) reported a rise in interim revenues from Â£136,000 to Â£440,000. The loss increased from Â£870,000 to Â£1.17m. There was Â£804,000 in the bank at the end of September 2024.

KRI (KR1) had net assets of 100.04p/share at the end of November 2024. Income of Â£771,347 was generated during the month. There is cash of Â£624,000.

Walls and Futures REIT (WAFR) maintained its NAV at 85p/share at the end of September 2024. There was a small reported profit after a Â£40,000 increase in property values. Management is hopeful that government plans for social and affordable housing will provide opportunities for the company.

Video technology company Visum Technologies (VIS) improved revenues from Â£63,000 to Â£130,000 in the year to June 2024. The cash outflow from operating activities was Â£133,000, leaving Â£49,000 in the bank. The focus is the leisure market, but the company wants to find other applications for its technology. Costs are being controlled.

Consumer finance provider Investment Evolution Credit (IEC) generated full year revenues of Â£455,000 and lost Â£247,000. There was cash of Â£101,000 at the end of June 2024.

Coinsilium (COIN) has entered into a strategic collaboration with Otomato Inc, a Web3 technology platform for autonomous agent-based solutions. The idea is to maximise the value of Coinsiliumâ€™s digital assets. The initial term is 12 months.

At the end of September 2024, Hot Rocks Investments (HRIP) NAV was Â£698,000, including Â£342,000 in cash.

Supernova Digital Assets (SOL) has bought back 67 million shares at an average price of 0.2239p each. The buyback authority lasts until the end of 2025.

Tap Global Group (TAP) has been granted virtual asset service provider registration in Bulgaria. This is a step towards expanding in the EU.

Blue Sky Vision has exercised its option to subscribe for 20 million shares in Valereum (VLRM) at 10p each.

Three directors of Invinity Energy Systems (IES) bought shares at 14.85p/share. Chairman Neil Oâ€™Brien bought 135,000 shares, chief executive Jonathan Marren acquired 134,680 shares and finance director Adam Howard purchased 134,333 shares.

Evrima (EVA) has appointed Bowsprit Partners as corporate adviser.

AIM

Pri0r1ty Intelligence Group (PR1) joined AIM on 30Â December following the reversal of the AI customer relationship technology company into Alteration Earth. The business provides AI tools to automate areas such as social media and governance for smaller companies. Spreadex has sold a 3.99% stake and retains voting rights through financial instruments of 0.75%. The share price declined by 24.1% from the placing price to 10.25p, although it is 18% down on the Alteration Earth suspension price of 12.5p.

Poolbeg Pharma (POLB) is in talks with potential bidder HOOKIPA Pharma (NASDAQ: HOOK) about an all-share offer from the Nasdaq-listed company. The indicated proposal is 0.03 of a HOOKIPA share for each Poolbeg share. Cancer and infectious disease treatments developer HOOKIPA intends to raise up to $30m. That will fund phase 2a trails for POLB 001 and trials of two other treatments. HOOKIPA shareholders would receive a contingent value right instrument entitling them to 55% of milestone payments made by Gilead for HB-400 and HB-500 programmes. This could be worth up to $407.5m. They are also entitled to 80% of the proceeds generated by the HB-200 programme.

SDX Energy (LSD) postponed the general meeting on 31 December. This was called to gain shareholder approval to leave AIM due the costs of the quotation and the greater potential flexibility as a private company. Potential investors would apparently prefer to invest in an unquoted company. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. The general meeting will be rearranged.

Revolution Beauty (REVB) has come to a confidential agreement with Chrysalis Investments (CHRY) over the claims related to its investment in the company when it joined AIM in July 2021. Last year, Chrysalis Investments issued draft particulars of a claim Â£39m plus additional consequential loss of Â£6.2m. Chrysalis Investments will be paid a non-material amount of cash with out admission of liability.

Arecor Therapeutics (AREC) has signed an exclusive licence agreement for a formulation of liquid drug product AT351 for a large client. The use of the product is undisclosed. There is an upfront milestone payment with potential for further payments. The licensee will be responsible for further development and hopes to seek FDA approval within three years. Panmure Liberum has a target share price of 361p.

Marketing services provider The Mission Group (TMG) has completed its restructuring with the sale of AprilSix to US-based Marketbridge for up to Â£17.4m. The initial payment is Â£10.5m and reduces pro forma net debt to Â£17m. This will enable the company to negotiate an extension to its debt agreement. AprilSix generated 13.5% of 2023 revenues of Â£86.3m. A share buyback of up to Â£1.5m will be launched. There could be a dividend paid for 2025.

Cancer treatments developer Hutchmed (China) Ltd (HCM) has followed up the sale of its non-core 45% interest in Shanghai Hutchison Pharmaceuticals for $608m with news of the acceptance of a new drug application in China for savolitinib in combination with AstraZenecaâ€™s Tagrisso as a treatment for lung cancer.

Cancer treatments developer ValiRx (VAL) has extended the exclusivity period with TheoremRx Inc on the sub-licence of VAL201 until the end of May 2025. This is the final extension, and it is due to TheoremRx Inc being involved in a transaction with a Nasdaq listed company.

Pulsar Helium Inc (PLSR) is raising up to $7.5m at 38 cents(30p)/share. A loan will be provided by University Bancorp Inc will provide a $4m line of credit to ABCrescent Cooperatief so that it can exercise 15.5 million warrants. The cash will finance exploration at the Topaz project in Minnesota and enable a decision to be made on a combined helium and CO2 production facility. Further drilling on the Jetstream #1 appraisal well will restart this week.

Restaurants operator Tasty (TAST) has received Â£2.5m from an insurer for breach of contract for insurance for losses in 2020. This will lead to an exceptional gain of Â£1.5m in 2024.

Huddled Group (HUD) acquired the 25% of Boop Beauty it did not own for Â£100,000 in cash.

Functional food ingredients developer Provexis (PXS) doubled interim revenues to Â£785,000. There was a reported loss, but a Â£17,000 cash inflow from operating activities. Cash was Â£478,000 at the end of September 2024.

MAIN MARKET

Power electronics developer for electric vehicles DG Innovate (DGI) is cancelling its listing in the transition category of the Main Market because of the difficulty in raising cash since floating on the now-defunct standard list via reverse takeover of Path Investments in April 2022. DG Innovate did raise Â£500,000 at 0.08p/share. This will help to support the joint venture with Indian electric vehicle manufacturer EVage Automotive for the production of DG Innovateâ€™s Pareta e-drives and provide working capital until early February 2025. Much more cash will be required, though.

Roquefort Therapeutics (ROQ) is planning to sell Lyramid, which has a portfolio of antibody and mRNA based therapied that focus on cancer target Midkine, for a minimum of $10m. The business was acquired for Â£1m. This would mean that Roquefort Therapeutics would take a share stake in the buyer Pleiades Pharma. The deal replaces the previously announced licensing proposal.

Capricorn Energy (CNE) did not receive the final settlement payment of $22.5m from Waldorf Production UK for earnout considerations. As part of this deal, Capricorn Energy acquired a 25% stake in the Columbus field in the North Sea. Capricorn Energy is considering its options.

AIM 50 Digest 31 December 2024

BY: Andrew Hore |
POSTED: 02/01/2025 |

Cohort (CHRT) reported interim figures ahead of expectations. Revenues were one-quarter ahead at Â£118.2m and underlying earnings nearly doubled to 20p/share. The interim dividend is 10% higher at 5.25p/share. The order book was worth Â£541m at the end of September 2024, including more than Â£120m in the second half. The acquisition of EM Solutions should complete in February.
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Impax Asset Management (IPX) has lost the mandate from St Jamesâ€™s Place for its Sustainable & Responsible Equity Fund. It will end in February. There are Â£5.2bn of assets under management and annualised revenues will be reduced by Â£12.7m. In 2023-24, group revenues were Â£170.1m and underlying pre-tax profit was Â£49.4m.
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Parkmead Group (PMG) is selling its subsidiary that holds its UK offshore oil licences. Serica Energy (SQZ) is paying an initial Â£5m in cash with a further Â£9m in cash over the next three years and up to Â£120m of contingent consideration. The contingent consideration relates to the potential Skerryvore and Fynn Beauty. Parkmead is also released from the obligation to spend Â£16m on drilling a well at Skerryvore. The Netherlands gas licences, and onshore UK renewable energy development assets are being retained.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) says that the Megrez-1 well shows a large light liquids column and there appear to be three hydrocarbon bearing zones. This is in the Ahpun field. Long-term testing will start early in 2025. There was a cash outflow of $17.7m in the year to June 2025. Since then, Â£22.5m was raised at 17p/share. More recently, Michael Spencer increased his stake from 6.99% to 7.19%.
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Translation services and software provider RWS (RWS) reports a 2% dip in full year revenues to Â£718.2m, while underlying pre-tax profit was 11% lower at Â£106.7m, even though gross margin improved. The total dividend is 2% higher at 12.45p/share. Net debt was Â£12.9m at the end of September 2024. AI products should help revenues to grow this year, although organic growth is set to be modest.
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Pan African Resources (PAF) expects to produce around 215,000 ounces of gold in the year to June 2025, which is a 16% increase on last year, although first half production will be lower than some estimates. A further rise to 235,000-250,000 ounces is expected for next year. The ending of most of the hedging contracts means that there will be further benefits from the spot gold price after February. Debt should be paid off within 18 months. Pan African Resources has completed the acquisition of Tennant Consolidated Mining Group.
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ITM Power (ITM) is supplying three NEPTUNE V units to a German company. NEPTUNE V is a 5MW containerised electrolyser plant. It has also secured a contract for a 50MW green hydrogen production site in the EU. This will have ten NEPTUNE V units. These should be delivered in 2025.
=====
FD Technologies (FDP) has sent a circular to shareholders so they can approve the proposed tender offer of up to Â£120m. The tender off is at 1880p/share. The tender closes on 22 January.
=====
IDOX (IDOX) has secured a Â£2.4m contract with North Yorkshire Council to consolidate eight planning and building control systems into one cloud-based system. This should improve efficiency.
=====
Volex (VLX) decided not to bid for TT Electronics.
=====
SigmaRoc (SRC) chairman David Barrett bought 85,000 shares at 70.6p each. He owns 0.35% of the building materials supplier. Richard Griffiths has reduced its stake in Niox Group (NIOX) from 12.99% to 11.9%. Slater Investments raised its stake in Fintel (FNTL) from 10.1% to 11.1%.

Quoted Micro 30 December 2024

BY: Andrew Hore |
POSTED: 29/12/2024 |

AQUIS STOCK EXCHANGE

Valereum (VLRM) is making strategic enhancements to the GATE token strategy. It has brought in a tokenomics expert who will help to refine and enhance options. The changes could include a community voting mechanism for participatory decision making, interactive feedback sessions and transparent decision-making processes. There will be further information in the first quarter of 2025.

WeCap (WCAP) investee company WeShop Holdings has submitted a draft registration statement to the SEC. This is part of the process of obtaining a US listing, which will help the retailer app to be launched in the US and other markets. WeShop has 1,500 retailers signed up and testing in the UK has generated gross sales of Â£100m. WeCap owns 16% of WeShop.

Vinanz Ltd (BTC) has published the prospectus for its proposed move to the Main Market, which is planned for 13 January. This will be on the Transition Category. The cancellation of the Aquis Stock Exchange will be on 10 January. The bitcoin miner has received commitments totalling Â£1.5m at 14.5p/share conditional on the market switch.

Broker VSA Capital (VSA) increased interim revenues from Â£1.05m to Â£1.68m, which enabled a swing from a loss of Â£1.82m to a pre-tax profit of Â£298,000. The Â£57m fundraising for Invinity Energy Systems (IES) helped. The number of employees has reduced. NAV was 10.4p/share at the end of September 2024, although this does include intangible assets. Cash in the bank improved to Â£939,000. There are 29 retained clients. The deal pipeline is apparently growing, but timing is uncertain.

Mendell Helium (MDH) is continuing to make progress with an admission document for when it takes up its option to acquire M3 Helium. Production from the Nilson well has reached 127Mcf/day. The cost of bringing Rost into production could be reduced to $300,000. There is funding interest from local oil and gas companies in Kansas and this could be non-dilutive. This could fund further development of wells in Hugoton.

Lift Global Ventures (LFT) investee company Trans-Africa Energy is in talks with a Southern African state investor and the redemption date of the loan to the company has been extended to 31 January 2025.

Mental health treatments developer Shortwave Life Sciences (PSY) announced the pre-launch of a crowdfunding campaign on Crowdcube. The company has a psilocybin-based combination drug and proprietary buccal film delivery platform to improve outcomes for anorexia nervosa patients.

TruSpine Technologies (TSP) hopes for more news on the FDA submission for its medical devices for spinal care. The interim loss increased from Â£363,000 to Â£410,000. There was Â£51,000 in the bank at the end of September 2024. Finance options are being reviewed.

Adsure Services (ADS) director Peter Hammond has bought 65,000 shares at 21p each. He owns 7.17%. Coinsilium (COIN) has raised Â£65,250 through the exercise of warrants at 3p each. Chief executive Eddy Travia exercised 1.675 million shares taking his stake to 7.44%.

AIM

Maritime tracking technology developer Windward (WNWD) is recommending a 215p/share bid from an acquisition company formed by FTV VIII. The offer values the marine tracking technology company at Â£216m. The bidder wants to gain greater exposure to the maritime compliance market and believes it can help to accelerate growth. The management team will be retained. Windward joined AIM on 6 December at 155p/share.

Logistics Development Group (LDG) says Nash Squared has sold its NashTech division, which means that the AIM companyâ€™s investment of Â£10m in February 2024 has been redeemed for Â£13.1m. Logistics Development Group has Â£44m in cash. A tender offer at 19p/share is contemplated. That will distribute up to Â£21m. The plan is to distribute 50% of any further realisations and NAV will be published every quarter. The share price moved up 30.2% to 14p, which values the company at Â£73.4m. NAV was Â£99m at the end of May 2024.

Retailer Quiz (QUIZ) announced on Friday evening that it intends to leave AIM. The general meeting to gain shareholder approval will take place on 23 January. This is part of plans to reduce costs. Tarak Ramzan, who owns 20.4%, has offered a Â£1m loan facility and more cash will be needed next year. JP Jenkins may offer a matched bargain facility. Following the announcement, Amraj Gillâ€™s stake has risen from 8.17% to 10.1% and Tajveer Gillâ€™s stake has increased from 8.1% to 10.3%. Interim results show a tripled pre-tax loss of Â£4.7m, or Â£4.1m before exceptionals. Revenues continue to decline. National Insurance and living wage changes will add an annualised Â£1.7m from April. Net debt has reached Â£3.5m.

Michael Ashcroft has launched a requisition bid for a general meeting at data and marketing services provider Jaywing (JWNG). Michael Ashcroft wants Jaywing to leave AIM by 1 March 2025. He owns 29.5% of Jaywing and Lombard Odier is the next biggest shareholder with 18.9%. The directors own less than 6%. DSC Investment, which is associated with Michael Ashcroft, and Lombard Odier have jointly lent Â£11.9m to Jaywing. Net debt was Â£14.8m at the end of September 2024, which was before the latest Â£1.1m increase in the facility.

Premier African Minerals (PREM) announced an amended offtake and prepayment agreement with Canmax Technologies for the Zulu lithium and tantalum project after trading ended on Christmas Eve. The settlement options for Canmax Technologies have been adjusted in respect of prepayment amounts that are outstanding on 1 April 2025. Â If Premier African Minerals does not deliver the required product of provide cash settlement, Canmax Technologies is entitled to a direct stake in Zulu lithium at a valuation of $100m. The alternative is settlement in Premier African Minerals shares.

Maritime surveillance systems developer and installer SRT Marine (SRT) has signed the $9m Middle East coast guard contract and implementation has commenced. The is a ten-year contract for an upgrade to a 2016 installation. There should be $7m of revenues recognised in the year to June 2025 and the following year combined. There could be further upside from the contract. This contract adds to the $213m Kuwait coast guard contract, where implementation has also begun. Two other contracts totalling around $250m are near to signing and could start their implementations before June 2025. Management says that 2025-26 should be â€œsignificantly profitableâ€, but Cavendish has yet to reinstate forecasts.

Sunrise Resources (SRES) says Tolsa USA Inc has decided not to exercise its option to acquire the Pioche Sepiolite project in Nevada. There was no agreement on the terms of a continuing royalty for Sunrise Resources. Tolsa says it was difficult to correlate specific grades from holes drilled.

Orosur Mining Inc (OMI) has received assays from the fourth hole at the Pepas prospect in the north of the Anza project. There was a composite intersection of 40.2 metres @ 3.75g/t from 23.5 metres. Including 6.8 metres @ 9.02g/t. The results are good, but there are complexities. Part of the plan for the drilling is to resolve the complexities. Pepas has exceeded expectations.

Digital mental health company Kooth (KOO) has won a pilot contract in New Jersey and launched a share buyback programme of up to Â£1.5m to cover share-based rewards. The New Jersey contract is worth $1.45m in the pilot year. It covers 50,000 students between 13 and 18 years old. There are talks for a second US pilot.

Gemfields (GEM) says recent emerald and ruby auctions were disappointing. There is an oversupply of Zambian emeralds and emerald mining is being suspended by Gemfields. There is also civil unrest in Mozambique following elections. Ruby mining operations at Montepuez Ruby Mining have not been hampered, but risks have increased. There has been lower production of premium rubies. The focus is constructing a second ruby processing plant and other capital investment has been suspended, including the gold project. Options for the Faberge brand are being assessed.

Mitsubishi Electric is investing Â£26.2m in Seeing Machines (SEE) for a 15% stake and the companies will collaborate on opportunities in the design and manufacture of automotive technologies, particularly in Japan. There will also be access to the Mitsubishi distribution channel. The investment is at a 12% premium to the 30-day weighted average price. Mitsubishi intends to take its stake to 19.9%.

Property services provider Fletcher King (LON: FLK) improved interim pre-tax profit from Â£50,000 to Â£85,000 on revenues up from Â£1.33m to Â£1.6m. There is no interim dividend. Net cash was Â£3.77m at the end of October 2024. The second half tends to be more profitable, but the markets remain uncertain.

MAIN MARKET

Cash shell Pineapple Power Corporation (PNPL) has found another potential reverse takeover candidate. Hamburg-based FUSE-AI develops medical artificial intelligence products. It has developed Prostate.Carcinoma.ai software that enables radiologists to save time analysing MRI images and reduces the error rate. Distributors are being signed up. FUSE-AI is an investee company of Xlife Sciences. FUSE-AI would be acquired in an all-share transaction. This is still subject to due diligence. The deal to acquire Ilios Hydrogen is not going ahead.

Harworth Group (HWG) has completed the sale of 278 acres of land at Ansty, Warwickshire for Â£53.5m. Contracts were exchanged three years ago and planning permission has been granted.

Quoted Micro 23 December 2024

BY: Andrew Hore |
POSTED: 23/12/2024 |

AQUIS STOCK EXCHANGE

Surgical procedures provider One Health Group (OHGR) increased revenues 22% to Â£13.3m, while pre-tax profit improved from Â£560,000 to Â£845,000. The interim dividend was raised 2% to 2.07p/share. Cash in the bank was Â£4.89m at the end of September 2024. There have been record referrals by the NHS since the end of the period and it wants the company to increase its capacity. A retrospective increase in the NHS tariff should boost profit by Â£250,000 this year. A planning application will be submitted for a surgical hub.

Business assurance provider Adsure Services (ADS) increased revenues 19% to Â£5.06m and it moved from a loss of Â£30,000 to a pre-tax profit of Â£330,000. The latest dividend is 0.786p/share.

Marula Mining (MARU) is planning a strategic partnership with the Mining Engineers Society of Kenya, which will provide expertise to the company. Marula Mining will provide annual financial support. Gathoni Muchai Investments bought 250,000 shares at 4.65p each and 500,000 shares at 4.56p each, taking the stake to 8.85%.

Skincare technology developer Incanthera (INC) reported a flat interim loss of Â£620,000. There was cash of Â£1.06m at the end of September 2024. There is no additional news on the litigation that prevented the launch of the Skin + CELL skincare product range. There is Â£1.24m of inventory and work in progress in the balance sheet that was built up for the launch.

Valereum (VLRM) has signed non-binding heads of terms for raising Â£13m at 10p/share with DMC Markets Inc. Valereum has also signed a binding option with an investor for raising Â£2m at 10p/share. This investor is building its own digital asset ecosystem, which could fit with Valereumâ€™s interests. The additional cash will help to accelerate growth.

Healthcare IT provider DXS International (DXSP) wants to expand into a new territory in the EU or elsewhere in 2025. There are 22% of NHS Integrated Care Boards using the new Aios SMART Referrals software and more will be converted. The first commercial sale of ExpertCare therapeutic management software was in October.

Broking and wealth management business Oberon Investments (OBE) grew revenues by 74% to Â£4.8m in the six months to September 2024. The loss was reduced from Â£1.59m to Â£1.24m. There was Â£2.26m in the bank at the end of September 2024. Corporate broking increased revenues by 124% to Â£1.54m. There are 21 retained clients and there are private capital fundraisings expected in 2025. The launch of the Oberon AIM VCT is expected in the summer of 2025.There are also plans to take on more experience staff.

In the year to June 2024, fintech company Tap Global Group (TAP) grew revenues 31% to Â£2.65m, although the core business was not part of the group for the whole of the previous year. Those revenues were 6% ahead. In the first five months of the new financial year revenues were 24% with the latest month 77% ahead. The company introduced its XTP token locking feature for UK customers. Tokens can be locked for 12 months.

Investment Evolution Credit (IEC) is appointing John van Kuffeler, who founded Non-Standard Finance, as executive chairman. Marc Howells will be appointed chief executive. Dr Richard Leaver is becoming a non-exec, and he will provide AI expertise. Investment Evolution Credit is assessing potential acquisitions that could provide it with a UK lending licence, as well as loan book purchases. There are plans to expand in the US and internationally. The 15% IEC bond is no longer being offered to investors and the focus will be institutional debt funding.

BWA Group (BWAP) recently completed exploration drilling at the Dehane 2 rutile sands permit in Cameroon. Total heavy minerals raw sample grades are up to 20.4% over two metres thickness. This has increased the confidence of management that there could be a commercial project. Geological modelling is planned.

Oscillate (MUSH) has started fieldwork on its Minnesota hydrogen interests, while land access permitting ongoing. There will be a detailed review of regional surface geology.

Igraine (KING) investee company Fixit Medical, where it owns 20%, has confirmed that it plans to pursue FDA approval and CE marking for its Cingo product, which prevents catheters from twisting. It is also launching three new medical device products. Two IP grants have been received.

EDX Medical (EDX) has launched a range of test for determining hereditary risk of cancer and heart disease. Revenues remain minimal and the interim loss rose from Â£1.34m to Â£1.7m. There was cash of Â£2.31m at the end of September 2024.

Crypto investor Kasei Digital Assets (KASH) realised Â£220,000 profit in the year to July 2024. NAV increased from Â£2.31m to Â£3.42m. There are investments in a range of Crypto currencies and tokens, including Bitcoin.

A person associated with IntelliAM AI (INT) chief executive Tom Clayton bought 8,660 shares at 80.763p each and 2,280 shares at 87.5p each. He owns 24.8% of the AI company. Chris Wragg, divisional head of lubrication and applied sciences, bought 1,668 shares at 87.5p and he owns 4.38% of the company.

Shepherd Neame (SHEP) has appointed Marion Sears and Meg Lustman as non-executive directors.

WeCap (WCAP) has raised Â£172,000 at 0.85p/share. Global Prime Partners increased it stake from 9.69% to 11.3%. Hot Rocks Investments (HRIP) raised Â£60,000 at 0.4p/share. A stake has been built up in Oscillate and there is a potential digital payments investment.

Ananda Developments has changed its name to Ananda Pharma (LON: ANA).

AIM

AIM newcomer Amcomri Group (AMCO) ended the week at 57.5p, having raised Â£12m at 55p/share. That valued the engineering business at Â£39.5m. Amcomri was set up to undertake a buy, improve, build strategy in the engineering and industrial sectors.

Retailer Shoe Zone (SHOE) says the recent National Insurance increase have increased costs, and it is closing stores are not considered viable. Consumer confidence is weak. The focus is bigger, more profitable stores. The company has halved its 2024-25 pre-tax profit guidance to net less than Â£5m. Although profit estimates for the year to September 2024 are unchanged at Â£9.5m there will be no final dividend.

Cavendish is raising its forecasts for Filtronic (FTC) following its latest trading update. Space and defence demand are propelling growth. Filtronic is providing E-band power amplifiers for ground stations to SpaceX and first half demand was particularly strong. The UK defence review could generate opportunities later in 2025. The 2024-25 pre-tax profit forecast has been raised from Â£7.7m to Â£9.6m.

Active Energy Group (AEG) shares returned from suspension following publication of interims and the potential for a resurrection of the business. Shareholders previously voted against liquidating the company and Zen Ventures provided a loan of Â£200,000 to enable the publication of 2023 accounts earlier in December and the subsequent interims have been released. Zen Ventures will appoint two directors. The plan is to commercialise the CoalSwitch technology.

Energy optimisation and assurance services provider Inspired (INSE) is improving its balance sheet via a placing raising Â£21.25m at 40p/share and a retail offer raised Â£410,000. There is also an issue of Â£5m of 12% convertible loan notes, which are convertible at 80p/share. The shares come with warrants exercisable at 80p each.

Surgical Science Sweden is bidding 13p/share to Intelligent Ultrasound (IUG), which values the ultrasound simulation company at Â£45.2m. The bid is recommended by the board. Intelligent Ultrasound will benefit from becoming part of a larger group and it enables the bidder to obtain a UK operation. Intelligent Ultrasound was going to return cash to shareholders following the sale of its clinical AI business. There was cash of Â£39.6m in November, which covers most of the bid value.

Tribe Technology (LTRYB) revealed that its accounts will be delayed, and it plans to leave AIM. The autonomous mining equipment developer is in talks with potential provider of finance, and it believes that leaving AIM will make it easier to raise money. Trading in the shares will be suspended on 2 January. Neometals (NMT) is cancelling its AIM quotation and concentrating on the ASX listing. It joined AIM in 2022, but it has been difficult to raise funds. Trading volumes on AIM have been low. The cancellation will be on 3 February. Retailer Quiz (QUIZ) is also planning to leave AIM. Shareholders approved plans for Webis (WEB) to lave AIM and this will happen on 3 January.

Synairgen (SNG) wants to raise up to Â£19m at 2p/share to fund a phase II study for respiratory drug treatment SNG001. The largest shareholder TFG Asset Management has conditionally underwritten Â£18m of this. However, there is a placing and open offer to raise Â£6m and the TFG subscription will be reduced by the amount raised over Â£1m. However, if the placing and open offer does not raise at least Â£2.9m the AIM quotation will be cancelled.

Tiger Royalties and Investments (TIR) is changing strategy to become a technology incubator. It is acquiring Bixby Technology Inc, which is run by Jonathan Bixby, for Â£325,000. A fundraising at 0.1p/share will raise Â£3m. New shareholders include Premier Miton, Zeus and Jupiter. Toro is subscribing Â£325,000 worth of shares. The company is retaining its core resources investments, and it will consider other natural resources investments.

There was a reassuring update from Feedback (FDBK) concerning first half trading, but more was generated by the Bleepa medical imaging communications product. There are talks with Integrated Care Boards about further contracts. Net cash was Â£7.3m at the end of November 2024 and there were Â£500,000 of retail offer proceeds to be received. That compares with a market capitalisation of Â£7.3m.

Duke Capital (DUKE) increased recurring interim revenues by 4% to Â£12.7m. Fewer exit premia meant that total revenues dipped to Â£13.5m, from Â£14.1m. There have been Â£15m of follow-on investments in the period. Despite the Â£3.5m fundraising at 27.5p/share, the debt level is still significant with Â£69.1m forecast for the end of March 2024. Duke Capital provides important financial backing for small businesses through a combination of debt and equity and generates a steady income stream from those investments with longer-term upside.

Electronic and electro-mechanical components supplier LPA Group (LPA) has won three major contracts worth Â£4m. They are with French rail operator SNCF Voyageurs for interior LED lighting, Siemens Mobility, also for LED lighting, and seating manufacturer Grammer for eat electronics and lighting for trains in France. The SNCF contract last five years while the others are deliverable in 2025 and 2026.

Provexis (PXS) is purchasing a further batch of Fruitflow heart-health functional food ingredient inventory from dsm-firmnech to satisfy increasing demand for Fruitflow. The royalty based on gross profit will be paid to dsm-firmnech in shares. The total payment for inventory and royalty is 82.95 million shares at 0.68p each. DSM Venturing owns 10.9%.

Scholium Group (SCHO) managed to gain enough shareholder support for the plan to leave AIM. It required 75% of votes and it got 79.3%.

Digital media publisher Digitalbox (DBOX) has bought EastEnders for Â£50,000. It has 475,000 followers on the associated Walford East Facebook page. This adds to the recently launched Emmerdale Insider.

Nioko Resources is making a recommended offer of 2.68p/share for Hummingbird Resources (HUM). This is the same as the price of the debt-to-equity swap previously announced.

MAIN MARKET

Rockpool Acquisitions (ROC) revealed the potential acquisition of European Lingerie. The exclusivity period lasts until the end of June 2025.

Media Concierge has launched a recommended bid for National World (LON: NWOR). The 23p/share offer values the company at Â£65.1m.

London Finance and Investment Group (LFI) plans to wind itself up and return cash to shareholders. This could be 70p/share.

Acceler8 Ventures (AC8) is planning to acquire Verifyyed Inc, which has developed a royalty platform providing rights holders with greater transparency to drive revenues. California-based Verifyyed Inc has operations in Europe, and it will cost Â£96.8m in shares. A placing to raise up to Â£20m is anticipated.

The 79th GRP plans to invest Â£2.18m in First Class Metals (FCM) in two stages. It will end up with 51.2% of the enlarged share capital. The cash will be invested in projects in Ontario and there are potential synergies for project acquisitions.

Quoted Micro 16 December 2023

BY: Andrew Hore |
POSTED: 16/12/2024 |

AQUIS STOCK EXCHANGE

Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. Â The former One Heritage Group has discontinued its co-living and in-house construction services. The focus is high quality apartments and housing, as well as work for local authorities and housing associations. A portfolio of properties was sold for Â£7m after the end of June 2024. There is a conditional contract to sell land for Â£400,000. So far, Â£3m has been reinvested in a 30% stake in One Victoria, a residential and commercial development, in Manchester. It is scheduled for completion in the summer. Prior to the move Zentra director Jason Upton bought 141,806 shares at 3.5p each.

AI software developer IntelliAM (INT) has signed a letter of intent with SKF Lubrication System so the two companies can sell each otherâ€™s products. IntelliAMâ€™s machine learning platform will be included in the latterâ€™s products. If the acquisition of 53 Degrees North Engineering had been made at the beginning of the six months to September 2024, revenues would have been Â£1.61m and EBITDA Â£140,000. Annualised recurring revenues are Â£149,000. Chairman David Richards bought 7,142 shares at 70p each.

Vinanz Ltd (BTC) has received commitments totalling Â£1.5m at 14.5p/share conditional on a move to the London Stock Exchange. This will fund the purchase of more Bitcoin mining machines. The share price edged up 0.82% to 15.375p.

Time to ACT (TTA) subsidiary GreenSpur has developed a preliminary 15MW generator design that outperforms power density and space benchmarks. It is 30% lighter and 70%-80% smaller. Further improvements are possible.

Intelliqo (IQO), which provides marketing services to technology businesses, lost Â£145,000 in the six months to September 2024. Revenues declined from $558,000 to $224,000. The focus is the Langaroo App. Building up sales will stop the cash outflow. Cash has fallen to less than Â£12,000.

Mendell Helium (MDH) says M3 Helium, which it has an option to acquire, has increased production to 100Mcf/day and is rising by 2Mcf each day. This enhances the potential value of the farm-in to Scout Energyâ€™s acreage in the Hugoton field. The option has been extended to the end of March 2025.

In the year to April 2024, Helium Ventures (HEV) had net assets of Â£24,000, including Â£56,000 in cash plus Â£250,000 long-term investment and Â£30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the Â£250,000 subscription. Creditors include deferred payments to directors of Â£130,000.

Capital for Colleagues (CFCP) has received the third tranche of consideration for the sale of shares in investee company The Homebuilding Centre to the company so that it can expand employee ownership. There was Â£114,000 received, which was above the minimum of Â£50,000, due to strong trading.

Igraine (KING) has formalised its investment rights with GEM and its battery storage project development subsidiary BES3. The first site has been chosen.

Marula Mining (MARU) is withdrawing from planned projects in Zimbabwe. It is also relinquishing its interest in the Nkombwa Hill project in Zambia. This enables focus to be placed on the Blesberg lithium and tantalum project and other core interests.

Ananda Developments (ANA) has raised Â£150,000 at 0.35p/share following positive results for cannabis-based treatment MRX1. There was a significant reduction in blood plasma levels of NT-proBNP (N-terminal pro-B-type natriuretic peptide) levels. This biomarker is used in diagnosis and management of heart failure.

SulNOx Group (SNOX) has raised a further Â£300,000 at 52.5p/share with a warrant attached. Unicorn AIM VCT has taken its stake to 5.39%. Wishbone Gold (WSBN) has raised Â£250,000 at 0.2p/share. Meme Vault (MEME) raised Â£271,000 at 0.02p/share. The shares come with two warrants each and the exercise price is 0.02p/share.

Inqo Investments (INQO) has declared a dividend of R0.07/share.

OTAQ has left Aquis.

AIM

Sports consultancy and data analysis business 4GLOBAL (4GBL) is refocusing its strategy. The new focus is North America. In the six months to September 2024, revenues fell 3% to Â£1.7m. The loss increased from Â£1m to Â£1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at Â£1m. North American revenues rose by 161% in the period. There was cash of Â£287,000 at the end of September 2024, but also borrowings of Â£583,000 following the securing of an additional borrowing facility of Â£500,000 during the period. Management believes it has enough cash for its requirements, including continuing to spend on developing the data analysis technology.

Equals Group (EQLS) is recommending a bid from a bid vehicle owned a consortium comprising TowerBrook Funds, JC Flowers Funds and Railsr shareholders. The 140p/share cash offer values the multi-currency payments company at Â£283m. The bid is 135p/share in cash with a special dividend payment of 5p/share.

NWF (NWF) offset the decline in the food distribution by stronger trading in fuels and feed. Fuels margins improved despite flat volumes. Overall operating profit improved, but higher interest costs mean that pre-tax profit will be lower. Feeds volumes improved due to a higher milk price. Lower throughput and costs of relocating stock to the Lymedale site mean that its profit contribution fell. The winter is important to the full year outcome.

Automotive connection systems supplier Strip Tinning (STG) says that the lifetime value of nominations has risen 12% to Â£107m. That is mainly due to the major battery technology contract for cell contact systems from Â£43m to Â£56.8m. Higher National Insurance costs will be offset by cost savings. Capex spending will be lower than expected over the next two years, so net debt will not rise as rapidly, although it could be Â£9.3m by the end of 2026. A Â£3.7m loss is forecast for 2024. Although the 2026 forecast has been lowered, Strip Tinning is set to move into profit in 2027. There is 80% visibility of forecast 2027 revenues of Â£27m.

Ceramic and fragrance products supplier Portmeirion (PMP) trading has been weaker than expected and the 2024 pre-tax profit forecast has been cut from Â£4.5m to Â£1m. South Korea and the US have been weak markets. Christmas stock was delivered late to the US and there were order withdrawals. Net debt is expected to be Â£7.4m. An unchanged dividend of 5.5p/share is anticipated. The fragrance business is the bright spot.

Electric Guitar (ELEG) subsidiary 3radical is being liquidated and Electric Guitar has become a shell. The uncertain financial position means that trading in the shares remains suspended.

Roebuck Food Group (RFG) intends to raise up to Â£8.5m via a bookbuild to finance the purchase between 35% and 38.7% in GlasPort Bio, which is developing technology to reduce greenhouse gas emissions, with an option to raise this stake to 94.5%. The company is also buying a 13% to 16.7% stake in GlaspOrt Rumen Tech, which has developed ruminate feed additive RumenGlas, that reduces carbon dioxide emissions.

Autonomous vehicles developer Aurrigo International (AURR) raised Â£5.25m at 44p/share. The retail offer raised an additional Â£68,000. The cash will fund an increase in production capacity, as well as engineering.

Helix Exploration (HEX) has made a commercial helium discovery at the Darwin#1 well at the Rudyard field. It is 1.1% helium with the rest primarily nitrogen and the flow is sustainable. The Rudyard field could support multiple production wells, and each could generate $4m in cash/year. The company could begin to be cash generative in 2025.

Trading in Aura Energy (AURA) shares has been halted pending a capital raising. An assessment of future capacity expansion at the Tiris uranium project in Mauritania. The production target update in September increased the mine life from 17 to 25 years. Options to expand production capacity in the third year of operations from the initial plan to produce to produce 2MIbspa U3O8 to produce up to 4MIbspa U3O8. At 3MIbspa U3O8 NPV8 would be $544m, while at 4MIbspa U3O8 it is $521m. Tamesis has been AIM appointed broker.

Orosur Mining Inc (OMI) has received assays from the second and third holes of the current drill programme at the Anza project in Colombia. There was a composite intersection of 77.3 metres @ 7.68g/t gold from surface at the second hole and 75 metres at 5.6g/t from surface at the third hole. This shows a continuing trend to the North West. The fourth hole is completed.

Orcadian Energy (ORCA) has revealed heads of agreement for a farm out deal for the 145bcf Earlham/Orwell project in the North Sea. A joint venture led by Independent Power Corporation is earning a 50% stake and Orcadian Energy is fully carried to first gas. The joint venture, which has also acquired the $1.5m Shell loan, will be repaid this free carry spending through an additional 30% share of project revenues until the cost is covered. Orcadian Energy is also selling 50% of HALO Offshore UK to Independent Power Corporation, which is securing Â£5m of acquisition finance for gas field buy outs. Orcadian Energy has a 50% interest in the P2634 licence in the North Sea that has been acquired by Serica Energy (SQZ) from Parkmead (PMG).

Kazera Global (KZG) 70%-owned subsidiary Whale Head Minerals has secured an offtake agreement with Fujax South Africa for an initial 100,000 dry tonnes of heavy mineral sands from the Walviskop project in return for 80% of the anticipated final sales price less certain costs. Production recently started. Fujax will make a prepayment of $600,000 in two tranches in December and January.

Industrial monitoring and maintenance systems supplier Tan Delta Systems (TAND) says delays in orders mean that 2024 revenues will be lower than expected at Â£1.2m, down from Â£1.5m last year. The loss will be Â£1.2m. Net cash will be Â£3m.

Business recovery services provider Begbies Traynor (BEG) is benefiting from relatively high levels of insolvencies. In the six months to October 2024, revenues were 16% ahead at Â£76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at Â£11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to Â£1.4m.

Seed Innovations (SEED) investee company Inveniam Capital has secured a strategic partnership with UAE-based AI company G42 to develop a platform for the financial markets. Seed Innovations owns less than 0.2% of Inveniam Capital.

MAIN MARKET

Kitchenware retailer ProCook Group (PROC) reports an increased underlying interim loss of Â£2.8m after a small dip in gross margins. Like-for-like revenues were 4% ahead with ecommerce growth faster than that of high street stores. There were 315,000 new customers buying in the period. Net debt is Â£4.2m due to deliberately increased stock levels. Management admits pre-Budget spending was subdued, but he business is second half weighted and there should be an improved full year outcome.

Investment company Thalassa Holdings (THAL) intends to raise cash to finance acquisitions. It believes this is an ideal time to pick up businesses at attractive valuations. The final price is being decided via a Dutch auction.

Alteration Earth (ALTE) has gained shareholder approval for the acquisition of Pri0r1ty AI. The company has developed a platform called Priority Adviser, which collects customer data for use in PR/investor relations. The enlarged company will move to AIM late in December.

Aura Renewable Acquisitions (ARA) is proposing the all-share acquisition of Zero Carbon Technologies, which plans to develop lead-acid and lithium-ion battery recycling operations in Europe. It is acquiring land in Spain. The target is raising at least Â£10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to Â£2m.

Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.

Quoted Micro 9 December 2024

BY: Andrew Hore |
POSTED: 09/12/2024 |

AQUIS STOCK EXCHANGE

Invinity Energy Systems (IES) has launched its next generation flow battery ENDURIUM. This has higher efficiency and is designed to be manufactured in Scotland in high volumes. This new product is likely to be the main source of orders from now on. There are already orders for ENDURIUM. Invinity Energy Systems is expected to move into profit in 2026.

Equipmake (EQIP) has launched a strategic review that could lead to the sale of the company. The company is still waiting for the final agreement for a $6m licence with a commercial vehicles manufacturer. It is running short of cash with Â£1.9m currently in the bank. That should last until March. A further share issue or a strategic partner will be required if Equipmake is to remain independent. VSA has been appointed as corporate adviser.

Vinanz Ltd (BTC) intends to move to the Main Market. This depends on the FCA approving the prospectus. Shares will be issued to all option and warrant holders.

Cooks Coffee (COOK) has entered an agreement with Dairygold Agri Business in Ireland to operate four Esquires cafes within Co-Op Superstores owned by Dairygold. The initial period is for 10 years and there are 24 other stores owned by Dairygold.

Ormonde Mining (ORM) investee company TRU Precious Metals has announced positive results of exploration in the Golden Rose project. Some of the samples showed high grades.

CRUSHMETRIC Group (CUSH) has raised Â£100,000 at 12.5p/share. China-based subsidiary Star Collaboration has reached a settlement with a distributor and it will pay Â£166,000.

Marula Mining (MARU) says contract mining should begin at the Blesberg lithium and tantalum mine in South Africa during February 2025. There is a planned leasing agreement for support vehicles.

Coinsilium (COIN) has appointed Oberon Capital as its joint broker. The company has entered a strategic advisory services agreement with TAND3M.io.

Cannabis-based medicines developer Ananda Developments (ANA) says its MRX1 drug candidate has passed through drug stability timepoints ahead of a phase 1 and two phase 2 studies.

Kondor AI (KNDR) had a cash outflow of just over Â£1m during the 12 months to September 2024. There is Â£611,000 in cash left in the balance sheet.

Fuel additives developer SulNOx Group (SNOX) has raised Â£1.875m via subscription at 46.6p/share and an exercise of warrants at 29p/share. A subsidiary of McQuilling has invested in the subscription and it is the preferred partner in the US market. Ora Technology (ORA) raised Â£255,000 at 8p each. Marallo Holdings has acquired a 27.6% stake.

EPE Special Opportunities (EO.P) is commencing a share buy back programme.

Silverwood Brands (SLWD) executive director Andrew Gerrie bought 26,572 shares at 22.556p each.

AIM

Warpaint London (W7L) is bidding 48p/share in cash for Brand Architekts (BAR), valuing the company at Â£13.9m. There is a share alternative. Warpaint London believes that its relationships with retailers will help to boost sales of the health and beauty brands, such as Skinny Tan and Super Facialist, owned by Brand Architekts, which has high overheads compared with its revenues. The acquisition should be earnings enhancing in 2025. Warpaint London is raising Â£14m at 510p/share with up to Â£1m more to come from a retail offer.

K3 Business Technology (KBT) is selling its UK SYSPRO business NexSys to SYSPRO owner Advent for Â£36m. This business generated 109% of group EBITDA and 28% of group revenues. K3 Business Technology intends to return cash to shareholders. The companyâ€™s remaining operations are K3 Fashion and Pebblestone, the IKEA software business and other retail software.

SDX Energy (SDX) plans to leave AIM because of the costs of the quotation and the greater flexibility as a private company. Potential investors would prefer to invest in an unquoted company. It is the intention to put in place a matched bargains facility. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. If shareholders agree, then the quotation will be cancelled on 9 January. SDX Energy joined AIM in May 2016 at 18p/share.

Photonics company Gooch & Housego (GHH) had a better second half, but full year profit was still lower. In the year to September 2024, revenues were 1% ahead at Â£136m. A decline in industrial revenues, due to weak product sales for semiconductor manufacturing and other industrial uses, was offset by higher aerospace and defence and life sciences revenues. Underlying pre-tax profit slipped 22% to Â£8.1m. The total dividend was raised 1.5% to 13.2p, which is 1.9 times covered by earnings.

Technology company adviser and investor EMV Capital (EMVC) raised Â£1.5m at 50p/share, which was a 15% premium to the previous dayâ€™s closing price. The cash will fund investment in reporting infrastructure and hiring of additional staff. It will also provide money for additional investments. Management is targeting recurring annual fund management fees of more than Â£1m so that it can reach breakeven. In the ten months to October 2024, core income was Â£2m, up from Â£1.2m, including Â£500,000 of recurring fund management fees. This excludes subsidiary portfolio companies.

Condor Gold (CNR), which is developing the La India gold project in Nicaragua, says that Metals Exploration (MTL) and Calibre Mining Corp have made bid approaches and negotiations are at an advanced stage with Metals Exploration. Calibre Mining Corp says it will not make an offer. Metals Exploration has entered into a Â£5.5m bridging loan facility with Drachs Investments No. 3, which has a 18.4% shareholding. This is repayable at the end of January or when talks end. Galloway is lending Â£475,000 to Condor Gold. Metals Exploration owns the Runruno gold project in the northern Philippines.

Bigblu Broadband (BBB) is selling Australian broadband business to SKM Telecommunications for up to Â£25.7m, which values the business at more than double the total cost of investment. The initial cash payment is Â£15.4m and Â£6.8m in shares in SKM, with a further Â£3.5m in cash due in one year. This requires shareholder approval at a general meeting on 20 December. The company will still have operations in New Zealand and a subsidiary involved in the distribution of Starlink, plus a 2.8% stake in Quickline. Revenues are forecast to be Â£1m in 2024-25.

Bars and leisure operator XP Factory (XPF) continues to grow both of its brands. Escape Hunt interim revenues were 7% ahead at Â£6.5m and management believes that this part of the business could be bigger than originally anticipated. Boom Battle Bars revenues were 56% higher and more of the franchise outlets are being acquired. Group like-for-like revenues were 4% higher. There was a small underlying pre-tax profit before contract termination and other exceptional costs. Net debt was Â£1.3m at the end of September 2024. Medium-term targets have been set. The plan is to increase sales by 50% and double underlying EBITDA by March 2028. That means a revenue target of Â£90m with a March 2028 run-rate of Â£100m and EBITDA margins of 15%.

Construction disputes and property services provider Diales (DIAL), formerly Driver Group, has completed its rebranding and the benefits of cost cutting will show through in the current year. Interim revenues edged up from Â£42.6m to Â£43m. A decline in European and North American revenues was offset by growth in the other markets. The Middle East returned to profit and the Asia Pacific loss was lower. Overall pre-tax profit improved from Â£1.1m to Â£1.2m. The total dividend is maintained at 1.5p/share, although it is still not covered by earnings. The net cash of Â£4.3m (7.9p/share) enables Diales to add more fee earners, which might come from small acquisitions that may add to the range of services and sectors that can be addressed.

SRT Marine (SRT) reported revenues of Â£14.8m in the 15 months to June 2024. The loss was Â£13.8m. Transceivers generated most of the revenues with the major systems contracts with international coastguards potentially starting in the next few months, hopefully at last one of them by the end of 2024. New finance has been obtained since the end of the period.

Floorcoverings distributor Likewise (LIKE) in contrast with some companies had a strong October and November when sales were 11% ahead. Year-to-date growth is 7.5%, which represents an increase in market share. Margins are also improving. Zeus has maintained its 2024 pre-tax profit forecast at Â£2m, although sales are ahead of expectations.

Investment company Seed Innovations (SEED) says MAV was Â£10.6m at the end of September 2024, including Â£3.52m in cash. That is 5.5p/share. This NAV is after the Â£2m cash distribution to shareholders. The main quoted investment was Alaska-focused oil and gas company Pantheon Resources (PANR) and the share price subsequently rose from 16p to 22.91p. The company sold the shares, adding Â£101,000 to NAV.

Semiconductor designer EnSilica (ENSI) has won another long-term design and supply contract. The total contract value for the deal with an industrial test equipment provider will be more than $30m over ten years. This comes with an upfront payment to help the cash position.

Interim figures from telematics supplier Trakm8 (TRAK) show reduced revenues from Â£8.54m to Â£8.31m, following a reduction in recurring revenues from Â£5.23m to Â£4.51m. The pre-tax profit slumped from Â£119,000 to Â£15,000. Net debt was Â£6.66m at the end of September 2024. Full year expectations have been reduced. The insurance market remains tough. There could be some improvement next year, but the outlook is uncertain.

Fashion retailer Quiz (QUIZ) has been hit by falls in online and stores revenues, although there was an improvement in international revenues, in the four months to the end of November. There was a sharp decline in November. Overall revenues fell 6% to Â£24.9m. Annual costs will be increased by Â£1.7m as a consequence of the Budget. Net debt is Â£2.8m and the Â£4m of bank facilities could be fully utilised by early 2025 and additional funds will be required. The companyâ€™s founder has offered a Â£1m loan.

Rockwood Strategic has increased its stake in film vehicles and services provider Facilities by ADF (ADF) to 4.4% stake and related investment entities still have a further 7.6%, Chief executive Marsden Proctor has bought 79,947 shares at 31.6p each.

Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has finally received the balance of Â£150,000 from the May 2024 subscription at 105p/share.

MAIN MARKET

Compliance technology developer RegTech Open Project (RTOP) plans to leave the transition category of the Main Market. Trading should end on 31 December. A new chief executive is being sought and there are plans to raise cash. The company has also promised to find an exit opportunity for existing shareholders.

Tissue engineering company BSF Enterprise (BSFA) has raised Â£500,000 via an oversubscribed placing at 2.5p/share and each new share comes with a warrant exercisable at 5p. There should be enough cash for more than 12 months.

Publisher National World (NWOR) says it would be minded to recommend the enhanced 23p/share bid from Media Concierge. The offer is subject to due diligence.

R8 Capital Investments (MODE) is not going ahead with the acquisition of Redwood Partners. A fundraising is planned.

AIM 50 Digest 6 December 2024

BY: Andrew Hore |
POSTED: 09/12/2024 |

Electrical and power accessories supplier Volex (VLX) wants to acquire fully listed TT Electronics. In fact, it has made more than one offer. The first offer was 129p/share and the latest is 62.9p/share in cash and 0.233 of a Volex share, which was valued at 139.6p/share when it was announced, although the Volex share price has fallen since then. TT Electronics does not want to enter discussions, and management has rejected the approach saying it fundamentally undervalues the business. TT Electronics also revealed that it has rejected an indicative offer from another party.
=====
Engineering services provider Renew Holdings (RNWH) managed to beat the recent upgraded expectations for the year to September 2024. Growth has come from acquisitions, but organic growth was 17%, up from 10% the previous year. Full year revenues improved from Â£922m to Â£1.07bn, while underlying pre-tax profit increased from Â£62.7m to Â£69.9m. The total dividend was raised from 18p/share to 19p/share.
=====
Floorcoverings supplier Victoria (VCP) reported a 7.5% decline in interim revenues to Â£586.8m. Underlying EBITDA was 45% lower at Â£50.2m. Annualised cost savings of Â£32m have been secured or planned. A full year pre-tax loss is forecast.
=====
Hargreaves Services (HSP) expects a strong first half from its services division and its German associate. Work on HS2 is continuing and there is more work to come at Sellafield. The land division should be stable with the timing of deals important there. Some disposals are possible in the second half. There was net cash of Â£15.7m at the end of November 2024. There could be Â£150m of disposals over the next few years. NAV is 583p/share.
=====
Electrolyser technology developer ITM Power (ITM) has delivered Â£15.2m of revenues in the first half, which is well on the way to the full year forecast revenues of Â£20.6m pencilled-in by Zeus. Cost savings mean that the full year EBITDA loss guidance has been changed from Â£35m-Â£40m to Â£32m-Â£36m. This means that cash at the end of April 2025 should be between Â£170m and Â£180m. That compares with Â£230.3m at the end of April 2024. ITM Power is increasingly focused on adding industry partnerships and commercialising its technology. Management expects customer interest to accelerate over the coming year, but the timing of any contracts is uncertain.
=====
Automotive testing firm AB Dynamics (ABDP) improved full year revenues by 10% to Â£111.3m and it generated Â£27.9m from operations. Net cash is Â£28.6m. The total dividend was raised by one-fifth to 7.63p/share. Trading continues to be strong and profitability should be ahead of expectations.
=====
James Halstead (JHD) is doing well in the Middle East and the Americas, which is offsetting European weakness. The floorcoverings supplier is managing to maintain its margins in the initial weeks of the financial year. Full year pre-tax profit is expected to edge up from Â£56.2m to Â£57.4m.
=====
Impax Asset Management (IPX) reported a slight reduction in assets under management to Â£37.2bn at the end of September 2024. Full year revenues fell 5% to Â£170.1m. Underlying operating profit dipped from Â£58.1m to Â£52.7m and a sharper decline in profit is expected this year. Additional costs, including National Insurance, are a major factor in the increase in costs.
=====
Learning Technologies Group (LTG) is recommending a 100p/share cash bid from technology investor General Atlantic. That values the company at Â£802.4m. The plan is to accelerate the current strategy. E-learning services provider Epic Group reversed into AIM cash shell In-Deed Online eleven years ago. Epic was valued at Â£16.3m and the shares issued at the time were valued at 5.88p each. Since then the company has been built up through a combination of acquisitions and organic growth. A pre-tax profit of Â£78m is forecast for 2024. However, Learning Technologies has not delivered on its strategy set out in 2022 because of economic weakness and difficulty in financing acquisitions.
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Software developer FD Technologies (FDP) intends to return Â£120m to shareholders following the disposal of First Derivatives for Â£205m net. The Â£32m of debt will be repaid. The core business had first half revenues of Â£39.5m and annual recurring revenues are Â£74.6m. Net revenue retention is 110%.
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Information management and geospatial software provider IDOX (IDOX) grew strongly in the year to October 2024. Revenues and adjusted EBITDA will be in line with expectations. Revenues will be one-fifth higher at Â£87.6m, including recurring revenues of Â£54m. A dip in margins means that growth in EBITDA will be slower with an improvement from Â£24.5m to Â£26.1m. Net debt was Â£10m at the end of October 2024. Order intake was Â£89m. The purchase of geospatial software company Emapsite has helped to scale up the geospatial activities. Further acquisitions are likely in this sector. The full results will be published in late January.
=====
Semiconductor wafers supplier IQE (IQE) has completed the sale of its Pennsylvania site and received $2.5m with $3m more expected by the end of 2024. Production has moved to North Carolina. Former boss Drew Nelson has increased his stake from 3.39% to 4%.
=====
Serica Energy (SQZ) says that there has been another problem with the Trion FPSO in the North Sea, which has led to suspension of production. There is an issue with a compressor seal. Full repairs will not be completed until next year. Production for 2024 is forecast to be approximately 35,000-36,000 barrels of oil equivalent/day, down from the previous guidance of 37,000 barrels of oil equivalent/day. In the first nine months of the year, it was 37,800 barrels of oil equivalent/day, although the third quarter was much lower. The gas price is higher, though. Net cash was $27m at the end of September 2024. Serica Energy is assessing potential acquisitions and considering a move to the Main Market.
=====
Gamma Communications (GAMA) is also planning a move to the Main Market, and this could happen in the middle of 2025.
=====
RWS Holdings (RWS) has appointed Ben Faes as chief executive, and he will take the role in January. He has worked at AOL and YouTube.
=====
Ashtead Technology (AT.) chairman Bill Shannon has acquired 13,000 shares at 550p/share.

Quoted Micro 2 December 2024

BY: Andrew Hore |
POSTED: 01/12/2024 |

AQUIS STOCK EXCHANGE

Incanthera (INC) has been accused of potential patent infringement in the formulation of its Skin + Cell skincare range. Even though Incanthera believes that there is no merit to the accusation, but the launch of the Skin + Cell range of products has been delayed. There is cash in the bank following a Â£2.6m subscription at 15p/share.

WeCap (WCAP) has converted Â£7.75m of loan notes in WeShop Holdings in return for 3.21 million shares, which is 1.33 million shares at 300p each and 1.875 million shares at 200p each. This increases the shareholding to 16.2%, including shares owned by 235%-owned Community Social Investments. WeCap says that the value of the shareholding is Â£24.6m, based on the last fundraising share price of 476p. WeCao has extended the discounted capital bond issued to Hawk Holdings for 18 months. The total owed is Â£6.18m.

Electric vehicle technology developer Equipmake (EQIP) increased full year revenues by three-fifths to Â£8.1m. Bus repowering revenues grew fastest, but this is labour intensive at low volumes. The loss increased from Â£5m to Â£9.1m. The cash outflow from operations declined from Â£9m to Â£6.29m. Costs are being reduced. There was Â£2.5m in the bank at the end of May 2024. A potential licensing agreement could provide cash flow over the next two years.

Water sector installation works provider Field Systems Design Holdings (FSD) improved annual revenues from Â£13.8m to Â£17.8m, with a small contribution from power generation. This enabled pre-tax profit to increase from Â£287,000 to Â£490,000. There was Â£2.59m in the bank at the end of May 2024.

KR1 (KR1) had net assets of 57.79p/share at the end of October 2024, down from 62.15p/share at the end of the previous month. There was nearly Â£600,000 of income generated from digital assets during the month.

Tectonic Gold (TTAU) reported a fall in the full year cash outflow from operating activities from Â£171,000 to Â£55,000. Net debt is Â£86,000 at the end of June 2024. The sae of assets has raised $150,000, as well as a R and D tax inflow of A$173,000.

Inqo Investments (INQO) reported full year revenues improving from R7.37m to R8.2m. There was a movement from loss to profit.

Essentially Group (ESSN) has terminated its retainer with broker Clear Capital Markets.

In the year to June 2024, there was a cash outflow from operating activities of Â£375,000 at BWA (BWAP). Further exploration drilling is underway at Dehane and sample analysis results should be available in the near future. Chairman Jonathan Wearing has subscribed for 40 million shares at 0.5p each.

SulNOx Group (SNOX) has appointed Fuelonomics Hydrocarbons Innovations as distributor of SulNOxEco fuel conditioners in Nigeria.

Vinanz Ltd (BTC) has received the initial order of Bitcoin miners and they are up and running in Nebraska.

Arbuthnot Banking Group (ARBB) chairman and chief executive Sir Henry Angest has bought 116,000 shares at 900p each. He owns 58% of the voting shares. Barry Hersh has reduced his stake in Global Connectivity (GCON) from 6.97% to 5.96%. Newbury Racecourse (NYR) chairman Dominic Burke has bought 7,500 shares at 540p each.

Wishbone Gold (WSBN) has appointed Tony Moore as chairman and Jack Sun as finance director. Invinity Energy Systems (IES) has hired Adam Howard as finance director. He was previously at the National Walth Fund.

AIM

Frasers Group has taken a 6.4% stake in electricals retailer Marks Electrical (MRK). Frasers has a record of taking stakes in other retailers and it also has shareholdings in AO World and Currys. Canaccord Genuity has reduced its stake from 5.24% to 2.4%. Founder Mark Smithson still owns 73.8%. Rockwood Strategic (RKW) has built up a 4.54% stake in Kooth (KOO). This follows Canaccrd Genuity cutting its stake from 8.97% to 3.38%. River Global Investors recently nearly doubled its stake to 10.1%.

Bars operator Loungers (LGRS) has agreed a 310p/share cash bid from Fortress Investment, which values it at Â£338.3m. Irrevocable acceptances are 40.2%. Singer does not believe that this fully values the business and thinks 375p/share is a fairer value. Interim pre-tax profit grew 51% to Â£5.95m, while net debt was Â£12.2m. Like-for-like growth in revenues has been 3.9% so far in the third quarter.

Rare books dealer Scholium (SCHO) intends to leave AIM and believes this will save at least Â£75,000/year. In the six months to September 2024, underlying pre-tax profit improved from Â£43,000 to Â£221,000 on revenues that improved 30% to Â£4.97m. A matched bargain facility will be provided by JP Jenkins. The AIM cancellation is likely to be on 6 January. NAV is 74.6p/share.

In the six months to September 2024, TPXimpact (TPX) revenues fell from Â£41.6m to Â£37.8m, but underlying pre-tax profit improved from Â£600,000 to Â£1.1m. Most of the benefits from Â£3m of annualised cost savings will come through in the second half and next year. Net debt is Â£7.9m. The forecast 2024-25 revenues are already more than 90% underpinned by the current order book. Pre-tax profit should improve from Â£1.8m to Â£5.5m.

Trading at sustainable wood materials supplier Accsys Technologies (AXS) improved in the first half and full year figures will be better than expected. Interim revenues were 1% higher at â‚¬72.2m and there is also an initial contribution from the US joint venture of â‚¬1.9m. Arnhem plant volumes grew 5%. Underlying EBITDA rose from â‚¬1.6m to â‚¬4m. There was an exceptional charge of â‚¬20.8m due to the winding up of the Hull plant and the share of the joint venture loss jumped from â‚¬1.2m to â‚¬6.1m. Net debt was â‚¬40.2m at the end of September 2024. Full year EBITDA of â‚¬10m is forecast.

Gift wrap supplier IG Design (IGR) reported an 11% decline in interim revenues to $393.1m with North America still a problem area. Elsewhere, revenues fell at a slower rate. Stationery and party-related sales both fell by more than one-fifth. Higher sourcing and freight costs hit gross margins and there was a knock-on effect on operating margins. Pre-tax profit was 62% lower at $13.3m. The second half is the most important part of the year and even though full year revenues are set to fall, pre-tax profit is still forecast to improve from $25.9m to $32.7m.

Helix Exploration (HEX) reports that the Amsden formation at the Clink#1 well in the Ingomar Dome in Montana has sub-economic grades of helium. Amsden was always thought to be a small proportion of the potential resource. The more important Flathead formation at the same well had 2.5% helium. The company believes that there could be helium below the Amsden formation and there will be appraisal testing of the Charles formation.

Strix (KETL) says that the kettle controls market has weakened, particularly in higher margin markets in the UK and Germany. The positive signs in the first half did not continue. This is due to poor consumer confidence, while there are also cost pressures. Zeus has reduced its 2024 pre-tax profit forecast from Â£23.6m to Â£17.5m.

Nativo Resources (NTVO) owns 50% of Boku Resources, which owns the Tesoro gold mine. Boku has entered an agreement to sell vein material from the Bonanza mine to a local processing plant. It will receive the spot price minus 20-30%. Production is about to be built up and the cash from the deal will help to finance this.

Electric Guitar (ELEG) is placing its main subsidiary 3radical into administration after it failed to raise additional cash. The fall in the share price and apparent lack of liquidity before trading was suspended meant that the digital media business could not gain funding.

i-nexus Global (INX) intends to leave AIM. The cloud-based software provider says poor share price performance and liquidity has led to the proposal. There should be direct cost savings of Â£250,000. The business has been consistently loss making. There is a three-year growth plan. i-nexus Global raised Â£10m at 79p/share when it joined AIM in June 2018. The cancellation will happen on 27 December if shareholders agree.

Firering Strategic Minerals (FRG) announced a maiden JORC compliant mineral resource estimate for the quicklime project in Zambia. This shows a near-doubling of the resource tonnes compared with the 2017 estimate. There is 145.2Mt at 95.7% CaCO3, including 11.8Mt in the measured category. This could provide more than 50 years of production. There is growing demand from copper and industrial clients.

Ultrasound simulators developer Intelligent Ultrasound (IUG) has court approval for the capital reorganisation that will allow distribution of cash generated by the AI technology sale. There is Â£39.6m in the bank. Ultrasound revenues have fallen from Â£8.4m to Â£7.4m in the period to 22 November. The rate of decline has slowed in the second half.

Mercia Asset Management (MERC) has unchanged NAV of 43.4p/share at the end of September 2024. Income more than covered costs before any investment valuation movements. The interim dividend is 0.37p/share, up 6%, and there is Â£46m in cash on the balance sheet. The strategy is to grow assets under management to Â£3bn, from the current level of Â£1.8bn.

In the six months to September 2024, Cloud-based services provider Iomart (LSE: IOM) reported flat revenues of Â£62m, with a like-for-like decline when acquisitions are excluded, and a slump in pre-tax profit from Â£7.6m to Â£4.3m. The dividend has been reduced from 1.94p/share to 1.3p/share due to the lower earnings. The Â£57m purchase of Atech broadens the range of services provided and deepens the relationship with Microsoft. Atech provides fully managed and security services for mid-market business and enterprise customers. Net debt was Â£29.8m, but it is expected to rise to Â£79m in March 2025 following the payment for Atech.

In the six months to September 2024, thermal insulation and acoustic material manufacturer Autins Group (AUTG) was hit by a 17% drop in revenues, but gross margins improved. Underlying EBITDA fell 46% to Â£400,000. Net debt is Â£1.18m but there are more than Â£3m of available borrowing facilities.

Building services provider Northern Bear (NTBR) interims show a small improvement in revenues from Â£36.9m to Â£37.6m, but higher overheads meant that pre-tax profit dipped from Â£1.68m to Â£1.54m, although this was slightly better than expected. There was an operational cash inflow of Â£2.2m. Net debt is Â£1.4m. Hybridan forecasts a dip in full year pre-tax profit from Â£2.14m to Â£1.84m, although there is potential for an upgrade.

Cyber security services provider Shearwater (SWG) improved interim revenues by 8% to Â£11.3m and it is on course to be profitable for the full year. There has been an increase in demand for on-premises cyber security, which Shearwater can provide. Net cash should be Â£6.8m at the end of March 2025.

Quadrise (QED) has signed two long-awaited agreements. The deal with shipping company MSC and Cargill involves production of bioMSAR and MSAR fuels in Antwerp and will enable vessel trials on board the MSC Leandra. Cargill will supply feedstocks and sell the fuels to MSC. The trial should start in the first quarter of 2025. There is also an agreement with fuel supplier Auramarine to develop decarbonisation products in the marine sector. They will enable companies to comply with new environmental regulations.

Oracle Power (ORCP) has received the final batch of assay results for the drilling at the Northern Zone intrusive hosted gold project. These show high grades over an expanded area. A mineralisation report is expected by the end of November and then a mining lease application will be submitted. Cantor Fitzgerald has reduced its stake, and Mahfuz Chowdhury has taken a 3.72% shareholding.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) says revenues in the 10 months to October 2024 are 4% lower. This represents a steady performance in current markets with new business being won. Net dent is Â£4.7m. National Insurance and other budget measures will cost Â£1.5m/year.

Seraphim Space Investment Trust (SSIT) reported a decline in NAV from 96.2p/share to 93.96p/share over the first quarter to September 2024. A foreign exchange loss offset gains. The S/Â£ exchange rate has strengthened, and the value of the portfolio has increased by more than the first quarter loss. Shares in NASDAQ-listed AST SpaceMobile more than doubled in value during the period. There was Â£24.9m in the bank.

Cardiff Property (CDFF) grew NAV from 2844p/share to 2931p/share. The dividend was raised from 22p/share to 23.5p/share. Net cash was Â£2m at the end of September 2024.

Motor dealer Caffyns (CFYN) improved interim underlying pre-tax profit from Â£259,000 to Â£452,000. The interim dividend is maintained at 5p/share. Net debt is Â£11.5m. There is Â£38.4m of property in the balance sheet at book value and there is unrecognised surplus of more than Â£10m on top of that. Caffyns is selling a property in Lewes for an amount that exceeds one-quarter of the companyâ€™s market capitalisation of Â£12.3m.

Quoted Micro 25 November 2024

BY: Andrew Hore |
POSTED: 25/11/2024 |

AQUIS STOCK EXCHANGE

Cooks Coffee (COOK) moved back into profit in the six months to September 2024. Revenues were 27% higher at NZ$2.74m with growth coming from new openings and existing sites. This income comes from fees from franchisees. Like-for-like growth in the UK was 6% and 3% in Ireland. Sales growth has accelerated in the second half with record sales per store in October. There were 83 coffee shops at the end of September 2024, and this could rise to 90 by next March. The company is moving domicile to the UK.

In the year to September 2024, Time to ACT (TTA) increased revenues from Â£958,000 to Â£1.67m. There was an underlying operating profit. There was a cash outflow from operating activities of Â£784,000 because of working capital movements. There was Â£1.17m in cash.

Global Connectivity (GCON) has had its stake in Rural Broadband Solutions diluted to Â£9.5m. The valuation of the stake has been reduced from Â£13.6m to Â£11.7m, which is equivalent to 3.2p/share. There is an agreement in principle for an investment in a new business.

Aquaculture technology developer OTAQ (OTAQ) has sent out the circular seeking shareholder approval to leave Aquis. The general meeting will be held on 10 December. Delays in orders mean that 2024 Dowgate forecasts a drop in revenues from Â£4.4m to Â£3.1m (previously Â£4.2m) this year and a Â£1.8m loss, up from Â£1.2m in 2023. There should be net cash of Â£100,000 by the end of the year. Convertible loan note interest can be capitalised with up to 75% of proceeds from the sale of certain inventory will be used to pay back the holders.

Lift Global Ventures (LFT) core financial information business Miriad made a positive contribution despite the tough financial markets. It generated Â£127,000 in cash. There was Â£163,000 in cash at the end of June 2024.

Invinity Energy Systems (IES) has sent a circular to shareholders to gain approval to move the domicile from Jersey to the UK.

Tap Global Group (TAP) has cancelled its long-term incentive plan and granted options to directors with most of the options vesting when there are increases in the share price. Peter Wall has been formally appointed as chairman.

Marula Mining (MARU) has appointed Morre Kingston Smith as auditor. Results from metallurgical testing work on ore from the Kinusi copper mine should be available in the first quarter of 2025. Further test shipments will happen before the end of the year. Sampling work of high-grade tungsten deposits at the Northern Cape lithium and tungsten project in South Africa is continuing. Tungsten concentrate could be produced next year.

Oscilate (MUSH) has identified areas to start hydrogen operations in Minnesota. Work is under budget.

Valereum (VLRM) has been admitted to the Apex segment of the Aquis Stock Exchange.

Vinanz Ltd (BTC) has added another 21 bitcoin miners to its site in Nebraska, taking the total to 56.

RentGuarantor Holdings (RGG) has launched an offer of Â£500,000 10% convertible loan notes lasting two years. This will fund an expansion of the workforce. The Rentersâ€™ Rights bill will increase demand for rent guarantor services.

SuperSeed Capital (WWW) reported a NAV of 111p/share at the end of September 2024.

Capital for Colleagues (CFCP) has disposed of more shares in investee company Computer Application Services and raised Â£299,000. It still owns 24.4%. Pipes and valves distributor TPS shares were sold raising Â£901,000. The remaining TPS stake is 16%. The cash raised will be invested in other businesses.

WeCap (WCAP) investment WeShop has appointed a US investment bank ahead of a flotation. Audited accounts for 2022 and 2023 have been signed off.

AIM

Rail optimisation software and services provider Tracsis (TRCS) had a tough year, but strong recurring revenues helped. One-off revenues the previous year meant that revenues were 1% lower at Â£81m. Underlying pre-tax profit fell from Â£14.1m to Â£10.4m. Total dividend is 2.4p/share. There should eventually be further investment in the rail industry, which will be good news for Tracsis. The timing of the spending is uncertain. There are already potential deals in the pipeline, though. The business has been rationalised so that management can focus on core operations and further acquisitions. There is Â£19.8m in cash that can be spent on acquisitions that will enhance earnings.

Telecoms enterprise software supplier Cerillion (CER) continues to beat expectations. Full year pre-tax profit was 18% ahead at Â£19.8m. There were record new orders of Â£38.1m. The technology helps telecoms companies to operate more efficiently. Growth is set to continue.

It was no surprise that telecoms testing equipment supplier Calnex Solutions (CLX) had a tough first half. Revenues dipped from Â£7.8m to Â£7.4m and the loss more than doubled to Â£1.3m. Even so, the interim dividend has been maintained at 0.31p/share. Cash was reduced to Â£8.6m. Â New partners are starting to sell group products, and they are replacing Spirent. Second half revenues should be better than the particularly weak comparatives. This should enable a return to profit for the full year.

Semiconductors developer CML Microsystems (CML) improved interim revenues, but that was down to the Microwave Technologies business not being included in the comparatives. Like-for-like revenues were similar to the second half of last year. Pre-tax profit slumped from Â£1.9m to Â£800,000. The interim dividend is maintained at 5p/share. Net cash is Â£15m. There are potential property sales that will boost the balance sheet. The proposed move of Microwave Technologies to a new site will reduce the cost base. Existing and new products have good long-term prospects.

Frontier IP (FIPP) is raising Â£3m via a placing and subscription at 28p/share. A retail offer via Primary Bid could raise up to Â£1m. Minimum subscription is Â£250. The offer closes at 5pm on 25 November. Frontier IP made unrealised gains of Â£1.3m in the year to June 2024, but there was an overall loss of Â£1.3m. NAV is 79.7p/share. Despite that, there is a shortage of cash in the balance sheet and the additional cash should last 12 months as the company tries to generate some additional cash from investment realisations.

Helix Exploration (HEX) drilling at Clink#1 in Montana has been successful. There was 2.5% helium encountered in the Flathead formation, which was higher than expected, and 55% hydrogen in drilling mud. Testing is ongoing and there should be further news in the near future. The well could go into production next year.

Tavistock Investments (TAVI) is acquiring Alpha Beta Partners, which is an asset manager with Â£3bn under management. The business is focused on retail investors, and this will scale up the existing business of offering asset management services to third party advisers. Operating profit was more than Â£500,000 on revenues of Â£4m in the year to September 2024. The initial payment is Â£6m, with the maximum consideration of up to Â£18m. Two disposals have been completed and the initial payment of Â£22m will be received in early December. They could eventually generate Â£37.75m.

Iron treatment provider Shield Therapeutics (STX) says it will hit the 2024 target revenues of $31.5m, up from $13.1m, as revenue peer prescription has increased. Recruitment has been completed for an Accrufer phase III study in China. The proposed $10m investment by AOP Health still requires shareholder approval. Costs are being lowered by 10%. Cash flow breakeven should be hit by the end of 2025, if the sales growth momentum continues.

Chain and transmission equipment Renold (RNO) reported flat interim revenues of Â£123.4m and pre-tax profit of Â£11.3m. Spending on acquisitions increased net debt to Â£42.2m. There was a dip in chain revenues and transmission revenues were slightly higher with improved margins. North America should recover in the second half and destocking is ending in Europe. The Valencia factory being hit by flooding has hurt sentiment. There will be additional short-term costs of Â£4.8m because of this with insurance payments potentially coming through in 2025-26.

Webis (WEB) has decided to leave AIM. The US-focused gaming company will seek shareholder approval on 18 December. This will help to reduce costs. The operations remain loss making.

Churchill China (CHH) had a tougher second half than expected with a lack of seasonal uplift in the fourth quarter. This means that 2024 pre-tax profit will be well below expectations. Next year is expected to continue to be weak with hospitality businesses hit by higher National Insurance costs. There will also be a hit for Churchill China and costs are being reduced, but 2025 expectations are also downgraded. The balance sheet remains strong.

Scientific instruments supplier Judges Scientific (JDG) says order intake has reduced if the large Geotek contract is excluded. China is particularly weak, but other markets are also tough, and orders have been deferred. Zeus has cut its 2024 pre-tax profit forecast by 19% to Â£25m. Next yearâ€™s forecast has also been trimmed.

Ilika (IKA) has reached the D6 milestone through the testing of 10Ah cells in its Goliath solid state batteries for electric vehicles. These larger cells have been shown to be safe and the D7 version should be available to potential customers in the second quarter of 2025. This moves the company nearer to finding a partner for the Goliath battery.

Property fund adviser and investor First Property (FPO) had a good first half with one-off profits from the trading of properties by a fund, where the company has an investment. There was also the early receipt of fees from disposal of properties in another fund. There was a swing from a loss of Â£650,000 to a pre-tax profit of Â£1.16m. Net debt was Â£18.7m.

Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has received a further Â£200,000 drawdown from the committed credit facility and the lender is committed to providing the remaining Â£500,000. However, it has to sell an investment to provide the cash. There is still Â£400,000 outstanding from a share subscription. Celadon Pharmaceuticals has enough cash to get it to January. Talks with another lender continue.

MAIN MARKET

Construction equipment hire company Speedy Hire (SDY) made a small profit in the first half with a recovery expected in the second half. Interim revenues fell 2% to Â£204m with flat hire revenues and lower fuel sales. Volumes are not being chased so that profit can be maximised. Pre-tax profit was Â£300,000 because of operational gearing, higher interest charges and a lower joint venture contribution. The Amey contract starts in the second half. Net debt is Â£112m.

J Smart and Co (Contractors) (SMJ) improved its full year pre-tax profit from Â£105,000 to Â£2.37m despite a higher loss on construction activities. The investment property business made a larger contribution. Investment properties are worth Â£70m and there is Â£7.5m of net cash. NAV is Â£126.3m. The total dividend is 3.23p/share.

Media Concierge has approached publisher National World (NWOR) about a possible offer of 21p/share. Media Concierge claims to have the backing of 72.2% of the share capital. Media Concierge wants the offer to be recommended by the board and to be able to complete due diligence. National World claims that entities affiliated with Media Concierge owe it Â£4.4m.

Technology consolidator Sealand Capital Galaxy (SCGL) is making its maiden AI investment. After evaluating suitable opportunities, the company has decided on EVOO AI (www.evoo.ai), which is a data platform with AI learning models incorporated. It provides insights to the luxury goods sector, such as market trends and consumer behaviour. The main product is Olive, a luxury e-commerce marketplace that offers personalised shopping. The company was incorporated on 15 December 2023. On 14 March 2024, EVOO AI had net assets of Â£848,000, including fixed asset investments of Â£800,000 and Â£1 in cash. The plan is for Sealand Capital Galaxy to invest in a convertible loan note. The first tranche is Â£200,000 and the second trance will be Â£100,000. The annual interest rate is 12% and the term is 18 months. Interest is payable on maturity. There will be a fee of one million warrants exercisable at â‚¬0.06/share. If the company floats at a lower share price the exercise price will match that price.

AIM 50 Digest 22 November 2024

BY: Andrew Hore |
POSTED: 25/11/2024 |

Defence equipment and services provider Cohort (CHRT) is paying Â£75m for EM Solutions, which provides increased exposure to the naval satellite communications sector. The Australia-based company manufactures SATCOM terminals for global naval and defence clients. Cohort has raised Â£40m via placing and Â£1m through a retail offer at 875p/share to help finance the acquisition. The deal will be earnings enhancing in the first full year of ownership. EM Solutions has an order book worth Â£91m and the pro forma order book is worth more than Â£650m.
=====
Airline and tour operator Jet2 (JET2) had a successful summer with first half operating profit improving from Â£617m to Â£701.5m. This was better than expected. The interim dividend is 10% higher at 4.4p/share. More than 80% of revenues come from holidays and consumers continue to spend on them. Winter sales are 14% ahead, which suggests market share gains. Canaccord Genuity has raised its full year pre-tax profit forecast from Â£535.5m to Â£563.9m. Jet2 has repurchased Â£50m of convertible bonds. Non-UK nationals can own up to 49% of the company.
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Electrical accessories Volex (VLX) has approached TT Electronics (TTG) about a cash and shares bid. It has made two offers. The second offer was 62.9p/share and 0.233 of a Volex share, implies an offer of 139.6p/share at yesterdayâ€™s closing share price. TT Electronics does not want to enter discussions and has rejected the approach. Volex is critical of recent acquisition by TT Electronics. Volex reported interim revenues 30% higher at $518.2m â€“ organic growth was 10% - and underlying pre-tax profit 12% ahead at $37.5m. The interim dividend is 7% higher at 1.5p/share. The strongest organic growth was in the electric vehicles division, although all divisions grew.
=====
Semiconductor wafers supplier IQE (IQE) is discussing a potential Â£15m convertible loan note financing from Lombard Odier, its largest shareholder. The conversion price is 15p. There should be no current need for a share issue. There has been a slower than expected recovery in the main sectors because of weak consumer demand. A strategic review will b undertaken. The business in Taiwan was going to float on the local stockmarket, but IQE may consider an outright sale.
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GB Group (GBG) interim revenues grew 3% to Â£136.9m and there was a move back into pre-tax profit. The underlying pre-tax profit was Â£5.6m. Net debt was reduced to Â£71.9m. Mid-single digit growth in revenues and high single digit growth in profit is expected for the full year.
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Managed services provider Redcentric (RCN) improved interim revenues by 6% and pre-tax profit more than doubled from Â£2.9m to Â£6m. The dividend is maintained 1.2p/share. There should be further rapid growth in profit in the second half. Cash generation is improving and debt reduction should accelerate next year.
=====
Growth is slowing at Team Internet Group (TIG) as online ad pricing declines. There has also been a reduction in demand for Shinez online marketing services. Shinez was acquired in April and changes in ad network partners has reduced traffic. Third quarter revenues declined 5%. Full year revenues are still forecast to grow from $837m to $843m, which is an 11% reduction on the previous forecast. The lower margins are being offset by reduced expenses, so pre-tax profit is forecast to improve from $77.2m to $79.2m. Net debt should be $95m at the end of the year and this could nearly halve next year.
=====
Investment manager Tatton Asset Management (TAM) increased assets under management and influence by 13% to Â£19.9bn. It will be difficult to continue this momentum. Pre-tax profit was 29% ahead at Â£11.4m. This was held back by additional investment in mortgage business Paradigm. The interim dividend was raised by 19% to 9.5p/share.
=====
Floorcoverings supplier Victoria (VCP) is selling its B3 Ceramics business to Hasan Akgun for Â£30.9m in cash and the assumption of debt. A long-term supply agreement for ceramic tiles should have a positive impact on earnings.
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Young and Co Brewery (YNGA) increased pre-tax profit from Â£28m to Â£28.3m on a 27% rise in revenues to Â£250m. The City Pubs acquisition is being integrated and that is also behind the rise in net debt to Â£255.8m and the higher interest charge. The interim dividend has been raised by 6% to 11.53p/share.
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Polar Capital (POLR) improved interim pre-tax profit by 9% to Â£23.1m. The interim dividend is maintained at 14p/share. There were net inflows of Â£472m in the latest six-month period.
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MP Evans (MPE) says that while the palm oil crop is in line with expectations the price of crude palm oil has increased and the average for the year so far is $800/tonne. Some recent sales have been at higher prices. This means that 2024 profit will be higher than previously forecast.
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In the four months to October 2024, CVS Group (CVSG) sales rose 7.6%, but like-for-like sales were flat. Higher tax related costs, hitting in the fourth quarter, should be offset by growth and efficiencies. The annualised cost increase is Â£8m. Further acquisitions have been made in Australia.
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FD Technologies (FDP) expects to complete the sale of the First Derivative business in early December. Interim figures will be published on 26 November.
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At its AGM, FW Thorpe (TFW) revealed revenues are modestly ahead this year. The Netherlands operations are finding it difficult to replicate the business levels of the previous year.
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Dublin-based motor dealer Nivag Holdings increased its stake in Vertu Motors (VTU) from 4.1% to 5%.
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Mortgage Advice Bureau (MAB1) has appointed Keefe, Bruyette & Woods as nominated adviser and joint broker.

Quoted Micro 18 November 2024

BY: Andrew Hore |
POSTED: 18/11/2024 |

AQUIS STOCK EXCHANGE

Aquis Exchange (AQX), which operates the Aquis Stock Exchange, is recommending a bid from rival exchange trading business SIX Exchange. SIX is mainly interested in the technology that Aquis has developed, but it suggests that there is potential to develop the Aquis Stock Exchange as a pan-European market. The offer for Aquis Exchange is 727p/share in cash, which values the company at Â£225m. There had been several previous proposals from SIX.

Aquaculture technology developer OTAQ (OTAQ) says delays in orders mean that 2024 revenues will be lower than expected. Dowgate forecasts a drop from Â£4.4m to Â£3.1m (previously Â£4.2m) this year and a Â£1.8m loss, up from Â£1.2m in 2023. There should still be net cash of Â£100,000 by the end of the year. The orders should fall into 2025. Costs continue to be reduced and annualised savings of Â£500,000 have been made. The board is seeking shareholder approval to leave Aquis.

Pubs operator Daniel Thwaites (THW) increased interim revenues by 5% to Â£63.5m and although pre-tax profit declined, excluding gains on interest rate swaps and property disposals or income on pension assets, it improved from Â£6m to Â£6.7m. Net debt was Â£71.2m at the end of September 2024 and it continues to invest in its pubs and hotels. The dividend was raised from 0.85p/share to 0.9p/share. There has been weaker consumer confidence since the summer. The National Living Wage and National Insurance hikes, along with the reduction in business rate relief, will hit the business and there is limited scope to increase prices. That is a problem for the next financial year.

Crypto app developer Tap Global Group (TAP) has appointed Peter Wall as strategic adviser, and it is intended that he will become chairman. He used to be chief executive of Argo Blockchain. In the year to June 2024, unaudited revenues were Â£2.67m and they continue to rise. Chief executive Arsen Torosian will take on the same role at the Gibraltar-based subsidiary once regulatory approval is received.

Asia Wealth Group (AWLP) moved back into profit in the first half. A loss of $94,000 was turned into a pre-tax profit of $13,000. The company is seeking investment opportunities in the UK and Asia.

Mendell Helium (MDH) has completed the sale of health business. M3 Helium, which Mendell Helium has an option to acquire, says the potential flow rates from the Rost 1-26 well in Kansas could exceed previous expectations.

Ananda Developments (ANA) chief executive Melissa Sturgess bought 2.02 million shares at an average price of 0.32p each. She has a 9.92% shareholding.

Transport electrification technology developer Equipmake (EQIP) says Tony Ratcliffe will leave his role of finance director at the end of the month.

EPE Special Opportunities Ltd (EO.P) had net assets of 294.9p/share at the end of October 2024.

AIM

Film vehicles and services provider Facilities by ADF (ADF) has been hit by filming delays and the cancelation of projects. It had appeared that there would a strong recovery in the second half following the Hollywood writersâ€™ strike. Revenues have been reduced from Â£48.6m to Â£35.1m and margins have been hit by competition for limited contracts. This means that Facilities by ADF will not do much better than breakeven in 2024. There should be a recovery in 2025, but revenues have been cut from Â£67.3m to Â£56.8m â€“ including a 12-month contribution from Autotrak. Rockwood Strategic has a 3.7% stake and related investment entities have a further 7.6%, while Octopus has taken a 6.49% stake. Downing and Otus have reduced their holdings. Chairman John Richards bought 200,000 shares at 30.5p each.

Duke Capital (DUKE) is asking for more money from shareholders. A placing has raised Â£17.2m at 27.5p/share, which is more than the initial amount sought. A retail offer could raise up to Â£3m more. The cash will be used for new and follow-on investments. There could also be some stakebuilding in existing investee companies. There will also be additional debt funds that can be used. The retail offer closes on 22 November.

Investment manager Tatton Asset Management (TAM) increased assets under management and influence by 13% to Â£19.9bn. It will be difficult to continue this momentum. Pre-tax profit was 29% ahead at Â£11.4m. This was held back by additional investment in mortgage business Paradigm. The interim dividend was raised by 19% to 9.5p/share.

Programmatic advertising services provider Nexxen International (NEXN) plans ask shareholder permission at its AGM for a departure from AIM and change its Nasdaq listing from ADRs to ordinary shares. Third quarter figures show 12% growth in revenues, while EBITDA is 49% ahead at $31.6m. The 2024 EBITDA forecast has been raised by 7% to $107m, which is still well below the 2022 level.

Phoenix Copper (PXC) says NIU Invest is reviewing the Empire mine project ahead of setting out a new drawdown schedule for the $80m corporate copper bond. So far, $5m has been drawn down. The company is talking to other potential bond investors. There is enough cash to reach the second quarter of 2025.

SRT Marine Systems (SRT) is raising Â£8.5m at 35p/share, including Â£5.36m from Ocean Infinity, which has also underwritten a retail offer to raise Â£2m of the cash. Ocean Infinity is providing a $21.4m guarantee for the performance bond relating to a $213m marine systems contract. There are other potential contracts in the pipeline and management says that SRT Marine Systems should be significantly profitable in 2025-26.

Great Western Mining Corporation (GWMO) says the anomalous copper zone at the West Huntoon porphyry copper prospect has been expanded from 2 square km to over 3 square km. There have been some high grades of copper, gold and silver in samples. The anomalous zone appears to trend towards the companyâ€™s M2 copper resource.

Deltic Energy (DELT) says Shell has provided an updated total well cost estimate of $48m for the Selene well site in the North Sea. Deltic Energy is carried for costs of up to $49m. There are plans for a second licence term as the partners move towards a final investment decision. This news and the full inclusion of tax losses has led Canaccord Genuity to increase its NPV10 share price target from 30p to 38p.

Gold explorer and producer Ariana Resources (AAU) has secured a $5m financing agreement with RiverFort Global Partners and $2m has been received. No new shares will be issued. This will fund feasibility studies for the Dokwe gold project in Zimbabwe. RiverFort Global Partners will be the cornerstone investor for the ASX listing.

There has been plenty of news from cancer diagnostics developer Angle (AGL) this week. The DNA analysis of circulating tumour cells using Parsortix has been shown to identify EGFR-mutated non-small cell lung cancer patients that are developing resistance to treatment with AstraZeneca drug Osimertinib. Â Uses of the Parsortix technology are being showcased at an American Association for Cancer Research special conference. Angle is presenting a talk on PD-L1 status in circulating tumour cells isolated by its Parsortix diagnostics technology from blood samples of lung cancer patients. Data produced has high analytical sensitivity and specificity and suggests that this technology can be used for personalised treatment of lung cancer patients. Additionally, there is a report on progress of developing a system to classify HER2 protein expression for breast cancer. This is being developed with BioView. Parsortix-based assays were showcased at the European Association for Cancer Research (EACR) Liquid Biopsies ConferenceÂ in France.

Delays to defence orders have hit Solid State (SOLI) and profit will be much lower than expected this year. Cavendish has downgraded 2024-25 earnings by 58% to 5.5p/share and next yearâ€™s by 48% to 7.9p/share because it is uncertain when the order will come through. The UK government has paused spending on a major defence order ahead of a strategic defence review next summer. The dividend could be maintained at 4.3p/share.

Touch sensors manufacturer Zytronic (ZYT) has completed a strategic review and decided to sell assets and return any cash to shareholders. This might involve the sale of the trading subsidiary Zytronic Displays or its assets. Net cash was Â£3.3m at13 November. The share price

Power generator OPG Power Ventures (OPG) is being investigated by the Indian authorities for alleged non-compliance relating to the Foreign Exchange Management Act. This regulates foreign exchange transactions. Management believes that everything they have done have been in compliance with laws. The power plants continue to operate.

MAIN MARKET

Ground engineering and piling business Keller (KLR) is trading in line with expectations, but it is cautious about European operations. Competitive pricing means that profitability has been hit. There is still one loss making problem contract. North America and Asia Pacific remain strong regions in most sectors.

Critical Metals (CRTM) says copper ore off-taker OM Metals has sent the first truck load of ore to its processing plant. Critical Metals has further extended the repayment of its loan facility. A $646,000 payment has ben deferred to 20 December and could be further extended until the end of January. Cost savings, including a voluntary salary deferrals of 25% for executives, are being undertaken.

Like-for-like foundry sales volumes were one-fifth lower at Castings (CGS) as European heavy truck sales declined. Interim revenues also fell by one-fifth to Â£89.2m and cost savings are not fully showing through so pre-tax profit was three-fifths down at Â£4.1m. The interim dividend is 2% ahead at 4.21p/share. There are opportunities in off-highway, wind energy and infrastructure and that would reduce reliance on heavy truck demand. The assets acquired from Chamberlin are profitable.

Quoted Micro 11 November 2024

BY: Andrew Hore |
POSTED: 11/11/2024 |

AQUIS STOCK EXCHANGE

Cross border e-commerce technology company Samarkand Group (SMK) reported a dip in revenues of 22% to Â£6.3m, with owned brands increasing their contribution by 14% to Â£4.1m. The loss has been reduced even before the Â£1.08m gain on the disposal of a brand. Net debt is Â£2m. The switch to focusing on owned brands will continue.

Wind-based hydrogen production technology developer Hydrogen Future Industries (HFI) says turbine testing has been delayed because of a fault in the control unit. Replacement parts should arrive by the end of the month. Schneider Electric is providing software to help analyse data for the feasibility study at Whitehall in Montana. Concept testing of the electrolyser continues, and efficiency is more than 97%. Neil Ritson has become executive chairman.

Unicorn Asset Management has taken a 5.42% stake in Equipmake (EQIP).

Pitch Pit has changed its name to Meme Vault (MEME) and will become an investment company focused on cryptocurrency and Web3 technologies. A new subsidiary will be set up in UAE. Chandila Fernando and Judith Hough will no longer be joining the board. The planned Â£500,000 placing is not taking place, but there will be an alternative fundraising.

DXS International (DXSP) chairman Bob Sutcliffe bought 35,000 shares at 1.3p each and he owns 1.8% of the healthcare IT developer. Earlier in the week, Hybridan published updated research and said that â€œmanagement is focused on cashflow control until new NHS sales resume, when there could be significant revenue growthâ€. It argues that this is not reflected in the current share price.

Mendell Helium (MDH) has an option to acquire M3 Helium, which has acquired 85% interests in three further wells on the western side of the Hugoton gas field in Kansas. Two of the wells are in production and the third could be used as a water disposal well, which will reduce costs. No consideration is payable. The wells are breaking even.

Fenikso (FNK) has doubled its convertible loan to AIM-quoted Coro Energy (CORO) to Â£500,000. Tom Richardson, chairman of Fenikso is also a director of Coro Energy.

Ormonde Mining (ORM) investee company TRU Precious Metals, where it owns 36.3%, has announced results of copper exploration at the Golden Rose project in Newfoundland. Copper grades were up to 3.7% and some samples included zinc.

Jack Keyes has decided not to join the board of Oscillate (MUSH) as technical director. He is still undertaking hydrogen exploration work for the company.

ProBiotix Health (PBX) company secretary Mark Collingbourne has acquired 80,000 shares at 5.5p each.

AIM

Fabless silicon chip designer and manufacturer EnSilica (ENSI) slipped into loss in the year to May 2024, but there are already contracts in place for a bounce back to profit this year. EnSilica generates cash from operations, but it spent Â£6.1m on capitalised development. Chip supply generated flat revenues of Â£2.9m out of group revenues of Â£25.3m, up from Â£20.5m in the previous year. Chip supply revenues should start to build up from this year and that will sharply boost profitability. It can take two years or more for chip supply to begin and then production is built up to its peak, so there is built in growth for many years. Singer forecasts a 2024-25 pre-tax profit of Â£2.7m, doubling to Â£5.5m next year.

Membrane free electrolyser developer Clean Power Hydrogen (CPH2) has entered into a licence agreement with Lisheen H2 Energy Park, trading as Hidrigin, for the rights to manufacture MFE220 electrolyser units for its own use up to 2GW. This could be worth multi-million Euros. Hidrigin owns the 122MW Lisheen solar park and has funding for other developments. The licence fee will be payable in stages. Separately, there is a sale of a 1MW MFE220 electrolyser unit.

This week there was good news from professional services firm DSW Capital (DSW) with its trading statement following the acquisition earlier this week of DR Solicitors for Â£6.1m in cash and shares, which will reduce dependence on M&A. DR Solicitors has a client base of doctors, consultants and primary care providers. The latest annual pre-tax profit was Â£1.2m. The deal should be hugely earnings enhancing. Trading has been gradually improving in the first half. First half profit will be slightly lower at Â£100,000, but the full year pre-tax profit is expected to recover from Â£500,000 to Â£1.4m. A further jump to Â£2.5m is forecast for 2025-26. The interims will be published on 27 November.

Shell company Selkirk Group (SELK) raised Â£7.5m at 2.4p/share ahead of joining AIM this morning. The focus is undervalued consumer, technology and digital media businesses. Executive chair Iain McDonald says: â€œWe have chosen to IPO on AIM because, despite the prevailing negative narrative, AIM is still a very attractive market for small, fast-growing companiesâ€.

Electronics and battery products supplier Solid State (SOLI) had a tough first half but it says trading is in line with expectations in the first half and the second half should be better. Interim pre-tax profit has slumped from Â£7.3m to Â£2.5m. The components market has returned to normal, and first half revenues declined. Political uncertainty has hampered defence system orders. Last yearâ€™s defence revenues were exceptionally strong due to early deliveries, and a decline was expected. That is why full year underlying pre-tax profit is set to fall from Â£15.6m to Â£10.1m.

Hummingbird Resources (HUM) has announced a debt restructuring and possible bid. Delays in ramping up production at Kouroussa have strained the balance sheet and $30m of debt repayments have been deferred. Net debt was $155m at the end of September 2024, while trade and other payables were $152m. Nioko Resources, which owns 41% of the gold miner, is proposing a partial debt-to-equity conversion at 2.6777p/share, which would take its stake to 71.8%, and potential bid and cancelation of the AIM quotation. Geoff Eyre has been appointed interim chief executive.

Feedback (FDBK) raised Â£6.1m at 20p/share, which was a massive discount to the previous market price, which fell to 19.5p. This includes Â£530,000 raised via a WRAP retail offer of up to Â£1m. The cash will finance the rolling out of the Bleepa medical imaging communications product and take advantage of a collaboration with a provider of primary care IT services that will use Bleepa to streamline referrals between primary care, Community Diagnostic Centres and community care. The nominal value of shares will be reduced to 1p.

Futura Medical (FUM) has completed two proof of concept studies on new products for the treatment of sexual dysfunction in men and women. Eroxon Intense is a range extension for the existing Eroxon topical product for erectile dysfunction. This provides a stronger sensation. A preferred formulation will be tested next year and regulatory approval is expected by the end of 2025. WSD4000 is a topical treatment for women that treats symptoms such as lack of desire and lubrication. The next stage is a home user study, and results are expected in the first quarter of 2025. A pre-submission meeting with the FDA has happened and there will be another to help design a clinical study. There are discussions with potential partners.

Broadband services provider Bigblu Broadband (BBB) admits that it is in discussions with alternative investment manager Salter Brothers on a possible sale of the SkyMesh subsidiary. The transaction is subject to final terms and financing. This would be the latest asset disposal for Bigblu Broadband.

CleanTech Lithium (CTL) says that the pre-feasibility study for the Laguna Verde project has been delayed until the first quarter of 2025. Additional engineering work is required due to the location of the carbonation plant in Copiapo. An option for onsite renewable power will also be included. Lithium carbonate should be produced from the pilot plant in November.

Digital media publisher Digitalbox (DBOX) has added to its portfolio of digital media brands by acquiring the entertainment business of GRV Media. The assets are CelebrityTidbit.com, RealityTidbit.com and TheFocus.news. They generated revenues of less than Â£800,000 and they fit with Entertainment Daily and The Tab.

Synergia Energy (SYN) has raised Â£632,500 at 0.05p/share. There has also been the conversion of Â£296,000 of loans and Â£83,000 of fees into shares. The shares come with a warrant exercisable at 0.1p each. This provides funding for the Medway Hub Camelot carbon capture and storage joint venture with Harbour Energy. Synergia Energy wants to farm out up to 25% of the project. There should be a significant increase in production at the Cambay PSC, where a farm out of a 50% interest to Selan Exploration has been completed, from the second quarter of next year.

Kodal Minerals (KOD) joint venture partner Hainan Mining says that the $15m owed to the Mali government should be paid by Kodal Minerals and not the joint venture that owns the Bougouni lithium project. Kodal Minerals disagrees.

Optimer binders developer Aptamer Group (APTA) continues to win new contracts and it has added contracts worth up to Â£471,000 in the third quarter. This is work from a number of clients and many are repeat customers. Some of the existing customers are reaching a point where they are considering long-term licences. Booked revenues have reached Â£1.2m for 2024-25. The potential pipeline has increased to Â£4m.

MAIN MARKET

Cybersecurity company Narf Industries (NARF) says 2024-25 revenues should be at least $5m and they could rise to $8m in the following year. In the 15 months to March 2024, revenues were $7.6m. The dip in revenues is due to a switch in focus to commercial sales rather than the dependence on government funded development, as well as delays in US funding. Thereby building recurring revenues.

Foams manufacturer Zotefoams (ZTF) revenues are accelerating with third quarter growth of 54% and year to date improvement of 23%. Footwear sales are fuelling this growth, helped by the Olympics boosting Nike demand, but other parts of the business are also growing. Â Operational efficiency is increasing margins.

AIM Digest 8 November 2024

BY: Andrew Hore |
POSTED: 11/11/2024 |

Soft drinks maker Nichols (NICL) has set a mid-term pre-tax profit target of Â£45m, compared with the 2024 forecast of Â£29.9m. The international business has significant scope for growth, particularly in Africa. The time period involved covers 2025-2030. Target revenues are Â£225m, so margins will have to improve to 20% to meet the profit target. That could mean earnings of 92.5p/share. Nichols is a highly cash generative business and the cash pile - Â£52.7m estimated for the end of 2024 - means that there is scope for further special dividends. Singer believes that there could be Â£170m of cash that can be distributed to shareholders over the next five years.
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Groceries and catering distributor Kitwave Group (KITW) is on course to achieve expectations in 2023-24. Pre-tax profit should improve from Â£27.5m to Â£28.5m and next year will benefit from the integration of sites in the South West and the integration of recent acquisitions. Net debt has risen to around Â£62m because of acquisitions, but this can be reduced via cash generation. Kitwave expects to mitigate higher NI costs. The expected Â£2m annual increase in costs will not come in until the end of the first half.
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Vertu Motors (VTU) has acquired Burrows Motor Company and it should be earnings enhancing in the first full year. It adds five Toyota, two Mazda and one Kia dealership and generated operating profit of Â£1.4m last year. The cost will be around Â£12.5m once the financials are finalised. .
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Hargreaves Services (HSP) confirmed a strong start to the financial year at the AGM. More than two-thirds of expected services revenues have been secured, while HRMS continues to recover. There could be further disposals of land assets with the first tranche of renewable energy assets set to go on the market.
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Digital marketing technology and services provider Dotdigital (DOTD) has successfully improved the performance of the North American part of the business and all regions are growing strongly. In the year to June 2024, revenues were Â£79m with organic growth of 9%. There was an initial contribution from Fresh Relevance, which is being integrated and launched outside of Europe. Pre-tax profit rose from Â£15.4m to Â£16.8m.
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Pan African Resources (PAF) has acquired the 92% of Tennant Consolidated Mining that it does not own for $54.2m in shares. Tennant has the Nobles gold project, which requires $35.7m of development capital. First gold is expected by July 2025. Production could reach 500,000 ounces/year at a cost of $1,300/ounce. Pan African Resources has also commissioned the Mogale tailings operation, which was delivered under budget.
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Brooks Macdonald (BRK) has acquired chartered financial planning firm CST Wealth Management, which has assets under advice of Â£170m plus 500 clients.
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Building materials supplier SigmaRoc (SRC) released nine-month figures showing revenues 67% higher at Â£729m and full year revenues should be more than Â£1bn. That reflects the contribution of the former CRH businesses. On a pro forma basis, volumes fell 3% and revenues were 4% lower. EBITDA increased 88% to Â£165m, while margins improved 22.6%. Panmure Liberum still forecasts underlying earnings to rise from 7.6p/share to 7.9p/share before the full benefits of the acquisitions accelerate the figure to 9.4p/share.
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Market research services provider YouGov (YOU) traded slightly ahead of the recently downgraded expectations for the year to July 2024 and it is maintaining guidance for 2024-25. In 2024-25, underlying pre-tax profit fell from Â£57.2m to Â£45m. This was due to higher staff and technology costs. Organic revenue growth was 3%, but there were variations in different regions. Annualised cost savings of Â£20m are planned.
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Translation and IP services provider RWS (RWS) says it returned to growth in the second half making up for the first half decline. The 2023-24 pre-tax profit will be around Â£112m. Net debt was Â£14m at the end of September 2024. The full year results will be published on 12 December. There should be modest organic growth in revenues this year. Departing chief executive Ian El-Mokadem bought 5,000 shares at 149.4p each, taking his stake to 200,000 shares.
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ITM Power (ITM) has won its first contract for a NEPTUNE V unit to Guttroff Gmbh, which provides services for medical gases, welding supplies and engineering companies. NEPTUNE V is a 5MW containerised electrolyser plant. ITM Powerâ€™s proton exchange membrane electrolyser has reached a technical milestone, and it reduces iridium loading by a further 40%. This takes the reduction to more than 80%. Directors have been buying shares.
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IQE (IQE) chief executive Americo Lemos is leaving the semiconductor wafer manufacturer after three years in the role and Mark Cubitt becomes executive chair. Finance director Jutta Meier will become interim chief executive. The focus will be on cash generation and the proposed flotation of the business in Taiwan next year.
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Serica Energy (SQZ) says production via the Triton FPSO has been interrupted due to problems with a single gas compressor. The problem is being identified and repaired.
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Victorian Plumbing (VIC) has appointed Canaccord Genuity as joint broker.

Quoted Micro 4 November 2024

BY: Andrew Hore |
POSTED: 04/11/2024 |

AQUIS STOCK EXCHANGE

Rebel shareholders failed to win any of their three resolutions, including the removal of the chief executive, at the requisitioned general meeting of ProBiotix Health (PBX). Broker Peterhouse said that major shareholder OptiBiotix Health (OPTI) was not allowed to vote its shares at the meeting because of the relationship agreement from the flotation of the probiotics developer. OptiBiotix Health owns 53.5 million shares, and the votes were lost by less than 36 million shares.

Surgical treatments provider One Health Group (OHGR) interim revenues were more than one-fifth higher at Â£13.4m. New patients increased by 29%. The second half is likely to better than expected. That means that full year EBITDA should be higher than Â£1.9bn. There was cash of Â£4.9m at the end of September 2024. A move to AIM is being considered.

Aquis Exchange (AQX) and Cboe Europe are assessing a joint bid to provide an EU consolidated tape of stock trades. The European Commission has decided to create a single entity to operate a real-time, trade consolidated tape. The European Securities and Market Authority will select the business to take on the role. The plan is for the two companies to set up a joint venture called SimpliCT, which will be based in the Netherlands, to bid for the role of equity consolidated tape provider.

Luxury prize draw organiser Good Life Plus (GDLF) has achieved Â£330,000 in monthly recurring revenues. There are more than 40,000 subscribers and churn has been reduced. In the six months to July 2024, revenues were Â£1.69m. There was a Â£2.21m cash outflow from operating activities. There was a fundraising after the balance sheet date. Richard Johnston has been appointed as finance director.

Macaulay Capital (MCAP) investee company Vale Foods has repaid a Â£125,000 loan and this has been reinvested in shares in the latest fundraising of Â£430,000. A Â£100,000 loan has been made to another investee company.

Health IT provider DXS International (DXSP) has won its first NHS commercial contract for its AI ExpertCare Clinical Decision Support product. In the year to April 2024, revenues were 2% ahead at Â£3.31m, There was an impairment charge of Â£4.38m. Even without that write-down the company fell into loss. Chairman Bob Sutcliffe bought 50,000 shares at 1p each and 133,333 shares at 1.5p each. He owns 1.74% of the company.

KR1 (KR1) had net assets of 62.15p/share at the end of September 2024. The income from digital assets was Â£592,000 during September.

Social commerce platform investor WeCap (WCAP) says WeShop is considering a listing. If its convertible loans are converted into shares WeCap would own 16% of WeShop. The investment in Bio2pure of Â£100,000 has been written down to nil. At the end of April cash was Â£49,000 and net assets were Â£7.39m.

Rogue Baron (SHNJ) says Sinju Japanese Whisky will be available in the US in the third week of November. The latest shipment of 800 cases has been presold.

Marula Mining (MARU) is stockpiling ore at the Kinusi copper mine. Samples have been sent to South Africa for test work and the results will help to design the first phase of the processing facilities. Three trial shipments are about to be sold.

Fenikso (FNK) is launching a share buyback of up to 49.3 million shares. A further $404,000 has been received in loan repayments. The remaining loan is worth nearly $39m.

Chris Akersâ€™ stake in Oscillate (MUSH) has been reduced from 5.94% to less than 3%. Peterhouse Capital has also reduced its stake below 3%. Jonathan Neame has bought 7,000 Shepherd Neame (SHEP) shares at 569.5p each.

Investment Evolution Credit (IEC) raised Â£475,000 at 1p each and there is a broker option to issue up to three million more shares.

Unigel Group (UNX) is paying an interim dividend of 1.5p/share on 22 November.

First Sentinel has resigned as corporate adviser of Vulcan Industries (VULC).

AIM

Energy supplier and energy efficiency services provider Good Energy (GOOD) received an unsolicited bid from Dubai-based Esyasoft Holding Ltd. Esyasoft offers a range of products. They include the Smart Grid Suite, which is a cloud-based integration platform that manages workflow and communications between utilities and meters and an energy mobility business.

Payments technology developer Eckoh (ECK) is recommending a 54p/share bid from funds managed by Bridgepoint Advisers II. The bid values Eckoh at Â£169.3m. The share price has not been at that level since the end of 2022, but it is the price indicated back in August. The bid values Eckoh at 20 times prospective 2025-26 earnings.

Nexus Infrastructure (NEXS) is spending some of its cash pile on Coleman Construction & Utilities, which is involved in civil engineering for water and marine sectors. This diversifies the business away from housebuilding infrastructure. The purchase will cost up to Â£4.4m and be immediately earnings enhancing â€“ EBITDA was Â£700,000 last year. Trading is in line with expectations and the loss should be halved to Â£2.4m in the year to September 2024. A small loss is still expected this year.

Emmerson (LON: EML) says it filed an appeal against the unfavourable recommendation for its ESIA application for the Moroccan potash project, but the regional authorities say that they cannot examine the ESIA submission again. Emmerson subsequently notified the Moroccan government of an investment dispute and argues that the government is violating an agreement between the UK and Morocco. The dispute can be submitted to the International Centre for the Settlement of Investment Disputes. Prior to this, the company is seeking cash compensation from the government. Emmerson is trying to reduce its cash burn, but that will mean that there will be no progress with the development of the project. Two non-executive directors are stepping down and the two remaining non-executives will take fees in shares, while the chief executives pay will be reduced by two-fifths.

Construction dispute and expert witness services provider Diales (DIAL) says that there will be a small improvement in revenues and profit in the year to September 2024. Pre-tax profit will be at least Â£1.1m, up from Â£1m. The cost base has been reduced. Net cash is Â£4.3m. Diales is pulling out of the US. It will still have a Canadian operation, and South America is handled from Spain.

MicroSalt (SALT) has received an initial purchase order for 50,000lbs of low-sodium salt from a major food and drink manufacturer for one of its product lines. Annualised volumes should be 200,000lbs and there could be orders for two other products. There is also a follow-on order from a B2B customer and the 63,860lbs will be delivered in January. Two other B2B orders have been won.

Tlou Energy (TLOU) is seeking shareholder approval at its AGM to leave AIM. The shares will still be traded on the ASX and the Botswana Stock Exchange. Interest in the company has dwindled and the departure will save money. UK shareholders are offered the chance to transfer their holding to the ASX depositary in exchange for ASX-listed shares at no cost. Tlou Energy released a first quarter update indicating progress with the Lesedi CBM gas-to-power project in Botswana. First electricity sales are expected in the middle of next year. There was an operating cash outflow of A$800,000, plus A$1.7m of capital investment in the period.

Cleaning services provider React (REAT) has made the earnings enhancing acquisition of 24hr Aquaflow Services for Â£5m plus contingent payments of up to Â£2.4m. It will still be enhancing after a Â£1.1m placing at 81p/share. 24hr Aquaflow Services is a drainage and plumbing services provider. Â This adds to group services.

Shield Therapeutics (STX) generated $7.2m from 43,500 ACCRUFeR prescriptions in the third quarter, which was slightly lower than forecast. The average net selling price is $167, and this could rise to $192 in the fourth quarter. Total nine-month revenues are $20m and the 2024 figure should hit $31.5m. Management admits that more cash will be required, and costs are being reduced. Sallyport is providing a $15m facility, up from $10m previously, and AOP Health has agreed to subscribe $10m for shares at 4p each.

Prospex Energy (PXEN) says third quarter gas production of its Italian interests, where it has a 37% stake, was 76,910scm/day. Prospex Energyâ€™s net revenues for the quarter were â‚¬1m, which is a record. There should be a further increase in gas production in the fourth quarter.

Deltic Energy (DELT) says wireline logging and fluid sampling confirm the gas discovery at Selene in the North Sea, where it has a 25% working interest. The reservoir quality is better than expected, but it is deeper than anticipated which means that recoverable gas volumes of 131bcf are lower than previous estimates of 320bcf. This should still be economically viable. Further work is required, though.

Transport technology services provider Microlise Group (SAAS) has been hit by a cyber security incident. This has disrupted services, and they are currently inactive. Cyber security specialists have been appointed.

MAIN MARKET

Tin projects developer First Tin (1SN) has raised Â£8m at 6p/share. The cash will go towards the Taronga project in Australia and funding the enhancements highlighted in the definitive feasibility study. This could increase the project NPV to A$400m. The environmental impact statement will be completed so that initial project work can commence. There will also be cash to progress permitting at the Tellerhauser project in Germany.

Mears (MER) says trading is strong and margins are improving. The 2024 figures will be better than expected with revenues of Â£1.13bn and pre-tax profit of at least Â£60m.

A general meeting has been requisitioned at nanomaterials developer Nanoco (NANO) by Milwood Fund, which wants two of its employees to be given board seats. It appears Milkwood may want to sell assets and turn Nanoco into a shell.

Motor dealer Caffyns (CFYN) is selling its freehold premises in Lewis to Lidl for Â£4.65m, which is equal to book value. The pension fund will receive Â£2.4m and the rest will reduce debt. The Lotus dealership will be relocated.

Critical Minerals (CRTM) is making progress with the Molulu copper cobalt project in the DRC and is on course to start delivering ore. Two additional mineralised zones have been identified. Terms of a new offtake agreement have been secured with OM Metals following good copper grades from ore testing. Since the balance sheet there has been a Â£455,000 investment by NIU Invest.

Quoted Micro 28 October 2024

BY: Andrew Hore |
POSTED: 28/10/2024 |

AQUIS STOCK EXCHANGE

Electrification technology developer Equipmake (EQIP) has raised Â£3m at 3p/share. Chief executive Ian Foley has subscribed for 6.67 million shares, although his stake will be diluted to 34.1%. The cash should last for six months and move the business towards cash breakeven. There was Â£2.48m in the bank at the end of May 2024. In the year to May 2024, the cash outflow from operations was Â£6.3m. The company estimates a requirement of Â£5.5m for working capital over the next 12 months. A potential licensing agreement could bring in Â£4.6m over a two-year period. Equipmake could reach cash breakeven in 2025-26. The focus is on higher margin work and bus repowering range will be rationalised. Costs are also being reduced, but it is investing in its commercial team.

Igraine (KING) has secured right of first refusal on current and future battery storage projects developed by GEM Energia. AIM-quoted Vela Technologies (VELA) is providing a loan facility with a minimum commitment of Â£200,000. Igraine will issue 35.5 million shares, which is 29.1% of the company, to GEM in return for the rights. David Levis, the chief executive of GEM, is joining the Igraine board as an executive director. He founded GEM to develop battery energy storage projects in the UK. It develops the projects up to the point where it either sells them or proceeds with the development itself. Igraine will have the right to receive 8% of the sales proceeds of a disposal or be involved in their further development. Initial sites will be sold to generate cash for Igraine and strengthen the balance sheet. Each site requires Â£150,000-Â£250,000 to secure grid connections and get to the ready to build stage. Every MW of capacity is valued at Â£120,000. After costs, a 100MW site could generate cash of more than Â£7m. There are four sites which are already in progress.

Oscillate (MUSH) has started hydrogen operations in Minnesota. A hydrogen soil-gas sensor has been bought and pre-field work started, which will provide data to enable further progress. Igraine has been diluted from 10.2% to 5.05% following the recent share issue.

Lift Global Ventures (LFT) says investee company Trans-Africa Energy has not received the Â£12m it was waiting for from an African investor. It is talking to alternative sources of finance for the energy infrastructure project in Ghana. The redemption date on the loan notes held by Lift Global Ventures has been extended to the end of 2024 and in return the value will be increased from Â£1m to Â£1.25m.

Ananda Developments (ANA) says two of its potential medicines, MRX2 and MRX2T, will be used in National Institute for Health and Care Research and NHS co-funded phase IIIa epilepsy clinical trials involving up to 500 patients. This could support marketing authorisation applications if the trials are successful.

EDX Medical Group (EDX) has raised Â£300,000 from a Saudi Arabian investor at 11p/share, which was a 22% premium to the market price.

Corporate businesses developer Macaulay Capital (MCAP) managing director David Horner has doubled his shareholding to 500,000 shares by buying 250,000 shares at 20p each. His family has a 24.9% stake. Marula Mining (MARU) director Jason Brewer has increased his shareholding by 340,000 shares at 5.38p each. That takes his stake, held through Gathoni Muchai Investments to 9.13%. Mike Cass has increased his stake in BWA Group (BWAP) to 15.1%. James and Alexandra Pace have a 5% stake in Shepherd Neame (SHEP).

AIM

Footwear retailer Shoe Zone (SHOE) says that poor weather hit second half sales, but it has traded in line with expectations. Full year revenues were 3% lower at Â£161.3m with a second half decline wiping out the interim growth. Trading did improve in August and September. Zeus forecasts a fall in pre-tax profit from Â£16.5m to Â£9.5m. The full year dividend will slip from 17.4p/share to 6.2p/share.

Disinfection products supplier Tristel (TSTL) beat expectations in the year to June 2024. There were initial revenues from the US, but they will take time to build up. Sales grew in nearly every market, with small dips in Australasia and China. A price increase in the UK, combined with higher volumes, helped hospital medical device decontamination jump 38%. The main growth in sales is in the UK and Europe. In the year to June 2024, revenues improved from Â£36m to Â£41.9m, while pre-tax profit rose from Â£6.2m to Â£8.2m. There was a reallocation of costs from overheads to cost of sales, so this affected comparatives. The total dividend was raised 29% to 13.52p/share.

Telecoms enterprise software provider Cerillion (CER) continues to grow faster than its underlying market. Revenues were 14% higher in the second half, enabling profit to be better than expected. There are record new orders and this underpins further growth in the next couple of years. The â‚¬12.4m order from the previously unnamed Virgin Media Ireland is contributing to the growth. It probably generated Â£6m last year. This is the first contract with a tier-1 telecoms company and could help to win other contracts with this level of business. In the year to September 2024, revenues were 12% ahead at Â£43.8m.

Online marketing services provider XL Media (XLM) is selling its North American business for up to $30m in cash, with $20m payable on completion and up to $10m in April â€“ based on revenues and gross profit in 2024. Some cash should be redistributed to shareholders by the end of the year. The company will effectively become a cash shell.

EnergyPathways (EPP) has been asked by the UK government to participate in the Hydrogen Storage Business Model. This will help to define the new investment support scheme. The first Hydrogen Storage Allocation Round should be in 2025.

Seascape Energy Asia (SEA) has been awarded a 28% participating interest in a production sharing contract over the DEWA complex cluster, offshore Sarawak, Malaysia. Enquest owns 42% and Petroleum Sarawak holds 30%. The area has 12 gas discoveries in shallow water near to the coast. Six will be focused on and these have 500bcf of gas in place. Seascape Energy Asia will commit $600,000 for a detailed resource assessment and field development plan.

Specialist recruitment firm Gattaca (GATC) reported an underlying 2023-24 pre-tax profit decline from Â£3.7m to Â£2.9m on 5% lower net fee income of Â£40.1m. There was a 3% increase in net fee income for contract work, but permanent income dropped by one-third. Despite the decline, Gattaca is gaining market share. Costs have been reduced and the US business has been sold. There could be a modest improvement in profit this year.

Prospex Energy (PXEN) recently acquired a 7.2365% working interest in the onshore Spain Viura gas field, which recommenced production last week. The Viura 1B development well has encountered significant gas shows in the Utrillas-A reservoir and a new gas bearing reservoir interval below that. The well, which cost Prospex Energy â‚¬375,000, could contribute to production in November Flow testing results for the deeper reservoir will be available next year. There should be a significant upgrade to recoverable reserves. The European gas price is rising.

Musical instruments retailer Gear4Music (G4M) continues to recover with growth in the second quarter nearly offsetting the decline in the first quarter and further improvement in October. In the six months to September 2024, UK sales grew 4%, but European sales declined. Total sales were 1% lower at Â£61.7m. Gross margin has fallen back, but the interim loss will be reduced. Full year revenues are expected to be higher and pre-tax profit could jump from Â£1.1m to Â£2.8m.

Information and data publisher Merit Group (MRIT) has been hit by the ending of project work and the lack of replacement work. Sales resource is being added, but that will take time to boost revenues. Canaccord Genuity has changed its 2024-25 forecast from a Â£900,000 profit to a loss of Â£800,000 after a 11% reduction in expected revenues to Â£18.5m, which is lower than the 2022-23 figure. A return to profit is forecast for next year. There are management changes that are flagged for next year.

Ariana Resources (AAU) has reviewed the data for the Dokwe gold project in Zimbabwe. There are several zones of potential extensions to mineralisation. There are also gold-in-soil anomalies to follow up and drilling is planned. The in-pit resource is 1.2moz in two open pits at Dokwe Central and Dokwe North. Measured and indicated resources are 30Mt at 1.3g/t gold. Ariana Resources believes there could be annual production of up to 100,000 ounces of gold for up to 15 years. A revision of the pre-feasibility study is underway.

At the end of the week, property developer and investor Caledonian Trust (CNN), which has been on AIM for more than 29 years, announced its proposed departure. The direct annual cost of the quotation is Â£100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. There is already support from holders of 85.3% of the shares. The quotation could end on 26 November. NAV is 195.1p/share.

Adams (ADA) is proposing the cancellation of the AIM quotation and sell off the companyâ€™s investments, many of which are also quoted on AIM, to return the cash to shareholders. Prior to this Adams will be buying back shares at 4p each. The estimated NAV is 3.72p/share. Liquidity is limited because Richard Griffiths owns 94% of Adams. Â A general meeting will be held on 27 November and, if passed, the cancellation will be on 5 December.

MAIN MARKET

Advanced materials developer HeiQ (LON: HEIQ) has found growing its business difficult, particularly in textiles, flooring and antimicrobials and not recovery is expected until well into 2025. Another restructuring plan will cut costs and focus on certain facilities. Non-core operations will be scaled back. Some parts of the business may be sold, and outside finance is being sought for AeoniQ. Part of the cost cutting is giving up the listing. This should take effect on 19 November. Because the shares are on the transition category of the market since the restructuring of the Main Market, no shareholder vote is required. The shares will be traded by JP Jenkins. Daren Morecombe has increased his stake from 14.5% to 22%.

Bloomsbury Publishing (BMY) grew interim revenues by 32% to Â£179.8m, while pre-tax profit jumped from Â£17.7m to Â£26.6m. This is due to strong consumer division revenues due to strong sales of fantasy fiction and cookery books.

LED lighting and wiring accessories supplier Luceco (LUCE) increased third quarter revenues by 3% with residential EV charging the main growth area. However, excluding acquisitions, like-for-like revenues were 3.6% lower, partly due to phasing of orders so that there is a strong fourth quarter order book. Margins are improving. Net debt was Â£67m at the end of September 2024.

AIM 50 Digest 25 October 2024

BY: Andrew Hore |
POSTED: 28/10/2024 |

Vertu Motors (VTU) has launched a Â£3m share buyback programme and this has helped the share price to recover. The motor dealer improved 3% to Â£2.49bn with growth in electric vehicle sales. Second hand vehicle sale prices are stabilising, and aftersales income was 10% ahead. The car market remains tough, but Vertu Motors is outperforming its rivals. Increased used car inventory meant that working capital requirements were higher. The interim dividend was raised to 0.9p/share. Full year pre-tax profit forecasts have been trimmed from Â£40.2m to Â£38m. Net tangible assets are expected to be 74.5p/share, while NAV should be 112.8p/ share.
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Subsea equipment rental company Ashtead Technology Holdings (AT.) is acquiring subsea electronics and tooling rental companies Seatronics and J2 Subsea for Â£63m in cash. They generate annualised revenues of Â£51.5m and operating profit of Â£9m. Ashtead Technologyâ€™s revolving credit facility will be increased by Â£70m. The deal increases the capability in the rental of survey and robotics equipment. There will be mid-to-high single digit earnings enhancement in the first full year.
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Audio visual products distributor Midwich Group (MIDW) says the market remains challenging, particularly in Germany. There is unlikely to be an improvement this year, although gross margin should be maintained. Operating profit will be well below the 2023 level. Three small UK acquisitions have been made for Â£12m. These are higher margin businesses. There will be a trading update on 20 January. Managing director Stephen Fenby bought 150,000 shares at 273.3p each, taking his stake to 16.9%. The share price fell 15.9% to 269p, which is the lowest level for eight years.
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Volex (VLX) continued its momentum in the first half and margins are being maintained despite cost pressures in Turkey. Interim revenues exceeded $510m and like-for-like growth was 10%. Consumer electricals returned to growth. The interims are published on 15 November.
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Victorian Plumbing (VIC) says full year revenues were 4% ahead, although there was a like-for-like decline of 1%. Like-for-like volume growth was 3%. Victoria Plum was acquired in May and contributed revenues of Â£15m in the year to September 2024. This business will be closed by the end of the year. A new 544,000 square feet distribution centre is operational. The annual result will be published on 15 January.
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Identity fraud and location software GB Group (GBG) improved interim revenues by 4.5% to Â£137m. There was a decline in fraud revenues because of timing issues, but identity and location revenues were higher. Operating profit was one-fifth ahead at Â£29m. Net debt has fallen from Â£80.9m to Â£72m in the six months to September 2024.
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Tatton Asset Management (TAM) had stronger than expected net inflows averaging Â£305m/month in the past six months. Assets under management or influence are Â£19.9bn. Brooks Macdonald (BRK) edged up its funds under management by 0.6% to Â£17.9bn in the latest quarter with positive performance more than covering for outflows. St Jamesâ€™s Place Unit Trust Group is terminating a mandate that has Â£774m of assets under management with Impax Asset Management (IPX), but the impact on annualised revenues should be modest.
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Floorcoverings supplier Victoria (VCP) says the market continues to be soft and EBITDA is likely to decline to Â£50m in the first half. Second half trading should be stronger. Shareholders have been reducing their stakes. Spruce House Investment Management trimmed its holding from just under 18% to 17.55%, but instead of all the shares being owned by the investor there are 8.5% that are held via financial instruments. Capital Group has cut its shareholding from 8% to 4.7%. However, Morgan Stanley has doubled its stake to 10%.
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ITM Power (ITM) has appointed Berenberg as nominated adviser and joint broker. JP Morgan Cazenove is also joint broker. YouGov (YOU) appointed JP Morgan Cazenove as nominated adviser and joint broker and Morgan Stanley is the other joint broker.
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Kestrel Partners continues to build up its stake in IT managed services provider Redcentric (RCN) and it has been buying shares at 120.73p/share. The stake is 20.7%. Oliver Scott represents Kestrel on the Redcentric board. Big Technologies (BIG) finance director Daron Morris should 200,000 shares at prices around 126p and reacquired 103,000 shares in ISA and SIPP accounts at around 127p each. He subsequently sold a further 200,000 shares at 130p each. Fellow director Charles Lewinton sold 200,000 shares at 130p each. These latter share deals relate to tax planning ahead of the Budget.

Quoted Micro 21 October 2024

BY: Andrew Hore |
POSTED: 20/10/2024 |

AQUIS STOCK EXCHANGE

ProBiotix Health (PBX) has sent out a circular for the requisitioned general meeting on 1 November. The meeting has been requisitioned by Seneca Partners and related investors that hold 5.46% in total. Seneca Partners is also an investor in AIM-quoted OptiBiotix Health (LON: OPTI), which is also unhappy with the current management, but a relationship agreement means that it could not requisition a general meeting. OptiBiotix Health and related individuals own 37.95% and will vote in favour of the resolutions. ProBiotix Health wants to block these shares from being voted. The first resolution is to remove the chief executive Steen Andersen and the second is to remove non-exec Frederik Bruhn-Petersen, whose firm recently subscribed for shares, a funding that OptiBiotix Health was unhappy about. Seneca Partners and OptiBiotix Health are also unhappy that the chief executive wanted to leave the Aquis Stock Exchange.

Marula Mining (MARU) is finalising negotiations to establish a new joint venture with a Chinese battery manufacturer and lithium offtake partner at the Blesburg lithium and tantalum mine. This would be for a lithium acid leaching processing plant, which could be commissioned by next summer. This will use spodumene from the mine and could produce 2,000 tonnes of high-grade lithium product each year. A subscription of Â£750,000, which comes through the issue of 15 million shares at 5p each via the AUO Commercial Brokerage LLC subscription agreement, will be used to fund the installation of an ore sorter at Blesburg and the costs of other projects. Gathoni Muchai Investments, where Marula Mining board member Jason Brewer is a director, bought 430,000 shares at 5.96p each.

At the end of the three months to September 2024, Arbuthnot Banking (ARBB) customer deposit balances were Â£3.8bn and customer loans Â£2.5bn. Funds under management and administration have grown 18% to more than Â£2bn in the nine months to September 2024. Arbuthnot Banking has completed its move to new offices in the City of London. Management is assessing the proposed new capital rules and deciding if strategy changes will be required. The Budget could also affect strategy.

Substrate Artificial Intelligence (SAI) intends to leave the Aquis Stock Exchange, although it will remain on the BME growth market in Spain. The cancellation of trading on Aquis will happen on 15 November.

Invinity Energy Systems (IES) is extending the expiry date of the 8.67 million options, exercisable at 175p/share, held by Gamesa Electric to 10 May 2025. Employee share options will be extended until 21 November 2029.

Mendell Helium (MDH) has agreed to sell its plant-based health and wellness business to Orsus Therapeutics, which will leave the seller with a 28% stake plus six million warrants in the buyer. This is conditional on shareholder approval. The Orsus Therapeutics shares may be distributed to Mendell Helium shareholders. Mendell Helium has an option to acquire Kansas-focused M3 Helium.

Inqo Investments (INQO) has made an investment in Empower Clean Cooking. Uganda-based Empower produces biomass pellets for cooking fuel.

Vehicle electrification technology developer Equipmake (EQIP) is supplying its zero emission drivetrain for use in Textron Safeaero 220 airside de-icing vehicles. There were successful trials earlier in the year.

Former Made Tech (MTEC) finance director Deborah Lovegrove has taken on the same role at All Things Considered (ATC).

AIM

Pulsar Helium Inc (PLSR) shares were already trading on TSX-V and the OTCQB Venture Market and the additional cash raised by coming to AIM on 18 October and raising Â£3.875m at 25p/share. This will fund further exploration in of the Topaz helium project in northern Minnesota, close to the Canadian border. So far, an appraisal well has been drilled and this confirmed the presence of helium. This will be drilled deeper. There were 1.47 million shares traded on the first day. Having opened on 29p the shares closed the day at 27.5p.

Mothercare (MTC) shares returned from suspension following the 2023-24 results publication and refinancing. There is a new Â£8m two-year loan facility from Gordon Brothers, which receives 43.4 million warrants exercisable at 8.5p/share. There is also a joint venture with Reliance Brands, which will acquire 51% for Â£16m, covering the Indian sub-continent. In the year to March 2024, underlying pre-tax profit dipped from Â£3.4m to Â£3.1m. Overall revenues continue to decline, and Cavendish expects a small loss this year.

Joshua Alliance is offering 40p/share in cash for each share in N Brown Group (BWNG). The share price has not been this high since February 2023. The Alliance family and related parties already own 53.4% of N Brown. The bid values the fashion brands company at Â£191m. The chief executive and finance director of N Brown will elect for a share alternative.

Motor dealer Vertu Motors (VTU) had a strong September sales period, and it continues to outperform the sector, particularly in electric vehicle sales. Strong aftersales business and a stabilised second hand car market means that the outlook is positive. In the six months to August 2024, revenues were 3% ahead at Â£2.49bn. Full year revenues are expected to be flat and pre-tax profit slightly higher at Â£38m. NAV of 112.8p/share is forecast. A further Â£3m share buy back is planned.

Weak interior design markets, particularly in the UK, hit interim the figures of Sanderson Design Group (SDG). The timing of licensing revenues exacerbated the downturn in underlying pre-tax profit from Â£6.8m to Â£2.2m. The dividend has been reduced by one-third to 0.5p/share. Net cash fell to Â£9.6m at the end of July 2024.Trading continues to weaken with a 10% downturn in revenues so far in this financial year. The aftermath of the UK Budget and the US election could determine the full year outcome. Investec has reduced its pre-tax profit forecast by 8% to Â£7.5m, down from Â£12.2m last year.

Digital mental health services provider Kooth (KOO) says the State of Pennsylvania has terminated its contract with the AIM company. The contract started on 11 October 2022 and the end date was extended from June 2024 to June 2025. However, there is a right to terminate with a 30-day notice period. Kooth says that it was negotiating a new contract, and it is unsure what the status of ongoing work will be. When it was announced, the contract was said to be worth $3m in its pilot year.

Approval for further development of the Wressle field in Lincolnshire has been revoked, because of a legal challenge that greenhouse gas emissions were not taken into account in the original decision. Union Jack Oil (UJO) has a 40% interest in the Wressle development and Europa Oil & Gas (EOG) owns 30%. A revised application for Wressle can be made with additional data on emissions. The existing production continues.

Executive search company Norman Broadbent (NBB) says third quarter revenues are 16% lower than last year at Â£2.7m. Even so, it was the strongest quarter of the year. September was particularly strong.

CloudCoCo (CLCO) is selling its managed IT services business for Â£9.2m. This will discharge liabilities, including the MXC loan notes, and leave cash of Â£950,000. If the sale does not go ahead management will need to consider if there is a future for the group. There are also discussions concerning the sale of the Connect business. The focus will be on the product reseller business.

Decision making software provider ActiveOps (AOM) grew first half revenues by 9% to Â£14.3m. Annualised recurring revenues are Â£26.2m. Net revenue retention is 1085. There is cash of Â£13.4m. Demand is being driven by organisations needing to reduce the cost base. Investment in sales will pay off next year.

Iodine supplier Iofina (IOF) is on course to meet iodine production guidance for this year. There was 163.9 metric tonnes produced in the third quarter. Iodine prices have been higher than in the first half when they were $66.84/kg.

Armadale Capital (ACP) proposes a cancellation of the AIM quotation because it believes that being public does not benefit the company because of the costs. Armadale Capital needs to reduce the cash burn and sell non-core assets. The resources company can be more flexible as a private company. A general meeting will be held on 1 November.

Emmerson (EML) says that the regional authority in Morocco have made an unfavourable environmental recommendation relating to the Khemisset potash project. The full decision is not yet available. Emmerson had previously appealed against the regional authorityâ€™s decision not to approve the project under environmental grounds.

MAIN MARKET

Online travel hostel agency Hostelworld (HSW) has moved into a net cash position and trading is in line with expectations even though there has been a small fall in revenues in the nine months to September 2024 due to lower average booking values. Direct marketing costs are down from 51% of revenues to 46%, while operating costs are also lower. Four-fifths of bookings are from social media. Capital allocation policy is being assessed.

Kitchenware retailer ProCook Group (PROC) says second quarter trading shows it is outperforming the market. Interim revenues are 8% ahead at Â£28.3m with like-for-like revenues 4% higher. The fastest growth is in ecommerce, helped by the relaunch on Amazon, but retail is also recovering. Higher inventory levels meant that net debt has moved up to Â£4.2m.

Property investor Town Centre Securities (TOWN) is no longer a REIT. That means that there is more flexibility for the business. EPRA net tangible assets slipped 2.5% to 277p/share at the end of June 2024. The loan to value ratio is 50.8%. The final dividend is 2.5p/share.

The space sector is attracting more investment and Seraphim Space Investment Trust (SSIT) will benefit. In the year to June 2024, the NAV improved from 92.9p/share to 96.2p/share, helped by share buy backs. Many of the investment portfolio are reaching maturity and Astroscale has floated on the Tokyo Stock Exchange.

Shell company Dukemount Capital (DKE) has raised Â£98,500 from a share issue at 0.025p/share and Â£51,500 from convertible loan notes with the same conversion price. Loans were previously converted into shares and Â£300,000 was raised earlier in the year at 0.04p/share. Th outstanding warrants are being repriced to 0.0375p. Richard Edwards has joined the board, and he owns one-quarter of the company.

Quoted Micro 14 October 2024

BY: Andrew Hore |
POSTED: 14/10/2024 |

AQUIS STOCK EXCHANGE

Cardio health probiotics products developer ProBiotix Health (PBX) increased sales by 39% to Â£1.53m and the gross profit margin is stable in the nine months to September 2024. This is due to a recent product launch on Amazon and in 2,000 Target stores. A commercial partnership with Mexico-based Raff should generate commercial sales of LP LDL as an ingredient in new products by late 2005/early 2006. There is no need for further funding. The company has appointed Frederik Bruhn-Petersen as a non-exec director. He represents the new 21% shareholder Holdingselskabet af 29. Juni 2010 Aps.

Invinity Energy Systems (IES) is pleased with the UK governmentâ€™s announcement of a cap and floor regime for investment in new large-scale, long-duration electricity stage projects. This includes vanadium flow batteries, and this is a large increase in the opportunity for the business. The minimum project size is 300MWh.

CafÃ© chain Cooks Coffee Company (COOK) increased store sales by 26% to Â£16.4m in the first half. The UK store sales were 36% ahead and Ireland is 7% ahead. Like-for-like sales are 5.1% higher. There are 83 stores, and ten further outlets are expected to open before the end of March 2025. Katherine Scott has been appointed finance director.

Ananda Developments (ANA) has signed a contract with contract research organisation Southern Star Research to carry out a phase 1 clinical trial in Australia for the pharmacokinetic profile, tolerability and safety of lead asset MRX1. There is an R and D tax incentive of up to 43.5% of eligible costs.

Bitcoin mining company Vinanz (BTC) has added fiveÂ Bitmain Antminer S21 Pro 234 Terahash (TH/s) machines to its fleet in Nebraska, which has attractive power costs.

Unicorn AIM VCT has taken a 7.39% stake in Good Life Plus (GDLF) following the recent fundraising. Winforton Investments increased its stake from 20.6% to 21.1%.

EPE Special Opportunities (EO.P) intends to buy back shares. It has acquired 48,000 shares at an average price of 150p each. The NAV was 316.09p/share at the end of September 2024.

Silverwood Brands (SLWD) executive director Andrew Gerrie bought 25,000 shares at 25p each. Newbury Racecourse (NYR) director Dominic Burke bought 16,000 shares at 540p/share, taking his stake to 7.03%. Marula Mining (MARU) director Jason Brewer has acquired one million shares, taking his stake to 8.78%. Kevin Hastings has a 3.375% stake.

California Two Pizza Ventures Inc has taken a 23.9% in Pitch Pit (PICH).

Trading in the shares of Mydecine Innovations Group (MYIG) has been suspended.

Majestic Corporation (MCJ) has appointed Oberon Capital as broker.

AIM

After the close on Friday, retailer and brand owner Frasers Group (FRAS) announced a revised proposed bid for Mulberry (MUL) of 150p/share in cash. This is well above the original proposal of 130p/share and the 100p subscription price.

Energy and water efficiency services provider Eneraqua Technologies (ETP) reported a rise in interim revenues from Â£26m to Â£29.9m. However, there is a greater proportion of lower margin energy services work, and the loss increased from Â£400,000 to Â£3.8m. The General Election delayed decisions on contracts, but the decisions are beginning to be made. The order book has improved to Â£114m. Two-fifths of this order book should be delivered in the second half and that would return the business to profit. Singer forecasts a pre-tax profit of Â£2.4m for the year to January 2025 and Eneraqua Technologies should move into a net cash position.

Cloud computing and connectivity infrastructure-as-a-service company Beeks Financial Cloud (BKS) reported figures in line with expectations and profit growth is set to accelerate this year. In the year to June 2024, revenues were 27% higher at Â£28.4m and annualised recurring revenues were 18% ahead at Â£28m. Underlying pre-tax profit improved from Â£2.3m to Â£3.9m. Net cash is Â£6.6m. Recurring revenues cover more than two-thirds of the 2024-25 forecast revenues. Canaccord Genuity has edged up its pre-tax profit forecast from Â£6m to Â£6.1m on revenues of Â£39.6m.

Smart sensing software developer Oxford Metrics (OMG) is acquiring The Sempre Group, a measurement technology business for up to Â£5.5m. Gloucester-based Sempre helps clients to improve productivity and efficiency through high precision metrology. This fits with the previous acquisition of Industrial Vision Systems, which will help geographic expansion, and provides further diversification from the entertainment and health sectors. In 2023, Sempre made a pre-tax profit of Â£700,000 on revenues of Â£6.5m and the performance is improving this year. The deal should be earnings enhancing. Following the post-trading statement slump in the share price, OMG is spending up to Â£6m on share buy backs.

Marine tracking technology developer Windward (WNWD) has won two new customers outside the US with a combined annual contract value of $1.9m. Renewals are as expected. Existing customers are taking up the AI technology when they are renewing. This year there should be 30% subscription/sales growth and Windward is heading towards breakeven.

Blue Star Capital (BLU) is continuing the strategy to seek an exit of its investments. The launch of the de-fi project to Pendulum and Nabla that is called Vortex is the key to the valuation of the SatoshiPay investment and the sale has been suspended. The funding of Vortex is not yet in place. Around 90% of the NAV is based on the 27.9% SatoshiPay stake and this valuation depends on the launch of Vortex and if SatoshiPay raises additional funds then this stake will be diluted.

Novacyt (NCYT) is closing its loss-making IT-IS International, which was acquired to produce Covid tests. This should add Â£1m to annual EBITDA. The restructuring charge will be Â£700,000. The IP infringement dispute with Roche Diagnostics will continue.

SkinBioTherapeutics (SBTX) is acquiring Bio-Tech Solutions for Â£1.25m. Bio-Tech is a manufacturer of personal care products. This will enable the group to manufacture its own products. The acquired business should generate Â£3m in 2024-25, up from Â£2.1m, and EBITDA could be Â£900,000. SkinBioTherapeutics should have enough cash to last until the summer of 2026.

Data analytics software provider Rosslyn Data Technologies (RDT) is raising Â£1.64m via placing at 5p/share and Â£250,000 from a retail offer that closes on 10 October. A convertible loan note will raise a further Â£1.2m and existing convertibles will be converted at 5p/share. This will fund growth and the development of technology. Rosslyn Data Technologies is trading ahead of previous expectations.

Cambria Africa (CMB) shares recommenced trading after 2022-23 accounts and subsequent interims were published. Early buying has flushed out some sellers later in the morning. The shares will be suspended again on Monday because there will be no nominated advisers. Shareholders have voted to cancel the AIM admission on 22 October.

John Gunn has acquired a 12.1% stake in SEEEN (SEEN). This makes him the second largest shareholder in the video sharing platform developer behind Gresham House.

Inspirit Energy (INSP) is returning to its previous existence as a shell (it was previously Kleenair Systems International) because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This has put waste heat recovery engine development on hold. The company will preserve cash and become a shell and seek takeover opportunities.

Investment company Seed Innovations (SEED) says investee company Clean Food Group has partnered with cosmetics products developer THG LABS. The initial focus is developing a high-performance oil for use in beauty and personal care products. The sustainable oils and fats developer uses yeast strains and food waste as the source of its sustainable oils. Seed Innovations has a 4.76% stake.

MAIN MARKET

Fairview International (FIL) was set up to buy two international schools in Malaysia and it is seeking more acquisitions in Asia and the UK. New schools could also be developed. The global higher education market is expected to grow at an annual rate of 12%. Fairview raised Â£2.65m gross at 10p/share. The share price started at 11p and kept at this level for the whole of the first day of trading when 10,000 shares were traded. Pro forma net assets are Â£4.11m. Agodeus, whose shareholders include executive chairman Daniel Chian and his family, owns 89.9% of the company.

Online retailer ASOS (ASC) has completed its partnership with Heartland that will leave ASOS with 25% of Topshop and Topman brands.

Imaging technology company IQ-AI (IQAI) says Braveheart Investment (BRH) has acquired a 29.5% stake in the company for Â£720,000. IQ-AI chief executive and Braveheart Investment chief executive Trevor Brown sold the shares.

Shell company Milton Capital (MII) has a non-binding term sheet for the acquisition of certain subsidiaries of Horizon Energy Global Corporation, which wishes to separate European and North American assets. Trading in the shares is suspended.

AIM 50 Digest 11 October 2024

BY: Andrew Hore |
POSTED: 14/10/2024 |

Engineering services provider Renew Holdings (RNWH) is selling Walter Lilly the specialist construction business. The consideration is nominal, but the buyer takes on the liabilities. Renew is also paying Â£50.5m for Full Circle Group, which provides repair and maintenance services for onshore wind turbines in the UK and Europe. This market is growing at 7.7%/year. Contracts last for an average of seven years and there is a 95% renewal rate. The company is based in the Netherlands
Management says full year revenues and operating profit are ahead of expectations. The operating profit will be slightly higher than the Â£70.1m consensus forecast. There is also a strong order book underpinned by maintenance and committed infrastructure spending. Net cash will be higher than the previous consensus of Â£22.1m. The results will be announced on 26 November.
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Building materials supplier SigmaRoc (SRC) won Best Use of AIM in the 2024 AIM Awards. New finance director Jan Van Beek bought 92,000 shares at 68.7p each. CVS Group (CVSG) won the Best Communication award and tour operator and airline Jet2 (JET2) was AIM Growth Business of the year. Jet2 non-exec Angela Luger has acquired an initial 1,403 shares at 1378p/share and 1395p/share, spending more than Â£19,000.
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FD Technologies (FDP) is selling its consultancy business to EPAM Systems for an enterprise value of Â£230m. This will enable management to focus on the Kx software business, as well as bringing in EPAM as a partner providing profession services. Net debt of Â£20m will be repaid and there will be a return of cash to shareholders. There will be more news on this at the time of the interims in November.
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Floorcoverings supplier James Halstead (JHD) improved full year pre-tax profit from Â£52m to Â£58m even though revenues fell. Gross margins were at the highest level since 2006-07. The total dividend is 8.5p/share. Net cash was Â£74.5m at the end of June 2024. There is strong demand from the Americas and Middle East, whereas sales in the UK and Germany were weaker. Panmure Liberum increased its 2024-25 pre-tax profit forecast from Â£55m to Â£57m.
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Alliance Pharma (APH) generated interim revenues of Â£84.8m with pre-tax profit 23% ahead at Â£12.7m. The comparative period was weak. However, additional investment in sales and overheads means that full year pre-tax profit is only expected to improve from Â£31.5m to Â£32.7m. Cash generation is reducing debt, but further acquisitions are unlikely until it is even lower.
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Light fittings supplier FW Thorpe (TFW) improved full year pre-tax profit by 11% to Â£29.9m on flat revenues of Â£176m. The total dividend is raised by 5% to 6.78p/share. There is also a special dividend of 2.5p/share. Reducing stock has helped to improve cash to Â£52.9m.
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Brooks Macdonald (BRK) is acquiring LIFT for Â£30m in cash initially and the figure could rise to Â£45m depending on performance. This purchase will grow the financial planning business. The founders are staying. LIFT had Â£1.6bn of assets under service at the end of 2023 and there are 1,400 clients. Full year revenues were Â£11.3m and pre-tax profit Â£500,000. Andrea Montague has become chief executive of Brooks Macdonald.
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Polar Capital (POLR) grew assets under management by 4% to Â£22.7bn in the six months to September 2024. The main growth was in open ended funds, where there was a Â£727m inflow, whereas there were outflows for other funds. There were also positive market movements.
Impax Asset Management (IPX) had assets under management of Â£37.2bn at the end of September 2024, which was better than the previous quarter but 0.6% lower over the past year. There were positive market movements partly offsetting outflows.
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There was a year-on-year dip in production levels at Central Asia Metals (CAML) in the third quarter. The largest fall was in zinc production which declined from 5,127 tonnes to 4,768 tonnes. Kounrad is on course to meet full year guidance, but Sasa will be at the lower end of expectations. Nigel Robinson has been succeeded as chief executive by Gavin Ferrar.
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Ian El-Mokadem will step down as chief executive of RWS (RWS) at the end of January. There should be an update on a successor in the next few weeks.
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Serica Energy (SQZ) says the B6 well on the Bittern field is producing at a stable rate and the net share of the company is 5,200 boepd. Total production is more than 50,000 boepd.
=====
Big Technologies (BIG) chief operating officer Charles Lewinton sold 256,200 shares at 124p each. Gamma Communications (GAMA) chair Martin Hellawell bought an initial 6,000 shares at 1648p each. Advanced Medical Solutions (AMS) non-exec Grahame Cook bought 48,864 shares at 205.25p each. M and C Saatchi (SAA) chief executive Zaid Al-Qassab bought 53,541 shares at 186.75p each and finance director Simon Fuller purchased 36,043 at 180.3p each.
=====
Martin Stewart has reduced his shareholding in Victorian Plumbing (VIC) from 3.28% to 2.95%.

Quoted Micro 7 October 2024

BY: Andrew Hore |
POSTED: 06/10/2024 |

AQUIS STOCK EXCHANGE

Prize draw operator Good Life Plus (GDLF) has increased the number of paying subscribers by 90% to more than 40,000 in less than a year. Management says that it might exceed expectations for the current financial year. Good Life Plus is raising Â£2m at 2.5p/share. Earlier this year, Â£2m was raised at 2.25p/share. The cash will finance customer acquisition and signing up new partners.

Brewer Shepherd Neame (SHEP) grew full year revenues by 4% to Â£172.3m and underlying pre-tax profit improved from Â£7.6m to Â£7.9m. NAV is 1217p/share, while net debt is Â£80m. Like-for-like retail sales were 4.9% ahead with the growth dominated by drinks offsetting a fall in accommodation income. Beer volumes declined 12% with own-brewed volume 17% lower. Brand refreshes are planned. Beer volumes continue to decline, while like-for-like retail sales for the initial 13 weeks of the new year are 3.8% higher.

Consumer brands company Silverwood Brands (SLWD) increased interim revenues from Â£5.85m to Â£7.08m and it moved into profit, but that was mainly due to exceptional gains.

CRUSHMETRIC Group (CUSH) increased interim revenues from HK$1.04m to HK$2.94m, although the loss was similar at HK$3.7m.

Talks with potential investors in Quantum Exponential Group (QBIT) have been terminated. The documentation has not been signed and the potential investor did not pay the Â£200,000 towards costs that it promised. Trading in the shares will end on 30 October.

Voyager Life (VOY), which has an option to acquire M3 Helium, has changed its name to Mendell Helium. The admission document is being prepared and the option should be exercised by the end of January. The company had Â£163,000 in the bank at the end of March.

Aquaculture technology developer OTAQ (OTAQ) reported a 16% decline in interim revenues to Â£1.5m because of a delay to a Â£350,000 order. The company continues to lose money. A forecast full year loss of Â£1.3m is similar to 2023, including a Â£150,000 benefit from cost reductions, and it could be halved in 2025 as the full benefit of cost savings show through.

KR1 (KR1) had net assets of 57.27p/share at the end of August 2024. The income in the month was Â£590,000.

Investment Evolution Credit (IEC), which provides loans under the Mr Amazing Loans brand, Â is holding a general meeting to gain approval to raise up to Â£2.5m from share issues. Paul Mathieson is being replaced as chief executive by Marc Howells. Former director Sam Prasad is loaning Â£200,000 to the company, which replaces a previous Â£100,000 loan.

Recycling services provider Majestic Corporation (MCJ) narly doubled interim revenues from $13m to $25m and pre-tax profit was one-third higher at $900,000. The company has received Enterprise Investment Scheme status.

RentGuarantor (RGG) has increased third quarter revenues by 62% and average revenues per tenant by 8% to Â£606.

Gains on investments enabled Hot Rock Investments (HRIP) to move into profit in the year to March 2024. Net assets increased to Â£512,000.

An undertaking of EPE Special Opportunities (EO.P) has provided additional funding of Â£2m to the Rayware Group. There is also a Â£1m contingent guarantee provided to third party lenders. EPE Special Opportunities still has Â£16m in cash.

ProBiotix Health (PBX) has a commercial partnership with Deutsch-Pharm. It will use two of the companyâ€™s products (for cholesterol lowering and vascular health) under its own brand in the Ukraine. Commercialisation is anticipated in the first quarter of 2025.

One Health Group (OHGR) has appointed Panmure Liberum as corporate adviser and broker.

Hydro Hotel Eastbourne (HYDP) has declared an interim dividend of 13p/share.

AIM

AO World (AO.) is acquiring musicMagpie (MMAG) for 9.07p/share, which values the pre-owned products supplier at just under Â£10m. There are irrevocable undertakings and letters of intent totalling 54% to accept the offer. AO World believes that the two companies have complementary online models, and a technology trade-in service will enhance its product offering. AO World says that the musicMagpie disc media and books business should not require significant investment.

EMV Capital (EMVC) director Jonathan Robinson bought 25,000 shares at 52p each following the interim results announcement of the company that was previously known as NetScientific. Total assets under management reached Â£106.7m following the addition of the Martlet Capital portfolio. Net assets edged up from Â£17.1m to Â£18.5m. Nasdaq-listed investee company PDS Biotech announced a 36-month survival rate of 84.4% in locally advanced cervical cancer patients treated with the companyâ€™s lead target drug Versamune HPV and Chemoradiation.

Tavistock Investments (TAVI) is raising up to Â£37.75m from disposals, which is more than treble the market capitalisation before the sale, with nearly Â£11m payable on completion and a further Â£11m from discharge of intragroup debt. The rest is payable based on performance. The two businesses made a pre-tax profit of Â£1.5m in the year to March 2023. The cash will be used for working capital and acquisitions. There could also be share buy backs. Chief executive Brian Raven bought 830,000 shares at 3.55p each.

Good Energy (GOOD) has acquired Lincolnshire-based solar installer Amelio Solar for an initial Â£5.5m. The focus of the business is the education and public sector. In 2023, revenues were Â£7m and pre-tax profit is Â£1.4m. However, there have been lower levels of activity in Good Energyâ€™s existing installation business.

Packaging equipment and automation provider Mpac Group (MPAC) is making its second acquisition in recent weeks and this is by far the larger. Mpac is acquiring CSi Palletising for Â£47m, including Â£4.16m in shares, and the deal should be completed by the end of the year. CSi Palletising designs, manufactures and installs end-of-line packaging automation and robotics equipment and will enhance the geographic coverage. In 2023, CSi Palletising generated revenues of â‚¬71.5m and EBITDA of â‚¬7.3m. The latest interims show revenues of â‚¬44.4m and EBITDA of â‚¬6.8m. There is an order book worth â‚¬64.3m. A placing raised Â£29m at 400p/share and a retail offer to existing shareholders could add up to Â£1m to the figure.

Digital media publisher Digitalbox (DBOX) has commenced a strategic review, which could involve a sale of the company. This follows representations from a major shareholder disappointed about the level of the share price. Progress should be reported in November. Interim revenues were better than expected, but July and August were weak. Net cash is Â£2.2m, which is more than 50% of market capitalisation. A capital restructuring is underway to create positive distributable reserves.

Agricultural products supplier Wynnstay Group (WYN) says the second half has been hit by wet weather and weaker farmgate prices in part due to government policy uncertainty. Shore has reduced its 2023-24 pre-tax profit forecast by 35% to Â£7.5m and this will have a knock-on effect in the year to October 2025 where the profit forecast has been cut by 29% to Â£8.5m. Wynnstay should still have net cash, and the NAV is estimated at around 600p/share.

Payments technology company Bango (BGO) is making some progress towards regaining investor confidence and it is on course to make a full year profit. Interim revenues grew 19% to $24.1m. Annualised recurring revenues are 130% ahead at $12.9m. Net revenue retention is 159%.

Ceramic disc brake technology developer Surface Transforms (SCE) increased interim revenues by 58%, but growth is still not meeting expectations even though there is further growth in third quarter revenues. There are delays to installing additional capacity. Full year revenues are expected to be Â£11m, compared with previous expectations of Â£17.5m. There was Â£5m in cash at the end of June 2024. Odd Asset Management reduced its stake from 5.13% to 2.58%.

Graphene technology developer Versarien (VRS) has signed an agreement with Balfour Beatty to develop 3D-printable mortars for civil construction. It will formulate three types of mortar. This follows the disposal of AAC Cryoma for Â£550,000 payable in 15 instalments.

Oil and gas company Prospex Energy (PXEN) is applying for exploration licences in Poland. The licence awards should happen in the first quarter of 2025. Initial results from the Vlura-1B development well in Northern Spain are positive. Drilling intercepted significant gas shows and that confirmed the high quality reservoir. This well will be connected up and first production should be by November.

Battery and electronic components supplier Solid State (SOLI) is acquiring Gateway Electronic Components, which manufactures ferrite and magnetic components for Â£1.4m. These are used by electromechanical and Industrial Internet of Things businesses. The run rate pre-tax profit is Â£200,000, so the multiple is less than ten.

Surplus consumer products retailer Huddled (HUD) generated interim revenues of Â£5.3m and they continue to grow organically and via acquisition. Third quarter revenues will be around Â£3.5m. Management is investing in inventory and marketing. Warehouse functions are being centralised.

MAIN MARKET

Motor dealer software provider Pinewood Technologies (PINE) published its first results following the sale of the motor dealer business. In the six months to July 2024, revenues were 11% ahead at Â£16.1m. Major shareholder Lithia is taking up new licences in the UK. The US roll out is being planned.

The two board representatives of Kelso Group (KLSO) on AIM-quoted The Works.co.uk (WRKS) have stepped down. This will make it easier to sell its 6.3% stake if it wishes to. The average cost was 32p/share and the current price is 25.2p.

Quoted Micro 30 September 2024

BY: Andrew Hore |
POSTED: 30/09/2024 |

AQUIS STOCK EXCHANGE

Seneca Partners has requisitioned a general meeting at ProBiotix Health (PBX) to remove chief executive Steen Andersen and Frederik Bruhn-Petersen, whose family office recently subscribed for shares, from the board. Seneca was an early backer of OptiBiotix (OPTI), which spun off ProBiotix Health and whose boss Stephen Oâ€™Hara is on the board. OptiBiotix was unhappy with the share subscription and concern about the increase of the number of employees in Denmark.

Brewer Adnams (ADB) interim revenues improved from Â£30m to Â£31.9m and the loss was reduced from Â£4m to Â£2.55m. NAV fell to Â£19.9m at the end of June 2024. The funding review is continuing. Proposals for additional funding have not been at suitable cost, so non-core assets will be sold to reduce debt. Adnams improved market share in the off-trade, but sales to pubs and bars declined faster than the market.

Music artist talent management services provider All Things Considered (ATC) increased interim revenues from Â£3.4m to Â£19.6m, helped by a sharp increase in services revenues and an initial contribution from the live events division. The loss rose from Â£1.14m to Â£1.26m. Net cash is Â£1.68m. The first major production for the ATC Experience division is Hamlet Hail to the Thief, which combines Shakespeare and Radiohead.

Skin treatments developer Incanthera (INC) says the initial launch of the SKIN + Cell is being expanded and the products will be in the European retail network of Marionnaud sooner than originally planned. Â That is 1,200 outlets and this should be enough to move Incanthera into profit. Full timing of the launch is still being discussed. There are also plans for additional products.

Trading in Essentially (ESSN) shares has been suspended pending an investigation.

Cleantech engineering company Time to ACT (TTA) reported a loss of Â£1.1m on revenues of Â£1.89min the year to March 2024, which was prior to flotation. There was a profit the previous year, but that was due to a one-off payment of Â£1.5m. Oberon forecasts revenues of Â£2.2m this year but points out the lumpy nature of revenues. There would still mean the company would be loss making.

Invinity Energy Systems (IES) joint venture development partner Gamesa Electric has ordered a 1.2MWh Mistral battery for a solar and wind generating site in Spain. This was announced at the same time as the interims, which were already well flagged. Interim revenues were Â£1.6m and the cash outflow from activities was Â£12.4m.

Bad debts of â‚¬1.09m were recovered by Black Sea Property (BSP) helped it move into profit in the six months to June 2024. Net assets are â‚¬50.6m.

Cadence Minerals (KDNC) made an interim loss of Â£2.5m, while net assets were Â£17.8m at the end of June 2024. The net cash outflow from activities was Â£300,000 and net cash was Â£100,000.

IntelliAM (INT) generated revenues of Â£106,000 between July 2023 and March 2024 and lost money.This is the period before the acquisition of 53 Degrees North Engineering. There was cash of Â£91,000 at the end of March 2024.

Equipmake (EQIP) has received an additional order from South American bus manufacturer Agrale. Equipmake will supply parts for the MA11 light bus platform, which is an electric/ethanol hybrid.

Hot Rocks Investments (HRIP) is investment in the Oscillate (MUSH) placing to help it finance the acquisition of Quantum Hydrogen. The investment company is buying shares in Oscillate at 1p each and they come with a warrant exercisable at 2p. The total fundraising is Â£700,000.

Coinsilium (COIN) reported that interim revenues slumped to Â£3,000, but the digital assets investor and services provider moved from loss to profit. That was due to a net fair value gain on financial assets of Â£336,000. Cash was Â£430,000 at the end of June 2024.

Igraine (KING) had Â£84,000 in the bank at the end of June 2024, following an interim loss of Â£67,000. The board is evaluating new opportunities.

Valerium (VLRM) has launched VLRM Capital Management in Gibraltar and it will act as director of VLRM Capital Management VSA Private Fund. The fund will use volume spread analysis to generate returns. Valerium chairman James Formolli has invested Â£1m in the fund.

Marula Mining (MARU) has updated its mine development plan for the Kinusi copper mine in Tanzania. The infrastructure is suitable to support open pit mining and two-phase copper processing operation to produce copper cathode.

Wishbone Gold (WSBN) is receiving A$55,000 from the Western Australian government towards exploration of the Nullagine tenements at Mosquito Creek.

Phoenix Digital Assets (PNIX) had net assets of 5.07p/share at the end of June.

Voyager Life (VOY) says that M3 Helium, which it has an option to acquire, plans a second frack on the Nilson well. This is a fully funded programme with investors providing $170,000 for a 25% interest in the well.

Ormonde Mining (ORM) says cash decreased by â‚¬769,000 in the first half of 2024. Net assets were â‚¬5.06m at the end of June 2024, with cash of â‚¬1.54m.

Globa Capital (GCAP) had net liabilities of Â£485,000 at the end of June 2024. There is support from shareholders and loan note holders to meet ongoing costs.

TechFinancials (TECH) had cash of $318,000 at the end of June 2024. Management is seeking investment opportunities.

Vinanz (BTC) raised Â£608,000 at 13p/share. This will fund the acquisition of more Bitcoin miners.

Lift Global Ventures (LFT) appointed Oberon as corporate adviser and broker.

RAJ Bailey acquired 10,000 shares in Daniel Thwaites (THW) at 85.25p each. It taks the directorâ€™s stake to 1.32%.

AIM

Floorcoverings supplier Airea (AIEA) had already flagged the weak second quarter trading. Interim revenues were 6% lower at Â£9.3m and there was a swing from a pre-tax profit of Â£620,000 to a loss of Â£68,000. Airea does not appear to be losing market share, and third quarter trading has been stronger. The investment in the manufacturing facility continues and should be completed in early 2025. There is still net cash even though inventories have increased.

Software and maintenance services provider Pennant International (PEN) says that the UK strategic defence review has led to delays in training contracts. This part of the business is being reviewed with plans to focus on a software-led model. Interim revenues were 4% higher at Â£7.4m despite a decline in North American revenues because of the splitting up of a large Canadian contract. There was a move back into a modest profit. A new software product will be launched in early 2025. Cavendish still expects a full year loss of Â£400,000, but it is reviewing its 2025 figures.

Telematics services provider Microlise (SAAS) has secured a five-year contract renewal with JC Bamford up until September 2029. The technology enhances connectivity and diagnostic capabilities to improve productivity. The relationship has lasted 14 years.

Graphene technology developer Directa Plus (DCTA) is taking a cautious approach to the environmental remediation tenders that it has been expecting to be awarded. These have been removed from forecasts and full year revenues are estimated at â‚¬7.3m, down from â‚¬10.5m, with a loss of â‚¬5.1m. The interim revenues declined 27% to â‚¬3.45m, although this was partly offset by the concentration on higher margin business. If Directa Plus wins one of the tenders, then revenues could rise significantly over the next year. There should still be net cash of â‚¬5.2m at the end of 2024, so Directa Plus can wait for the tenders to come through.

Shield Therapeutics (STX) has revealed phase 3 paediatric study results for ACCRUFeR, its iron deficiency anaemia treatment, that show highly clinically relevant effectiveness. This will support filings with the FDA and the European authorities for children older than one month. The FDA filing should be in the first quarter of 2025.

Ondine Biomedical Inc (OBI) has raised Â£2.8m at 12.5p/share, although the transaction is not expected to be completed until early November. This follows a partnership with Sweden-based Molnlycke Health Care that will take the Steriwave nasal antimicrobial treatment in the European and Middle East markets. The UK is the initial focus. The addressable market is $300m.

Cora Gold (CORA) says exploration work at the Sanankoro gold project in southern Mali has identified twenty new targets within eight gold bearing structures â€“ four primary and four secondary structures. There are seven key targets. This provides potential to extend the existing gold resource of 920,000 ounces. There are signs that the Mali government may lift the moratorium on issuing permits. The existing DFS was based on a gold price of $1,750/ounce and even at this price level the project would generate $71.8m of free cash in the first year.

Clean Power Hydrogen (CPH2) has completed the final stage of the Factory Acceptance Test for the MFE110 electrolyser. The customer is Northern Ireland Water, and it will deploy one unit. This should help to spark more serious interest from other potential customers.

Fluid power products supplier Flowtech Fluidpower (FLO) had already pre-empted the interims in its July trading statement, but trading got tougher in the third quarter. Interim sales fell 6% to Â£55.7m with customers deferring orders. A recovery was expected in the second half, but revenues are likely to be flat leading to a 2% decline in revenues to Â£110m. Pre-tax profit is forecast to slump from Â£4.3m to Â£1.7m before recovering next year.

Emmerson (EML) is hopeful that it will receive the environmental permit for the Khemisset potash project in Morocco before the end of the year. There will also be the release of lab results from the second round of crop trials that examine the effectiveness of the potash providing phosphate to lettuces. Emmerson currently has $1.7m in cash. This should last well into 2025.

Hummingbird Resources (HUM) has launched an operational and strategic review and Dan Betts is moving from chief executive to chairman of the gold producer. A new boss is being sought. Lower than expected mining volumes mean that Kouroussa will take until the end of the year to reach commercial production. A $30m prepayment gold loan has been agreed with CIG. Gold will be delivered to CIG each month.

Energy services supplier Enteq Technologies (NTQ) has raised Â£1.5m from a placing and subscription at 5p/share. A retail offer could raise up to Â£500,000 and it closes on 30 September. The cash will help to finance the commercial launch of the SABER (Steer-at-Bit Enteq Rotary) tool. Testing with the first customer is ongoing. The fleet of SABER tools will be raised to ten.

Spirits supplier Distil (DIS) is raising Â£650,000 at 0.12p/share with non-exec Roland Grain subscribing Â£200,000 and Dr Graham Cooley Â£90,000. The shares come with placing warrants exercisable at 0.36p each. Allenby has been appointed as broker. The cash will fund promotion and production of stock.

MAIN MARKET

Highway Capital (HWC) has ceased discussions for the purchase of Guinevere Capital Esports and Entertainment. A capital restructuring is planned so that debt can be converted into equity and more cash raised via a share issue. The 2022-23 and 2023-24 accounts should be published by November. Trading in the shares was suspended in 2016.

AIM 50 Digest 27 September 2024

BY: Andrew Hore |
POSTED: 30/09/2024 |

Groceries and catering distributor Kitwave Group (KITW) is buying foodservice wholesaler Creed Catering Supplies for Â£60m plus an earn-out of up to Â£10m. Creed has been trading for five decades and has three sites in Cheltenham, Derbyshire and Buckinghamshire. The business made an operating profit of Â£8.3m in the year to May 2024. The freeholds are worth Â£3.4m and Creed has cash of Â£7m. A placing and retail offer raised Â£31.5m at 305p/share. Net debt is likely to be Â£62m by the end of October 2024.
Canaccord Genuity has slightly upgraded its pre-tax profit forecast for the year to October 2024, but the 2024-25 figure has been raised from Â£31m to Â£35.9m. There is a 3% upgrade in earnings to 33p/share despite the large share issue.
=====
Marketing services provider Next Fifteen Group (NFG) released a profit warning ahead of its interims because of the loss of a major customer. In the six months to July 2024, revenues were flat at Â£286.8m, while underlying pre-tax profit was 18% lower at Â£45.7m. There is general weakness in spending by technology customers, where spending was 13% lower in the first half. UK government spending fell by 28% due to the General Election. Consumer and retail are stronger markets. The interim dividend was maintained at 4.75p/share. Net debt was Â£74.8m at the end of July 2024. The 2024-25 pre-tax profit forecast is Â£106.7m and this is set to drop to Â£87.4m in 2025-26.
Chief executive Tim Dyson bought 10,791 shares at 461p each, while finance director Peter Harris also bought 10,791 shares at the same price. Chief operating officer Jonathan Peachey acquired 11,019 shares at 454p each. Chairman Panny Ladkin-Brand bought 1,083 shares at 460p each and 5,415 shares at 462p each. Non-exec Helen Hunter purchased 3,235 shares at 461p each.
=====
AB Dynamics (ABDP) says it will outperform expectations this year and it is acquiring Bolab Systems for Â£4.2m. Bolab is a Germany-based automotive power electronics testing business and the maximum payment could be Â£9.3m. The deal will be earnings enhancing in 2024-25. Founder Tony Best sold shares at 1950p each, but still owns 23.9%.
=====
Learning Technologies Group (LTG) has received a conditional bid approach from GASC APF and related funds at 100p/share. The board considers that this could be an appropriate level of cash bid. There would also be an unlisted equity alternative. Interim revenues fell 12% to Â£250.3m, but operating margins rose from 15.1% to 17.3% enabling a small improvement in operating profit.
=====
Brooks Macdonald (BRK) has sold its international business to Canaccord Genuity for Â£28m and up to Â£22.9m after two years depending on the achievement of revenue targets. That could reduce pre-tax profit by Â£2m this year. New outflows will also hit revenues. Pre-tax profit is forecast to fall from Â£34.1m to just above Â£30m.
=====
Asthma diagnosis devices developer Niox Group (NIOX) has launched a tender offer of up to Â£21m at 80p/share, which was a 21% premium to the share price. Interim revenues were 12% ahead at Â£21m and pre-tax profit improved from Â£2.9m to Â£4.4m. There was cash of Â£21.5m at the end of June.
=====
Oil palm plantations operator MP Evans (MPE) increased its interim dividend by 20% to 15p/share. In the six months to June 2024, revenues increased from $134.5m to $163.7m, while pre-tax profit jumped from $23.4m to $41.6m. There was a 5% increase in crop processed to 759,700 tonnes, while crude palm oil production was 6% higher at 177,000 tonnes. The mill-gate price improved from $755/tonne to $771/tonne. July and August production was more disappointing, but full year earnings expectations have been raised by 11% to 122.6 cents/share.
=====
accesso Technology (ACSO) raised interim revenues 5% to Â£69.2m, thanks to a rise in income from ticketing and distribution offsetting reductions elsewhere due to project delays.
=====
Advanced Medical Solutions (AMS) has reiterated its full year expectations after reporting an 8% increase in pre-tax profit to Â£14.8m even though gross margins declined. Net cash is Â£55.6m.
=====
Vets practices operator CVS Group (CVSG) increased annual revenues from continuing activities by 10% to Â£647.3m. Like-for-like sales were 2.9% higher, which was held back by the cyber attack on the company. Pre-tax profit fell 37% to Â£38.2m due to a combination of one-off costs and higher interest costs. That was before a Â£20m loss on disposals.
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Intermediaries services provider Fintel (FNTL) grew interim revenues from Â£31.7m to Â£35.7m, helped by acquisitions. The core operations are growing their contributions. Zeus has updated its forecasts for the most recent acquisition ThreeSixty Services. The 2024 forecast revenues have been raised from Â£74.3m to Â£77.5m, while pre-tax profit has been reduced from Â£18.4m to Â£17.2m.
=====
Defence equipment and services supplier Cohort (CHRT) says first half trading will be significantly ahead of the previous year. The order book is worth Â£575m.
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Mortgage Advice Bureau (MAB1) improved interim revenues by 5% to Â£123.9m, while underlying pre-tax profit was two-fifths ahead to Â£12.3m. The interim dividend is maintained at 13.4p/share. The market share for new mortgage lending edged up from 8.2%. Revenue per adviser was 9% higher. After a weak second quarter there are signs of demand gradually building. New case numbers are 11% ahead in July and August.
=====
Big Technologies (BIG) managed to offset some of the lost business from the Colombia contract, but interim revenues were still 3% lower at Â£26.5m. Zeus has downgraded. Full year revenues are expected to decline from Â£55.2m to Â£50.1m, while pre-tax profit could decline from Â£30.8m to Â£24.6m.
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LBG Media (LBG) increased interim revenues by 55% to Â£42.3m and pre-tax profit was 353% ahead at Â£7.2m, helped by the acquisition of Betches. Organic growth is ahead of expectations. The current financial period will be nine months to September 2024.
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M and C Saatchi (SAA) improved interim pre-tax profit from Â£11.3m to Â£14.2m on a 4% increase in revenues to Â£211.5m. Net cash is Â£12.9m. Third quarter trading has been solid despite market volatility.

Quoted Micro 23 September 2024

BY: Andrew Hore |
POSTED: 22/09/2024 |

AQUIS STOCK EXCHANGE

Digital assets investor KR1 (KR1) reported interim revenues from those digital assets improving from Â£3.91m to Â£8.72m, although lower gains on disposals of assets meant that the pre-tax profit edged up from Â£10m to Â£10.3m. There was Â£1.5m in cash in the balance sheet at the end of June 2024. NAV was 82.01p/share at the end of June 2024 and this has fallen back to 71.92p/share at the end of July 2024.

Oscillate (MUSH) has signed an agreement to acquire Quantum Hydrogen for Â£1.4m in shares. The Minnesota exploration acreage has potential for hydrogen gas. There was Â£500,000 raised at 1p/share. Investee company Shortwave Life Sciences (PSY) announced positive safety results for its proprietary psilocybin-based drug combination.

Equipmake (EQIP) has received an order from Genco Energy, which is a supplier to Kiwi Bus Builders in New Zealand. This covers four zero emission drivetrains for trail electric buses. There are discussions for the supply of more drivetrains.

Food and beverages company Essentially (ESSN) has renegotiated supplier terms and its beverages are being sold in more stores. The Best of Latin was acquired in May. Interim revenues rose from Â£593,000 to Â£920,000. The loss was reduced from Â£400,000 to Â£236,000.

Macaulay Capital (MCAP) net assets declined from Â£1.36m to Â£1.17m in the six months to June 2024. The company has seven portfolio companies.

Mollyroe (MOY) had net assets of Â£267,000 at the end of June 2024 and that includes cash of Â£312,000. Management is seeking opportunities.

Telecom fibre optic cable components supplier Unigel (UNX) interim revenues declined from Â£18m to Â£14.8m, but higher gross margins mean that pre-tax profit improved from Â£630,000 to Â£930,000. Productivity improved and there were greater sales of higher margin products.

IntelliAM AI (INT) has won contracts with Hovis manufacturing sites, and they are worth Â£100,000 over 12 months.

Wishbone Gold (WSBN) has raised Â£360,000 at 0.375p. This will provide working capital. New 3D modelling at the Red Setter prospect owned by Wishbone Gold shows a high quality target, plus the structure of a dome target. The assessment of the Western Australia shows gold, some near the surface, and copper resource.

Probiotix Health (PBX) has secured an agreement with Greek consumer business Eifron, which will introduce YourBiotix tablets in early 2025 under its own brand. There will also be other products using Probiotix Healthâ€™s core ingredient launched.

Valereum (VLRM) says that its El Salvador subsidiary has obtained a Digital Asset Service Provider licence. This enables it to operate a real world asset ecosystem.

Marula Mining (MARU) reported a higher loss in 2023. There was a Â£913,000 cash outflow from operating activities. There was also a Â£1.67m outflow from investing activities. The first manganese export sales have been completed from the Larisoro manganese mine.

Watchstone Group (WTG) had net assets of Â£5.8m at the end of June 2024. That includes cash of Â£6.2m, but a return of capital has reduced the cash balance to Â£1.7m.

Adsure Services (ADS) has declared a final dividend of 0.99p/share. The ex-dividend date is 17 October.

Ananda Developments (ANA) raised Â£80,000 from a retail offer at 0.3p/share. This is on top of the Â£2.1m already raised.

Daniel Thwaites (THW) director RAJ Bailey bought 45,000 shares ate 85.05p each and 13,000 shares at 85.25p each. He owns 1.3%. Constantine Logothetis has acquired more shares in SulNOx Group (SNOX) taking his total to 25.1%. William Black and Armstrong Investments has increased its stake in EPE Special Opportunities (EO.P) from 5.1% to 6.02%.

AIM

Steel structures supplier Billington (BILN) was always going to have a tough time maintaining the 2023 figures and interim revenues fell 4% to Â£57.9m. Pre-tax profit was flat at Â£4.6m, although building safety products made a higher contribution offsetting a decline in structural steel. Net cash is still Â£21.9m even after the 33p/share dividend. The second half will not hold up as well. Cavendish has upgraded its 2024 forecast for the second time in six months. Pre-tax profit has been raised from Â£8.5m to Â£9.25m, still well down on the 2023 figure of Â£13.4m.

Digital coupons and loyalty technology provider Eagle Eye (EYE) continues to grow at an impressive rate as more retailers take up its technology with AI providing additional revenue opportunities. In the year to June 2024, revenues were 11% ahead at Â£47.7m, while pre-tax profit improved from Â£4.5m to Â£6.1m. Net cash is Â£9.1m and it will continue to build up. The five-year target is revenues of Â£100m.

Judges Scientific (JDG) had a tough first half. Organic revenues were 3% lower with China the weakest market. The international nature of the business helps to offset some of the downturns in specific markets. Pre-tax profit fell 16% to Â£10.8m. The order book covers 17 weeks of revenues. Panmure Liberum expects a dip in full year pre-tax profit from Â£31.7m to Â£30.7m. The recently announced Geotek contract will benefit the 2025 results.

Good Energy (GOOD) continues its transformation into an energy services business, but the real change will not be seen until next year when they start to make a positive contribution. The reduction in energy prices hit revenues of the supply business and profitability. The first half of the previous year was a beneficiary of high gas prices, so it is no surprise that revenues declined sharply from Â£156.1m to Â£97.4m. Pre-tax profit slumped from Â£13.1m to Â£4.4m.

There is a better outlook for kettle controls and water filtration products supplier Strix (KETL) following significant restructuring and cost cutting in the first half. This led to large exceptional charges. Interim revenues improved 2% to Â£66.1m and pre-tax profit rose from Â£6.9m to Â£7.8m. This excludes the Halopure business, which is up for sale. There were improved profit contributions from all three divisions. There is no interim dividend. Net debt has fallen to Â£68.8m.

Packaging equipment and automation provider Mpac Group (MPAC) is acquiring BCA Automation for Â£12.9m in cash and shares. The acquired business focuses on robotics and conveyor systems for food and other sectors, so it fits well with the existing business. The Boston-based business focuses on the packaging area, whereas Mpac is focused on earlier stages of production.

Ceramic and fragrance products supplier Portmeirion (PMP) had flagged the interim figures. Revenues fell 17% and there was a loss of Â£2m. Costs are being lowered and this has enabled full year estimates to be maintained with pre-tax profit expected to recover from Â£3m to Â£4.2m. This will come via cost savings and additional revenues. The dividend is being rebalanced from 3.5p/share to 1.5p/share, but the total dividend for 2024 should be higher than last yearâ€™s 5.5p/share.

There was yet another upgrade for Warpaint London (W7L) from Shore Capital following the interim figures today. There was strong growth in Europe and the UK. North America grew slightly but the focus is higher margin business. Gross margins continue to improve. Overall group sales were one-quarter ahead at Â£45.8m and pre-tax profit jumped from Â£6.3m to Â£11m. The full year pre-tax profit forecast has been raised 5% to Â£24.5m.

Kinovo (KINO) has won an 18-month contract with Hackney council. It is worth up to Â£12m and covers a range of decarbonisation works on 300 properties. The work should start in the fourth quarter of 2024. There is also another contract with Hackney worth Â£400,000. This work replaces another contract that is being retendered.

Intermediaries services provider Fintel (FNTL) grew interim revenues from Â£31.7m to Â£35.7m, helped by acquisitions. Zeus has updated its forecasts for the most recent acquisition ThreeSixty Services. The 2024 revenues have been raised from Â£74.3m to Â£77.5m, while pre-tax profit has been reduced from Â£18.4m to Â£17.2m.

DP Poland (DPP) generated like-for-like growth of 22% in the first half and the growth remains above 20% in the second half. Money raised this year is being invested in new Dominoâ€™s sites in Poland. There is also growth in franchising with four corporate stores sold to an overseas operator. The loss is reducing, and DP Poland could move into profit in 2025.

Phoenix Copper (PXC) has published the pre-feasibility study for the Empire open pit mine in Idaho. Discounted NPV at 7.5% discount is $87.9m and total cash costs are estimated at $2.44/copper equivalent pound. Over eight years the mine could generate net free cashflow of $153m. Further exploration planning is happening, and equipment is being purchased for the processing site.

Global Petroleum (GBP) has risen on the back of yesterdayâ€™s application two additional licences near to an existing Juno licence in Western Australia, where it increased its stake from 70% to 80%. This is near the Havieron project. Precious and base metals targets have been identified that have similar characteristics to the existing licence. The company has appointed Omar Alumad, who it says has a record of identifying early opportunities, as chief executive and Hamza Choudhry as finance director.

Software training services provider Northcoders (CODE) reported a 26% increase in interim revenues to Â£4.4m. Registrations for courses were at record levels. There was a small interim pre-tax profit. Net cash is Â£700,000. The corporate business has been rebranded Counter. Investment in the cloud and data analytics means that there will be continued demand for Northcodersâ€™ training and services.

Digital media company Catenai (CTAI) reduced its loss from Â£196,000 to Â£13,000 in the six months to June 2024. That is down to the fees earned for the Â£450,000 convertible loan note investment in oil and gas-focused data analytics company Klarian and reduced costs. Catenai has also moved from net liabilities to net assets. The cash position has improved to Â£31,500.

Africa-focused energy company Chariot Ltd (CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners.

Rockfire Resources (ROCK) raised Â£450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to Â£250,000 managed to raise Â£82,000.

MAIN MARKET

Motor and property finance lender S and U (SUS) says that motor business remains challenging, although this could improve in the second half if FCA restrictions are removed. Property lending is still growing. The interims will be published on 8 October.

Trading in Hostmore (MORE) shares has been suspended and then cancelled because the company is being placed in administration.

Shipbroker Braemar (BMS) reassured investors about 2024-25 trading. Interim operating profit should be slightly higher than the Â£7.6m reported in the same period last year. There is Â£3.3m in cash. Management is confident about the rest of this year and next year despite continued volatility in shipping markets.

DG Innovate (DGI) raised Â£620,000 at 0.075p/share with management promising to subscribe Â£200,000 when the energy storage technology developer is not in a closed period. This will fund development of e-drives and energy storage products. It will also help to fund setting up a joint venture with EVage Automotive.

Becket Invest (TAB) has agreed to buy SMT Holdings, which will invest in strategic metals and rare earths used in technology and aerospace.

Quoted Micro 16 September 2024

BY: Andrew Hore |
POSTED: 16/09/2024 |

AQUIS STOCK EXCHANGE

Exchange services provider Aquis Exchange (AQX), which is also quoted on the Aquis Stock Exchange, has already warned that the loss of a software contract will hit revenues this year. Net interim revenues were still 4% ahead at Â£10m. Pre-tax profit was 8% lower at Â£1.1m. There was a small dip in revenues of the core exchange division. Net cash was Â£14.5m at the end of June 2024. There are plans to increase investment in technology to increase the addressable market, so year-end cash will be slightly lower than expected at Â£15.1m.

SulNOx Group (SNOX) increased revenues from Â£203,000 to Â£544,000, but the loss was still around Â£1.9m. Cash was Â£2.15m at the end of June 2024. A generator-based study for the SulNOxEco fuel additive shows fuel savings of 15%.

Ananda Developments (ANA) has raised up to Â£2.1m via a placing and offer at 0.3p/share and more than Â£2m has come from Charles Morgan, the company chairman. Charles Morgan and Melissa Sturgess have agreed to capitalised debt owed to them. The cash will fund the manufacture of MRX1 for CIPN and Endometriosis phase II studies, as well as a pharmacokinetic study for MRX1 in Australia.

Newbury Racecourse (NYR) improved interim revenues 16% to Â£9.28m, while the cost base rose 11%. The loss was reduced from Â£649,000 to Â£352,000. The remainder of the year is expected to be difficult.

The increase in the value of the 15% stake held by Global Connectivity (GCON) lead to the July 2024 rising from Â£7.8m to Â£17.2m in a six-month period. That is 4.25p/share.

Walls and Futures REIT (WAFR) reported a 4.5% decrease in NAV to 85p/share, although investment property value rose 2.4%. The was reduced to Â£44,000. The company is finding it difficult to raise additional funds.

Ace Liberty and Stone (ALSP) maintained revenues at Â£5.6m. There is 96% occupancy of the group properties. NAV fell from Â£34.4m to Â£31.7m at the end of April 2024.

Voyager Life (VOY) says that M3 Heliumâ€™s preparations for bringing the Rost1-26 well into production are advanced. Voyager Life has an option to acquire M3 Helium.

Cooks Coffee Company (COOK) increased sales by 23% to Â£13.8m in the 22 weeks to 1 September. The main growth was in the UK stores. Ten further outlets ae expected to open by the end of the financial year.

Investment company EPE Special Opportunities Ltd (EO.P) reported a reduced loss because there was a gain on fair value movements on investments compared with a loss last time. Â There was cash of Â£18.4m at the end of July 2024. NAV was 319p/share at the end of July, and it fell back to 314p/share by the end of August.

Warrants held by lupus treatment developer ImmuPharma (IMM) to subscribe for shares in Incanthera (INC) at 9.5p each have been extended to the end of March 2025 in return for a Â£75,0000 payment by ImmuPharma.

BWA Group (BWAP) chairman Jonathan Wearing has subscribed for 50 million shares at 0.5p each.

Jonathan Adnams has stepped down as chairman of Adnams (ADB) because of ill health. Simon Townsend will be interim chairman.

AIM

Greatland Gold (GGP) shares returned from suspension after announcing the purchase of Newmont Corporationâ€™s 70% stake in the Havieron gold-copper project, as well as 100% ownership of the Telfer gold-copper mine and other assets in the Paterson region. The total cost is $475m in cash and shares. A placing raised Â£248.6m ($325m) at 4.8p each, which is a 30% discount to the market price. Wyloo is subscribing up to $100m and Newmont Corporation will own more than 20% of the gold explorer.Â A retail offer raised Â£6.7m.

Marlowe (MRL) is demerging the occupational health division as an independent AIM company called Optima Health by the end of September. Shareholders will receive one share for each Marlowe share held. Marlowe will focus on testing, inspection and certification operations. So far, Â£41m of the Â£75m share buy back has been spent. Marlowe continuing revenues are forecast to be Â£306m and pre-tax profit Â£13m.

Energy optimisation services provider Inspired (INSE) interim revenues edged up from Â£44.6m to Â£45m and pre-tax profit dipped from Â£6.2m to Â£5.7m. That was lower than forecast. Optimisation revenues declined, but product mix meant that margins were better. Cross-selling is helping to grow the ESG division and other parts of the business. Net debt is Â£57.6m. There is only Â£2.2m of contingent consideration due to be paid. Debt should start to decline over the next few years.

Chain and transmission equipment Renold (RNO) has made another earnings enhancing acquisition. Canada-based MAC Chain Company is being bought for $31.4m. This fits well with the CVC business and enables expansion into the forestry market. Last yearâ€™s pre-tax profit was $3.5m.

Optimisation software provider Checkit (CKT) reported a flat loss of Â£2.3m on the back of a 16% increase in interim revenues to Â£6.7m. However, the full year figure is set to fall from Â£4.2m to Â£3.9m. Annualised recurring revenues are Â£13.8m and that underpins the full year revenues forecast of Â£14.2m. Net cash was Â£7m at the end of July 2024 and higher R&D spending means that year-end cash is likely to be slightly lower than previously expected at around Â£5m. Chairman Keith Daley bought 135,000 shares at 21p each.

Cross-border currency payments services provider Finseta (FIN) reported a sharp increase in first half profit, although investment in growing the business will hold back profit in the short-term. There was a Â£100,000 contribution from the final payment relating to the licencing agreement with Avila House. The loss of that income, a higher depreciation charge and additional overheads for new operations such as a corporate Mastercard and a Canadian office means that full year pre-tax profit could dip from Â£1.4m to Â£1.3m. The benefits of the investment will be seen next year with an expected jump in pre-tax profit to Â£2.5m.

Contract research and infectious disease study services provider hVIVO (HVO) reported 2024 revenues 31% ahead at Â£35.6m, while pre-tax profit improved from Â£4.18m to Â£7.15m. The new Canary Wharf site has opened and provides additional capacity. Cash was slightly lower than anticipated at Â£37.1m.

Gaming machines hardware and displays supplier Nexteq (NXQ) was hit by destocking in both of its divisions. Interim revenues and profit were expected to fall. Interim revenues were 14% lower at $48.2m. Net cash reached $36.9m. The full year revenues forecast is being maintained at $93.9m to Â£114.3m.

Packaging equipment and automation provider Mpac Group (MPAC) reports a strong improvement in first half figures, although the comparatives were weak. Revenues improved from Â£52.8m to Â£60m, while pre-tax profit rebounded from Â£1.9m to Â£4m. The closing order book is Â£71.4m. Net debt is Â£4.9m and should be lower at the year end.

Trading in Eurasia Mining (EUA) shares has resumed following the publication of 2023 accounts late on Friday. Net cash was Â£1.1m at the end of 2023. The company has also agreed a one year working capital facility for up to Â£2.5m. The loan lasts until next August and is convertible at 2.7p/share. There are five tranches with around Â£1m of the loan dependent on a term sheet to sell the Russian asset. The lender will receive a payment of 12.5% of the facility, plus 5% of any draw downs, in shares at 2.3p each.

Shore Capital upgraded animal feed additives supplier Anpario (ANP) after it reported an 11% increase in interim revenues of Â£17m on the back of a much greater rise in volumes and slightly lower pricing. Raw material costs have stabilised. Full year revenues expectations have been raised from Â£33m to Â£34m, while the pre-tax profit estimate is increased from Â£3.9m to Â£4.4m, up from Â£3.5m in 2023.

Fulcrum Metals (FMET) is raising Â£643,500 at 8p/share and directors will subscribe for an additional Â£114,500 once the interims are published. The cash will be invested in the Teck-Hughes and Sylvanite gold tailings projects in Canada. This should enable nearer-term revenues Management will also review opportunities for exploration drilling on the Tully and Big Bear prospects and a potential technology testing facility in Ontario.

MAIN MARKET

LED lighting and wiring accessories supplier Luceco (LUCE) interim revenues improved 8% to Â£109.6m and underlying pre-tax profit rebounded from Â£9.4m to Â£11.2m. Like-for-like growth was 3.6%. The interim dividend was improved from 1.6p/share to 1.7p/share. LED lighting revenues declined, while portable power and wiring accessories revenues improved. Panmure Liberum forecasts a full year pre-tax profit improvement from Â£21.2m to Â£23m.

Hostmore (MORE) has terminated the proposed acquisition of the TGI Fridayâ€™s master franchise owner. The sale of corporate stores has reached an advanced stage. However, the proceeds may be lower than the value of related borrowings so there will be no return for the company. Once the sale is complete the holding company will be wound up.

Critical Metals (CRTM) has raised Â£50,000 from NIU Invest and has entered into a term sheet for a cash injection of up to Â£2.5m. NIU has already invested Â£1.1m in convertible loan notes as is the latest investment. The conversion price is 2p/share. NIU is also receiving warrants exercisable at 0.5p/share.

Shell company Ikigai Ventures (IKIV) has been moved to the new, temporary shell category. This provides one year to comply with additional requirements and a further two years to make an acquisition.

AIM 50 Digest 13 September 2024

BY: Andrew Hore |
POSTED: 15/09/2024 |

Marketing services provider Next Fifteen Group (NFG) says subsidiary Mach49â€™s largest customer has not renewed its three-year contract. This was expected to contribute more than Â£80m to 2025-26 revenues to the marketing services group, That is one-eighth of the previously forecast revenues for that year. The contract loss will also hit the second half of the year to January 2025. There is general weakness in spending by technology customers. Full year pre-tax profit will be well below expectations. The interim figures will be published on 17 September.
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Motor distributor Vertu Motors (VTU) has published a trading statement for the first five months of the financial year showing a weak new vehicle market. However, the used car market is more stable. The forecast for the current year has been trimmed. Pricing of used vehicles has returned to normal trends and Vertu Motors has grown volumes and margins. There should be an improved performance in the second half. Vertu Motors believes that it is increasing its share of the new car market on the back of fleet growth. The electric vehicle segment of the market is particularly weak. Aftersales business continues to grow. It contributed more than two-fifths of gross profit in the previous financial year. The full year pre-tax profit forecast has been cut from Â£42.2m to Â£40.2m, up from Â£37.1m last year. Net debt is likely to be more than Â£120m and net tangible assets more than 75p/share at the end of February 2025.
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Ashtead Technology (AT.) increased interim revenues by 61% to Â£80.5m and underlying pre-tax profit by 39% to Â£19.6m. Organic growth was 16%, which was better than the market figure. The subsea equipment rental company has increased net debt to Â£72m as it invests in its rental fleet and makes acquisitions. Expectations for the full year are unchanged with pre-tax profit of Â£39.5m forecast.
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Canaccord Genuity has upgraded its forecasts for airline and tour operator Jet2 (JET2) following its trading update. There was strong late booking activity in the summer and the prices of holidays increased. Repeat package holidays customers account for more than three-fifths of numbers. Canaccord Genuity raised its 2024-25 pre-tax profit forecast from Â£523m to Â£535.5m. That is based on a 6% improvement in holiday pricing. The dividend is expected to increase from 14.7p/share to 15.5p/share. The net debt forecast has been raised to Â£2.02bn. Debt is on a rising trend because of investment in new aeroplanes. Next year, pre-tax profit could rise to Â£549.4m. The dividend could reach 17p/share. Founder Philip Meeson sold five million shares. Non-exec Rachel Kentleton bought 1,801 shares at 1403p each.
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Serica Energy (SQZ) reported interim revenues falling from Â£545m to Â£462m and generated Â£98m of free cash flow of Â£98,000, down from Â£134m. Net cash was Â£131m at the end of June 2024. Serica Energy can still be cash generative even with the uncertainty over North Sea taxation. Finance director Martin Copeland bought 13,500 shares at 111.9015p each.
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Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) increased its interim dividend by 44% to 1.3p/share on the back of a rise in pre-tax profit from Â£13.5m to Â£18.7m as margins continue to improve. Workwear was flat, but the other division continues to recover. The Crawley facility will open before the end of the year and newly acquired Empire Linen Services will make an initial contribution. Empire is focused on four and five star hotel clients and cost Â£20.6m. A 2024 pre-tax profit of Â£54m, up from Â£37.6m, and a total dividend of 3.76p/share is forecast. Year-end net debt is set to be Â£105m.
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Wealth management firm Brooks Macdonald (BRK) reported full year figures slightly better than expected. Pre-tax profit was one-eighth higher at Â£34.1m. The total dividend is 4% higher at 78p/share. Andrea Montague is becoming chief executive in October. The strategic review has led to the international business being sold to Canaccord Genuity for Â£28m plus Â£22.85m on the first anniversary depending on revenues. The division had funds under management of Â£2.3bn.
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Central Asia Metals (CAML) increased revenues from $99.3m to $103.8m. Production of copper, zinc and lead were slightly lower, but sales of copper and lead were higher. The interim dividend was maintained at 9p/share. Cash was $56.3m at the end of June and this provides finance to invest in existing operations and invest in other projects.
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Semiconductor wafers manufacturer IQE (IQE) reduced its loss on a 27% increase in revenues to Â£66m thanks to a recovery in wireless demand. The adjusted operating loss is still Â£7.2m. Net debt is Â£17m. Growth in revenues is expected to be slower in the second half and the outcome is likely to be at the lower end of expectations. The bottom of the range is Â£130m and the consensus was Â£139m, which would result in a Â£17m loss.
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Groceries and catering distributor Kitwave Group (KITW) trading has been strong in the four months to August 2024, which is an important trading period. Ice cream is an important component of sales during the summer. The new south west England distribution facility should be completed by the year-end. This will improve efficiency and reduce costs in the region. There is plenty of scope for further acquisitions and management has a broad knowledge of the potential targets. Canaccord Genuity still expects pre-tax profit to improve from Â£27.5m to Â£29m in the year to October 2024. It estimates an improvement in 2023-24 pre-tax profit from Â£27.5m to Â£29m. A total dividend of 11.3p/share is expected.
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Wet weather hit sales at Fevertree Drinks (FEVR) in the UK and Europe. That was offset by growth in other regions, but group revenues fell from Â£175.6m to Â£172.9m. Even so, underlying pre-tax profit rebounded from Â£4.7m to Â£13.2m. Cash is Â£65.9m. Second half revenues are expected to grow by between 7% and 10% following more positive trading in July and August.
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Building materials supplier SigmaRoc (SRC) has been boosted by the initial CRH lime assets that were acquired. There was organic growth as well. Interim EBITDA has soared from Â£55m to Â£100m, but more importantly earnings are improving despite the share issues to fund the CRH purchases. All the CRH lime assets have been acquired and the latest purchases will make contributions in the second half. Despite the tough construction markets there is strong demand in some sectors.
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Midwich (MIDW) increased interim revenues by 6% to Â£646.1m, while pre-tax profit fell by one-fifth to Â£17.2m. The interim dividend is unchanged at 5.5p/share. There was a return to growth in July. Annualised cost savings of more than Â£5m will be achieved by next year.
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Gamma Communications (GAMA) grew revenues 10% to Â£282.5m, although European revenues were flat. This puts it on course to improve full year pre-tax profit from Â£97.9m to Â£111.6m. The board is considering a move to the Main Market.
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Berenberg cut its target price for Pan African Resources (PAF) from 38p to 33p. a 30% increase in full year profit to $78.8m. This followed Investment in construction of the MTR project led to net debt rising to $106.4m. A dividend of 1.21 cents/share has been announced.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) expects to drill the Megrez-1 well in the next quarter. There is a 69% chance of success. Approvals have been granted for the construction of a gravel pad.
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Victorian Plumbing (VIC) chair Philip Bowcock sold 185,000 shares at 91.2p each to satisfy tax liabilities.

Quoted Micro 9 September 2024

BY: Andrew Hore |
POSTED: 08/09/2024 |

AQUIS STOCK EXCHANGE

Good Life Plus (GDLF) raised Â£275,000 from a convertible loan note issue that expires on 31 August 2025 when it can be repaid at a 10% premium or converted into shares at a 10% discount to the weighted average price over the previous month. If there is Â£2m raised in a share issue, then the loan notes are immediately convertible at a 10% discount to the issue price. The coupon is 10%. Following this issue, a partnership was announced with a major UK mobile operator. Good Life Plus will offer promotions to help with engagement with tens of millions of subscribers. This will provide access to potential subscribers to the Good Life Plus platform. There should be other partnerships in the coming months. The share price increased 3.28% to 3.15p. This is a new high for the shar price.

It is taking longer than anticipated Invinity Energy Systems (IES) even though the long duration energy storage market is growing. More time is required to develop the Mistral next-gen product to reduce costs. There is uncertainty about the timing of the recognition of revenues. The 2024 revenues were expected to be Â£36.3m, but it is likely to be lower. Jonathan Marren is replacing Larry Zulch as chief executive. There was Â£49.2m in the bank at the end of June 2024.

ProBiotix Health (PBX) is raising Â£1.2m at 3.36p/share. OptiBiotix Health (LON: OPTI) is unhappy with the latest fundraise by ProBiotix Health and claims a typo in the AGM notice means that it should not be allowed to issue more shares except on a pre-emptive basis. The company previously said that it had enough cash. ProBiotix Health believes that the error is not relevant. Â The underlying problem seems to be the high discount of the fundraising price to the market price.

EDX Medical (EDX) has signed a distribution agreement with Caris Life Sciences. They will work together to distribute Caris molecular profiling services in the UK and Nordic countries. The deal lasts for three years, and additional regions and products could be added.

Recycling services provider Majestic Corporation (MCJ) has agreed to acquire Deeside-based Telecycle Europe for up to Â£2m. The acquisition target already acts as a tolling agent for Majestic Corporation, and it is owned by Peter Lai, the 71.9% shareholder in Majestic Corporation. The deal will secure a steady supply of recyclable materials and should improve margins. In 2021, Telecycle Europe mad a post-tax profit of Â£175,000. The initial payment is Â£150,000 and then monthly of payments of Â£150,000. The full amount is dependent on volumes being met.

Peninsula Yacht Services is adopting SulNOx Group (SNOX) fuel additives for the fuel it supplies from its Gibraltar. The specialist pumping system is being installed following permission from the authorities.

Mortgage Chat has changed its name to Pitch Pit (PICH) and its strategy to become an artificial intelligence and technology accelerator. Chandila Fernando and Judith Hough will head up the new operations, who will join the board after background checks are completed. Brian Stockbridge of First Sentinel has already joined the board. The company plans to raise Â£500,000.

Oscillate (MUSH) is progressing the proposed acquisition of Quantum Hydrogen Inc. Regulatory approval of the documentation is being awaited and a general meeting should be announced this month.

SuperSeed Capital (WWW) had net assets of 114p/share at the end of June 2024.

Equipmake (EQIP) announced that the HTM-3500 heavy vehicle electric motor maintains its peak performance of 3,500Nm and 400kW, while its continuous power output has doubled to 200kW at 2,500rpm.

Time to ACT (TTA) subsidiary GreenSpur has won a design contract to develop an optimised wind turbine generator for XFlow Energy.

DXS International (DXSP) has changed its corporate adviser to Hybridan. Wishbone Gold (WSBN) has appointed Tavira Financial to replace SP Angel as corporate broker. A new investor relations strategy will be announced shortly. Tennyson Securities has published research on Tap Global Group (TAP). It is available via www.tennysonsecurities.co.uk.

AIM

Weak demand from independent restaurants and bars in the UK and internationally held back the interims of ceramic products manufacturer Churchill China (CHH). Independents are suffering from higher costs. Demand from national chains has held up better. Revenues fell from Â£44m to Â£40.6m, while the underlying pre-tax profit edged up from Â£4.7m to Â£4.8m. This is because capital investment has helped to improve margins. The interim dividend was raised 4.5% to 11.5p/share. The full year outcome is dependent on fourth quarter trading.

Agricultural products supplier Camellia (CAM) says trading conditions eased slightly in the first half of 2024, but they are still difficult. Revenues improved 7% to Â£105.1m and the loss was reduced from Â£15.1m to Â£9.7m. There is no interim dividend. The loss from tea fell, while nuts and fruits profit more than trebled to Â£3.2m. The engineering business returned to profit. Net cash is Â£24.1m and there is an investment portfolio worth Â£37.6m. The full year loss should be between Â£10m and Â£12m.

Signing up Donlim Group for a filtration technology licence did not offset the weaker trading news at laundry filtration technology developer Xeros Technology (XSG). Indian licensee IFB has delayed the launch of new 9kg washing machine until next year and French environmental standards for microplastics have not been clarified. Donlim owns the Morphy Richards brand, and it will manufacture the XF3 external filter under licence from the middle of next year. The 2024 pre-tax loss estimate has been raised from Â£2.7m to Â£4.3m. William Black and Armstrong Investments have increased their stake from 6.34% to 7.3%.

Rockfire Resources (ROCK) has increased the size of the resource at the Molaoi zinc lead silver germanium deposit in Greece by 500%. The JORC 2012 compliant mineral resource estimate is 15 million tonnes at an average grade of 9.96% zinc equivalent. Allenby estimates that it is one of the top 20 undeveloped zinc prospects. There is also 4.8mt of germanium. There are high recovery rates. Only 2.1km of the 7km potential strike has been tested so far. Allenby estimates a fair value of 2.6p/share.

Hostels operator Safestay (SSTY) improved interim revenues by 7% to Â£10.7m and the loss reduced from Â£947,000 to Â£113,000. Sales to the end of August were well ahead of last year and forward bookings are strong into next year. The lease of the loss making Venna hostel has been surrendered. Four new properties have been added this year. NAV increased by 17% to 49.8p/share.

Real-time financial data provider Arcontech (ARC) increased full year revenues by 7% to Â£2.9m and pre-tax profit improved from Â£1m to Â£1.1m. More than 90% of revenues are recurring. Net cash was Â£7.2m at the end of June 2024. The dividend has been raised to 3.75p/share. Pre-tax profit is set to fall this year because of investment in sales.

Andrew Carter has resigned as chief executive of wines producer Chapel Down Group (CDGP) and will become the boss of Timothy Taylor next year. Interim revenues fell 11% to Â£7.12m due to a slump in off-trade sales. There was not the expected restocking by retailers. Pre-tax profit slumped to Â£40,000. Net debt was Â£5.8m at the end of June 2024 after investment in further planting at the Buckwell vineyard.

Shield Therapeutics (STX) had $8.1m in gross cash at the end of June 2024 with a milestone payment of $5.7m expected in the second half. The first half cash outflow was $5.8m. Management believes that the business should be monthly cash flow positive during the second half of 2025. Iron deficiency treatment ACCRUFeR generated revenues of $11m in the US in the first half and total group revenues were $12.1m. Â Full year US revenues could be $27m.

A recovery in the Hercules Site Services (HERC) share price led to a decision to raise Â£8m via a subscription and placing at 49.5p/share. Morson chief executive Ged Mason subscribed for 9.5% of the enlarged share capital. Majority shareholder Brusk Korkmaz has sold 6.06 million shares to Wasdell Packaging, whose majority shareholder Martin Tedham has been appointed as a director.

First Property (FPO) has launched a one-for-three open offer to raise Â£2.96m at 8p/share. It is underwritten by directors Ben Habib and Alasdair Locke. The cash will settle the deferred payment for the Blue Tower property and finance the completion of the fit-out.

MAIN MARKET

Precision components supplier Carclo (CAR) says trading is in line with expectations with margins prioritised over volumes. The restructuring of US operations is ahead of schedule. Aerospace demand is strong, which has helped the speciality division.

Quoted Micro 2 September 2024

BY: Andrew Hore |
POSTED: 02/09/2024 |

AQUIS STOCK EXCHANGE

VSA Capital (VSA) revealed a strategic partnership with Drakewood Capital Management. This covers commodities trading, fund management and investment banking. This should provide a broader service for junior mining companies. Drakewood is subscribing Â£405,000 for VSA shares at 9p each and that was a 50% premium over the market price. Mark Thompson has been appointed to the VSA board as its representative. He is a former director of First Tin and Tungsten West. Drake wood and VSA directors have been granted warrants. VSA boss Andrew Monk intends to enter into a deal with Drakewood that would give it an option to acquire his shares, warrants and options in VSA. If he leaves then Drakewood will be able to acquire his stake at NAV plus 20% for six months after he leaves.

ProBiotix Health (PBX) increased interim revenues by 84% to Â£1.01m and the loss has been halved to Â£262,000. Â The probiotics-based healthcare company is expanding sales in North America and Europe. A North American contract manufacturing deal is being discussed. Operational separation from OptiBiotix should be completed by the end of the year. There was Â£865,000 in the bank at the end of June 2024.

Skincare treatments developer Incanthera (INC) reported figures for the year to March 2024 showing a steady loss of Â£1.47m. There was a cash outflow from operating activities of Â£838,000 and Â£61,000 in cash at the end of March 2024. There were no revenues during this period. The deal with Cosmetics chain Marionnaud should be generating sales in the near future.

Exchange services provider Aquis Exchange (AQX), which is also quoted on AIM, has been hit by one technology contract not being renewed, because of the clientâ€™s trading problems. That will knock Â£1m off revenues and pre-tax profit in 2024. The other parts of the group all grew revenues in the first half with Aquis Stick Exchange trading volumes 44% ahead. Canaccord Genuity has cut its 2024 pre-tax profit forecast from Â£6.3m to Â£4.9m with the rest of the shortfall due to increased investment. The interims will be published on 12 September.

Helium Ventures (HEV) investee company Blue Star Helium has agreed to sell 50% of the Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. Helium One Global (HE1) will pay $1.5m of past costs, plus up to $2.7m on six wells.

Marula Mining (MARU) has received assay results from samples of manganese ore that will be provided to the recently acquired Kilifi manganese processing plant in Kenya. They recorded high grades with an average of 61.95% manganese. The samples were from the Ganze region. The Kilifi plant could generate cash of up to $400,000/month from late 2024. Two further manganese ore supply agreements have been signed. Both are for grades of at least 24% manganese with one supplying 30,000 tonnes over six months and the other 5,000 tonnes over one year.

Higher impairment and fair value adjustments and an inventory write down led to Inqo Investments (INQO) making a loss of R6.3m in the year to February 2024, compared with the previous yearâ€™s pre-tax profit of R2.63m.

Hot Rocks Investments (HRIP) has sold its stake in Impact Oil and Gas to Africa Oil Corp at 56.9p/share raising Â£142,250. In June, Â£235,000 was generated through a tender offer by Phoenix Digital Assets.

CBD-based treatments developer Ananda Developments (ANA) made a Â£383,000 loss in the quarter to July 2024. Net assets were Â£723,000.

KR1 (KR1) had net assets of 71.92p/share at the end of July 2024. The income from digital assets during the month was Â£805,000.

Equipmake (EQIP) has received an initial order for five zero emission drivetrains from South American bus manufacturer Agrale. This follows the recent trial.

James and Alexandra Pace has a 4.1% stake in Shepherd Neame (SHEP).

AIM

Audio equipment supplier Focusrite (TUNE) says full year revenues will be around Â£157m, but EBITDA will be lower than expected at around Â£25m (Â£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise, and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to Â£15m. The final results will be published in late November.

Antenna technology developer Filtronic (FTC) is trading ahead of expectations and has secured a follow-up order from SpaceX for E-band solid-state power amplifier modules for Starlink satellites. The new order is worth Â£6.4m and SpaceX has been issued 10.9 million warrants. Cavendish has raised its 2024-25 pre-tax profit forecast from Â£6.4m to Â£7.7m.

Helium One Global (HE1) is acquiring 50% of Blue Star Heliumâ€™s Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. An initial six development wells are planned for later this year. They could generate an annual income of $2m. Cynosure Capital is subscribing Â£6.43m at 1.09p/share. That cash will fund $1.5m of past costs, plus up to $2.7m on the six wells. There will also be $2.55m required for capital investment. The extended well test at Itumbula West-1 in Tanzania has flowed at up to 7.6% helium. The well flowed an average of 786 barrels per day.

Retailer Quiz (QUIZ) reported a 11% decline in revenues to Â£82m in the year to March 2024. There was a swing from a pre-tax profit of Â£2.3m to a loss of Â£6.7m after exceptional costs of Â£1.5m. Sheraz Ramzan was appointed chief executive at the end of the period. He is targeting the core customer based and updating the brand. He is also improving service. Talks are ongoing with founder Tarak Ramzan for the provision of a Â£1m loan. Revenues in the first four months of the current year are 11% lower at Â£27.3m. Trading remains difficult.

Oxygen enrichment technology developer Belluscura (BELL) is increasing sales, but it has reduced its 2024 guidance to $8m-$10m, depending on the timing of the launch of DISCOV-R in the second half. Dowgate had expected revenues of $16m and it has cut the estimate to $9m. It is sticking with $30m for 2025 revenues, which would be enough to be profitable, but this appears optimistic. More cash will be required in the second half, so that sales can ramp-up faster.

Shield Therapeutics (STX) iron deficiency treatment ACCRUFeR has been approved by the authorities in Canada. It is the only oral iron therapy approved as a prescription drug for adults with anaemia. This sparks a Â£250,000 milestone payment from Canadian partner Kye Pharmaceuticals.

Wine supplier Naked Wines (WINE) reported a 13% annualised dip in revenues to Â£290m, while underlying operating profit fell by two-thirds to Â£5m. That was before a Â£13m inventory provision. The company is still surplus stocks. Net cash was better than guidance and doubled to Â£19.6m. First quarter trading is in line with expectations. Guidance for 2024-25 indicates revenues of Â£240m-Â£270m and operating profit before inventory losses of Â£3m-Â£8m. Dominic Neary has been appointed finance director.

Primorus Investment (PRIM) is subscribing 18.1 million shares in Pri0r1ty AI for Â£300,460 to help fund a software roll out. Standard list shell Alteration Earth (ALTE) has non-binding heads of terms to acquire Pri0r1ty AI and move to AIM. Primorus Investment directors Rupert Labrum and Matthew Beardmore own 45.8% of Alteration Earth.

MAIN MARKET

Cybersecurity company Narf Industries (NARF) has gained a $1.3m contract for the implementation of social engineering threat intelligence for the US Air Force Platform One Iron Bank project. This is a repository of pre-approved software. A cash injection is required.

Cadmium-free quantum dots developer Nanoco (NANO) has suspended the joint development agreement with ST Microelectronics. There are also unlikely to be revenues from another sensing programme. The joint development agreement with STMicroelectronics involved a two-year programme to optimise a second-generation sensing material. Nanoco says that it met all the development milestones. The decision is apparently due to a strategy change and end of project terms with the customer. Nanoco will also try to remove any obstacles to use the expertise developed in other opportunities.

AIM 50 Digest 30 August 2024

BY: Andrew Hore |
POSTED: 31/08/2024 |

Ticketing technology supplier accesso Technology (ACSO) has downgraded its full year guidance for revenues of at least $160m to a range of $150m-$153m. New projects in the Middle East have been delayed and milestone payments have not been recognised. That should happen next year. Trading volumes were also weak during July. Net cash was $23.3m at the end of July 2024. Costs are being lowered. Finance director Fern MacDonald died earlier in August. The company has commenced a share buyback programme worth up to Â£4m. These are shares will be cancelled.
=====
Online marketing and domain name services provider Team Internet (TIG) announced a maiden interim dividend. The 1p/share interim dividend is dependent on bank approval. Last yearâ€™s final dividend was 2p/share, but do not assume that this yearâ€™s total will be 3p/share. There is likely to be a more modest increase in total dividend. Zeus forecasts a full year dividend of 2.2p/share. Group interim revenues were 3% ahead at $409.7m, while pre-tax profit was 8% higher at $14.4m. The initial benefits of share buybacks increased earnings by 12% to 10.7 cents/share. The company continues to grow organically, supplemented by acquisitions, and this is being achieved in a tough advertising market.
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Managed services provider Redcentric (RCN) improved full year revenues from Â£141.7m to Â£163.2m, but pre-tax profit declined from Â£5.1m to Â£4.2m. The dividend is maintained at 3.6p/share. This was a period of completing the integrating past acquisitions. Net debt is Â£39.6m, but it is forecast to fall to Â£5.7m at the end of March 2027, helped by declines in capital investment.
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In the year to April 2024, ITM Power (ITM) generated revenues of Â£16.5mand the pre-tax loss was reduced from Â£101.2m to Â£27.1m. Net cash is Â£230.3m. Following the results, Zeus cut its 2024-25 forecast revenues from Â£36m to Â£20.6m, while the loss would rise to Â£36.9m. that is due to customer delays. Cash could be more than Â£163m and may still be Â£88m by the end of April 2026.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) has secured a rig to drill the Megrez-1 well in Ahpun in September. This is estimated to have a 69% chance of success. Fees have been paid on leases. Michael Spicer was diluted from 8.11% to 6.99% following the recent fundraising.
=====
Peel Hunt has been appointed nominated adviser and joint broker of Gamma Communications (GAMA) and Deutsche Numis is joint broker.
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Big Technologies (BIG) chief executive Sara Murray 100,000 shares at an average of 107.5p each. She owns 26.5%. Chief executive Mark Radcliffe sold 2.7 million Victorian Plumbing (VIC) shares at 100p each. He still owns 47.7%.

Quoted Micro 26 August 2024

BY: Andrew Hore |
POSTED: 26/08/2024 |

AQUIS STOCK EXCHANGE

Voyager Life (VOY) says M3 Helium, which it has an option to acquire, has commenced production at the Smith and Nilson wells and they will begin to generate revenues after being attached to the Scout Energy Partners gathering system. Once production is stabilised the helium content should be around 0.635%. The Rost well is the next to be brought into production.

Time to ACT (TTA) has separated Diffusion Alloys into a coating technology business, including the low-cost modular coating equipment being developed, and the plant-led coatings business in Middlesborough.

Kondor AI (KNDR) is considering a bid for Ora Technology (ORA) based on 0.9988 of a Kondor AI share for each Ora Technology share with the latterâ€™s shareholders owning 53.4% of the combined group. The group would be worth Â£38.5m at the current suspended share prices. There is no certainty that the bid will be made.

EDX Medical (EDX) has entered an agreement with Oxford University to in-licence intellectual property developed in Oxford and Birmingham Universities in research funded by Cancer Research UK. The IP can be used to improve the test for safety and dose management for patients receiving 5-fluorouracil and other chemotherapy medications that carry serious side effects.

Equipmake (EQIP) says that an electric bus has started operation in Argentina, and it uses the companyâ€™s zero emission drivetrain. The bus operator DOTA plans to add to the electric bus fleet.

Vinanz Ltd (BTC) has started a new Bitcoin cluster in Texas and once the initial miners are up and running consistently more will be installed. This follows 100 Bitmain Antminer S19J Pro ASIC Bitcoin miners in Labrador, Canada.

Phoenix Digital Assets (PNIX) has bought three million more shares at 4.15p each. There are 3.5 million shares held in treasury. Toro Consultingâ€™s stake has moved above 21%.

AIM

Oil and gas producer i3 Energy (I3E) is recommending a 13.92p/share bid from Gran Tierra Energy. The offer is one Gran Tierra Energy share for every 207 i3 Energy shares and 10.43p in cash for each i3 Energy shares. Shareholders will also receive a dividend of 0.2565p/share. The bid, based on a Gran Tierra Energy share price of $8.66, values i3 Energy at Â£174.1m. Gran Tierra wants to diversify its current Canadian resources.

TV and film services provider Facilities by ADF (ADF) has made the significantly earnings enhancing acquisition of Autotrak Portable Roadways, which hires portable roadways. This also diversifies the client base into outdoor events. The initial payment is Â£13.1m in cash and shares. Up to Â£8.2m of additional consideration is payable depending on EBITDA up until 2027. Cavendish has increased its earnings forecast for 2025 by 12% to 9.7p. The company raised Â£10m at 50p/share to fund the acquisition and could raise up to Â£500,000 from a retail offer, which closes on 29 August.

Maritime AI technology services provider Windward (WNWD) generated organic growth of more than 30% with a reduction in churn. Annualised recurring revenues reached $37.2m at the end of June 2024. Reported interim revenues were $17.6m and the ARR covers the rest of the expected revenues for this year. Maritime Invest Scandinavia has sold its 5.73% stake and West Elk Capital bought 4.99%.

Pawnbroker H&T (HAT) reported continued growth in pawnbroking, although higher than expected redemptions hit revenues, as well as improved performances in retail and foreign exchange. Gold purchasing and scrap is benefiting from the high gold price. Pre-tax profit was 13% higher at Â£9.9m. From now on, pawnbroking scrap will be reported with the pawnbroking division. The year-end will be changed to September from 2025 onwards.

Education software provider Tribal Group (TRB) can focus on the business now that a settlement has been reached with NYU. The latest figures were held back by the failed bid, which led to delays in client orders. Annualised recurring revenues improved 2% to Â£52.1m. The educational market is tough, but Tribalâ€™s admissions software is still likely to be attractive to colleges and universities.

Recruitment company Empresaria (EMR) had a tough first half with like-for-like net fee income 15% lower, partly due to currency movements. It does not appear that trading will improve much in the second half. Even the outsourcing business, which has been the star recently, reported a decline because of less UK healthcare business. Cost savings will offset the decline in income in the second half and pre-tax profit is expected to improve from Â£3.5m to Â£4m.

Digital cognitive assessment technology developer Cambridge Cognition (COG) maintained interim revenues at Â£5.6m and the loss was sharply lower. A full year pre-tax profit of Â£100,000 is forecast for 2024. Expectations are underpinned by an order book of Â£14.6m.

Data analytics software company Rosslyn Data Technologies (RDT) has secured a three-year contract with a major technology company. This has a minimum value of Â£2m. Management says that the 2023-24 loss will be lower than previously forecast, but at Â£3m it will still be higher than in 2022-23. Before the latest deal annualised recurring revenues were Â£2.3m. William Black and Armstrong Investments reduced their shareholding from 10.4% to 9.51%.

A weak advertising market meant that first half revenues of media analysis company Ebiquity (EBQ) fell 7%. That hit operating margins, which slumped to 6%. Net debt is Â£15.3m. The second half should be much better, although just how good it will be will depend on trading in September and October and high operational gearing means that additional revenues will lead to a much bigger jump in profit.

Neometals (NMT) is lowering annualised overheads by two-fifths and the $3m at 4.5 cents/share raised from William Robert Richmond should last until the end of 2025. The focus will be the Primobius recycling operations. Net cash will be $9.3m and this will finance the companyâ€™s lithium-ion battery recycling business to the industrial validation stage. The Previous Metals Recovery option will not be taken up. Third-party funding is being sought for new lithium and vanadium technologies.

Touchstone Exploration (TXP) has declared the terms of its bid for fellow Trinidad-focused oil and gas producer Trinity Exploration and Production (TRIN) are final and says that it has irrevocable acceptances of 38.9% of the share capital. These irrevocable acceptances are obliged to vote against the rival, higher bid from Lease Operators.

Empire Metals (EEE) has identified a new deposit at the Pitfield project in Western Australia that adds to the value of the project. It is enriched with high-purity anatase formed from the weathering of the original titanite-rich, bedded sediments. The discovery also confirms high grades of titanium dioxide with very low impurities. Anatase is a feedstock for titanium chloride and titanium metal markets. Empire Metals continues to progress towards a maiden mineral resource estimate.

Nigeria-focused gold producer Thor Explorations (THX) sold 23,600 ounces of gold at an average price of $2,309/ounce in the second quarter. AISC was $802/ounce because of higher grade ore and guidance for the full year has been reduced to $900-$1,000/ounce. Quarterly revenues were $54m and EBITDA $38m. Net debt has fallen to $2.7m.

Electric hybrid systems developer Proton Motor Power Systems (PPS) says that its principal lender and major shareholder Falih Nahab will stop providing working capital at the end of 2024. At the end of July 2024, Proton Motor Power Systems has drawn down â‚¬110.4m out of debt facilities of â‚¬121.5m, plus it owes â‚¬37.8m in accrued interest. The facilities are repayable by the end of 2025, but the business is unlikely to be cash generative by then. There are talks with other potential providers of finance. Net liabilities were â‚¬111.7m at the end of 2023.

Recruitment software developer Dillistone Group (DSG) has raised Â£300,000 from a loan note issue from directors and Â£60,000 from a placing at 8p/share. Interim figures will show an improvement in profitability and cash generation. Markets continue to be weak, and the cash will provide a buffer for the business. The loan notes last 48 months and offer an annual interest rate of 9.85%. The conversion price is 14p/share.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) reported an 8% decline in interim revenues to Â£129.6m. Pre-tax profit was 3% lower at Â£11.6m. There was price deflation in the distribution business. Acquisitions increased manufacturing revenues but there was small decrease in profit contribution.

BATM Advanced Communications (BVC) reported flat interim revenues due to lower revenues from networking technology, but the outlook is more positive. In the six months to June 2024, revenues dipped from $60.2m to $60m, while pre-tax profit improved from $726,000 to $788,000. This was helped by the revaluation of a liability that reduced the total costs of the business in the period. Net cash was $27.2m at the end of June 2024, even though there was an increase in working capital. Cyber and diagnostics revenues grew, while networking revenues fell from $11.6m to $6m. New orders are being won in the networking division and there should be an improved second half.

MOH Nippon (MOH) was readmitted to the Main Market following the acquisition of its business by cash shell Bowen Fintech. The business provides crowdfunding services for real estate investment in Japan.

Quoted Micro 19 August 2024

BY: Andrew Hore |
POSTED: 18/08/2024 |

AQUIS STOCK EXCHANGE

ProBiotix Health (PBX) has secured a commercial agreement for InstaMelt with DanCare Health. InstaMelt is a food supplement dosage format that offers innovative features for health brands. DanCare will launch the supplement in China in the fourth quarter under its own brand.

Samarkand (SMK) reported a dip in full year revenues from Â£17.5m to Â£16.9m and the loss was slightly higher at Â£4.88m, but that was after a Â£2.1m impairment charge after the ending of development of Nomad Checkout technology. Net debt was Â£600,000 at the end of March 2024. The weak Chinese ecommerce market hampered progress. Revenues from own-brands grew, while sales of third-party brands declined. The audit report in the accounts includes a material uncertainty in respect of going concern. Costs are being reduced and the focus is on core activities. Guild Financial Advisory has been appointed as corporate adviser.

Fenikso (FNK) has invested up to $250,000 in a six-month secured convertible loan note issued by AIM-quoted Coro Energy (CORO). This loan provides an annualised coupon of 40%. The loan is secured on the shares of Coro Asia Renewables, which owns renewable assets in the Philippines. Fenikso has more than $5m in cash left in the bank.

Capital for Colleagues (CFCP) had net assets of 87.87p/share at the end of May 2024, which is a small increase over the previous quarter. This was after paying a 2p/share dividend during the period.

Phoenix Digital Assets (PNIX) is buying back up to 140 million shares and it can spend up to Â£7.5m. The programme lasts until 23 July. So far, nearly Â£10,000 has been spent on 500,000 shares.

Valereum (VLRM) is using Fireblocksâ€™ technology as part of its infrastructure. It will enable secure sending and storing of digital assets. The Fireblocks advanced wallet security technology will be integrated in the platform. A subsidiary has been set up in El Salvador.

Coinsilium Group (COIN) chief executive Eddy Travia bought 300,000 shares at 1.6p each and executive chairman Malcolm Palle has acquired 300,000 shares at 1.62p each.

Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 17.6% to 19.96%.

Mortgage Chat (MCAI) has changed corporate adviser to Alfred Henry Corporate Finance. JEAMP Hold Co has sold its 18.1% stake.

AIM

Global Petroleum (GBP) is setting up a joint venture with Callum Baxter, former chief technical officer of Greatland Gold (GGP), to diversify into mineral exploration in Western Australia. Global Petroleum will pay Â£200,000 for 70% of the joint venture and Callum Baxter will retain the other 30%, although this can be increased to 80% for an additional Â£50,000. Global Petroleum will spend a minimum of Â£750,000 over 12 months and fund 100% of spending until a decision to mine. Global Petroleum is raising Â£600,000 at 0.065p/share and existing shareholders can participate in a retail offer. This cash will finance the purchase of 80% of the exploration licence. Under a consultancy agreement Callum Baxter will receive 200 million Global Petroleum shares and 10% of the total number of new shares issued in the fundraising. The retail offer to existing shareholders via CMC closes on 16 August.

Artemis Resources (ARV) reports high grade gold in veins at the Titan prospect. As well as significant grades of copper. A 10.4 ounce gold bar has been produced from metal extracted from the Titan prospect. A tenement review of the Carlow project area has led to mapping of further gold veins. These are parts of the Karratha gold project in the Pilbara region of Western Australia. This could be a large scale regional discovery.

Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) continues to make progress, but it has not received all the cash from the fundraising earlier this year. An investor that was going to subscribe Â£1m in four tranches and it has only paid Â£600,000 so far. This leaves the company short of funds. The expiry date of the Â£7m committed credit facility provided by a high net worth investor has been extended to 30 November 2025, but an initial attempt to drawdown Â£1m has led to Â£100,000 being received and Â£900,000 being delayed until a property has been sold. Â Celadon Pharmaceuticals is in talks with other potential lenders. The company has Â£49,000 in cash.

Bluejay Mining (JAY) is the latest minerals explorer to evaluate possible deposits of hydrogen and helium. Historical drilling within the Outokumpu belt revealed substantial concentrations of hydrogen and helium. There are also signs of lithium. There will be sampling and testing.

Biome Technologies (BIOM) is raising Â£950,000 at 5p/share and offering retail shareholders the opportunity to invest up to Â£80,000 more. The same share price will be used for the conversion of Â£1.28m of convertible loan notes. The cash is required for short-term working capital for the RF division, plus the financing of additional stock for Bioplastics. Allenby expects revenues to improve from Â£6.98m to Â£7.82m in 2024, mainly due to Bioplastics, and a reduced loss of Â£862,000, from Â£1.2m.

Drug discovery company BiVictriX Therapeutics (BVX) believes leaving AIM is the best way of progressing the business. Management believes that the current valuation undervalues the company due to lack of liquidity and becoming a private company will help access to further funding. The share price is hampering partnership discussions. There are plans to appoint JP Jenkins to provide a matched bargains facility. This comes almost exactly three years since the company joined AIM and raised Â£7.5m at 20p/share. There were 2.72 million options granted to management at 13p each.

Energy services provider Inspired (INSE) is on course to meet full year forecasts, but it will need to win significant optimisation contracts. The timing of the contracts is uncertain and there should be more information about the progress when the interims are published. There will be no more deferred consideration payable by the end of the year. The ESG and software businesses continue to grow.

Jag Grewal has resigned as chief executive of Cambridge Nutritional Sciences (CNSL), which makes diagnostic tests for food sensitivity and other personalised health requirements, and James Cooper becomes interim chief executive. This follows the recent full year figures showing a reduced loss. In the year to March 2024, continuing operations generated revenues of Â£9.8m, up from Â£7.5m. However, this was affected by the timing of orders and this yearâ€™s revenues could be lower.

Lung cancer diagnostics developer LungLife AI (LLAI) says that the finalised Local Coverage Determination issued by the Medicare Administrative Contractor Noridian Healthcare Solutions, which has jurisdiction over the companyâ€™s California laboratory, enables it to apply for coverage to receive payment. A price of $2,030 has been fixed for each LungLB test. The next step is obtaining coverage from public and private payers.

Commercial property services provider Fletcher King (FLK) increased full year revenues from Â£3.08m to Â£3.83m, while pre-tax profit more than trebled to Â£504,000. The final dividend is trebled to 2.25p/share. There was Â£3.8m in cash at the end of April 2024. Working on rating appeals helped income to improve. Management says that there are signs of recovery in the commercial property market, particularly at the higher quality end.

Medical imaging technology developer IXICO (IXI) says figures for the year to September 2024 will be ahead of expectations. Revenues will be between Â£5.5m to Â£5.9m, compared with expectations of Â£5.2m. Cash levels will improve. A new contract has been won to provide imaging biomarker services for phase 1 / 2 clinical trial for patients with Huntingtonâ€™s Disease.

Zephyr Energy (ZPHR) says production from the Williston Basin assets increased by around 10% to 1,226 barrels of oil equivalent/day in the second quarter. First half production was 1,189boepd. Last yearâ€™s average was 1,040boepd and it should average between 1,100boepd and 1,300boepd in 2024.

Recently floated medical technology company AOTI Inc (AOTI) says second quarter trading was strong. Interim revenues should grow by more than one-quarter to $26.3m. Full year revenues are expected to rise by at least 30%.

MAIN MARKET

S and U (SUS) says the trends of the first quarter continued in the second quarter. The motor finance provider is suffering from lower collection rates due to uncertainties around the FCA review outcome. The Aspen property finance business is doing well, and receivables grew by 13%. Edison is maintaining its 2024-25 pre-tax profit forecast at Â£29m, down from Â£33.6m. The total dividend should be unchanged at 120p/share. Berenberg cut its share price target from 2180p to 2100p.

Renewables-focused investment company JLEN Environmental Assets Group Ltd (JLEN) has launched a share buyback of up to Â£20m following the sale of assets. There is already authority to buy back up to 15% of the share capital. JLEN is selling a 51% interest in a portfolio of six gas-to-grid anaerobic digestion facilities for Â£68.1m, which is the June 2024 valuation. JLEN retains the other 49%. The buyer is Future Biogas, which has been the operator of the assets. The rest of the cash will reduce debt.

Quoted MIcro 12 August 2024

BY: Andrew Hore |
POSTED: 11/08/2024 |

AQUIS STOCK EXCHANGE

Quantum Exponential Group (QBIT) says potential investors have proposed a minimum investment of Â£1m at 1p/share. The investors have also agreed to pay the investment company Â£100,000 to cover costs since incurred since the proposed cancelation was announced. This will be repayable out of the proceeds of the investment when it is completed.

Marula Mining (MARU) is acquiring 80% of Kenyan mineral processing company Agarwal Metals and Ores, which owns the Kilifi manganese processing plant.

Flex Labs Inc (FLEX) is proposing to cancel its Aquis quotation and is holding a general meeting on 30 August. The plan is to seek a listing in Canada. The AI company joined Aquis last December at 6p/share. The share price halved to 0.75p last week.

Ormonde Mining (ORM) investee company TRU Precious Metals has appointed Ormonde Mining technical adviser Steve Nicol as chief executive. The 36.2%-owned TRU Precious Metals is exploring for gold and copper in Canada. Another investee company, Peak Nickel, has commenced a drill programme in Aberdeenshire. There will be a minimum of 1,000 metres drilled.

Gunsynd (GUN) remains on Aquis for a few more days and it has entered a farm-in agreement with Pinwheel Resources over acreage in Canada. It can earn 100% of Falcon Lake U-Co-Cu project and Bear Twit VMS project for a total outlay of Â£200,000 in cash and shares.

IntelliAM AI (INT) has secured a contract extension with a global alcohol company. The companyâ€™s consulting services will be broadened to 35 maltings sites in the UK. The contract value is a minimum of Â£100,000.

Walls and Futures REIT (WAFR) has been trying to attract institutional investors involved in infrastructure and property, but the General Election led to delays. The process will be restarted at the end of the summer holidays. The scale of any potential fundraising will be larger than previously expected.

Oberon Investments (OBE) raised Â£2.5m at 3.5p/share and that will help to accelerate growth. First quarter revenues increased by 90% to Â£2.54m and this came from all the divisions. Like-for-like growth of more than 30% is being targeted for the full year.

Tectonic Gold (TTAU) has sold its 10% stakes in diamond miner Deep Blue Minerals and heavy mineral sands miner Whale Head Minerals to AIM-quoted Kazera Global (KZG). A potential Western Australia gold acquisition opportunity is being assessed.

Investment Evolution Credit (IEC) has raised Â£100,000 at 20p/share.

Ananda Developments (ANA) has moved to the Apex segment of the Aquis Stock Exchange.

AIM

Hargreaves Services (HSP) reported a fall in full year pre-tax profit, but it was slightly higher than expected at Â£16.9m. Pre-tax profit was lower because of the reduced contribution from the German HRMS business, although it did have a much better second half. This recovery should continue into the current year. EU sanctions on Russian pig iron has helped prices improve, which is good for the HRMS recycling operations. The enhanced dividend will continue and should at least be maintained at 36p/share. NAV is 583p/share.

Customer engagement and intelligent automation systems supplier Netcall (NET) is spending an initial Â£9.6m for Govtech, which has a focus on the public sector, and this will be earnings enhancing this year. Govtech helps local authorities to automate council transactions so they can be done more quickly and efficiently. Netcall has local authority clients, and its coverage of UK councils will increase from 26% to 34%. Netcall had Â£33.7m of net cash at the end of June 2024. Even after the acquisition Netcall could still have Â£31m in cash at the end of June 2025.

Insurance premium finance and professional funding provider Orchard Funding (ORCH) says its largest customer has gone into administration. Orchard Funding has lent Â£16.7m to Insure That clients out of a total lending book of Â£66.8m at the end of June 2024. Management is assessing the recoverability of the Insure That loans. This comes six weeks after a positive trading statement.

Cash shell Earnz (EARN) is making its first acquisitions and raising up to Â£4m at 7.5p/share. It is buying energy services companies Cosgrove & Drew, which provides public sector project work and compliance services for heating and plumbing, and heating installation and maintenance services provider South West Heating Services. Earnz chair Bob Holt has a stake in Cosgrove & Drew, which will cost up to Â£196m. In 2023, it generated revenues of Â£9.1m and lost Â£832,000. South West Heating Services will cost up to Â£1.15m and it made revenues of Â£1.1m and a pre-tax profit of Â£275,000 in the nine months to March 2024. The focus is cross-selling of services and organic growth.

Ocean Harvest Technology (OHT) has published positive data from trials of OceanFeed Swine. Adding this feed ingredient to the diet of pregnant sows results in more piglets being born and improved milk quality in the sows. Revenues per sow increased by $24/year. More than $100bn/year is spent on swine feed.

Natural resources data analyser and provider Getech (GTC) has raised Â£1.5m at 2p/share and could generate up to Â£200,000 more from a retail offer. This will improve the balance sheet ahead of the planned sale of Nicholson House. The cost base is being reduced. There will be investment in the sales and business development teams, as well as in machine learning technology development.

Revolution Bars (RBG) has received court approval for its restructuring plan. This means that some bars can be closed, and others will have rent reductions. There will be 65 bars and pubs left in operation. This should improve annualised EBITDA by Â£3.8m.

Oil and gas company Prospex Energy (PXEN) raised Â£3.34m via a placing and subscription at 6p/share. There was also an oversubscribed retail offer that raised Â£859,000. Prospex Energy wants the cash to acquire an interest of 7.5% in the Vlura producing gas field that generates more than four-fifths of the Spainâ€™s gas production.

Hermes Pacific Investment (HPAC) plans to leave AIM. The share price slumped to 40p. The investment company found it difficult to secure suitable investments in the financial services sector in south east Asia and changed into a property investor in 2022, but only one property has been acquired. There is a low free float, and the shares are trading at a large discount to the September 2023 NAV of 147p/share.

Oil and gas company Bowleven (BLVN) plans to leave AIM and 58.3% shareholder Crown Ocean Capital is offering shareholders the chance to sell shares at 0.225p each up until 11 September. This offer is dependent on the departure from AIM being agreed at a general meeting on 28 August. Management believes that being private will give the company more flexibility and reduce costs.

Floorcoverings manufacturer Airea (AIEA) was hit be a slowdown in second quarter sales. The decline of 5.6% was slightly better than for the market as a whole. Interim sales are lower with international revenues 22% lower. July has been stronger and new product launches are planned. There has been an increase in inventory because of the slow sales. The interims will be announced on 26 September. The full year expectations have been reduced.

Extended reality technology developer Engage XR (EXR) says interim revenues reached a record of â‚¬2.2m with the main growth coming from licence income. Net cash is â‚¬5.5m at the end of June 2024. Management still believes that Engage XR can move into profitability during 2025 without raising additional cash. Full year revenues of â‚¬5.3m and net cash of â‚¬3.7m are forecast.

EnergyPathways (EPP) says the retention of the decarbonisation investment allowance in the energy profits levy is a positive signal. This should be helpful for the companyâ€™s MESH Marram Energy Storage Hub) project. This part of the development of the Marram gas field in the UK Irish Sea.

Tan Delta Systems (TAND) has entered into a product agreement with an engine manufacturer to develop a sensor to monitor coolants and water-based hydraulic solutions. The initial value of the agreement is Â£200,000, but it could increase to Â£2m.

Seed Innovations (SEED) has used some of its cash to buy Â£250,000 of shares in the recent fundraising by AIM-quoted Pantheon Resources (PANR), which is exploring for oil and gas in Alaska. The placing was at 17p/share and the current share price is 18.18p. There is still Â£3.5m in cash left.

MAIN MARKET

Restaurants operator Hostmore (MORE) says interim like-for-like sales have declined 10% and this accelerated to a 23% decline in July. The first half loss has been reduced. Borrowings are likely to exceed the current debt facilities. Management continues to work on the acquisition of master franchise owner TGI Fridays Inc. The plan is to sell corporate stores to new franchisees and there are agreements to sell stores for more than $40m. A review of options if the acquisition does not happen is being undertaken.

Alkemy Capital Investments (ALK) has updated the market on progress with the Tees Valley Lithium refinery project. A collaboration with Geothermal Engineering intends to develop integrated supply chains in the UK. Project funding partners have been shortlisted, while overheads are being reduced.

AIM 50 Digest 9 August 2024

BY: Andrew Hore |
POSTED: 11/08/2024 |

Market research services provider YouGov (YOU) has upgraded guidance. Operating profit is expected to be Â£43m-Â£46m, which is slightly higher than before. Data products revenues were flat, but other parts of the business grew. There are annual cost savings of Â£20m planned. YouGov is acquiring New Zealand-based AI audience insights technology developer Yabble. The addition of YouGovâ€™s data will make the technology even more effective. The initial cash payment is Â£4.5m with 546,961 shares acquired by the sellers with part of the proceeds.
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ITM Power (ITM) has updated its guidance. Zeus has cut its forecast 2023-24 loss from Â£47.4m to Â£34.8m because of the removal of a provision relation to past projects. Cash should still be Â£230m at the end of April 2024. Next yearâ€™s forecast loss has been reduced from Â£39.6m to Â£34.8m. The results are published on 15 August.
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Building materials supplier SigmaRoc (SRC) says interim margins were better than expected as the lime assets acquired from CRH begin to contribute. Cost savings will further improve margins. EBITDA jumped from Â£55m to Â£100m which includes some organic growth. The Polish lime assets should be acquired by the end of August. There is plenty of space borrowing capacity to finance this. Cash generation will reduce debt following the acquisitions.
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Digital marketing technology and services provider Dotdigital (DOTD) continues to generate cash, and the figure was better than expected in the year to June 2024. Net cash reached Â£42.2m. Revenues were 14% ahead and organic growth was 9%. Pre-tax profit should be Â£16.3m when the full figures are published.
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Fintel (FNTL) says interim revenues grew 12.5% and EBITDA was 7% ahead at Â£9.6m. Net debt reached Â£8.6m at the end of June 2024, following recent acquisitions. Interim results will be published on 17 September.
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James Halstead (JHD) says that profit in the year to June 2024, will exceed the previous yearâ€™s figure of Â£52.1m. Revenues are flat, but margins improved. The divided will be increased for the 49th year in a row. Net cash should be more than Â£60m.
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Electrical power and data transmission products supplier Volex (VLX) says that there has been an encouraging start to the new financial year with organic growth of 9%. EV and data centre sectors have been particularly strong.
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Pan African Resources (PAF) produced 186,039 ounces of gold in the year to June 2024, but costs were higher than expected. Guidance for 2024-25 is 215,000-225,000 ounces of gold.
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Alliance Pharma (APH) says underlying interim revenues improved by 3% to Â£84.8m. This was despite a decline in Nizoral revenues due to destocking. Overall revenues should build up during the second half of the year. Full year profit should be in line with the previous year.
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Cohort (CHRT) subsidiary CHESS Dynamics has won three contracts for surveillance and sensor equipment for defence systems produced by Rheinmetall Air Defence that have a total value of Â£25m.
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Semiconductor wafers producer IQE (IQE) plans to float its Taiwan subsidiary on its local stock exchange.
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Big Technologies (BIG) chief operating officer Charles Lewinton sold 173,346 shares at an average price of 124p each. That followed the issue of 1.18 million shares in deferred consideration for Buddi. Chief executive Sara Murray received 5.54 million shares and Daren Morris 1.18 million shares. LBG Media (LBG) non-exec Carol Kane bought 32,000 shares at an average share price of 125.85p and 7,400 shares at 130p each. Young and Co (YNGA) non-exec director Sarah Sergeant bought 1.018 shares at 982p each. Polar Capital (POLR) chief investment officer Alexander Black sold 10,000 shares at 602.02p each.

Quoted Micro 5 August 2024

BY: Andrew Hore |
POSTED: 04/08/2024 |

AQUIS STOCK EXCHANGE

Marula Mining (MARU) has entered into a manganese ore supply agreement with Kitman, a local processing company in Kenya. The deal lasts until the end of 2026. Kitman will supply a minimum of 10,000 tonnes/month of manganese ore at 20% grade minimum to the Kilifi manganese processing plant. There will be an advance payment for 5,000 tonnes. A mining permit has been issued for Blesberg lithium and tantalum mine.

In the year to March 2024, business assurance provider Adsure Services (ADS) increased revenues from Â£8.99m to Â£9.3m, while pre-tax profit was 72% higher at Â£471,000. There was cash of Â£1.07m at the end of March 2024.

Ormonde Mining (ORM) investee company TRU Precious Metals has signed an option agreement with Eldorado Gold so that it can earn 80% of the Golden Rose project in Newfoundland. The 36.2%-owned TRU Precious Metals has persuaded Eldorado Gold to invest in the early-stage project.

Valerium (VLRM) will collaborate with Tokeny as a technology provider for Valeriumâ€™s Real World Asset (RWA) marketplace. The technology will enable the primary issuance and bulletin board-based secondary trading of various digital assets.

KR1 (KR1) had net assets of 82.01p/share at the end of June 2024. Income earned during the month was Â£877,000. One-quarter of the value of the portfolio is in Celestia tokens.

Hydrogen Future Industries (HFI) has secured a technology and territory licensing agreement worth up to â‚¬2.25m. The wind-based hydrogen production technology company has signed the deal with a new company in the Republic of Ireland.

Emission reduction fuel additives developer SulNOx Group (SNOX) says first quarter revenues were 134% ahead at Â£192,000. There were record product sales in the quarter. There was Â£1.6m in the bank at the end of June 2024.

RentGuarantor (RGG) increased interim revenues by 70% to Â£518,000, but the loss increased from Â£408,000 to Â£452,000 due to the hiring of staff. Net debt is Â£1.07m.

Cooks Coffee Company (COOK) has raised Â£320,000 at 7.85p/share. Chief executive Aiden Keegan has joined the board.

Supernova Digital Assets (SOL) had net assets of Â£5.49m at the end of April 2024, following an increase in the value of its cryptocurrency assets. There is Â£209,000 in cash.

AIM

Trinidad-based oil and gas producer Trinity Exploration and Production (TRIN) is recommending a cash bid from Trinidad incorporated Lease Operators and withdrawn the recommendation of the Touchstone Exploration (TXP) offer of 1.5 shares for each of the oil companyâ€™s shares. The bid is 68.05p/share and values Trinity Exploration and Production at Â£26.4m. There will be economies of scale between the two oil producers.

Touchstone Exploration (TXP) achieved net sales of 5,432 barrels of oil equivalent/day in the second quarter of 2024. Current average production was 5,711 boe/day with production improving at Cascadura.

Haleon has announced that it will launch the Futura Medical (FUM) erectile dysfunction topical gel treatment Eroxon in the US before the end of 2024. This will trigger the US launch milestone. The US is a bigger potential market than all the other sales regions combined. So far, Eroxon has been launched in Belgium and the UK with more to follow.

In the year to April 2024, SDI Group (SDI) revenues dipped from Â£67.6m to Â£65.8m, but there was underlying growth if the previous yearâ€™s Covid-related revenues are excluded. The scientific instruments manufacturerâ€™s operating margins are just above 14%. Pre-tax profit dipped from Â£11.8m to Â£8m because of the higher margin business in the previous year. Management says there are potential acquisitions in progress, but the timing is always difficult to predict. Net debt was Â£13.2m at the end of April 2024 and that could halve in a yearâ€™s time without any acquisitions. Cavendish forecasts 2024-25 pre-tax profit of Â£8.4m and earnings of 6p/share are forecast.

North Sea-focused Jersey Oil and Gas (JOG) could be hampered by the rise in the energy profits level to 38% and the main investment allowance of 29% will be removed from November. A reduction in capital allowances will be announced in the October Budget. The levy will be extended until 2030. The Great Buchan Area joint venture will be impacted. Jersey Oil and Gas has a full carry on much of the development spending of the project and there are potential milestone payments. However, the final investment decision could be hampered by the tax changes.

RBG Holdings (RBGP) is expecting interim revenues of Â£18.4m, down from Â£19.8m. Net debt was Â£24.4m at the end of June 2024 and the debt facility is fully drawn. Costs are being reduced, but most will come through next year. A pre-tax profit of Â£1.2m is forecast for 2024 after the previous yearâ€™s loss.

UK Oil and Gas (UKOG) is the highest riser for the second week. its Dorset and Yorkshire underground hydrogen storage projects have received a letter of support from RWE, which is developing three hydrogen plants near to the storage projects. Other letters of support have come from Japanese trading house Sumitomo and pipeline provider SGN. The projects are at an early engineering design stage.

Oil and gas producer Arrow Exploration (AXL) says that the second horizontal well on the 50%-owned Carrizales Norte field in Colombia is producing ahead of expectations. The two wells are boosting group production. There is cash of $11m and should be at a similar level at the end of 2024 as cash generated from production helps to finance further drilling. Zeus has a total risked NAV estimate of 48.8p/share.

Online gaming company Gaming Realms (GMR) expects interim revenues to be m18% ahead at Â£13.5m and EBITDA should be 21% higher at Â£5.8m. Adding new partners has boosted income. Gaming Realms is on course to increase full year pre-tax profit from Â£5.4m to Â£8.8m. Net cash could double to Â£14m.

IQE (IQE) plans to float its Taiwan subsidiary on its local stock exchange.

Vector Capital (VCAP) plans to leave AIM and is offering shareholders the chance to tender shares at 33p each. The tender offer covers up to 11.2 million shares and will cost Â£3.7m. Interim pre-tax profit dipped 45% to Â£707,000. Vector Holdings owns 75.2% of the property finance provider

MAIN MARKET

Cybersecurity company Narf Industries (NARF) has admitted it requires additional funding to take advantage of its IP that has been developed as part of consultancy contracts. In the 15 months to March 2024, revenues were $7.6m, which was treble the level for the previous twelve months. These revenues come from consulting work. The reported loss was $1.44m, although that includes a share-based payment cost of Â£1.02m. There was a cash inflow from operating activities of $173,000. The chief executive has increased the facility made available to the company from $2m to $2.5m and this lasts until July 2025. At the end of March 2024, there was $1.55m drawn down.

Guild Esports (GILD) is exploring options that will enable it to meet short-term liabilities. That could be new credit terms, a fundraising or further cost savings. Management is also assessing the strategic direction of the company and that could lead to assets being sold. A partnership deal has been secured with AIM-quoted Inspecs (SPEC) for the marketing of the eyewear companyâ€™s REGEN glasses.

Quoted Micro 29 July 2024

BY: Andrew Hore |
POSTED: 29/07/2024 |

AQUIS STOCK EXCHANGE

Good Life Plus (GDLF) reported its figures for the 16 months to January 2024. This includes a full contribution from the core luxury prize draw business and a few months of the shell it reversed into. Revenues were Â£2.39m and the loss was Â£3.98m, although that included costs of the reversal. The underlying business is losing money as it builds up the subscriber base. The recent Â£2m fundraising was after the balance sheet date, so there is plenty of cash to continue to add players. The number exceeds 30,000 and continue to rise. There are potential deals with media partners that could reduce the costs of subscriber acquisition by providing access to new people and only paying if they sign up to the Good Life Plus prize draws.

Interim figures of Arbuthnot Banking (ARBB) show a decline in interim profit as net interest rate margin was reduced from 6.1% to 5.2%. Pre-tax profit fell from Â£26.4m to Â£20.8m. Asset based lending profit did improve. Tangible NAV was 1396p/share.

Broker and investment manager Oberon Investments Group (OBE) increased revenues by 50% to Â£7.58m in the year to March 2024. There was still a loss of Â£2.88m, even after the Â£318,000 gain on a stake disposal. Additi9nal hires mean that overheads were much higher. NAV was Â£23.9m. Corporate finance income was slightly lower with the main growth coming from investment management. There has been a strong first quarter this year and signs of improving business. Like-for-like growth should be more than 30% this year.

Invinity Energy Systems (IES) has opened its manufacturing facilities in Motherwell. This will increase capacity for its energy storage technology to more than 500Mwh/year.

Rathbones has a 5.59% stake in Walls and Futures REIT (WAFR).

Stephen Bamford has reduced his stake in SulNOx Group (SNOX) to less than 3%, following a transfer of shares to his children. Gunsynd (GUN) executive director Donald Strang bought one million shares at 0.1215p each.

AIM

FRP Advisory (FRP) is benefiting from strong restructuring services demand and its corporate finance operations are trading better than many of its peers. In the year to April 2024, revenues were 23% higher at Â£128.2m, while pre-tax profit improved from Â£24.1m to Â£33.7m. The dividend was raised to 5p/share. Net cash is Â£29.7m. Since the year end, two acquisitions have been made: Southampton-based finance provider Hilton-Baird and Cardiff-based Lexington Corporate Finance. Even so, net cash could improve to mÂ£32m by April 2025.

Order intake has weakened at scientific instruments supplier Judges Scientific (JDG) and there is no sign of this changing in the near term. There have also been delays of some projects. Organic revenues declined 3% in the first half. Demand from China has been weak. Some delayed work will come through in the second half. Even so, the full year pre-tax profit forecast has been cut by 10% to Â£30.3m, down from Â£31.7m last year.

Prospex Energy (PXEN) has secured a ten-year extension of the licence concessions for the El Romeral project in Spain. It can be extended for another ten years to 2044. Prospex Energy is trying to gain permission to drill more wells to provide gas to El Romeral so its electricity production can increase by one-third.

Shield Therapeutics (STX) chief executive Greg Madison is stepping down and non-exec Anders Lundstrom will take over on an interim basis. Iron deficiency treatment ACCRUFeR generated revenues of $6.9m in the second quarter, which was 69% higher than the previous quarter. This is a combination of more prescriptions and higher selling prices. The interim revenues are $11m. Cash is still flowing out of the business.

Energy supplier Yu Group (YU.) increased revenues by 60% in the first half and cash has increased to Â£86.8m. Lower prices mean that monthly average bookings have declined by 9% and that will hit operating margins. These factors mean that SP Angel is keeping its full year pre-tax profit forecast at Â£44.5m even though interim revenues grew much faster than expected.

Inspiration Healthcare (IHC) has finally signed the Â£3.3m Middle East contract it has been waiting for. The equipment should be shipped in the period to year-end in January 2025. This covers the majority of the revenues needed to be gained to achieve the full year forecast revenues of Â£41m. Earlier in the week, BGF Investment Management increased its stake to more than 21%.

Hydrogen and fertiliser projects developer Atome (ATOM) has signed heads of terms for a fertiliser offtake agreement with Yara. This covers the Villeta project in Paraguay. This will help to achieve full financing of the project by the end of 2024. The Villeta facility could produce 260,000tpa of fertiliser. Yara is the largest fertiliser and ammonia trader and the fertiliser produced at Villeta should be sold at a premium price.

Zephyr Energy (ZPHR) has completed the initial phase of testing of the State 36-2R LNW-CC well in the Paradox Basin, US. Peak production rates were 1,350 barrels of equivalent/day even though the well was choked back and constrained. There is a higher condensate yield than nearby wells and this will be attractive to Utah refineries. There is little water production. However, the natural fracture network may be partially obstructed. Zephyr Energy will try to remove drilling mud emulsions that could be blocking the fracture and that will cost a few hundred thousand dollars.

Healthcare services provider Totally (TLY) made a small loss in the year to March 2024, but it is expected to return to profit this year even though revenues are set to continue to decline. Annualised cost savings of Â£3.5m have been made. There have been delays to tender activity around the General Election, but this is changing. The investigation into the NHS should report in September and this could provide opportunities.

Aptamer (APTA) is raising Â£2.83m at 0.2p/share, which was a large discount to the market price. The cash is required to get the full potential from its Optimer binder technology. There are relationships with the top ten pharma companies and there is potential for licensing the technology in the next few years. The fixed cost base will be reduced from Â£3.5m to Â£2.9m.

Brighton Pier (PIER) has been hampered by poor weather. There was a 29% decline in footfall on Brighton Pier itself so this yearâ€™s revenues will be lower than expected. The other three leisure businesses are trading in line with expectations. Cavendish expects a 2024 loss after tax of Â£700,000.

Architectural and construction software provider Eleco (ELCO) generated organic growth of 12% in the first half. Overall interim revenues were 21% higher at Â£16.3m. Annualised recurring revenues are Â£25.8m. Cavendish is maintaining its full year pre-tax profit forecast at Â£4.8m. Profit has been held back by the move to SaaS-based income, but as this process matures it should accelerate.

Braveheart Investments (BRH) has increased its stake in Image Scan (IGE) from 5.21% to 7.22%,

MAIN MARKET

Thalassa Holdings (THAL) has taken a 9.94% stake in Surgical Innovations (SUN) and the share price recovered 23.1% to 0.8p, which values the surgical instruments manufacturer at Â£7.5m. Earlier this year, Thalassa chairman Duncan Soukup made initial restitution payments due to a loss on an investment in Tappit Technologies and he will pay up to Â£1.5m more. This means that Thalassa has cash to invest. Thalassa had a book value of 116p/share at the end of 2023.

Financial management software developer Aptitude Software (LON: APTD) is going through a period of transition. The current core product is AccountancyHub, but the newest product is Fynapse. The plan is to transfer one-third of the AccountancyHub customers to Fynapse by 2027, while also adding new clients. There is less need for complicated implementation processes with Fynapse and much of that work is done by partners. That is why those revenues have declined in the latest period and total interim revenues fell from Â£37.5m to Â£35.3m. Annualised recurring revenues are Â£46.7m. There was a cash outflow in the first half, but net cash should recover to Â£25m by the end of 2024. Pre-tax profit improved from Â£1.75m to Â£2.5m.

AIM 50 Digest 29 July 2024

BY: Andrew Hore |
POSTED: 29/07/2024 |

Soft drinks maker Nichols (NICL) is paying a special dividend following a set of interim results that have led to upgrades. Interim pre-tax profit was 18% higher at Â£14.5m. UK revenues grew 5% enabling market share gains, but African revenues fell by 10%. The timing of Ramadan hit Middle East revenues in the first half. Singer upgraded its full year pre-tax profit forecast by 4% to Â£29.9m. A special dividend of 54.8p/share has been announced.
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Defence and security technology supplier Cohort (CHRT) grew full year revenues by 11% to Â£202.5m and pre-tax profit improved from Â£17.7m and Â£19.8m. The order book is worth more than Â£500m. Pre-tax profit could rise to Â£22.1m this year.
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There was a 2.9% like-for-like increase in the revenues of CVS Group (CVSG). The cyber incident is estimated to have cost Â£7m in revenues. Underlying EBITDA was Â£127m. Net debt was Â£168m at the end of June 2024.
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MP Evans (MPE) harvested 759,700 fresh fruit bunches in the first half of 2024, a 5% increase, and more of this came from the companyâ€™s own crops. There were 177,000 tonnes of crude palm oil produced and the selling price was slightly higher. There is normally a second half weighting to production.
=====
Mortgage Advice Bureau (MAB1) increased interim revenues by 5% to Â£123.5m and gross mortgage completions grew by a similar percentage in a declining market. A modest pick up in activity is expected in the second half of 2024.
=====
Gamma Communications (GAMA) has acquired BrightCloud, which specialises in contact centre transformation. The initial payment is Â£9m. Revenues were Â£8m last year.
=====
Advanced Medical Solutions (AMS) expects interim revenues to be 10% ahead at around Â£68m, helped by higher US sales. Pre-tax profit will be between Â£14.4m and Â£14.8m. Underlying growth for the full year revenues should be in double digits.
=====
Life sciences company Niox (NIOX) increased interim revenues by 15% and operating margins improved. Net cash was Â£21.5m at the end of June 2024. A $4.5m payment from Beyond Air is expected at the end of August.
=====
Learning Technologies Group (LTG) says US subsidiary GP Strategies has been notified of the temporary suspension of eligibility of new classified contracts. Management is trying to rectify the situation. Group revenues will be at least Â£248m in the first half of 2024, a decline of 4%. GP Strategies contribution helped to improve margins. Net debt was Â£6m on 19 July.
=====
Audio visual products distributor Midwich (MIDW) says interim revenues were 6% ahead, but like-for-like they were 1% lower. There has been erosion in price levels in mainstream products. Gross margins improved because of increased sales of higher margin technical products, but overheads rose. Pre-tax profit fell from Â£21.8m to Â£16.8m.
=====
Fintel (FNTL) has conditionally agreed to acquire fund ratings agency Rayner Spencer Mills Research and integrate it with Defaqto.
=====
Brooks Macdonald (BRK) reports a net funds outflow of Â£200,000 in the quarter to June 2024, but positive performance meant that funds under management edged up to Â£18bn, up from Â£16.8bn one year earlier.
=====
Pubs and bars operator Young and Coâ€™s Brewery (YNGA) says that like-for-like revenues grew 3.4% in the first sixteen weeks of the financial year. The addition of City Pub Group means that overall revenues were 26% higher. Peel Hunt has been appointed nominated adviser and joint broker alongside Stifel Nicolaus.
=====
Alliance Pharma (APH) chief operating officer Jeyan Heper is leaving the company following the appointment of Nick Sedgwick as chief executive earlier this year. Slater Investments has increased its stake from 10% to 13.1%.
=====
ITM Power (ITM) has secured a capacity reservation with a large utility company for Neptune II electrolyser units. Shell has selected ITM Power as a supplier to the 100MW green hydrogen REFHYNE II project in Germany, where the final investment decision has been made.
=====
Semiconductor wafers manufacturers IQE (IQE) says interim revenues will be at least Â£65m, which an increase of at least one-quarter. Interim results will be published on 10 September.
=====
Jet2 (JET2) chairman Robin Terrell bought 8,557 shares at 1388p each, taking his stake to 13,761 shares. Impax Asset Management (IPX) non-exec Lyle Logan bought 12,000 shares at 406.9338p each.

Quoted Micro 22 July 2024

BY: Andrew Hore |
POSTED: 22/07/2024 |

AQUIS STOCK EXCHANGE

M3 Helium, where Voyager Life (VOY) has an option to acquire the company, says two samples from the Rost well at Fort Dodge in Kansas showed 5.1% helium. Two other samples were above 4.8% helium. These are highly commercial levels.

Marula Mining (MARU) is acquiring Northern Cape Lithium and Tungsten, which holds prospecting rights over land in the Northern Cape province in South Africa. This is north of the Blesburg lithium and tantalum mine.

Substrate AI (SAI) increased interim revenues by 256% to Euro9.09m and it moved from loss to positive EBITDA.The figures were slightly lower than forecast.

Hydro Hotel, Eastbourne (HYDP) increased interim revenues from Â£1.8m to Â£1.96m and reduced its loss from Â£171,000 to Â£77,000. There was a decrease in repair costs.

Ormonde Mining (ORM) investee company TRU Precious Metals Corp says its exploration programme at the Golden Rose project in Newfoundland is underway. The programme will investigate copper, nickel and zinc.

ProBiotix Health (PBX) nearly doubled interim revenues to just above Â£1m and reduced the loss. A US partner has obtained positive clinical results for IBS and antibiotic recovery for a probiotic containing the companyâ€™s LP (LDL). The share price rose 7.14% to 3.75p.

Automotive electrification Equipmake (EQIP) revenues are improving, but the loss has increased. In the year to May 2024, revenues were 60% ahead at Â£8.1m. There was Â£2.5m in cash at the end of May 2024. There are plans to reduce costs and focus on higher margin technology. The share price increased 5.56% to 4.75p.

Inqo Investments (INQO) has invested in Flybox Budongo, which has developed a modular containerised system to produce Black Soldier Fly eggs and five-day old larvae that can convert organic waste into animal feed.

Valereum (VLRM) says blockchain consulting firm Antier will collaborate in the development of the V-Wallet that will form part of the VLRM Marketâ€™s ecosystem. This should be launched later this year and will enable uses to buy, sell and hold multiple cryptocurrencies. The share price fell 13.3% to 3.25p.

Gunsynd (GUN) says investee company Metals One has published a JORC inferred mineral resource of the P5 area of the Finland â€“ Black Schist project of 29Mt. There is 1.8Mt attributable to Gunsynd, which owns 6.25% of a subsidiary of Metals One, and that company has an option to buy back the stake.

Christopher Potts reduced his stake in Shortwave Life Sciences (PSY) from 11.65% to less than 3%.

AIM

A new sensor contract for security technology provider Spectra Systems (SPSY) has led Zeus, the new broker following the takeover of WH Irelandâ€™s broking business, to upgrade its forecasts. The contract is with an existing central bank customer. This was expected, but it is likely to be more profitable than anticipated. The 2024 pre-tax profit forecast is raised from $10m to $12m and the 2025 figure increased from $14m to $25.5m. However, the 2026 figure has been cut from $18m to $16m.

Building products manufacturer Alumasc (ALU) has done better than expected in the year to June 2024. Organic growth was more than 6%, even though the construction market fell 2%. Cavendish has raised its pre-tax profit estimate from Â£12m to Â£12.6m, it has also edged up the 2024-25 forecast from Â£13.1m to Â£13.5m. All three divisions have done better. Net debt is Â£6.9m and could halve by next June.

Chain and transmission equipment manufacturer Renold (RNO) beat upgraded full year expectations and there is another upgrade for the year to March 2025. Last year, pre-tax profit improved from Â£18.6m to Â£22.1m even though there was a small decline in revenues. Efficiency improvements are increasing margins. Net debt has fallen to Â£24.9m after acquisition payments and share buy backs. There was Â£36m in cash generated from operations. A 0.5p/share dividend has been declared. The 2024-25 pre-tax profit forecast is Â£22.8m.

Intelligent Ultrasound (IUG) rose on the back of the news that it is selling its Clinical AI operations to GE for Â£40.5m. The consideration is equivalent to 12.4p/share. So far, Â£12.2m has been invested in the development of AI. There are plans to return a substantial amount of this cash to investors. This deal does not include the NeedleTrainer and NeedleTrainer Plus products or the simulation business. The remaining business had annual revenues of Â£10m last year. Lower simulation sales meant that the latest interim revenues fell from Â£6.1m to Â£5.3m. That includes Â£1.5m from Clinical AI, compared with Â£2m for the whole of the previous year.

Vela Investments (VELA) has subscribed for Â£300,000 of convertible loan notes from fully listed Liberia-based gold explorer Hamak Gold (HAMA) by issuing 2.42 million shares at 0.012375p. This is an opportunistic, short-term investment because it does not fit the core investment policy. The loan notes are redeemable on 16 July and the annual interest rate is 10%. The conversion price is the lower of a 25% discount to the average market price for five days prior to conversion and 3p/share. The Hamak Gold share price is 1.075p. Hamak Gold hopes to take advantage of a narrowing of the share discount to the NAV of Vela Technologies, which is currently around two-thirds.

Maritime AI technology services provider Windward (WNWD) sparked a second upgrade Â of forecast revenues for this year following its interim trading statement. Interim revenues were 37% ahead at $17.6m. Net cash has fallen from $17.3m to $13.8m over the six-month period.

Caspian Sunrise (CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $88m, which is above the previous expectation of $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs.

Surface Transforms (SCE) has recovered from its recent all time low after it confirmed revenues guidance of Â£17.5m for 2024, although the figures will be second half weighted. Interim sales were Â£4.6m. Pre-production engineering revenues will be recognised in the second half. Capacity is being increased. The ceramic brakes technology company could become cash generative during 2025.

Kyrgyzstan miner Chaarat Gold Holdings (CGH) is the latest company to announce the intention to cancel its AIM quotation. This is a condition of a recapitalisation proposal that will more than halve existing liabilities to less than $20m. The maturity date of the convertible loan will be extended from July 2024 to December 2025. There will also be an additional facility of $5m that can be drawn down. The $550,000 of salary owed to former executive chairman Martin Andersson will be paid in shares. The AIM departure is expected to be on 16 August.

Destiny Pharma (DEST) is leaving AIM to make it easier to fund the XF-73 post-surgical infection prevention treatment through access to private capital. It has been difficult to secure a commercial partner for XF-73. Destiny Pharma needs to find funding for a phase 3 study.

Publishing software and services provider Ingenta (ING) has won three new contracts. Two of these are follow-on contracts with existing customers. These are multi-year contracts worth mor than Â£500,000. The largest contract is a three-year deal to migrate, host and support an existing customerâ€™s Vista deployment onto Ingentaâ€™s dedicated infrastructure. This worth Â£1.4m over three years.

MAIN MARKET

ACG Acquisition (ACG) has agreed the reverse takeover of the Gediktepe polymetallic mine in the Balikesir province of Turkey from conglomerate Calik Holding. The mine is producing gold and silver, and production of copper and zinc will start in 2026. The deal is valued at Â£290m in cash and shares.

Tertre Rouge Assets (TRA) has not been able to raise the funds for its planned acquisitions. The company plans to delist on 15 August.

Quoted Micro 15 July 2024

BY: Andrew Hore |
POSTED: 14/07/2024 |

AQUIS STOCK EXCHANGE

Cadence Minerals (KDNC) is raising Â£750,000 at 2.5p so that it can provide funding for the Amapa iron ore project. This will be spent on testing the 67.6% green iron product flow sheet to pre-feasibility study level. The pre-feasibility study will then be revised. Earlier in the week, an updated study of the Amapa iron ore project, where Cadence Minerals owns 34.2%, shows process plant optimisation can be improved. The mine life of 15 years can have a throughput of 13Mt/year of iron ore. Cash cost is reduced to $33.50/t. The NPV10 for the project has increased by one-fifth to $1.1bn.

VSA Capital (VSA) reported a slump in full year revenues from Â£4.36m to Â£1.89m and there was a loss of Â£2.4m. There was a Â£1.67m loss on investments due to the reversal of a transaction with Silverwood Brands (SLWD). There was cash of Â£229,000 at the end of March 2024 and net cash of just over Â£12,000. Net assets are Â£1.66m. The Â£56m fundraising for Invinity Energy (IES) happened after the year end. The company is working on another large deal.

Oscillate (MUSH) has entered into non-binding heads of terms for the acquisition of Quantum Hydrogen Inc. The bid target has exploration rights over 60,000 acres in the state of Minnesota. There is a 60-day due diligence period. Richard and Charlott Edwards have reduced their stake in Oscillate from 8.31% to 7.6%.

Marula Mining (MARU) has acquired a 51% interest in the Kruisriver cobalt project in South Africa for an initial Â£100,000 in shares at 10p each and a further Â£100,000 on completion of due diligence. The mine used to produce cobalt. Marula Mining will fund an updated bankable feasibility study. A monthly management fee of Â£4,300 will be paid to the seller and after 12 months or less a further Â£200,000 in shares and $1.7m in cash will be payable. Marula Mining is also acquiring the Kilifi manganese processing plant in Kenya. It intends to buy mining operations to supply it.

Gunsynd (GUN) has decided to leave Aquis and it plans to acquire a 100% stake in the Falcon Lake uranium, copper and cobalt project and the Bear-Twit VMS project in Canada. The consideration is Â£200,000 in shares and cash. It will also commit Â£100,000 to work programmes. The last day of dealings on Aquis will be 9 August.

Skin treatments developer Incanthera (INC) has received a second Skin + CELL production order of 250,000 units from Marionnaud AG. This will be delivered before the end of March 2025. Total projected revenues for both orders are more than Â£10m.

Shortwave Life Sciences (PSY) has received a positive response from the PCT examining authority acknowledging its patent claims for its drug delivery platform for psychedelic-based drugs. More than nine million shares have been issued as deferred consideration for the acquisition of Shortwave Pharma Inc.

Quantum Exponential Group (QBIT) is still talking to a potential investor and there have been indications of interest from others. These discussions have been going on for weeks, but management believes that they have potential for a positive conclusion.

Software developer IntelliAM (INT) has secured a funding award of Â£263,000 from DIF Lighthouse Fund. This is for research into the application of AI in lubrication analysis. A machine learning model will be created. Gresham House Asset Management holds 23.5% of the company.

United General is investing â‚¬1m in Substrate AI (SAI). Jonathan Belliss has increased his stake in Hot Rock Investments (HRIP) from 3.4% to 15.5%. Coinsilium Group (COIN) chief executive Eddy Travia and chairman Malcolm Palle each bought 300,000 shares at 1.67p each. Shepherd Neame (SHEP) non-executive director George Barnes bought 1,000 shares at 666p each. Tap Global Group (TAP) chief executive Arsen Torosian bought 12.25 million shares at 0.5p each.

EPE Special Opportunities (EO.P) had net assets of 246.28p/share at the end of June 20204.

AIM

Rosebank Industries (ROSE), which was set up by founders and management of FTSE 100 index constituent Melrose Industries, joined AIM on Thursday 11 July. Just like Melrose Industries, Rosebank Industries has started out on AIM as an investment company seeking a large initial acquisition. The plan is to identify underperforming industrial and manufacturing companies, acquire them and improve their performance. Rosebank Industries raised Â£50m at 250p/share and the share price soared on the first day and the momentum continued on Friday. The share price jumped to 675p.

Trading is in line with expectations at production machinery supplier Mpac (MPAC). Sales are likely to increase by 16% in the first half of 2024 and operating profit could nearly double. That is partly due to a weak first half in 2023. The order book is valued at Â£71m. New customers are being won with the Americas doing well.

Market research firm System1 Group (SYS1) has provided a first quarter update one week after publishing 2023-24 results. All geographic regions are growing, and group sales are 53% ahead of the first quarter of the previous year. This is a record quarterly figure. The company appears well on course to improve full year pre-tax profit from Â£3.1m to Â£4.4m.

Property services provider Kinovo (KINO) has almost sorted out its problems with former subsidiary DCB following the collapse of the buyer. The total liability is Â£12.9m with the final site set to be completed within weeks. That is a figure before any cash that could be recoverable. This could reduce the figure by more than Â£2m. Most of the cash has already been paid and the final amount of Â£2.2m will be paid over 18 months. In the year to March 2024, Kinovo revenues improved from Â£62.7m to Â£64.1m even though a private sector renewables contract worth Â£3.6m/year was not renewed by choice. Free cash flow was Â£7.2m and the DCB outflow was Â£7.4m.

In the year to March 2024, TPXimpact (TPX) revenues increased from Â£69.7m to Â£84.3m, while pre-tax profit improved from Â£800,000 to Â£1.8m. Disposals and reduced working capital meant that net debt fell from Â£17.5m to Â£7.1m. There is no dividend and that is likely to continue to be the case. The debt facility is Â£25m and lasts until July 2026.

Driving safety technology developer Seeing Machines (SEE) has bought Asaphus Vision, a machine learning and AI technology developer, for up to $6m from automotive components supplier Valeo and secured a collaboration agreement. The deal adds IP to the group and three ongoing automotive programmes. There is also a new Berlin base that will help to boost European business.

Communications and power products supplier Solid State (SOLI) reported a jump in full year pre-tax profit from Â£10.8m to Â£15.6m, but this level of profit will not be maintained this year. There was strong demand in the systems division and a Â£10m order was delivered earlier than expected.

Legal services provider Knights Group Holdings (KGH) reported figures for the year to April 2024 showing pre-tax profit improving from Â£11.5m to Â£14.8m and the total dividend was raised to 4.4p/share. This year has started well with residential property business recovering and net debt should reduce.

Investment company Mindflair (MFAI) was given a boost by the acquisition of Landvault by AI company Infinite Reality. Landvault is valued at $450m in shares and is part of the portfolio of Sure Valley Ventures Fund, where MindFlair holds13%, plus a further 5.3% via its stake in full listed Sure Ventures (SURE). The fund owns 7% of Landvault and the valuation of the stake is $6m, which is a 470% increase on book value at the end of 2023. That suggests that MindFlairâ€™s share is nearly $1.1m.

Biome Technologies (BIOM) is still suffering from delays in orders at its bioplastics division and technical validations may not be finalised until later in 2024. Also, the coffee packaging market has weakened. In contrast, there should be significant revenues from the RF Technologies division. Overall revenues will be well below expectations.Â A small loss is expected for 2024. Additional working capital may be required.

Business recovery services provider Begbies Traynor (BEG) reported an improvement in pre-tax profit from Â£20.7m to Â£22m in 2023-24 as expected. There is organic growth as well as contributions from acquisitions.

Employee benefits and insurance provider Personal Group Holdings (PGH) is selling Letâ€™s Connect, which it acquired ten years ago, at well below the purchase price. In 2014, Letâ€™s Connect was acquired for an initial Â£6m. The Perkbox Vivup Group is paying Â£2m for technology salary sacrifice business Letâ€™s Connect.

Demand for fixed interest fund has pushed up the assets under the management of Premier Miton (PMI) by 8% to Â£10.6bn. There has also been a more recent recovery in funds inflows for international equity funds. Multi-asset funds are less appealing to investors.

TV programmes producer Zinc Media (ZIN) has secured 2024 revenues of Â£28m, which is lower than the same time last year. There have been delays to signing deals, so that could be a timing issue. Improving TV advertising revenues could reduce the constraints on budgets and increase activity in the second half. Singer is maintaining its 2024 forecast revenues at Â£41m. The corporate video and branded content business has been restructured and costs reduced.

Pit optimisations at the Dokwe gold project in Zimbabwe, recently acquired by Ariana Resources (AAU), have increased measured and indicated resources by 16%. Dokwe could produce 75,000-100,000 ounces of gold/year for more than a decade. A revised pre-feasibility study should be published in a few months. The previous study suggested a post-tax NPV10 of $160m.

Oracle Power (ORCP) says drilling results from the Northern Zone project in Western Australia has intersected gold mineralisation to the north and south of the maiden resource. There is shallower supergene gold mineralisation than anticipated. Further drilling is planned to the north east.

Crimson Tide (TIDE) shares declined after Ideagen decided not to bid.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) has made another earnings enhancing acquisition. It In 2023, pre-tax profit was Â£1.3m. This deal will broaden the scope of the groupâ€™s protective packaging operations.

Creightons (CRL) has impaired the valuation of skincare company Emma Hardie, acquired for Â£6.2m, by Â£4.5m. Results will be published on 18 July.

Metals X has taken a 22.6% stake in First Tin (1SN), having acquired the shares from Clara Resources. Metals X will also subscribe for 11.5 million shares in the Â£2.1m fundraising at 4p/share.

AIM 50 Digest 12 July 2024

BY: Andrew Hore |
POSTED: 14/07/2024 |

Jet2 (JET2) reported a better than expected underlying pre-tax profit of Â£520.1m for the year to March 2024. The airline and tour operator is growing market share. Canaccord Genuity raised its current year pre-tax profit forecast from Â£517.5m to Â£523m. This is a modest improvement compared to last year because of continuing concerns over consumer confidence. Jet2 has exercised purchase rights for new Airbus aeroplanes.
=====
Impax Asset Management (IPX) reported a 7% fall in asset under management to Â£36.9bn in the quarter to June 2024. That is a 1.3% decline over nine months. There was a net outflow of Â£1.89bn in the quarter and the rest of the decline was negative performance. It appears that some investors are still reducing exposure to equities. The 2023-24 earnings forecast has been cut by 3% to 29.7p/share. Impax Asset Management is acquiring the European fixed income operations of SKY Harbor Capital Management, which covers assets under management of $2bn. The acquisition of Copenhagen-based Absalon Capital Management should be completed soon.
=====
Polar Capital (POLR) increased assets under management from Â£21.9bn to Â£23.5bn in the quarter to June 2024. Market movements added Â£1bn to the figure. There net inflows for a range of funds.
=====
Fintel (FNTL) has completed the acquisition of compliance services provider Threesixty Services for Â£14.6m. This broadens the range of services Fintel offers to IFAs.
=====
Grocery distributor Kitwave (KITW) reported further growth in revenues in the first half, but pre-tax profit declined 14% to Â£8.4m. There were additional costs and the weather held back foodservice revenues, which are higher margin. Acquisitions pushed up net debt to Â£48.1m. The interim dividend was raised 2.7% to 3.85p/share. The recent acquisition of Total Foodservice Solutions raised debt levels. The net debt could fall to Â£34m by September 2024. The new southwest distribution centre will open in the next few weeks and replace three existing sites two of which are freeholds that can be sold to reduce debt. Canaccord Genuity is maintaining its full year forecasts that show an improvement in 2023-24 pre-tax profit from Â£27.5m to Â£29m.
=====
Workwear and catering linen hirer Johnson Service Group (JSG) generated interim revenues of Â£244.1m, up from Â£215m, with all the growth coming from the hotel and catering operations (organic growth is 8.5%). The new site in Crawley opens later this year. There could be an improvement in workwear in the second half. Net debt is Â£75m. The interims will be published on 3 September.
=====
Central Asia Metals (CAML) chief executive Nigel Robinson will step down on 1 October and finance director Gavin Ferrar will take over. Louise Wrathall will become finance director. In the first half, Kounrad copper production was 6,608 tonnes, while Sasa produced 9,014 tonnes of zinc-in-concentrate and 12,872 tonnes of lead-in-concentrate. Full year production at Sasa may be at the lower end of expectations. There was cash of $56.4m at the end of June 2024.
=====
Video games services provider Keywords Studios (KWS) is recommending a 2450p/share bid from EQT Group, even though it is below the previously indicated level of 2550p/share. This is because of delayed contracts. The bid values Keywords Studios at Â£2.1bn.
=====
ITM Power (ITM) has gained a 500MW PEM electrolyser stack capacity reservation with a global customer. This capacity will be installed in Europe and the US. The agreement lasts until 2028. To put this in perspective, last year 33MW of capacity was sold. Zeus estimates that the deal could be worth a total of Â£150m.
=====
Serica Energy (SQZ) has redetermined its lending facility and it has been raised to $525m. Net cash is currently nearly Â£120m. Chief executive Christopher Cox bought 125,430 shares at 135.5p each and 306,597 shares at 139.0797819p/share. That takes his stake to 432,027 shares.
=====
YouGov (YOU) chief executive Steve Hatch acquired an initial 41,247 shares at 412p each. GB Group (GBG) chief executive Dev Dhiman acquired an initial stake of 20,000 shares at 338p each. CVS Group (CVSG) non-exec director Richard Gray bought 1,600 shares at 1019.6p each. Vertu Motors (VTU) non-exec Christopher Taylor sold 40,000 shares at 74.78p each. Irenic Capital Management has built up a 18.2% stake in FD Technologies (FDP).

Quoted Micro 8 July 2024

BY: Andrew Hore |
POSTED: 07/07/2024 |

AQUIS STOCK EXCHANGE

Sheffield-based AI software company IntelliAM AI (INT) joined Aquis on 3 July. It raised Â£5.08m at 94p/share. The acquisition of 53 Degrees North was completed after admission. This adds a range of asset care consulting and management strategies for manufacturers to the group. Customers include food manufacturers, consumer and industrial businesses.

Voyager Life (VOY) says M3 Heliumâ€™ is drilling a vertical well at the Hugoton North Play project in Kansas. Voyager Life has an option to take a stake in M3 Helium.

Coinsilium (COIN) has been signed a collaboration agreement with Web3b developer Lifeflow Inc, which will have access to $1m of dedicated seed funding. Investee company Greengage is collaborating with global crypto currency exchange Coinbase. Coinsilium is purchasing $75,000 of future tokens in the early backers round of the Otomato Web3 automation protocol. There is an option for $150,150 future tokens.

Inqo Investments (INQO) has invested in Pabidi Lodge Budongo Ltd in Uganda. This lodge and ten luxury tents are expected to be open by the end of 2024.

Tap Global Group (TAP) has secured a commercial agreement with Tap N Go for the launch of the XTP cashback programme. XTP is a token for trading via Tap Global exchange services.

Eight Capital Partners (ECP) was hit by a Â£14.6m unrealised loss on its investments in 2023. That is predominantly down to a reduction in the value of a bond issue by 1AF2, which is due for repayment on 22 July. NAV has declined from Â£25.3m to Â£12.8m. Net debt is Â£862,000. Even so, the share price improved.

Valereum (VLRM) has completed the Â£2m raising from chairman James Formolli, while a warrant exercise has generated Â£9,458. Shares were issued at 0.36p each and on top of that he received 15 million GATE tokens. The cash will finance the growth of the business and development of the GATE token.

Shares in Watchstone Group (WTG) went ex-dividend on 4 July. It is returning 8p/share in cash.

Chris Potts reduced his stake in Shortwave Life Sciences (LON: PSY) from 15.2% to 11.65%. Jonathan Bellis has a 3.4% stake in Hot Rock Investments (HRIP).

Trading in Marula Mining (MARU) shares was suspended because the 2023 accounts have not been published.

AIM

Workflow efficiency software supplier ActiveOps (AOM) increased annualised recurring revenues by 14% to Â£25.1m by the end of March 2024 as existing clients continued to spend more on top of the new contract gains. There was cash of Â£17.6m at the year end. There was a jump in pre-tax profit to Â£1.9m, but further investment in the business means it could fall to Â£1.4m this year. The growth in recurring revenues is the most important thing, though.

Semiconductors designer CML Microsystems (CML) had a tough year to March 2024 and this year will also be difficult, but design wins mean that the longer-term outlook is more positive. Revenues grew from Â£20.6m to Â£22.9m, although that was due to a near-six month contribution from last yearâ€™s acquisition MwT. Underlying pre-tax profit dipped from Â£3.6m to Â£3.1m. Destocking by customers and a change in product mix hit profit. A further dip in profit is expected this year, but new contracts and a broader product range, including new digital radio technology DRM, will improve revenues in two to three years. The balance sheet remains strong with net cash of Â£18.2m.

Professional services network operator DSW Capital (DSW) reported full year revenues fell by one-fifth to Â£2.4m and pre-tax profit declined from Â£1.4m to Â£500,000. The total dividend was cut from 3.8p/share to 2p/share. That is not covered by earnings, but management eventually intends to return to paying up to 70% of distributable earnings in dividends. Net cash is Â£2.3m.

Bluejay Mining (JAY) says there are indications of potential helium and hydrogen accumulations at the Outokumpu licences in Finland. There is up to 5.6% helium and 46% hydrogen, plus other gases. Seismic data has been acquired to identify high potential areas. Helium and hydrogen is the new focus of the company. Non-exec Roderick McIllree bought six million shares at 0.35p each.

Helium One Global (HE1) is making progress at the Rukwa project. An extended well test will start later this month. The required equipment is being delivered. A feasibility study is underway.

Pipehawk (PIP) shares slumped 75.3% to 2.1p because of financial difficulties at QM Systems, which had moved to larger premises. Two large orders have not been obtained. QM Systems is likely to be put into administration. QM Systems accounted for 65% of group revenues last year and lost Â£970,000. The rest of the group should be able to continue as a going concern, although continuing activities made a loss in the year to June 2023.

Martin Andersson has stepped down as executive chairman Chaarat Gold Holdings (CGH) as the company is in restructuring discussions with Labro Investors, which he is associated with. He remains a non-exec. David Mackenzie is acting chief executive. The company has enough cash for the next few weeks but cannot fund the $1.2m repayment due on the Labro convertible loan in September. The restructuring discussions relate to this.

Linear generator technology developer Libertine Holdings (LIB) has entered into a conditional subscription agreement with equity investors based in India and Dubai. This could raise Â£2m at 1.5p/share. This would involve the issue of shares equivalent to 49% of the enlarged share capital. This would provide funds for working capital until June 2025, but Libertine is not likely to breakeven in that time frame.

Mercia Asset Management (MERC) assets under management have reached Â£1.8bn, helped by a new mandate from the British Business Bank. EBITDA was Â£5.6m in 2023-24 and the strategy is to double that figure in three years. NAV improved to 43p/share, including Â£47m in cash, despite the 2p/share write down of the investment in engineering firm Impression Technologies.

Retailer Shoe Zone (SHOE) has been hit by higher freight costs and weaker spring trading, which has led to a reduction in pre-tax profit estimates for the year to October 2024 from Â£13.8m to Â£10m. Last yearâ€™s pre-tax profit was Â£16.5m and revenues are likely to be 1% lower. A total dividend of 6.5p/share is forecast.

Fulcrum Metals (FMET) has exercised its option to acquire the Chariot-Neely Lake, South Pendleton and Snowbird uranium projects in Canada. Fulcrum Metals intends to sell these and the Fontaine Lake project to Vancouver-based Terra Balcanica for C$300,000 in cash and C$3.1m of shares when it has completed agreed exploration spending over the next four years. Fulcrum Metals will also retain a 1% net smelter return royalty.

MAIN MARKET

BATM Advanced Communications (BVC) has signed a strategic partnership with a global technology group to market its cyber encryption technology to the civil commercial markets around the world. The partner will pay at least $2.1m over two years to develop a combined hardware and software product off.

Filtration technology supplier Porvair (PRV) had a tough first half with destocking holding back progress. In the six months to May 2024, revenues grew from Â£90.6m to Â£94.6m, but higher interest charges meant that underlying pre-tax profit fell from Â£11.8m to Â£11.5m. This includes an initial contribution from mist elimination filters producer European Filter Corporation (EFC) of Â£1m to operating profit and it accounted for the growth in revenues of the aerospace and industrial division. The interim dividend was raised by 5% to 2.1p/share and the full year forecast is 6.3p/share. Net cash was Â£4.1m after the payment for EFC.

Quoted Micro 1 July 2024

BY: Andrew Hore |
POSTED: 01/07/2024 |

AQUIS STOCK EXCHANGE

Voyager Life (VOY) has entered into an option to acquire M3 Helium Corp, which is a Kansas-based helium producer, for 57.6 million shares. Production is from one well and four other wells are being tested. There is also a processing plant. Voyager Life has raised Â£864,000 at 3p/share to finance the development of operations and fund the readmission document. M3 Helium is loss-making.

Ananda Developments (ANA) announced promising results from cardiac fibrosis studies with CBD-based therapy MRX1. It has potential as a treatment for heart failure with preserved ejection fraction. It mitigates cardiac fibrosis and improves heart health. Next steps are being assessed.

Tennyson Securities has published initial research on Good Life Plus (GDLF) the prize-based draw lottery. Investment in the business means that it will continue to lose money for the next two years before moving into profit in 2026-27 when earnings of 0.7p/share are forecast. The 12-month target price is 4.24p/share.

Time to ACT (TTA) subsidiary GreenSpur has received an award of Â£613,000 from the EU BEETHOVEN project for the development of advanced magnetic materials. This will be used for development of the rare earth-free magnet.

Valereum (VLRM) reported a reduction in loss from Â£4.25m to Â£353,000. There was a swing from net liabilities of Â£758,000 to net assets of Â£351,000 following an increase in the value of the investment in Vinanz (BTC). That was partly offset by an impairment charge on the GSX investment.

Brewer Adnams (ADB) expects to conclude its evaluation of future funding later in the summer.

Housebuilder St Mark Homes (SMAP) reported an increase in loss from Â£1.47m to Â£2.93m. Directors are halving their remuneration from the beginning of July. Because of the weakened financial position, the board will ask shareholders at the AGM to agree to the departure from the Aquis Stock Exchange.

Food company Essentially Group (ESSN) lost Â£960,000 on revenues of Â£1.59m in the 16 months to the end of 2023. There was Â£301,000 in the bank at the end of the year.

Ormonde Mining (ORM) had net assets of â‚¬10.5m at the end of 2023, including â‚¬2.3m in cash. Management is evaluating investment opportunities.

Wishbone Gold (WSBN) reported an increase in cash outflow from operations from Â£787,000 to Â£1.62m. Cash fell below Â£6,000 at the end of 2023. A share issue at 1.2p/share and exercise of warrants raised Â£550,000 this year.

Phoenix Digital Assets (PNIX) made a pre-tax profit of Â£20.1m in 2023 following a fair value gain of Â£25.3m. This is prior to the recent tender offer.

Marula Mining (MARU) believes that the Blesburg lithium and tantalum mine will generate positive cash flow in the second half of 2024. The company has confirmed delivery of manganese ore from the Larisoro manganese mine and they will increase in the second half.

SuperSeed Capital (WWW) has issued 100,000 investor warrants exercisable at 120p/share to VSA Capital. The convertible loan notes will be redeemable on 21 June 2026 instead of September 2024.

Invinity Energy Systems (IES) increased revenues from Â£2.94m to Â£22m in 2023. The loss rose from Â£18.5m to Â£23.2m.

KR1 (KR1) had net assets of 106.3p/share at the end of May 2024.

Startup Giants (SUG) left Aquis on 27 June.

AIM

PI Industries has launched a 9p/share bid for Plant Health Care (PHC) and this is recommended by the board. The bid values the natural crop enhancement products company at Â£32.8m. PI is involved in all areas of the agricultural inputs sector in India, and it would be able to provide the finance and distribution to grow the Plant Health Care operations. PI wants to expand into areas such as the US and Brazil where Plant Health Care is already active.

Pubs and bars operator Nightcap (NGHT) has decided to cancel the AIM quotation because of the weak share price and the difficulty to raise additional funds. Trading is challenging and this is expected to continue for the rest of the year. EBITDA for the year to June 2024 is below expectations. Integrating The Piano Works has been more costly than anticipated. A general meeting will be held on 17 July but there is already sufficient support to pass the resolution to leave AIM. The quotation is likely to be cancelled on 29 July. A matched bargain facility will be provided by Asset Match.

Renewables investment company I(X) Net Zero (IX.) also plans to cancel its AIM quotation. The share price has slumped since joining AIM, partly because of the timing. Renewables businesses were in favour, but there was a subsequent change in investor sentiment to companies that were not profitable. There has also been a lack of liquidity in the shares. Cash is flowing out of the company and more funds are likely to be required. There were $81.1m of unrealised gains in 2023, mainly due to a rise in valuation for WasteFuel after an investment by BP. NAV is $122.2m. There are plans to obtain a matched bargain facility though JP Jenkins.

Musical instruments retailer Gear4Music (G4M) reported full year figures in line with the recent trading statement. Revenues were 1% higher at Â£83.1m, while the company returned to profit. Founder Andrew Wass will focus on growth strategy and Gareth Bevan will take over as chief executive. The new strategy involves continued investment in the platform, enhancing the product range and diversifying channels to market. This year, pre-tax profit is expected to improve from Â£1.1m to Â£2.8m.

Renewable energy company SIMEC Atlantis Energy (SAE) generated cash in 2023 due the sale of the Uskmouth energy storage project and ongoing revenues from MeyGen tidal project. Net debt was reduced from Â£54.1m to Â£50.6m, with the majority of debt in the MeyGen project, which is set to be expanded. Core company debt was Â£13.7m, before the subsequent receipt of Â£7m from a land sale. This puts the company in a strong position make further energy storage project investments.

Giftware and stationery manufacturer IG Design (IGR) continues to improve margins. Revenues declined 11% to $00m, while pre-tax profit increased from $9.2m to $25.9m. The decline was in North America. Lower margin business was not continued, and progress was made despite the economic conditions. Net cash was $95.2m. The company is stopping manufacturing in China.

AIM-quoted investment company Braveheart Investment (BRH) increased its stake in thermal insulation and acoustic material manufacturer Autins Group (AUTG) from 26% to nearly 27%. Autins interim revenues improved slightly to Â£11.7m and cost savings reduced the loss, but it was still Â£466,000. Second half sales are likely to decline in the UK because of changes in customer order mix and there is a halt in production at a European EV manufacturer. Flooring sales are weak.

Battery technology developer Gelion (GELN) has signed a joint development agreement with natural resources company Glencore International. The two companies will assess the suitability of Gelion technologies for use in Glencoreâ€™s stationary or mobile applications and pilot any opportunities. There will also be an assessment of strategic supply of materials to Gelion and future recycling.

Sanderson Design (SDG) is still finding the UK consumer market tough. Brand revenues have declined, and UK sales are 14% lower in the initial five months of the financial year. Manufacturing revenues are flat. Singers has downgraded its 2024-25 pre-tax profit forecast from Â£12m to Â£7.8m, which is not much higher than the figure for 2020-21. Net cash could fall to Â£10m.

Duke Capital (DUKE) says some investee companies have not been paying the expected amounts to the company. This has led to a decline in valuations of investments in the balance sheet. This is particularly the consumer-related investments. Total cash revenues were Â£30.3m in the year to March 2024, helped by three exits from investments. However, the fourth quarter recurring cash revenues fell to Â£5.8m, from Â£6.3m in the previous quarter. NAV is 39.8p/share.

Cosmetics supplier Warpaint London (W7L) expects interim revenues to be Â£46m, up 26%. First quarter revenues were 28% higher. There is a second half weighting to trading and new customers have been added. Freight costs are rising.

Nasdaq has sent two written notices to Renalytix (RENX) because the ADS price has fallen below $1 for at least 30 consecutive days. It is also below the minimum market valuation of $50m. Renalytix will appeal the determination that trading in the ADSs will be suspended on 2 July and they will subsequently be kicked off Nasdaq. Management will present a plan to become compliant again.

R and Q Insurance Holdings (RQIH) has sold Accredited to Onex Partners for $420m. Prior to that Inceptum was sold for Â£11.25m. Teneo has been appointed as provisional liquidator of R and Q.

Live Company Group (LVCG) is continuing discussions with a cornerstone investor to provide cash required because of the shortfall at the Brick Live division. A KPOP event in Germany is being promoted alongside the cornerstone investor. The 2023 accounts will not be published by the end of June, so trading in the shares will be suspended 1 July.

Secure payments technology developer PCI-Pal (PCIP) has settled all its patent litigation with Sycurio in the UK and US. The settlement is confidential.

MAIN MARKET

Kitchenware retailer ProCook Group (PROC) has returned to profit. In the year to March 2024, revenues were flat at Â£62.6m, while a loss of Â£200,000 was turned into a pre-tax profit of Â£1m. The number of active customers increased from 991,000 to 1.05 million. Net debt was reduced Â£700,000. Like-for-like sales are 3.5% ahead in the latest quarter.

Harworth Group (HWG) is raising Â£106m from the sale of land at Skelton Grange, which is more than double book value.

IT services provider Triad (TRD) fell into loss in the year to March 2024. Staff were retained ahead of securing work for them. Cash fell to Â£2.1m. The total dividend was maintained at 6p/share.

AIM 50 Digest 28 June 2024

BY: Andrew Hore |
POSTED: 01/07/2024 |

Electrical accessories manufacturer Volex (VLX) benefited from strong performances in the off-highway and complex industrial technology in the year to March 2024. Destocking hit some parts of the business. This more than offset declines in consumer and EV revenues. Overall, revenues rose from $723m to $913m. Underlying pre-tax profit increased from $45.8m to $51.6m. The dividend was raised from 3.9p/share to 4.2p/share. All divisions are expected to grow revenues this year. Pre-tax profit could improve to $64m.
=====
Keywords Studios (KWS) says that it would back a 2450p/share bid from EQT. Keywords Studios says that there could be a dip in organic revenues in the first half, although overall growth is set to be 7%. There should be growth for the year as a whole.
=====
Tatton Asset Management (TAM) continues to impress with its growth in assets under management. They rose from Â£12.7m to Â£16.6m and the target is Â£15bn by March 2027. Pre-tax profit increased from Â£16m to Â£16.8m, while the dividend was raised from 14.5p/share to 16p/share. Net cash was Â£24.8m at the end of March 2024.
=====
Pubs operator Young and Co (YNGA) increased full year revenues by 5% to Â£388.8m. Underlying earnings dipped from 64.3p/share to 63p/share. The dividend was raised 6% to 21.76p/share. Net debt more than doubled to Â£359.6m following the acquisition of City Pub Group. Like-for-like growth of managed pubs has been 2.4% in the past nine weeks.
=====
Revenues and profit declined at floorcoverings supplier Victoria (VCP), although there was a small fall in net debt to Â£951.3m. UK volumes slumped. The pre-tax profit fell by nearly two-thirds to Â£27.2m. There is more to come from improving efficiency and pre-tax profit could bounce back to Â£42.8m this year.
=====
Vertu Motors (VTU) is gaining market share in new vehicle sales and used car prices are stable in the current financial year. However, new vehicle margins have slipped due to a change in mix. After sales revenues are 10% ahead.
=====
Market research company YouGov (YOU) has recovered 2.95% to 453p following yesterdayâ€™s trading statement, but it is still 45% lower this week. Sales bookings are disappointing since the interims were reported. There is also a change in revenue recognition for consumer panel services that delays some revenue into next year. Full year revenues will be approximately Â£324m-Â£327m and underlying operating profit will be Â£41m-Â£44m.
=====
Next 15 Group (NFG) is also finding trading tough. The marketing services provider is still generating organic growth in some parts of the business, but there are contract delays. Government and technology business is particularly weak. Trading should improve in the second half.
=====
Serica Energy (SQZ) has maintained its production target at 41,000-46,000 barrels of oil equivalent/day and costs of $20/barrel are being targeted. The Â£15m share buy back has been completed.
=====
Polar Capital Holdings (POLR) grew assets under management from Â£19.2bn to Â£21.9bn in the year to March 2024. There has been a further net inflow of Â£197m since the year end. The total dividend is maintained at 46p/share.
=====
Alliance Pharma (APH) has finally released its 2023 results and there is no dividend. Underlying pre-tax profit improved from Â£30.3m to Â£31.5m. That was before write downs of some of its products. They total Â£79.3m, which includes a Â£46.4m reduction in the valuation of Amberen and a Â£10.3m fall in value of Nizoral. Net debt declined from Â£102m to Â£91.2m.
=====
Fintel (FNTL) has conditionally agreed to acquire compliance services provider Threesixty Services. It has more than 900 independent financial advisers and wealth managers as clients.
=====
Learning Technologies Group (LTG) has sold the VectorVMS for $50m in cash. Last year, it made an operating profit of $7.1m.
=====
RWS (RWS) chairman Julie Southern acquired 2,547 shares at 196.3p each and 2,529 shares at 197.8p each. That more than doubled her stake to 9,076 shares. The initial purchase of 4,000 shares was in June last year at 258p each following the previous yearâ€™s interims. Michael Spencer raised his stake in Pantheon Resources (PANR) from 7% to 8.11%. Four directors of CVS Group (CVSG) bought shares at the end of June.

Quoted Micro 24 June 2024

BY: Andrew Hore |
POSTED: 24/06/2024 |

AQUIS STOCK EXCHANGE

Brewer Daniel Thwaites (THW) increased full year revenues by 6% to Â£115.5m. The main growth was in the pubs and inns division. Operating profit before property disposals improved 4% to Â£11.3m. The interim dividend was raised from 0.75p/share to 0.85p/share. Net debt increased from Â£66.7m to Â£70.8m at the end of March 2024. The pension surplus rose to Â£34.9m.

Adnams (ADB) is outperforming the market in terms of beer sales and volumes. Funding plans are still being assessed.

Marula Mining (MARU) is seeking admission to the Growth Enterprise Market Segment of the Nairobi Securities Exchange in July. This will provide access to institutional investors in Kenya. Initial spodumene sales of 500 tonnes have been made from the Blesberg site. The export sales process will complete in the next four weeks. Minimum sales target of 10,000 tonnes should be achieved for 2024. Other buy-products could be sold later in the year.

Cooks Coffee (COOK) says the Esquires store sales increased by 24% in the first ten weeks of the financial year. The rate of growth is faster in the UK than in Ireland, although like-for like growth was faster in Ireland.

At the end of 2023, Evrima (EVA) had net assets of Â£1.02m, down from Â£1.77m at the end of 2022. Evrima is ready to capitalise on natural resources opportunities.

Tap Global Group (TAP) has launched its US service via its joint venture with Zero Hash. This operates a B2B2C crypto and stablecoin infrastructure platform and the US users will get access to a core suite of services to trade bitcoin and other digital assets.

EDX Medical (EDX) is launching comprehensive hereditary germline cancer testing products and services. These will predict if family members are more at risk of contracting cancer. The first test identifies mutations in 70 genes associated with cancers.

Invinity Energy Systems (IES) has secured the sale of a 4.4MWh vanadium flow battery to PowerFlex in the US and it will help to underpin the 2024 forecast revenues of Â£37.3m. Â The deal is for California where there is significant demand for storage batteries.

The Mustang Energy acquisition of Cykel AI (LON: CYK) should complete on 26 June.

Health food company Essentially Group (ESSN) has received approval for the listing of $25m of 12% fixed rate notes 2027 on the Vienna MTF. This cash will fund capital investment.

EPE Special Opportunities (EO.P) had net assets of 354.89p/share.

Skin treatments developer Incanthera (INC) has completed the recent fundraising at 15p/share. Unicorn Asset Management has taken a 11.4% stake.

TruSpine Technologies (TSP) chairman Geoffrey Miller has increased his stake from 8.24% to 9.22%. Another shareholder transferred 1.5 million shares at 1.5p each.

All Things Considered (ATC) has appointed Allenby as corporate adviser and broker.

AIM

Medical technology company AOTI Inc (LON: AOTI) has developed products that help to heal wounds by focusing oxygen on chronic wounds. These can include diabetic foot ulcers and pressure ulcers. It joined AIM last Tuesday and raised Â£19.5m at 132p/share, but Â£6m of that went on expenses. There were also shares sold by existing investors. The share price ended at 136p. Revenues are growing at an annual rate of 38% and reached $43.9m in 2023.

Market research company YouGov (YOU) says sales bookings have been lower than expected since the interims were reported. Full year revenues will be approximately Â£324m-Â£327m and underlying operating profit will be Â£41m-Â£44m. There is reduced demand for fast-turnaround research. There will also be a change in revenue recognition for consumer panel services that delays some revenue into next year.

Longboat Energy (LBE) is selling its assets in Norway for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in the main asset, which is the 52.5% owned Kertang gas prospect, offshore Sarawak. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. Chair elect James Menzies has bought one million shares at 9.75p each.

Full year results from Pennant International (PEN) achieved the expected recovery in 2023 pre-tax profit to Â£1.3m. Higher software income has helped margins to improve. The Gen 3.0 software launch this year has already led to a major contract gain. There is strong activity in the defence sector, but the timing of business is uncertain so a dip in pre-tax profit to Â£1.2m is forecast for this year.

There is a rival to the Checkit (CKT) indicative offer for Crimson Tide (TIDE), which has been rejected despite an increase in the bid from seven shares to nine shares for each Crimson Tide share. Former AIM company Ideagen has offered 312p/share for Crimson Tide, which is being considered.

Training services provider Mind Gym (MIND) reported an 18% decline in revenues and a slump into loss in the year to March 2024 and revenues are expected to continue to decline this year. Clients are putting off spending on developing the skills of employees. There was a loss of Â£12.1m after exceptional costs of Â£8.9m. There was a Â£6.6m write down on digital assets, restructuring costs of Â£1.8m and a Â£500,000 impairment of a US office lease. At the end of March 2024, cash was Â£1.4m. Liberum expects the underlying loss will be reduced from Â£3.3m to Â£1.7m in 2024-25. The new chief executive is updating strategy through further productisation of services.

Kibo Energy (KIBO) has simplified its restructuring plan. It is raising Â£340,000 at 0.01p each and creditors will convert Â£274,000 at the same share price. This replaces the Â£500,000 placing at 0.015p/share. Cobus van der Merwe will become an executive director and Clive Roberts a non-exec. Louis Coetzee is leaving the board.

Concurrent Technologies (CNC) has won its largest single contract worth $4.5m. The company will supply multiple standard plug-in cards to a major US defence and aerospace contractor. The lifetime value of the contract could be $40m. The income should begin this year, but the full benefit will come through in the future.

Crossword Cybersecurity (CCS) has signed a partnership to jointly market its Rizikon supply chain cyber platform. The deal is with a UK subsidiary of a global aerospace and security company. The focus is sub-sectors within the UK critical national infrastructure market. There is potential to generate several million pounds over the next few years.

Active Energy Group (AEG) dived because it intends to leave AIM and go into liquidation. There is no suitable offer for the CoalSwitch assets, but some discussions continue. Even so, shareholders are unlikely to get anything from the liquidation. Trading in the shares will be suspended on 1 July because the 2023 accounts will not be ready. Assuming the general meeting agrees to the proposals the AIM quotation will end on 23 July.

R&Q Insurance Holdings (RQIH) says that it intends to accept the alternative proposal from the buyer of Accredited. This means that the company will go into liquidation.

Geological information publisher Getech (GTC) reported a rise in loss from Â£3.1m to Â£3.6m in 2024. Getech has refocused on its core business because it does not have the financial strength to develop hydrogen products. The first four months trading in 2024 has improved by 17%, but the cash outflow needs to be stemmed. There was Â£400,000 in cash at the end of 2023, supplemented by a property sale in January raising Â£650,000. There is another property valued at Â£850,000. Cavendish believes Getech could break even this year.

Seed Innovations (SEED) has Â£3.9m in cash following the special dividend payment. The main investments are in Juvenescence, Avextra and Clean Food Group, all of which are biotech or cannabis related businesses. There are seven investments with valuations with two written down to nil.

MAIN MARKET

Chamberlinâ€™s financial failure has provided an acquisition opportunity for Castings (CGS) which has paid Â£400,000 for the assets and inventory of Russell Ductile Castings. That is well below the previous book value. The foundry is based in Scunthorpe, where there is a 25-year lease, and it makes castings from 10kg to 7,000kg in iron and 10kg to 1,000kg in steel. Management believes they can maintain the customers, which diversify the business into new sectors making it less dependent on heavy trucks.

Advanced Energy Industries Inc has decided not to bid for power controllers supplier XP Power (XPP).

Quoted Micro 17 June 2024

BY: Andrew Hore |
POSTED: 16/06/2024 |

AQUIS STOCK EXCHANGE

Samarkand (SMK) has sold its probiotic brand of Probio7 for Â£1.3m with an initial cash payment of Â£1.1m. This will provide working capital for the companyâ€™s other healthcare brands. Unsecured loans made by the directors to finance the acquisition of Optimised Energetics will be repaid.

Skin treatments developer Incanthera (INC) has moved up to the Apex segment following its recent rise in valuation. The appointment of John Howes as an additional independent non-executive director has also enabled the switch.

OTAQ (OTAQ) has won a contract with Irelandâ€™s Seafood Development Agency for two Live Plankton Analysis System (LPAS) units to be installed and generate rental income until the end of 2024. One will be deployed with a seafood producer that has encountered Harmful Algae Bloom events. The system can identify the algae.

Oberon Investment (OBE) improved revenues by more than 50% in the year to March 2024 with strong financial planning income. The capital markets division had a tougher time, but activity levels are improving. Additional teams were added to the business, and they will generate additional revenues in 2024-25. Like-for-like growth could be more than 30% this year. There could be potential to spin-off fintech software business Logic.

Metals recycling company Majestic Corporation (MCJ) increased 2023 revenues by one-quarter to $29.4m. Pre-tax profit is 149% higher at $1m. There was cash of $653,000 at the end of 2023. The company is expanding into solar and battery materials.

Global Connectivity (GCON) 15%-owned associate Rural Broadband Solutions increased its stake in Voneus from 38% to 41% following the latest capital injection of Â£18m. The book value of the original 25% stake had been valued at 1.8p/share, so it is much higher now.

Kasei Digital Assets (KASH) has invested $100,000 into Rule 110 Inc for its seed and strategic funding round for the launch of the RealityNet protocol. This protocol enables users to rent out unused computing resources on their devices to the rest of the network.

Phoenix Digital Assets (PNIX) says 662.5 million shares were tendered by the close of the offer, but 625 million shares were accepted at a cost of Â£33.7m (5.39p each).

Tunch Kashif has reduced his stake in ChallengerX (CXS) from 17.9% to 6.9%. Flash Corp Technologies sold nearly all its 6.82% shareholding. Kenneth Jolly has taken a 4.73% stake. Geoffrey Miller has reduced his stake in TruSpine Technologies (TSP) from 9.03% to 8.24%. AIM-quoted Vela Technologies (VELA) has reduced its stake from 4.3% to 3.92%. Kevin Hastings has a 3.08% stake in Marula Mining (MARU). James and Alexandra Pace have a 3.01% stake in brewer Shepherd Neame (SHEP).

AIM

Linear generator technology developer Libertine Holdings (LIB) has terminated the formal sales process because it does not believe that there will be an offer by mid-June. There is still the prospect of a Â£2m cash injection at 2.1p/share from two Middle East investors. One of the investments would last the company until September and the full amount of money should last until June next year. There are still conditions that need to be satisfied and if it does not happen in the next couple of weeks then the quotation may be cancelled, and the business wound down.

R&Q Insurance Holdings (RQIH) is still trying to complete the sale of its Accredited business. Costs are mounting up as talks continue with regulator and other parties and it is hampering the overall business. This has hit the financial stability of the business. There could be an alternative to the original Accredited deal, but that involves the liquidation of the holding company. Slater Investments has reduced its stake from 11.7% to 10.3%.

NWF (NWF) says that 2023-24 trading is in line with expectations. Fuels volumes improved even though there was a mild winter. Margins did fall back. Food distribution was the strongest performer even though opening costs for the new facility held back the profit contribution. Feed volumes fell. Net cash was Â£10m at the end of May 2024.

Insurance businesses investor BP Marsh (BPM) has launched a new share buyback programme of up to Â£1m following annual results. In the year to January 2024, pre-tax profit improved from Â£27.6m to Â£43.6m. This was predominantly due to disposals of stakes in Kentro Capital and Paladin Holdings. There was Â£40.4m in cash, plus Â£49.5m of assets that were sold after the year-end, at the end of January 2024. NAV increased by 102.8p/share to 629p/share.

Landore Resources (LND) has raised Â£3.68m at 2.4p/share with strategic investor Luso Global Mining, a subsidiary of Mota-Engil, subscribing Â£1m. Alexander Shaw, who is the boss of the new investor will become chief executive of Landore Resources. The cash will fund drilling at the BAM gold project at Junior Lake in northwestern Ontario.

Helium One Global (HE1) has raised Â£8m at 0.5p/share. This will finance the deepening of Itumbula West-1well and the extended well test, as well as the development of the helium project in Tanzania. The extended well test should start in the third quarter.

Deltic Energy (DELT) has been unable to find a partner for the Pensacola project in the North Sea. This means that Deltic Energy cannot finance its share of the development costs and it is withdrawing from the licence and transferring its 30% share to Shell and ONE-Dyas. Canaccord Genuity has reduced its NPV10 target price to 100p.

The latest drilling results for the Basin lithium project means that Bradda Head Lithium (BHL) is nearer to receiving a significant royalty payment from the LRC. The latest mineral resource estimate is being calculated and it should be much higher than the current figure of 1.08MT of LCE. The figure could be tripled in the next few weeks.

Kibo Energy (KIBO) is not going ahead with last weekâ€™s planned restructuring and new strategy after consultation with shareholders. Not all the board changes will be made, and Kibo Energy is likely to focus more on oil and gas.

MAIN MARKET

The current board of Tirupati Graphite (TGR) managed to see off the requisitioners at the general meeting. It won all the resolutions by gaining around 48 million votes compared with around 38 million for its opponents. Michael Lynch-Bell has been appointed as chairman. This does not change the companyâ€™s financial predicament, which will have to be addressed before the company focuses on its â€œlong-term ambition of providing 8% of the world’s global flake graphite demand by 2030â€.

Castings (CGS) will not be able to maintain the strong performance of last year. In the year to March 2024, underlying pre-tax profit improved from Â£16.7m to Â£21.3m. Demand for heavy trucks has passed its peak and that will hit volumes. There can be a cyclicality to the demand and Castings will continue to be a strong cash generator. There will be a 7p/share special dividend and the shares go ex-dividend on 20 June. The normal final dividend of 14.19p/share will be paid one month later.

Palace Capital (PCA) is launching a tender offer for shares at 250p each. It will spend up to Â£21.7m.

==========

SMALL CAP AWARDS 2024

Company of the year

IQGeo (IQG)

Aquis company of the year

Equipmake

IPO of the year

Onward Opportunities (ONWD)

ESG of the year

Eden Research (EDEN)

Transaction of the year

Journeo (JNEO) â€“ MultiQ acquisition

Technology company of the year

Kooth (KOO)

Dividend hero/ Investor relations success

Cohort (CHRT)

Diversity, inclusivity and engagement

TPXimpact (TPX)

Executive director of the year

Chris Smith â€“ McBride

Analyst of the year

Charles Hall â€“ Peel Hunt

Broker of the year

Cavendish Capital Markets

Lifetime achievement

David Stirling

AIM 50 Digest 14 June 2024

BY: Andrew Hore |
POSTED: 16/06/2024 |

Language and IP services RWS (RWS) reported a 4% decline in interim revenues to Â£350.3m, while pre-tax profit slumped from Â£54.4m to Â£45.6m. Most of the group improved revenues, but regulated industries business was lower due to larger pharma clients cutting costs and work was reduced in financial services. The interim dividend has been raised 2% to 2.45p/share. There was a move from net cash to net debt of Â£38.9m at the end of March 2024. The second half should be stronger. The departing chief executive Ian El-Mokadem has bought 5,000 shares at 176.4p each.
=====
Engineering services provider Renew Holdings (RNWH) has found its initial target for its move into the electricity transmission sector. It is paying up to Â£26m for Excalon, which provides construction services for high voltage and extra high voltage infrastructure. The company has framework agreements with electricity distributors. The next five-year funding cycle for distribution network operators is worth Â£22.3bn.
=====
Pantheon Resources (PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development.
Pantheon Resources is making the quarterly principal and interest payment on its convertible bonds by issuing shares worth $2.72m at 36.4 cents each. Ther has also been $3.36m raised at the same share price. Management is hopeful that the gas sales agreement will enable further funding without dilution. It will cost up to $85m to get to the final investment decision for Ahpun.
=====
Cloud computing and hosting services provider Iomart (IOM) reported revenues 10% higher at Â£127m. The main growth came from cloud managed services. Easyspace revenues were flat, while self-managed infrastructure revenues dipped slightly. Underlying pre-tax profit edged up to nearly Â£15m, following an increase in finance costs. A higher tax charge meant that the dividend was cut from 5.44p/share to 4.94p/share. The operations have been streamlined and integrated and they are generally selling under one brand. This has enabled management to target larger acquisitions that can be slotted into the group. They should have annual revenues of more than Â£10m. There is a debt facility of Â£100m and there is headroom in that facility of around Â£75m.
=====
IDOX (IDOX) grew first half revenues by more than one-fifth to Â£43.1m, although like-for-like growth was more modest when the Emapsite acquisition is excluded. The document management and geospatial services provider is on course to maintain pre-tax profit at Â£15.8m, before the benefits of recent investment show through in profit growth.
=====
Cavendish has upgraded its forecast for plantations operator MP Evans (MPE) following the AGM. In the first five months of the year, there was an 8% increase in fresh fruit bunches processed to 631,400 tonnes. There was 147,500 tonnes of crude palm oil produced, which is nearly two-fifths of the full year estimate. The 2024 adjusted earnings forecast has been raised from 108p/share to 110.6p/share.
=====
Identity services provider GB Group (GBG) reported flat full year revenues of Â£277.3m, although the adjusted operating profit improved from Â£59.8m to Â£61.2m. Net debt was Â£80.9m at the end of March 2024 and the dividend was raised 5% to 4.2p/share. There is improved momentum in the current financial year with mid-single digit revenues growth and a slightly higher growth rate in profit anticipated.
=====
Fevertree Drinks (FEVR) says revenues are growing this year and it is on course to achieve full year expectations. Strong growth is expected in the rest of the world.
=====
ITM Power (ITM) expects 2023-24 revenues to be in the range of Â£16m to Â£16.5m, which is treble the previous year. Net cash was Â£230m at the end of March 2024.
=====
Central Asia Metals (CAML) has completed an initial Â£3m investment in Aberdeen Minerals giving it a 28.7% shareholding.
=====
SigmaRoc (SRC) has exercised its call option to buy the Polish lime assets of CRH for Euro100m.
=====
WIIT has decided not to make an offer for Redcentric (LON: RCN). Shareholders have approved the bid for Lokâ€™nStore (LOK).
=====
Cag Vega has taken a 9.76% stake in Vertu Motors (VTU), while Cinch has sold its 9.04% stake. DBAY Advisers has increased its stake in Alliance Pharma (APH) from 24.1% to 28%. Van Lanschot Kempen Investment Management has cut its stake from 9.9% to 5.09%.
=====
Joint chief executive Neil Stevens has sold 750,000 shares in Fintel (FNTL) and Matt Timmins sold 250, off shares at 297.5p each. They hold 2.67% and 3.33% respectively. Serica Energy (SQZ) interim chief executive David Latin bought 14,500 shares at an average price of 144.7132p/share and finance director Martin Copeland bought 11,000 shares at 145.1484p each. Big Technologies (BIG) finance director Daren Morris has sold 50,000 shares at 168p each.

Quoted Micro 10 June 2024

BY: Andrew Hore |
POSTED: 10/06/2024 |

AQUIS STOCK EXCHANGE

Skincare treatments developer Incanthera (INC) says the first production order for its Skin + CELL products from Marionnaud has been doubled to 100,000 units. The launch will be in September. The previous figure was already higher than the initial order and the revenues from the order will be Â£4m. Future production orders could be even larger. This will help group revenues for the year to March 2025 to be more than Â£10m. This has enabled Incanthera to raise Â£4.1m from a share issue at 15p/share to cover additional working capital. Lupus treatment developer ImmuPharma (IMM) raised Â£1.5m from the sale of its 9.98% stake in Incanthera, which was valued at Â£600,000 at the end of 2023, although it retains warrants.

TruSpine Technologies (TSP) is talking to several potential commercial partners for its medical device technology, where the regulatory process is ongoing. The new board has improved relations with the inventor of the spinal stabilisation device IP. The investor relations website has been relaunched and a new medical advisory board will be put in place.

CBD products supplier Voyager Life (VOY) says another potential merger has fallen through. This follows the ending of the Northern Leaf deal. This has left Voyager Life short of cash. The business operations are being reviewed and there are talks about funding. The company has been winning new business and there are signs of an improvement in the retail stores.

RentGuarantor (RGG) increased full year revenues by 79% to Â£741,000. The rent guarantee services provider says arrears were 2.32% in 2023. The loss increased from Â£911,000 to Â£1.23m, after a Â£358,000 charge for the revaluation of the convertible loan note.

First Sentinel has resigned as corporate adviser of ChallengerX (CXS) and the shares have been suspended. ChallengerX is progressing with a potential acquisition, and it is required to appoint a new corporate adviser.

Helium Ventures (HEV) says that a shareholder in Trackimo is challenging the issue of a 19.4% stake to the Aquis company.

Invinity Energy Systems (IES) has leased an additional manufacturing facility in Motherwell. This should become operational in the third quarter and capacity should be more than 500MWh of energy storage per year. The Bathgate facility will also be upgraded.

KR1 (KR1) has invested $1m into the Avail Web3 infrastructure project in return for 12.5 million AVAIL tokens.

Video capture technology company Visum Technologies (VIS) has entered exclusive non-binding heads of terms for a licence agreement with Makeabl, which has developed cloud/app technology. This would be licensed in North American and European markets and help Visum Technologies to access new markets.

BWA Group (BWAP) has completed reconnaissance drilling at the Dehane 2 rutile sands project in Cameroon. The results were encouraging. Oberon Capital has been appointed as broker.

Arbuthnot Banking Group (ARBB) has completed the renewal of its subordinated loan, which is classified as Tier 2 capital. The loan was increased by Â£1m to Â£26m and lasts until June 2034.

Psych Capital has changed its name to Shortwave Life Sciences (PSY).

AIM

Destocking hit the interim figures of Gooch & Housego (GHH) and pre-tax profit slipped from Â£4.7m to Â£2.6m on a 1% decline in revenues to Â£63.6m. This excludes the loss making EM4 defence business sold earlier this year. The dividend was edged up by 0.1p/share to 4.9p/share. Net debt increased to Â£22.2m. The destocking was primarily in industrial and medical sectors. Industrial remains the largest generator of revenues despite a 13% decline. There was not a recovery in the semiconductor sector as expected. The subsea cable market was strong. There was a reduction in the aerospace and defence division loss on higher revenues, but it still needs to improve manufacturing efficiency.

GRC International (GRC) is recommending an 8p/share cash bid from Bloom Seed Bidco, which values the cybersecurity company at Â£8.6m. The bidder is a vehicle for technology investor Bloom, which can provide increased financial backing for the business. GRC joined AIM in 2018 at a time when there was investor interest in the cybersecurity sector. The flotation valuation was Â£40.2m at 70p/share. GRC has been loss making and never moved into profit.

Pawnbroker Ramsdens (RFX) reported interims showing the expected progress. Precious metals revenues were strong, although margins dipped. Pre-owned jewellery sales offset weaker watch sales. The contribution from each main division was higher. Interim revenues were 12% ahead at Â£43.8m, while pre-tax profit improved from Â£3.68m to Â£3.99m. The dividend was raised by 9% to 3.6p/share.

Strip Tinning (STG) has won a battery technologies contract from a German automotive motion technology manufacturer, that could have a lifetime value of Â£43m. This is for a cell contact system for battery pack modules for a US customer. This has already generated Â£1.7m in pre-production work. Production supply will start in the fourth quarter of 2025 with further pre-production revenues of Â£1m ahead of that time. There will be additional investment in engineering resources. Demand for glazing products has weakened and copper prices are rising. There will be a trading statement on 16 July.

Power Metal Resources (POW) has secured a Â£2m loan note investment from ACAM, which is also negotiating a uranium-focused joint venture, which would include all of Power Metalâ€™s uranium licences. This would mean that the flotation of Uranium Energy Exploration will not happen â€“ that has already cost Â£500,000 â€“ and neither will previously proposed disposals. There would be a Â£10m investment in Power Metal Resources Canada so that ACAM would have a 70% stake. The loan notes bear interest of 10%/year and there will be 13.3 million warrants issued that are exercisable at 15p each.

Empire Metals (EEE) considers further positive exploration results as a major development for the Pitfield prospect. There is rutile at surface, and it should be easy to mine. Titanium dioxide mineralisation gets more prevalent at lower depths. This should improve project economics.

Pantheon Resources (PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development.

Jadestone Energy (JSE) says the Akatara gas processing facility, onshore Indonesia, is approaching final commissioning. The first gas should be processed in around a fortnight. Gas and LPG sales will start soon after that. The workover campaign on five Akatara wells has completed, and they will provide gas for the facility.

Seed Innovations (SEED) has completed its share buyback programme. This used up Â£510,000 on top of the Â£2m dividend. That followed the disposal of its Leaf Gaming stake for Â£2.4m. There has been a 11.6% share price decline so far this year, but that is not adjusted for the 1p/share special dividend.

Maritime systems developer SRT Marine Systems (SRT) admits that two coastguard contracts are unlikely to reach their project revenue milestones in the 15 months to June 2024. The largest contract is dependent on the completion of an inter-government loan. There should Â£45m of income recognised when this is finalised. Once the other contract is verified it should enable Â£9m to be recognised. Transceivers revenues have grown, and total revenues are expected to be Â£14m in the 15-month period. The six-month figure was Â£5.5m with no contribution from systems.

Hercules Site Services (HERC) reported a one-third increase in interim revenues to Â£48.8m as it continues to win additional contracts to supply construction staff. It moved back into profit in the period. The new training academy is up and running.

The Mission Group (TMG) has responded to the revised bid proposal of 13.9 Brave Bison (BBSN) shares for each share in the advertising and marketing services company. The board still believes that the bid does not reflect the underlying value of the business, but it is evaluating the bid.

Hostels operator Safestay (SSTY) has acquired a property in Brighton from the University of East Sussex for Â£2.275m. This will be converted into a 220 bed premium hostel. It is 600 metres from the sea front and will cost Â£1m to convert. Shore Capital has been appointed nominated adviser and broker. Safestay reported full year revenues 18% higher at Â£22.5m. EBITDA rose 15% to Â£6.8m. NAV was 50p/share.

Restaurants operator Tasty (TAST) gained court approval of its restructuring plan on Tuesday afternoon. Tasty has got out of the leases of 23 sites. This leaves 38 restaurants, which are predominantly the Wildwood brand. This should improve EBITDA by up to Â£2.1m between 2023 and 2025.

Clontarf Energy (CLON) has failed to move through to the next stage of the bids for the seven priority salt pans in southern Bolivia because of its offtake partnerâ€™s poor credit rating. Management hopes that it can argue the case that the credit rating is not relevant.

Mosman Oil & Gas (MSMN) is paying $500,000 for a 10% interest in a US helium project in Las Animas County, Colorado. This is an area with known helium deposits. There are five helium prospects and a well will be drilled for each of them. The sale of oil and gas asset will help finance the move into helium.

WIIT has decided not to make an offer for Redcentric (RCN).

MAIN MARKET

Credit provider S and U (SUS) says that its first quarter profit has fallen by one-third because of higher provisions due to lack of regulatory clarity.

Like-for-like sales at Hostmore (MORE) have fallen by 10%, but profitability has improved. Net debt is set to peak in the third quarter. The acquisition of TFI Fridays is progressing and the formal agreement should be signed shortly.

Motor dealer Caffyns (CFYN) has cut its dividend by one-third to 5p/share because it slumped into loss last year. There were property value write-downs.

Chill Brands (CHLL) shares have been suspended because of allegations relating to the use of insider information and concerns about commercial arrangements. This means that the board cannot provide accurate information about its financial position.

Oxford Cannabinoid Technologies (OCTP) has left the standard list.

Quoted Micro 3 June 2024

BY: Andrew Hore |
POSTED: 02/06/2024 |

AQUIS STOCK EXCHANGE

Time to ACT (TTA) has joined the Aquis Stock Exchange and plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. It uses axial flux technology that utilises ferrite magnets, which are less expensive. It is also copper-free and uses aluminium instead. The share price ended the week at 50p.

Arbuthnot Banking Group (ARBB) has decided to pay a special dividend of 20p/share on top of its interim dividend of 20p/share, up from 19p/share in 2023. The two dividends will be paid at the same time on 20 June.

Digital assets investor KR1 (KR1) had net assets of 95.43p/share at the end of April 2024. Celestia accounts for 34.2% of the portfolio and Polkadot for 14.3%. There was Â£1.16m of income generated from digital assets during the month.

Marula Mining (MARU) has signed an offtake agreement with Fujax UK for manganese ore production from the Larisoro mine in Kenya. The agreement covers an initial 2,000 tonnes of manganese ore with further minimum monthly deliveries of 5,000 tonnes, but nominal monthly sales of 20,000 tonnes/month for 12 months. Deliveries have started. Assay results from Larisoro show an average grade of 35.73% manganese.

Unigel Ltd (UNX) increased full year pre-tax profit from Â£442,000 to Â£815,000 on revenues improved from Â£18.8m to Â£28.5m. Although this is not like-for-like. There was a like-for-like decline in profit. The manufacturer of telecom fibre optic cables materials says its market declined last year. There are signs of recovery.

Valereum (VLRM) chairman James Formolli has subscribed Â£2m for shares at 3.6p each. Instead of warrants he will receive 15 million GATE tokens. Valereum has signed a strategic partnership with Securities Trading Technology Mauritius to improve Valereumâ€™s core technology. The focus is Bridge Digital FMI, the companyâ€™s blockchain digital financial markets infrastructure.

Apollon Formularies (APOL) shares slumped 70% to 0.0075p after shareholders voted in favour of leaving Aquis.

Capital for Colleagues (CFCP) reported an interim pre-tax profit of Â£985,000, up from Â£933,000. NAV was 87.32p/share at the end of February 2024. A 2p/share dividend has been subsequently paid.

BrightGrow SSAS has a 7.08% stake in investment company Gledhow Investments (GDH), which reported a decline in net assets from Â£1.6m to Â£1.3m, including cash of Â£217,000, at the end of March 2024.

Cooks Coffee (COOK) increased full year group revenues by 19% to NZ$4.7m. Growth was in the South and eastern England. Four new stores have opened in UK and one in Ireland in April and May. In the past eight weeks, UK store sales were 27.3% higher.

Vinanz Ltd (BTC) is launching a new Bitcoin mining centre in Iowa, where 85% of electricity supply will come from renewables. An order for 20 Bitmain Antminer S19J Pro+ 120TH bitcoin miners. More will be ordered once these are up and running efficiently. Vinanz generated income of Â£200,000 in the six months to February 2024, while revaluation of assets and disposal gains enabled Vinanz to make a pre-tax profit of Â£175,000.

Super Seed Capital (WWW) improved NAV by 5p/share to 116p/share in the first quarter of 2024. The company expects to make up to three new investments in the second quarter.

Chairman Geoffrey Miller has increased his shareholding in TruSpine Technologies (TSP) from 7.24% to 9.03% after he acquired 2.5 million shares at 1.5p each from LCS. AIM-quoted Vela Technologies (VELA) has cut its stake from 9.9% to 4.3%. Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 24.1%.

S-Ventures (SVEN) has delayed the announcement of its figures for the 15 months to December 2023 because the audit will not be completed by the end of June.

AIM

Cancer treatments developer Extruded Pharmaceuticals reversed into Amur Minerals Corporation to form CRISM Therapeutics Corporation (CRTX) on 31 May. According to the admission document, the estimated value of the company after the acquisition would be Â£7.5m at 23p/share following a one-for-160 share consolidation. That valued the all-share acquisition of Extruded Pharmaceuticals at Â£5.5m. The opening price was 24p, but it ended the day at 11.5p.

Digitisation services provider TPXimpact (TPX) says 2023-24 revenues were slightly above expectations at Â£84m. EBITDA margin was in the middle of the 5%-6% range. Net debt has fallen to just over Â£7m. There was Â£139m of work won last year. There could be some short-term disruption from the General Election.

Cleaning services provider React (REAT) had a strong first half and it is well on the way to making the full year forecast. It continues to win new contracts and renew existing contracts at similar margins. Interim revenues grew from Â£9.3m to Â£10.3m, while pre-tax profit improved Â£800,000 to Â£1.1m. The integration and digitalisation of LaddersFree is progressing and that will improve efficiency. Net cash was Â£700,000 at the end of March 2024.

Video streaming technology provider Aferian (AFRN) reported a 21% decline in annual recurring revenues to $14.7m at the end of November 2023. Total 2022-23 revenues fell from $91.1m to $47.8m, although software sales improved, and Aferian moved from profit to loss. Underlying cash flow fell from $8.9m to $3.2m. Net debt was $6.1m at the end of 2023. Cost savings are being made. Chief executive Donald McGarva will leave in October.

Online building materials retailer CMO Group (CMO) reported a 14% drop in revenues to Â£71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of Â£175,000 to a loss of Â£2.33m. Net debt was Â£600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%.

Oil and gas company Prospex Energy (PXEN) says current gross production of the PM-1 facility at the Selva Field â€“ 37% interest â€“ is 2.8mmcf/day. This is generating free cash flow of more than Â£6,000/day. The operator is Po Valley Energy. The Italian government has become more positive about oil and gas exploration. The permitting process for additional wells is progressing.

Revolution Bars (RBG) has moved its general meeting date to 14 June. This is to gain shareholder agreement to raise up to Â£12.5m via a placing and seven-for-eight open offer at 1p/share. The board does not believe that the approach from Nightcap (NGHT) can be delivered in a timely manner, so it is going ahead with its restructuring proposals.

Roebuck Food Group (RFG) has sold its dairy division for â‚¬1.3m net. This business is loss making. The remaining business is involved in milling and importation of food and ingredients.

Oil and gas producer Longboat Energy (LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option.

Trading in Trafalgar Property (TRAF) shares was suspended after the company confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of Â£2.67m, including intangible assets of Â£3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.

Insig AI (INSG) has taken a 5.45% stake in AI and blockchain company ImpactScope OU. Insig AI will sell its Greenwashing Identifiet technology to asset managers. The payment was 900,000 shares at 13.75p each and Insig Ai has an option to subscribe for more shares. New Insig AI executive chairman Richard Bernstein has subscribed Â£100,000 at 20p/share.

Premier African Minerals (PREM) has paused mining at the Zulu lithium and tantalum project in Zimbabwe. This will enable the installation of an additional conditioning cell and it should be completed by 10 July.

Low sodium salt developer MicroSalt (SALT) has made strong progress over the past year, including the flotation on AIM. The 2023 results announced today represent a period prior to flotation. MicroSalt was still in a period of building up its customer base and reported a loss of Â£3.5m.

MAIN MARKET

First Tin (1SN) has acquired exploration licence 9200 to broaden the area covered at Taronga in Australia. There has been tin production in the area in the past. Soil sampling results have extended the Pound Flat target area slightly.

Publisher National Word (NWOR) increased revenues by 18% in the first 21 weeks of the year. That includes contributions from Insider Media and Midland News Association that were acquired last year. There is net cash of Â£10m.

AIM 50 Digest 31 May 2024

BY: Andrew Hore |
POSTED: 02/06/2024 |

Video games services provider Keywords Studios (KWS) has received a bid approach from Sweden-based EQT Group. There have been four other unsolicited proposals from EQT, which has a range of investment portfolios, including a private equity fund. Discussions are advanced. The suggested bid level is 2550p/share in cash, which is a level the share price has not been at for one year. The final dividend of 1.76p/share would be paid.
=====
Impax Asset Management (IPX) reported a small dip in interim profit and that has led to the full year profit after tax forecast has been trimmed from Â£40.3m to Â£39.4m. The focus on sustainable businesses which are out of favour and regulatory uncertainty means that expectations for assets under management have been reduced, although they are still likely to rise to Â£41bn this year. There are signs of recovery. Net cash is Â£65m.
=====
CVS Group (CVSG) is selling its operations in the Netherlands and the Republic of Ireland to focus on the UK and Australia. The operations being sold lost Â£6.8m last year and it could be Â£6m this year. There will be an asset write down in the latest accounts. The Competition and Markets Authority is investigating veterinary services for household pets in the UK.
=====
Cloud computing services provider WIIT has held preliminary bid talks with Redcentric (RCN).
=====
Victorian Plumbing (VIC) has acquired online rival Victoria Plum for Â£22.5m, which is around 50% of the acquired companyâ€™s revenues. The business should break even in the second half of 2024 because cost reductions have been put in place since the acquired business went into administration.
=====
Alliance Pharma (APH) has successfully appealed the Competition and Markets Authority decision regarding anti-competitive conduct in relation to sales of prescription prochlorperazine. It was previously fined Â£7.9m.
=====
Serica Energy (SQZ) has received approval for the development of the 100% owned Belinda field. The development well should be drilled in the first half of 2025. There are proven and probable reserves of around five million barrels of oil equivalent. Production could start in 2026.
=====
Trading is in line at Big Technologies (BIG) with revenues of Â£18.5m in the first four months of the year. Full year revenues are expected to decline by Â£4.1m to Â£51m after the loss of the contract in Colombia.
=====
Financial support services provider Fintel (FNTL) had net debt of Â£400,000 at the end of April 2024, even though it has made four acquisitions and investments since the end of 2023. Finance director David Thompson bought 16,000 shares at 304.8p/share.
=====
Mortgage Advice Bureau (MAB1) has acquired the remaining 20% of First Mortgage for Â£9.35m in cash and shares. New mortgage applications have been increasing, including a recovery in buy-to-let. However, there was a 13% reduction in new mortgage lending in the first quarter of 2024.
=====
FD Technologies (FDP) software subsidiary KX grew annualised recurring revenues by 12% to Â£73m by the end of March 2024 and that growth rate could accelerate this year. Group revenues fell 2% to Â£248.9m because of a decline for the First Derivatives business due to lower income from investment banking clients. There was a loss on continuing operations. Net debt was Â£14.4m at the year end.
=====
Defence company Cohort (CHRT) generated 2023-24 revenues and profit slightly ahead of expectations. The order book is worth Â£518m and Â£180m of that should be recognised in the year to April 2025.
=====
Business recovery services provider Begbies Traynor (BEG) says 2023-24 pre-tax profit will be line with expectations of Â£22m. Business recovery and property divisions both performed well and improved margins. M&A transaction levels were weak.
=====
Learning Technologies Group (LTG) continues to improve margins and trading is in line with expectations. There will be a trading update in July.
=====
Ian El-Mokadem is stepping down as chief executive of RWS (RWS) and he will leave by early 2025.
=====
Asthma diagnosis company Niox Group (NIOX) had net cash of Â£23.7m at the end of April 2024.
=====
IDOX (IDOX) says interim revenues were one-fifth ahead at Â£43m. Underlying EBITDA will be more than Â£13m. Net debt was Â£6.6m at the end of April 2024.
=====
Gamma Communications (GAMA) says 2024 figures should be within the range of market forecasts. The interims will be published on 10 September.
=====
Pan African Resources (PAF) has given notice of a general meeting on 10 June to create distributable reserves to cover future and some past dividend payments.
=====
Victoria (VCP) chief executive Philippe Hamers bought 9,633 shares at an average price of 211.9p each.

Quoted Micro 27 May 2024

BY: Andrew Hore |
POSTED: 27/05/2024 |

AQUIS STOCK EXCHANGE

Samarkand (SMK) says revenues will be slightly lower than expected â€“ with a decrease of up to 4% - but the ecommerce services providerâ€™s EBITDA will be halved in line with expectations. Owned brands generated 46% of revenues with the decline coming in third party brands. Samarkand has acquired Optimised Energies, which has brands Natures Greatest Secret and BeNatural, for Â£600,000 in cash and deferred consideration of Â£700,000. The acquired company made EBITDA of Â£300,000 last year. Executive directors have lent Â£400,000 to the company for fund the acquisition.

Aquis-quoted Phoenix Digital Assets (PNIX) is proposing a tender offer of up to Â£33.7m at a share price of 5.39p/share. That covers up to 57.9% of the current share capital. The tender price is equivalent to the current NAV since the recovery in Bitcoin and adjusted for potential tax. The tender offer is open until 13 June. The company has available cash of Â£40.6m. Phoenix Digital Assets also has 17.4 million shares in Flex Labs Inc (FLEX) after it acquired AI software company IO+ PTE, for 110 million shares in total. Supernova Digital Assets received 771,930 shares in Flex Labs.

Brewer Adnams (ADB) improved 2023 sales 3% to Â£66.3m, but the pre-tax loss increased from Â£2.3m to Â£4m. Net debt was Â£15.9m at the end of 2023 and there is still some headroom in the loan facility despite the review of how to finance the long-term future of the company. Off trade volumes were 14% higher. First quarter group sales were 11% ahead. Cost pressures are easing.

Flow battery technology developer Invinity Energy Systems (IES) raised Â£56m at 23p/share via a placing with Â£25m committed by the UK Infrastructure Bank and Â£3m from Korean Investment Partners. The open offer raised an additional Â£1.38m out of the Â£6.6m of shares that were on offer.

Arbuthnot Banking (ARBB) says trading is in line with expectations, although loan growth has been minimal. Specialist lending has been growing faster.

Metals One (MET1) has terminated the farm-in agreement with Gunsynd (GUN).

SuperSeed Capital (WWW) reduced the outflow from operating activities from Â£306,000 to Â£144,000. The NAV of the fund of funds company improved from 97.31p/share to 113.33p/share. That was helped by an unrealised gain of Â£297,000.

Paul Ryan has sold his 3.9% stake in Mortgage Chat (MCAI). Non-exec CP Freeman bought 500 shares in Hydro Hotel, Eastbourne (HYDP) at 948p each.

AIM

Telecoms testing equipment supplier Calnex Solutions (CLX) reported 2023-24 revenues two-fifths lower at Â£16.3m and it fell into loss. The final dividend was maintained at 0.62p/share. The telecoms market remains subdued, and Calnex Solutions is moving into new markets, such as defence. The distribution agreement with Spirent ends in July, but management is advanced with its plans to replace this source of income. Net cash declined to Â£11.9m because of higher inventory levels and capitalised R&D. A return to profit is expected this year and the cash level should be maintained.

Automotive interior components supplier CT Automotive (CTA) returned to profit in 2023, while net debt was reduced to $3.8m. Liberum expects underlying pre-tax profit to improve from $8.3m to $10.2m in 2024, even though revenues are forecast to decline. Improved efficiency is helping to boost margins. The Mexico factory is operating at 50% of capacity so there should be further improvement as this figure increases.

Bigblu Broadband (BBB) has sold its Nordic operations to management â€“ including Bigblu Broadband chief executive Andrew Walwyn who is stepping down - at an enterprise value of Â£1.3m. There could be contingent consideration. Finance director Frank Waters becomes chief executive. The disposal leaves operations in Australia, which could be sold or floated on the ASX, and a stake in Quickline. Cavendish forecasts a 2023-24 pre-tax profit of Â£3m.

Coatings company Hardide (HDD) has appointed Matt Hamblin as the new chief executive, who has been a non-exec and previously ran a similar coatings business. The interim figures had been flagged. The pre-tax loss increased to Â£960,000. Lower depreciation means that the full year loss will not be as high as originally thought and it could be similar to the interim loss. Hardide has been EBITDA positive for the past two months. There is cash of Â£700,000 in the bank.

Another strong trading statement from Kinovo (KINO) with profit and cash ahead of expectations. The property services provider says 2023-24 revenues were Â£64.1m and net cash is Â£400,000The pre-tax profit estimate has been raised from Â£5.8m to Â£6.1m. Next yearâ€™s profit forecast has been raised from Â£6.3m to Â£6.6m. Most of the costs relating to the guarantee for DCB have been paid.

Energy and water efficiency services provider Eneraqua Technologies (ETP) reported 2023-24 results in line with the trading statement earlier in the year. The business moved from a pre-tax profit of Â£10.1m to a Â£6m loss because local government contracts were delayed. Cost savings have been put in place and additional work has been won so Eneraqua Technologies could move back into profit this year. A change of government could lead to additional incentives for energy saving projects.

Education software and services provider Tribal Group (TRB) has finally reached a settlement with Nanyang Technological University. This dispute has been hanging over the business for years. Tribal Group will pay Â£3.1m over 18 months. A further exceptional charge for the dispute will be taken in the first half of 2024.

MRI device developer Polarean Imaging (POLX) launched a heavily discounted placing, subscription and open offer. The placing and subscription raised Â£8m at 1p/share with Â£2m of that invested by NUKEM Isotopes and Â£1.6m by Bracco â€“ both existing investors. Up to Â£2m could be raised from an open offer. The cash is being used to accelerate commercialisation of the XENOVIEW technology and further development.

Pennant International (PEN) has raised Â£1.51m at 25p/share. The training and software products supplier is trading in line with expectations, but order conversion has been slower than anticipated. The cash will fund the development and integrations of software products.

Watkin Jones (WJG) returned to profit in the first half to March 2024. The student accommodation and rental property developer generated an improvement in revenues from Â£153.9m to Â£175.1m. There is no dividend as cash is conserved. Borrowings have been reduced and net cash is Â£44m.

B90 Holdings (B90), which provides online marketing services to the gaming sector, says Oddsen.nu, an affiliate that is part of the group, has secured fixed listing fee marketing agreements that will generate income of â‚¬200,000 during 2024. There could be additional income on top of this based on marketing performance.

Scientific instruments manufacturer Judges Scientific (JDG) says that there is unlikely to be a material revenues contribution from coring contracts at the Geotek subsidiary. The potential contract is unlikely to commence until near to the end of 2024 and then make a significant contribution in 2025. Trading is subdued against tough comparators. WH Ireland still expects a full year pre-tax profit of Â£33.8m, although that assumes a stronger second half.

Secure payments company PCI-Pal (PCIP) has been successful in the Court of Appeal for the unfounded case brought by Sycurio against its patents. This means that Â£1.1m of cash should be released from escrow. The finding upheld the original court judgment. PCI-Pal will seeking further costs. The full ruling will become available in a few days.

Piling contractor Van Elle (VANL) expects 2023-24 revenues to be Â£140m, which is a like-for-like reduction of 12%. Last November, Rock & Alluvium was acquired, and its volumes are 30% higher than pre-acquisition. Housing and infrastructure sectors are expected to recover and a move into energy transmission will help the overall improvement for the business. The order book was worth Â£36.8m at the end of March 2024. Net cash is Â£5.5m.

Healthcare communications technology developer Feedback (FDBK) says delays in the NHS procurement process means that 2023-24 revenues will be lower than expected at Â£1.2m. Management hopes that the contracts will be secured in 2024-25. There was still Â£4.3m in the bank at the end of April 2024.

Chamberlin (CMH) has been placed in administration. Coal miner Bens Creek (BEN) has also gone into administration.

Victorian Plumbing (VIC) has acquired rival Victoria Plum for Â£22.5m. The business had been in administration and costs are already being reduced, so it should break even in the second half.

MAIN MARKET

James Gundy, chief executive of shipbroker Braemar (BMS), bought 6,600 shares at 290.5p/share following the full year results. Pre-tax profit fell from Â£18m to Â£14.6m on maintained revenues. The total dividend was raised from 12p/share to 13p/share. The new financial year started with an order book of $82.6m.

Power products supplier XP Power (XPP) received an indicative bid approach at Â£19.50/share. XP Power has rejected the proposal by Nasdaq-listed Advanced Energy Industries.

Admiral Acquisition (ADMR) has agreed to buy critical asset integrity and testing services provider Acuren for $1.85bn from American Securities. The business generates EBITDA of $190m.

Associated British Engineering (ASBE) had net assets of Â£391,000 at the end of March 2024, including cash of Â£419,000.

Quoted Micro 20 May 2024

BY: Andrew Hore |
POSTED: 19/05/2024 |

AQUIS STOCK EXCHANGE

Digital assets investor KR1 (KR1) reported a decline in 2023 revenues from Â£20.2m to Â£8.65m, but larger gains on digital assets mean that the reported profit was not down as much at Â£14.7m, from Â£19.5m. The introduction of the bitcoin ETF has helped the valuation of digital assets in the diversified portfolio. NAV was 132.05p/share at the end of March 2024, which is higher than the figure at the end of 2023. The company has been buying back shares at a discount to the NAV.

Aquaculture technology developer OTAQ (OTAQ) plans to raise up to Â£2m from a convertible loan note issue. The conversion price will be 3p/share. A reduced loss is expected for 2023, even after exceptional costs. The 2023 results should be announced by the end of June. First quarter revenues are 19% ahead. The live plankton analysis system has been launched.

Brewer Adnams (ADB) increased annual sales by 11% with growth in on-trade and off-trade business. Management is still exploring ways of funding growth.

All Things Considered (ATC) has acquired 55% of music management company Raw Power, whose artists include The Damned, for Â£1.41m in cash. This takes the artists managed by the combined group to 80. The existing shareholders will retain the rest of the shares. Some of these were involved with Sanctuary Group, which was quoted two decades ago. In the year to February 2023, Raw Power made a pre-tax profit of Â£326,000 on revenues of Â£2.27m. Phantom Music Management holds loan notes in the acquired business and is subscribing Â£200,000 for shares in All Things Considered, which had net cash of Â£10m at the endo of 2023. Last year. All Things Considered increased revenues by 156% to Â£24.1m, but there was a swing from profit to loss, although there was a one-off profit in the previous year. Â There was also a larger loss from the minority interest in livestreaming company Driift.

Clarify Pharma (PSYC) reported a reduced loss in the year to November 2023. NAV fell from Â£1.41m to Â£597,000, including cash of Â£167,000. Investments were valued at Â£706,000.

EPE Special Opportunities (EO.P) had net assets of 347.96p/share at the end of April 2024.

Res Privata has increased its stake in WeCap (WCAP) from 7.28% to 9.69%. Silverwood Brands (SLWD) director Andrew Gerrie invested Â£20,000 in shares at just over 26p each. Newbury Racecourse (NYR) director Dominic Burke has bought 1,125 shares at 5.449p each. Tap Global Group chief executive Arsen Torosian acquired 33.75 million shares at 0.681481p each.

Secured Property Developments has changed its name to Mollyroe (MOY).

AIM

Nexus Infrastructure (NEXS) reported a decline in revenues in the six months to March 2024, but the order book is improving. Revenues generated by the infrastructure services provider fell from Â£51m to Â£25.8m and the company slipped into loss. The interim dividend is maintained at 1p/share. There was a cash outflow, but cash is still Â£9.3m, which is not much less than the market capitalisation. The order book is worth Â£72m, but the recovery in revenues may not happen until next year.

B90 Holdings (B90) has refocused on business to business gaming operations. This will enable a reduction in costs and could move the company into profit in 2024. Net cash was Euro800,000 at the end of 2023 and the cash outflow should end in the second half. There is an experienced management team. In the medium-term the company should become a consolidator in the sector.

Cerillion (CER) continues to win significant orders and there was a major win following the end of the first half. Revenues grew 10% to Â£22.5m in the first half. The software company is on course to improve pre-tax profit from Â£16.8m to Â£17.3m in the year to September 2024. Net cash could rise to Â£30.4m.

Semiconductors designer Sondrel (SND) is raising Â£5.63m at 10p/share and plans to cancel the AIM quotation. ROX Equity Partners is subscribing for the shares and its loans will be converted into a further 28.7 million shares, taking its stake to 49.3%. This requires government and shareholder approval. Miles Woodhouse will be ROX Equity Partnersâ€™ representative on the board. A new chief executive is being sought. Sondrel recognises it needs to manage projects better.

Orchard Funding Group (ORCH) believes that it is not worth being quoted on AIM and the insurance premium finance provider intends to cease paying dividends. The cash can then be used to make a tender offer to shareholders when appropriate.

Active Energy Group (AEG) says that its audit may not be completed by June, which would lead to a suspension of trading in the shares. Cash is running out and management may have to consider liquidating the company. This depends on whether the CoalSwitch assets are sold. There is currently $500,000 in the bank. There is also a 4.1% stake in green technology investor Alpha Prospects, but whether this is really worth the Â£680,000 book value is questionable.

A trading update from professional services provider FRP Advisory (FRP) shows revenues 23% ahead at Â£128m and much higher than forecast EBITDA of Â£37m. Work on corporate administrations is rising, but all five of the divisions grew. Net cash was around Â£30m at the end of March 2024. Cavendish has raised its 2023-24 pre-tax forecast to Â£33m with a further improvement to Â£34.2m in 2024-25.

Phoenix Copper (PXC) says that it has conditionally raised $80m from a bond issue to fund the construction of the Empire copper-gold mine in Idaho. The cash will be drawn down in tranches. The arrangement fee is paid for by the issue of 33.9 million shares. NIU invest is acquiring the bond and it will have the right to subscribe for a 25% stake in Phoenix Copper over a five-year period.

Lower gold production meant that Anglo Asian Mining (AAZ) revenues fell from $84.7m to $45.9m, which meant that it swung from pre-tax profit of $7.5m to a loss of $32m. There were $18m of non-cash impairment charges of capitalised exploration costs and the value of the Libero Copper and Gold investment. All-in sustaining cost of gold production jumped from $1,064/ounce to $1,510/ounce. Total production was 31,821 ounces.

Retail software provider itim Group (ITIM) has secured a five-year contract renewal with Majestic Wine. This is a multi-million pounds contract. This follows the publication earlier in the week of 2023 figures showing revenues 15% higher at Â£16.1m. Annual recurring revenues were Â£13.2m. Revenues are expected to increase to Â£17m this year, but itim will still lose money before a potential move into profit in 2025.

Kohlberg Kravis Roberts has made a recommended bid of 480p/share for IQGeo (IQG), which values the geospatial software company at Â£333m. KKR believe it can accelerate the growth of IQGeo.

Revolution Bars (RBG) says that it has not received any takeover bid or offer for assets as a whole as part of the formal sale process. There are offers for certain assets, but none would result in any return to shareholders. A restructuring and fundraising plan is still possible, and the board is still open to other plans, possibly by Nightcap (NGHT).

E-commerce firm Huddled (HUD) reported a 2023 pre-tax profit of Â£13m, but that was due to gains on the disposals of Immotion and Uvisan. The underlying pre-tax loss was Â£2.29m. Cash of Â£12.7m was returned to shareholders out of the disposal proceeds, but there was still Â£4.27m in the bank at the end of 2023. The new core business Discount Dragon was acquired in October, so the figures do not provide a good indication of ongoing operations. Discount Dragon generated revenues of Â£2.1m in the first quarter of 2024.

Horizonte Minerals (HZM) has appointed FRP Advisory as administrator. The nominated adviser has resigned.

MAIN MARKET

Flavourings supplier Treatt (TET) reported a dip in interim revenues to Â£72.1m because of destocking, but underlying pre-tax profit improved from Â£7.3m to Â£7.6m. There is good momentum in the second half.

Standard list shell Sivota (SIV) has ended acquisition talks with an online technology platform in the travel sector.

AIM 50 Digest 17 May 2024

BY: Andrew Hore |
POSTED: 19/05/2024 |

Engineering services provider Renew Holdings (RNWH) says interim revenues were 17% ahead at Â£552.8m with nearly all the growth organic. Underlying pre-tax profit rose from Â£27.7m to Â£32.9m. That was before an additional provision for former subsidiary Allenbuild. There was an improved profit contribution from the building division, but the growth was predominantly in engineering services with acquisitions set to help in the second half. Management is talking about diversifying the business into new areas.
=====
Online marketing and domain name services provider Team Internet (TIG) reported first quarter figures that prompted a further upgrade. Revenues were 1% compared with a strong first quarter last year. The trailing 12-month figure was 8% ahead. Gross margins improved and share buy backs enabled a one-fifth improvement in earnings. Much of the upgrade took account of the recent acquisition of Shinez. Zeus has upgraded its pre-tax profit forecast from $85.7m to $92.8m.
=====
Managed services provider Redcentric (RCN) published a trading update that shows a disappointing outcome for the year to March 2024. Four clients were lost when the Harrogate datacentre was closed. Cavendish has cut its full year pre-tax profit forecast from Â£7.1m to Â£4.6m. Net debt of Â£41.9m is forecast. A jump in pre-tax profit Â£18.8m is forecast for 2024-25.
=====
Vertu Motors (VTU) grew full year revenues by 18% to Â£4.72bn, while underlying pre-tax profit improved from Â£36.5m to Â£37.1m. The used car market was weak, but other parts of the group made up for this. The dividend was raised 9% to 2.35p/share. Trading in the first two months of the new financial year has been ahead of expectations. The fleet market continues to be strong.
=====
M and C Saatchi (SAA) says trading momentum continues and revenues are well ahead of the previous years. Operating margins are recovering, and annualised cost savings of Â£10m are on course. Net cash continues to grow.
=====
Pan African Resources (PAF) has narrowed gold production guidance to 186,000 ounces to 190,000 ounces in the year to June 2024. Production could rise to between 215,000 ounces to 225,000 ounces next year.
=====
Audio visual products distributor Midwich (MIDW) says challenging conditions have continued into this year. There has been a decline in organic revenues. This yearâ€™s operating profit is set to be flat. A trading update will be released on 18 July.
=====
Nick Sedgwick has been appointed as chief executive of Alliance Pharma (APH), replacing Peter Butterfield. Serica Energy (SQZ) has appointed Chris Cox as chief executive. Finance director Martin Copeland bought 19,000 shares at 184.9p each.
=====
Lokâ€™nStore (LOK) sent out the Shurgard bid document on 17 May.
=====
Fintel (FNTL) non-exec director Ken Davy sold 3.12 million shares at 300p each, reducing his stake to 23.8%. Joint chief executives Matt Timmins and Neil Stevens sold 200,000 shares and 300,000 shares respectively at 304.5p/share. Victoria (VCP) chief executive Philippe Hamers bought 20,803 shares at a range of prices from 200p to 205.5p, which averages 202.9p. He owns 252,015 shares.

Quoted Micro 10 May 2024

BY: Andrew Hore |
POSTED: 13/05/2024 |

AQUIS STOCK EXCHANGE

Time to ACT is planning to join the Aquis Stock Exchange later this month and it has launched a fundraising ahead of the flotation. The flotation will take place even if there is no money raised. Time to ACT plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. The Winterflood Retail Access Platform is being used to raise up to Â£1m. The issue price and closing date have yet to be announced. Investors have to apply for shares via a broker. The minimum subscription is Â£100.

Cykel AI (CYK) has agreed a bid from standard listed Mustang Energy (MUST). The offer is 1.911 Mustang Energy shares for each Cykel AI share. Both companiesâ€™ shares have been suspended since 17 January. The Mustang Energy suspension price was 30.6p, but the bid is based on a much lower share price valuing the company, which has net liabilities, at Â£1m. That values the bid at 9.37p/share and Cykel AI is valued at Â£19.2m. Cykel AI is developing artificial intelligence products.

Newbury Racecourse (NYR) increased 2023 revenues by 9% to Â£19m and reported pre-tax profit improved from Â£130,000 to Â£720,000. However, there was a Â£700,000 exceptional gain relating to the release of a provision included. Cost increases reduced underlying profit. Raceday attendances fell from 141,000 to 130,000. The nursery has increased capacity by 18%. Shaun Hinds will become chief executive on 3 June.

Silverwood Brands (SLWD) executive director acquired 100,000 shares at 20p following the restoration of trading at the beginning of May. The share price recovered by 48.5% to 24.5p, but it is still not back to its suspension price.

Marula Mining (MARU) has appointed a new mine manager at the Larisoro manganese mine in Kenya. Bernard Kiprotich has five years of mining experience in Kenya. Marula Mining is investing in the established Larisoro manganese mining operation by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits. The purchase price is Â£300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable production to be increased.

Essentially Group (ESSN) has completed the acquisition of Best Latin Foodstuff Trading for Â£1.945m in shares at 52.5p each. Catalina Onate, who founded the food importer, has been appointed as an executive director.

Shareholders passed resolutions at the AGM of Supernova Digital Assets (SOL), including a cancelation of the share premium account and authority to buy back shares.

TruSpine Technologies (LON: TSP) chief executive Laurence Strauss has resigned. He was appointed in April 2023.

RentGuarantor Holdings (RGG) raised Â£35,000 at 274p/share.

AIM

Metallurgical coal company Bens Creek (BEN) says a further court hearing related to the three US operations that are in Chapter 11 bankruptcy protection will be held on 6 June. The court has accepted the proposed Avanti debtor in possession financing and $2m has been drawn down. This provides enough cash until the end of May. The final terms of the facility are being negotiated.

Genedrive (GDR) has raised Â£2.1m in a placing at 1.5p. This followâ€™s yesterday eveningâ€™s announcement of a fundraising, where the point of care pharmacogenetic testing company wanted to raise Â£2.5m via a placing. There is also a REX retail offer for up to Â£3.5m, which closes on 17 May, and a one-for-one open offer that could raise up to Â£2.1m. If the total amount raised is not at least Â£6m the fundraising will not go ahead, so a further Â£3.9m is required. The companyâ€™s tests are being commercialised and a direct to consumer strategy pursued in the UK, while there will be distributors in other countries. There will also be investment to improve manufacturing efficiency and to fund regulatory approvals.

Plant Health Care (PHC) generated a 72% increase in revenues to $4.3m in the first four months of 2024. There is cash of $2.3m. The loss could be reduced from $3m to less than $1m this year. A profit is possible in 2025.

Third quarter driver management systems units produced by Seeing Machines (SEE) have gone into 313,662 vehicles, which is 51% higher than the previous quarter. This is more than treble the number in the same period two years and 80% higher than one year previously with more contracts set to contribute. Monitored connections of the Guardian fleet units were 5% higher on the quarter at 59,706.

Push-to-talk and workplace management technology developer Mobile Tornado (MBT) has won a contract through its regional partner to supply technology for a mobile network in the Middle East and Africa, which has more than 50 million customers. Management believes that there should be increasing sales momentum following the deal.

Healthcare services provider Totally (TLY) reassured the market with its latest trading statement. Full year EBITDA was Â£2.3m, down from Â£6.9m, and net debt was Â£800,000 at the end of March 2024. Revenues fell 22% to Â£106m because of the loss of a contract. Cost reductions and efficiency improvements have offset the tough market. Annualised cost savings of Â£3.5m are expected.

Bushveld Minerals (BMN) has agreed the conditional disposal of Vanchem to Southern Point Resources Fund 1 for up to $40.6m. The initial consideration is $20.6m. This requires shareholder approval. Southern Point Resources is increasing the interim working capital facility it is providing that is secured on production at Vanchem. This, and a $9m working capital facility, will be offset against the initial consideration and be used to pay creditors. This will leave a cash payment to Bushveld Minerals of $3.5m when the disposal happens. The deferred consideration is based on 25% of distributable free cash flow with a minimum of $1.25m paid for each quarter of the three-year period.

Mothercare (MTC) reported a 13% decline in global system sales last year due to poor trading in the Middle East. Destocking is a problem. There was better trading in the UK and Indonesia. The retailer will improve EBITDA, but Cavendish reduced its forecast EBIDA by 9% to Â£7m, compared to Â£6.7m in 2022-23. Refinancing talks continue and a conclusion should reduce the interest bill.

Battery technology developer Ilika (IKA) is raising up to Â£3.4m at 28p/share to spend on the Goliath solid-state battery. This cash should last at least 12 months. A placing and subscription raised Â£1.7m and a one-for-26 open offer could raise up to Â£1.7m more. The open offer closes on 28 May. There will be Â£750,000 earmarked for the development of the Goliath battery and this supplements the grant assistance obtained. A further Â£750,000 will be used to increase testing capacity to 0.75MWh/a and for upgrading dry room facilities. Additional cash raised will support further capital expenditure and working capital for Goliath and the Stereax miniature battery.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) disappointed with its AGM trading statement and lost the majority of the share price gain this year. Prices are falling, but this reflects lower costs, so margins are being maintained. First quarter sales were 9.5% lower, which does reflect a reduction in volumes. There should be improvement in the second half.

Oxford Cannabinoid Technologies (LON: OCTP) plans to cancel the standard listing. Management believes that stockmarket uncertainty is making it difficult to raise cash at an acceptable share price. The development of the drug pipeline will continue. The cancelation date is 6 June.

AIM Micro

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