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Quoted Micro 10 February 2025

AQUIS STOCK EXCHANGE

Third quarter revenue from emissions reduction additives supplier SulNOx Group (SNOX) more than doubled to £208,000 compared to the same period last year. Volume growth was 88.7%. There was cash of £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 £209,000 0.6p/share.

Oscillate (MUSH) says it has analysed early-stage data for hydrogen in the Animikie Basin in northern 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 Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 38.9% to 35.4%. That was prior to a £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 £114,000 in the 12 months to October 2024 according to unaudited management accounts. A £2.7m increase in the fair value of digital assets and tokens. The pre-tax profit was £2.41m. Net assets were £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 Pedersen’s own holding is 12.1%. The first share auction will be in March. At a share price of 100p, the market capitalisation is £25m.

Nightcap (NGHT) has acquired the 115 lease on the i360 Tower in Brighton. It is one of the world’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 Mary’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 £5.2m at 32.5p/share. Existing shareholders raised a further £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 £57.4m with organic growth of 8%. Pre-tax profit was 19% ahead at £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 £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 £84m to £76m, which has led to a pre-tax profit downgrade to £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 Narfeldt 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 £3.4m to £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 £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 £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 £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 £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 £11.5m, up £3.4m last year. There is potential for further contract wins, though.

APQ Global Ltd (APQ) says the US government’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 £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 £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 £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 €600,000 on revenues two-thirds ahead at €5m. Net cash is €1.1m. Profit and net cash could double this year.

Gfinity (GFIN) has signed an exclusive licence agreement with 0M Technology Solutions to commercialise 0M’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 £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 £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 £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £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 £14.4m to £11m.

Codex Acquisitions (CODX) has entered into an acquisition agreement of Technologies New Energy, a Portugal-based renewable energy company, for £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.

Andrew Hore

Quoted Micro 14 March 2022

AQUIS STOCK EXCHANGE

Aquis Exchange (AQX) has announced that it will be joining the Aquis Apex segment with VSA as its corporate adviser. Aquis Exchange will retain its AIM quotation. This follows Invinity Energy Systems (IES), which joined the Aquis Apex segment on 9 March. This includes the ordinary shares that are quoted on AIM, as well as quotations for short-term warrants and long-term warrants that are not traded on any other markets. VSA also plans to create an index that includes all the companies on the Aquis Apex segment called the VSA Capital AQSE Apex Index.

Majestic Corporation (MCJ) is a recycler of electronic waste with a focus on extracting the precious metals from the equipment and it was introduced to the Aquis access segment on Thursday. The share price opened at 30p and then fell back to the introduction price of 25p (20p/30p). The reason for the flotation is to gain access to potential funding via share issues. Gold, silver, copper and other metals can be extracted from the electronic waste. Most of the materials that the company recycles are sent to Japan for processing and re-use in manufacturing. In the six months to June 2021, revenues increased from $14.4m to $15.5m, while pre-tax profit improved from $312,000 to $766,000. There was $1.89m in the bank at the end of June 2021 and an additional $233,000 owed by the chief executive. There are also import loans of $2.11m.

Good Energy (GOOD) investee company Zap-Map has linked up with the RAC so that it can be better placed to help electric vehicle drivers. Zap-Map will be used by 1,600 RAC patrols. The 2021 figures will be published on 29 March.

Goodbody Health Inc (GDBY) says 2021 revenues are expected to be around £17m, helped by PCR testing. That will drop off, but the revenues in the first two months of 2020 were £3.8m. There is likely to be a dip in interim revenues, but new products and services will help growth in the second half. Blood testing services have been launched in the clinic network.

Ananda Developments (ANA) says five seeds of each of 13 strains of cannabis have been planted by DJT Plants. Nine cuttings will be taken from each plant and then replanted. The shareholder circular for the acquisition of the 50% of DJT that is not owned by Ananda should soon be completed.

BWA Group (BWAP) has raised up to £500,000 at 0.6p a share. The cash will be used for exploration programmes at the Nkoteng and Dehane heavy mineral sands areas in Cameroon. This should produce initial mineral resources.

KR1 (KR1) is participating in the Interlay crowdloan and Polkadot (DOT) parachain auction. Interlay is building interBTC a Bitcoin-backed asset that enables interoperability between multiple blockchains while being resistant to censorship. KR1 contributed 250,000 DOT and this will be returned after 96 days. INTR tokens will then be issued.  KR1 has also invested $509,224 in Interlay Seed-2 shares. It already owns 1,060 Seed-1 shares.

Altona Rare Earths (ANR) is not going ahead with the Malawi-based Chambre rare earths project joint venture and the potential partner’s representative on the Altona board Hilton Banda has resigned.

Walls and Futures REIT (WAFR) has launched Pax Homes, which provides homes for people with autism and their families.

AIM

Destiny Pharma (DEST) has raised £6m, with a possible £1m more to come from an open offer, at 50p a share. The companies c.diff prevention treatment NTCD-M3 addresses a market worth more than $1bn. There is a good chance that a partner can be secured this year. There is more than one pharma company that is interested. The XF-73 treatment for the prevention of post-surgical infections requires further feedback from the FDA for its phase 3 trial in the US.

MTI Wireless Edge (MWE) is closing its Russian business and that will slow progress this year, but profit should still grow. In 2021, revenues increased 6% to $43.2m, while higher transport costs and exchange rate movements meant that pre-tax profit was flat at $4.04m. Russia accounted for 6% of revenues and 5% of profit. In 2022, pre-tax profit is expected to be $4.55m.

Delivered ready meals company Parsley Box (MEAL) is raising raised £5.9m at 20p a share – 90% of the original placing price less than one year ago. An open offer could raise up to £1.1m. Revenues are expected to be flat this year, but if the cash is invested successfully then growth could accelerate.

Restaurants and bars operator Various Eateries (VARE) says trading continues to follow an improving trend following lockdowns in the past two years. In the year to 3 October 2021, revenues were 36% ahead at £22.3m and the total loss was £3.7m. That was after £2.5m of insurance proceeds. One consequence of the Covid lockdowns is that there are more potential sites available at lower rents than in the past. Coppa Clubs are hybrids that offer a bar, restaurant, event space and, on some sites, hotel rooms and more sites are being opened. As yet, Italian restaurants brand Tavolino has not opened any more sites. A new pasta restaurant concept called Noci is being launched in Islington and the prospects will be assessed.

Harvest Minerals (HMI) says that it had fertiliser orders totalling 30,161 tonnes by the end of February 2022. That is one-fifth of the sales target for the whole of 2022. There are plans to increase capacity to 200,000 tonnes a year.

Managed IT services provider CloudCoCo (CLCO) reported flat revenues of £8.1m in the year to September 2021 and reduced the loss. Contributions from recent acquisitions and organic growth will help the figures to improve this year. Monthly profitability is targeted by the end of the current financial year. A contract worth £3m over three years has been secured. Further acquisitions should supplement growth.

ThinkSmart (TSL) reported a small underlying profit in 2021. Net cash is £7m, although the main asset is 618,750 shares in Block Inc following its takeover of Afterpay. The legacy lending business is being wound down and there is still income from operating a call centre for Afterpay. Net assets were equal to 75p a share, but in recent months the Block share price has been in decline, so the NAV is lower.

Concrete levelling equipment supplier Somero Enterprises Inc (SOM) reported profit in line with expectations. Revenues increased from $88.6m to $133.3m with strong growth in North America. The supplemental dividend is 22 cents a share and the total dividend for the year is 50.7 cents a share. Growth is likely to slow this year.

NWF (NWF) is benefiting from the volatility of the oil price and additional demand for the fuels division. There have been no supply problems. Feeds price rises are covering cost increases and raw materials have been forward purchased, while the food distribution business is performing as planned. Full year figures will be significantly ahead of expectations.

MAIN MARKET

Gresham Technologies (GHT) increased full year revenues from £24.8m to £37m in 2021, including a £5.6m contribution from last year’s acquisition Electra. Underlying pre-tax profit improved from £1.8m to £4m. The final dividend was maintained at 0.75p a share. There is cash of £9.1m. The core Clareti financial control and data integrity software generated organic growth of 28%. New customers and existing clients spending more is combining to enable strong increases in Clareti revenues. Contracted revenues for 2022 have already reached £37m compared with a full year forecast of £42m. A 2022 pre-tax profit of £5.1m is forecast.

Codex Acquisitions (CODX) did not get off to a good start when it joined the standard list on Wednesday because its website was not working. Codex raised £850,000 at 10p a share. The share price did go to a premium, but the bid/offer spread was 10p/20p. It appears that there were 50 shares traded during the week. The cash shell has effectively been set up by Codex Capital and most of the shares are owned by eight shareholders, including one of the non-exec directors. The NAV is 8.2p a share. The focus of the cash shell is clean and renewable energy assets, particularly infrastructure assets.

Online furniture and housewares retailer Made.com (MADE) increased full year gross revenues by 38% but it still lost money. A 2022-23 pre-tax profit of £8.3m is forecast, even though revenues growth is likely to be slower than previously thought.

Cloudbreak Discovery (CDL) has secured an option on the Icefall project in British Columbia with 1311516 BC Ltd, which will spend C$700,000 over three years to secure a 75% interest in the project. It will also pay Cloudbreak a total of C$120,000 in cash and issue two million shares.

Fragrant Prosperity Holdings (FPP) is not going ahead with the proposed acquisition of cannabis company CiiTECH.

Andrew Hore

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