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Quoted Micro 20 May 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported a decline in 2023 revenues from £20.2m to £8.65m, but larger gains on digital assets mean that the reported profit was not down as much at £14.7m, from £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 £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 £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 £326,000 on revenues of £2.27m. Phantom Music Management holds loan notes in the acquired business and is subscribing £200,000 for shares in All Things Considered, which had net cash of £10m at the endo of 2023. Last year. All Things Considered increased revenues by 156% to £24.1m, but there was a swing from profit to loss, although there was a one-off profit in the previous year. 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 £1.41m to £597,000, including cash of £167,000. Investments were valued at £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 £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 £51m to £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 £9.3m, which is not much less than the market capitalisation. The order book is worth £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 £22.5m in the first half. The software company is on course to improve pre-tax profit from £16.8m to £17.3m in the year to September 2024. Net cash could rise to £30.4m.
Semiconductors designer Sondrel (SND) is raising £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 Partners’ 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 £680,000 book value is questionable.
A trading update from professional services provider FRP Advisory (FRP) shows revenues 23% ahead at £128m and much higher than forecast EBITDA of £37m. Work on corporate administrations is rising, but all five of the divisions grew. Net cash was around £30m at the end of March 2024. Cavendish has raised its 2023-24 pre-tax forecast to £33m with a further improvement to £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 £16.1m. Annual recurring revenues were £13.2m. Revenues are expected to increase to £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 £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 £13m, but that was due to gains on the disposals of Immotion and Uvisan. The underlying pre-tax loss was £2.29m. Cash of £12.7m was returned to shareholders out of the disposal proceeds, but there was still £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 £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 £72.1m because of destocking, but underlying pre-tax profit improved from £7.3m to £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.
Andrew Hore
Quoted Micro 4 September 2023
AQUIS STOCK EXCHANGE
Valereum (VLRM) says the takeover of the Gibraltar Stock Exchange will go ahead in September. In the middle of September, a US fund is due to provide funding of £5m-£8m in two tranches. Trading in the shares has been suspended ahead of the publication of an admission document, which is likely to be in early October.
Fibre optic cables materials supplier Unigel Group (UNX) reported a dip in interim revenues from £18.8m to £18m, even so pre-tax profit jumped from £442,000 to £852,000 due to lower overheads. There was a £244,000 cash inflow from operating activities. The market declined by 3% during the period because of a slowdown in 5G investment.
Marula Mining (MARU) has acquired ore sorters to expand processing capacity at the Blesberg lithium and tantalum mine. Two ore sorters will cost £1.74m in total. The target production is up to 50 tonnes/day of lithium spodumene product from existing stockpiles. An agreement has been signed for an initial sale of 27.5 tonnes of high-grade material from Blesberg. The sale price is $3/000/tonne, based on a minimum grade of 6%. The company is negotiating to cancel a previous offtake agreement with Southern Jade Resources.
Cadence Minerals (KDNC) has warned that the Sonora lithium project licences, where it owns 30% of the entity that owns them, could be cancelled by the Mexican government because of minimum investment obligations between 2017 and 2021. Evidence of the spending may not have been submitted when required. This is subject to appeal. WH Ireland has already put a cautious value on the asset because of this uncertainty.
Psychedelic substances investment company Clarify Pharma (PSYC) had net assets of £1.1m at the end of May 2023. Cash had fallen to £183,000 at the end of August.
AQRU (AQRU) continues to reduce the number of employees and streamlined its investment pipeline. The main digital asset businesses have been injected into Langland Software Solutions in return for a 30% stake. Three directors are leaving the board, including Phil Blows who controls Langland. AQRU retains individual stakes, plus cash and crypto tokens.
KR1 (KR1) had net assets of 48.13p/share at the end of July 2023. There was income of £572,000 generated during the month.
Shareholders of Oscillate (MUSH) voted against voluntary liquidation. Net assets were £2.95m at the end of May 2023, including £1.17m in cash.
PanGenomic Health Inc (NARA) had net liabilities of $1.45m at the end of June 2023.
Clean Invest Africa (CIA) has received £200,000 from the convertible loan note issue. This will provide additional working capital. Pascal Portmann has become a non-exec director.
Black Sea Property (BSP) has raised €7.56m through a loan note issue.
Andrew Offit has taken a 4.8% stake in NFT Investments (NFT).
AIM
Pharma IT systems supplier Instem (INS) is recommending an 833p/share cash bid by Ichor Management, which is controlled by funds managed by Archimed SAS. The bid is still below the share price peak of 905p in September 2021. Instem is valued at £203m. The board believes that private ownership will provide greater access to capital to fund acquisitions and growth.
SailPoint Technologies UK is bidding 2.35p/share for Osirium Technologies (OSI), which may be nearly double the previous market price, which was an all-time low, but it is well below the share price peak of 201p during the 4 May 2016, less than one month after it joined AIM. The bid values the cyber security company at £3.11m. SailPoint Technologies believes that the business will fit well with the SailPoint Identity Security Platform. A unified platform will be developed for securing privileged and non-privileged identities for customers and there will be enhanced regional opportunities.
Frasers Group (FRAS) continues to build up its stake in online fashion retailer boohoo (BOO) from 9.1 to 10.4%. Frasers has also edged up its interest in ASOS (ASC) from 19.3% to 19.8%, although 9.2% is held through financial instruments.
Sustainable wood products supplier Accsys Technologies (AXS) made a strong start to the financial year, but it warns that demand from the construction market is declining. Sales volumes for the year to March 2024 will be worse than expected and profit will be much lower than anticipated. Operating costs are being reduced.
Revolution Beauty (REVB) has appointed Lauren Brinley as chief executive. The beauty and cosmetics products supplier also published its 2022-23 accounts. Lauren Brindley was until recently head of American retailer Walgreen’s beauty and personal care operations across its stores and online. Prior to that she worked at Boots and Tesco. Revolution Beauty has new distribution agreements with Walgreens and Boots. In the year to February 2023, revenues edged up 2% to £187.8m, while the loss reduced from £45.9m to £33.9m. That masks improved trading in the second half. First quarter sales were 60% higher, but there was destocking in the corresponding period last year. EBITDA was £3.5m in the period. Net debt increased to £21.5m.
Rosslyn Data Technologies (RDT) raised £2.7m from a placing and subscription at 0.5p/share and a retail offer to existing shareholders could raise up to £500,000 more. On top of the share issue, there is a proposed issue of 10% convertible loan notes to raise £600,000 from Hargrave Hale AIM VCT, Octopus AIM VCT and Octopus AIM VCT2. The conversion price is the lower of 0.5p or the issue price of another fundraise. There are also plans for a 50-for-one share consolidation. There will be a resolution at the general meeting on 18 September to gain shareholder approval.
Summary results for the phase II dose ranging study assessing Orenetide for hypoactive sexual desire disorder were disappointing and that has hit the Ovoca Bio (OVB) share price, which slumped 78.7% to an all-time low of 2.4p. The results of the study in Australia and New Zealand show that the treatment was not statistically significantly better than placebo. The ckinompany will have to decide how to move forward with the product and whether it should continue development. Ovoca Bio had €2.6m in the bank at the end of July.
Kinovo (KINO) says that it would not recommend a 56p/share bid from Rx3.
Linear Generator technology developer Libertine Holdings (LIB) says fees expected from Hyliion may not be recognised this year. This means that the loss would be higher than the £2.6m forecast. The first phase of development is complete and Hyliion has a six-month option period to negotiate IP rights. Work on the MAHLE powertrain was completed later than scheduled. There is £1.2m in the bank, which should last until May.
Application specific integrated circuits designer Sondrel Holdings (SND) has been hit by contract delays. Three major customers have delayed development for 6-12 months because of economic uncertainty and concerns about consumer confidence. Interim revenues will be 17% higher at £9.3m, but the full year forecast has been cut from £28.4m to £13m. Sondrel is likely to move into a net debt position by the end of 2023, but this should be temporary.
EnSilica (ENSI) has secured a $2.4m contract with an existing European customer for the development of an advanced networking ASIC. Most of this revenue will be recognised in the year to May 2024, which underpins forecasts. It has also won a €2.5m contract for its satellite broadband chip.
Pelatro (PTRO) will ask shareholders to vote to cancel the AIM quotation because of the cost and the inability to raise cash. The general meeting will be held on 21 September. Finance director Nic Hellyer is leaving the board. A matched bargain facility will be put in place.
Star Energy (STAR) is moving into geothermal project development in Croatia. This is part of the company’s move to refocus from gas to geothermal energy. A 51% interest in A14 Energy is being acquired for €1.3m in cash plus €300,000 back costs. A14 owns the Ernestinovo licence in the Pannonian Basin in Croatia. Bids have been placed for further licences. Up to €1.5m more is payable if the licences are granted.
MAIN MARKET
Networking and biomedical technology company BATM (BVC) grew interim revenues by 5% to $60.2m and gross margin improved. Pre-tax profit improved from $1m to $2.3m. Cash declined to $41.9m at the end of June 2023.
RegTech Open Project (RTOP) was the biggest riser in the Main Market last week. The share price rose 55.4% to 172.5p, having joined the market on 25 August at 100p. This values the business and operational resilience software company at £103.5m. The underlying business generated revenues of £1.1m in 2022, down from £1.31m in 2021, due to a fall in operational resilience fees. The operating loss increased from £930,000 to £2m. RegTech Italy, which is part of a group that owns 65% of RegTech Open Project, is providing a shareholder facility of up to £8m with an initial cash drawdown of £2m that will help to pay the expenses of the listing. The company estimates total directors’ remuneration of £505,000 over the next 12 months.
Andrew Hore
Quoted Micro 28 November 2022
AQUIS STOCK EXCHANGE
One Health Group (OHGR) joined the Apex segment of the Aquis Stock Exchange on 24 November. The NHS-funded medical procedures provider raised £1.56m at 150p a share, giving One Health Group a market capitalisation of £15.1m. The share price ended the week at 156.5p. Demand for the company’s services should continue to be strong as the NHS tries to reduce the backlog of operations. In the six months to September 2022, revenues were £9.7m. The plan is to pay 50% of post-tax profit in dividends. Net cash was £3.68m at the end of March 2022. The additional cash will provide working capital.
Electric vehicle drivetrains developer Equipmake Holdings (EQIP) edged up revenues by 3% to £3.71m in the year to May 2022. A much greater proportion of the revenues came from commercial and production contracts. The loss was more than trebled to £5.2m. There was still £1.88m of cash in the balance sheet and since then it raised £10m gross at 4.25p a share in its Aquis flotation. A partnership with an electrical aerospace specialist will generate initial orders for prototypes worth £400,000.
VSA Capital (VSA) has reiterated that it will report a first half loss. The Aquis corporate adviser is holding a showcase event for Aquis companies on 29 November.
Inqo Investments (INQO) has sold its investment in Zambia-based honey producer Bee Sweet Honey There was a ZAR950,000 loss on the investment.
Guanajuato Silver (GSVR) has made a partial early repayment of its silver and gold loans using 97,000 ounces of silver and 846 ounces of gold. In the three months to September 2022 produced 329,297 ounces of silver and 3,226 ounces of gold, while lead and zinc sales have become significant. The trend of quarter-on-quarter production increases is expected to continue.
Clarify Pharma (PSYC) has acquired £250,000 stakes in Nasdaq-listed companies Atai Life Sciences Inc (ATAI) and Compass Pathways (CMPS). Both companies are involved in developing psychedelic treatments.
AQRU (AQRU) is reducing the number of employees by three-quarters to save money. Monthly overheads will fall by 65%. Yields on the company’s cryptocurrency app are being reduced.
Cooks Coffee Company (COOK) has issued up to NZ$2m of convertible notes to wholesale investors. The cash will fund the growth of the café existing chain and acquisitions, as well as paying off some existing debt.
Ananda Developments (ANA) is seeking shareholder approval to acquire the 50% of DJT Group that it does not own, which has a licence to grow >0.2% THC cannabis for research. The cost is £3.2m in shares. The process of gaining approval to grow and manufacture medicinal cannabis has been formalised.
IamFire (FIRE) says investee company WeShop user downloads and transactions are increasing.
Marula Mining (MARU) has increased its stake in the Blesberg lithium mine from 5% to 100%. The cost is $1.7m. This is subject to regulatory approval. Mobile mining equipment and the majority of processing equipment is on the site and the infrastructure is being upgraded. First deliveries of lithium ore are expected in December.
Diesel additives supplier SulNOx Group (SNOX) has appointed Steele Environmental as a US distributor for shipping markets and land-based transportation and revealed a positive evaluation with Caspian Marine Services.
Invinity Energy Systems (IES) has cut the nominal value of its shares so that it can issue more shares. A 2.2 MWh energy storage sale has been made to the company’s Taiwan resale partner. That is ten Invinity VS3 batteries.
EDX Medical (EDX) announced a collaboration for the European cancer biomarker programme with Tianjin Bioscience. This should result in the development of cost-effective cancer tests.
MiLOC Group Ltd has changed its name to Crushmetric Group Ltd. A placing raised £22,000 at 20p a share.
A company owned by NFT Investments (NFT) chairman Jonathan Bixby and non-exec Mike Edwards have has acquired 20 million shares at 0.8p a share. Finance boss Rob Smith has purchased 724,503 Chapel Down Group (CDGP) shares at 25.5p each. A company associated with chief executive David Immelman bought 50,084 DXS International (DXSP) shares at 5.454p each.
Former Aquis-quoted company Jigsaw Insurance Services is recommending a 204p a share cash offer from insurance business consolidator PIB Group Ltd. There could also be additional consideration of 14p a share depending on completion accounts. That values the bid at up to £24.1m. Harrogate-based Jigsaw was formerly known as NCI Vehicle Rescue and it left what was then known as ISDX in February 2015, so it still comes under the Takeover Panel rules.
AIM
Michelmersh Brick (MBH) expects 2022 pre-tax profit to be ahead of expectations and it is acquiring pre-built brick products manufacturer and brick fabricator Fabspeed for an initial £6.25m. The Fabspeed acquisition will be earnings enhancing. There could be up to £2m more payable depending on performance over 24 months. A share buy back programme of up to £3m is being launched.
Tatton Asset Management (TAM) continues to generate impressive net inflows to its assets undermanagement. They were £907m in the six months to September 2022, helping to offset market declines. The 50%-owned 8AM Global added a further £1bn taking the group total to £12.3bn, which has already risen to £12.9bn in November. Pre-tax profit improved from £6.77m to £7.68m and the dividend was raised by 12.5% to 4.5p a share.
finnCap (FCAP) has ended bid talks with fellow broker Panmure Gordon. It was not possible to find a mutually acceptable structure or terms for the merger.
Osirium Technologies (OSI) is raising £1.53m at 2p a share and the cash will provide additional working capital and help the cyber security business reach cash breakeven earlier than previously expected. Annualised cost savings of £1m have been identified and £650,000 of these have already been implemented. Sales director Stuart McGregor is replacing chief executive David Guyatt and he will become executive chair instead. Allenby has increased its forecast 2022 revenues to £1.8m and slightly reduced the expected loss to £3.22m.
Tissue products manufacturer Accrol (ACRL) increased interim revenues by 64% to £121.1m through a combination of higher prices and volume growth. Net debt was £30.5m at the end of October 2022 and it could fall to £24.4m by April 2023. A full year pre-tax profit of £6.7m is forecast.
Omega Diagnostics (ODX) has received the £4m deferred consideration for the sale of the CD4 business. Net cash is expected to be £6.2m by the end of March 2022. This can be used to expand the health and food intolerance operations. The US is a market where more investment is planned. Omega Diagnostics remains loss making but could move into profit in 2023-24.
Electrolyser developer Clean Power Hydrogen (CPH2) is having problems with the design and operation of its cryostat unit in the MFE 220 test unit. Scaling up the unit has been a challenge. This delayed the expected October deliveries of two initial MFE 220 units. One customer has cancelled the order and is going with a rival electrolyser. A redesign of the unit should cure the issues. On the current forecasts, the cash could reduce to £3m by the end of 2024 and then rise the following year, but further delays could mean the cash reduces more quickly than expected.
Curtis Banks Group (CBP) is in advanced discussions concerning a bid from Nucleus Financial Platforms, which is conducting due diligence. Susan McInnes has been appointed as an independent non-executive director of Curtis Banks.
DeepMatter Group (DMTR) is the latest company with plans to cancel the AIM quotation because management believes that it will be easier to raise cash as a private company. The digital chemistry data analysis business says major shareholders support the plan. DeepMatter wants to raise £1m before leaving AIM and then a larger amount after the departure.
Trafalgar Property Group (TRAF) has moved into hydroponics. The residential property developer has acquired assets and leasehold premises from May Barn Horticultural Consultancy, which is controlled by Trafalgar Property director Dr Paul Challinor, for £30,000. Trafalgar Property will concentrate on assessing plant propagation requirements and studies on tissue culture of plant material. The current work is on lettuce varieties and hydroponic tomato seedlings, as well as seedlings of Nicotiana benthamiana for future development for cosmetics and pharmaceuticals.
Real Good Food (RGD) has secured additional financing of £2.5m from Hilco Private Capital, which lasts for 12 months and is in addition to the £6.3m from the Leumi ABL. This will help to fund restructuring and cost reduction.
Zanaga Iron Ore Company (ZIOC) is acquiring a controlling shareholding in the Zanaga iron ore project from Glencore Projects in return for shares that will give Glencore a 48.26% stake. Glencore can appoint two directors and is required to retain the shares for six months. Glencore has exclusive marketing rights for the iron ore produced at the mine. A general meeting will be held on 13 December to gain shareholder approval for the deal.
MAIN MARKET
Structural steel supplier Severfield (SFR) improved interim profit and it is continuing to improve in the second half. In the six months to September 2022, revenues improved from £195.9m to £234.9m through a combination of underlying growth and higher steel prices. Underlying pre-tax profit rose from £10.3m to £12.1m, including a doubled contribution of £600,000 from the India business. Net debt was £15.8m at the end of September and the interim dividend was raised from 1.2p a share to 1.3p a share. The UK and Europe order book is worth £464m and the India order book is £143m.
Devro (DVO) has agreed a 316p a share bid from Netherlands-based Saria, which has been interested in bidding for the sausage skins supplier since the beginning of 2022.
Cardiff Property (CDFF) increased NAV from 2549p a share to 2756p a share in the year to September 2022. The current share price is 2420p. The dividend was raised from 18.5p a share to 20.5p a share. There has been a downturn in confidence in the Thames Valley property market.
Alkemy Capital Investments (ALK) says its subsidiary Tees Valley Lithium has received full planning permission for Europe’s largest lithium hydroxide refinery in Teeside. This will supply the electric vehicle battery market. Production could commence in 2025.
National World (NWOR) has decided not to bid for Reach (RCH).
Motor dealer Caffyns (CFYN) improved interim revenues from £110.8m to £119m, although underlying pre-tax profit dipped by one-third to £1.6m. New car volumes were ahead of the market and there was a 12% decrease in like-for-like used car volumes. The interim dividend is unchanged at 7.5p a share.
Ross Group (RGP) has raised £136,000 at 1.5p a share. Ross has entered into a global exclusive supply chain management agreement with the Energy Group LLC in the US to manage green hydrogen production and projects. This could be the start of a significant business for Ross.
Andrew Hore
Quoted Micro 5 September 2022
AQUIS STOCK EXCHANGE
Cancer treatments developer Incanthera (INC) says that commercial discussions continue for skin cancer treatment Sol and there is potential for a Sol-based product range. There is still £295,000 of cash in the balance sheet at the end of March 2022. The Actino-Pro brand has been trademarked. There was a cash outflow from operations of £660,000 in the previous 12 months. Two directors have provided a loan facility of £190,000, of which £50,000 has been drawn. The directors have waived their remuneration and a payment to UOB has been deferred. Management believes that Incanthera will have enough finance until the fourth quarter of 2023. Potential partners could take advantage of the lack of cash when doing a deal.
S-Ventures (SVEN) has acquired Lizza, a wellness and free-from food brand, from Peter Cremer Holding. The Hamburg-based agricultural business is subscribing £2m for shares in S-Ventures at 70p each. The share price has never traded at that level. Lizza produces pasta and breads and provides S-Ventures with a base in the German market. Revenues were €4.5m in 2021. The initial cost of the deal is €1, but there is an earn-out based on a share of profit over ten years up to a maximum total of €2.366m.
Healthcare IT developer DXS International (DXSP) is reviewing its growth plans for the next 24 months. The new strategy will be designed accelerate growth and is likely to require additional funds. They will probably be raised through a share issue and that appears to have worried investors.
KR1 (KR1) has invested $300,000 in RedStone Finance, as part of a $7m fundraising. KR1 participated in the previous financing round. RedStone is developing RedStone Oracles, a provider of data feeds for crypto assets, and smart contract platform provider Warp Contracts.
Rent guarantee service provider RentGuarantor Holdings (RGG) published interim results showing a jump in revenues from £91,000 to £170,000. Higher admin expenses meant that the loss increased from £258,000 to £353,000. Revenues continued to improve in July and August.
Tectonic Gold (TTAU) says 40%-owned Whale Head Minerals has received a mining permit for its near-production minerals sands operation, which has an estimated NPV of £150m. Tectonic Gold has agreed to transfer a 30% stake to Whale Head Minerals’ BEE partners, which have mining expertise, and it will retain a non-diluting interest of 10%.
Invinity Energy Systems (IES) says contract manufacturer Baojia has shipped 1.1MWh of Invinity batteries from its factory in China designed for the project with Elemental Energy in Canada. Final assembly and testing will be done by Invinity Energy Systems at its factory before delivery.
TECC Capital (TEC) has invested a further £200,000 in convertible loan notes in EDX Medical. This takes the total investment in convertibles to £500,000, which is guaranteed by EDX Medical founder Professor Sir Chris Evans. Discussions continue about the acquisition of EDX Medical.
Vulcan Industries (VULC) has sold tacks and nails manufacturer IVI Metallics for £1. The business had net liabilities of £458,000 and it has struggled to rebuild its order book. Vulcan Industries still provides a cross guarantee for the CBIL liability of £739,000.
SuperSeed Capital Ltd (WWW) says that SuperSeed Fund II has led a $3.6m investment in brand advocacy platform Duel. The software-as-a-service platform helps retail brands grow via positive feedback from customers. ASOS, Unilever and Mint Velvet are among the clients.
Evrima (EVA) has an 8.93% stake in Kalahari Key, which has provided an update on the Molopo Farms Complex project. A diamond drilling contract has been signed with a Botswana-based company.
Yooma Wellness Inc (YOOM) increased interim revenues from $2.78m to $6.49m and the loss has been reduced from $5.57m to $3.83m. CBD product sales were strong in Europe and Japan. The company has been reducing its expenses.
Clarify Pharma (PSYC) had cash of £2.1m at the end of May 2022. It is seeking investments in the medical use of psychedelics.
Oscillate (MUSH) had £1.91m in the bank at the end of May 2022, although £600,000 has been invested in Aquis-quoted Psych Capital (PSY) and fully listed Dev Clever (LON: DEV).
AIM
Futura Medical (FUM) says that the clinical study for the MED3000 topical gel erectile dysfunction treatment has met its primary and secondary endpoints. The study showed an improvement in erectile function and a highly statistic improvement in the onset of action at 10 minutes. There were limited side effects with 4.3% of patient suffering headaches and a further 4.3% nausea, which is much better than rival treatment tadalafil. The next move is submitting MED3000 for FDA review as a De Novo medical device for the over-the-counter treatment of erectile dysfunction. This could lead to marketing authorisation by the first quarter of 2023. MED3000 has received the UKCA mark.
Neurocrine Biosciences Inc is making a recommended bid of 27.5p a share in cash for hormonal disease treatments developer Diurnal (DNL), which values the company at £48.3m. The April 2021 placing and open offer was at 70p a share and the share price has slumped since then. Revenues have not built up as fast as hoped and another cash raising is on the horizon if Diurnal stays independent.
Pharma software provider Instem (INS) has gained its largest ever contract. The deal is worth at least $12m over five years. The client is a contract research organisation and is for the company’s cloud-based Aspire clinical trial acceleration software, which will be launched with the customer in one year. There is $3m for implementation and the rest is paid in instalments of $2.25m a year over four years. The annual recurring revenues are $1m more than for the Instem system that is being replaced.
Egg-free cakes retailer Cake Box (CBOX) says trading is becoming more difficult and only part of the cost increases it is suffering are being passed on to franchisees. Sales are also under pressure with a like-for-like decline of 2.8% so far in this financial year. This means that full year profit will be much lower than the £7.2m expected. There is £6.7m in cash, although the £2m dividend will be paid in September. Chief executive Sukh Chamdal acquired 225,000 shares at 121.85p each.
Telephony services provider LoopUp Group (LOOP) has taken on a book of conference service contracts from a US competitor for no initial payment. There is a revenue share agreement for three years to October 2025. These contracts could generate cash of £5m a year, although it may reduce due to customer churn. This is much-needed cash flow for the business, which is still heavily loss-making. The new bank facility is £17m and that more than covers the expected net debt at the end of 2023.
Oil and gas producer PetroNeft Resources (PTR) has an oil storage and transportation contract with Nord Imperial for production from licence 61 in Tomsk Oblast, Russia at a cost that is far above standard market rates. PetroNeft has tried to change the contract and started paying reduced amounts, but Nord Imperial has suspended acceptance of oil. PetroNeft is shutting down its wells, which will hit income. Licence 67 is not affected and is producing 270 barrels of oil per day.
Independent directors of market research firm System1 Group (SYS1) are conducting a strategic review and the proposed tender offer has been postponed. This review will assess whether the company can grow faster if partners or an external investor are brought in.
MAIN MARKET
Zamaz (ZAMZ) joined the standard list last Friday and raised £3.69m. Cornerstone investor Atlas paid 10.45p a share, which is a 5% discount to the nominal subscription price. Most of the cash will go on expenses and repaying existing bonds. Zamaz believes that its technology platform can help to efficiently build direct to consumer brands via e-commerce. Amazon is currently the main marketplace used by the company. There is already a portfolio of brands in the group, but most are at an early stage of their development. There are plans to acquire more brands. Revenues are relatively modest and Zamaz is losing money. The share price fell to 9.48p (8p/10.95p) on the first day. There were 90,000 shares traded in one deal at 10.95p. The shares are tightly held and there is potential dilution from the convertibles worth up to £15m that could be issued to Atlas Capital Markets and the associated warrants.
First Tin (1SN) has announced positive intercepts at the latest two drill holes at the Gottesberg tin project in Germany. These and other results validate the belief that a higher grade core exists within the deposit.
Iconic Labs (ICON) has settled disputes and has finalised proposals for a company voluntary arrangement. If this goes ahead then the administration will end and trading in the shares may recommence once up to date results have been published. The shares have been suspended for around 15 months.
Andrew Hore
Quoted Micro 9 May 2022
AQUIS STOCK EXCHANGE
In 2021, Newbury Racecourse (NYR) is paying a special dividend of 89.6p a share. The £3m payment comes after the receipt of the final £10.7m from the sale of housing development land. Newbury Racecourse increased turnover by 75% to £14.8m as racing returned to the course. There is still potential for further recovery this year. Attendances increased from 12,000 to 105,000. The hotel reopened in January 2022. There was a swing from £2.17m loss to an underlying pre-tax profit of £333,000.
Quantum Exponential (QBIT) is investing £406,000 in Aegiq Ltd, a photonics company using quantum technologies in the cybersecurity market. That gives it a 4.06% stake. Helium Special Situations has reduced its stake from 4.57% to 1.52%.
Goodbody Health Inc (GDBY) reported better than expected revenues for 2021. The CBD products and testing company made an underlying loss of £900,000 on revenues of £17.1m. Arden forecasts a £5.1m profit this year.
VSA Capital (VSA) has received a settlement of outstanding fees of £153,000 from client Anglo African Agriculture in the form of 3.82 million shares. This gives VSA a 15.3% stake plus warrants and convertible loan notes.
Gunsynd (GUN) has terminated the disposal of Oyster Oil and Gas to Sajawin.
Clarify Pharma (PSYC) had net cash of £1.3m at the end of April 2022. Investment opportunities in the psychedelics market are being assessed.
Apollon Formularies (APOL) has acquired intellectual property and patents from Aion Therapeutic for £96,000 and 4.35 million shares. It will also pay a royalty fee of 4% on net revenues from products based on these patents. The patents cover potential cancer treatments.
ChallengerX (CXS) has appointed Olivia Edwards as chief executive and Nicholas Lyth as finance director.
Phase 1 assay results from the Monte Muambe project held by Altona Rare Earths (ANR) show significant levels of rare earths.
Coinsilium (COIN) has been appointed as adviser to Silta Finance and entered into an agreement to purchase $75,000 of future SILTA tokens. Silta is building a technology to connect decentralised finance to infrastructure project developers.
Capital for Colleagues (CFCP) has sold its remaining stake in builder’s merchant Merkko Group for £378,000.
Rogue Baron (SHNJ) has received the first UK order for Shinju and Shinju 8-year old whisky.
S-Ventures (SVEN) chairman David Mitchell bought 57,959 shares at 32p each. Chris Akers has increased its stake in Quetzal Capital (QTZ) from 19.1% to 20.1%. John Mahtani reduced his stake from 5.71% to 3.83%.
AIM
Online retailer of building materials CMO Group (CMO) continues to grow on the back of a buoyant market as well as gaining market share. The online share of the sector remains relatively low. The second half growth was not as fast as in the first half. In 2021, revenues grew 46% to £76.3m. There is organic growth supplemented by acquisitions. CMO moved from loss to an underlying pre-tax profit of £1.4m. Net cash was £6m. Following the acquisition of JTM Plumbing Plumbingsuperstore.co.uk is being launched later this year. First quarter trading has continued to be strong with like-for-like growth of 3%.
Neonatal intensive care medical devices supplier Inspiration Healthcare (IHC) increased full year revenues from £37m to £41.1m. Acquisition contributions offset the one-off Covid ventilator revenues in the previous year. Pre-tax profit improved from £3.13m to £3.96m, although earnings fell 12% to 6.1p a share because of the additional shares issued for acquisitions. The company’s order book is strong.
In 2021, targeted digital advertising services provider Dianomi (DNM) revenues grew from £28.4m to £35.8m, even though Asia Pacific revenues fell from £1.72m to £1.18m due to the ASX website stopping having advertising content. Underlying pre-tax profit moved from £2m to £2.9m – share based payment charges and float costs led to a loss being reported – and it is expected to increase to £3.6m this year. The average spend of the top 100 advertisers increased 27% to £280,000 each. Net cash was £10.3m at the end of 2021.
In 2021, Intelligent Ultrasound (IUG) reported revenues 47% higher at £7.6m, mainly from ultrasound simulation products, while the cash outflow from operations was £2.3m. AI revenues remain modest, and it will take time for them to build up. Cenkos upgraded its 2022 revenues forecast from £9m to £10m, but the cash outflow will be similar.
Plastics and packaging supplier Coral Products (CRU) is using some of its cash pile to acquire Film & Foil Solutions, a supplier of flexible packaging film used for food, books, carpets and for cable tapes. The initial payment is £1.35m in cash, plus £750,000 in shares at 15.5p each. There is just over £900,000 that could be payable based on the settlement of a contract dispute and an insurance payment. The acquired business made an underlying profit of £541,000 in 2021.
Energy efficiency as a service provider eEnergy Group (EAAS) has been hit by contract delays. That means that 2021-22 EBITDA could be £3m and not £4.4m as previously expected. A new finance director is being appointed.
Green hydrogen production developer ATOME Energy (ATOM), which was spun out of President Energy (PPC) at the end of 2021, has secured a major 60MW power purchase agreement with ANDE, the national power supplier in Paraguay. Hydrogen production could commence in Paraguay in the first quarter of 2023.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) will report revenues around £15m lower than expected due to overstocking. This will knock £10m off operating profit. Price rises are offsetting the effect of inflation.
Castings (CGS) 2021-22 results will be slightly ahead of expectations. Demand for commercial vehicles remains strong, but there is still uncertainty about the ability produce heavy trucks.
Kendrick Resources (KEN) was formerly AIM-quoted BMR Group, which left AIM in August 2018 after problems with the progress of the Kabwe project in Zambia. Kendrick still has a 11% royalty interest in Kabwe. Kendrick Resources has acquired Northern X Finland and Northern X Scandinavian. In Finland, there is an exploration licence at the Koitelainen project and two licences at the Karhujupukka project. There are two projects in Sweden: the Airijoki project and the Central Sweden project. There is also an option over three projects in Norway.
Gresham Technologies (GHT) has secured a contract with an existing bank customer worth up to £6.3m over a period of five years. The company’s Clareti software will be used across the whole UK business of the bank.
Andrew Hore
Andrew Hore – Quoted Micro 23 August 2021
AQUIS STOCK EXCHANGE
Adnams (ADB) says that trading has improved since 17 May with strong demand for hotel accommodation. Interim revenues were flat at £20.5m, while the loss dipped from £3.87m to £3.34m. Net bank debt was £13.4m at the end of June 2021.
GP software provider DXS International (DXSP) increased its full year revenues from £3.28m to £3.61m, while pre-tax profit improved from £239,000 to £254,000 even though the amortisation charge was significantly higher. There was £1.24m of cash generated from operations, although that is less than the £1.5m of capitalised research and development spending.
Good Energy (GOOD) continues to reject the 340p a share bid by Ecotricity because it undervalues the company. Management believes that the company can grow significantly as an independent entity. They also point out that Ecotricity is loss-making.
Oscillate (MUSH) has made a pre-IPO investment in Psych Capital, which would be one of first quoted psychedelic healthcare companies. Oscillate has acquired a 10.4% stake for £300,000. The Oscillate finance director is also finance director of Psych Capital. Richard and Charlotte Edwards have increased their stake in Oscillate from 5.94% to 8.31%. Oscillate has a 24.6% stake in Igraine (KING) which says that the report on the ARCADIA trial – relating to a potential treatment for people with diabetes suffering from Covid-19 – will be published by Excalibur Medicines on 6 September. Igraine has a 2% stake in Excalibur Medicines and also a co-investment agreement.
Yooma Wellness Inc (YOOM) is making the first of its promised acquisitions. It is paying up to £10.2m in cash and shares for Birmingham-based Vitality CBD, which sells its products through Boots, Tesco and Asda. Revenues were £1.6m in the first half of 2021.
Clarify Pharma (PSYC) has also made its first acquisition since joining Aquis. It has contributed $700,000 to a fundraising by Beckley Psytech. This gives Clarify a 0.26% stake. Beckley is developing psychedelic compounds to treat neurological and psychiatric disorders.
Dispersion Holdings (DEFI) has invested $200,000 in Blimp Technologies Inc, which has a platform that rewards homebuyers and sellers for contributing value to a tokenised network established by Home Network Foundation. Dispersion has made a second investment in Defi Yield Technologies Inc. The C$800,000 investment follows an initial investment of C$200,000, which was at a lower share price. This takes the shareholding to 2.24 million shares.
Watchstone Group (WTG) reduced its underlying admin expenses but there was still a £2.31m cash outflow in the first half of 2021. NAV was £15.4m at the end of June 2021. Watchstone has £14.1m in the bank and £1.8m more in escrow. The focus is on continuing litigation.
Eastinco Mining (EM.P) had a £528,000 outflow from operating activities in 2020. There was £52,000 of cash at the end of 2020.
SulNOx Group (SNOX) reduced its loss from £1.81m to £856,000 in the year to March 2021. SulNOx intends to move to AIM.
Coinsilium (COIN) has invested £300,000 in shares in financial services firm Greengage Global and is subscribing for up to £200,000 in convertible loan notes.
Evrima (EVA) has completed its investment in Eastport Ventures Inc, which is planning a flotation.
Abdelatif Lachab has increased his stake in Helium Ventures (HEV) from 5.94% to 6.23%.
AIM
Floorcoverings distributor Likewise (LIKE) switched from The International Stock Exchange to AIM last week and raised £10m at 25p a share. The cash raised will provide working capital for growth and cash for acquisitions. There will also be investment in further distribution centres, including a larger site in Manchester. Likewise chief executive Tony Brewer joined Headlam in 1991 and became chief executive in 2000. He left the company in 2016. The plan is to be a national distributor with revenues of more than £200m and an operating margin of more than 5% are targeted. Trading has been ahead of budget in the first half of 2021. Daily revenues exceeded £250,000 in each of May and June. The share price has risen to 31p.
Interim figures from plastic packaging manufacturer Robinson (RBN) led to a sharp downgrading of the 2021 pre-tax profit forecast. Raw material prices have soared, and volumes have not grown as fast as expected. Interim revenues were 19% higher at £21.2m – there was modest like-for-like growth excluding the Schela acquisition. A slump in gross margins meant that the business fell into loss. An interim dividend of 2.5p a share has been announced.
Piling contractor Van Elle (VANL) lost money last year, but it should return to profit this year. In the year to April 2021, revenues were flat at £84.4m, which was a good outcome because revenues were sharply lower in the first quarter due to lockdown. The underlying loss was one-third higher at £1.2m. The cold winter also held back progress. Van Elle plans to pay a dividend next year if trading goes to plan.
SkinBioTerapeutics (SBTX) had more cash than expected at the year end and it has set the price for its AxisBiotix-Ps food supplement. In the UK, the psoriasis treatment will cost £1.50 per sachet, which is higher than expected. There was £4.6m in the bank at the end of June, compared with expectations of £3.4m.
Intelligent Ultrasound (IUG) AI technology has yet to make a significant contribution to revenues. GE is offering ScanNav Assist as an option on its SWIFT ultrasound machine, but first half revenues were minimal because of Covid-19 restrictions holding back marketing. Even so, interim revenues increased by 36% to £3.6m due to higher sales of training simulators. That growth is continuing and AI revenues will build up over the longer-term.
MTI Wireless Edge (LON: MWE) has continued to grow its profit and demand is improving for its antennas with new contracts from space and naval customers. In the first half of 2021, revenues improved from $19.6m to $21.3m, while pre-tax profit rose from $1.83m to $2.05m.
Engineer Tricorn (TCN) has appointed administrators because it is running out of money and the board is trying to sell the trading operations. Trading in the shares has been suspended and Arden has resigned as nominated adviser.
DBAY Advisors has decided not to bid for credit hire and legal services firm Anexo (ANX). Trading has been ahead of expectations at Anexo.
MAIN MARKET
Trading in standard list shell Pineapple Power Corp (PNPL) shares has been suspended following the announcement of the reverse takeover of BVP Investments and its sustainability-focused investment portfolio.
Canadian Overseas Petroleum (COPL) has completed the reverse takeover of Atomic Oil and Gas. This adds producing assets. Oil production is expected to continue to increase. Other potential asset acquisitions are being assessed.
Tirupati Graphite (TGR) is acquiring Suni Resources SA, which has a portfolio of graphite interests in Mozambique. They include the Montepuez graphite project which is already under construction. The acquisition will cost £6.6m.
Andrew Hore
Andrew Hore – Quoted Micro 14 June 2021
AQUIS STOCK EXCHANGE
Clarify Pharma (PSYC) joined the Access segment on 11 June and raised £1.96m at 2.5p a share. Prior to flotation, Clarify Pharma raised £100,000 at 0.1p a share and £1.19m at 1p a share. Pro forma NAV, after flotation expenses, is £2.97m. That is equivalent to 1p a share. Management includes Michael Edwards and Jonathan Bixby from NFT Investments (NFT) and other recent Aquis new admissions. Clarify Pharma will focus on investing in psychedelic medicine businesses and products in the UK and Canada. The share price ended the day at 2.875p (2.75p/3p).
Angelfish Investments (ANGP) is changing its Igraine (KING) and DiscovOre (ORE) is subscribing £2m at 2.5807p a share (post consolidation) for a 24.6% stake. Burns Singh Tennent-Bhohi is a director of both companies. Angelfish will become a biotech and medtech investor and it will have co-investment rights with Excalibur Healthcare Services, which is run by Professor Sir Chris Evans. He will also become an Angelfish director. Angelfish will take a 2% stake in Excalibur Medicines Ltd, which has the rights to a potential drug for diabetics suffering from Covid-19. Angelfish will pay £600,000 in cash plus issue £500,000 of deferred shares at 5p each, which could be converted into ordinary shares is the trial of the potential Covid-19 treatment is successful. Every 1,000 existing shares will be consolidated into one new share.
Ananda Developments (ANA) plans to acquire 100% of cannabis grower DJT Plants Ltd. Ananda already owns 50% and it will issue 790.5 million shares, equivalent to £7.3m, to Anglia Salads for the other 50%. Stuart Piccaver will become joint chief executive of Ananda.
KR1 (KR1) has invested the equivalent of $4.45m in KSM tokens in Shiden Network, a smart contract platform on Kusama. Once the parachain auction is completed the KSM will be returned and KR1 will receive Shiden tokens. KR1 made a similar investment in the Karura crowdloan.
Rural Broadband (RBBS) has 2,571 monthly fee-paying clients for its broadband services. Annual run rate revenues are £820,000.
Veni Vidi Vici (VVV) had £272,000 in cash and NAV of £359,000 at the end of 2020. The company has since raised £220,000 at 50p a share. This will help finance the A$300,000 that the company has to spend over the next three years on the 51% owned Shangri La gold, copper and silver project.
Vulcan Industries (VULC) raised £100,000 at 1.675p a share.
Virgata Services has extended its bid for Walls & Futures REIT (WAFR) until 21 June. Acceptances currently total 9.3% of the share capital.
UK SPAC (SPC) has withdrawn its application for a move from AIM to Aquis.
AIM
NWF (NWF) is trading ahead of expectations and net debt will be lower than anticipated at the end of May 2021. The fuels division has a strong year thanks to the cold winter. The food distribution business improved its trading, but the unstable patterns of demand are hampering profit. Feed margins were under pressure.
AB Traction has increased its stake in construction dispute and property services provider Driver Group (DRV) from 17.32% to 18.27%. That was after Driver reported a 11% decline in revenues to £25m, while underlying pre-tax profit fell from £1.3m to £1m. The comparatives were tough, but gross margins were maintained at 25.6%. Europe and the Americas performed strongly, but the other regions lost money. Net cash was £7.2m at the end of March 2021. A full year pre-tax profit of £2m, down from £2.5m, is forecast.
Cambria Automotive (CAMB) is recommending an 80p a share cash bid, which values the motor dealer at £80m.
Mind Gym (MIND) is increasing its development spending on digital assets, but the benefits are yet to show through. Even so, the learning and development services company returned to profit in the second half. Revenues began growing again in the fourth quarter. In the year to March 2021, revenues were 18% lower at £39.4m, while underlying pre-tax profit slumped from £6.6m to £300,000. Even so, there was £5.9m of cash generated from operations. This level of cash generation will not be repeated, but advance payments mean that cash generation is impressive. There is £16.8m in the bank, after spending £2.8m on new digital products. Two of these products will launch later this year. The first quarter is well ahead of the same period last year.
Drug discovery company Redx Pharma (REDX) plans to move its main cancer treatment, RXC004, into phase 2 studies later this year after the phase 1 safety study is completed. This treatment is designed to prevent tumour growth. The main focus is colorectal, pancreatic and biliary cancer. Lung fibrosis treatment RXC007, the ROCK2 selective inhibitor, has started clinical trials. Redx still had £39.9m at the end of March 2021 and this cash should last until the end of 2022.
MAIN MARKET
JLEN Environmental Assets Group Ltd (JLEN) started investing in battery storage projects in the year to March 2021. JLEN generated £39.5m in cash from operations, up from £36.2m the year before. The proposed increase in UK corporation tax from 19% to 25% has reduced the NAV by around £20m due to its effect on deferred tax provisions. NAV was cut from 97.5p a share to 92.2p a share. The total dividend was 6.76p a share in 2020-21.
Associated British Engineering (ASBE) lost £49,000 in the six months to March 2021. NAV is £1.06m, including £383,000 in cash.
Sure Ventures (SURE) has raised £662,500 at 100p a share. The NAV was 92.06p a share at the end of March 2021.
Cellular Goods (CBX) has secured a supply agreement with Willow Biosciences, which will supply ultra-pure, biosynthetically-produced cannabigerol for use in the company’s cannabinoid-based skin care products.
Aircraft leasing firm Avation (AVAP) generated revenues of $91m in the nine months to March 2021. Key customers are starting to run more flights.
Andrew Hore