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Quoted Micro 3 March 2025
AQUIS STOCK EXCHANGE
In the six months to November 2024, Field Systems Designs (FSD) improved revenues from £8.8m to £13.1m and pre-tax profit recovered from £84,000 to £853,000. There is cash of £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 £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 £236,000 to £350,000. There was £610,000 of cash generated from operations. Cash was £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 £3.96m. This will pay off the development finance facility. There are five units to sell privately.
Hot Rocks Investments (HRIP) has invested £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 £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 £721,233 during the months.
Having raised £7.4m from a placing at 180p/share healthcare procedures provider One Health Group (OHGR) has raised a further £200,000 through a retail offer, where shares worth up to £500,000 were on offer. Existing shareholders have the chance to take up shares in a one-for-38 open offer of up to £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 company’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 £6.18m to £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 £728,000 to £436,000. NAV was £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 £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 £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 £6.9m – £12m minus £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 £300,000, down from £1.3m in 2024. Panmure Liberum expects an £11.1m non-cash write down on the business. A share buyback has been launched. This could acquire up to £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 – 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. At the AGM, it was revealed that the order book has grown to £126.4m. Defence optics, medical diagnostics and subsea data networks demand is strong. Semiconductors and industrial lasers markets remain weak. Net debt was £19.2m, following the acquisition of Wales-based Phoenix Optical for £6.75m. This business is being integrated. Net debt could fall to £15m by the end of September 2025. Further bolt-on acquisitions are being sought. Trading is likely to be second half weighted. Cavendish forecasts a recovery in pre-tax profit from £8.1m to £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 £510,000 to £636,000, while the loss was nearly £12m. Since the balance sheet date £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 £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 £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 £200,000 and upgraded its 2025 figure to £500,000.
A June 2024 revaluation of the Mpac (MPAC) pension scheme shows an actuarial surplus of £21.1m. Back in June 2021the pension deficit was £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 £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.
Andrew Hore
Quoted Micro 17 February 2025
AQUIS STOCK EXCHANGE
Music management and event promotion company All Things Considered (ATC) more than doubled 2024 revenues to £50m and EBITDA was £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 £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 £5m, plus over-allotment facility of £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 £20m over a period up to 2027 to complete research and clinical trials in the UAE. There will be an initial cash injection of £5m. The cash will fund phase 2b/3 clinical trials and commercialisation of Cardiogeni’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 £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 £1.6m, Virya VC for £280,000 and an instance of Reelsof AB’s remote gaming software and game aggregation platform for £160,000. These payments will be satisfied by the issue of 510 million shares at 0.4p each. There will also be a £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 £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 £500,000 worth of shares at 3.75p/share.
Valereum (VLRM) is not proceeding with the £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 £10.3m to £7.6m. Higher prices for milk and other agricultural products provide a more favourable background for this year. Even after a £600,000 National Insurance cost increase, pre-tax profit is expected to recover to £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 £11.5m to £11.9m, while the 2025-26 figure has been edged up from £8m to £8.3m. This £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 £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 £800,000. The full year pre-tax profit forecast is £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 Ashcroft’s success in getting Merit Group and Jaywing to leave AIM.
Genetics company GENinCode (GENI) is raising £4m at 3.7p/share and a retail offer could raise up to £500,000 more. The retail offer closes on 17 February at 5pm. There will be £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 £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 £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 £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £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. This is part of the Huntington’s Disease Imaging Harmonisation consortium. 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 £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 £4.5m contract to supply pressure rated fire doors to HS2. These doors provide access to railway tunnels in emergencies. Booth Industries already had a £36m contract with HS2 for cross-tunnel sliding doors that seal off passageways between tunnels. 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.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Surgical instruments manufacturer Surgical Innovations (SUN) has returned to profit in the second half of 2024, although the full year loss could still be £300,000. Trading was broadly in line with expectations. Net debt was £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.
Andrew Hore
Quoted Micro 13 January 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 £1m for an issue of convertible loan notes with up to £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 £20m. The cash outflow from operating activities was £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 £2.47m with EV components revenues increasing 80% to £254,000. There was a cash outflow from operating activities of £2.37m and capital spending of £686,000. Bus repowering services are being scaled down because of low volumes and this will save £2m/year. There was £2m in the bank at the end of November 2024. The contracted order book is worth £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 shareholder’s nominated director will not vote on outlined matters.
RentGuarantor (RGG) has raised £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 Meyer’s stake has reduced from 16.97% to 8.78%. Barry Hersh has still not paid the £375,000 subscription amount for 37.5 million shares.
ChallengerX (CXS) has raised £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 £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 £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 £127m, with more loans of over £5,000. There was strong demand for lower price jewellery, which boosted retail sales. National Insurance changes will increase costs by £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 £1.7m. The initial annual payment of the 15-year lease is £155,000. The £1.1m of related mortgages will be repaid. A final agreement for the insurance claim for the May 2020 fire at one of the company’s premises has resulted in a payment of £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 £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 £5.5m, compared with £3.5m in 2023. Net cash is estimated to be £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 £25.6m, which means that the year-to-date figure is 9.2% ahead at £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 £1m at the end of 2024.
Andrew Hore
Quoted Micro 16 December 2024
AQUIS STOCK EXCHANGE
Manchester-based Zentra (ZNT) switched from the Main Market to the Access Segment of Aquis on Wednesday. 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 £7m after the end of June 2024. There is a conditional contract to sell land for £400,000. So far, £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 other’s products. IntelliAM’s machine learning platform will be included in the latter’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 £1.61m and EBITDA £140,000. Annualised recurring revenues are £149,000. Chairman David Richards bought 7,142 shares at 70p each.
Vinanz Ltd (BTC) has received commitments totalling £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 £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 £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 Energy’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 £24,000, including £56,000 in cash plus £250,000 long-term investment and £30,000 in short-term investments. Since then, the company has been issued a 19.4% stake in Trackimo following the £250,000 subscription. Creditors include deferred payments to directors of £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 £114,000 received, which was above the minimum of £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 £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 £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 £250,000 at 0.2p/share. Meme Vault (MEME) raised £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 £1.7m. The loss increased from £1m to £1.08m after a much higher foreign exchange loss. Annualised recurring revenues are steady at £1m. North American revenues rose by 161% in the period. There was cash of £287,000 at the end of September 2024, but also borrowings of £583,000 following the securing of an additional borrowing facility of £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 £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 £107m. That is mainly due to the major battery technology contract for cell contact systems from £43m to £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 £9.3m by the end of 2026. A £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 £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 £4.5m to £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 £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 £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 £5.25m at 44p/share. The retail offer raised an additional £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 £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 £1.2m, down from £1.5m last year. The loss will be £1.2m. Net cash will be £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 £76.3m, including organic growth of 11%. Underlying pre-tax profit was 16% higher at £11.5m, while earnings were 12% ahead at 5.1p/share. The interim dividend is raised 8% to £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 £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 £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 £10m ahead of the acquisition, while Aura Renewable Acquisitions intends to raise up to £2m.
Nanoco (NANO) shareholders overwhelmingly voted against the appointment of two additional directors.
Andrew Hore