AQUIS STOCK EXCHANGE
Incanthera (INC) has secured an exclusive bioactive creams supply agreement with LED light therapy skincare manufacturer iSmart Developments. This is for professional and home use, and the main markets are North America and Australia. The deal will generate contracted recurring revenues. In a consumer trial all the participants felt that the combination of skin cream and LED improved their skin. There is scope to broaden the partnership.
Newbury Racecourse (NYR) increased interim revenues by 6% to £10.3m. The loss was two-thirds lower at £51,000. Raceday attendances fell even though the number of fixtures was increased from 12 to 14. Nursery and hotel profit improved.
Marula Mining (MARU) has amended its investment agreement with RiverFort. The maturity date of the first advance has been extended to 5 October. A repayment of $100,000 and the outstanding amount is $740,000. RiverFort will receive additional warrants, and it holds a charge over the company’s assets. Marula Mining has entered into a binding exclusive agreement to acquire a 95% interest in nine prospecting licences in Tanzania, near to the Kinusi copper mine. A non-refundable option fee of $100,000 has been paid with $700,000 payable on completion. A further $1.2m will be payable over 18 months. The audits of East African subsidiaries are complete, but the South African audit and the final one for the group are still ongoing.
Industrial AI software developer IntelliAM AI (INT) has signed a Memorandum of Understanding with SkyIO Inc, the South Carolina-based provider of industrial automation. SkyIO will identify and introduce customers.
VSA Capital (VSA) completed the consolidation of 10,000 shares into one new share on 11 September. The consolidated share price declined 17.6% to £350.
Emissions reduction additives supplier Sulnox Group (SNOX) grew revenues 134% to £2.6m in the year to March 2026. The underlying loss rose from £3.29m to £4.24m. Net cash was £822,000. Revenues could grow even faster this year, and the loss should be sharply reduced. Sulnox could become cash generative in 2027-28.
Ormonde Mining (ORM) says 36.3%-owned TRU Precious Metals Corp has identified two new gold-in-soil anomalies near the Wood Lake gold zone at the Golden Rose project in Newfoundland.
EPE Special Opportunities (EO.P) had net assets of 398.44p/share at the end of July 2026. This was helped by a strong performance of the fully listed Luceco (LUCE) share price. Cash was £20.6m.
Falconedge (EDGE) generated income of 0.1483 Bitcoin in August, taking the holding to 21.3822 Bitcoin.
NYCE International (NYCE) generated revenues of £394,000 in the six months to June 2026. The loss was £307,000. More cash will be required.
Specialist engineering company Time to ACT (TTA) has sent notice of its AGM on 30 September, even though the accounts have still not been finalised.
AIM
Construction and maintenance software provider Eleco (ELCO) is recommending a 235p/share cash offer from private equity investor Accel-KKR. The share price has never been anywhere near this level, and it is more than 80% above the level at the beginning of the year. The bid values Eleco at £207.6m and it is 34 times 2026 prospective earnings, falling to 29 next year.
80 Mile (80M) is proposing a merger with fellow Greenland-focused resources company Greenland Energy. The indicative offer would be 0.01108 Greenland Energy shares for each 80 Mile share. This values the company at £61.5m and each share at 1.1p, based on a Greenland Energy share price on Nasdaq of $1.37. Greenland Energy has potential hydrocarbon interests in east Greenland and joined Nasdaq in April 2026. 80 Mile is joint venture partner in the east Greenland interests, plus other operations in Finland and Italy.
Prospex Energy (PXEN) revenues from Selva Malvezzi, where it has a 37% interest, are benefiting from higher gas prices and in August it generated revenues of €618,000 net. Hannam and Partners estimates that Selva could generate €5.2m in EBITDA net this year. The cash will help fund the 2027 drilling campaign. In Spain, Viura is also generating cash. Electricity generation at El Romeral in Spain is generating higher revenues and is becoming self-funding. Management is seeking partners to fund the development of the Mniszow oil discovery in Poland.
Phosphate producer Kropz (KRPZ) says the Middle East conflict has put financial pressure on the business, which will be restructured. Disruption to fertiliser production has hit demand for phosphate rock and pries have fallen. This is at a time when fuel and freight costs are rising. This means that the Elandsfontein mine continues to lose money. Future sales of phosphate rock will be from stock, and no further mining is currently planned. Instead, the focus will be on the Nanophos market. This is a sedimentary soft rock phosphate, which is used as an organic fertiliser.
Acuity RM (ACRM) has won a further contract from a prime defence contractor. This is for the STREAM Classic cybersecurity platform, which was launched earlier this year. Annual recurring revenues will be £160,000. Current forward contracted revenues are £2.265m.
Finance provider Distribution Finance Capital Holdings (DFCH) increased interim pre-tax profit by 49% to £13.4m on a 17% rise in net revenues to £50.7m. Cost to income ratio is 53%. The loan book grew 27% to £932m. Arrears are 0.7% of the gross loan book. Tangible net assets are 82.2p/share. New asset finance product DFRNT has built up loan balances of £40m.
The Property Franchise Group (TPFG) had already flagged its interims. Pre-tax profit was 7% ahead at £15.5m. This is despite a weak house buying market and disruption in the lettings market. Cash generated from operating activities was £13.4m. There should be a move into net cash at the end of 2026. The interim dividend is 10% ahead at 7.7p/share.
Concrete levelling equipment supplier Somero Enterprises (SOM) improved interim revenues by 22% $48.7m, helped by a recovery in North American revenues. There are other markets in Europe and the rest of the world that have also improved. New product launches have also helped. Pre-tax profit rebounded from $4.9m to $9.1m. This enabled a one-quarter increase in interim dividend to 5 cents/share.
Mobile games developer Gaming Realms (GMR) interims were in line with expectations with the lack of one-off licence revenues hitting group revenues and masking underlying growth despite the gaming tax changes in the UK. Share buybacks are reducing the cash pile but there was still cash generated. New game launches and moves into new countries will help to grow revenues.
Cybersecurity services provider Corero Network Security (CNS) increased interim revenues 42% to $25.5m and there was a swing from a loss of $2.2m to a pre-tax profit of $1.5m. The full year pre-tax profit forecast has been raised from $800,000 to $2.9m.
Sustainable additives producer Itaconix (ITX) increased interim revenues 72% to $8.3m, while the loss was reduced to $300,00. There was growth in North America and Europe. This year the company could reach breakeven. This is despite the investment in product development. Net cash should be $3.5m at the end of the year.
Xeros Technology (XSG) grew revenues by two-thirds to £109,000 in the first half of 2026. Net cash was £3.5m. However, Cavendish has reduced its full year revenues forecast for the laundry technology developer by 63% to £500,000, due to timing changes, while year-end net cash will also be lower than previously thought at £2m. There would be an unchanged loss of £3.5m.
Advanced materials and paper manufacturer James Cropper (CRPR) has made a strong start to the year. Paper and packaging has done particularly well with regular customer demand high and new business wins. The interims will be published in November.
Animal feed additives supplier Anpario (ANP) increased interim revenues by 7% to £24.3m. Pre-tax profit was one-quarter higher at £4.3m. A good performance in North America offset a dip in Asia due to customers moving to lower priced products. Shore maintains its full year pre-tax profit forecast at £8.8m, up from £8.3m last year.
Gaming and broadcast technology supplier Nexteq (NXQ) has been hit by the loss of business from a customer that was taken over. Interim revenues were one-third lower at $26.7m. The full year revenues forecast of $73m, down from $90.2m, which should be enough to breakeven. IP revenues are set to increase in importance. The business will become less dependent on a couple of major customers
Diagnostics company Cambridge Nutritional Sciences (CNSL) results were in line with the previous trading statement. In the year to March 2026, revenues fell from £8.3m to £7m, while the loss jumped to £1m. A similar loss on lower revenues is expected this year. The IVDR-compliant FoodPrint platform should launch next year. This should help the business to recover.
Electronic and electro mechanical products supplier LPA Group (LPA) is trading ahead of expectations in the year to September 2026. New contract wins, particularly in the rail sector, will also ensure a good base for next year. Cavendish has raised its full year pre-tax profit forecast from £600,000 to £800,000. There are no changes yet to next year’s forecast.
Focus Xplore (FOX) is planning to acquire companies that hold five gold exploration properties in Canada. The company already has lithium and rare earth interests in Canada.
MAIN MARKET
Engineering company Carclo (LON: CAR) says so far this year revenues are slightly behind expectations, but margins remain strong. Aerospace demand is strong, while diagnostics demand is weak.
Mila Resources (MILA) has raised £1.5m via an oversubscribed placing at 1.2p/share. This will finance exploration and development of the Yarrol gold project and the Monal copper gold project in Queensland. A maiden mineral resource estimate for Yarrol is expected before the end of the year.
