AQUIS STOCK EXCHANGE
Kent-based brewer Shepherd Neame (SHEP) is undergoing a strategic review as brewing volumes decline. Full year results were in line with expectations with pre-tax profit up 2% to £7.8m. The total dividend is 3% higher at 22.15p/share. Net debt is £82m, while a planned share buyback has been delayed. There was like-for-like growth in retail and tenanted pubs. Beer volumes fell 5% with own brewed volumes 9.6% lower, despite growth in the company’s own pubs. The rate of decline is slowing, but growth is not expected this year. A 2026-27 pre-tax profit of 8.4m is forecast.
Time to ACT (TTA) subsidiary Diffusion Alloys has won a coating order worth £600,000 from an oil and gas company. Chief executive Chris Haminway bought 40,187 shares at 49.75p each. He is interested in 19.3% of Time to ACT.
Skin treatments developer Incanthera (INC) completed a £355,000 convertible loan note financing, which will fund discussions with manufacturer iSmart Developments. In the year to March 2026, there were initial revenues of £12,000. There was a £504,000 cash outflow from operating activities.
Antonio Barani has resigned as a non-executive director of Reveille Resources (REV).
WeCap (WCAP) investee company WeShop has launched in the US. The WeShop share price fell 18.2% to $5.41 during the week. WeCap owns 11.8% of WeShop A shares. The WeCap share price dived 28.6% to 0.25p.
Valereum (VLRM) generated revenues of £166,000 in the six months to June 2026. The loss including revaluation of investments was £4.44m.
Following the recent fundraising, Dark Horse Family Office has a 7.83% stake in Tomahawk Metals (TMHK).
Phoenix Digital Assets Gibraltar (PNIX) NAV fell from £3.5p/share to 1.6p/share in the six months to June 2026 due to the decline in prices of digital assets. Cash is £4.13m, but there is debt of £5.24m and a tax liability of £8.27m.
Following the previous week’s placing, Scott Ellam has a 20.9% stake in Connecting Excellence (XCE). Premier Miton owns 5.58%.
In the six months to June 2026, there was a cash inflow from operations at Wishbone Gold (WSBN) of £128,000 due to a decrease in debtors and increase in creditors. These working capital movements offset the cash outflow from the business. Cash was £3.14m at the end of June 2026.
Astrid Intelligence (ASTR) has reduced its monthly cost base from £202,000 to £65,000 and further reductions have been identified. The SN110 holding of TAO-equivalent tokens acquired for £116,000 is worth £220,000.
Vault Ventures (VULT) had cash and investments of £768,000 at the end of June 2026. The cash outflow from operations was £88,000 in the first half of 2026.
Vaultz Capital (V3TC) is subscribing £3m for a 2.3% interest in a new software company that can extend the performance of consumer and commercial hardware beyond normal memory limits. This was funded by sales of 47 Bitcoin. There is a remaining holding of 86 Bitcoin.
VVV Sports (VVV) generated initial revenues of £14,000 in the first half of 2026. The loss rose from £164,000 to £859,000. The company has entered the second half with considerable momentum.
Ethtry (ETHY) had net assets of £3.3m, including cash of £1.49m at the end of June 2026.
Arbuthnot Banking (ARBB) chairman and chief executive Sir Henry Angest has bought 20,000 shares at 800.8p each.
Hydro Hotel Eastbourne (HYDP) has declared a 15p/share dividend.
Global Connectivity (GCON) has bought 88,000 shares in PLUG Networks LLC-FZ and its stake is 8%. One of the company’s own directors Michael Langoulant bought 10,000 shares. Global Connectivity
ASSET MATCH
Peel Hotels (PEEL1) generated revenues of £10.2m in the 12 months to mid-January 2026 and there was a pre-tax profit of £320,000, but that includes Covid 19 insurance of £700,000. NAV was £13.8m.
AIM
Online pharmacy services provider Vulcan Two (VUL) is changing its name to Molecule. The integration of the first three acquisitions is nearing completion. Lower margin business has been shed. Pro forma interim revenues were £19.9m and EBITDA £500,000. In 2027, revenues could be £44m and pre-tax profit £2.5m.
Rent guarantee services provider RentGuarantor (RGG) says trading momentum continues to accelerate. September revenues were £4.5m, which is nearly double last year’s total. This year’s revenues have already reached £13m and are set to be £19.1m by the end of 2026. That equates to a pre-tax profit of £9.4m, which shows the operational gearing of the company. This means that the tax losses will run out, so next year there will be a normal tax charge that will hold back earnings. Net cash could be £13.7m at the end of the year.
MicroSalt (SALT) raised the full £100,000 in the retail offer at 14p/share, plus a director subscription of £151,000, taking the total raised to £1.55m, which was slightly higher than expected. The interim figures were published yesterday, and they confirmed that management believes the low-sodium salt company can achieve full year revenues of $4.5m, rising to £15m in 2027, which would move the company into profit. This all depends on the timing of customer product launches.
Energy efficiency services company Earnz (EARN) is acquiring the local authority and social housing business of GEM Environmental Building Services for an initial £10m in cash, shares and loan notes, with up to £13.55m more payable dependent on the achievement of revenues targets over two years. A placing and retail offer will fund the initial cost. Earnz has obtained an exclusive licence for Smart and Agility compliance platforms covering UK social housing and local authorities. The technology can monitor heating usage and identify problems such as damp and mould, enabling remedies to be proposed. The acquired business generated revenues of £30.5m and EBITDA of £3.2m in the year to June 2026. The enlarged group will have revenues in excess of £50m.
Domestic electrical appliance retailer Marks Electrical (MRK) has sparked another forecast upgrade with its latest trading statement. This is the third upgrade in a row. Revenues are in line with expectations, while efficiencies mean that profit will be better than expected despite higher fuel costs. Canaccord Genuity has increased its 2026-27 pre-tax profit from £1.5m to £2.2m. The peak trading period is approaching and if that goes well there could be a further upgrade.
Helios Underwriting (HUW) is launching a £7.2m tender offer at 269p/share, which is based on the latest NAV, which is expected to increase in the second half. A 10p/share interim dividend has also been declared. There are good underwriting conditions in the Lloyd’s market. Interim pre-tax profit jumped from £4.4m to £11m.
Diagnostics developer GENinCode (GENI) is finalising the FDA filing for CARDIO inCode-Score, which produces a risk score for coronary artery disease. This should be filed by the end of November, and an EU filing will follow. Both could be approved in the first half of 2027. The deal with Thermo Fisher means that once approvals are gained sales can start soon after. Interim revenues fell from £1.6m to £1.1m due lack of NHS spending and a Spanish pilot trial in the first half of last year. The cash outflow from operating activities was £3.05m. Following a £4.3m fundraising in February, cash was £2m at the end of June 2026. More cash is likely to be required.
XP Factory (XPF) has decided to sell Boom Battle Bars to concentrate on Escape Hunt, which is gaining market share. The initial consideration is £5m and a further £6m could be payable if sales and profit targets are met over three years. The company wants to have 50 Escape Hunts by March 2031, which is roughly double the current number. This could take annual revenues to £30m and EBITDA to £8m.
Winvia Entertainment (WVIA) is acquiring Giveaway Guys and Win Life Competitions, which operate prize draws, for up to £19.1m depending on achievement of EBITDA of £4.25m in the year to June 2026. There is also a potential earnout of 2.1 times EBITDA minus deferred consideration already paid. Winvia Entertainment generated interim revenues of £106.9m and pre-tax profit of £12.9m.
Checkit (CKT) has ended its formal sale process after a potential buyer that met price expectations decided not to go ahead because the business fit was not good enough. Software company Checkit believes it is better off staying independent. Interim revenues were 3% higher at £6.3m, and the underlying loss was more than halved to £700,000. Annual recurring revenues were 5% ahead £12.8m.
Steel structures supplier Billington (BILN) increased interim revenues by 29% to £54m and pre-tax profit jumped 70% to £2.8m. The main growth was in structural steel, despite the weak construction market, with a dip in revenues at Easi-edge. There is a record order book that stretches into 2027 with some orders completing in 2028.
Offshore energy coatings provider Tekmar Group (TGP) continued to grow volumes in the second half, but fourth quarter delays have reduced forecast revenues by 10% to £34.6m. The loss will be £2.2m. There should still be a return to profit in 2026-27.
Seed Innovations (SEED) has raised £2.9m in a fundraising at 2.4p/share and the cash will be invested in AI and robotics opportunities.
Diabetes and obesity treatment developer Arecor Therapeutics (AREC) is raising £4m at 68p/share and a retail offer could raise up to £130,000 more. This will provide cash while negotiations with multiple insulin pump companies are ongoing. It will also help to generate data for a phase 2 investigational new drug application. The cash should last until the end of 2027. Interim revenues fell from £1m to £200,000, but R&D costs increased from £1.3m to £1.9m. Cash was £3.2m at the end of June 2026.
Light Science Technologies (LST) says full year revenues will be lower than expected and loss will be between £800,000 to £1m. Revenues will be between £9m and £9.5m instead of the £11.5m forecast. This is due to two passive fire protection contracts being delayed. Gaining approvals is delaying work in this area. The contract electronics business is doing better than expected and AgTech is in line.
Litigation Capital Management (LIT) lost A$165.7m after tax, leaving net liabilities of A$53.6m. The strategic review has been completed with no transactions. The plan is for an orderly run-off.
Metir (MET) interim revenues fell from £919,000 to £367,000 because of lower equipment sales and interruption to production of testing kits. The environmental testing business also had higher operating costs, so the loss increased from £304,000 to £543,000. Full year revenues are likely to be lower than last year with some delayed into 2027.
Strategic Minerals (SML) has received $9.25m of funding from the US Department of War to accelerate development of the Redmoor tungsten copper tin project in Cornwall. It will finance feasibility studies for the project which is one of the highest grade tungsten projects in the world.
MAIN MARKET
Newspaper and magazines distributor Smiths News (SNWS) says underlying pre-tax profit will be ahead of expectations at £38.5m, helped by the World Cup in the US boosting collectibles. Net cash should be around £5m. The forecast dividend has been edged up to 5.5p/share. Further details of the plans to invest in a national network for recent contract wins should come with the results on 4 November.
The Smarter Web Company (SWC) plans to float a new class of preferred shares at £90 each under the code MORE. Proceeds of between £15m and £25m are targeted. They provide a 12% coupon, although this could vary. A retail offer is part of the flotation. The cash will provide funding for the company.
Headlam (HEAD) says administrators have been appointed to Ceco (Flooring). This leaves the floorcoverings distributor, which is also in administration, with the Domus and Melrose businesses unaffected and still running independently.
