Inheritance Tax receipts increase to £2.2 billion between April and June

Inheritance tax receipts reached £2.2 billion in the first quarter of the current tax year, according to figures published by HM Revenue and Customs (HMRC) today.

The total represents a £100 million increase on the same period last year and shows no sign of slowing down.

Whilst inheritance tax currently affects only a small proportion of estates, this figure is rising as growing numbers of families find themselves liable for what is widely regarded as Britain’s most unpopular levy.

Ordinary families who would not regard themselves as particularly well-off may now face substantial tax bills following the death of a relative.

“The June figure means that Inheritance Tax revenues for this financial year so far are running 4.8% ahead of the same period last year. And let’s not forget that last year was a record one,” said Ian Dyall, head of estate planning at wealth management firm Evelyn Partners.

“Even with the relative softness in the property market suggested by recent house price indices, the trend for more families and more assets attracting IHT liabilities is set to continue as nil rate bands remain frozen.

“Property prices and equity valuation remain at or near all-time highs, and once business and agricultural property reliefs are watered down from next April, and then unspent pension funds become subject to IHT calculations from April 2027, there’s likely to be big jumps in IHT liabilities across the UK, and not just in the South East where they are traditionally concentrated.”

The impact of rising property and stock prices on HMRC’s IHT receipts is being exacerbated by an IHT allowance that hasn’t changed for 16 years and has become disconnected from rising inflation and asset prices.

“The current inheritance tax allowance has been frozen at £325,000 for 16 years, and remains frozen for another 5 years until 2030. The £175,000 residence nil rate band hasn’t changed since 2020,” explained Nicholas Hyett, Investment Manager at Wealth Club

“These freezes are a form of stealth tax, which allows the government to increase their take without a backlash from a headline grabbing tax hike, but still contribute to the highest tax burden in 70 years.”

AIM movers: Jangada Mines set to acquire stake in Brazil gold prospect and AOTI hit by US government policy

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Artemis Resources (LON: ARV) has received commitments to raise A$4.75m at A$0.004/share. This will fund gold exploration at Carlow, Titan and Cassowary. The share price rebounded 10.8% to 0.21p.

Sunrise Resources (LON: SRES) has signed an option agreement with a US company over the sale of the non-core Hazen project in Nevada. The option fee is $20,000 and the consideration if the 90-day option is exercised is $900,000. A payment of $7,500 is due if there is a 30-day extension to option. The book value is less than £24,000. The share price rose 8.33% to 0.02p.

Strategic communications services provider Aeoema Communications (LON: AEO) says revenues and profit for the 12-month period to June 2025 will be at the upper end of expectations. Underlying pre-tax profit will rise from £437,000 to more than £600,000, helped by cost reductions. Cash was £4.1m at the end of June 2025 and a dividend will be announced after the full results are published. The financial year end is changing to December. The share price increased 8.42% to 51.5p.

Anglo Asian Mining (LON: AAZ) has commenced production at the Demirli copper mine and production will ramp up during the rest of the year. The Demirli open pit mine could produce 4,000 tonnes of copper in 2025 and that is expected to rise to 15,000 tonnes of copper in 2026. There is potential for extensions to the existing area. The share price improved 6.02% to 176p.

Unilever has commissioned additional work from Aptamer Group (LON: APTA) relating to the use of Optimers in deodorants. This will generate additional revenues under the exiting agreement. The share price is 5.26% higher at 0.4p.

FALLERS

Jangada Mines (LON: JAN) has signed a heads of term for the potential acquisition of 33.3% of MTGOLD MINERACAO, the owner of the Paranaita gold project in Brazil, with an option to increase the stake to 50.1%. The initial cost is £1m worth of shares and £250,000 in cash. Jangada Mines has raised £800,000 at 0.6p/share and directors are converting £350,000 of fees into shares at the same price. Paranaita has a measured, indicated and inferred gold resource is 210,000 ounces at a grade of 3.165g/t. The share price slumped 35% to 0.65p.

Organ transplant diagnostics developer Verici Dx (LON: VRCI) is planning a placing and subscription to raise a minimum of £5m at 0.5p/share, plus a retail offer of up to £500,000. The minimum offer subscription is £100, and it closes on 28 July. The cash will fund additional sales personnel for the commercialisation of Tutiva, a test for post-transplant rejection. It will also finance product development and working capital. There were 292 tests undertaken in the quarter to June 2025. The effective date for Medicare billing ha been changed to 21 November 2024, enabling the earlier billing of the tests. This boosts revenues. The share price dived 37.1% to 0.55p.

Wound healing technology developer AOTI Inc (LON: AOTI) expects interim revenues to increase from $26.3m to at least $31m. However, growth has slowed because of US government spending initiatives that caused disruption. Veterans Administration employee numbers were reduced and this disruption is expected to continue in the second half, but there hould be improvement before the end of the year. AOTI has been awarded a California Medicaid provider ID, which is the third state to grant this. California has 14.9 million enrolled in Medicaid. However, the latest US legislation could hamper the progress of overall Medicaid revenues. The share price declined 22.2% to 70p.

Oil and gas producer Empyrean Energy (LON: EME) has raised £1m at 0.08p/share. This will fund the company’s share of development costs relating to the 8.5% interest in the Mako gas field, offshore Indonesia. The share price fell 14.4% to 0.09p.

Reebok smart glasses underscore a history of strategic innovation

In the fiercely competitive athletic footwear industry, where Nike commands nearly half the global market share, Reebok’s survival story reads like a masterclass in strategic innovation.

Founded in 1958 by British entrepreneur Joe Foster, the company that began as a maker of track spikes has consistently reinvented itself through breakthrough products that anticipated—and often created—new consumer demands.

The company’s first major innovation coup came in 1982 with the launch of the Freestyle, the world’s first athletic shoe designed specifically for women. At a time when female athletes were largely ignored by major brands, Reebok’s soft leather aerobics shoe captured the emerging fitness craze and generated $1.5 billion in revenue within five years. The Freestyle’s success wasn’t just about timing—it represented a fundamental shift in how athletic companies approached market segmentation.

The 1980s saw Reebok double down on technological innovation with the introduction of the Pump in 1989. The shoe’s built-in inflation system, activated by pressing a basketball-shaped button on the tongue, allowed for customised fit and became an instant cultural phenomenon. Despite its $170 price tag—nearly double that of competing models—the Pump generated over $500 million in sales in its first two years.

The technology behind the Pump represented months of engineering collaboration with aerospace suppliers. The shoe’s inflatable chambers utilised modified aircraft bladder technology, demonstrating how cross-industry innovation could create entirely new product categories in athletic wear.

Reebok’s innovation strategy took another leap forward in the 1990s with the launch of the Instapump Fury in 1994. The shoe eliminated traditional lacing systems entirely, using an inflatable upper that moulded to the wearer’s foot. While initially met with scepticism from retailers, the Fury became a cult classic and remains in production today, proving that radical design risks can pay long-term dividends.

The company’s willingness to embrace unconventional partnerships also drove innovation. In 2010, Reebok collaborated with the CrossFit fitness program to develop specialised trainers. The partnership, which included exclusive sponsorship rights, helped Reebok carve out a significant niche in the rapidly growing functional fitness market. CrossFit-specific footwear now represents over $200 million in annual revenue for the brand.

More recently, Reebok has pushed into wearable technology with products like the Checklight, a skull cap designed to measure head impacts in contact sports. Developed in partnership with mc10, a flexible electronics company, the device represents Reebok’s evolution from pure athletic wear to sports technology solutions.

The company’s latest innovation venture demonstrates this tech-forward approach in full force. In 2025, Reebok partnered with Innovative Eyewear Inc. to launch Reebok Smart Eyewear, powered by Lucyd technology. The smart glasses feature custom high-fidelity speakers and AI integration specifically tuned for outdoor activities and sports environments, allowing athletes to stay connected while maintaining environmental awareness.

The partnership represents Reebok’s recognition that today’s athletes demand seamless integration between physical performance and digital connectivity. With former Manchester City star Micah Richards as brand ambassador, the smart eyewear launch also signals Reebok’s commitment to expanding beyond traditional footwear into comprehensive athletic lifestyle solutions.

Perhaps most tellingly, Reebok’s innovation approach has consistently focused on underserved market segments. From women’s fitness in the 1980s to functional training in the 2010s to smart sports technology today, the company has thrived by identifying gaps that competitors overlooked.

FTSE 100 steady ahead of key trade talks

The FTSE 100 was broadly flat on Monday as investors prepared for a week that is likely to be dominated by US trade talks, with Donald Trump’s August 1 deadline fast approaching.

London’s leading index was 6 points higher at 8,996 at the time of writing.

“The FTSE 100 is flirting with the key 9000 level in early trading, with no major catalysts to send the index one way or another,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

Investors are in ‘wait and see’ mode ahead of key trade negotiations, particularly between the US and the EU, and are showing little appetite to take major indices to fresh highs with a number of risk events on the horizon.

“There is now less than a fortnight before the 1 August deadline for the new tariff regime to kick in, and we still don’t have framework deals between the US and many regions including the EU,” said Russ Mould, investment director at AJ Bell.

“It’s now been six months since Donald Trump returned to the White House and it is fair to say he’s ruffled a few feathers during that period. Financial markets have been all over the place, geopolitical tensions have intensified, and uncertainty has prevailed.”

Miners were among the best performers on Monday with Anglo American topping the FTSE 100 leaderboard. Anglo American shares were 3.8% higher while Glencore added 3.7%.

“Glencore is leading the charge with Anglo American, Antofagasta, and Rio Tinto all staging impressive gains. This is after China started work on the world’s largest dam in Tibet, pushing iron ore and steel prices to four-month highs,” explained interactive investor analyst Victoria Scholar.

The mining sector has been key to the FTSE 100 breaking record highs in July, and it played a leading role in keeping the index flat on Monday amid losses for banks and pharmaceutical stocks.

BAE Systems was the FTSE 100’s top faller with losses of 2%.

Kier Group – tomorrow’s Trading Update should show it delivering much more than just the sum of its parts

Tomorrow morning, Tuesday 22nd July, will see the Kier Group (LON:KIE) announce its Trading Update for the six months to end-June. 
I believe that the statement could show the substantial strength of the group’s order book and that it already has more than 80% of its 2026 trading year’s revenues booked. 
The group’s declared purpose is to sustainably deliver infrastructure which is vital to the UK. 
The Business 
The group can trace its history back to 1928 when it was established to specialise in concrete engineering.  
It later expanded into general contracting ...

Develop North set to raise cash and change investing strategy

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Develop North (LON: DVNO) is changing its investment strategy and intends to publish more details ahead of a general meeting in September. The aim is to build up a portfolio of assets with a net asset value of £100m.

Fully listed Develop North currently provides property-backed loans in north east England. The investment adviser is Tier One Capital, and it will continue in that role.

The focus on the North East is an attraction for investors with limited chances to invest in the region. There are AIM companies such as Kromek (LON: KMK) and Northern Bear (LON: NTBR), or fully listed Greggs, but not many companies are so focused on the region.

The current strategy has enabled the payment of a consistent 1p/share quarterly dividend, providing a yield of more than 5%. The revised strategy will provide more potential upside for the NAV as well as additional income.

The new investing strategy continues with the secured loans, while adding direct investment in commercial and residential property.

The opportunity in commercial property is refurbishing and investing in office, logistics and retail sites. This will enable increases in rents. Private rental property will be acquired and leased to supported housing providers.

The type of assets to be acquired will be valued in the range of £5m-£20m. There could be co-investors for some of the properties.

Debt will be used to help to build up the portfolio of assets, but a significant share issue is also required. The plan is to raise money at a small premium to NAV. There could be an offer for subscription.

The most recent NAV was 79.96p/share at the end of February 2025, but there have been two dividend payments of 2p/share in total since then.

There has not been much change in the share price since the announcement of the change in investing strategy. It did rise from 74.5p to 78p on the day, but it has spent nearly all the past year at 78p.

A lack of liquidity is a problem, despite the top three shareholders owning less than one-fifth, and the new strategy could help solve that. The additional shares that will be issued to finance the strategy should provide additional liquidity, as long as they are not too tightly held.

On top of that, the additional interest in the company should help to improve liquidity, especially if the strategy is seen to be paying off.  

The level of dividend is an attraction, but what it will be in the short-term, while the new funds are invested, is uncertain.

Shareholder approval is required for the new investing strategy and a general meeting should be held in September. Watch out for the document and further news on the potential offer for subscription.

AIM weekly movers: Oxford BioDynamics gains recognition from Pfizer trial

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Oil and gas producer Empyrean Energy (LON: EME) says the operator of the Mako field has signed a gas sales agreement with PT PLN Energi Primer Indonesia. This covers the current production from the Duyung production sharing contract until January 2027. Empyrean Energy has an 8.5% interest in the Mako field. The share price soared 440% to 0.108p.

Oxford BioDynamics (LON: OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales. Trafalgar Capital Management has taken a 3.3% stake. The share price jumped 102% to 0.525p.

Eco Animal Health (LON: EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased. Chief executive David Hallas bought 29,987 shares at 66.8953p each. The share price increased 41.2% to 80.5p.

Orosur Mining Inc (LON: OMI) has announced positive early results from mineral resource estimate drilling at the Pepas prospect within the Anza gold project area in Colombia. Grades of up to 12.76g/t have been found. This area may offer near term production opportunities. The share price rose 34% to 10.25p.

FALLERS

Metals One (LON: MET1) is acquiring an initial 10% stake in NovaCore Exploration Inc and it has warrants that can increase the stake to 30%. This adds a third uranium project to the company’s portfolio. NovaCore has 15,000 acres in the Red Basin uranium district in New Mexico. This has potential for 40 million pounds of U3O8. Initial drilling is planned for the end of 2025 if permitting and environmental work is completed on time. Earlier in the week, a sale and purchase agreement was executed for the purchase of Mjolner Minerals, which owns the Lillefjellklumpen platinum group elements project in central Norway. The share price slumped 54% to 11.74p.

Cybersecurity service provider Corero Network Security (LON: CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor. The share price slipped 41% to 9p.

AFC Energy (LON: AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex. Interim revenues were £17,000 and the loss was £10.1m. There was cash of £4.27m at the end of April 2025 and the burn rate is being reduced. The share price decreased 34.2% to 10.72p.

Trading in Artemis Resource (LON: ARV) shares has been halted on ASX because it is raising cash to finance the development of its gold assets. AIM trading continues and the share price fell 32.7% to 0.185p.

Aquis weekly Movers: Jump in revenues at ProBiotix Health

Shares in prize draw operator Good Life Plus (LON: GDLF) rebounded 11.8% to 0.475p despite plans to ask shareholders for approval to leave Aquis because it says there is limited liquidity, and it is getting funding outside of the market.

Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September. The share price improved 11.1% to 10p, which is the highest level since March.

FALLERS

Fintech Amazing AI (LON: AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%. The share price slumped 77.5% to 0.675p.

Digital assets company Vaults Capital (LON: V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each. The share price declined 44.4% to 9.25p.

Coinsilium Group Ltd (LON: COIN) has purchased 112.0009 Bitcoin and the total cost of the holding is £9.99m. The share price slumped 38.9% to 16.5p.

The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week. The share price dipped 29.3% to 277.5p.

Vault Ventures (LON: VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV. The share price decreased 13.3% to 0.0195p.

Valereum (LON: VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity. The share price slipped 11.4% to 3.5p.

Majestic Corporation (LON: MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials. The share price fell 8% to 115p.

AIM movers: Metals One buy stake in Uranium area and Seed Innovations changing investing strategy to AI

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Metals One (LON: MET1) is acquiring an initial 10% stake in NovaCore Exploration Inc and it has warrants that can increase the stake to 30%. This adds a third uranium project to the company’s portfolio. NovaCore has 15,000 acres in the Red Basin uranium district in New Mexico. This has potential for 40 million pounds of U3O8. Initial drilling is planned for the end of 2025 if permitting and environmental work is completed on time. The share price increased 13.2% to 13.525p.

Investment company Seed Innovations (LON: SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025. The share price rose 10.3% to 2.15p.

The European Investment Bank has approved in principle a $135m loan to Atome (LON: ATOM) for the financing of its Villeta clean fertiliser project in Paraguay. Details of the final debt and equity arrangements and final investment decision should be completed in September. The share price is 9.09% higher at 54p.

Supercapacitor technology developer Cap-XX (LON: CPX) says that the project pipeline relating to the cooperation agreement with SCHURTER is nearly $2m. The firs design-in order has been won. The share price improved 8.51% to 0.255p.

FALLERS

Health and safety services provider PHSC (LON: PHSC) fell into loss in the year to March 2025. There will b no dividend. Revenues fell from £3.78m to £3.22m, while a £249,000 pre-tax profit was turned into a loss of £126,000 – after a goodwill write off of £110,000. The share price slipped 10.7% to 12.5p. Net assets are £3.02m and the discount to NAV is more than 50%.

Shares in offshore services provider Ashtead Technology (LON: AT.) fell a further 5.68% to 327.75p. Ashtead Technology grew first half revenues 23% to £99m, but that is a pro forma decline of 6%. Margins have improved thanks to operational synergies and reduction in low margin equipment sales. Underlying full year EBITDA is likely to be slightly lower than forecast, but pre-tax profit should be in line with expectations of £49.2m. The medium-term outlook is positive. The interims will be published on 26 August.

Gunsynd (LON: GUN) has raised £450,000 at 0.12p/share and there is a broker option that could raise up to £100,000 more. The cash will be spent on Canadian mineral projects. The share price declined 5.66% to 0.125p.

Active Energy Group (LON: AEG) has expanded its digital asset treasury strategy to broaden the range of cryptocurrencies. This is designed to improve flexibility. The share price initially rose, but it is down 6.9% to 0.135p.

Norcros – capital light, cash generative and recovering, the Number 1 bathroom products group’s shares, now 302p

The £272-capitalised Norcros (LON:NXR) is a group of market-leading brands that design and supply sustainable bathroom and kitchen products in the UK, Ireland and South Africa, in addition to selected export markets. 
I am looking forward to a more positive Trading Update being issued ahead of the group’s AGM next Wednesday, 23rd July, which should help to highlight just how undervalued this £270m-capitalised group is at the current 302p, despite the 10% price uplift in the last four days. 
Group CEO Thomas Willcocks stated that: 
"In the context of current market challenges, I ...