The UK Investor Magazine was delighted to welcome Vicky Davies, CFO of Adsure Services, to the podcast to discuss recent results and the outlook for the year ahead.
Adsure Services revenues grew 7% in the year ended 31 March 2025 while EBITDA soared 35%.
Strong financial performance driven by fresh contracts helped support a 15% increase in the dividend.
Vicky outlines Adsure’s near-term plans and the expected benefits of deploying their proprietary AI tool later this year.
Oriole Resources (LON: ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year. The share price jumped 117.5% to 0.435p.
Guardian Metal Resources (LON: GMET) has become a member of the Defense Industrial Base Consortium (DIBC), which addresses supply issues and provides access to finance and partners. It has also joined the Cornerstone Program, which is a public-private partnership with the US Army. This highlights the importance of the tungsten projects in Nevada. The share price rose 21% to 89.5p.
Georgia-focused oil and gas producer Block Energy (LON: BLOE) has completed the initial injection of CO2 as part of the Carbon Capture Storage project. No leakage is detected. The share price improved 15.2% to 0.95p.
Ashtead Technology (LON: AT.) is planning to move to the Man Market on 6 October. Interim revenues rose 23% to £99.1m, including organic growth of 1%, while pre-tax profit was flat at £17.8m. Full year pre-tax profit should be in line with expectations of £48.6m. The medium-term outlook is positive. The share price recovered 5.89% to 364.25p.
FALLERS
AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (LON: PR1) has joined the OTCQB Venture Market in the US. This is designed to attract US investor interest. It works best when companies have business in the US. The share price slipped 19.6% to 4.1p.
Fire safety products supplier LifeSafe Holdings (LON: LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. The share price dipped 15.4% to 2.75p.
Time Out (LON: TMO) market revenues grew 10% to £47m in 2024-25, but media revenues were 22% lower at £28m. Overall revenues fell 4%. There was a weaker performance In June, but trading has recovered since then. Time Out is making £10m of annual savings. Full year EBITDA is expected to be £7m-£9m, down from £12.4m last year. The share price declined 8.47% to 13.5p.
Kodal Minerals (LON: KOD) says a security guard at the Bougouni lithium mine in Mali has died, following an attack on the main security entrance. The company is working with the government to increase security. The share price fell 7.81% to 0.295p.
The FTSE 100 was weaker on Tuesday as investors turned their noses up at Trump’s latest attack on the Federal Reserve’s independence by ordering the sacking of govenor Lisa Cook.
London’s leading index fell in line with a global retreat in equities that saw declines in Europe and the US. The FTSE 100 was down 0.5% at the time of writing.
Most major central banks are independent and free from the political interference of government for a very good reason, and the entire financial system is built on this independence.
Central bank independence is especially important in the current environment because the Fed’s position acts to counteract Trump’s inflationary trade policies.
Trump’s efforts to undermine independence by pushing for interest cuts and ordering the removal of governors are being met with disdain, and traders reacted by dumping US bonds and selling down positions in stocks on Tuesday.
“A jump in US Treasury yields indicates that bond investors aren’t happy about how Trump continues to meddle with the Fed and threaten its independence,” said Russ Mould, investment director at AJ Bell.
“Equity markets were in the red across Europe and Asia, and futures prices imply Wall Street will follow suit when it opens for trading later today.
“Donald Trump is being relentless in his quest to lower interest rates. He has publicly called for the Federal Reserve to cut the cost of borrowing and has repeating criticised Fed chair Jerome Powell for not pursuing looser monetary policy.”
The bottom line here is that if Trump gets his way, inflation could very well soar and bring with it the negative economic impact the Fed is mandated to avoid.
Attention will likely remain fixed on the US this week with Nvidia due to release earnings tomorrow and provide insight into the health of the AI industry that has powered equity returns over the past two years.
“Expectations are sky-high, with Nvidia’s revenue forecast to surge 55% – already ahead of company guidance – though Nvidia has a track record of topping its own numbers. Investors will be laser-focused on the resumption of China sales and forward guidance, seeking clarity on just how much Chinese revenue is back in play,” explained Matt Britzman, senior equity analyst, Hargreaves Lansdown.
“US earnings have been strong so far, but this is the big one – and there’s every reason to expect another knockout from Nvidia tomorrow evening.”
In the UK, the FTSE 100’s losses were broad with 81 of the 100 constituents trading negatively at the time of writing.
Bunzl was the top riser, gaining 4%, after announcing the acquisition of Mexican and Spanish distributors.
Kingfisher was at the bottom of the leaderboard, declining 4.8%, as Deutsche Bank analysts cut their rating to hold for buy. Deutsche Bank analysts also cut AB Foods to hold, sending the stock lower by 4%.
Oriole Resources shares surged on Tuesday after reporting exceptional gold grades from its Mbe project in Cameroon, with drill results showing ‘bonanza-grade’ intersections that significantly extend the known mineralised system.
This was the type of announcement junior mining investors dream of.
The latest drilling results from holes MBDD018 to MBDD020 delivered standout grades, including 1.00m at 119.10g/t gold within a broader 6.15m intersection averaging 19.67g/t gold from hole MBDD019. MBDD018 returned 3.00m at 17.66g/t gold, including a 2.00m section grading 26.31g/t gold.
The results bring the total gold-bearing intersections across the Phase 1 programme to 285, representing a discovery rate of more than one intersection every 21 metres drilled.
Oriole Resources shares soared over 70% in early trade on Tuesday.
Surface sampling has also yielded encouraging results. Five rock chip samples from artisanal pits approximately 150 metres outside the defined exploration target returned grades up to 13.10g/t gold, demonstrating the potential for further system extensions.
“The latest drilling results for Mbe are significant for several reasons,” explained Chief Executive Officer of Oriole Resources, Martin Rosser.
“Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface.
“Secondly, they extend the known gold system boundaries, which has the potential to enhance the size of the recently published Mbe Exploration Target and the maiden MRE for MB01-S, which is earmarked for Q4-2025. Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting.”
The company expects to publish its maiden pit-constrained Mineral Resource Estimate for the MB01-S target in Q4-2025, following completion of the Phase 1 drilling programme, which is already 90% complete.
Filtronic plc has announced its largest single order to date, worth £47.3m ($62.5m), from SpaceX for next-generation gallium nitride (GaN) E-band technology.
Initial production units will ship in FY2027, with material revenues expected across FY2027 and FY2028.
Revenue recognition will commence upon product delivery rather than order placement, following amendments to the original Strategic Partnership agreement.
Filtronic shares jumped over 8% in early trade on Tuesday following the announcement.
The contract covers Filtronic’s first commercial GaN product, delivering more than double the output power of existing gallium arsenide alternatives. Filtronic say the product’s enhanced power efficiency and thermal performance make the technology particularly suited to satellite communications and aerospace applications.
SpaceX’s commitment to Filtronic’s new offering and the company as a whole has prompted an extension of related warrants under Tranche 2 of the partnership agreement between Filtronic and SpaceX. The vesting criteria now require double the original product volumes for full vesting.
One would expect additional orders from SpaceX to add to the long list already announced since their partnership began.
The GaN solution addresses complex design challenges in high-power millimetre wave systems, including advanced packaging and thermal management requirements. This positions the product as a new benchmark for size, weight, power and cost performance in the E-band frequency domain.
“We are extremely proud to announce this landmark contract, which not only sets a new commercial record for Filtronic, but also reflect the success of our partnership with world-leading satellite company SpaceX, supporting the Starlink constellation,” said Nat Edington, Chief Executive Officer.
“GaN represents a transformative opportunity for the ground segment of LEO communications, and this contract is further testament to the world-class engineering talent of both teams working together.”
Engineering consultancy John Wood Group has seen a potential takeover offer reduced by 5p per share after the prospective buyer completed its due diligence review.
Sidara, the Middle Eastern engineering firm Dar Al-Handasah Consultants Shair and Partners Holdings, initially proposed acquiring Wood for 35p per share in April.
The FT reported in July that Sidara were considering reducing its offer price amid an FCA investigation into Wood Group’s finances.
Sidara is clearly in a position of strength with Wood Group in disarray, and following its assessment of Wood’s finances, Sidara has now cut this to 30p per share in a written notice to Wood’s board on Saturday.
Wood Group shares were suspended at 18p.
Despite the reduction, Wood’s directors said they would still be minded to recommend the deal to shareholders, subject to agreeing on final terms and conditions.
Wood Group said that substantial progress has been made since their last update in July, including reaching commercial alignment with both Sidara and its lenders on refinancing terms and progress towards publishing its 2024 annual accounts
Sidara now has a deadline of 5pm on 28 August 2025 to make an offer or walk away, though this can be extended further with Wood’s agreement and Takeover panel consent.
Wishbone Gold (LON: WSBN) says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed. The share price jumped 290% to 1.45p.
Marks & Spencer (LON: MKS) has renewed the contract for the Sorted Group (LON: SORT) Ship carrier management software. The software has been used since 2021 and the renewal lasts until September 2028. The share price soared 111% to 40p, which is the highest it has been since the beginning of the year.
Iron deficiency treatment developer Shield Therapeutics (LON: STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025. The share price rose 42.7% to 8.06p, which is the highest the share price has been since January 2024.
Alien Metals (LON: UFO) reports the latest assay results from joint venture partner West Coast Silver for the Elizabeth Hill silver project in Western Australia demonstrate outstanding grades. There are assay results from six holes outstanding. Alien Metals has a 30% interest. The share price increased 42.3% to 0.185p.
Geo Exploration (LON: GEO) has appointed DDH1 as drilling contractor for the 80%-owned Juno project and drilling should start in this quarter. Site preparations are underway. The share price is two-fifths higher at 0.28p.
FALLERS
Mobile Tornado (LON: MBT) has fallen by another one-third to 0.4p after the AGM where the communications technology company gained shareholder approval to leave AIM. The quote will be cancelled on 9 September.
Nativo Resources (LON: NTVO) has published a circular for a general meeting on 5 September to gain shareholder approval for issuing shares and disapplying pre-emption rights. Richard Edwards has increased his stake from 4.42% to 5%. The share price declined 23.5% to 0.375p.
Helium One Global (LON: HE1) has received conversion notices for £1m of loan notes and the conversion price is 0.5007p/share. The share price slipped 16.3% to 0.515p.
Wishbone Gold (LON: WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed. The Aquis share price soared 323% to 1.5p.
Fibre optic cables materials manufacturer Unigel Group (LON: UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious. The share price is one-quarter higher at 87.5p.
Digital asset company Vaultz Capital (LON: V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM. The share price increased 7.69% to 8.75p.
Valereum (LON: VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted. The share price rose 7.02% to 3.05p.
FALLERS
Mark Jackson has increased his shareholding in Evrima (LON: EVA) from 4.13% to 5.14%. The share price declined 23.8% to 0.4p.
The Smarter Web Company (LON: SWC) has appointed Jesse Myers as head of Bitcoin strategy. The share price slumped 18.7% to 152.5p.
NYCE International (LON: NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August. The share price deceased 15% to 0.085p.
Vault Ventures (LON: VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. The share price slipped 3.23% to 1.5p.
Emissions reduction fuel additives developer SulNOx Group (LON: SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations. The share price fell 2.22% to 44p.
Alien Metals (LON: UFO) reports the latest assay results from joint venture partner West Coast Silver for the Elizabeth Hill silver project in Western Australia demonstrate outstanding grades. There are assay results from six holes outstanding. Alien Metals has a 30% interest. The share price jumped 31.5% to 0.1775p.
Revolution Beauty (LON: REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m. The share price rebounded 21.8% to 4.255p.
Aptamer Group (LON: APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company. The share price is 14.3% higher at 0.72p.
Shares in iron deficiency treatment developer Shield Therapeutics (LON: STX) continue to rise following yesterday afternoon’s publication of interim results. Interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the fist half. Cash flow could be positive by the end of 2025. The share price increased 7.69% to 7.7p.
Animal treatments developer Animalcare (LON: ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs. The share price improved 3.17% to 260p.
FALLERS
Profit-taking knocked 34.7% off the Sorted Group (LON: SORT) share price, but, at 31p, it is still 63% higher on the week. Marks & Spencer (LON: MKS) has renewed the cloud-based contract for Sorted’s Ship carrier management software. The renewal lasts until September 2028.
Fire extinguisher products developer Zenova Group (LON: ZED) has raised £262,500 at 0.2p/share and this will fund the growth in the order book. There is strong demand in the UK and internationally. The share price fell 6.52% to 0.215p.
Corporate finance business Marechale Capital (LON: MAC) net assets have reduced from £3.35m to £3.03m due to operating losses and a reduction in the value of investments. Revenues were lower. The share price declined 2.63% to 1.85p.
