Small Cap Movers: Surface Transforms finally finds second gear
Based on the latest update from the maker of carbon ceramic brakes, the answer is a guarded yes.
However, the share price move, up around 60 per cent over the week, suggests the market is more bullish on the company's prospects.
The catalyst for the renewed enthusiasm was a trading update indicating that recent operational and funding woes are now firmly in the rearview mirror.
Revenue rose 72 per cent to £8.1million in the first half of 2025, driven by improved manufacturing yields and higher output. Gross cash stood at £1.2million at 30 June, supported by customer advances totalling £12.9million.
'Key customers have and continue to be highly supportive of the company, and we remain hugely appreciative. The company remains in negotiations regarding the settlement of these advances, with repayments expected to commence in the second half of 2025,' it said.
At 1.35p, the stock is down 18 per cent over the last year and has a long way to recover to the highs of early 2021 when it was worth almost 70p.
Turning to the wider market, it was a subdued week for the AIM All-Share, which crept up just 0.3 per cent to 775.94. Its benchmark, the FTSE 100, rose 1.3 per cent as it broke the 9,000 level for the first time.
Among the week's winners, EnergyPathways jumped 30 per cent after adding Siemens Energy and Costain to its partnership roster.
The company is developing the Marram Energy Storage Hub, or MESH, an ambitious project 11 miles off the Lancashire coast. MESH is designed as a multi-technology underground battery.
If built as planned, it would store up to 20 terawatt-hours, about 7 per cent of the UK's annual electricity demand. The facility will combine three storage methods: natural gas, compressed air and hydrogen.
This could prove important as the UK remains reliant on intermittent renewables and gas imports. Proactive will have a deeper dive on EnergyPathways in the coming weeks.
Futura Medical, the maker of a fast-acting erectile function gel, advanced 26 per cent in the last five trading days. The stock has nearly doubled in value since the interim appointment of Lex Duggan, the former head of corporate development at Alliance Pharma.
Now to the week's litany of losers. It was a good news, bad news week for investors in Jangada Mines. The good news is that it is buying into Brazil's Paranaíta Gold Project. The bad news is that it is raising £800,000 via a discounted and dilutive share sale. Shares ended Friday 47 per cent lower.
A similar story played out at Union Jack Oil, which lost 40 per cent after announcing plans to raise £2million to fund growth in the US. So far, this has been a successful venture for David Bramhill and his team.
It is worth noting that the funding taps are now fully open for smaller companies, although the cost of capital remains high and, in some cases, punitive.
For AOTI, the damage was not self-inflicted. The wound care group warned of weaker growth for the remainder of 2025, citing continued disruption from US government healthcare initiatives.
While revenue is expected to be up 18 per cent to around $31million, growth slowed sharply in the second quarter.
The company expects full-year revenue growth in the mid-teens, with adjusted EBITDA margin in the low double digits, as headwinds from cost-cutting at the US Department of Veterans Affairs and Medicaid persist.
Finally, the two leaders in helium extraction are making significant progress that is yet to be fully reflected in their valuations.
Helium One last week secured a mining licence for its Southern Rukwa development in Tanzania and raised £10million to develop the project and assets in the US.
On Friday, Helix Exploration released encouraging news from its Inez-1 well at the Rudyard field in Montana.
The company drilled and tested the well, identifying around 140 feet of good-quality rock showing clear signs of gas, what the team calls a 'gas effect', in the Souris and Red River formations.
Using petrophysical logs, high-tech measurements taken inside the well, Helix compared Inez-1 to its earlier Linda-1 discovery nearby.
The results are promising, with the rocks matching up closely, suggesting further gas potential, according to SP Angel. 'A good operational update from Helix,' the broker added. Flow testing begins in early August, so stay tuned.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Blog
an hour ago
- Auto Blog
Ford Rolls Out Tempting 2025 Escape Lease Deals for August
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Orders for the high-performance wagon reached an all-time high in the first half. View post: Audi RS6 Avant Is Having Its Best Sales Year Ever This month's lease specials make Ford's best-selling truck even more tempting for work and play. 'I'll definitely be picking up another one or two.' View post: Walmart Has a 'Sturdy and Stable' Plastic Shelving Unit on Sale for Just $29 The IIHS is urging action after recognizing a significant difference in traffic fatalities between the U.S. and Canada. A solid choice in a crowded segment The Ford Escape has been a fixture in the compact SUV market for more than two decades, blending practical size with a comfortable ride and useful tech. Over the years, it has evolved from a simple, boxy runabout into a sleeker, more refined vehicle that still nails the everyday utility shoppers want. That evolution has kept the Escape relevant despite fierce competition from the Toyota RAV4, Honda CR-V, Hyundai Tucson, and others. Ford's strategy for 2025 is to keep refining the Escape's strengths — and right now, to pair them with lease offers that could make it a serious contender for budget-conscious buyers. 0:04 / 0:09 The top 10 best value used cars in 2025 Watch More August lease offers sweeten the deal This month, Ford is offering a 2025 Escape Active AWD for $319 per month for 36 months with $3,319 due at signing. For those who prefer a lower upfront cost, there's also an offer at $399 per month for the same term, with just $399 due at signing. Ford Escape — Source: Ford By providing your email address, you agree that it may be used pursuant to Arena Group's Privacy Policy. We may receive compensation. The second deal also includes a complimentary two-year maintenance plan, easing some ownership costs. Both offers waive the security deposit. Taxes, title, and license fees are extra, but the pricing compares well against other AWD compact SUVs in this class. What's new for 2025 The 2025 Escape continues the model's recent design refresh, with clean lines, a broad grille, and LED lighting giving it a contemporary look. Inside, the cabin is functional but pleasant, with available contrast stitching, soft-touch materials, and a straightforward control layout. Ford Escape — Source: Ford Ford's SYNC 4 infotainment system remains standard, with a large, responsive touchscreen and wireless Apple CarPlay and Android Auto. Available features like a digital gauge cluster and a panoramic sunroof help it compete with more premium rivals. Why the Escape still works in 2025 Power comes from a standard 1.5-liter EcoBoost turbocharged engine paired with an 8-speed automatic, delivering solid fuel economy for the segment. Intelligent AWD is available, giving the Escape added confidence in poor weather or light off-road situations. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. 2025 Ford Escape — Source: Ford Practicality is another strong point — the Escape's rear seats slide to expand cargo space or legroom, and folding them down opens up plenty of room for weekend trips or bulky gear. Ford Co-Pilot360 driver-assist features are standard, adding a layer of safety tech that rivals sometimes reserve for higher trims. Final thoughts In a field packed with capable compact SUVs, the Escape still holds its own thanks to its balanced ride, flexible interior, and competitive tech. August's lease specials add even more appeal, whether you're looking for a low monthly payment or minimal cash due at signing. If a comfortable, versatile, and affordable AWD SUV is on your radar, this could be the month to give the 2025 Escape a serious look. *Disclaimer: This article is provided for informational purposes only. The information presented herein is based on manufacturer-provided lease offer information, which is subject to frequent change and may vary based on location, creditworthiness, and other factors. We are not a party to any lease agreements and assume no liability for the terms, conditions, availability, or accuracy of any lease offers mentioned. All terms, including but not limited to pricing, mileage allowances, and residual values, require direct verification with an authorized local OEM dealership. This article does not constitute financial advice or an endorsement of any particular lease or vehicle. About the Author Elijah Nicholson-Messmer View Profile
Sky News
an hour ago
- Sky News
House of Lords under fire for dropping rule that once caught out cricket legend and historian
Campaigners have criticised a change to the rules around declarations of interest in the House of Lords as a "retrograde step" which will lead to a "significant loss of transparency". Since 2000, peers have had to register a list of "non-financial interests" - which includes declaring unpaid but often important roles like being a director, trustee, or chair of a company, think tank or charity. But that requirement was dropped in April despite staff concerns. Tom Brake, director of Unlock Democracy, and a former Liberal Democrat MP, wants to see the decision reversed. "It's a retrograde step," he said. "I think we've got a significant loss of transparency and accountability and that is bad news for the public. "More than 25 years ago, the Committee on Standards in Public Life identified that there was a need for peers to register non-financial interests because that could influence their decisions. I'm confused as to what's happened in the last 25 years that now means this requirement can be scrapped. "This process seems to be all about making matters simpler for peers, rather than what the code of conduct is supposed to do, which is to boost the public's confidence." Westminster Accounts: Search for your MP Rules were too 'burdensome', say peers The change was part of an overhaul of the code of conduct which aimed to "shorten and clarify" the rules for peers. The House of Lords Conduct Committee argued that updating non-financial interests was "disproportionately burdensome" with "minor and inadvertent errors" causing "large numbers of complaints". As a result, the register of Lords interests shrunk in size from 432 pages to 275. MPs have a different code of conduct, which requires them to declare any formal unpaid positions or other non-financial interests which may be an influence. A source told Sky News there is real concern among some Lords' staff about the implications of the change. Non-financial interest declarations have previously highlighted cases where a peer's involvement in a think tank or lobbying group overlapped with a paid role. 4:23 Cricket legend among peers to breach code There are also examples where a peer's non-financial interest declaration has prompted an investigation - revealing a financial interest which should have been declared instead. In 2023, Lord Skidelsky was found to have breached the code after registering his role as chair of a charity's trustees as a non-financial interest. The Commissioner for Standards investigated after questions were raised about the charity, the Centre for Global Studies. He concluded that the charity - which was funded by two Russian businessmen - only existed to support Lord Skidelsky's work, and had paid his staff's salaries for over 12 years. In 2021, Lord Botham - the England cricket legend - was found to have breached the code after registering a non-financial interest as an unpaid company director. The company's accounts subsequently revealed he and his wife had benefitted from a director's loan of nearly £200,000. It was considered a minor breach and he apologised. 'Follow the money' Lord Eric Pickles, the former chair of the anti-corruption watchdog, the Advisory Committee on Business Appointments, believes focusing on financial interests makes the register more transparent. "My view is always to follow the money. Everything else on a register is camouflage," he said. "Restricting the register to financial reward will give peers little wriggle room. I know this is counterintuitive, but the less there is on the register, the more scrutiny there will be on the crucial things." 'I was shocked' The SNP want the House of Lords to be scrapped, and has no peers of its own. Deputy Westminster leader Pete Wishart MP is deeply concerned by the changes. "I was actually quite horrified and quite shocked," he said. "This is an institution that's got no democratic accountability, it's a job for life. If anything, members of the House of Lords should be regulated and judged by a higher standard than us in the House of Commons - and what's happened is exactly the opposite." Public confidence in the Lords is already at a low ebb after the PPE controversy surrounding Baroness Michelle Mone, who took a leave of absence in 2022. The government has pledged to reform the House of Lords and is currently trying to push through a bill abolishing the 92 remaining hereditary peers, which will return to the House of Commons in September. But just before recess the bill was amended in the Lords so that they can remain as members until retirement or death. It's a change which is unlikely to be supported by MPs. A spokesperson for the House of Lords said: "Maintaining public confidence in the House of Lords is a key objective of the code of conduct. To ensure that, the code includes rigorous rules requiring the registration and declaration of all relevant financial interests held by members of the House of Lords. "Public confidence relies, above all, on transparency over the financial interests that may influence members' conduct. This change helps ensure the rules regarding registration of interests are understandable, enforceable and focused on the key areas of public concern. "Members may still declare non-financial interests in debate, where they consider them directly relevant, to inform the House and wider public. "The Conduct Committee is appointed to review the code of conduct, and it will continue to keep all issues under review. During its review of the code of conduct, the committee considered written evidence from both Unlock Democracy and Transparency International UK, among others."
Finextra
2 hours ago
- Finextra
BBVA wins plaudits from OpenAI for ChatGPT5 tests
During the global launch of its new language model, OpenAI has identified BBVA as one of the first institutions to adopt the technology in the financial sector, cutting weeks off the time to conduct technical tasks. 0 The collaboration between BBVA and OpenAI began in May 2024, and since then, 11,000 licences have been deployed across the Spanish bank. Over 80% of users use the licenses daily and report saving nearly three hours per week on routine tasks. The latest iteration of ChatGPT represents improvements in accuracy, speed, reasoning, contextual understanding, structured thinking, and problem-solving. Speaking at the ChatGPT5 launch, Olivier Godement, global head of the platform at OpenAI, explained how the bank has been testing the functionalities of the new model, which has enabled it to complete highly strategic financial analysis tasks in just a few hours — tasks that typically require two to three weeks of work. Elena Alfaro, BBVA's global head of AI Adoption, comments: 'GPT-5 marks a significant leap forward for us at BBVA, not only in how our people interact with AI thanks to deeper responses that are more useful, but also in advancing our aspirations toward multi-step agent automation. 'The new model is demonstrating great potential, especially in writing code and handling technical tasks.' Alfaro also highlighted its ability to handle the Spanish language, which he describes as a major milestone in a context where language models are typically trained primarily in English.
