Filtronic (LON: FTC) has secured a £15.8m order for E-band amplifiers from SpaceX, which is part of a five-year strategic partnership. SpaceX is receiving warrants over up to 10% of the telecommunications technology developer. The first tranche is exercisable when £30m of orders have been made for E-band amplifiers and the second when there is a similar level of orders for other products. This sparked an upgrade by Cavendish, which raised its 2023-24 pre-tax profit forecast by one-third to £3.3m and the 2024-25 figure by 180% to £6.4m. the share price jumped 50% to 49.5p.
Diagnostics firm Angle (LON: AGL) has signed an agreement with AstraZeneca to develop the company’s existing DNA damage response assay for the detection of micronuclei in circulating tumour cells. The share price is 28.6% higher at 15.75p.
Thor Energy (LON: THR) says that Investigator Resources has met stage 1 commitments of A$1m spent on exploration at the Molyhil and Bonya projects in Northern Territory, Australia. This entitles it to a 25% stake in the tenements. Investigator Resources will issue A$250,000 to Thor Energy and could end up earning an 80% stake. Thor Energy will focus on its US uranium assets and the Alford East copper-rare earths project. The share price improved 9.09% to 1.2p.
Musical instruments retailer Gear4Music (LON: G4M) is benefiting from a focus on margins and reducing net debt. UK sales continue to grow, but they have declined in the rest of the world. Gear4Music returned to profit in the year to March 2024 and pre-tax profit is estimated at £1.4m and it could double next year. Net debt nearly halved to £7.3m. Chief executive Andrew Wass will become executive chairman and Gareth Bevan will take over his previous role. The share price recovered 5.84% to 145p.
Oil and gas supplier Sound Energy (LON: SOU) had net debt of just over £30m. The focus is developing the Moroccan Tendara production concession and there will be rig activity from June. Phase 1 is a micro LNG project and processed gas is expected by the end of 2024. The share price rose 5.14% to 0.859p.
FALLERS
Ironveld (LON: IRON) has secured a working capital facility of up to £125,000 from a company associated with its executive chairman John Wardle. Ironveld continues to seek further funding to further develop its Bushveld assets. The share price fell 10.5% to 0.085p.
Airline and tour operator Jet2 (LON: JET2) has narrowed the estimated 2023-24 pre-tax profit range to between £515m and £520m. Own cash is £1.3bn. Summer seat capacity has been increased by 12% and forward bookings are 13% higher, although there is still 40% of capacity to sell. Fuel costs are more than 80% hedged. The 2023-24 results will be published on 11 July. The share price dropped 6% to 1398.5p.
Sanderson Design Group (LON: SDG) was boosted by growth in high margin brand licencing revenues and that helped to offset the decline in brand sales. Morris & Co was the only brand that did not contract during the year to January 2024. In 2023-24, revenues dipped from £112m to £108.6m and pre-tax profit edged down from £12.6m to £12.2m. North America was the bright spot. Costs have been reduced in the manufacturing operations. Net cash is £16.3m. Pre-tax profit is likely to be flat this year as most markets remain difficult. The share price declined 5.34% to 97.5p, which is eight times forecast earnings.
