Intelligent Ultrasound (LON: IUG) shares jumped 62.1% to 11.75p ahead of full year results on 20 April. A trading statement has already flagged a one-third increase in revenues to £10.1m, helped by strong UK sales. AI-related revenues are low but growing rapidly. This is the highest the share price has been for six months.
Chain and transmission equipment manufacturer Renold (LON: RNO) made a much higher profit in the year to March 2023 than was forecast. Like-for-like growth in revenues was 13% and there was a strong fourth quarter. Efficiency improvements helped to improve margins. Earnings per share have been upgraded by one-fifth to 5.8p. Net debt is lower than expected at £29.8m. The order book is worth £99.5m. The 2023-24 profit forecast has been edged up, but it is still lower than the 2022-23 figure – partly due to higher interest charges. The share price has jumped 14.1% to 28.4p, which is a prospective 2023-24 multiple of six.
Sabien Technology (LON: SNT) set up b.grn with Parris Group to develop waste plastic recycling sites in the UK. A memorandum of understanding has been signed with South Korean companies that will provide a recycling project cluster plan for an oil recycling plant in the Midlands. The share price has risen 11.3% to 17.25p.
Surface Transforms (LON: SCE) more than doubled its 2022 revenues, but the loss increased from £4.3m to £5.9m. The brake disc technology developer has an order book worth £290m. Technical issues have been solved and capacity is being added. A move into profitability is expected in the second quarter of 2023 and this year’s revenues are forecast to more than treble to £16.2m – a small full year pre-tax loss is still expected. The share price is 9.23% higher at 35.5p, although it has fallen back later in the morning.
Environmental and life sciences technology company DeepVerge (LON: DVRG) says that revenues have been incorrectly recognised. That means that the 2022 figure will be 45%-50% lower than the £17.2m previously flagged. Some of the expected revenues have been delayed while others will not be recognised. The order book is more than £10m and this will be recognised in 2023 and 2024. There is £1m in the bank and more funding will be required. The share price dived 43.1% to 0.825p, which is a new low.
Fashion retailer Quiz (LON: QUIZ) grew revenues by 17% to £91.7m with the fastest growth in UK stores and concessions. A pre-tax profit of at least £2m is estimated. Management is cautious about consumer spending and says that there is limited visibility for this year. Net cash was £6.2m at the end of March 2023. Even so, the share price fell 14.6% to 13.2p.
Tekcapital (LON: TEK) is raising £2m at 15p a share to invest in its portfolio companies, including MicroSalt, which is soon to float on AIM. There will be £1m spent on inventory for MicroSalt so that orders can be fulfilled. A further £500,000 will be invested in a facility for autonomous vehicle technology developer Guident. The share price declined by 10% to 15.75p.
Omega Diagnostics (LON: ODX) says revenues are in line with expectations, but the EBITDA loss will be double previous estimates at £2m. Production problems have led to the higher loss. There was £5m in the bank at the end of March 2023. Mediation with the UK government over a potential £2.5m pre-production payment is likely to commence in late April. The share price is 8.62% lower at 2.65p.