Harland & Wolff (LON: HARL) says that the judicial review of the Islandmagee gas storage project in Northern Ireland is in its favour. It will consider the full judgement and assess the appropriate next step. This has been a long running saga and the company will need to consider how to move ahead with and finance development of the project. The share price jumped 22% to 18p.
Kodal Minerals (LON: KOD) has agreed an extension to the funding package deadline with Hainan Mining Co. The new deadline for the financing of the company’s Mali lithium assets is 30 September. Kodal Mining is finalising the restructuring of the ownership of the assets. Engineering design work and a mineral resource update are currently being worked on. The share price moved up 18.6% to 0.51p.
Crossword Cybersecurity (LON: CCS) is improving margins and interim revenues were £1.9m and overheads are being held down. Annualised recurring revenues are £2.7m. Management believes the cyber security company can achieve 2023 revenues of £6m and £8m in 2024. The company is raising cash from a five-year, convertible loan note of up to £2.015m – shareholders have agreed to £2.5m of loan notes being issued. This will fund sales and marketing, plus product development. This could lead to cash breakeven in the second half of 2024. The share price increased 15.4% to 7.5p.
Oil and gas company i3 Energy (LON: I3E) announced better than expected interims. Production was around the level forecast, but lower costs meant that pre-tax profit improved from £9.9m to £14.5m. However, lower gas prices have led WH Ireland to reduce its fair value from 22.3p/share to 21.1p/share, although the broker believes that oil prices may rise over the next six months and that could reverse the fair value reduction. The share price rose 8.85% to 13.78p.
FALLERS
Summary results for the phase II dose ranging study assessing Orenetide for hypoactive sexual desire disorder were disappointing and that has hit the Ovoca Bio (LON: OVB) share price, which slumped 82.1% to an all-time low of 2.5p. The results of the study in Australia and New Zealand show that the treatment was not statistically significantly better than placebo. The company will have to decide how to move forward with the product and whether it should continue development. Ovoca Bio had €2.6m in the bank at the end of July.
Application specific integrated circuits designer Sondrel Holdings (LON: SND) has been hit by contract delays. Three major customers have delayed development for 6-12 months because of economic uncertainty and concerns about consumer confidence. Interim revenues will be 17% higher at £9.3m, but the full year forecast has been cut from £28.4m to £13m. Sondrel is likely to move into a net debt position by the end of 2023, but this should be temporary. The share price dived 63.4% to 20.5p.
Eneraqua Technologies (LON: ETP) says proposed changes to net nutrient rules could reduce its profit by up to £2m/year. The rules are designed to ensure that new property developments do not increase nitrate emissions. Eneraqua’s Control Flow HL2024 technology is designed to perform this service. The change to a national scheme could provide opportunities, but there will be continued uncertainty for the next few weeks. The current year’s figures are underpinned by contracts, but Singer has downgraded its 2024 pre-tax profit forecast by 28% to £5m, compared with £10.1m in 2023. The share price slipped 21.1% to 75p.
Global Petroleum (LON: GBP) is raising £250,000 at 0.1p/share and each share comes with a warrant exercisable at the same price. The share price fell 21.9% to 0.125p. The cash will be used to fund technical work on the PEL 94 licence area in Namibia, which has been extended to September 2025.
Ex-dividends
Knights Group Holdings (LON: KGH) is paying a final dividend of 2.5p a share and the share price fell 3p to 89p.
STM Group (LON: STM) is paying a final dividend of 0.6p a share and the share price is unchanged at 50p.
Supreme (LON: SUP) is paying a final dividend of 2.2p a share and the share price slipped 1p to 129p.