At its AGM, digital marketing services provider Silver Bullet Data Services (LON: SBDS) revealed a 76% increase in interim revenues to £4.1m and a much lower loss. More than one-third of revenues were in the US, helped by sales of the AI product. The full interims will be published later this month. The share price jumped by one-quarter to 50p.
Shares in controlled environment agriculture technology developer Light Science Technologies (LON: LST) continue to rise following last week’s purchase of Tomtech for £500,000 with an initial cash payment of £75,000. Tomtech supplies and installs monitoring and control systems for greenhouses and has a complementary product range providing cross selling opportunities. The share price rose 14.3% to 3.2p, up 42% on a week ago.
Cornerstone FS (LON: CSFS) shares rose 10.6% to 13p after the payments services provider made a small interim profit. The move into profit was earlier than expected. Interim revenues were 90% ahead at £3.6m. The overheads were held down enabling more of the additional revenues to flow through to profit. Cash is being generated from operations.
FALLERS
Profit taking at Infrastructure India (LON: IIP) following the sharp share price rise after Friday’s announcement of the conditional sale of the 99.99% stake in transportation company Distribution Logistics Infrastructure to Pristine Malwa Logistics Park, which is part of logistics group Pristine. The share price slid 47.2% to 0.475p, still well above the 0.3p ahead of the deal. The sale consideration will be $10m in cash and 33% of Pristine Malwa the purchaser. There are conditions that are required to be satisfied before the deal can go ahead but the transaction could close before the end of the year.
Animal feed ingredients supplier Ocean Harvest Technologies (LON: OHT) raised interim revenues by 43% to €1.8m and gross margins jumped to 36%. Investment in marketing and other aspects of the business meant that the loss was flat at €1.3m. These additional costs should help to generate further sales growth of its seaweed-based feed. Field trials could add up to €13m to annual revenues. However, delays in these trials mean that full year revenues have been downgraded from €4.3m to €3.4m. There should be net cash of €2.9m at the end of 2023. The share price had a good run after flotation, but it has fallen back even though strong progress is being made. It declined a further 17.5% to 11.75p, compared to a placing price of 16p.
Communications technology developer Feedback (LON: FDBK) shares fell 10.3% to 78.5p because it is taking time to secure new deals. The community diagnostic centres contract with the Queen Victoria Hospital has been delayed, but it should be secured by the end of the year. This should be an important reference centre for other regions of the NHS. Feedback is still loss making, but the £7.3m in the bank should last more than two years, enabling deals to be signed and cash to be generated.
Coro Energy (LON: CORO) says that heads of agreement have been signed with Sembcorp Gas for gas sales from the Mako gas field in Indonesia. Coro Energy has a 15% interest in the field, which is part of the Duyung PSC. The deal will cover gas sales up to 2037, which could be up to 392bcf. Even so, the share price declined 10.8% to 0.29p, although it is still higher than one week ago.