Scancell (LON: SCLP) reports that early data from the phase II SCOPE study of SCIB1 in combination with checkpoint inhibitors in advanced melanoma are positive. Tumour reduction at 13 weeks is 31-94%. This is for a relatively small number of patients, but it does indicate that there is strong potential for the treatment. The second stage of the study has a strong probability of success. This data will be available in the first half of 2024. This could garner industry interest. The share price improved 22.9% to 16.125p.
Spaceandpeople (LON: SAL) has renewed its contract with Network Rail until September 2024. This covers venues and events in London, Birmingham and Glasgow rail stations. Interim figures will be published on 25 September. The share price jumped 22.6% to 97.5p.
Avacta (LON: AVCT) has completed the sixth dose escalation of ALS-6000-101 for the phase 1 clinical trial and it continues to show the safety of AVA6000, which is a tumour targeted form of doxorubicin. There will be a seventh dose cohort. The share price rose 12.7% to 119.5p.
Structural steel supplier Billington (LON: BILN) significantly improved margins in the first half and it still has a strong order book despite the contraction of the construction sector. This reflects the spread of projects. Revenues were 30% higher at £60.1m and pre-tax profit jumped from £1.3m to £4.59m. The full year pre-tax profit forecast is £9.9m. The share price increase 11.6% to 385p.
Renewable electricity supplier Good Energy (LON: GOOD) had a strong first half due to higher tariffs and lower supply costs, but the second half will be tougher. Interim revenues were 46% ahead at £156.1m and the company swung from a loss to a pre-tax profit of £13.1m. The energy services business is losing money as it is being built up. The interim dividend has been raised by one-third to 1p/share. Tariff reductions are happening ahead of falls in supply costs for the company and that will lead to a second half loss, but Good Energy will still be profitable for the full year. The share price initially rose by more than 10%, it is currently unchanged at 192.5p.
FALLERS
Trading has deteriorated since August at replacement windows supplier Safestyle (LON: SFE) and it is expected to lose £10m in 2023. Net debt could reach £6m at the end of 2023 – the credit facility is £7.5m. Management wants to strengthen the balance sheet. The share price dived 46.4% to 4.45p.
Shares in retailer Quiz (LON: QUIZ) slumped by one-third to 5.875p because revenues are below expectations. In the five months to August 2023, there was a 15% decline to £37m. Full year revenues could be 7% below previous forecasts and Quiz would move into loss.
A weak corporate market has knocked the profitability of software training company Northcoders (LON: CODE). Interim revenues rose 46% to £3.5m, higher costs of sales and marketing meant that the company slipped into loss. Net cash is £2m. Corporate demand has fallen off in the second half as customers become more cautious about budgets. Northcoders is not cutting back on its investment because of the long-term prospects and it will make a full year loss. The share price fell 32.5% to 130p.
Steppe Cement (LON: STCM) revenues fell by 16% on the back of a 11% decline in cement volumes. Production costs were higher. Profit slumped to $100,000. The share price slipped 11.5% to 23p.