Real Good Food (LON: RGD) says first half revenues were 2% ahead at £16.1m, although volumes fell by 10%. October revenues appear set to be 6% higher. The cake decorations supplier has significantly reduced its loss due to higher margins. A shortage of cash has held back growth, but the company could be profitable for the full year. Talks continue concerning the extension of the loan agreement with Hilco Private Capital. Interim results will be published in December. The share price recovered 50% to 1.8p.
Ondine Biomedical Inc (LON: OBI) customer Alberta Health Services has expanded the use of Steriwave photodisinfection to reduce surgical site infections in orthopaedic surgery. These infections can cost more than C$100,000/case. There is a one-third increase in the share price to 14p.
Sunrise Resources (LON: SRES) says a review of chemical analyses from surface mineralisation has identified anomalously high levels of gallium in high-grade zinc samples – up to 69ppm gallium – at the Reese Ridge project in Nevada. Gallium is used in semiconductors and solar panels and 80% is produced in China, which has restricted exports. A follow-up exploration programme is planned. The share price rose 15.4% to 0.075p.
Kromek (LON: KMK) has secured three orders worth more than $1m, including one from a new customer. They are in nuclear security and bio-security. This helps to underpin the current forecasts. The share price improved 8.9% to 4.9p.
FALLERS
Velocys (LON: VLS) is the worst performer today because the conditions for the $15m strategic investment from Carbon Direct have not been met. To receive this cash the sustainable fuel developer needs to raise $40m, including $8m already raised, and management is still trying to secure investors. The $15m cash injection is no longer binding. Velocys needs more cash before the end of the year. There is a significant market opportunity in sustainable aircraft fuel, but Velocys is in a weak position when discussing additional funding and the share price slumped 69.6% to 0.306p.
Kore Potash (LON: KP2) chief executive Brad Sampson has resigned, and the chairman will take on the role until the financing proposal for the Kola potash project is received. Kore Potash has raised $2.5m at 0.38p/share. That includes $750,000 invested by the chairman. This will be used for the development of the Kola potash project. The share price slipped 27.3% to 0.4p.
Vast Resources (LON: VAST) is in discussions with Mercuria and Alpha for extensions to the repayment of debt, while the company waits for the proceeds of a past claim. The current repayment date is 30 November. There was $6.4m used in operations last year with a further $1.87m outflow from investment. The share price fell 13.5% to 0.16p.
Technology businesses developer Frontier IP (LON: FIPP) moved into loss last year because of realised and unrealised losses on its portfolio against a large gain in the previous year. The value of the portfolio fell 17% to £33m, although there were net disposals of nearly £5m. There was a £3.25m cash outflow from operations offset by disposals, leaving £4.6m in cash at the end of June 2023. The share price dipped 10.8% to 41.5p.