Security systems provider Synectics (LON: SNX) is trading more strongly than anticipated and the pre-tax profit forecast has been significantly upgraded. Oil and gas demand is strong and new casino projects are being won. Shore has raised its pre-tax profit forecast from £3.5m to £3.9m and earnings have been raised more substantially from 16.8p/share to 18.6p/share. The share price improved 16.8% to 237p.
Neometals (LON: NMT) subsidiary Recycling Industries Scandinavia, where it owns 88%, has signed an agreement with EIT RawMaterials to support the development of the vanadium recovery project in Finland. It will provide a €500,000 in grant funding to the project and will take a 1.1% stake in Recycling Industries Scandinavia, which values it at €50m. That means that the Neometals stake is worth more than its market capitalisation. EIT has an option to subscribe up to €10m more. The Neometals share price is 12.5% higher at 4.5p.
Despite UK government changes and the disruption that has caused Made Tech (LON: MTEC) has been awarded a £13.2m contract with the Department of Education. This is a four-year contract to provide digital, data and managed services for the Standards and Testing Agency, which is being launched to perform National curriculum assessments for primary school pupils. This underpins forecasts. The share price recovered 7.09% to 17p.
Kinovo (LON: KINO) has won an 18-month contract with Hackney council. It is worth up to £12m and covers a range of decarbonisation works on 300 properties. The work should start in the fourth quarter of 2024. There is also another contract with Hackney worth £400,000. This work replaces another contract that is being retendered. The share price increased 2.99% to 69p.
FALLERS
Africa-focused energy company Chariot Ltd (LON: CHAR) has completed the drilling of the Anchois-3 main hole. It encountered gas, but gas pays are thinner than pre-drill estimates. The well will be abandoned. The next step for the project is being discussed with joint venture partners. The share price dived 51.5% to 1.535p and it has fallen by three-quarters in the past week.
Rockfire Resources (LON: ROCK) raised £450,000 at 0.1p/share to continue the development of Molaoi zinc silver lead project in Greece. Earlier in the month, the JORC resource was raised by 500% to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. A retail offer to existing shareholders of up to £250,000 closes at 5pm on 18 September. The share price is one-third lower at 0.1p.
Mosman Oil & Gas (LON: MSMN) has raised £1.5m at 0.035p/share to pursue helium projects in the US. It will fund technical due diligence on potential helium opportunities. Mosman Oil & Gas has a 20% interest in the Vecta helium project in Colorado, which has approvals for exploration wells on five prospects. There is a confidentiality agreement with an unnamed ASX-listed company that has leased areas in the US. The share price slipped 19.3% to 0.0355p.
Cavendish Financial (LON: CAV) says it has a solid pipeline of public and private transactions and this includes possible flotations. Market conditions have not improved since the General Election, but the broker and M&A adviser is in a strong position to benefit from a recovery. The share price fell 8.89% to 10.25p.