Digital transformation services provider TPXimpact (LON: TPX) has won a three-year contract worth up to £19m and the trading statement confirms full year expectations. Noel Douglas will become finance director at the beginning of April. The contract is with the Ministry for Housing, Communities and Local Government and relates to modernising the planning system. The General Election had delayed project awards, and this is a positive sign. Interim revenues fell 9% to £38m, but there should be growth in the second half. Full year pre-tax profit of £5.5m is forecast. The share price rose 17.7% to 36.5p and the prospective multiple is nine.
Star Energy (LON: STAR) is selling land at Alton for £6.3m. This used to be the site of the Holybourne oil terminal. The sale depends on planning permission and that should happen in the middle of 2025. The share price increased 19.3% to 8.27p.
Security technology developer Thruvision (LON: THRU) has raised £1.375m at 11p/share. This will fund working capital. The share price improved 17.7% to 10p.
Property fund adviser and investor First Property (LON: FPO) says it had a good first half and there were one-off profits from the trading of properties by a fund, where the company has an investment. There is also the early receipt of fees from disposal of properties in another fund. Full yar pre-tax profit will exceed expectations. That is before any movements in property values. The interims will be published on 21 November. The share price recovered 10.7% to 15.5p, which is still a discount to NAV of more than two-fifths.
FALLERS
Film vehicles and services provider Facilities by ADF (LON: ADF) has been hit by filming delays and the cancelation of projects. It had appeared that there would a strong recovery in the second half following the Hollywood writers’ strike. Revenues have been reduced from £48.6m to £35.1m and margins have been hit by competition for limited contracts. This means that Facilities by ADF will not do much better than breakeven in 2024. There should be a recovery in 2025, but revenues have been cut from £67.3m to £56.8m – including a 12-month contribution from Autotrak. The 2025 pre-tax profit is forecast to be £7.9m, with earnings of 6.8p/share. The share price dived 41.1% to 30.75p, which suggests that the market is not confident that the 2025 forecast can be achieved and whether the potential work will come through.
Testing services provider Microsaic Systems (LON: MSYS) shares have returned from suspension following publication of interim figures. First half revenues increased by 83% to £255,000 thanks to Modern Water. The Microsaic revenues halved. The loss more than halved to £536,000. Cash used in operating activities was £929,000. On 11 November 2024, net cash was £257,000. The share price declined 20.9% to 0.85p.
Electrical retailer Marks Electrical (LON: MRK) increased interim revenues by 9% to £58.8m, which was better than expected even though average order values fell. Margins dipped and there was some disruption from the implementation of a new IT system, so underlying pre-tax profit fell from £1.16m to £820,000. That was before the £1.88m cost of installing the IT system. The share price fell 12.8% to 51p.
Premier African Minerals (LON: PREM) failed to gain disapplication of pre-emptive provisions at its general meeting. There were 62.9% of the shares voted in favour, but it required 75%. This will limit the company’s ability to raise money. The share price is 10.7% lower at 0.031p.