Fintech Fiinu (LON: BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft. The share price soared 630.8% to 4.75p.
Video games distributor Frontier Developments (LON: FDEV) reported interims ahead of expectations. Revenues were 1% lower at £47.3m and it moved back into profit. Cash increased to £27.2m. Underlying pre-tax profit was £2.6m, compared with a £12.1m loss. Planet Coaster 2 generated more than £10m in revenues in its first month on sale. The forecast full year loss has been cut from £5.4m to £3.9m. The share price rebounded 25.1% to 231.5p.
GoldStone Resources (LON: GRL) continues to ramp up production at Homase mine and heap leach operation in south west Ghana. It expects to maintain a production rate of 48,000 tonnes/month of agglomerated stacked ore. Gold production should reach 1,000 ounces/month in the first quarter. The share price rose 8.51% to 1.275p.
Clean fuel technology developer Quadrise (LON: QED) says that its first licence revenues will be received by the end of January. This will come from the deal with Valkor, which has secured minimum project finance of at least $15m for a plant to produce MSAR and bioMSAR fuels. This triggers an initial $350,000 and a further $650,000 on 1 December. There are other payments also expected. From April, Valkor has agreed to make a quarterly payment of $75,000 for services. The share price improved 8.31% to 6.65p.
FALLERS
Distil (LON: DIS) has extended its distribution partnership with Global Brands for all UK trade in its spirits brands from 15 February. The existing deal with Marussia Beverages will end. This comes after a 59% decline in revenues to £233,000 in the quarter to December 2024. Customers have been cautious in their buying and retail sales have declined. Distil is working with Global Brands to improve sales in the current quarter. The share price slumped 28.9% to 0.08p.
Cross-border payment services provider Finseta (LON: FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025. The share price declined 19.7% to 35p.
Diagnostics developer Oxford BioDynamics (LON: OBD) has raised £7m at 0.5p/share a retail offer could raise a further £500,000. The cash will finance the commercial development of the EpiSwitch product line. There will be a focus on partnerships and licensing deals. There will be a restructuring of the company to make the cash last longer. The fundraising is dependent on a capital restructuring to reduce the nominal value of shares from 1p to 0.1p, so that the shares can be issued at 0.5p each. The cash should last 12 months. The share price fell 4.5% to 0.573p.
Telecoms infrastructure products developer Filtronic (LON: FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows yesterday’s positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m. The share price dipped 2.45% to 99.5p, but it is still more than 10% higher this week.