Promotional goods supplier software platform provider Altitude (LON: ALT) says results for the year to March 2023 will be much better than expected. Zeus has upgraded its pre-tax profit forecast from £500,000 to £800,000 and that is the second upgrade in three months. The US promotional products market is strong and favourable exchange rates helped. The share price jumped 25.4% to 42p. That is the highest the share price has been since June 2021.
Fertiliser producer Harvest Minerals (LON: HMI) had cash of A$2.72m at the end of 2022. Sales of KPFertil are growing and that has enabled the repayment of A$1.2m of debt. A court ruling requires Agrocerrado to pay $463,000, because it failed to acquire the minimum tonnes of KPFertil required by the agreement between the companies. The share price improved by 16.9% to 9.35p.
Second half trading at Facilities by ADF (LON: ADF) was much better than the first half as expected. The film and TV facilities provider has a strong order book that underpins expectations for this financial year. Pre-tax profit is forecast to rise from £4.3m to £6.6m on a 50% increase in revenues to £47.6m in 2023. Capital investment and the acquisition of Location One will help this growth to be achieved. The share price grew 7.34% to 58.5p.
Moroccan potash project developer Emmerson (LON: EML) has appointed a syndicate of banks to secure debt facilities for the development of the Khemisset potash project. Funding of $310m is being sought. The share price is 9.37% higher at 5.25p.
Esports company Gfinity (LON: GFIN) shares continue to decline following a fundraising of £2m at 0.15p a share. They have fallen a further 28.4% to 0.1575p. The cash should last for 12 months, although Gfinity plans to find a strategic partner for technology platform Athlos in the next four months.
Bluejay Mining (LON: JAY) has reviewed its portfolio of interests and decided to focus on key projects in Greenland and Finland. A demerger of Disko Exploration is no longer being considered. Towards Net Zero is subscribing $6m in three tranches – the first in the next week. The initial subscription price is 10p a share. The cash will fund a maiden drilling programme at the Kangerluarsuk lead zinc silver project in Greenland, which has become higher priority. The Hammaslathi nickel cobalt platinum group metals project in Finland is also being given higher priority. Both projects are 100% owned. Management believes that the Dundas ilmenite project can be reconfigured to reduce costs. A revised mineral resource estimate should be published in the middle of 2023. The share price slipped 18.5% to 3.9125p.
Accounts software services provider Glantus (LON: GLAN) will report a €2.1m EBITDA loss for 2022, which is much worse than expectations last year. Management has made a mess of its restructuring and revenues expected from two clients could not be recognised in 2022. A loan may be extended from August 2023 to August 2024, but €1.2m needs to be raised through a share issue. The share price fell 18.2% to 6.75p.
Singer has downgraded its forecasts for Strip Tinning (LON: STG) following its trading statement revealing a significant loss. This is because margins are under pressure. Flexible automotive connectors supplier Strip Tinning lost an important contract soon after its flotation. That had already led to downgrades. A £1.4m loss is forecast for 2023. The share price declined by 15.4%.
