Diagnostics firm Angle (LON: AGL) trebled interim revenues to £1.2m, but the cash outflow was still £9m. Annual cash savings of £5m have been identified and this will help the cash pile last into early 2025. There were higher sales of Parsortix circulating tumour assessment systems as well as higher services revenues. Contracts are being won for the services operation and management is hopeful that it can win business with larger pharma companies. The broadening of the offer into molecular diagnostics is increasing the size of the addressable market as well as making the Parsortix system more attractive to clients. The share price rebounded 23.9% to 14.25p.
Mosman Oil & Gas (LON: MSMN) has decided not to invest additional cash in the Falcon lease in the US. The lease is being transferred to 84 Energy Corp in exchange for the equipment on the lease, which saves up to $200,000 in abandonment costs. The Galaxie lease has not been renewed. The book value of the leases of A$472,000 will be written off. The share price jumped 23.6% to 0.034p.
Tertiary Minerals (LON: TYM) says the Swedish government has annulled its previous rejection of the Storuman fluorspar project exploitation concession. The government decided that the develop of the deposit was as important to the national interest as reindeer husbandry. Fluorspar can produce fluorine for the lithium-ion battery market. The primary focus is still the Zambian licences. The share price rose 16.3% to 0.125p.
Graphene technology developer Directa Plus (LON: DCTA) has won a €5.5m, three-year contract with Liberty Galati in Romania. The value could increase to €8m. The contract is for processing oily mills sludge in steel production. This underpins current forecasts. The share price improved 6.9% to 46.5p, having been 58p early in the morning.
FALLERS
Shares in CVS Group (LON: CVSG) have slumped 29.6% to 1468.5p because of a CMA review of the veterinary market. It is assessing business practices for household pets because costs have risen faster than inflation. CVS says a shortage of vets is pushing up costs. The full year results will be published on 21 September.
Medical imaging technology developer Polarean Imaging (LON: POLX) reported lower interim revenues because no new polarisers were sold in the period. The first half cash outflow was $6.8m and there was cash of $9.9m at the end of June 2023. This should last until the second quarter of 2024. The slow market adoption of Xenoview means that commercial targets have been withdrawn. The share price dived 22.4% to 11.25p.
Chaarat Gold (LON: CGH) says the $55.4m sale of the Kapan mine should complete in September. First half gold equivalent production fell 12% to 26,523 ounces and the cost increased by 10% to $1,556/ounce. Talks continue with Xiwang for a potential $150m investment in a joint venture focused on the Tulkubash project. The share price fell 12.8% to 5.625p.
Capital equipment manufacturer Mpac (LON: MPAC) increased interim revenues by 4% to £52.8m and pre-tax recovered from £1.1m to £1.9m. Order intake soared in the period. Services generated one-third of revenues in the first half, but the mix will change as recent order wins are satisfied in the second quarter. The order book has risen 15% to £77.5m since the end of 2022 and includes higher margin healthcare machinery. This helps to underpin forecasts of a better second half. The battery cell assembly plant business remains a significant longer-term opportunity. Net cash is £2.2m. Shore forecasts a near doubling of underlying pre-tax profit to £6.9m in 2023. Even so, the share price declined 10.7% to 187.5p.
Builders’ merchant Lords Group Trading (LON: LORD) is outperforming its rivals. But trading is getting tougher because of higher interest rates and lower construction activity. Interim revenues improved 4% to £222.6m, helped by acquisitions, but pre-tax profit fell from £8.4m to £7.7m. The interim dividend is maintained at 0.67p/share. Cenkos has reduced its 2023 pre-tax profit forecast from £17.8m to £13.2m. The share price slipped 10.2% to 61.5p.
Ex-dividends
Alpha Financial Markets Consulting (LON: AFM) is paying a final dividend of 10.5p a share and the share price is unchanged at 360p.
James Cropper (LON: CRPR) is paying a final dividend of 4p a share and the share price fell 5p to 730p.
GlobalData (LON: DATA) is paying an interim dividend of 1.4p a share and the share price is down 0.5p to 153.5p.
Globalworth Real Estate Investments (LON: GWI) is paying an interim dividend of 14 cents a share and the share price declined 6 cents to 262 cents.
H&T (LON: HAT) is paying an interim dividend of 6.5p a share and the share price is 2p lower at 410p.
Holders Technology (LON: HDT) is paying an interim dividend of 0.25p a share and the share price is unchanged at 61p.
Ramsdens Holdings (LON: RFX) is paying an interim dividend of 3.3p a share and the share price is 5p lower at 230p.
Solid State (LON: SOLI) is paying a final dividend of 13.5p a share and the share price is 25p higher at 1325p.
Totally (LON: TLY) is paying a final dividend of 0.13p a share and the share price is up 0.35p to 8.35p.
