Payments services provider Cornerstone FS (LON: CSFS) is the best performer on the day after another positive trading statement. The share price jumped 28.3% to 14.75p. The pre-tax profit forecast has been upgraded from £100,000 to £700,000 with £1.2m forecast for 2024. Cornerstone FS should move to a net cash position during 2024. The number of customers and average value of transactions continues to increase.
Heart monitoring systems developer Deltex Medical Group (LON: DEMG) says testing of its TrueVue monitor has gone to plan and the first sale was in November. There are further orders that will be fulfilled in the next few months. Annualised costs have been reduced by £1m. The number of directors is being cut by a net two people after the appointment of non-exec Ben Carswell. The share price recovered 19.4% to 0.185p.
ITM Power (LON: ITM) says interim revenues will be £7.5m and net cash was £253.7m at the end of October 2023 and there should be more than £175m left by the end of April 2024. The electrolyser technology developer has focused on delivering products to clients and reduced spending. The cash outflow will slow next year. The share price is 12.9% to 58.21p.
US-based Spectra Systems (LON: SPSY) is acquiring security printing business Cartor for up to £10.5m in cash and shares, plus £4.5m of low or zero coupon debt. Spectra Systems can use Cartor to help market its Fusion polymer banknote technology. Cartor made a 2022-23 pre-tax profit of £440,000, held back by polymer investment, but it is expected to recover to around £1m this year. The business is well-invested. The Wolverhampton facility is not included in the purchase and a 20-year lease has been taken out with annual rent of £500,000. There are tax losses of £1.9m. The share price increased 8.76% to 192.5p.
Berenberg has raised its target share price for subsea equipment rental company Ashtead Technology (LON: AT.) from 500p to 700p. This follows last week’s acquisition of ACE Winches for £53.5m. ACE Winches provides equipment to support installation and maintenance of offshore energy infrastructure and it has a significant rental fleet. The share price improved 1.68% to 604p.
FALLERS
Copper gold explorer Bezant Resources (LON: BZT) raised £800,000 at 0.025p. The share price slumped 24.3% to 0.0265p. This will finance the Namibian Hope & Gorob project, where the company is waiting to be issued a mining licence. Drilling is planned to increase the 15.2Mt mineral resource.
Fusion Antibodies (LON: FAB) reports a 71% decrease in interim revenues to £541,000, but management is positive about prospects due to recent contract deals. The share price soared last week on the back of the collaboration with the US-based National Cancer Institute in the use of its OptiMAL technology in the discovery of antibodies for specific cancer targets. The share price slipped 19.2% to 4.75p, which is still 37.7% higher than five days ago.