Pendulum, a company incubated by Blue Star Capital (LON: BLU) investee company SatoshiPay, where it holds 27.9%, has launched Spacewalk, a blockchain bridge connecting the Stellar and Poladot networks. The PEN token has commenced trading on Singapore-based MEXC Global Exchange. SatoshiPay owns 5.5% of Pendulum. The Blue Star share price jumped 52.8% to 0.275p.
The share price of cannabis-based medicines developer Celadon Pharmaceuticals (LON: CEL) continues to recover from its low of 49.5p in January prior to the regulatory approval of its Midlands facility. It is 17% higher at 137.5p. Celadon Pharmaceuticals has applied to the Home Office to update its existing licence to begin to supply customers.
Some good news for waste-to-energy technology company Eqtec (LON: EQT). The Italia MDC project is operational, and the first energy supplied. This shows the efficacy of the syngas technology and there are more projects in the pipeline. The share price improved by 9.26% to 0.295p.
Volvere (LON: VLE) increased 2022 revenues from continuing operations from £30.6m to £38m and pre-tax profit jumped from £1.07m to £2.33m. The 80%-owned frozen pastry products manufacturer Shire Foods was the principal subsidiary. The discontinued operations lost £2.57m. NAV is 1382p a share and there was £20.8m in cash. There are investment opportunities in multiple sectors. The share price rose 8.81% to 1050p.
Audio visual products distributor Midwich Group (LON: MIDW) increased revenues by 41% to £1.2bn and pre-tax profit by 42% to £45.2m as the impact of lockdowns eased. The company raised the dividend by 35% to 15p a share, although that excludes the 3p a share special dividend in the previous year. Bank facilities have been increased from £80m to £175m. Growth is expected to be faster than the market. The share price is 6.85% ahead at 468p.
Energy supplier Yu Group (LON: YU.) reported 2022 figures in line with expectations, although the bad debt provision increased from 3.1% to 7.7% of sales. Year-end contracted revenues of £247m underpin the 2023 revenue forecasts. The bad debt provision could reduce this year, but will remain relatively high. The share price fell 17.6% to 580p, but it is still 158% higher than at the end of 2021.
Nucleic acid-based Optimer binders developer Aptamer (LON: APTA) interim revenues of £1m were in line with the previous trading statement and management believes it can achieve full year revenue forecasts. However, this is fourth quarter weighted so there is caution and Liberum cut its 2022-23 forecast from £6m to £5m. That would leave net cash of £1.93m at the end of June 2023. The share price is 16.5% lower at 33p.
Contract delays at energy and water efficiency products supplier Eneraqua Technologies (LON: ETQ) mean that some work will come through later than expected. Revenues for the year to January 2023 were 54% ahead, but lower than the £61.3m finnCap expected. The order book is worth £110m and currently 72% should fall in 2023-24. That means that 99% of this year’s forecast revenues of £80.1m should be covered. The share rice slipped 12.9% to 305p – till above the 277p placing price in November 2021.
Futura Medical (LON: FUM) says erectile disfunction gel MED3000 is available in Europe under the Eroxon brand. The FDA has asked additional questions concerning the application for US marketing authorisation and approval will not be achieved until the second quarter. The share price has recovered from earlier lows and is down 6.19% to 47p.
