Croma Security Solutions (LON: CSSG) plans to offload its guarding services business and concentrate on the locksmiths and electronic security businesses – they were 16% of revenues and 57% of operating profit last year. There are consolidation opportunities in these markets and the disposal will raise funds for acquisitions. Chief executive Sebastian Morley is leaving the board and will continue to run the guarding business. The share price improved by 16.2% to 64.5p.
Virtual reality and life sciences software provider Oxford Metrics (LON: OMG) edged up revenues from £27.6m to £28.8m in the year to September 2022, but pre-tax profit decreased from £4m to £2.6m. The order book is worth £24m. The sale of Yotta left Oxford Metrics with £67.7m in cash. There is caution about acquisitions because price expectations are too high. Even so, pre-tax profit is set to rebound to £5.9m this year. The share price is 8.84% higher at 98.5p, which values the company at £61.5m.
There is a recovery in the share price of professional services provider RBG Holdings (LON: RBGP) after yesterday’s announcement that the litigation funding subsidiary LionFish has lost two cases. Chief executive Nicola Foulston bought 250,000 shares at 64.65p each. She owns 12.3%. The share price rose 7.75% to 69.5p.
Housing developer Inland Homes (LON: INL) has appointed Don O’Sullivan as chief executive. He previously ran Galliard Homes. The strategic review continues and should be completed in the first quarter of 2023. Nish Malde, one of the founders, remains as finance director. The share price moved up by 8.3% to 19.25p.
Graphene technology developer Versarien (LON: VRS) is raising £1.85m at a heavily discounted share price of 10p. The share price slumped by 32.1% to 10.87p. Versarien will use the cash to commercialise its technology, particularly in the construction and leisure sectors.
Edenville Energy (LON: EDL) is raising £400,000 at 7p a share. The share price dived 23.8% to 8p. It needs the cash because revenues from the Rukwa coal project in Tanzania have been lower than expected even though demand is strong. Changes have been made to management and efficiency is improving. The target is steady production of 3,000 tonnes of washed coal/month, rising to 4,000 tonnes/month. Edenville Energy is also still waiting to recoup £180,000 in costs from Enviro Group. There is also ongoing litigation.
ADVFN (LON: AFN) is raising £6.82m via a 11-for-14 open offer at 33p a share, which closes on 21 December. For every three shares there is one warrant exercisable at 60p a share. The share price fell 21.1% to 37.5p. The money will be spent on website design and new products, as well as international expansion. Full year figures show revenues falling from £9.06m to £7.85m, which is below the target of £8.7m. The loss was £1.39m after £1.42m of one-off items. That includes £1.11m for getting rid of previous directors. There was a £189,000 cash outflow from operations. Net cash was £475,000 at the end of June 2022. A quarterly trading statement from drug developer ValiRx (LON: VAL) reveals that it is considering changing its model. There are plans to lease a laboratory and acquire infrastructure to make drug development more effective. There was £2.5m raised in the summer. The share price slid 13.7% to 13.25p.
