Dr Graham Cooley has increased his stake in supercapacitors manufacturer Cap-XX (LON: CPX) from 3.13% to 11.1%. Canaccord Genuity cut its stake from 17.3% to 8.75%. This follows the slump in the share price after Cap-XX said it was running out of cash in the next few weeks. The share price recovered 20.5% to 0.235p.
Subsea wellhead equipment supplier Plexus Holdings (LON: POS) increased interim revenues by 617% to £5.1m and it swung from loss to profit. Cavendish forecasts a full year pre-tax profit of £3.5m. However, some of this year’s revenues are one-off, so the profit will not be sustained. There may be a write down of intangible assets this year. The share price increased 9.09% to 18p.
Cancer modelling consultancy services provider Physiomics (LON: PYC) has won a substantial new contract from its largest client. The project is worth £178,000 and involves pharmacokinetic-pharmacodynamic modelling for DNA damage and repair. In the year to June 2024, revenues are forecast to rise from £606,000 to £900,000. The share price improved 8% to 1.35p.
Powerhouse Energy (LON: PHE) subsidiary Engsolve is building a small production unit to manufacture carbon nanotubes from waste plastic. This could lead to a commercial version. This provides an additional stream of revenues for the company. The share price rose 11.4% to 0.975p.
FALLERS
Clontarf Energy (LON: CLON) has raised £400,000 at 0.035p/share. The share price dived 36.2% to 0.0335p. This cash will be spent on lithium projects in Bolivia and petroleum projects. Negotiations for licence terms in Bolivia and the cash will reassure the Bolivian authorities.
Music and audio hardware and software supplier Focusrite (LON: TUNE) says poor trading conditions are continuing due to a weak content creation market – particularly in China and Japan. There has also been destocking and a move to cheaper products. In the first half revenues are expected to fall from £86.2m to £75m and the full year revenues could slide to £155m. The launch of Scarlett Generation 4 products has been delayed to later in 2024. Full year EBITDA was expected to be flat at just over £38m, but guidance has been changed to £27m-£30m. Higher inventories have pushed up net debt to £26m. Management believes Focusrite is outperforming rivals. The share price slumped 28.6% to 275p.
Hummingbird Resources (LON: HUM) says operations at the Kouroussa gold mine have been suspended by the main contractor because of a dispute. Contract volumes have not been met because of delays. Notice has been provided that if production does not recommence by 19 March, then the contractor can be replaced. Net debt was $140m at the end of 2023 and $77m is due to be repaid this year. Management is in close contact with the primary lender. The share price declined 25.5% to 8.2p.
Aura Energy (LON: AURA) has raised A$16.2m at A$0.18/share. This will be invested in the Tiris uranium project in Mauritania. A share purchase plan will enable eligible shareholders to participate. Aura Energy reported a loss of A$3m for 2023. The after tax NPV8 for the project is estimated to be $366m on an initial investment in $230m. First production could be in 2026. The share price fell 11.6% to 9.5p.
