Meinhard Benn has taken a 8.34% stake in Blue Star Capital (LON: BLU). He is a founder of cross-border payments company SatoshiPay Gmbh. Nicholas Slater raised his stake from 11.7% to 13.1%. The share price jumped 50% to 3.75p.
Jubilee Metals (LON: JLP) generated record chrome production in South Africa in the first six months of the financial year, increasing from 975,000t to 718,000t. PGM production was 18,400t. These are on track to achieve full year guidance. In Zambia, copper production was 1,400t due to the lack of power forcing the Roan project to go onto care and maintenance. A new power agreement has been signed. However, it will be difficult to achieve full year production guidance of 5,900t-7,500t. Zeus retains its fair value share price of 11p, but says it depends on a quick resolution to the issues in Zambia. The share price rose 11.8% to 3.8p.
Cavendish has raised its 2024 earnings forecast for telematics company Quartix Technologies (LON: QTX) from 8.7p/share to 9.5p/share. Operating costs were lower than anticipated and new customer acquisition was 50% higher on the year. Net cash was £3.1m at the end of 2024. The share price improved 11.8% to 170p.
Dr Graham Cooley increased his stake in Distil (LON: DIS) from 12.1% to 13.2%. The share price is 11.9% higher at 0.1175p.
Womenswear Sosandar (LON: SOS) further improved gross margins in the third quarter. Third quarter revenues were 15% lower at £12.2m due to a lack of price discounting on the company’s website. Partner sales were higher and the high street stores are building revenues. Two new store leases have been signed for Bath and Harrogate. Overall salles should start to grow in 2025-2026. Net cash was £8.2m at the end of December 2024. The share price rebounded from its low by 8% to 6.75p.
FALLERS
Digital promotions and loyalty technology developer Eagle Eye (LON: EYE) revealed a five-year agreement with one of the world’s largest enterprise software suppliers, which will embed Eagle Eye’s AIR platform in its loyalty product. This could start contributing income in 2026. Interim revenues were flat at £24.2m. There was a fall in professional services revenues and SMS revenues continued to decline. SaaS revenues were 10% ahead. Net cash is £11.8m. Lengthening sales cycles mean that Shore has cut its 2024-25 forecast revenues by 17% to £47.7m, while the EBITDA estimate is 9% down at £11.5m, up from £11.3m last year. Eagle Eye was on a premium rating, and this has taken a knock with the shares slumping 22.5% to 365p. That is still 18 times prospective earnings.
EnergyPathways (LON: EPP) has taken on licence operatorship for Morth Sea Block 110/4a that includes the Marra Energy Storage Hub (MESH). This will enable the submission of the Field Development Plan and Environmental Statement. MESH will help to increase energy storage capacity. A final investment decision will be made by the end of the year. The share price fell 9.57% to 8.5p.
Surplus stock retailer Huddled Group (LON: HUD) generated revenues of more than £14m in 2024. Fourth quarter revenues were £5.4m, which was a quarterly record. The warehouse is nearing capacity, so slow moving stock was sold which hit profitability. It was offered as free gift and in other sales promotions. There will be a move to a new warehouse. The joint venture partner in Let’s Explore went bust and Huddled has taken up the running of the business. The 2024 loss should be in line with expectations. The share price dipped 4.84% to 2.95p.