Steppe Cement (LON: STCM) revenues improved in the third quarter, although the nine-month revenues are still 2% lower. The average price received for cement is still lower than one year ago, although higher than the previous quarter, and volumes are steady this year. Production has increased due to capital investment and that is spreading the cost. There was cash of $11m on 7 October. The company is maintaining its 15% share of the Kazakhstan cement market. The share price improved 19.2% to 15.5p.
On Friday evening, retailer and brand owner Frasers Group (LON: FRAS) announced a revised proposed bid for Mulberry (LON: MUL) of 150p/share in cash, up from 130p/share previously. The conditions still include unanimous recommendation by the Mulberry board, plus irrevocable undertakings by the directors and Chalice, which owns 56.4%. Chalice says that it has no interest in selling shares, but the Mulberry board is considering the offer. The share price increased 13.3% to 127.5p.
Trading in Germany-focused oil and gas company Beacon Energy (LON: BCE) shares has recommenced after the publication of the 2023 annual report and the latest interim results. There was a first half cash outflow from operations of £1.93m. There was cash of £1.4m at the end of June 2024. The Erfelden prospect has estimated recoverable reserves of 7.2 million barrels. The share price recovered 7.69% to 0.007p.
Good Energy (LON: GOOD) investee company Zapmap has entered a strategic partnership with energy saving company Hive. This will enable Hive customers to charge their electric vehicles. They will receive charging credit of £20 for Zap-Pay-enabled chargers. The Hive app and Zapmap platform could be brought together. The share price rose 6.63% to 281.5p.
FALLERS
Emmerson (LON: EML) says that the regional authority in Morocco have made an unfavourable environmental recommendation relating to the Khemisset potash project. The full decision is not yet available. Emmerson had previously appealed against the regional authority’s decision not to approve the project under environmental grounds. The share price has slumped 74% to 0.675p.
Armadale Capital (LON: ACP) proposes a cancellation of the AIM quotation because it believes that being public does not benefit the company because of the costs. Armadale Capital needs to reduce the cash burn and sell non-core assets. The resources company can be more flexible as a private company. The share price has fallen by three-quarters to 0.05p.
It is taking time to build up sales of the EpiSwitch EPE prostate test in the US and Oxford BioDynamics (LON: OBD) is reducing costs so that its cash lasts longer. Management is taking part of their salary in shares. Other diagnostic tests could be licenced or sold to raise money. Spinning off the US business is another option. There will be an update in January. The share price dived 47.8% to 1.91p.
Plastic products supplier Coral Products (LON: CRU) says higher-margin business is weak and it no longer expects to make a profit this year. Telecoms, household products packaging and automotive sectors are the poorest performing. Customers are being maintained. The forecast pre-tax profit of £1.8m has been turned into a £400,000 loss with a modest return to profit next year. Cavendish has cut its target price from 25.2p to 14p. The share price slipped 30.3% to 5.75p.
Security technology developer Thruvision (LON: THRU) chief executive Colin Evans has left following a trading update that has led to downgrades. The timing of customs orders has hit expectations. Revenues have been cut from £10.9m to £9m and that would mean a loss of £2.2m. Tom Black is taking over the running of the company until a new chief executive is appointed. The interims will be reported on 24 October. There is a one-quarter dip in the share price to 12p.