EQTEC (LON: EQT) has signed a contract with Idex Group to provide engineering design for the French Market Development Centre. This is worth €440,000 and should be completed by the end of 2023. There could be further licence and services revenues of €15m over the next two years. Idex Group acquired the centre from EQTEC in July. The share price improved 4.35% to 0.18p.
ITM Power (LON: ITM) had £283m of cash left at the end of April 2023, which was more than expected. Last year, revenues were £5.2m, compared with guidance of £2m, and this year could rise to between £10m and £18m. Net cash should be more than £170m at the end of April 2024. The share price rose 4.12% to 90.71p.
Alliance Lithium (LON: ALL) says Piedmont Lithium has exercised the option to acquire an initial 22.5% interest in its Ghana portfolio of assets and it will fund the first $70m of Ewoyaa’s development expenditure plus 50% until the lithium mine is built. The total cost is expected to be $185m. The POSEIDON 20MW electrolyser has been launched. The share price increased 3.73% to 21.55p.
Maritime tracking technology developer Windward (LON: WNWD) continues to add new commercial clients and annualised recurring revenues have reached $27.6m. Interim revenues grew from $10.9m to $12.8m. Costs are being reduced and the loss fell from $6.48m to $5.45m. There was a $4m cash outflow from operating activities. There is still $17m in the bank and as the cash outflow reduces that will be enough to reach breakeven. Additional EU sanctions against Russia should help the take up of Windward’s technology. The market appears reassured and after a few weeks of drifting lower the share price is 3.66% higher at 42.5p.
FALLERS
Tremor International (LON: TRMR) increased second quarter revenues by 13% to $80.2m in a tough AdTech market and $65m of annualised cost savings have been achieved. However, the second quarter revenues were 10% lower than forecast. The operational gearing of the business means that finnCap has slashed its 2023 earnings forecast from 45.4 cents/share to 18.9 cents/share. The share price slumped 29.3% to 179.55p, which is around one-third of the offer price when the company joined Nasdaq in June 2021.
Intelligent Ultrasound Group (LON: IUG) revenues were 3% to £6.1m, even though the previous period included £1.4m of one-off orders. AI revenues jumped 144% to £700,000. Cash fell from £7.2m to £3.3m, partly due to the timing of invoices, but the second half outflow should be lower with £3m in cash forecast for the end of 2023. The 8.51% share price fall to 10.75p seems more about profit-taking after a recent rise rather than any real disappointment with the figures. The second half forecast assumes a significant jump in AI revenues, which are set to be the main propellant of growth. Intelligent Ultrasound could breakeven next year.
Horizonte Minerals (LON: HZM) is constructing the Araguaia nickel project in Brazil and there was a large cash outflow during the first half because of that. So far, $329m has been spent on the construction out of a total estimated cost of $537m. The company still has liquidity and funding sources of $344m to fund the rest of the development. The share price is 2.36% lower at 145p.
Packaging manufacturer Robinson (LON: RBN) reported a 4% decline in revenues to £24.3m with price rises not enough to offset a 12% fall in revenues. Operating profit fell by two-thirds to £500,000. The second half should be better and full year operating profit should improve from £2m to £2.2m. The share price fell 2.63% to 92.5p.
Ex-dividends
Enerqua Technologies (LON: EQT) is paying a final dividend of 1.2p a share and the share price is unchanged at 106.5p.
Iomart (LON: IOM) is paying a final dividend of 3.5p a share and the share price is 2.5p lower at 92.5p.
Jarvis Securities (LON: JIM) is paying a dividend of 2.25p a share and the share price is 2.5p higher at 122.5p.
Niox Group (LON: NIOX) is paying a dividend of 2.5p a share and the share price fell 0.5p to 67.7p.
