Jersey Oil & Gas (LON: JOG) shares recovered following yesterday’s slump following delays in the development of the 20%-owned Buchan project. A government consultation is expected to conclude next spring. The Buchan project was expected to produce oil in late 2027, but it will be later than that. Jersey Oil & Gas had £13m at the end of June 2024 and has no further cash exposure to the Buchan project. The share price rebounded 10.2% to 65p, but it is still more than one-fifth lower over the past week.
Hospital accounting software provider Craneware (LON: CRW) improved full year revenues by 9% to $189.3m. Annual recurring revenues rose from $169m to $172m. Earnings improved from 87 cents/share to 97 cents/share. Forecasts have been raised for 2024-25 and earnings are expected to be $1.08 cents/share. Net debt has fallen to $800,000 and net cash could be more than $20m by the end of June 2025. The share price is 7.97% ahead at 2235p.
EnSilica (LON: ENSI) has received the first orders for the ARM-based industrial controller ASIC. It will be used in factory automation controller systems. The first orders will be delivered in the first half of 2025. Total revenues should be worth $30m. This follows a contract with a telecoms equipment supplier that will be worth more than $30m. Supply should start in 2027. The share price improved 6.59% to 48.5p.
Food distributor Kitwave Group (LON: KITW) trading has been strong in the four months to August 2024, which is an important trading period. Canaccord Genuity still expects pre-tax profit to improve from £27.5m to £29m in the year to October 2024. The new south west England distribution facility should be completed by the year-end. The share price rose 6.11% to 334.25p.
FALLERS
Helium explorer Helix Exploration (LON: HEX) lost some of its recent gains after it reported an operational update for the Clink 1 at the Ingomar Dome project. Activities will pause for one month as it mobilises a rig to set intermediate casing over an area where there was caving of shale that compromised the stability of the well bore. The share price slumped 22.6% to 16.25p.
Investment company Gunsynd (LON: GUN) has raised £250,000 via a placing at 0.125p/share. Every two shares come with a warrant exercisable at 0.2p/share. This cash will enable new investments and fund activities of recently acquired exploration projects. The share price dipped 18.8% to 0.13p.
First Property (LON: FPO) has launched a one-for-three open offer to raise £2.96m at 8p/share. It is underwritten by directors Ben Habib and Alasdair Locke. The cash will settle the deferred payment for the Blue Tower property and complete the fit-out. The open offer will dilute NAV. The share price fell 13.7% to 14.5p.
Productivity and document management software developer GetBusy (LON: GETB) grew constant currency revenues by 4% in the first half and Cavendish expects growth to accelerate in the second half. However, operating costs are also set to increase. There could be a small loss this year. GetBusy operates at around breakeven because it is investing in growing the business. The share price slipped 12.2% to 61p.
Continued weakness in the construction market hit the interims of Michelmersh Brick (LON: MBH) with volumes and prices declining. The brick manufacturer reported a 16% slump in revenues, and this led to a 22% dip in pre-tax profit to £5.3m. Net cash fell to £4.1m because of higher inventories. Even so, the dividend was raised 7% to 1.6p/share and is set to steadily increase over the coming years. There is unlikely to be a recovery in profit in the second half, but it could rebound in 2025. The share price declined 6.25% to 97.5p.