Risk management software provider KRM22 (LON: KRM) has signed a contract for the Limit Manager software, which manages trading limits at futures commission merchants, worth £600,000 and that increases annualised recurring revenues to £6m. Costs are being reduced. The share price recovered 39.5% to 26.5p.
Vanadium flow battery developer Invinity Energy Systems (LON: IES) has interest from several potential strategic investors. This has delayed the process. Linking with the right strategic partner is important to the growth of the business. The share price moved ahead 7.95% to 23.75p.
GreenRoc Mining (LON: GROC) has received a letter of intent from the US official export credit agency, which could provide up to $3.5m in finance for goods and services relating to pre- or definitive feasibility studies for the Amitsoq graphite mine in Greenland and/or a definitive feasibility study for the graphite active anode processing plant. The share price rose 9.38% to 1.75p.
Chain supplier Renold (LON: RNO) traded much better than expected in the year to March 2024. The 2023-24 pre-tax profit forecast has been raised from £19.2m to £21.7m, while next year’s figure has jumped from an admittedly cautious £17.4m to £22.7m. Improved efficiency means that margins are rising. Net debt is also coming down faster than anticipated with £24.7m at the end of March 2024 and there could be a dividend next year. Investors are becoming less concerned about debt and the pension deficit and concentrating on the business. The share price has nearly doubled since the beginning of 2023, and it is up a further 3.47% to 41.7p.
FALLERS
Horizonte Minerals (LON: HZM) has been unable to restructure debt or obtain other finance to complete the Araguaia nickel project. Low spot prices for nickel put off investors. Management has to consider its options, which include selling the project or liquidation of the assets. Discussions with creditors continue. The share price slumped by four-fifths to 0.475p.
Oil and gas explorer 88 Energy (LON: 88E) has confirmed the discovery and producibility of light oil and gas from the Shelf Margin Delta 8 reservoir. This means that there are three discoveries at Hickory-1. Management will obtain an independent contingent resource declaration. Cavendish has increased its target price from 1p to 1.3p, but the share price slipped 22.2% to 0.245p.
Trinidad-focused oil and gas producer Trinity Exploration and Production (LON: TRIN) revealed that 2P reserves have fallen from 17.96mmbbls to 12.9mmbbls. This is mainly due to the reclassification of resources due to opportunities not being thought of as commercial. Financing is required to take advantage of prospects. Cavendish has slashed its target price from 202p to 76p. The share price declined 16.5% to 35.5p.
Corcel (LON: CRCL) reported disappointing test results for the TO-14 well on the onshore Angola KON-11 block, where it has a 18% working interest. Testing will move to the TO-13 well. Corcel is raising £1.3m at 0.5p/share. The share price fell 15.1% to 0.31p.
Podcast platform operator Audioboom (LON: BOOM) says first quarter revenues are 11% ahead at $6.7m. There has been a recovery in advertising revenues. Audioboom could move from loss to profit this year. The share price is 14.1% lower at 260p.