Zeus has upgraded its fair value estimate for X-ray screening systems developer Image Scan (LON: IGE) from 2.5p/share to 3.8p/share after a trading statement. The second half has been stronger and there is a better order book, including a three year, £3m contract for ThreatScan portable X-ray systems. Full year revenues will still be slightly lower at £2.9m, but improved margins mean that pre-tax profit should double to £200,000. There is £912,000 in the bank. Revenues are expected to rise to £3.5m this year. The share price rose 7.58% to 3.55p.
Transport analytics company Cordel (LON: CRDL) has gained Network Rail approval for the Electrification (Overhead Line Equipment OLE) Cordel Connect module. This monitors overhead line height, stagger and deviation. The share price increased 6.52% to 6.125p.
Helium explorer Pulsar Helium Inc (LON: PLSR) joined AIM last Friday. The focus is the Topaz helium project in northern Minnesota, close to the Canadian border. So far, an appraisal well has been drilled and this confirmed the presence of helium. There were 1.47 million shares traded on the first day with another 700,000 shares traded in the following two days. Having opened on 29p the shares closed the day at 27.5p. Yesterday the share price fell to 25.5p and it has recovered 5.88% to 27p.
Franchise Brands (LON: FRAN) has appointed Peter Molloy as chief executive. He has been with the Metro Rod business since 2005. Stephen Hemsley remains as executive chairman. The board is assessing a potential move to the Main Market. Allenby has a fair value price of 330p. The share price is 4.75% higher at 165.5p.
FALLERS
Red Rock Resources (LON: RRR) is raising £200,000 at 0.0335p/share to fund accounting costs and investment in projects in West Africa, Australia and Kenya. An arbitration process is progressing in the Democratic Republic of Congo, and this could provide more cash. The share price declined 8.54% to 0.0375p.
David Blain has taken over as finance director of OptiBiotix Health (LON: OPTI). He was formerly finance director of Applied Graphene Materials. The share price fell 7.24% to 10.25p.
Shares in Optimer technology developer Aptamer (LON: APTA) dipped 6.67% to 0.21p following yesterday’s annual results. Revenues halved to £860,000 in the year to June 2024, but the order book is already worth more than that. Costs have also been reduced and the £2.8m of cash raised at 0.2p/share following the balance sheet date should last for a couple of years. Longer-term, the use of the company’s IP by clients could be highly profitable.
Rockwood Strategic (LON: RKW) has increased its stake in training and software provider Pennant International (LON: PEN) from 10.4% to 11.1%. The share price slipped 4.08% to 23.5p.
Edison has published a review of the interim results of Manx Financial Group (LON: MFX). The share price is 5.08% lower at 14p.