Christopher Grosso of resources fund manager Kershner Grosso has acquired 10% of Keras Resources (LON: KRS) from First Uranium Resources for 2.5p a share. The share price jumped 21.1% to 5.75p. Kershner Grosso is a long-term investor. Keras Resources is developing the Diamond Creek phosphate mine in the US.
Shares in mobile data computing services provider Touchstar (LON: TST) are 18.8% ahead at 95p on publication of its full year figures. Pre-tax profit doubled to £422,00 and there was a greater than expected tax credit, meaning that earnings were 64% higher at 6.58p. Net cash is £3.5m, which is more than two-fifths of the market capitalisation.
Revenues and profit are ahead of expectations at electricals and power connectors supplier Volex (LON:VLX) and supply chains are getting back to normal. Cash generation has improved. Singer expects pre-tax profit to improve from $51.4m to $58.4m in the year to March 2023. A weakened US dollar means that revenues growth this year will not be fully reflected in the improvement in profit – a 2023-24 pre-tax profit of $62.7m is forecast. The share price recovered 17.6% to 247.5p. Earlier this month the share price was at a 12-month low.
Kromek (LON: KMK) has secured an initial seven-year agreement to develop CZT-based detectors for advanced medical imaging scanners. There will be a short development phase before commercial supply commences. Kromek also says its gross margins are improving as third quarter revenues increase and the mix of business changes. The share price increased 17.6% to 6.35p.
Supercapacitors manufacturer CAP-XX Ltd (LON: CPX) has completed the quality audit to supply German automotive components manufacturer Continental Automotive. The supply agreement starts in 2024 and lasts until 2030. The shares are 167% higher at 2.275p.
Velocity Composites (LON: VEL) has commenced production of composite production kits for aerospace clients at its new Alabama facility. The share price improved 13.4% to 38p.
Echo Energy (LON: ECHO) reported lower gas production in the first quarter of 2023 due to maintenance. Net liquids production and sales was also lower because fuel oil stocks were high in Argentina. This has led to a reduction in cash, and it will be difficult to raise cash from a share issue. The share price slumped 44.4% to 0.0375p.
Xeros Technology (LON: XSG) is winning new business, but cash is declining. The share price fell 14.8% to 3.75p. The 2022 figures were in line with expectations and cash was £6.5m. finnCap believes that the cash should last until the second quarter of 2024. That is despite the 2023 loss forecast being increased to £4.8m. The progress of the launch of a domestic washing machine using Xeros filtration technology by a partner has been slower than hoped. Breakeven could still be achieved late in 2024.
IOG (LON: IOG) has encountered problems drilling the Blythe H2 well in the North Sea. That will add another four weeks to the drilling timetable. The share price dipped slipped 15.7% to 5.05p.
Tern (LON: TERN) says the aggregate annual recurring revenues of portfolio companies increased by 97%. Tern’s full year results should be audited by late May 2023. The share price declined 11.5% to 5.75p.
