Trading at property services provider Kinovo (LON: KINO) is ahead of expectations with organic growth of 23% in the year to March 2024. Underlying pre-tax profit should be more than £6m, excluding costs related to the DCB contracts, which were guaranteed by Kinovo when it was sold, still to be completed. The share price jumped 20.7% to 49.5p.
Reabold Resources (LON: RBD) says that there is a heads of agreement for Guvnor International to buy liquified natural gas from LNEnergy, where Reabold owns 26.1%, produced from the Colle Santo gas field. Guvnor will purchase 44,000 tonnes of LNG/ year. LNEnergy has a right to acquire a 90% interest in Colle Santo. The share price increased 14.8% to 0.775p.
Revolution Bars Group (LON: RBG) has received interest from Nightcap (LON: NGHT) and the share price has recovered 13.8% to 1.65p. Nightcap is assessing the situation and options include a possible bid or acquisition of some sites or subsidiaries. Nightcap is a consolidator in the bars sector. The Nightcap share price has risen 2.41% to 4.25p.
Galileo Resources (LON: GLR) has received the second cash payment of £2.1m for the sale of the Glenover phosphate project, where the AIM company had a significant stake. The final payment of £0.25m is due this month. The share price improved 8.9% to 1.225p.
FALLERS
Brake discs developer Surface Transforms (LON: SCE) shares have slumped even further and are down 63.1% to 1.05p after a £6.5 fundraising at 1p/share. There will be a one-for 1.76036319 open offer at the same price. That could raise £2m. The cash will finance the scale up of manufacturing. Factory capacity will be increased to £75m. This year’s revenues are forecast to be £17.5m.
Currency services provider Argentex Group (LON: AGFX) plans to raise £5m through a placing and offer at 45p/share. The share price has slumped 21.3% to 325.4p. The new chief executive wants the cash to transform the business and take advantage of opportunities following a strategic review. Net cash was £18.3m at the end of 2023. Pre-tax profit dipped from £7.8m to £7.3m.
Invinity Energy Systems (LON: IES) raised £56m at 23p/share with £25m committed by the UK Infrastructure Bank and £3m from Korean Investment Partners. There is also an open offer to raise up to £6.6m. IES will use £30m to increase capacity ahead of the launch of the latest version of the Mistral flow battery. The share price fell 10.6% to 23.25p.
Grocery distributor Kitwave (LON: KITW) is trading in line with expectations. There is organic growth as well as the benefits from acquisitions. This year’s trading will be second half weighted and there is additional investment in operations. That means there could be a small dip in pre-tax profit in the first half, but a rise from £27.5m to £29m is forecast for the full year. The share price declined 8.3% to 372.75p.
Ex-dividends
AB Dynamics (LON: ABDP) is paying an interim dividend of 2.33p/share and the share price rose 20p to £18.50.
Ashtead Technology (LON: AT.) is paying a dividend of 1.1p/share and the share price fell 2p to 791p.
Greencoat Renewables (LON: GRP) is paying a dividend of 1.69 cents/share and the share price is 0.3 cents lower at 84.6 cents.
