Japan Petroleum Exploration is acquiring a 49.9% stake in the Norway-based subsidiary of Longboat Energy (LON: LBE) in return for a cash injection of $16m, plus a finance facility of $100m. There is a further contingent cash payment of $4m linked to an acquisition. If there is a discovery at Velocette then up to $30m more cash could be injected by the new partner. The share price jumped 126.3% to 21.5p. Auctus Advisers has a target price of 90p.
The NHS is funding the accelerated implementation of Lipid inCode, which has been developed by GENinCode (LON: GENI). This follows a pilot programme. The funding is part of a strategy to identify one-quarter of patients with familial hypercholesterolaemia. Lipid in Code is faster than existing tests and provides additional data. The share price continues to recover and is 13.8% higher at 16.5p.
Powerhouse Energy (LON: PHE) has assumed the full ownership of the Protos plastics to hydrogen project from Peel NRE for £1 and the termination of the exclusivity agreement. There will still be an option agreement on the leasing of a site from Peel with a cap on annual rent increases. Work on the project has already commenced. The share price is 11.8% ahead at 0.95p.
Vending and drinks retail technology Vianet (LON: VNET) expects 2022-23 underlying pre-tax profit to be 30% higher at £3.1m, up from £2.4m. New installations were not as high as expected late in the year, but there is a strong order pipeline following the launch of the latest vending machine platform SmartVend. There should be a further profit improvement this year. The share price improved 10.7% to 77.5p.
Made Tech (LON: MTEC) warns that revenues and profit for the year to March 2023 will be lower than expected. Clients of the digital technology services provider have delayed projects. Staff is being reallocated to other projects. Pre-tax profit is expected to more than halve to £1m in 2022-23 with a modest recovery to £1.1m this year. The share price slumped 24.8% to 20.5p.
Plant Health Care (LON: PHC) increased 2022 revenues by two-fifths to $11.8m and the loss was reduced. A much sharper reduction in loss is forecast for 2023. Cash of $5.7m at the end of 2022 was better than expected. There was a slow start to the US farming season. The share price has risen strongly recently, but today’s 21.6% decline to 9.1p means the share price is lower than at the start of the year.
A trading statement of Totally (LON: TLY) says that profit will be in line with expectations in the year to March 2023. However, net cash of £3.9m is lower than expected. This is due to restructuring costs and increased working capital requirements. The north west London urgent treatment centre operations have been wound down and management can focus on the rest of the business. The share price fell 7.87% to 20.5p.
SDX Energy (LON: SDX) is partnering with Aleph New Energies to develop alternative energy projects. This is part of the oil and gas company’s move to become an energy transition company. The share price declined 6.48% to 5.05p.
