Data analysis and information publisher Merit Group (LON: MRIT) has conformed that it made a sharp improvement in profitability in the year to March 2024. Cost control and positive foreign exchange movements helped pre-tax profit reach £1.2m. A further improvement to £1.7m is expected for 2024-25. The share price increased 19.6% to 64p.
Transport infrastructure analytics provider Cordel (LON: CRDL) is undertaking a 12-week paid trial with a major national railway in Asia Pacific. There are plans to roll out the service across the locomotive fleet following the trial. The share price improved 15.8% to 4.4p.
Kromek Group (LON: KMK) has won a new nuclear security contract from a US government entity, which is an existing customer. The initial order for immediate delivery is worth $358,000 and there could be up to $2.5m of further orders. The share price rose 10.7% to 7.75p.
Animal treatments developer Eco Animal Health (LON: EAH) says 2023-24 revenues will be slightly better than expected and cash has reached around £22m. Since then, €500,000 has been received as the initial payment for the disposal of ECOmectin Horsepaste. Singer forecasts an improvement in pre-tax profit from £3.9m to £4.3m. The share price is 9.04% to 102.5p.
FALLERS
Destiny Pharma (LON: DEST) is exploring strategic options for post-surgical infection prevention treatment XF-73, including licensing and securing finance for the phase 3 trial. Potential partners have been put off by the cost of the phase 3 trial and management is reducing the planned cost. There was cash of £6.4m at the end of 2023 and that should last until early 2025. The share price slumped 32.6% to 14.5p.
Late on Wednesday, R&Q Insurance Holdings (LON: RQIH) said that it has entered an agreement with interested parties for a debt restructuring and this give consent to the sale of Accredited, which could generate between $65m to $110m. The share price declined 27.1% to 2.205p.
Mongolia-focused oil and gas producer Petro Matad (LON: MATD) is still seeking government permission for land access for the planned work programme on Block XX. Preparations are being made to complete the Heron-1 well for production once approvals are in place. The share price slipped 14.9% to 2.85p.
i3 Energy (LON: I3E) has published annual production guidance of 18,000-19,000 barrels of oil equivalent/day. Capital expenditure is expected to be $50.9m in 2024 and this means that production should be much higher at the end of year. Earnings are set to fall from £11.8m to £4m because of a decline in the gas price – although a recovery is expected. The annual dividend will be lower at 1.026p/share. WH Ireland increased its fair value estimate from 16.2p/share to 21.2p/share. The share price fell 10.6% to 11.21p.
Audio products supplier Focusrite (LON: TUNE) had already warned that the interims would be weak. In the six months to February 2024, revenues fell from £86.2m to £76.9m and pre-tax profit slipped from £10.9m to £3.4m. Working capital movements led to a large cash outflow so net debt increased to £27.3m, but that should partly unwind in the second half. The decline was in content creation equipment, whereas there was growth in revenues in audio reproduction equipment used for live events. The share price declined 4.76% to 350p.
Ex-dividends
Central Asia Metals (LON: CAML) is paying a final dividend of 9p/share and the share price fell 3.75p to 201.25p.
Mortgage Advice Bureau (LON: MAB1) is paying a final dividend of 14.7p/share and the share price rose 4p to 914p.
MP Evans (LON: MPE) is paying a final dividend of 32.5p/share and the share price declined 41p to 827p.
Portmeirion (LON: PMP) is paying a final dividend of 2p/share and the share price recovered 5.5p to 260.5p.
Public Policy Holding Company (LON: PPHC) is paying a final dividend of 9.7 cents/share and the share price slipped 3.5p to 122.5p.
Seed Innovations (LON: SEED) is paying a special dividend of 1p/share and the share price fell 0.82p to 2.205p.
Team Internet Group (LON: TIG) is paying a final dividend of 2p/share and the share price declined 2.8p to 137.6p.