In-content advertising company Mirriad Advertising (LON: MIRI) is working with Microsoft to integrate its new application programming interface with Microsoft Azure. This is a positive for the technology, but it is not going to affect the short-term cash shortage and outflows. Even so, the share price jumped 109.1% to 2.3p. That could make it slightly easier to issue shares, but that would still have to be heavily dilutive.
Braveheart Investments (LON: BRH) subsidiary Paraytec gained CE Marking for its CX300 rapid cancer and pathogens test instrument. It can be sold to researchers. The tests correlate 100% with PCR tests. The 80%-owned Kirkstall is already getting interest in its QV1200 technology that enables testing of drugs without the use of animals. Braveheart Investments shares are 14.3% ahead at 8p.
Subsea equipment rental company Ashtead Technology (LON: AT.) reported maiden full year figures as a quoted company. Revenues were 31% ahead at £73.1m, including organic growth of 24%. Order levels remain strong with pricing and utilisation levels rising. That will offset inflationary pressures and the 2023 outcome is expected to be ahead of previous forecasts of pre-tax profit of £24.1m. The share price is 6.23% higher at 366.5p.
Building and plumbing products distributor Lords Group Trading (LON: LORD) reported better than forecast figures even though they were upgraded in January. The merchanting division grew like-for-like sales by 17%, more than offsetting a like-for-like dip in plumbing and heating revenues due to boiler component shortages. On top of this acquisitions helped revenues grow by 24% to £450m, while pre-tax profit improved from £12.3m to £17.4m. Profit growth is likely to be more modest this year. The share price improved 5.45% to 72.5p.
UK Oil & Gas (LON: UKOG) says that the Pinarova-1 well in Turkey has reached its final depth and the logs will be interpreted. The company has a 50% non-operated interest in Pinarova-1. The share price rose 4.2% to 0.0745p.
Solgenics (LON: SGN), formerly known as Ncondezi Energy, intends to leave AIM. Management does not feel that the quotation is effective for such a small company with a lack of liquidity, and it wants to focus on the Tete solar project. A working capital loan has been agreed in principle with directors. The share price slumped 67.8% to 0.185p.
Argos Resources (LON: ARG) also plans to leave AIM and the share price fell 41.2% to 0.45p. JHI Associates will acquire the PL001 production licences in the North Falkland Basin in return for 8.47 million shares and £303,500 in cash. This would turn Argos Resources into a cash shell and requires shareholder approval. After settling with creditors, there should be eight million JHI shares to distribute to Argos Resources shareholders. Westmount Energy (LON: WTE) owns 7.2% of JHI and it also owns one million shares in Argos Resources. The Westmount Energy share price is unchanged at 2.25p.
Graphite technology developer Versarien (LON: VRS) is raising £532,000 at 1.25p. The share price slipped 40.2% to 1.2325p. The cash will pay for commercialisation of products and fund working capital. More cash will be required. A new strategic plan will be published in a few weeks and the mature cutting tools business may be sold.
Gold equivalent production by Chaarat Gold Holdings (LON: CGH) was around 12,000 ounces in the first quarter, which was lower than expected due to lower grades and recoveries. EBITDA was around $3m. The share price dipped 8.75% to 7.3p.
Made Tech (LON: MTEC) shares continue to decline following yesterday’s warning 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. Pre-tax profit is expected to more than halve to £1m in 2022-23 with a modest recovery to £1.1m this year. There was a further 7.59% decline in the share price to 18.25p.
