Credit provider Morses Club (LON: MCL) says an increasing level of customer redress claims means that it is considering a scheme of arrangement. This could provide certainty about the potential total level of claims over a set period. Management is talking with the FCA. The scheme would have to be approved by the majority of claimants. There will be an additional provision of £45m in the 2021-22 accounts and underlying pre-tax profit could be below £3.5m. Tighter controls mean that sales are declining, and Morses Club won’t make a profit in 2022-23. Fewer competitors could help Morses Club recover in the following year. The shares have slumped 42.9% to 4.845p.
Tungsten West (LON: TUN) shares continue to rise after yesterday’s announcement of the new development plan for the Hemerdon Mine. Production could restart in the first half of next year. Diesel consumption and costs have been reduced. Capex will be between £26m and £36m. There is still some work that needs to be done to firm up the figures. The share price is a further 26% ahead at 31p.
DeepVerge (LON: DVRG) is exploring options for its Labskin division in order to finance the growth of the business. It has been split form the environmental division and there has been interest from skincare company and venture capital business. There is strong demand for home skin-test kits supplied by Skin Trust Club, which has 27,000 members. The share price is 11.55 ahead at 14.5p.
Investors are pleased that Joules (LON: JOUL) extended its bank facilities yesterday and the share price has gained momentum having edged up from its low on the announcement. Full year pre-tax profit will be slightly ahead of expectations. So far this year, revenues are growing by 8.5%, although that has been helped by mark downs. The share price has been moving higher throughout the day and is 13.6% ahead at 25p.
The Artisanal Spirits Company (LON: ART) increased interim sales by one-quarter to nearly £10m and it is on course for £21.6m for the full year The number of members of the Scotch Malt Whisky Society has risen by 24% to 35,500. The new distribution route in the EU has added European members. The shares are up 11% to 60.5p
Miner Corcel (LON: CRCL) is planning a £600,000 fundraising at 0.4p a share, with potential for a further £300,000. However, the share price is fallen 25% to 0.375p (0.35p/0.4p).
