Wine supplier Naked Wines (LON: WINE) reported a 13% annualised dip in revenues to £290m, while underlying operating profit fell by two-thirds to £5m. That was before a £13m inventory provision. The company is still surplus stocks. Net cash was better than guidance and doubled to £19.6m. First quarter trading is in line with expectations. Guidance for 2024-25 indicates revenues of £240m-£270m and operating profit before inventory losses of £3m-£8m. Dominic Neary has been appointed finance director. The share price increased 7.75% to 54.95p.
Sunda Energy (LON: SNDA) has submitted applications for two offshore licence areas in the Philippines. These contain three gas discoveries from the 13 wells that have been drilled by ExxonMobil. Sunda Energy is part of a joint venture, where it has a 37.5% non-operated stake. The winners of the bids are expected to be announced by the end of 2024. The share price rose 3.85% to 0.0675p.
Rome Resources (LON: RMR) says that the second drillhole at the Kalayi prospect in North Kivu province, DRC has intersected tin mineralisation. Assay information will confirm grades. The next drillhole will be where a cassiterite vein has been encountered. The share price improved 3.51% to 0.295p.
Beowulf Mining (LON: BEM) says testing of the proposed processing plant shows potential to recover more than 90% of NaOH that can be used for battery grade graphite production. By-product lime could be used to neutralise acidic wastewater. The graphite anode materials plant will be in Finland. The share price is 2.33% higher at 22p.
FALLERS
Audio equipment supplier Focusrite (LON: TUNE) says full year revenues will be around £157m, but EBITDA will be lower than expected at around £25m (£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to £15m. The final results will be published in late November. The share price slumped 17.5% to 287p.
Exchange services provider Aquis Exchange (LON: AQX) has been hit by one technology contract not being renewed, because of the client’s trading problems. That will knock £1m off revenues and pre-tax profit in 2024. The other parts of the group all grew revenues in the first half. Aquis Markets share of market trading has risen to 5.2%. Canaccord Genuity has cut its 2024 pre-tax profit forecast from £6.3m to £4.9m with the rest of the shortfall due to increased investment. The interims will be published on 12 September. The share price slipped 16.1% to 400p.
Tertiary Minerals (LON: TYM) raised £880,000 at 0.08p/share. This will fund exploration at Zambian copper targets, Mushima North and Jacks, which is near to the Chambishi project where production is being raised. Six targets have been identified at Mushima North. The share price declined 15% to 0.085p.
Drilling news from the Hizarliyayla area of the Salinbras project, where Ariana Resources (LON: AAU) has a 23.5% stake, shows geological similarities to the nearby Hot Maden gold and copper discovery. The drilling indicates significant grades of gold, silver and zinc. The share price fell 5.81% to 2.025p.