Naked Wines (LON: WINE) issued a business update after the close yesterday. It says that it is reviewing operational and financial plans in order to move towards sustainable profitability. Online buying of wine during lockdowns meant that there was a 2021-22 profit but Naked Wines is set to fall back into loss this year. Management reassures that the existing credit facility is not going to breach its covenants, but there is an indication that more funding may be required. Pratham Ravi, who is employed by a major shareholder, has resigned from the board having been appointed three weeks ago. The shares have dived 41.1% to 85.5p, which is 86.9% lower than at the beginning of the year.
More bad news from printed circuit technology supplier Trackwise Designs (LON: TWD) as it tries to renegotiate the large contract with a UK electric vehicle client. Production volumes will be even lower than previously expected and that is hampering the financing of capital equipment and leaving Trackwise Designs short of cash. The company hopes to secure an advanced payment from the customer, but further funding will be required. Trackwise Designs is seeking partners in certain sectors, including EV, medical and aerospace. The share price slumped 42.1% to 11p.
Immupharma (LON: IMM) has lost all its recent gains after its partner in the US received a written response from the FDA that includes guidance for the next steps of the clinical programme for Lupuzor as a treatment for Lupus patients, such as dosing and amending the study protocol. The shares fell 30.4% to 4.61p. There was a recent fundraising at 5p a share.
ITM Power (LON: ITM) chief executive Dr Graham Cooley will step down once a replacement is found. The electrolysers developer has a strong balance sheet thanks to a fundraising last year and a pipeline of potential contracts to add to those already signed. Revenues, though remain modest. ITM Power shares declined by 28.5%.
Reabold Resources (LON: RBD) says terms have been agreed for the sale of investee company Corallian Energy for £32m (320p a share). Reabold Resources will receive £12.7m from the sale, compared with a total investment of £7.5m. The cash can be reinvested in other oil and gas assets. Investors do not appear to be happy with the disposal price and there was a 21.7% fall in the Reabold Resources share price to 0.36p.
Inspirit Energy Holdings (LON: INSP) has issued a further update on its waste heat recovery system and its use in the marine market with Volvo. The initial trial produced a power output of more than 34kW. That can be doubled by using the Inspirit Helix Accelerator. Further trials are planned before entering a trial phase with Volvo Marine. There could be applications in the retrofit market for commercial engines. The share price has jumped 70.5% to 0.052p, but the share price tends to be volatile when announcements are made.
Tintra (LON: TNT) has signed a contract allowing it to integrate its customer identification technology with Temenos banking software. Tintra has also gained a fintech services licence in Qatar as it progresses towards being granted a banking licence. The shares are 10% ahead at 220p.
Safety and compliance services provider Marlowe (LON: MRL) has started the year well and revenues are 66% higher in the first four months. Organic growth is in high single digits. Cost savings from some recent acquisitions are going to be better than expected. There was a 8.1% recovery in the share price to 735p. The share price has fallen by more than one-quarter this year.
