Shield Therapeutics (LON: STX) chief executive Greg Madison is stepping down and non-exec Anders Lundstrom will take over on an interim basis. Iron deficiency treatment ACCRUFeR generated revenues of $6.9m in the second quarter, which was 69% higher than the previous quarter. This is a combination of more prescriptions and higher selling prices. The interim revenues are $11m. Cash is still flowing out of the business. The share price recovered 38.2% to 2.35p.
Braveheart Investments (LON: BRH) has increased its stake in Image Scan (LON: IGE) from 5.21% to 7.22%, which boosted the share price 2.7% to 1.9p. Investee company Kirkstall has appointed a new distributor in China for its Quasi Vivo, a system of chambers for cell and tissue culture in laboratories. Another investee company, detectors developer Paraytec, has filed a UK patent for the analytical method for its CX300 instrument. The Braveheart Investments share price rose 37.5% to 5.5p.
Bezant Resources (LON: BZT) has signed a letter of intent for the delivery of renewable solar energy for the Hope & Gorob copper gold project in Namibia. This is subject to a binding power offtake agreement. This will reduce costs. The share price rebounded 31.1% to 0.0295p.
Hydrogen and fertiliser projects developer Atome (LON: ATOM) has signed heads of terms for a fertiliser offtake agreement with Yara. This covers the Villeta project in Paraguay. This will help to achieve full financing of the project by the end of 2024. The Villeta facility could produce 260,000tpa of fertiliser. Yara is the largest fertiliser and ammonia trader and the fertiliser produced at Villeta should be sold at a premium price. The share price is 24% higher at 77.5p.
FALLERS
Gaming platforms and displays supplier Nexteq (LON: NXQ) shares slumped 33.9% to 81p. There is destocking in the gaming and other sectors with larger customers delaying new product launches. Interim revenues fell 15% to $48.2m and management is cautious about the second half, so second half revenues could fall at a similar rate. Operational gearing means that Cavendish has cut its 2024 pre-tax profit forecast by 39% to $9.1m and assuming it will be flat next year. The chief executive and finance director are stepping down but are staying on until replacements are appointed.
Graphene technology developer Versarien (LON: VRS) has raised £550,000 at 0.065p/share. This will finance the purchase of concrete and mortar testing equipment for the Cementine admixtures developed using 3D construction printing. The share price slipped 27.4% to 0.0685p.
Healthcare services provider Totally (LON: TLY) made a small loss in the year to March 2024, but it is expected to return to profit this year even though revenues are set to continue to decline. Annualised cost savings of £3.5m have been made. There have been delays to tender activity around the General Election, but this is changing. The investigation into the NHS should report in September and this could provide opportunities. The share price fell 22.4% to 8.25p.
Like-for-like sales fell 5.9% at Tortilla Mexican Grill (LON: MEX) in the first half and Panmure Liberum has cut its full year forecast from breakeven to a £300,000 loss. There was a small improvement in margins in the first half, but the decline in like-for-like sales is likely to continue at a similar rate in the second half. French business Fresh Burritos was acquired after the end of the first half and will contribute for most of the second half. The share price is 24.8% lower at 47p.