OptiBiotix Health (LON: OPTI) updated the market on its SweetBiotix sweeteners products, which do not have the health concerns of rival sweeteners. They have a low glycemic index and enhance the gut microbiome. Manufacturing is being scaled up and product is being tested for consistency and shelf life. OptiBiotix Health says that well-known consumer brands like Kellogg’s, Nestle and Coca Cola are interested in SweetBiotix. These multinational brands would not allow themselves to be mentioned if they were not strongly considering the use of SweetBiotix. The share price jumped 59.9% to 11.75p. This is the highest the share price has been since March.
Audio visual services provider MediaZest (LON: MDZ) says trading in the Netherlands has started and more than €500,000 of orders have been received. New projects have also been won in the UK. Management is confident that it will report improved results for the year to September 2023. The share price moved ahead by 16.7% to 0.0525p.
Cornish Metals (LON: CUSN) has installed a second submersible pump at the South Crofty tin mine and this will reduce the water level in the mine. The mine water treatment plant should start up in August. Results are expected from drilling in the North Pool zone and the Dolcoath lodes. The share price is 13.8% higher at 13.375p.
Ariana Resources (LON: AAU) says the local authorities have approved the recommencement of construction activities at the Tavsan mine site. This is part of the Zenit Madenilik San joint venture where Ariana Resources has a 23.5% stake. Large scale, open pit mining operations should commence in the first half of 2024. The share price rose 12.8% to 2.425p.
Defence equipment and services provider Cohort (LON: CHRT) increased full year revenues by one-third to £182.7m. There was a 17% increase in earnings to 36.5p/share. The dividend is 10% higher at 13.4p/share. The order book is worth £329m. Both divisions improved their performance. The share price rose 9.35% to 14.625p.
Faron Pharmaceuticals (LON: FARN) revealed clinical data from the ongoing Phase I/II BEXMAB study for the treatment of aggressive hematological malignancies of relapsed/refractory (r/r) acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS). The Phase I results indicate encouraging efficacy and long duration of the responses. Faron Pharmaceuticals is seeking FDA advice and expects to move to Phase II of the study in the second half of 2023. The share price increased 9.09% to 276p.
FALLERS
The timing of transactions remains a concern for Watkin Jones (LON: WJG) and full year profit will be lower than expected even before impairment charges. Institutional investment in student accommodation and build-to-rent properties has slowed. Transactions that were expected to be completed by September may fall into next year. Non-core assets may be sold and that is why there is a £10m impairment charge. Watkin Jones was forecast to make a pre-tax profit of £25.1m this year, but this has been downgraded to breakeven. There could also be a £35m provision for remedial work on past properties. Chief executive Richard Simpson has stepped down. The share price slumped 38.8% to 47.25p.
Revolution Beauty (LON: REVB) has confirmed the withdrawal of general meeting requisition by boohoo (LON: BOO). Bob Holt and Derek Zissman have left the board, but Elizabeth Lake will remain as finance director – boohoo was trying to remove her. Alistair McGeorge (as executive chairman), Neil Catto, Rachel Horsefield and Peter Hallett. That takes the number of board members to eight. Bob Holt, who will continue to run the business until the end of August, and Elizabeth Lake have exercised options. Bob Holt acquired 5.68 million shares and sold 2.56 million to boohoo, while Elizabeth Lake bought exercised 2.84 million options and sold 1.34 million to boohoo – the selling price is 32.625p/share. The market price fell 173% to 31.25p. The audit of the 2022-23 results should be achieved by the end of August. The boohoo share price rose 4.3% to 36.505p.
