More bad news from Parsley Box (LON: MEAL), which floated at 200p at the end of March 2021 and has fallen to 12.25p, down 30% on the day. Trading is tough and gaining new customers become more costly due to lower response rates. First half revenues slumped from £14m to £9.6m. Marketing spend is being reduced and that will help to offset lower revenues. Even so, finnCap has reduced its full year revenues forecast to £19m and the expected loss increased to £4.6m. The loss is set to continue next year. Cash could be running out by the end of 2024.
musicMagpie (LON: MMAG) fell into loss in the six months to May 2022. The refurbished technology seller increased its consumer technology revenues, while disc media and books revenues fell 24% to £25.3m. That change in product mix meant that gross margins declined. Rental revenues remain a small part of the business, but they are growing strongly. Net debt was £3.3m at the end of May 2022. A full year pre-tax profit of £2.8m is forecast. The shares fell 10% to 45p. The April 2021 placing price was 193p.
Lower carbon fuel alternatives developer Quadrise Fuels International (LON: QFI) has signed a framework agreement with MSC Shipmanagement Ltd of Cyprus. QFI will carry out proof-of-concept tests for its fuels on MSC’s commercial container vessels. The ultimate plan is to supply all the company’s vessels. The Quadrise share price rose 13% to 1.5675p.
Subsea cable protection services provider Tekmar Group (LON: TGP) has won a £1.6m contract for windfarms in China. The share price improved 11.1% to 12p. There is no news concerning the strategy review and offer process.
Secure payments technology provider PCI Pal (LON: PCIP) beat expectations in the year to June 2022. Revenues were £11.9m, compared with the previous expectation of £11.5m. finnCap has reduced its loss forecast to £2.9m. Annualised recurring revenues are 43% higher at £11m. Monthly cash breakeven is possible this year. There is no news concerning the patent dispute with Sycurio (previously Semafone). The share price rose 8.4% to 64.5p.
FireAngel Safety Technology (LON: FA.) says interim trading was ahead of budget with revenues 15% higher at £25.6m and the loss will be lower than expected. The home safety products supplier expects to generate cash in the second half. Supply chain problems have eased. Lower margin products are being sourced in China, while progress is being made with the development of a new generation smoke alarm with Techem Gmbh. The share price improved by 6.1% to 12.1p.
