Health and safety services provider PHSC (LON: PHSC) returned to profit in the year to March 2023, although the previous year’s loss was due to write-downs of goodwill. Even excluding those write-downs there was an improvement from £216,000 to £305,000. Revenues fell from £3.57m to £3.44m and gross margins improved. NAV is just over 30p/share, although nearly two-thirds of that is goodwill. The share price recovered 27.6% to 18.5p.
Oil and gas company Trinity Exploration & Production (LON: TRIN) shares continue to rise following the success of the Jacobin exploration well. The found a virgin-pressured reservoir in a mature basin. This suggests a greater level of resources across the Palo Seco area. Flow testing will commence in September. The share price rose a further 26% to 93.5p.
Workspace management software provider SmartSpace Software (LON: SMRT) has increased annual recurring revenues by 21% to £5.8m, while interim revenues on a constant currency basis were 15% ahead at £2.7m. The disposal of A+K means that there was net cash of £2.2m at the end of June 2023. The full year loss could be more than halved to £1.3m. The share price increased 6.94% to 38.5p.
Asiamet Resources (LON: ARS) is making progress with potential debt finance and offtake agreements for the BKM copper project in Indonesia. The share price moved 5.04% higher at 1.25p.
The offer deadline for STM Group (LON: STM) has been extended. The cross border financial services provider has agreed in principle to a potential cash offer of 70p/share from pensions company PSF Capital GP II Ltd. There are a number of regulatory hurdles to negotiate before the bid can be completed. The share price rose 5% to 52.5p.
Sanderson Design Group (LON: SDG) continues to grow licensing revenues, up 82%, and North America has been a strong market. This is offsetting the weak UK market. Manufacturing revenues were lower. Interim revenues were 2% lower, but cost savings should mean that profit is higher. The share price is 4.37% ahead at 107.5p.
FALLERS
MyHealthChecked (LON: MHC) interim revenues slumped from £9.8m to £2.5m due to a reduction in demand for Covid tests. There was £5m in the bank at the end of June 2023. The launch of home testing kits in Boots is still at an early stage. Interim results will be published on 19 September. The share price fell 29% to 11p.
Atlantic Lithium (LON: ALL) reports infill drilling results at the Ewoyaa lithium project. This has extended the depth of mineralisation. The results include significant widths and grades. There are concerns about potential changes to mining regulations and royalties in Ghana. The share price slipped 24.7% to 16.99p.
LungLife AI Inc (LON: LLAI) had cash of $5.36m at the end of June 2023, after a $2.7m cash outflow from operations in the previous six months. The company has completed the enrolment for a 425-participant clinical validation study for LungLB. A study has already highlighted the cost effectiveness of the early detection of lung cancer using the technology. It has also been shown to be effective in diagnosing early-stage cancer. The share price declined 12.2% to 54p.
Kore Potash (LON: KP2) will contribute up to $5m to the contract for construction of the Kola potash project. A contract with SEPCO for engineering, procurement and construction is due to be signed by January. Kore Potash has raised $800,000 at p/share and $200,000 from convertible loans. The cash will fiancé advanced work. The share dipped 8% to 0.575p.
