Shares in Pressure Technologies (LON: PRES) have slumped by 46.8% to 33.5p after a disappointing second half recovery. This means that there will be a full year loss. The engineering company will also breach covenants on its bank facility and more cash is required. Supply chain and manufacturing problems hampered progress with defence contracts. Oil and gas companies delayed orders. On top of this costs have been rising. Management believes that Pressure Technologies can return to profit in 2022-23 on the back of improving order levels.
Freight and logistics company Xpediator (LON: XPD) shares continue to fall after yesterday’s interim results. There was a further decline of 22.4% to 22.5p, which is nearly a one-third fall so far this week.
Tiger Royalties and Investments (LON: TIR) reported a decline in NAV from 0.17p a share to 0.12p a share in the six months to June 2022. The share price dipped by 16.7% to 0.25p (0.2p/0.3p).
There is demand for FireAngel Safety Technology (LON: FA.) home safety products but it was difficult to secure supply to satisfy that first half demand. This was particularly true in the first quarter, and it was higher margin products that were most difficult to obtain. Even so, interim revenues were 15% ahead at £25.6m. There were additional costs to secure components and that contributed to an underlying loss of £1.7m. Net debt was £3.8m. The underlying full year loss is expected to be similar to the £3.5m reported last year. The longer-term outlook is positive. International sales were 55% higher in the first half and the development partnership with Techem in Germany is making good progress and generated a milestone payment – but this partnership will not generate product revenues in the short-term. The share price fell 15.9% to 9.25p.
Cyber security services provider ECSC (LON: ECSC) shares have fallen 13.8% to 25p on the back of an 8% decline in interim revenues to £2.8m. Managed detection and response revenues fell in the period, but the order book has improved to £2.9m, which underpins a stronger second half and augurs well for 2023. The new chief executive Matthew Briggs appears to be having a positive effect on the business and he is in discussions with potential new partners. ECSC will make a loss this year, but it is expected to move into profit in 2023.
Structural steel supplier Billington (LON: BILN) made significant progress in the first half and the second half should be even better. Interim revenues were 22% ahead at £46.2m with nearly doubled pre-tax profit of £1.47m. finnCap has increased its 2022 earnings forecast by one-third to 26.4p a share due to a strong order book with higher margin work. The share price is 14.7% higher at 215p.
Bank and financial services provider Manx Financial Group (LON: MFX) more than doubled its interim pre-tax profit to £2.3m. The main improvement came in the asset and personal finance division. There was also a reduced loss on investing activities. The Isle of Man-based company says that there is good demand for structured finance products. The share price is 12.1% ahead at 9.25p.
Transense Technologies (LON: TRT) shares jumped 11.8% to 71p on the annual figures. The figures confirm a move into profit with a significant improvement in profit to £1.17m expected this year. Earlier this month, Transense announced that it was evaluating licencing opportunities for its surface acoustic wave sensor technology in the aerospace sector with Meggitt. The shares are trading on nine times prospective earnings.
Xeros Technology (LON: XSG) has signed a joint development agreement with a global domestic washing machine component manufacturer for its XFilter microfibre filtration technology. A full licence dela could be agreed in six months. This follows an earlier deal with Hanning, another domestic washing machine component manufacturer. The shares are 10.5% higher at 21p.
