RUA Life Sciences (LON: RUA) shares have soared a further 118.2% to 48p, which is the highest the share price has been for seven months. following yesterday’s news about potential work for the contract manufacturing business and progress with development and testing of heart valve and vascular products. Cash is being conserved and a partner is sought to help fund the £6m cost of regulatory testing of the vascular product in the US.
The latest interims from identity security company Intercede Group (LON: IGP) have sparked an upgrade by Cavendish. Interim revenues improve from £6.1m to £7m, while pre-tax profit rose from £600,000 to £1.1m. The full year forecast has been raised to £1.5m. Revenues are expected to continue to grow at around 10%/year. The share price moved ahead by 15.3% to 68p.
Light Science Technologies (LON: LST) is acquiring the Injecta Fire Barrier trade and assets from Fire Barrier International. The Injectaclad product expands when heated and prevents the spread of fire and smoke. There is no initial payment with consideration in the form of a deferred profit share agreement. The deal should be earnings enhancing and generate cash. There are maintenance and installation synergies with the contract electronics subsidiary. The cash generated will help to finance the growth of the group. The share price improved 10.2% to 3.25p. Seven months ago, the company raised money at 1p/share.
Molecular Energies (LON: MEN) shares have reacted positively to Javier Milei, the newly elected President of Argentina. He intends to remove government restrictions, including those on foreign exchange. That would allow repayment of intercompany debt, which is more than $13m. The share price recovered 9.88% to 94.5p.
FALLERS
Neometals (LON: NMT) launched a fundraising yesterday afternoon. It has raised £3.7m from a placing at 10p/share and wants to raise a further £6.8m from an entitlement issue. The share price slumped 24.1% to 11p. The cash will be used to fund the development of the nickel, cobalt, lithium recycling business Primobius, including the delivery of a facility to Mercedes Banz, and potentially to purchase a stake in Canadian licensee Stelco.
Staffing company Empresaria (LON: EMR) says challenging trading conditions are continuing, particularly in the permanent recruitment market. The US and the UK are particularly weak, while offshore services remain strong. Cavendish has slashed its 2023 pre-tax profit forecast from £5m to £3.2m, compared with £9m last year. The share price fell 21.3% to 31.5p, the lowest level since March 2020.
Hardware manufacturer Samuel Heath (LON: HSM) improved sales by 3% to £7.78m in the six months to September 2023, but the order book has weakened, and trading conditions are getting worse. Higher costs meant that interim operating profit slipped from £610,000 to £441,000. Cash was £1.47m at the end of September 2023. Costs are being cut but there will be a second half loss. The share price declined 18.8% to 325p.
Payments technology company Eckoh (LON: ECK) reported a 4% decline in interim revenues to £18.8m, but North American revenues grew. Exceptional costs led to a decline in operating profit. New contract wins mean that the second half should be stronger and full year revenues should be higher. Even so, the share price dipped 5.26% to 36p.
