Sports nutrition supplier Science in Sport (LON: SIS), whose customers include the Ineos Grenadiers cycling team that currently has four riders in the top ten of the Tour de France, says interim revenues did not grow as fast as expected. The share price slumped 22% to 35.5p. Interim revenues were 12% ahead, but costs are higher than budgeted. Higher raw materials, fuel and transport costs will increase costs by £3.2m. The Russian business has been closed. There should be efficiency improvements when the new Blackburn facility is completed. Management believes that marketing investment and higher prices will help to improve the rate of growth in the second half. Science in Sport was previously expected to lose more than £6m this year.
Shares in Tekmar Group (LON: TGP) have jumped 88.5% to 11.5p after the subsea cable protection services provider winning a wind farm project contract in Japan. That is still less than one-third of the share price one month ago when Tekmar announced a strategic review and possible sale of the business. The Japanese contract should be delivered in 2023. This adds to the £20.1m order book revealed with the interim figures. Management believes that the level of market activity is improving.
Events organiser Live Company Group (LON: LVCG) is raising £600,000 at 4p a share and using £120,000 to acquire the 80.06% stake it does not already own in the digital art platform developer Start Art Global. These shares are currently owned by two Live Company Group directors, including chief executive David Clicilitira. There could be deferred consideration of up to £3.88m. There are also 7.5 million warrants, exercisable at 8p, being issued with the shares. The rest of the cash raised will be used to develop events under the Kpop.Flex brand. The share price fell 20.7% to 3.65p.
Litigation funder Litigation Capital Management (LON: LIT) says gross revenues in the year to June 2022 will by one-quarter higher with underlying operating profit 15% ahead. This was despite disrupted trading, which led to cases not completing in the financial year. Total assets under management are A$414m. There are likely to be more delays due to the complexity of some cases. The average life of investments is expected to increase from 27 months to up to 42 months. There was an 8.1% decline in the share price to 85.2p.
Diagnostics developer Oncimmune (LON: ONC) says that decision-making is slowing and delaying pharma services business. There was a 3.8% share price decline to 78.9p. There is positive news from Biodesix, the US distributor, about the EarlyCDT Lung nodule test. Medicare administrators have provided a coverage determination for NodifyCDT, which is the US name for EarlyCDT Lung, at an in-market selling price that is ten times the current price. Oncimmune receives royalties on every sale, as well as supplying the test. Oncimmune has changed its year end from May to August. New chair Alistair Macdonald has experience that can help with acquisitions and partnerships.
