Automotive and battery connectors supplier Strip Tinning (LON: STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth. The share price rebounded 108.1% to 38.5p, which is the highest it has been since the beginning of the year.
Ironveld (LON: IRON) has returned from suspension after reporting annual results for the year to June 2024 and interims to December 2024. Net cash was £1.31m at the end of December 2024. Ironveld has increased its stake in the DMS Magnetite project from 25% to 50%. First commercial production should be in 2025. The share price increased 11.7% to 0.043p.
Cleaner fuels developer Quadrise (LON: QED) has secured services supply agreement with MAC2 for trials on the MSC Leandra V, which should commence in the current quarter of 2025. The tests could take up to eight months. The share price is 9.29% higher at 4.705p.
Kazera Global (LON: KZG) says investee company Whale Head Minerals has made its first sale of 10,000 tonnes of heavy mineral sands to Fujax South Africa, which is more than the expected 6,000 tonnes. The share price improved 9.09% to 1.5p.
North Sea oil and gas producer Serica Energy (LON: SQZ) reported 2024 figures with higher oil prices only partly offsetting a reduced gas price and lower production. Revenues fell from a pro forma £917m to £727m, while pre-tax profit declined from £380.4m to £160.5m. Net cash of £99m was turned into net debt of £83m. The final dividend was reduced from 14p/share to 10p/share. The share price rose 7.61% to 144.2p.
FALLERS
Yesterday afternoon, Celadon Pharmaceuticals (LON: CEL) said it has still not received funds following its draw down request from either of its credit facilities. The company is talking to other finance providers. There is support from creditors to enable the cannabis medicines developer to continue to trade in April, but cash is required. The share price slumped 42.8% to 3.5p.
Aquaculture company Benchmark (LON: BMK) has notified Nordic Trustee that it will exercise the call option to redeem all outstanding senior unsecured bonds. The repayment will be at 101.482% of the nominal amount. This follows completion of the disposal of the genetics business. The share price fell 17.2% to 21.2p.
Drug discovery company ImmuPharma (LON: IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (LON: INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each. The ImmuPharma share price dipped 5.57% to 2.88p.