Security systems supplier Synectics (LON: SNX) traded more strongly than expected in the year to November 2023 and the pre-tax profit forecast has been raised from £2.3m to £2.8m. Net cash is better than previously anticipated at £4.6m. There was a recovery in oil and gas demand. The results will be published in February and the 2023-24 forecast will be updated by Shore Capital at that time. The order book is worth £28.6m. The share price jumped 28.6% to 135p, which is the highest it has been since March.
Powerhouse Energy (LON: PHE) chief executive Paul Emmitt has acquired an initial 3.57 million shares at 0.2797p each. The share price recovered 22.8% to 0.35p.
Fire safety products developer Zenova Group (LON: ZED) says Zenova FX extinguishing fluids are compliant with EU standards and regulations. A German customer has ordered 100 FX fire extinguishers. The share price rose 13.3% to 4.25p.
Dekel Agri-Vision (LON: DKL) has revealed record November palm oil production, which is 152% ahead of the previous November – like-for-like growth in volumes is 82%. Crude palm oil prices were steady at €788/tonne and the extraction rate improved. The share price improved 10.5% to 2.1p.
FALLERS
It is the last day of trading for Myanmar Investments (LON: MIL) before trading on AIM is cancelled on 12 February. The share price 18.75% lower at 2.925 cents.
Shore Capital has reduced its 2024 and 2025 forecasts for pawnbroker H&T (LON: HAT). The pledge book is growing faster than expected and an additional £10m of funding was recently secured. That additional profit is offset by increased wage costs following the raising of the National Minimum Wage. There will also be higher interest costs. The dividend is likely to grow by a lower percentage than previously anticipated. The 2024 revenues have been edged up to £261m, while pre-tax profit is reduced from £36.7m to £39.7m. A higher tax rate means that there will be a 10% drop in earnings estimates to 62.8p/share. The share price slumped 7.59% to 432.5p.
Allergy Therapeutics (LON: AGY) says revenues for the year to June 2024 are likely to be slightly lower than last year, although cost reductions have been better than expected. This means that cash will last until the end of January. Funding discussions are ongoing. The share price declined 9.52% to 1.9p.
Carbon fibre brake technology developer Surface Transforms (LON: SCE) announced that there was a 137% take-up of the open offer, and the board has decided to accept all the applications raising £2.74m. A total of £11m has been raised at 10p/share. The share price dipped 5.49% to 10.75p.
Telematics company Quartix Technologies (LON: QTX) is taking a £2.5m impairment charge on the goodwill for the acquisition of Konetik, which was completed on 15 September. A review of the deal by founder Andy Walters, who recently returned as chairman, suggests that the growth prospects for the Evolve EV product are not as good as previously thought. This is partly due to the government’s decision to delay the ban of petrol vehicles. Investment in Evolve is not expected to produce a sufficient return. The share price fell 4.84% to 147.5p.
Sri Lanka-focused mineral sands developer Capital Metals (LON: CMET) has raised £625,000 from a placing at 4.25p/share following last week’s subscription of £625,000. Plans to develop the Eastern Minerals project can be accelerated. The share price slipped 4.04% to 4.75p.
