The Tertiary Minerals (LON: TYM) joint venture with Mwashia Resources covering the Konkola West project in Zambia has signed a non-binding term sheet with a mining company. The mining company will be able to earn a 51% interest in the licence by funding an initial drilling programme. This could be increased to up to 70% through spending of $6m on further exploration. Tertiary Minerals could end up with 30% of the project. The share price improved 18.2% to 0.13p.
Vanadium flow batteries supplier Invinity Energy Systems (LON: IES) reported a higher than forecast interim loss as gross margins fell. The full year forecast loss has been increased to £27.4m. An order from the US Department of the Environment is for six installations totalling 84MWh, but the installation will not be until 2025. Cash is flowing out and more may need to be raised next year. Even so, the share price rose 12.5% to 49.5p.
Facilities by ADF (LON: ADF) shares recovered 7.48% to 57.5p on news that the film and TV writers strike could be over. A potential agreement has been reached with the producers, but it still has to be agreed by the writers.
Transense Technologies (LON: TRT) increased full year revenues by one-third to £3.5m, while pre-tax profit jumped from £270,000 to £1.09m. This indicates the operational gearing of the business. All three parts of the business increased revenues with the iTrack tyre pressure sensors still generating the most revenues. The other two businesses will become increasingly important. Tyre tread probe technology supplier Translogik increased its profit contribution and sensors developer SAW made a lower loss. The share price is 6% higher at 106p.
FALLERS
Getech Group (LON: GTC) reported a 30% decline in interim revenues to £1.9m, because of lower oil exploration data information revenues and a one-off payment the previous year, and the loss increased. Investment decisions for green hydrogen have been delayed, so development activity has been reduced. The order book is worth £4.4m, including £1.4m to be recognised in the second half. The sale of Kitson House will supplement the current cash pile of £2m. The share price dived 21.6% to 7.25p.
Electric drivetrain systems developer Saietta Group (LON: SED) is refocusing on its light vehicle technology and no revenues are anticipated from heavy duty vehicles and marine. The results for the year to March 2023 have been delayed as impairments of intangible assets are assessed. David Woolley becomes chief executive in October. Saietta is set to move into net debt in the year to March 2024. The share price slumped 16.3% to 36p.
Cloud-based process management software developer Crimson Tide (LON: TIDE) had annual recurring revenues of £5.9m at the end of June 2023. Interim revenues rose from £2.3m to £3m and the loss reduced. Crimson Tide had been expected to breakeven this year, but the forecast has been changed to a £800,000 loss because of the loss of a customer. The share price declined 15.9% to 1.85p.
Shares in Spaceandpeople (LON: SAL) lost last week’s gains when it published interim results. The UK and European consumer retail market are difficult, but it offers property owners the chance to use vacant retail space. Interim revenues are 5% ahead at £2.5m, but the loss rose from £377,000 to £424,000. Spaceandpeople could make a small profit for the full year. The share price fell 18.4% to 77.5p.
