RBC has raised its recommendation for vet practices operator CVS Group (LON: CVSG) from perform to outperform with the price target increasing from 940p/share to 1,500p/share. The share price recovered 10.3% to 1074p.
Logistics Development Group (LON: LDG) raised its NAV by 4.4% to 22.3p/share in the quarter to December 2024. This is before the announcement of the original and the increased offer by DBAY for investee company Alliance Pharma (LON: APH). A tender offer of 19p/share is being prepared. That would distribute up to £21m. The share price is 9.26% higher at 14.75p.
Oil and gas company Block Energy (LON: BLOE) has acquired rights to exploration areas in the Samgori South Dome field near to its existing operations in Georgia. There are known gas reserves in the area. This increases Project III prospective gas resources by 574bcf. The share price rose 8.82% to 0.925p.
Huddled Group (LON: HUD) has appointed Paul Simpson, who was co-founder of investee company Nutricircle, as chief operating officer. Mike Ashley, who has had high profile roles at retailers and building products supplier, has joined the board as an independent non-executive. The share price improved 7.69% to 3.5p.
Moroccan potash project developer Emmerson (LON: EML) has drawn down the first tranche under the funding of up to $11m for litigation finance and working capital. The company has granted security over certain assets to the lender. Boies Schiller Flexner, which has a strong track record, is litigation counsel for the legal dispute with the Government of Morocco over the permitting of the Khemisset potash project. The share price rebounded 7.5% to 2.15p.
FALLERS
Brazil-based fertiliser producer Harvest Minerals (LON: HMI) delivered 37,186 tonnes of KP Fertil in 2024. A further 3,692 tonnes has been invoiced but not delivered. The company expects to deliver 70,000 tonnes in 2025. The agricultural market in Brazill is hampered by higher costs and lower commodity prices that have affected demand for fertiliser. A strategic review is underway. The share price slumped 37.5% to 0.375p.
Beeks Financial Cloud (LON: BKS) reported interim figures in line with the recent trading statement. It also announced its first customer in the crypto exchange market. Interim revenues were 22% ahead at £15.8m. Underlying pre-tax profit improved 37% to £1.89m. The Infrastructure-as-a-Service company is changing its sales model from long-term contracts to revenue sharing for the Exchange Cloud product. This makes forecasting more difficult. Canaccord Genuity has trimmed its 2024-25 pre-tax profit from £6.1m to £6m, while next year’s figure has been cut from £7.7m to £7m. Beeks Financial Cloud has a high rating so any uncertainty and poor news, such as that there was some churn of customers, can hit the share price, which is 20.5% lower at 202p.
Waste to energy technology developer Powerhouse Energy (LON: PHE) has raised £1.25m at 0.5p/share to finance the development of operations and to showcase the process at the technology centre in Bridgend. There will also be £350,000 spent on permitting and developing a project in Ballymena. An additional £125,000 could be raised via a retail offer, which closes on 19 March. The share price dipped 17.5% to 0.525p.
Growth in antenna sales by MTI Wireless Edge (LON: MWE) offset lower revenues elsewhere, so full year group revenues were flat at $45.6m in 2024, while underlying pre-tax profit was also flat at $4.8m. Net cash was $6m at the end of 2024, after $1.3m of share buybacks plus dividend payments. The 2024 dividend is 3.3 cents/share. Mottech was hit by disruption to irrigation projects in Israel, but higher margin services revenues helped profit to improve. The profit of the distribution and defence business slumped, but higher defence spending is likely to boost future revenues. The share price declined 11.7% to 60.5p, but it is still 42.4% higher this year.