Engineering and consultancy business TP Group (LON: TPG) has finally brought out its 2021 results and reported a loss of £19m. New management will hopefully have got all the write-downs out of the way in this set of figures. However, there is a warning there are still concerns about the resolution of legacy maritime contracts. This year and next year are described as a period of transition. Net debt is £1.6m and bank facilities will be renegotiated over the next 12 months. The share price slumped 25.3% to 1.4p.
Diagnostics company Abingdon Health (LON: ABDX) reported a slump in revenues and they are still significantly lower when Covid-related revenues are taken out – down from £3.6m to £2.8m. This means that there will be a substantial loss in the year to June 2022. A previously announced £2.7m technology transfer deal may not go ahead. There should be more than enough cash for the current financial year and the company is refocusing on contract services. The share price dived 24.3% to 7p.
Designer and supplier of automotive interior components CT Automotive (LON: CTA) says that although first half revenues of $55m were ahead of expectations gross margin was lower. This was due to Covid lockdowns in China, delays in shipping and problems with UK manufacturing. UK production is being closed and there will be a small exceptional charge. The recovery in vehicle production is stronger than expected. CT Automotive joined AIM at the end of 2021 at 147p a share. Today, the share price fell 17% to 122.5p.
Trading in platinum and precious metals explorer Future Metals NL (LON: FME) shares has been halted on the ASX but continues on AIM. An announcement regarding a fundraising is anticipated. The share price has fallen 6.45% to 7.25p.
International payments company Cornerstone FS (LON: CSFS) has appointed former Equals Group (LON: EQLS) executive James Hickman as its new chief executive. He will start in September. The share price bounced back 16.7% to 10.5p.
Velocys (LON: VLS) believes that new legislation in the US will enable the financing of its sustainable aviation fuel project. The bill includes sustainable aviation fuel tax credits, which should help the Velocys project in Natchez, Mississippi. Southwest Airlines and BA have agreed to buy the fuel and an offtake agreement is being finalised. The share price jumped 14.9% to 5.975p.
Spectra Systems (LON: SPSY) has amended a contract with a bank customer and that means that there will be an additional $4m of revenues, which is likely to be earned in the two years to the end of 2024. The banknote authentication and brand protection technology provider will use some of the additional cash to boost the marketing of machine-readable secure polymer substrate, Fusion. This pushed the share price up 7.36% to 138.5p.
Secure payments technology provider Eckoh (LON: ECK) says that new orders in the first quarter are significantly higher than in the same period last year. This includes a two-year contract with a global hotel company worth at least $1.3m. The share price rose 7.32% to 44p.
Oil and gas producer Serinus Energy (LON: SENX) increased interim revenues from $15.9m to $29.3m and this enable it to move from loss to a $4.35m pre-tax profit. This was partly thanks to strong sales in April when the oil price was near its high. Cash generated was ploughed back into capital investment. A full year pre-tax profit of $8.9m is forecast. The share price was 6.5% higher at 12.25p.
