Floorcoverings supplier Victoria (LON: VCP) says first quarter trading is in line with expectations and margins are improving. The integration of recent acquisitions is progressing. The results for the year to 1 April 2023 will be published on 15 August. The share price increased 9.45% to 718p.
Shares in EngageXR (LON: EXR) have recouped some of their losses from earlier in the year. The extended reality company grew interim revenues by 18%. Net cash is €9.4m and that should be enough to enable the company to achieve cash generation in 2025. The share price recovered 9.09% to 3.6p.
Crete resort developer Minoan Group (LON: MIN) has signed an initial agreement with a major international hotel operator, which will run one or more hotels at the resort. Design and specification work will commence. The share price rose 7.69% to 1.05p.
A strong second half performance by System1 (LON: SYS1) nearly made up for the decline in first half revenues. Full year revenues were still down from £24.1m to £23.4m. The market research business reported a two-fifths fall in underlying pre-tax profit to £600,000, but Canaccord Genuity has upgraded its 2023-24 forecast to £900,000. The share price is 7.58% higher at 177.5p.
FALLERS
Wishbone Gold (LON: WSBN) has raised £1.42m at 2.4p/share. That compares with the initial target of £1m. The share price fell 18.1% to 2.425p. The cash will be used to fund exploration at Red Setter and Cottesloe in Australia.
Shares in IOG (LON: IOG) continue to decline following yesterday’s announcement that it is near to agreeing a further waiver of the interest payment on the €100m senior secured bond. IOG originally announced a delay of the payment due on 20 June to 31 July. Talks are at an advanced stage to extend the payment date again, but there is no news about an agreement. This is required because IOG could go into administration if there is a default on the bond. The share price fell 13.9% to a new low of 1.825p.
United Oil & Gas (LON: UOG) is in talks with Quattro Energy concerning the conditional sale of the UK Central North Sea licence P2519, which includes the Maria discovery and was due to complete on 31 July. Not all the conditions of the sale have been met yet. The share price slid 12.5% to 1.225p.
Video games services provider Keywords Studios (LON: KWS) increased interim revenues by 19% to €383m with organic growth of 10%. Operating profit was 5% ahead at €59m as margins decline to more normal levels. There has been limited impact from the directors and actors strikes in Hollywood. Trading is mixed with marketing and support services hit by delays. The share price declined 10.2% to 1582p.
Although revenues fell at Filtronic (LON: FTC) it is winning new orders and diversifying its customer base. There was a greater proportion of lower margin 5G equipment revenues with component shortages hitting some areas of the business. There were also initial revenues from space. Full year revenues dipped from £17.1m to £16.3m, while underlying pre-tax fell from £1.5m to around £100,000. Contracts won will increase revenues this year and pre-tax profit is expected to recover to £800,000. The share price has risen strongly in recent weeks on the back of contract news, so it is not a surprise that there has been some profit-taking. The share price slumped 11.4% to 15.5p, but it is still 12% higher than at the end of 2022.