Marine technology developer Windward (LON: WNWD) has easily beaten 2023 expectations. Revenues were $28.3m and the operating loss was $5.8m, compared with previous expectations of $8.6m. There is net cash of $17.4m and that is more than enough to reach profitability, probably at some point during 2025. Annualised recurring revenues are running at $34.5m and Canaccord Genuity is forecasting 2024 revenues of that figure, so additional contract wins could lead to upgrades. The share price jumped 17.5% to 104p.
CyanConnode (LON: CYAN) has secured an order for one million units, which underpins 2023-24 forecast revenues. The order is for modules for smart metering in Nagpur, Maharashtra. The order intake has risen to 6.3 million units and the backlog is 3.9 million units. There are current tenders that could lead to more orders. A 2024-25 pre-tax profit of £4.4m is forecast. The share price increased 14.1% to 11.75p.
Plant monitoring technology developer Light Science Technologies (LON: LST) shares continue to rise after yesterday’s trading statement. Cost savings have helped to halve the pre-tax loss of $1.3m on revenues rising from £8.2m to £9.3m. Contract electronic manufacturing remains the largest sales contributor, although controlled environment agriculture products are growing in importance. The share price improved 15.2% to 2.65p.
Eurasia Mining (LON: EUA) has won litigation in relation to a mining tax claim against the authorities in Moscow. The company has already received the first tranche of £480,000 taking cash to £989,000. This provides working capital until the third quarter. The share price is 6.76% higher at 1.975p.
FALLERS
Oil and gas producer Nostra Terra Oil & Gas (LON: NTOG) is raising £300,000 at 0.12p/share and using the cash to fund drilling opportunities at Pine Mills in East Texas, where previous wells have made a good return. There are plans to add to acreage in the region. The share price fell 27.4% to 0.1125p.
Palm oil producer Dekel Agri-Vision (LON: DKL) says 2023 revenues were at record levels, but there are problems with ramping up the cashew operation. Investment is required to replace parts of the machinery used in cashew production. Production should improve in the second quarter. The 2024 pre-tax profit forecast has been cut from €1.5m to €600,000. The share price dipped 20.5% to 1.55p. This is the lowest level for more than a decade.
Oil and gas producer Trinity Exploration and Production (LON: TRIN) says 2023 production averaged 2,790bopd, which is slightly below revised guidance. Workovers are offsetting natural declines. Pre-hedging EBITDA fell from $4.6m to $4.1m. Fiscal reforms will help the company’ financial performance in 2024. The share price dipped 12.4% to 39p.
Dianomi (LON: DNM) was hit by downturns in traffic for digital advertising. Revenues were in line with expectations at £30.1m. Cost savings reduced the second half loss. There was £7.7m in cash at the end of 2023. New contract wins will contribute this year. The share price slumped 11% to a new low of 40.5p.
Ex-dividends
Character Group (LON: CCT) is paying a final dividend of 11p/share and the share price fell 15p to 278p.
Caledonia Mining Corporation (LON: CMCL) is paying a dividend of 14 cents/share and the share price slipped 5p to 925p.
DotDigital (LON: DOTD) is paying a final dividend of 1p/share and the share price rose 0.4p to 100.6p.
