Sustainable laundry technology developer Xeros Technology (LON: XSG) is progressing with tech verification from four global washing machine manufacturers and two of those could move to substantial paid-for joint development agreements. Timing is uncertain, though. Even so, Cavendish has reduced its 2024 and 2025 forecast revenues. The loss is estimated to decline from £4.8m to £4.5m in 2024. Net cash was £2.8m at the end of 2024 and it should be £800,000 at the end of 2025. The share price rebounded by one-third to 0.7p.
Ilika (LON: IKA) has successfully demonstrated the scalability of its Goliath battery and it will produce prototypes for potential customers. The battery was produced using standard equipment. Ilika is working with Mpac (LON: MPAC) on a 1.5MWh solid state battery production line to produce the Goliath prototype for automotive use. The Agratas factory built to supply Jaguar Land Rover is assessing it its ability to produce Goliath batteries. The share price jumped 25.9% to 34p.
Iron replacement treatment Shield Therapeutics (LON: STX) generated 2024 revenues of $32.2m as ACCRUFeR sales in the US build up. There was also an increase in net selling price. There was $6.5m in the bank at the end of 2024, which was prior to the raising of $10m. Management is optimistic that this will be enough cash to get to cash flow positive by the end of 2025. The share price increased 19.3% to 3.4p.
Toys and leisure products distributor Tandem Group (LON: TND) says pre-tax profit will be £500,000 even though growth in revenues of 11% to £24.6m was lower than expected. There was a recovery in bicycle sales and sports and leisure sales also grew, but home and garden revenues fell by 22% due to poor weather. The share price moved up 17.2% at 187.5p.
Oxford BioDynamics (LON: OBD) says an independent study confirms the efficiency of the EpiSwitch blood-based Colorectal No-Stool Test. There was 81% accuracy for early cancer stages and 82% for non-cancerous polyps. Discussions have begun with potential partners to commercialise the test. The share price rose 13% to 0.565p.
FALLERS
Timber supplier Woodbois (LON: WBI) is running short of working capital and creditors are increasing. Once production has restarted cash will be generated. BGFI Bank in Gabon is allowed to commence proceedings against Woodbois to recover €790,000 it owes. Financing options are being explored. The share price slumped 42.4% to 0.0475p.
Oil and gas producer Arrow Exploration (LON: AXL) has reported progress with drilling at the Alberta Llanos discovery in Colombia. The AB-2 well did not prove to be commercial because it encountered a thin reservoir. The AB-3 well has just started production at 580 (290) barrels of oil equivalent/day, although this is not necessarily going to be the long-term level. The AB-1 well is currently producing 260 (130 net) barrels of oil equivalent/day. Group production in January was 4,500 barrels of oil equivalent/day. Net cash is $22.7m. The share price fell 13.2% to 19.75p.
Cylinders supplier Pressure Technologies (LON: PRES) reported continuing 2023-24 revenues 28% lower at £14.8m and it made a loss of £1.3m. There are opportunities in the defence sector, and it appears that the long-delayed demand for hydrogen storage is set to start showing through. A lower loss is forecast for this year. The share price slipped 10.4% to 34.5p.