Share buying by the wife of chief executive Richard Barton made flexible automotive connectors supplier Strip Tinning (LON: STG) the highest riser on the week with a 60% gain to 60p. She bought 15,000 shares at 70p each, taking the couple’s combined stake to 55.2%. This follows director share buying in the previous week at 39p/share. Strip Tinning is expected to reduce its loss this year.
Quadrise (LON: QED) says that parts and spares have been delivered to Morocco and it is ready to recommence the demonstration test that was paused in May. The share price increased 38.2% to 2.145p.
Offshore services provider Tekmar Group (LON: TGP) increased interim revenues by 36% to £17.7m and the loss was reduced. Management believes the company can reach EBITDA breakeven for the full year. That is based on forecast revenues of £40m, which is 90% covered by existing revenues and orders. The share price is 28.4% ahead at 11.875p.
Avacta Group (LON: AVCT) says that following the fifth dose escalation cohort in a phase I clinical study of AVA6000 for tumour targeted chemotherapy. There has been a marked reduction in frequency and severity of toxicities associated with doxorubicin chemotherapy. The sixth dose will be increased as Avacta tries to identify the maximum tolerated dose. The share price improved 23.2% to 122p.
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Fallers
Allergy Therapeutics (LON: AGY) has returned from suspension following the publication of full year accounts and the subsequent interim results. The interim revenues declined by 18% to £39.9m and there was a swing from operating profit of £7.4m to a loss of £8m. Net cash was £13.2m at the end of 2022. Additional cash will be required by September. The share price slumped 83.2% to 1.05p. The most recent fundraising was at 1p.
Battery technology developer AMTE Power (LON: AMTE) is one of the poorer performers for the second week running. The company requires a financing within three weeks. The cash will provide more time for the company, but it needs significant funds to finance the building of a battery plant. It is not certain that enough money can be raised and that means that shareholders may end up with nothing. The share price slumped 73.2% in the previous week. The latest decline is 49.9% to 6.64p. The March 2021 placing price was 175p.
Capital Metals (LON: CMET) raised £500,000 at 1p/share and following this announcement the chief executive Michael Frayne stepped down. A further £250,000 will be raised. The market price slumped 48.9% to 1.15p. The cash is required for working capital while Capital Metals attempts to end the suspension of its mineral sands licences in Sri Lanka. A general meeting is being held on 12 July to gain authority to issue the new shares.
Costs at in-video advertising company Bidstack (LON: BIDS) doubled to £5.3m in 2022, but the loss still increased from £7.96m to £8.77m. There was £8.7m in cash at the end of 2022, similar to the cash outflow from operations last year. The dispute with Azerion, which terminated its reseller contract, continues. The share price dived 47.1% to 0.925p.
