Dr Graham Cooley has increased his stake in spirits company Distil (LON: DIS) from 16.2% to 17.3%. Steve Xerri had cut his shareholding from 3.78% to under 3%. The share price rebounded 50% to 0.0675p, although it is still 46% lower than at the start of the year.
Automotive and battery connectors supplier Strip Tinning (LON: STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth. The share price initially more than doubled and ended the week 29.7% ahead at 24p.
Insurance premium finance provider Orchard Funding (LON: ORCH) reported an improvement in pre-tax profit from £1.08m to £2.1m. Impairment provisions fell from £490,000 to £60,000. Average income earning assets grew 9% to £67.9m. There is an interim dividend of 1p/share plus a special dividend of 1p/share. The company is sceptical about AIM, but it has no current plans to leave. The share price is 28.1% higher at 36.5p.
Zinnwald Lithium (LON: ZNWD) shares benefited from the announcement that the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years. The shares recovered one-quarter to 6p, which is slightly lower than at the start of the previous week, when disappointment about the project not being on the list of 47 projected designated strategic by the EU led to a fall in the share price.
FALLERS
Electric Guitar (LON: ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire. The share price declined 64.6% to 0.085p.
Minoan Group (LON: MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward. Investor concern knocked 61.5% off the share price to 0.125p.
Celadon Pharmaceuticals (LON: CEL) said it has still not received funds following its draw down request from either of its credit facilities. The company is talking to other finance providers. There is support from creditors to enable the cannabis medicines developer to continue to trade in April, but cash is required. The share price continued its slide ending the week 43.8% lower at 4.5p.
Cloud software services provider CloudCoCo (LON: CLCO) reported growth in ecommerce sales helping overall revenues to rise 6% to £27.5m in the year to September 2024. The revenues of continuing operations improved from £6.19m to £8.74m, while the loss fell from £603,000 to £553,000. Disposals since the year end have reduced debt. The results were published just in time to prevent trading in the shares being suspended. The share price dipped 41.9% to 0.09p.