Retail and promotional business Spaceandpeople (LON: SAL) did slightly better than expected in 2023 with revenue of £5.8m, up from £4.7m. The company has changed its revenue recognition policy in the UK and revenues will be recognised on a net rather than gross basis. Without the change the 2023 revenues would have been more than £6.5m. The German business is recovering, and its revenues will still be recognised on a gross basis. There is no change to pre-tax profit – £90,000 is forecast. Net cash was £800,000 at the end of 2023. The share price jumped 41% to 82.5p.

Security and surveillance systems developer Petards (LON: PEG) has secured an order for the QRO Solutions business, which provides ANPR technology, worth £350,000 and it should be delivered to a UK police force this year. This is the latest contract win this year and this is offsetting the weak rail market. The cash pile underpins nearly 50% of the current market value. The share price is 23.1% higher at 7.2p, which is 84.6% ahead since the beginning of the year.

Location Sciences has changed its name to Sorted Group (LON: SORT) following the reverse takeover of the developer of delivery software for ecommerce businesses. The customer base includes Marks & Spencer, Asda and ASOS. There is a SaaS-based model, although smaller businesses can use the return service on a pay-as-you-go basis. In the year to September 2023, recurring revenues were £6.5m. The business is loss making. There was a one-for-625 share consolidation and the post-consolidation share price improved 7.91% to 145p. There was £2m raised at 87.5p/share.

Kefi Gold and Copper (LON: KEFI) has discovered a third copper gold zinc silver deposit in the Hawiah copper gold district in Saudi Arabia. Drilling intersected semi-massive sulphide mineralisation in multiple horizons over a 2,600 metre strike length at Abu Salal. Management believes there are a cluster of deposits in the area. In the next few weeks, there will be updates on the Hawiah and Al Godeyer deposits. The share price increased 5.88% to 0.684p.

FALLERS

Linear generator technology developer Libertine Holdings (LON: LIB) was the highest riser last week with a 257% jump to 6.25p and it has lost 10% to 5.625p. Libertine Holdings completed phase 1 support for the KARNO linear generator with Hyliion Holdings. Libertine’s HEXAGEN technology was integrated into the first prototype. The income from this business will help the Libertine cash pile last until July.

Atome (LON: ATOM) has raised £1.8m at 50p/share. The share price fell 8.04% to 51.5p. This cash will help to fund the green fertiliser plant at Villeta in Paraguay. The FEED study on phase 1 is nearing completion. Management is subscribing £665,000.

NICE Early Value Assessment evidence generation has commenced. It is designed to accelerate the adoption of new technologies. genedrive (LON: GDR) is in the process of submitting an application for funding for progressing the Genedrive MT-RNR1 ID Kit to a full recommendation. The share price dipped 4.86% to 4.4p.

Supercapacitors developer CAP-XX (LON: CPX) have decided not to appeal the judgment in favour of Maxwell Technologies in the patent infringement case in Delaware due to the cost and low probability of success. The share price declined 7.41% to 0.625p.

Tekcapital released a portfolio company update for Guident on Monday, revealing several commercial and technological advancements, including the deployment of its technology in autonomous buses and shuttles and the launch of a new Remote Monitor and Control Centre.

Remote Monitor and Control Centre (RMCC)

Guident has launched the USA’s first commercial Remote Monitor and Control Centre (RMCC) specifically designed to enhance the safety of autonomous vehicles at the Boca Raton Innovation Campus.

This will oversee a closed-loop autonomous shuttle service and Tekcapital suggested it demonstrates the scability of Guident’s remote monitoring and control solutions for enhancing autonomous vehicle safety.

Autonomous Buses & Shuttles

Guident previously established a partnership with Adastec to integrate its teleoperation system with Adastec’s autonomous bus technology. This collaboration has resulted in the deployment Guident’s RMCC solution with Adastec’s automated buses in the US, enhancing safety and capabilities.

A partnership with Auve Tech to integrate Guident’s RMCC system into Auve Tech’s autonomous shuttles will see the first integrated shuttle shipped to the US this month.

Enhancing connectivity

Through a grant from Space Florida, Guident is implementing satellite communications to complement 4G/5G connectivity for its teleoperations. This will provide unsurpassed network availability and the ability to provide services in areas with limited cellular networks.

The latency in connectivity between Guident’s RMCC’s and autonomous vehicles is vital to enhance the safety features of the technology. Utilising satellite technology lowers latency and ensures coverage during all weather conditions.

Regenerative Shock Absorber

Guident has established Revive Energy Solutions to house the company’s Regenerative Shock Absorber technology. This follows proof-of-concept testing and traction with manufacturers. Further testing and assessments to bring the technology to market are underway with multiple car manufacturers. An additional patent application has been filed to enhance energy harvesting capabilities.

Revive Energy Solutions will allow Guident to clearly define the value attributed to its shock absorber technology and create opportunities for focused capital provision.

Sales channels

Guident has transitioned to a value-added reseller sales model, accelerating traction through global partner collaborations. There has been an increase in RFPs and ongoing projects, including with initial customer JTA.

Electrical retailer Curry is the subject of a takeover battle after JD.com confirmed it was considering making a bid, joining US investment firm Elliot whose bid was rejected over the weekend.

Currys shares were 34% higher on Monday after it rejected a 62p bid from Elliot saying it significantly undervalued the company.

The Telegraph reported JD.com had held talks with Currys, althoughht this did not guarantee JD would make a bid. The presence of a second has helped Currys shares move past the initial 62p bid from Elliot.

Currys is the latest UK-listed company to receive the interest of overseas companies circling a host of undervalued high-quality UK companies not appreciated by the UK market.

“There will be fresh worries swirling this morning about the potential of more takeovers of London-listed companies. Currys, the electrical retailer, is the latest to be circled by an overseas buyers. It’s rejected an unsolicited bid from investment firm Elliott and now Chinese e-commerce giant JD.com has confirmed its mulling an offer,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“It’s no secret that it’s been hard going for Currys recently. It’s been hit hard by cost-of-living headwinds as shoppers find the purchases of bigger ticket items hard to justify, particularly as many purchases were brought forward during the pandemic.

“Its shares have fallen 90% since their peak in 1995 and have lost further ground since the start of the year. It’s yet another asset considered to be cheap, weighed down by the current economic malaise, but investment firm Elliott clearly sees that there is value to be found in its omnichannel model, and opportunities of a turnaround ahead.”

Atome Energy has raised £1.8 million through a discounted placing sending shares sharply lower on Monday.

The company issued 3.6 million new ordinary shares at 50p per share to help finance the development of its s fertiliser business in South America. Atome directors and senior management subscribed for £665,000 worth of shares.

Atome Energy shares were down 10% to 50p at the time of writing and were approaching the lowest levels since the company listed on AIM in late 2021.

Paraguay Project

Atome’s board jumped at the chance to secure funds by way of a placing after a minor bounce for shares last week in an otherwise solid downtrend. Atome stated the money raised will help expedite growth and development of its flagship green fertiliser project in Paraguay. Specifically, the funds will be used for engineering and design works on the Villeta project.

Its 145MW Villeta project is now at an advanced stage, with a signed power purchase agreement in place.

Full production at Villeta is targeted for 2026, when Atome aims to become one of the world’s largest green fertiliser producers. The company has a global project pipeline exceeding 600MW.

London’s leading index stormed higher on Friday, with cyclical sectors leading the charge after a strong Asian session helped boost China-focused stocks and NatWest earnings beating estimates.

The FTSE 100 was 1.3% higher at 7,701 at the time of writing.

“As we head towards the spring, the market seems to be getting more optimistic and, after a tricky few weeks, the FTSE 100 is close to regaining the levels it saw at the start of 2024,” said AJ Bell investment director Russ Mould.

“The inflation shock from the US earlier in the week seems to have been shrugged off for now, even if it has pushed back expectations for when the Federal Reserve will start cutting interest rates.

“Gains in Asia and the US overnight were augmented by better-than-expected results from NatWest which helped drag the rest of the banking sector higher and the retail sector was lifted by a pretty stunning rebound in retail sales in January from December’s miserable figures. The data was way ahead of expectations and suggests, despite the UK slipping into a technical recession, the UK consumer remains surprisingly resilient.”

The rally was broad, with 87 of the FTSE 100 constituents gaining at the time of writing. China-focused stocks added significant points to the index, helping the FTSE 100 outperform European indices.

Miners Antofagasta, Rio Tinto, and Anglo American were all up over 3%.

NatWest was the top gainer, jumping 5% after the bank’s full-year profits beat analyst estimates. The bank benefitted from the higher interest rate environment and managed to minimise the outflow of customer deposits. Provisions for bad debts were also contained as economic conditions supported loan book health.

Lloyds and Barclays rose 3.4% and 2.3% in sympathy.

Heavyweight AstraZeneca rose 2.5% ahead of its ex-dividend date next week.

Segro said it was ‘well-placed to deliver attractive returns’ in 2024 on Friday as it released full-year results.

The Real Estate Investment Trust manages 10.4 million square metres of warehousing and industrial in the UK and across Europe.

The rising interest rate environment hasn’t been kind to real estate companies, but Segro today demonstrated it was adapting to higher borrowing costs and successfully passing them on to customers in the form of higher rents. Elevated interest rates weighed on the portfolio’s NAV which fell 6.1%.

The company has a strong landbank and investors will be encouraged by the ability to grow rental income amid economic concerns.

Segro’s like-for-like rental income grew 6.5% over the past year as total rental income, including new completions, rose 12.5%.

Higher rents were being passed on to investors in the form of a 5.7% increase in the full-year dividend.

“Segro investors have endured a bumpy ride over the last couple of years. However, this morning’s strong earnings report will give shareholders a lot to be positive about. An increase in pre-tax profits and rental incomes, while great news for Segro, is perhaps an even bigger reflection of a resilient economy, highlighting the strong demand for commercial premises,” said Mark Crouch, analyst at eToro.

“The warehouse and industrial property owner expects to increase passing rents by more than 50% over the next three years and while macroeconomic and geopolitical uncertainty remain heightened, Segro has kept up their glowing trend of increasing the dividend, something they’ve done each year for over a decade.”

Segro were confident the year ahead would be more favourable for the company and said they were ‘well-placed to deliver attractive returns and continued growth in earnings and dividends.’

“SEGRO delivered a strong operating performance in 2023, despite the weaker macroeconomic backdrop. Significant rental uplifts on the standing portfolio and our profitable development programme have driven further growth in both earnings and dividends,” said David Sleath, Chief Executive of SEGRO.

“Last year, tighter monetary conditions resulted in a modest, yield-driven valuation decline; however, we are reassured by continued rental growth across our markets. Market expectations for lower interest rates, if sustained, provide a positive backdrop for a recovery of investment market sentiment as the year progresses.”