AQUIS STOCK EXCHANGE
Good Energy (GOOD) says trading to the end of October was in line with expectations, but the subsequent mild winter has reduced gas consumption. Risk management actions should enable the energy supplier to meet 2022 expectations. There was £21.2m in cash at the end of October 2022. Heat pump installer Igloo Works has been acquired for £1.75m. Last year’s revenues were £1m. This will form an energy services division.
Invinity Energy Systems (IES) has sold 15MWh of vanadium flow batteries to Everdura Technology in Taiwan. A deposit will be paid soon, and the first deliveries will be late in 2023. This is the largest ever single order and there is follow-on potential of 255MWh over three years and it will help to underpin 2023 forecast revenues of £23.7m.
Capital for Colleagues (CFCP) has acquired Staffordshire-based MI Accountancy Solutions, which already provides accountancy services to the employee owned businesses investor’s clients. The cost is £90,000 with a further £20,000 deferred depending on performance.
Hydrogen Utopia International (HUI) has entered an agreement with Fishertown Property for a proposed lease of a 2.5 acre site in County Longford. This will become its first full scale waste plastic to hydrogen in Europe. A €50,000 payment has been made and an option for the site is being negotiated.
Tectonic Gold (TTAU) has completed drilling at the Specimen Hill project in Queensland. This has intersected a geophysical target below high-grade historic mine. An adjacent target has also been intersected. Joint venture discussions will be pursued.
Guanajuato Silver Company Ltd (GSVR) produced 700,264 of silver equivalent ounces in the third quarter, which is more than double the previous quarter. Cash costs fell by 19% to $19.53/ounce. However, lower silver and gold prices meant that the loss increased.
Field Systems Designs Holdings (FSD) was still affected by Covid in the year to May 2022. The mechanical and engineering contractor’s revenues fell from £9.98m to £8.09m. That meant that the loss increased from £534,000 to £1.9m. Revenues from the water sector have not grown as expected, but work is coming through. More than £9m of work has been secured for this year.
IamFire (FIRE) has subscribed for £2m of convertible loan notes in WeShop Holdings, which could be converted into one million shares, while an existing £4m investment would convert into 1.33 million shares. IamFire has the right to subscribe for a further £1.75m of convertibles. IamFire also holds convertibles in a shell that owns 25% of WeShop.
Pioneer Media Holdings (PNER) generated initial revenues of $482,000 in the year to May 2022. There was a reported loss of $28.6m, after $25.7m of impairment charges and fair value changes on investments. There was a credit of $3.26m relating to changes on accrued consideration. The cash outflow from operations was $2.14m. There is cash of $1.65m.
Recently floated Cooks Coffee Company (COOK) increased interim operational revenues by 37% to NZ$1.93m. Overall revenues fell because of the timing of recognising capital revenues on store openings. Pre-tax profit improved from NZ$128,000 to NZ$146,000 as costs were reduced.
Africa-focused sustainable investment company Inqo Investments (INQO) increased interim revenues from R608,000 to R3.39m. The loss was slightly reduced at R5.18m after a sharp increase in employee costs.
Nine months revenues from Yooma Wellness Inc (YOOM) improved from $4.91m to $8.91m and the reported loss was reduced.
Marula Mining (MARU) secured a 73% commercial interest in the Bagamoyo graphite project in Tanzania, which includes 22 graphite mining licences.
In the six months to August 2022, Asia Wealth Group Holdings Ltd (AWLP) reported a decline in revenues from $940,000 to $844,000 and it moved from profit to loss. There was $1.19m in the bank at the end of August 2022.
Ace Liberty and Stone (ALSP) says that it received £3.07m from its open offer at 25p a share, compared with the £4.56m it was seeking.
Evrima (EVA) chief executive Burns Singh Tennent-Bhohi has made a £250,000 secured convertible loan facility available to the company. So far, £100,000 has been drawn down. This matures at the end of November 2023 and the coupon is 10%.
Goodbody Health (GDBY) chief executive Marc Howells has resigned, and George Thomas has replaced him.
Online retailer boohoo (BOO) has increased its stake in Revolution Beauty (REVB) from 13% to 26%. Bob Holt has taken over as chief executive. The shares remain suspended and there are still concerns about the 2021-22 figures.
Digital media company Digitalbox (DBOX) has acquired The Poke (www.thepoke.co.uk) for an undisclosed sum. It picks humorous content from the internet, unlike the Daily Mash which writes its own content. The Poke generated revenues of £170,000 in the year to November 2021.
Duke Royalty (DUKE) reported a 67% increase in recurring interim cash revenues from its royalty investments and free cash flow was 1.71p a share. There was a further improvement in cash revenues in the third quarter.
First Property (FPO) reported a fall in reported profit due to one-offs, but the interim dividend was maintained at 0.25p a share. NAV is 48.3p a share, not including any valuation for the investment management business, which is more than twice the share price.
A trading update from Light Source Technologies (LST) says that farmers are reluctant to commit to capital investment and that has slowed progress leading to a higher loss in the year to November 2023. The growers are finding it difficult to pass on cost increases to customers, so they are not making the commitment to install the controlled environment technology. Also, contract manufacturing margins have declined.
Venture Life Group (LON: VLG) is buying HL Healthcare, which owns Earol, EarolSwim and Sterinase, for £13m. The products generated EBITDA of £1.7m in 2021-22 and they should do better this year - £3m of the consideration is dependent on 2022-23 revenues. Venture Life is expected to make a 2022 pre-tax profit of £946,000 and that could improve to more than £4m in 2023.
Telecoms customer engagement software provider Pelatro (LON: PTRO) says the currency movements between the US dollar and Indian Rupee will lead to a shortfall in reported revenues this year. Along with other factors, this will reduce revenues by up to $800,000, although the currency movements will have a positive effect on costs that partly offsets the shortfall. EBITDA will be slightly below expectations. Some new clients are moving to a licence model, which means revenue will be recognised earlier.
Luxury brand Mulberry Group (MUL) reported flat interim revenues with higher international sales offsetting a decline in the UK. Mulberry moved from profit to loss as marketing and other spending was increased. There was an £11.2m cash outflow from operations.
Compliance and maintenance services provider Kinovo (KINO) continues to improve its profit in the six months to September 2022 and it has a strong order book. Revenues improved by one-quarter to £29.8m in the first half. Margins continue to rise with underlying pre-tax profit recovering from £1.61m to £2.1m. Three-year visible revenues total £146m, which includes contracts and predictable spend. That underpins around 90% of the 2022-23 forecast revenues of £62.1m. Net debt has fallen to below £100,000. However, in the short-term debt will increase again because of the requirements to finish contracts that are part of DCB, which was sold and then went into administration. Part of the deal was that Kinovo would guarantee the completion of projects. This could cost a total of £4.3m.
Inspiration Healthcare (IHC) says that it expects 2022-23 revenues to be similar to the previous year because of market uncertainty, particularly in China. Cenkos has reduced its forecast revenues from £45m to £41.1m. Because the reduction relates to higher margin products it means that pre-tax profit will dive from £3.96m last year to £540,000 this year.
Floorcoverings distributor Likewise (LIKE) says third quarter like-for-like sales were 21.8% higher and in October and November this accelerated to 27.7%. Total sales have more than doubled this year.
Fox Marble (FOX) has won damages and costs in its arbitration proceedings with a customer in India. Damages were Euro383,177 and costs were £454,584. The customer has 28 days to challenge the award.
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) has acquired the land and property of Chem-Tex Laboratories Inc in the US for $2.5m in cash and shares at 74.4p each. Securing the site will enable further expansion. The focus of manufacturing investment will be the US because of the availability of chemicals and the reduced exposure to rising energy prices.
Edward Spencer is requisitioning a general meeting at MetalNRG (MNRG). He owns 7.3% of the company and wants to remove the chairman and chief executive. He wants four people to be voted onto the board, including himself.
Highway Capital (HWC) has still not completed the acquisition of Guinevere Esports and Entertainment, which was announced in October 2021. Highway made an interim loss of £243,000.
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