hVIVO (HVO), the world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces an unaudited trading update for the year ended 31 December 2023. Full year revenue of £56.0 million, an increase of 15.5% (2022: £48.5 million). The Group expects to report full year revenues of £56.0 million (2022: £48.5 million), a 15.5% increase year-on-year which, as announced previously, is slightly ahead of previous market expectations. This has been driven by the continued strong delivery of human challenge trials and consulting services.
Comment: Another blowing the lights out / doors off update from HVO, underlining its ongoing fundamental momentum, and scalability. The latest results should allow the shares to revisit 2021 resistance towards 45p early in H1 2024.
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, announced that Fulcrum Metals (Canada) Ltd, a wholly owned subsidiary of the Group, has signed a non-binding LOI with Global Energy Metals Corporation for an option and royalty agreement over the Company’s Saskatchewan uranium properties. FMET said the letter of intent clearly demonstrates the underlying value Fulcrum has in its uranium portfolio and validates the company’s strategy and management’s approach so far. It has received interest from several companies about the possibility of investing in its uranium projects, either through a joint venture or acquisition.
Comment: The recent rally in Golden Metal Resources (GMET) has finally proven that even in current stock market conditions investors do appreciate exploration / development companies when they have enough value in their portfolio, something which FMET is certainly proving.
Microlise Group (SAAS), a provider of transport management software to fleet operators, provided an unaudited trading update covering the expected results for the year ending 31 December 2023. SAAS said trading momentum improved in the second half supported by an increase in delivery to direct customers towards the end of the period and strong uptake from OEM customers. This continues to drive double digit growth in ARR, an increasing base of recurring revenues and good cashflows.
Comment: SAAS once again reminds us of what a well run company with great management and solid fundamental growth. It is a shame that its attractions are not more appreciated in the market.
Kromek Group (KMK) the Interims to Oct’s financial highlights report significant progress as losses are reduced sharply from £5.7m to £3.5m, while turnover increased a mere 4% to £7.1m. The gross margins leaped to 54.2% from 40% at this radiation, medical imaging, and bio-detection solutions. There have been a few multi-year contracts wins, one for 7 years and another for $6.7m the most recent was £1.4m to supply the EU its D3M detectors and associated networkable solutions. KMK, claims its world-leading technology is amongst the most versatile and sensitive available. It offers real time data of any potential from disasters and manage emerging risks, including equipment to respond to chemical, biological, radiological, and nuclear (CBRN) risks. So that decision making can be rapid, and responses can be co-ordinated effectively and help safeguard citizens. It raised £8m at 5p in May and borrowed a further short term £5.5m in September from an existing 9.6% shareholder.
Comment: At 5.7p and a Mkt cap of £34.2m its must be a relief to investors that the cash burn is reducing but a worry that the long-term demand is set to increase for nuclear detection.
Northcoders (CODE), the technology training business, updated for the year ended 31 December 2023. The Group reported that underlying FY-2023 trading is in line with revised market expectations. Unaudited revenue for the period increased by 27% to £7.1 million (FY-2022: £5.6 million), driven by accelerating demand for digital training. The Group has £1.6 million of cash as at 31 December 2023 and net cash of £0.8 million.
Comment: There would appear to be enough in the latest CODE update to allow us to put the great spring 2023 share price rug pull behind it, and gingerly look to this being a recovery situation.
CleanTech Lithium (CTL) an exploration and development company advancing lithium projects in Chile, reported the results of recent completed Direct Lithium Extraction (DLE) process test work. The positive results have informed the selection and ordering of the lithium adsorbent to be used in the Company´s pilot plant, which has finished construction at the Company´s R&D Centre in Copiapó and is in the process of being commissioned and tested. CTL said informed by the results it has announced today, its DLE pilot plant has now been loaded with Lanshen’s adsorbent, and plant commissioning is in process. This is a significant milestone for the Company as it aims to achieve process and product verification in 2024.
Comment: It will be the drip-drip of operational progress such as CTL has announced today, which should allow investors to return to the stock at what currently appears to be bargain base levels, especially given the recent fundraise.
KEFI Gold and Copper (KEFI), the gold and copper exploration and development company, provided confirmation of a new discovery, as well as an operational update, in respect of the Jibal Qutman Gold Project in Saudi Arabia in the Company’s minority-owned Gold & Minerals Ltd joint venture. KEFI said it was very pleased to have so far assembled Mineral Resources of approximately 5 million oz gold equivalent (KEFI beneficially 2 million oz gold equivalent) in Saudi Arabia and Ethiopia and we expect this to grow as drilling continues. KEFI has spent a total of approximately US$64 million on these projects, which represents an excellent establishment cost to date of only US$32/oz Resource on three advanced development projects.
Comment: It is clear that KEFI is making progress in all directions, apart alas from the share price block towards 0.75p. One wonders what will finally clear this barrier for shareholders?
Galileo Resources (GLR) announced the results of its recently completed Terraleach soil survey over its wholly owned licence PL253/ 2018 in the Kalahari Copper Belt in Botswana. GLR said it was very pleased that its immediate neighbour Cobre Limited has been selected for the 2024 “BHP Xplor Program”. This is indeed a commendation reflecting the Company’s efforts and the quality of its Copper Belt licences. It looks forward to drilling these targets in the near-term.
Comment: It rather beggars belief that shares of GLR have remained near the 1p for the longest time – around a year, given the Copper Belt story. But at least this has offered a decent entry on any brief dips below this zone.
Mila Resources (MILA), the post-discovery gold exploration accelerator, announced that, following the publication of its Propspectus on 16 October 2023 and completion of its £2m fundraise on 9 November 2023, it has agreed with Liontown Resources Limited to amend the terms of the CLN issued to Liontown. MILA said Liontown’s lithium exploration activities in the northern part of its Kathleen Valley Project will provide direct benefits to Mila and will provide invaluable data to it as it plans its next phase of exploration across the wider project area, and begin targeting the concentrated zones of high-grade gold mineralisation identified in its recent drill programme.
Scancell Holdings (SCLP), the developer of novel immunotherapies, announced its interim results for the six months ended 31 October 2023 and provides a business update on progress achieved to date. SCLP said it continues to produce highly-significant data across its pipeline of cancer vaccines and it has made strong progress in all parts of the business in the first six months of the year.
Comment: Those looking for the great biotech rebound of 2024 will be looking to see if a relatively tough cookie like SCLP sees its shares rise with the tide in coming months. At least the latest RNS provides a decent excuse for the bulls to sniff around.
Alkemy Capital Investments (ALK) announced its wholly owned subsidiary, Tees Valley Graphite has entered into a non-binding MOU with Syrah Resources for the establishment of a JV to develop a commercial-scale natural graphite active anode material processing facility located at the ‘plug-and-play’ Wilton International Chemicals Park within the Teesside Freeport, to supply AAM to the European market. TVG said it believes that the evaluation of the Wilton AAM facility is a very timely development as UK and European customers grow increasingly concerned over potential future supply shortages especially in light of the recent export restrictions imposed by China.
Comment: It is a shame that the market is (apparently) fixated on funding matters for ALK, rather than looking at the type of decent newsflow we have been treated to today. Under 100p still appears too cheap.
1Spatial, (SPA), a specialist in Location Master Data Management (LMDM) software and solutions, has secured a three-year contract with a leading Distribution System Operator for electricity and gas networks in Belgium, following a competitive tender. The total contract value to 1Spatial is €9.0 million of which 1Spatial will deliver €4.1 million including €0.3 million in term software licence revenue. 1Spatial will utilise partners to deliver the balance of the work, with a total value €4.9 million, over the three-year duration of the contract.
Comment: SPA flies the flag for the UK in Belgium, and is treated to a very chunky contract win. Of course, it remains to be seen whether the market will get as enthused as it should on such news.
Kondor (AQSE: KNDR), a technology company developing advanced AI products, announced the launch of its Kondor 2.0 imaging platform and the launch of its premium Kondor Plus feature set. KNDR said Kondor is a revolutionary vision AI product that enables anyone to use AI vision in a user friendly and entertaining way. Getting the Version 2.0 product to market along with its first version of monetization is a significant milestone for the Company. It is excited to see start directly marketing to consumers in the near future.
Comment: Full marks to KNDR for getting a zeitgeist product to market in a timely manner. One would hope that this initiative will drag the shares back through 12p plus highs in coming weeks.
Oxford Cannabinoid Technologies (OCTP), the biotech company developing prescription cannabinoid medicines, announced conditional Subscriptions at 0.5 pence per share (“Issue Price”), to raise gross proceeds of £640,000, and a term sheet for a CLN with Cantheon Capital LLC to raise up to £565,000. OCTP said commencing Phase I Clinical Trials for OCT130401, OCTP’s second programme focussing on the Trigeminal Neuralgia market, as well as starting the process of opening INDs for OCT461201 and OCT130401 are significant milestones for investors which it aims to achieve in relatively compressed timelines.
Comment: A chunky fundraise from OCTP which should hopefully be enough to get it far enough along its milestones on this round. Indeed, now that it is out of the way the shares could return to summer 2023 levels at least at 1p plus.
WeCap (AQSE: WCAP) (formerly IamFire plc) announced interim results for the period of 30 April 2023 to 31 October 2023. Highlights include WeShop completing a six-figure equity fundraise at a share price of £4.76 per WeShop share, valuing WeShop at c. £130m.
Comment: The disconnect between the share price valuation and the recent fundraise remains a gap to be filled, presumably as WeShop shifts up a great via its expanding affiliated retailers collection.
Zenova Group (ZED), the fire suppression solutions Company, affirmed the continued success of its recently announced B2B strategy in the signing of another European distribution agreement, this time in Romania, with a partner attracted by the Company’s certification standards across its paints and extinguisher products.
Comment: Another day, another RNS highlighting ZED’s expanding geographical footprint. Presumably at some point soon this will turnaround the share price from current lowly levels.
OptiBiotix Health (OPTI), a life sciences business, updated to its SweetBiotix® product range following its overview in 2023. OPTI said it believed its sweet, high fibre, low calorie, prebiotic fibre SweetBiotix® products are ideally positioned to launch at a time when many companies are actively looking for a natural alternative to meet this need. SweetBiotix® are unique in being classified as dietary fibres creating the opportunity to replace unhealthy calorific and cariogenic sugars, or sugar substitutes with healthy fibres in a wide range of food and beverage products or as a sugar replacement in its own right.
Comment: Shares of OPTI understandably went into consolidation mode after last summer’s sugar rush. Rather pleasingly, there are the first charting signs that the shares are ready to retest the best levels after establishing an extended base above 20p.
Psych Capital plc (AQSE: PSY) announced unaudited interim results for the period to 31 October 2023. During the period, as the first listed pure-play psychedelic company in London, the Company continued to pursue its strategy of raising awareness and investing in the field of innovative psychedelic-based drug development and treatments for mental health. The Company said it achieved £51,465 of revenue in the period, due to the success of hosting the inaugural PSYCH Symposium. A pre-tax loss of £284,734 was reported, compared to a pre-tax loss of £929,932 in the prior period.
Comment: Although one has to praise the company for its efforts in promoting all things psychedelic, it is still likely to get initiatives of Sgt Pepper like proportions to get revenues up to those worthy of a listed company – even on Aquis.
Lexington Gold (LEX), the gold exploration and development company, provided an update on its 2023/24 drilling programme at the Bothaville Project in the Witwatersrand Gold Basin, South Africa, which commenced in early December 2023. LEX said it was pleased to announce progress made in respect of its ongoing 2023/24 drilling campaign at the Bothaville Project in the Witwatersrand Gold Basin. This strategic initiative involves 2,000m+ of planned drilling aimed at validating and expanding the known gold mineralisation at Bothaville, within the Kimberley Formation.
Comment: LEX shares are probably overdue a rebound from current lowly levels, given that we saw the shares more than double the current 4p level in H1 2023. Presumably the ongoing drilling campaign should be a driver for recovery as 2024 progresses.
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