hVIVO (HVO), a fast-growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces its unaudited interim results for the six-month period ended 30 June 2024. Revenue of £35.6 million, 30.6% higher than H1 2023 (£27.3 million). EBITDA up 67.6% to £8.7 million (H1 2023: £5.2 million).
Comment: HVO continues its progressively positive fundamental trajectory, something which underlines the foundation of the business, as well as reminding us that the shares really should be on the right side of 30p.
Audioboom (BOOM), the podcast company, provided a flash view of the Group’s performance in August 2024, with monthly revenue expected to continue to grow in the remaining months of the year. August 2024 highlights included: Revenue of US$6.0 million, up 35% on August 2023 (US$4.4 million). This followed on from July 2024 where revenue was up 17% on July 2024. Adjusted EBITDA profit of US$0.3 million, up $0.4m on August 2023 (adjusted EBITDA loss of US$0.1 million) and the highest monthly adjusted EBITDA profit since November 2022.
Comment: The backdrop to today’s better performance reveal is that the metrics at BOOM show a company running to stand still, and with a seemingly eternal seller / s in the stock. While this remains the case, an August swallow does not make a summer. As things stand, only a real takeover from the company from a Stateside player will really save the day.
Power Metal Resources (POW), the London listed exploration company, announced the signature of a LOI to enter into a binding agreement with Al Masane Al Kobra Mining Company, a Saudi Arabian listed exploration and mining company, for Power Metal to spend US$3,000,000 to earn a 49% stake in the Qatan exploration licence, in southern Saudi Arabia. POW said this is a significant development for Power Metal with a major Saudi Arabian mining company, marking a further milestone in the Company’s expansion into the Arabian Shield. It was delighted to have the support of AMAK and enter into this LOI with the hope of commencing work at the Qatan exploration licence in the coming months.
Comment: Saudi Arabia really is POW’s new frontier, and the one that could be transformative. The rewards in this relatively unexplored territory could provide significant upside.
Orosur Mining (OMI) announced that negotiations of the terms of a definitive binding SPA and ancillary documentation have been successfully completed. The SPA has now been duly executed and, on the closing of the transaction, the Company will have 100% ownership of the Company’s flagship Anzá Gold Project in Colombia. Closing of the transaction is subject to customary closing conditions and the approval of the TSXV. OMI said it was thrilled to be finally getting Anzá back – an exciting project at an exciting time in the precious metals space. In anticipation of successful completion, it has already begun the field planning process, so all is now in place and it was ready to start work.
Comment: OMI is certainly in celebration mode as it gets its big asset back. But it will be interesting to see how much the market rewards this gain, after the punishment for the loss.
Bushveld Minerals (BMN), the primary vanadium producer, announced that it has begun work on cost cutting initiatives and development works to return the Company to profitability and secure Bushveld’s long-term future. BMN said these initiatives are vital to ensure a sustainable long-term business for the benefit of all stakeholders, from those that work at and live near the mine, and to those that have provided the vital funds required for Vametco to stay in business within this prolonged, weak pricing environment.
Comment: The trials and tribulations at BMN have been painful to watch both from a newsflow and share price perspective. It will still be an achievement to turn this situation around.
Finseta (FIN), a foreign exchange and payments solutions company, announced its unaudited interim results for the six months ended 30 June 2024. FIN said that through expanding its introducer network and payments capabilities, while maintaining a high level of customer service, we have increased the number of active customers and average transaction value. It also achieved strategic milestones that will be key drivers of future growth – most notably, signing an agreement with Mastercard to launch a corporate card scheme and receiving regulatory approval in Canada where we are in the process of launching a full-service office.
Comment: It is interesting that FIN remains something of a stock market darling, even though it is still to prove that it can be a scalable play. Deals with big names such as Mastercard, are also notoriously one sided against the smaller player.
Newmark Security (NWT), a provider of electronic, software, and physical security systems and installations is pleased to announce its audited results for the year ended 30 April 2024. Revenue up 10% to £22.3 million (2023: £20.3 million). Gross profit margin increased by 0.9% pts to 38.5% (2023: 37.6%). EBITDA up 50% to £2.2 million (2023: £1.5 million). NWT said the Group went from strength to strength over the course of the year. Both divisions delivered growth through customer acquisition and increased recurring revenue streams, leading to improved profitability and cash generation. At the same time, both divisions continued to develop their respective products and services platforms to fully cater for the needs of their customers.
Comment: A very impressive ongoing performance from Newmark, blighted by the way that hardly anyone in the market is aware of the company. As long as it remains under the radar, shareholders will not see the true value realised.
ECR Minerals (ECR), the exploration and development company focused on gold in Australia, is announced an update on its gold and rare earths projects in Queensland and Victoria. ECR said it considered that it was on the verge of identifying the key sources of gold at Lolworth, with a number of high-priority drill targets soon to be lined up for testing. This marks a pivotal step forward as it looks to unlock the project’s full potential. At the Blue Mountain Project, it was eagerly anticipating the results from its enhanced gold recovery process which will be critical in guiding it towards the potential commercial options for gold extraction. In Victoria, its focus remains firmly on drilling.
Comment: ECR continues to huff and puff, quite rightly, regarding its projects and their potential. However, we have seen that drilling news alone does not necessarily move the share price dial on the London market.
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