MrC's Smallcap Sweeps for Aug 2023

[MrContrarian]

Smallcap Sweep. 01-Aug-23
It's all hands on tech

Ethernity Networks (ENET) update on its recent $1.5m order, strategy and trading. Has delivered c. 40% of the order in June and been paid. Strategy: co's customized PON solution on FPGAs will be offered on a licensing model. Guides FY23 rev miss but improved gross margin once licensing sales commence. [SP=1.8 Cap=2m]
Saietta (SED) suite of contracts will replace the Joint Commercialisation and Development Agreement with Consolidated Metco." This will enable Saietta to narrow its near-term focus on immediate revenue generating opportunities " SED gets €3.3m and will incur no further costs. This has already been factored into market guidance. [SP=45 Cap=46m]
Symphony Environmental Technologies (SYM) guides H1-June rev up 10% and gross margin over 42% (36%). In line? [SP=7.99 Cap=15m]
C4X Discovery (C4XD) sells Orexin-1 receptor antagonist, C4X_3256 for £16m. Forms part of C4XD's evolution towards becoming an immuno-inflammatory therapeutics co. [SP=20.2 Cap=51m]
Cellular Goods (CBX) Look Better (skincare) range will soon be available in France and Germany, online. [SP=0.75 Cap=5m]
Minoan (MIN) will collaborate with a major international luxury hotel group in relation to one or more of the hotels in Minoan's Itanos Gaia Project in Crete. [SP=0.96 Cap=7m]
Ondine Biomedical (OBI) starts first NHS Steriwave (non-antibiotic method of preventing infections after surgery) pilot. [SP=15.34 Cap=30m]
Journeo (JNEO) guides FY-Dec rev £41m, significantly ahead of market expectations, with profit marginally ahead. H1 rev up 145% to £21.8m. "Sales of lower margin products were higher than expected in H1 2023 and this is expected to continue throughout most of H2." [SP=181 Cap=29m]
Belluscura (BELL) gets US distributor for X-PLOR portable oxygen concentrator. [SP=32 Cap=43m]
Plant Health Care (PHC) Harpin αβ, a fertiliser with biostimulant properties, approved in Poland. [SP=9.1 Cap=31m]
Barkby (BARK) completes disposal of Workshop Trading for £0.3m deferred. Gets transfer of £1.7m of third-party liabilities and repayment of £0.2m loan. [SP=3 Cap=5m]

In line: EXR, RCDO
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 02-Aug-23
Two REITs don't make a wrong

Home REIT (HOME) two tenants make CVA. Was 12% total of rent income. This "unlocks the ability for the Company to re-tenant the properties or to carry out other asset management initiatives." [SP=38.05 Cap=301m]
Target Healthcare REIT (THRL) EPRA NAV 104.5p/sh, up 1.1p from Mar. 99% rent collection reflecting improved trading and demand. [SP=73 Cap=453m]
Blancco Technology (BLTG) rec offer of 223p, a 25% premium. [SP=178 Cap=136m]
React (REAT) wins £1.8m 3 yr contact. £100k in this FY. [SP=1.54 Cap=16m]
Palace Capital (PCA) sells Maidenhead office property for £9.6m, 10% above book. [SP=235 Cap=98m]
CAP-XX (CPX) warns FY-June rev A$4m and adj EBITDA -A$1.2m. Cash at hand A$2.6m. Blames some orders slipping into Q1. "The sales pipeline reporting is being reviewed to improve the accuracy, reliability and insight of known opportunities." [SP=1.7 Cap=12m]
Evgen Pharma (EVG) terminates Patent and Know-How License Agreement with Juvenescence for Evgen's Sulforadex. [SP=3.2 Cap=9m]
CyanConnode (CYAN) gets another order for 300k modules under framework agreement for 3m. [SP=13.59 Cap=37m]
Oxford BioDynamics (OBD) [last night] £5.6m placing at 11p, a 4% premium, to keep the lights on. [SP=10.4 Cap=15m]

In line: TPFG
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 03-Aug-23
Sticking to my knitting or sewing confusion?

Streaks AI (STK) partnership with WeShop to "providing shoppers with enhanced and personalised customer services using AI-powered chatbots modeled after the platform's 1,300 influencers". Sounds ghastly.` [SP=2.83 Cap=11m]
Devolver Digital (DEVO) warns H1-June adj EBITDA negative and FY adj EBITDA at least zero. Blames delays to new title releases, a reduction in revenue from subscription deals and a lower contribution from our back-catalogue. [SP=18.5 Cap=83m]
LifeSafe Holdings (LIFS) £1.1m placing and subscription at 37p, a 9% discount, "to procure stock and general working capital purposes" ie keep the lights on. [SP=41.25 Cap=9m]
Ediston Property Investment Company (EPIC) in advanced discussions on a possible sale of its property portfolio. [SP=63.2 Cap=134m]
Maintel (MAI) guides FY-Dec rev in line and adj EBITDA ahead of market expectations. Cites "positive trading conditions, winning new business and the acceleration of the order book un-winding post the well-documented challenges of global supply chain shortages". [SP=180 Cap=26m]
Facilities by ADF (ADF) guides H1-June rev £21.8m and adjusted EBITDA £5.8m. "As the [writers' and actors'] strikes have drawn on, several film and TV productions in the UK, on which ADF is currently engaged, have seen stoppages or delays to productions that were scheduled to start filming in autumn...Any alleviation of the prevailing strike action will provide the potential for further upside in the current financial year." Is that a warning? [SP=44.8 Cap=36m]
CMO (CMO) warns FY-Dec rev only c.£80m but EBITDA in line. H1 rev LFL down 12%. Lower down it says FY will be in line! [SP=22 Cap=16m]
Polarean Imaging (POLX) squeezes out another RNS. FDA approves XENOVIEW 3.0T Chest Coil for use with Philips 3.0T MRI scanners [SP=15.25 Cap=33m]

In line: CREO, BLV, SCS, XAR
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 04-Aug-23
Cuttings

Parity (PTY) warns H1-June rev down 10% due to weak mkt. "With market conditions not expected to improve in the near term and a key client signalling a shift towards a more global supply chain, Parity is prioritising resources to exploit its strengths and opportunity within the public sector." Cuts staff in private sector biz. [SP=3 Cap=3m]
Carr's (CARR) warns FY-Sept adj pretax only c.£8m. "Expectations for August 2023, historically a strong trading month, have now been moderated by delayed recovery in our markets." Also "Following the strategic disposal of the Agricultural Supplies division, completed in October 2022, the Group has incurred higher central costs in the course of concluding the transitional services agreement, now expected to complete before the end of calendar 2023." [SP=142 Cap=134m]
Home REIT (HOME) sells 40 properties for £4.8m (39% of cost) which had limited prospects for income and capital return given the required capex. [SP=38.05 Cap=301m]
Argo Blockchain (ARB) mined 11% fewer Bitcoins in July than June due to "greater downtime at Helios from weather-related curtailment and onsite construction". [SP=10.02 Cap=68m]
Ilika (IKA) the serial disappointer signs a 10 yr manufacturing licence and royalty agreement with Cirtec Medical for Stereax range of products. Exclusivity for Cirtec in medical device use. "Ilika will now focus on advanced technology development and IP licensing in support of Cirtec's manufacturing and commercialisation activities." Despite this good news rev guidance for the next few years is unchanged. [SP=45 Cap=72m]
Kibo Energy (KIBO) extends long-stop date for JV announced in July due to delay to necessary funds. [SP=0.05 Cap=2m]

In line: XFP
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 07-Aug-23
RNS rapid charger

Roquefort Therapeutics (ROQ) development of new siRNA sequences and new patent filing for its family of novel anti-cancer siRNA therapeutics. [SP=7.66 Cap=10m]
Deepverge (DVRG) sells Glanaco for €1. Reduces net creditors by €0.5m. [SP=0.15 Cap=1m]
LSL Property Services (LSL) warns H1-June U/L op profit only broadly in line and H2 will be below mgmt exp. Blames recent change in mortgage market conditions. [SP=280 Cap=291m]
Christie (CTG) warns FY materially below expectations due to contract delays and alterations to the expected timing and outcome of certain significant portfolio assignments. Activity in other areas of its PFS division OK. [SP=148.75 Cap=39m]
Card Factory (CARD) guides FY-Dec materially ahead of the Board's expectations after strong H1. [SP=89.5 Cap=307m]
MediaZest (MDZ) £130k death spiral with warrants and repays £150k convert. [SP=0.05 Cap=1m]
Avingtrans (AVG) buys assets of Slack & Parr plus overseas subsidiaries in the USA and Asia for £4.9m (max). Slack & Parr is a family-owned manufacturer of specialist pumps. [SP=412.05 Cap=133m]

In line: CRDL
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 08-Aug-23
Ransacking the room of gloom

MyHealthChecked (MHC) sounds like the sales of tests via Boots has disappointed. "It will take time and support to increase public awareness of the benefits of at-home testing and the ready availability of the products and service...It is always challenging to pioneer a major new category of products in the wellness testing market, however our long-term outlook remains positive." [SP=15.01 Cap=8m]
Concurrent Technologies (CNC) ships new version of a flagship 3U VPX Plug-In Card which "extends the use case to Cyber and Radio applications, significantly increasing the estimated full lifetime value of the product". [SP=72.68 Cap=53m]
Videndum (VID) H1 delayed "because more time is required". No [expletive deleted] Sherlock. Expectations are broadly unchanged. "Net debt to EBITDA is expected to be within our covenants and looking forward, given our strong relationships with our banks, we have agreed covenant amendments." [SP=564 Cap=263m]
Goodwin (GDWN) FY-Apr rev up 10%, pretax £22.1m including £3.2m interest rate swap profit. Div 115p (107.80p). No current trading! [SP=4510 Cap=339m]
H&T (HAT) H1-June pretax up 31%, retail sales up 11%. Div 6.5p up 30%. Op costs higher than expected due to inflation. [SP=402 Cap=177m]
STM (STM) PUSU offer deadline extended [SP=45 Cap=26m]

In line: NANO, SDG, SMRT
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[brightncheerful]

Videndum (VID) H1 delayed "because more time is required".

It's a long toime since i first bought and sold but I still receive the announcements. This morning, however, was the first time for a long time thhat I checked the sp. Always thought it was riding too high. Bought a few earlier today at £5.48. before costs.

[simoan]

Videndum (VID) H1 delayed "because more time is required".

It's a long toime since i first bought and sold but I still receive the announcements. This morning, however, was the first time for a long time thhat I checked the sp. Always thought it was riding too high. Bought a few earlier today at £5.48. before costs.

Good luck with that. Personally, I don’t feel the need to invest in companies that have to mention banking covenants in releases, and that have net debt of 6x FY22 net profit. Could go either way from here but risk/reward doesn’t look good to me. I think the chances of an emergency rights issue are very high.

[MrContrarian]

Smallcap Sweep. 17-Aug-23
Profit earthquake at Tremor

Tremor (TRMR) warns FY-Dec ajd EBITDA $85-90m vs $140-145m guided due to “longer and more complex sales cycles..and continued expected declines in its non-core performance business". [SP=254.33 Cap=364m]
ITM Power (ITM) launches "cutting-edge 20MW core electrolysis process module...based on state-of-the-art stack technology". [SP=87.12 Cap=537m]
Gresham Technologies (GHT) wins 3 year $1.6m with Tier 1 global asset manager. [SP=140 Cap=117m]
Kin and Carta (KCT) guides FY-July rev in line and adj op profit £17.9-18.4m, 10.5-14% ahead of market expectations. Cites a lower cost base and improved operational efficiencies. [SP=63.5 Cap=113m]
Aptamer (APTA) wins 2 contracts worth up to £219k. They are further conversion of the sales pipeline announced previously. [SP=2 Cap=2m]
EQTEC (EQT) wins €440k contract from Idex for Front End Engineering Design. To complete by Dec 23. "Assuming final investment decision based on the current configuration, EQTEC will be the core technology supplier for France MDC, receiving fees for engineering services, equipment, commissioning and licensing over the period Q4 2023 - Q1 2025, estimated to total c. €15m." [SP=0.17 Cap=20m]
Tanfield (TAN) better figures from its troublesome 49% owned JV Snorkel: Q2 positive EBITDA. TAN "continues to be unaware of the reason behind the gross profit margin improvement from 2022 to 2023 but hopes that its ongoing work to try and investigate the current and historic gross profit margins may provide some further clarification". [SP=2.62 Cap=5m]
Arecor Therapeutic (AREC) collaboration with a top 10 pharma to develop an enhanced antibody formulation. [SP=190.1 Cap=58m]
Watkin Jones (WJG) sells its three non-core Private Rented Sector operational assets for £9m net and £2m deferred. Will make a book loss which is fully reflected in the expected impairment charge for FY23. [SP=47.95 Cap=123m]
Empiric Student Property (ESP) H1-June. Booked occupancy a record 98% at this stage. Guides FY LFL rental growth c.9%, significantly ahead of previous guidance. [SP=85.6 Cap=517m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 18-Aug-23
Diving or thriving?

Everyman Media (EMAN) trading in line. New three year Barclays loan facility of £35m. [SP=59.8 Cap=55m]
Global Ports Holding (GPH) strong Q1. Run rate for FY24 passenger volumes currently ahead of guidance. [SP=236 Cap=160m]
Plant Health Care (PHC) Brazil approves PHC279 for the control of sugar cane and coffee disease. [SP=9.35 Cap=32m]
Trafalgar Property (TRAF) £125k placing at 0.1p, a 13% discount, to keep the lights on. [SP=0.12 Cap=m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 21-Aug-23
DP Eurasia makes calzone of Russian biz.

DP Eurasia (DPEU) gives up on attempt to sell DPRussia. Will close it. [SP=52 Cap=74m]
Fusion Antibodies (FAB) agreement with a leading US-based AI/ML business to support Fusion's new AI/ML-AbTM service offering. Follows May's MoU. Both parties will co-market the combined service offerings. [SP=6.64 Cap=4m]
Smarttech247 (S247) strategic partnership with Abnormal Security to bring AI-powered email security to Europe. c.€400k contract win from it, with a global aviation organisation. [SP=33 Cap=40m]
Harland & Wolff (HARL) judicial review of the Islandmagee Gas Storage Project will have judgement on 31 Aug. [SP=14.59 Cap=26m]
Renalytix (RENX) KidneyIntelX included in the draft Kidney Disease Improving Global Outcomes (KDIGO) 2023 Clinical Practice Guideline for the Evaluation and Management of Chronic Kidney Disease [SP=99 Cap=118m]
TruFin (TRU) conditionally accepts £3.2m non-binding offer for its holding in Vertus Capital [SP=65 Cap=71m]
Fulcrum Utility Services (FCRM) proposes de-listing. Blames limited prospects of raising additional equity, illiquidity and costs. Has 57% support so far. Also FY results. [SP=0.8 Cap=3m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 22-Aug-23
Powerhouse powers backwards

Powerhouse Energy (PHE) £1m placing at 0.5p, a 34% discount, to finance its new Technology Centre and keep the lights on. 0.5p is 86% below SP 2 yrs ago. [SP=0.76 Cap=30m]
XLMedia (XLM) to be exclusive provider of sports betting content to a North Carolina's Capitol Broadcasting. [SP=11.51 Cap=30m]
RUA Life Sciences (RUA) AGM stmt: rev in line and costs 20% below mgmt exp. Project updates. [SP=16.4 Cap=4m]
Seeing Machines (SEE) guides FY-June rev $57.8m, ahead of the top of end market expectations. Consensus was $53.9m. ARR up 27% to $13.6m. [SP=5.85 Cap=243m]
Plexus (POS) contract announced on the 6 Mar hiked to c.£8m from c.£5m. [SP=3.9 Cap=4m]
Haydale Graphene Industries (HAYD) collaboration agreement with PETRONAS Technology Ventures to functionalise graphene for product applications. [SP=0.96 Cap=8m]

In line: CBOX, FEN
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 23-Aug-23
Tiny issue

BiVictriX Therapeutics (BVX) get US patent providing broad protection for BVX001. [SP=12.5 Cap=10m]
Cohort (CHRT) wins 32-month UK contract worth £17.5m to provide an External Communications System for a major defence programme. [SP=484.5 Cap=201m]

In line: ANG, TRCS, COST
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 24-Aug-23
Two drops fall on the desert of news

Malvern International (MLVN) education tinpot continues to recover for its near-death experience. Guides H1-June rev c. £4.8m up c.109%. Return to profit. Cites strong University Pathways student intakes as well as 40% increase in English language teaching rev. In line? [SP=17.5 Cap=4m]
Ashington Innovation (ASHI) this SPAC signs non-binding heads of terms to acquire Calon Cardio-Technology in all share deal. Subject to the completion of the proposed reverse takeover of Cell Therapy (RNS 19 Aug) plus due dil etc. [SP=2.75 Cap=2m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 25-Aug-23
Bum's the word

CMC Markets (CMCX) warns Aug rev down 20%. If weak market conditions continue guides net operating income £250-280m. [SP=122 Cap=341m]
Shearwater (SWG) finals delayed to 5 Sept due to slow audit. Recent Q1 rev up as a number of the delayed contracts have now been received. Confident in seeing a much improved FY financial performance. [SP=38.52 Cap=9m]
Zenova (ZED) H1-May rev £108k (£75k). Outlook: expects "large orders from new key customers as well as increased uptake from existing customers and distributors. Executing on new and existing contracts should result in stronger top-line performance " [SP=5.5 Cap=6m]

In line: DWF
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 29-Aug-23
Despicable Fee

Minoan (MIN) repays half of £1.4m loan to DAGG by issuing shares at 1p, an 11% premium. Balance extended to Dec 24 for a £175k fee, an astonishing 25%. [SP=0.87 Cap=7m]
RM (RM.) extends covenant waiver to Nov 30 test. [SP=62.54 Cap=52m]
Literacy Capital (BOOK) June book value (geddit?) 488.5p /sh up 21.2p since Mar. [SP=484 Cap=294m]
Faron Pharmaceuticals (FARN) gets FDA Orphan Drug Designation for Bexmarilimab in Acute Myeloid Leukemia. [SP=262 Cap=179m]
Grafenia (GRA) £23m placing at 8.5p, a 17% discount, to buy back bonds, pay deferred considerations and fund future acquisitions. Trading in line. [SP=9.52 Cap=12m]
Volvere (VLE) CEO Jonathan Lander has died. Nick Lander (COO) will assume Jonathan's responsibilities. [SP=1205 Cap=28m]
Polarean Imaging (POLX) US Medicare & Medicaid issues reimbursement code for XENOVIEW. Payment level TBD. [SP=15.12 Cap=33m]
Fusion Antibodies (FAB) first order for AI/ML-Ab (pronounced AIM-Lab would you believe) services. No £££. [SP=6 Cap=4m]
Pelatro (PTRO) proposes delisting. Blames usual suspects. [SP=3 Cap=3m]
hVIVO (HVO) plans for a larger consolidated facility, largely funded by clients,. [SP=17.5 Cap=119m]
OptiBiotix Health (OPTI) general update including £116K order for SlimBiome. [SP=27.95 Cap=25m]
Argo Blockchain (ARB) H1-June - more value destruction by burning electricity. $18.8m loss on $24m rev. [SP=8.86 Cap=59m]


Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 30-Aug-23
Out of hours City colonoscopy

Instem (INS) rec offer of 833p, a 41% premium. [SP=590 Cap=135m]
Belluscura (BELL) Chinese co gets exclusive right to manufacture and distribute X-PLOR and DISCOV-R portable oxygen concentrators in China, Hong Kong, Macau and Singapore. Ten year deal has minimum royalty payments and share of profit. [SP=42 Cap=57m]
Graft Polymer (GPL) R&D and supply agreement signed with Empresas Vilher, Mexico. "The technical teams are working on some exciting projects together which will hopefully lead to firm supply orders for our newly commissioned facility in Borovnica, Slovenia." [SP=2.3 Cap=2m]
EnSilica (ENSI) €2.5m order for satellite broadband chip. [SP=66.85 Cap=52m]
Esken (ESKN) AGM stmt. Sale of Renewables div "is significantly advanced". Biomass plant outages have continued "but there are now signs of an improvement in gate fees and plant performance is expected to improve". Co said same in June. [SP=3.5 Cap=36m]
Marwyn Value Investors (MVI) final amounts of VAT reclaim received. £4.94m after deductions and fees. [SP=85 Cap=52m]
Flowtech Fluidpower (FLO) H1-June rev up 3% but pretax down 48%. Inflationary pressures partially offset by cost savings. Outlook: "We expect market headwinds to continue through H2 23 and into 2024 but I am pleased to report good progress is being made in deploying an immediate performance improvement plan..." [SP=83 Cap=51m]
K3 Business Technology (KBT) H1-May ahead of management expectations. Rev up 2% but pretax-cont loss £2.9m ((£2.8m). Last trading update was June. Current trading in line. [SP=116 Cap=55m]
SuperDry (SDRY) suspended due to late finals [SP=56.1 Cap=55m]

In line: VTU, WRKS
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian

[MrContrarian]

Smallcap Sweep. 31-Aug-23
Three warnings to choke on

Omega Diagnostics (ODX) proposes name change to Cambridge Nutritional Sciences. Also 61 to 1 consolidation. Why a prime number? [SP=2.2 Cap=5m]
Inspiration Healthcare (IHC) guides H1-July rev flat. Blames delays to regulatory approval for certain new distributed products and de-stocking. Gross margin 48% up 400bps. "Whilst disappointed in first half revenues, we are reporting margins returning towards our expected levels and improved cash generation, which have combined to reduce net debt and put the Group in a stronger financial position. We are focussed on reshaping the business and are confident in returning to growth in the second half." [SP=48.9 Cap=33m]
Crossword Cybersecurity (CCS) guides H1-June rev £1.9m up 27%. Expects FY rev in line. Guides Fy24 rev up 30% and EBITDA and cash breakeven on a monthly basis in FY24H2. Agrees £2m death spiral. [SP=6 Cap=6m]
Eneraqua Technologies (ETP) guides H1 in line but warns FY EBITDA materially below market expectations of £8.8m. Blames proposed changes to net nutrient neutrality rules causing clients to to delay all or a large majority of relevant work leading to a £2m EBITDA hit. [SP=95 Cap=32m]
Sondrel (SND) guides H1 rev up 17% and adj EBITDA of £0.4m. But development and production for three major ASIC customers due to commence in H2 2023 have been delayed by 6-12 months due to increasing inflation and weakening demand in end markets. Guides FY rev only £13m+, substantially below current market expectations. [SP=54 Cap=47m]
Carclo (CAR) mixed trading update with no overall guidance apart from "focus on cash conversion and margin improvement, rather than just sales growth, is beginning to reflect positively on our balance sheet". [SP=12.65 Cap=9m]
essensys (ESYS) guides FY-July rev up 9% - 'resilient'. adj EBITDA loss and cash in line with market expectations. [SP=28.25 Cap=18m]
Ovoca Bio (OVB) Phase II dose ranging study for Orenetide Female Sexual Function drug is a flop. Will evaluate strategy regarding the development of Orenetid . [SP=14.08 Cap=12m]
Myanmar Investments International (MIL) proposed sale of MFIL to Thitikorn is off. WIll continue to explore other exit options, including with Thitikorn. "MFIL has been restructuring its own financial affairs and is close to repaying its creditors which should then leave it debt free within the next few months." SP has fallen almost non-stop for 7 years. [SP=0.05 Cap=2m]
Infrastructure India (IIP) extension to the maturity dates of all its debt facilities by 2 months to Oct 31. [SP=0.22 Cap=2m]
Gulf Marine Services (GMS) H1-June. Hikes FY EBITDA guidance to $77-85m up $2m. [SP=7.86 Cap=81m]
ImmuPharma (IMM) £1.35m subscription and £0.5m retail offer at 2p, a 17% discount, to keep the Bunsen burners on. [SP=2.31 Cap=8m]

In line: SOM
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk

@MrContrarian