The Kitchen is empty.
Great Western Mining Corporation 0.10p £4.7m (GWMO.L)
The exploring and developing company focusing on early-stage gold, silver and copper targets in Nevada, USA, announces its results for the year ended 31 December 2022. Loss for the year increased 48% to EUR792k (2021: loss of EUR535.9k). At the end of the period GWMO had cash of EUR0.15m (2021: EUR2.0m). During the period the Company formed a joint venture for construction of a mill to process precious metals from shallow ore and a large inventory of pre-mined material. Post period end GWMO has raised £800k through a placing of new shares for additional working capital.
IDOX 66.8p £303.0m (IDOX.L)
A supplier of specialist information management software and solutions to the public and asset intensive sectors, issues a trading update for its financial half year ended 30 April 2023 (FY23 H1). The Group delivered a 23% increase in order intake of c.£52m (FY22 H1: £42.27m). The Board expects to report a c.10% increase in adjusted EBITDA to c.£12m, in line with management expectations. Group revenue was up c.8% to c.£36m, within which recurring revenue was up c.7% over the period to c.£21m. The Group has a net cash position of £1.0m (31 October 2022: net debt of £3.8m).
ImmuPharma 3.21p £10.7m (IMM.L)
The drug discovery and development company, announces further progress in its late-stage clinical program in patients with chronic idiopathic demyelinating polyneuropathy (CIDP), which is a further debilitating auto-immune condition within the Company's P140 platform. ImmuPharma has received positive support and guidance from the FDA, following the Pre-Investigational New Drug meeting that confirms the route for a Phase 2/3 adaptive clinical study of P140 in CIDP. The Company also look forward to also commencing the Lupus Phase 2/3 clinical trial in H2 2023.
Kibo Energy* 0.078p £2.4m (KIBO.L)
The renewable-energy-focused development company, provides an update to its Mbeya Power Project, and an update on its subsidiary Mast Energy Developments. Kibo is examining the feasibility of repurposing its site in Tanzania with renewable biofuel sources. Requests for Proposals were issued in August 2022. The studies will investigate whether sufficient biomass can be sustainably produced and supplied as fuel for a 300 MW power plant over a 20 to 25-year Power Purchase Agreement period. Kibo have previously said, that Financial Close of Mbeya Coal can be realistically expected in 2024. Kibo’s subsidiary Mast Energy Developments, has concluded a Heads of Terms with regard to a new Joint Venture agreement between MED and a new institutional investor-led consortium. This latest investor support for MED is a testament to the success of their strategy and long-term development plans to deliver flexible (reserve) power projects that are commercially viable and sustainable.
Mirada 7.5p £0.7m (MIRA.L)
A provider of integrated software solutions for digital TV operators, broadcasters and streaming platforms, announces a trading update for the twelve months ended 31 March 2023 (FY23). Revenue for FY23 is expected to be approximately $10.7m (FY22: $11.0m) and adjusted EBITDA for FY23 is expected to be c$1.5m (FY22: $1.6m). Net debt has increased from $8.59m (FY22) to $9.75m as at 31 March 2023 and $10.27m as at 30 April 2023. The Company also announces the proposed cancellation of admission to trading on AIM on the 16 June 2023.
Nexus Infrastructure 170p £78.5m (NEXS.L)
A provider of civil engineering infrastructure services to the UK housebuilding sector through its operational business, Tamdown, announces its unaudited interim results for the six months ended 31 March 2023. Revenue increased by 9%to £50.8m (H1 2022: £46.7m) and operating profit increased to £1.3m (H1 2022: £1.1m). The sale of TriConnex and eSmart Networks in the period generated £77.7m in proceeds, with £60.5m distributed to shareholders via a tender offer. The Company holds cash equivalents of £15.9m. The Company’s order book of £85.3m, remains at similar levels to the year prior (H1 2022: £88.4m).
One Heritage Group* 16p £6.2m (OHG.L)
The UK-based residential developer focused on the North of England, announces the practical completion of Liberty House, often referred to as Bank Street, Sheffield, a residential development project consisting of 23 high-end apartments. The Group has previously taken the decision to impair the value of its Bank Street, St Petersgate and Oscar House developments by £2.40m, and Bank Street accounts for approximately 65% of this value. Sales are progressing and 17 units have exchanged contracts with a further 2 reservations and 4 remain unsold. The 17 exchanged units should generate £3.27m in revenue by the 26th May 2023. Liberty House, Bank Street, is the company’s second practical completion of 2023 and with two more completions in Manchester and Stockport set to follow soon, the Company look forward to announcing further project news.
Sareum Holdings* 125p £85.1m (SAR.L)
A clinical-stage biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces the initiation of a Phase 1a clinical trial for its lead product SDC-1801. The trial has started with patient recruitment in progress at specialist clinical units located in Victoria, Australia. SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases with an initial focus on psoriasis, an autoimmune condition affecting the skin. The initial Phase 1a trial is designed to investigate the safety and pharmacokinetics of an oral formulation of SDC-1801 in healthy subjects. Provided satisfactory safety data are obtained from this initial study, a Phase 1b clinical study is expected to commence in psoriasis patients in 2024.
SEEEN 3.1p £2.9m (SEEN.L)
The media and technology platform that delivers Key Video Moments to drive increased views and revenues across video content, announces the appointment of Mark Williams as an Independent Non-Executive Director, with immediate effect, and Carmel Warren as Chief Financial Officer with effect from 1 June 2023.
SRT Marine Systems 53p £96.2m (SRT.L)
A provider of maritime domain awareness systems and technologies for security, safety and environmental protection announces that it has signed a US$180m contract to supply an integrated maritime surveillance and intelligence system to a national Coast Guard. The project has an expected implementation period of approximately 2 years, followed by a support and data services period of 8 years. The implementation of the system accounts for approximately 85% of the value, with the remaining 15% related to support and data services.
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The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
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