Camellia 4250p £117.4m (CAM.L)
The UK based holding company operating with divisions in Agriculture and Engineering announced their interim results for the six months ended 30 June 2024. Revenue from continuing operations increased 7% to £105.1m (2023 H1: £98.0m) with improvements in both agriculture and engineering. As a result, the trading loss from continuing operations for the first half was reduced to £9.7m (H1 2023: £15.1m). The Company reported a first half loss after tax of £14.0m (2023 H1: profit of £3.5m). The Board has resolved not to pay an interim dividend for the first half due to the continuing operating losses.
CEPS 27.5p £5.8m (CEPS.L)
The UK-based industrial holding company has announced its unaudited half-yearly report for the six months ended 30 June 2024. Sales for the Group for the first six months of 2024 at £15.89m were up on the comparable period in 2023 of £15.05m, an increase of 5.6%. The operating profit for CEPS Group increased by 15.3% from £1.37m in H1 2023 to £1.58m in H1 2024. Profit after tax for the period was £952,000 compared to £793,000 for the first six months of 2023.
Filtronic 77p £168m (FTC.L)
The designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets announced it is relocating its Sedgefield site to a new, larger, purpose-built state-of-the-art facility on the same business park at NetPark, Sedgefield, County Durham in early 2025. This move will double the Company's operational footprint at its main UK site, facilitating a significant expansion in both capability and capacity.
Galileo Resources 0.925p £10.8m (GLR.L)
The mining company provided an update on the proposed development of the Luansobe copper project in Zambia where a small-scale mining licence has been granted and Galileo holds a 75% interest in the Project. Planning has now highlighted that it may not be necessary for one operator or contractor to retain control or oversight across all mining areas and the Galileo Board has taken cognisance of the fact that it may be in shareholder's interest to split the Project into separate mining and processing operations each capable of generating a sustainable and profitable business. Production remains dependent on a number of factors as announced previously but including permitting and the availability of funding.
Gear4music 175p £36.7m (G4M.L)
The retailer of musical instruments and music equipment will provide an update today at their AGM. During the financial year to date, trading has been in line with the Board's expectations. Having reduced net debt and operating costs during FY24, during the early stages of FY25, the Board have focused on implementing the growth strategy outlined in June and expect this to start delivering results in the second half of this year. Gear4music believes that consensus market expectations for the year ending 31 March 2025 prior to release of this announcement were revenues of £154.7m, EBITDA of £11.7m and PBT of £2.8m.
Invinity Energy Systems 13.5p £59.5m (IES.L)
The manufacturer of utility-grade energy storage provided an update on current trading and strategy. As at 30 June 2024, the Company had cash reserves of £49.2m. The Company previously advised that it expected 2024 revenue to be significantly second half weighted and in line with this guidance, expects H1 2024 revenues to be circa £1.6m. The H1 loss is also in line with expectations at circa £11.2m (subject to final review and approval of the Board). Given the political changes in the UK and upcoming US election, the Company now expects this will cause a delay in closing deals which will have a significant impact on full year 2024 revenues. The Company's anticipated loss position is not expected to be materially different from its expectations.
Onward Opportunities 124.5p £25.1m (ONWD.L)
The investment company targeting opportunities in smaller companies within the UK today reported its unaudited interim results for the six-month period ended 30 June 2024. The Company reported NAV per share of 116.32 pence, equating to a total return of +9.2% over the six-month period from 31 December 2023, representing another encouraging period of NAV outperformance. As at 30 August 2024, total NAV return since inception was+28.0%, outperforming the UK AIM All-Share by 29.4% which fell 1.43% over the same period.
SuperSeed Capital 77.5p £1.8m (AQSE:WWW)
The company established as a venture capital fund of funds for early-stage AI/SaaS companies announced results for Q2 2024 and the six-months ending 30 June 2024. NAV per share has held steady with only a minor decrease of 2p during the quarter, now at £1.14 per share on a fully diluted basis, representing an overall increase of 3p in H1 2024. Fund Portfolio SAAS revenue growth continued in Q2 2024, growing at ~58% on an annualised basis. The outlook suggests continued strong investment activity, with the Fund expecting to make one to three investments in the AI/SaaS space on a quarterly basis in 2024.
Supply@ME Capital 0.008p £6.3m (SYME.L)
The fintech business which provides a fintech platform for use by manufacturing and trading companies announces that in response to feedback from the shareholders at the AGM, it has resolved to expand the membership of its disclosure committee by appointing Alexandra Galligan to this committee effective immediately. The Company also announces that Enrico Camerinelli has provided his resignation from the Board and that a final departure date of 30 September 2024 has been mutually agreed.
Zephyr Energy 4.15p £72.7m (ZPHR.L)
The Rocky Mountain oil and gas company focused on responsible resource development and carbon-neutral operations provided an update on operations on the State 36-2R LNW-CC well at the Company's flagship project in the Paradox Basin, Utah, U.S. The Company has completed the second phase of the production test on the well. Peak production rates achieved during the second test were over 2,100 barrels of oil equivalent per day. Given the highly positive observations, Zephyr has commenced the process of discussing potential well and wider Paradox Project development opportunities with U.S. based industry partners in an effort to accelerate additional appraisal and development of the Paradox project.
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