Welcome to taking stock on.... Wednesday 26th July 2023
RISERS
Actual Experience - Logicalis to seek first customer for DWMP product
Logicalis is one of three main operating divisions of Datatec, a major technology and services group with annual revenues of $4.6bn, operating in over 50 countries and with more than 10,000 customers.
RTC Group - Interim Results
Summary:
· Group revenue from continuing operations increased 33% to £45.6m (2022: £34.4m);
· Contract revenues increased to £43.0m (2022: £32.1m) and a strong order book in excess of £200m;
· EBITDA increased by £1.5m to £1.6m (2022: £0.1m);
· Profit before tax increased by £1.4m to £1.0m (2022: loss of £0.4m);
· Net cash inflow from operating activities £2.1m (2022 outflow: £0.6m);
· No term debt; and
Cash and cash equivalents £499k (£681k)
Graft Polymer (UK) - Distribution agreement with US Inter-Technologies
Graft Polymer a special multi-sector chemicals company offering modified and alloys polymers and bio-polymers solutions for refiners, compounders and processors, announces the signing of a distribution agreement with leading US veterinary products company Inter-Technologies Inc. The agreement is a major step forward in expanding the penetration of the Company's GraftBio products into the Veterinary Food Supplements market in the USA, through Inter-Technologies' five operating subsidiaries in that market.
FALLERS
Great Western Mining - Placing of New Ordinary Shares
Great Western Mining Corporation which is exploring and developing gold, silver and copper targets in Mineral County, Nevada, is pleased to announce the successful completion of a placing to raise gross proceeds (before expenses) of £500,000 through the issue of 909,090,914 new Ordinary Shares at a price of 0.055 pence each
Velocity Composites - Trading Update
As previously announced, Velocity is progressing the first article inspection ("FAI") process and production ramp up of the US$100 million, five-year Work Package Agreement ("the Agreement") announced in December 2022.
The FAI process is extremely complicated and has required extensive time and work on both sides. The Customer and Velocity are in discussions for the five-year term of the Agreement announced in December 2022, with the term initially expected to commence in March 2023, to now start on 1 January 2024, when all the critical kits have been outsourced.
All other contractual terms, including the full-term revenue under the Agreement of US$100m, are expected to remain unchanged, at the underlying base of US$20m per annum based on current programme production rates. Using current exchange rates of GBP1:US$1.30, this is worth approximately £15.4m of revenue to Velocity for each year of the Agreement.
As a result of the updated FAI timeline, revenue that was expected to be realised in the ramp up stage of production in the US for the year ending 31 October 2023 ("FY2023") has been reduced to £2.2m from £5.0m. However, any FY2023 revenue achieved under the Agreement is in addition to the US$20m per annum for the five-year period of the Agreement and therefore has no commercial impact on the value of that contract long term.
For FY2023, with the adjustment to FAI process sales estimates and changes in exchange rates, the Group is now expecting to report revenue of between £15m to £17m, and an EBITDA loss of between £1.2m to £1.6m (subject to finalising the capitalisation of certain costs in the US).
Most Followed
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Most Read RNS
hVIVO - Trading update
hVIVO the world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces a trading update for the six-month period ended 30 June 2023.
Highlights
· First half revenue growth of 52% to £27.3 million* (H1 2022: £18.0 million)
· EBITDA margin c.19% (H1 2022: 12.7%)
· Net cash of £31.3 million as at 30 June 2023 (H1 2022: £15.9 million)
· Weighted contracted orderbook of £78 million as at 30 June 2023 (30 June 2022: c.£70 million) underpins venue visibility
· Full year revenue and EBITDA remains in line with expectations
* The Group will now report revenue excluding other income, such as R&D tax credits. Other income in H1 2023 was £1.4 million (H1 2022: £0.9 million).
RNS Worth Reading
Saietta Group - New Commercial Agreement
Saietta Group plc (AIM: SED), the multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) systems for electric vehicles, announces a new Letter of Assignment for a third vehicle line with its existing Indian client, one of the largest OEMs in the Indian light-duty mobility market. Subject to entering into formal production orders, the parties initially expect a volume of 60,000 units over a 5-year period.
Top Business Stories
Renters compete with 20 others in battle to find a home
Competition among renters is so intense that there are 20 requests to view each available property, according to data commissioned by the BBC.
The average number of requests to see each home has more than tripled from six in 2019, the figures from property portal Rightmove show.
The queue to view is even longer in some regions, reaching 30 in the North West of England.
NatWest chief executive Dame Alison Rose has resigned after admitting to being the source of an inaccurate story about Nigel Farage's bank account.
Her four-year tenure as chief executive has ended in ignominy over her admission that she had discussed Mr Farage's bank details with a BBC journalist.
Number 10 said Dame Alison has "done the right thing" by resigning, and 19 bank chiefs will attend a Treasury summit today after reports some businesses have had their accounts closed with no explanation.
Mr Farage told Sky News "the whole board needs to go" at NatWest following the resignation of Dame Alison.
Joe Lewis: Tottenham Hotspur owner charged over alleged insider trading
Tottenham Hotspur owner Joe Lewis has been charged with "orchestrating a brazen insider trader scheme", US attorney Damian Williams has said.
Mr Williams used a video announcement to accuse the British billionaire of using inside information to "shower gifts on his friends and lovers".
Mr Lewis "has been indicted and will face justice" in the Southern District of New York (SDNY), Mr Williams said.
A lawyer for Mr Lewis said charging him was an "egregious error in judgement".
"We allege that, for years, Joe Lewis abused his access to corporate board rooms and repeatedly provided inside information to his romantic partners, his personal assistants, his private pilots, and his friends," Mr Williams said in the video.