Welcome to taking stock on.... Thursday 3rd August 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
RISERS
Kodal Minerals - Kodal receives Prepayment of US$3,500,000
Highlights:
· Kodal to receive a US$3,500,000 Prepayment of the subscription agreement entered into as part of the Funding Package.
· Kodal will apply the funds to the continued advancement of the Bougouni Lithium project and has sole discretion over use of funds including for general working capital.
· The Prepayment is repayable or convertible into new ordinary shares of the Company should the Funding Package not proceed.
· Kodal is completing the registration of a new company in Mali, Les Mines de Lithium de Bougouni SA ("LMLB"), and this company will be the owner of the Bougouni mining licence.
· Kodal is also commencing the process of transferring the mining licence from Future Minerals SARL to LMLB as a key condition precedent for completion of the Funding Package.
In February 2019, the Company announced an updated JORC Mineral Resource for the Bougouni Project of 21.3Mt at 1.11% Li2O, with 11.6Mt at 1.13% Li2O in the Indicated category and 9.7Mt at 1.08% Li2O in the Inferred category.
FALLERS
Devolver Digital - Trading Update
Our expectation for performance for 2023 has been impacted by three key factors: delays to new title releases, a reduction in revenue from subscription deals and a lower contribution from our back-catalogue.
In light of the performance year-to-date we expect Normalised Adjusted EBITDA1 to be negative in the first half of 2023. For the full year ending 31 December 2023, we now expect Group Normalised Adjusted EBITDA to be at least break-even. The Board expects Normalised Adjusted EBITDA to return to growth in 2024 and accelerate in 2025.
Devolver has a robust balance sheet with c.US$64m net cash on hand as at end June 2023, which takes into account a c.US$7m purchase of shares in the market in 1H 2023, which are now held in Devolver's Employee Benefit Trust.
MOST READ RNS
Polarean Imaging - Clearance received for new MRI chest coil
Polarean Imaging Plc (AIM: POLX), a commercial-stage medical device leader in advanced MRI scanning of the lungs, announces it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the Company's specialised MRI chest coil to now include Philips 3.0T MRI scanners for the visualisation of the Xenon-129 (129Xe) nuclei.
The Polarean XENOVIEW™ 3.0T Chest Coil is a flexible, single channel, transmit-receive RF coil tuned to image 129Xe nuclei while a patient is positioned inside a multinuclei-capable MRI scanner. The XENOVIEW Chest Coil is indicated to be used in conjunction with compatible 3.0T MRI scanners and approved hyperpolarised 129Xe for oral inhalation for the evaluation of lung ventilation in adults and paediatric patients, aged 12 years and older. The addition of the new Philips configuration does not affect the intended use of the device; the safety and effectiveness has been confirmed with testing.
Harland & Wolff - New Aberdeen Subsidiary
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, is pleased to announce the establishment of Harland & Wolff (Technologies) Limited ("HWT"), a fully owned subsidiary of the Company.
Whilst the Company remains supportive of the UK's Net Zero targets and the transition to cleaner energy and fuels, it is clear that traditional sources of energy will still have a significant role to play over the next few decades. With the recent Government announcement on a series of new North Sea licensing rounds, and the number of enquiries that the Company is addressing for offshore electrification projects, new platform construction projects and in-service support, HWT will be well placed to address a very sizeable business opportunity across these markets.
RNS WORTH READING
ScS Group - Full Year Trading Update
The Group expects to report full year profit in line with market expectations, driven by effective cost management and improved trading in the second half of the year.
The Group's financial position remains robust, with cash at 29 July 2023 of £69.5m and no debt.
ScS order intake
ScS's updated brand and strategy are beginning to resonate with customers, resulting in strong like-for-like order growth of 6.0% from weeks 34 to 52 building on the 5.7% previously announced for weeks 27 to 33. As a result of this growth, following a more challenging first quarter, order intake for the full year was in line with FY22.
Continuing the trend of the past two years, the ScS business continues to gain market share, cementing its position as the UK's second largest upholstered furniture retailer.
Outlook
We are cognisant of the economic conditions facing our customers including higher interest rates and low consumer confidence, which are forecast to continue throughout FY24. However, we remain confident that the Group's strategy and strong balance sheet will enable ongoing trading resilience and we continue to expect to grow our market share while selectively investing in store and other strategic growth opportunities.
TOP BUSINESS STORIES
Record wet weather drives shoppers away from High Street
The number of people heading out to the shops fell for the first July in 14 years as the UK grappled with one of the wettest months on record.
Overall footfall was down by 0.3% in the first drop in July since 2009, said retail analysis firm Springboard.
High Streets were hit hardest but shopping centres and retail parks got a boost in visitor numbers.
The wet weather appears to have benefited other sectors, including cinemas which saw a spike in sales in July.
Vue Box Office revenue is up 36% on the same month in 2022, and 56% on June 2023.
Much of the gain was due to the success of the Barbie and Oppenheimer films.