AIQ shares rise 20% to 15p on narrowed loss and revenue increase in H1
AIQ reported on Friday substantial revenue growth and narrowed losses as it delivered on large contracts and controlled costs.
In H1, AIQ reported a large increase in revenue YoY to £361K from only £12K the year before as it progressed delivery of a large contract to supply a decentralised finance (DeFi) exchange (DEX) to a customer in Australia. Additionally, AIQ won a £310K contract to supply a non-fungible token (NFT) marketplace for education applications in Hong Kong.
AIQ reported a much narrowed pre-tax loss of £202K compared to £915K the year before, due to substantial cost savings and a foreign exchange gain of £70K, compared to a £138K loss last year.
"The Group expects revenue for the full year to be significantly higher than for the year to 31 October 2021 and anticipates a substantial reduction in net loss. However, the Group expects revenue for the second half of the year to be lower than that generated in the first half as the majority of the DeFi DEX contract was delivered during the first six-month period." the company said.
Anglo African Agriculture shares soar 50.91% to 4.15p on narrowed loss in H1
Anglo African Agriculture reported on Friday a much narrower pretax loss of £136K in H1, compared to £318K in H1 2021. Administrative expenses also fell to £463K from £515K the previous year. However, turnover fell to £681K from £788K in H1 2021.
"The global financial recession will present some future headwinds in the short to medium term. The Company and its advisors have been working tirelessly on various initiatives aimed at creating shareholder value. As at the 25th of July the Company had £350,000 in cash, and the board believes that the Company is well positioned to take advantage of any opportunities that may arise due to the current economic turmoil." AAA said
Wishbone Gold shares rise 20.93% to 13p on positive drilling results from Red Setter Project
Wishbone Gold reported good drilling results from its Red Setter gold and copper project in Western Australia, with intersection of multiple zones of quartz veining, carbonate and chalcopyrite and pyrrhotite from hole WRSDD0003.
WRSDD0003 is presently at a depth of ~370m. After completion of this hole, WRSDD0002 will be re-entered and pushed further to test mineralisation, the company said.
Richard Poulden, Chairman, commented:
"It has taken some time to get the diamond drilling underway at Red Setter, and I am very pleased to see these encouraging signs of mineralisation from the drilling thus far. On the strength of what is being seen to date, Wishbone is now endeavouring to secure an additional diamond drill rig. I look forward to further positive results as we target the ~3km strike of the magnetic models. This is an exciting time for Wishbone."
Agriterra shares rise 5% to 5.25p on US$7.9m cash injection from Magister Investments
Agriterra on Friday secured new debt funding from its majority shareholder Magister Investments worth US$7.9m. The capital will enable immediate repayment of an existing, high cost US$6.1m facility owed to an external banking institution. It will also enable cheaper financing of grain purchasing in Mozambique, without making use of local borrowing/overdraft facilities that typically carry higher interest rates, the company said.
Management estimates that this debt refinancing will enable Agriterra to save approximately US$600K in annual interest and fee costs during the first year.