Seraphim Space Investment Trust PLC (LSE:SSIT) saw its shares rocket after the market warmed to its latest trading update.
Shares in the SpaceTech investment company soared 7.32% to 77p as the Trust said investment in the space domain remained strong despite the macro-economic environment.
“Whilst the space sector is not immune to the macro-economic backdrop, the last six months have demonstrated the crucial role space plays in global defence, food security and humanitarian support as well as addressing longer-term climate and sustainability solutions,” said chief executive, Mark Boggett.
According to the statement, the group had net assets of £250mln as of March 31, with 75%, or £188mln, made up of investments and the remaining 25% made up of cash.
However, since the quarter ended June 30, the group made five private investments, meaning total cash fell to £57.7mln from £62.3mln.
Metal Tiger advances as 21% owned Cobre makes discovery
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) shares advanced strongly after Cobre Limited announced the first intersection of significant copper mineralisation from its ongoing drill programme on Kalahari Metals Limited’s Ngami Copper Project licenses.
Metal Tiger has a 21% stake in Cobre and its shares jumped 16.07% to 16.25p on the back of the news.
Cobre Executive Chairman and Managing Director, Martin Holland, said: “This new copper discovery represents a transformational moment for Cobre shareholders.”
He added “These results, which confirm the presence of significant copper mineralisation, validate the district scale opportunity of Cobre’s soon to be 100% owned, extensive licence package within the Kalahari Copper Belt.
Provident Financial (LSE:LON:PFG) dips as costs increase more than expected
Provident Financial (LSE:PFG) topped the FTSE 250 fallers as a fall in profits and an increase in operating costs disappointed the market.
The group reported first half adjusted pre-tax profit of £54.3mln, 15% lower than the first half of 2021, while operating costs grew by 20% to £157mln.
Peel Hunt analysts Robert Sage and Stuart Duncan, commented that FY costs were now likely to total circa £314mln against their current estimate of £269m, although costs are seen falling back in 2023.
Lower impairment charges will offset some of this they said but they cautioned there was ground to be made up if the company was going to hit full year forecasts.
Quadrise deal provides fuel to share price
Quadrise Fuels International PLC (AIM:QFI, OTC:QDRSF) saw its shares advance strongly after announcing that it has signed a framework agreement with MSC Shipmanagement for proof-of-concept tests and operational trials.
By 10.50am shares were 15.94% higher at 1.60p.
Both bioMSAR and MSAR fuels will be tested on one or more commercial container vessel ahead of the intended commercial supply of the fuels to MSC’s global fleet.
Jason Miles, CEO of QFI, commented:
“This is an important milestone for the company as we progress our projects and deepen our relationships with leading energy suppliers and users to reduce energy consumption, costs and emissions.”
House broker, Shore Capital, commented: “We believe the scope to add value to one of the largest shipping companies in the world is huge, especially as environmental regulations in the industry are expected to tighten further.”
“The potential scale of the opportunities in Utah and Morocco are also huge and each potentially worth substantially more than Quadrise's current enterprise value.”
Parsley Group dives as revenues and orders fall
Meal delivery service, Parsley Box Group PLC, saw its shares crash 30% to 12.25p after reporting a fall in revenues and order numbers.
Income fell to £9.6mln from £14mln in the first half while total order numbers in the first half were 212,000 against 385,000 in the first half of 2021.
As a result of the fall in orders, the company cautioned that it expects full year revenues of £19m
The cost of acquiring new customers also continued to rise, reaching £34 in the first half against £31 in 2021 and the cost of a repeat order increased to £6 from £3.
Kevin Dorren, CEO of Parsley Box, commented:
"We have continued our product innovation at pace to increase the opportunities for customers to order from us, and remain focused on balancing investment in customer acquisition and maintaining cash reserves, whilst we navigate the challenging consumer environment. “
“We recently brought down the price of a range of customer favourite meals to £2.95 to help alleviate the rising cost of living, and have frozen all prices until September. We remain well funded and continue to deliver quality, good value, and nutritious food."