Sabien Technology finds the market hard to please as it slashes losses

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Sabien Technology Group PLC (AIM:SNT) shed 7.5% at 18.5p after its final results failed to enthuse the market.


The provider of energy reduction technologies saw revenue in the year to the end of June more than double to GBP971,000 from GBP454,000 the previous year and losses narrow considerably to GBP509,000 from GBP1.4mln.


Sabien said it carries GBP43,000 of orders into 2021 and, as at 30 June 2021, the group had cash in hand of GBP1.40mln (2020: GBP0.78m) after it tapped the market for GBP1.7mln during the year.


1.40pm: Bisichi expects second-half output to be little changed from first half


Bisichi PLC retreated 6.3% to 75p after its interim results reveal it remains loss-making.


The coal mining company saw half-year revenues soar to GBP23.6mln from GBP14.3mln the year before while the loss before tax was whittled down to GBP303,000 from GBP1.7mln the previous year.


The group’s overall mining production in the second half of 2021 is expected to remain at similar levels to the first half of the year; however, plans are in place to move into a new mining area at Black Wattle by the end of 2021, where mining conditions and production are expected to improve.


12.45pm: Reabold Resources (AIM:RBD) slumps as work on the B-1Z well at West Newton is suspended


Reabold Resources (AIM:RBD) PLC slumped 15% to 0.27p after it provided an update on activities at West Newton, operated by Rathlin Energy (UK) Limited.


Reabold has roughly a 56% economic interest in West Newton, where testing of the B-1Z well to date has yielded significant information to help understand the West Newton field, which is what exploration companies normally say when drilling results have not been what the market hoped for.


Sure enough, Reabild’s statement said the Kirkham Abbey reservoir in the well appears to be sensitive to the drilling and completion fluids and there are clear signs of reservoir damage in near-wellbore areas. “This is probably preventing more significant flow at this time. Testing to date has not yet returned all the completion fluids injected into the formation and a measurable flow of hydrocarbons has not yet been achieved,” Reabold said.


Work on the B-1Z well has been suspended.


11.50am: Base Resources cheers the market with results


Base Resources PLC jumped 9.7% to 17p after it lifted its dividend.


The mineral sands producer and developer said in the year to end June 2021, group EBITDA (underlying earnings) fell to US$94.6mln (GBP68.7mln), from US$108.7mln the previous year, as revenue dipped 5% to US$198.2mln.


All of the company’s revenue is generated from its Kwale operations in Kenya where it is seeking to extend the mine life via the assessment and development of existing near mine deposits and exploration.


10.55am: Market welcomes Renalytix board appointment


Renalytix PLC climbed 13% to 1,037.5p after it announced the appointment of Daniel Levangie to the board.


Levangie is an experienced executive and long-serving board director in the diagnostics and medical devices industry, Renalytix said. He is co-founder and manager of ATON Partners, a private investment firm, and president and chief executive officer (CEO) of CereVasc, a medical device company. He also has served on the board of directors of NASDAQ-listed Exact Sciences (NASDAQ:EXAS) Corporation.


“Dan brings extensive commercial experience to Renalytix as we begin implementing our KidneyIntelX national marketing strategy to over 200,000 primary care physicians treating an estimated 12 million diabetic kidney disease patients insured by the Government Services Administration, Medicare and Medicare Advantage programs,” said James McCullough, the CEO of Renalytix.


10.00am: Thor Mining thunders higher


Thor Mining PLC (AIM:THR, FRA:T5MC, OTCQB:THORF, ASX:THR) has hit further significant copper and gold intercepts in the recently completed initial diamond drilling programme at the Alford East copper-gold project in Australia.


The results include 72.7 metres at 1% copper and 0.19 grams per tonne from a depth of 6.3 metres.


The news sent Thor’s shares thundering 7.4% higher to 0.725p.


9.05am: Scottish Mortgage lifted by Nasdaq Composite hitting new high


Scottish Mortgage Investment Trust PLC (LSE:SMT) shares were in demand on Tuesday morning as UK investors played catch-up after the S&P 500 and the tech-heavy Nasdaq Composite hit new highs yesterday.


Although the investment trust, famed for its early moves into tech giants Facebook and Alphabet (i.e. Google) seems to be shifting its emphasis to Chinese companies these days, it still has a large exposure to US technology and biotech companies, so yesterday’s 0.9% rise on the Nasdaq Composite is likely to have given the trust’s net asset value a boost.


In fact, with the shares up 0.96% at 1,374p, this morning’s gain has almost exactly mirrored yesterday’s rise on the Nasdaq.


IronRidge Resources Ltd (AIM:IRR, FRA:BSG) shot up 15% to 24p after it said the conditions required to fully fund the company’s Ewoyaa Lithium Project have been satisfied.


Piedmont Lithium has subscribed for 54mln shares in IronRidge at a price of 20p per share, generating around GBP10.8mln for IronRidge.


Piedmont has also pumped a further GBP720,000 into the company by acquiring 2.88mln shares at 25p a pop, taking its stake in IronRidge to 9.91%.

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