Microsaic Share News (MSYS)

Microsaic Systems PLC - Surrey-based developer of real-time mass spectrometers - Says it has been advised that a phase two tender for 17 further (in addition to the 27 already installed) Continuous Toxic Monitoring systems is expected after full commissioning and handover to Kahramaa, the client public water utility in Qatar. To comply with this timeline and project funding release by Kahramaa the company agrees a modified payment schedule with installation partner Avanceon. A sum of EUR87,000 has been received from Avanceon as part payment of the first tranche invoice of EUR228,000 for phase one project installation. The remaining balance is to be paid after consumable items for the existing CTMs are installed. After installation the second tranche payment of EUR228,000 for completion of phase one of the project will be due in the first quarter of 2025. The phase one contract value is EUR456,000 in two tranches of EUR228,000.

In addition, says production is ongoing at GX Group in Wales. Receives an increase from the initial firm orders of 8 units to 13 units. Also has preliminary order requests from distributors of around 25 further units in the first half of 2025.

Acting Executive Chair Bob Moore says: "We are delighted that actual sales and forecast sales of our upgraded Microtox LX instruments are showing strong growth from an international market." He adds: "We are now demonstrating that the business reset and new model is bringing results with an optimistic outlook for 2025."

Current stock price: 0.75 pence, down 3.2% in London on Tuesday

12-month change: down 46%

By Jeremy Cutler, Alliance News reporter

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