The Renergen CDI (ASX: RLT) share price is up this morning after the company published two releases this morning. First up, the helium and LNG producer made a trading statement this morning. The announcement acknowledges an expected reduction in loss per share for the current financial year. Secondly, the company also published its quarterly activities and cashflow reports. This report included an update on its new vaccine transportation product.
The Renergen share price reached a high of $2.65 this morning, up 5% from its closing price yesterday. It has since dropped to $2.62 — still a 4% gain.
Let's look closer at this morning's news from Renergen.
The company announced this morning that this financial year's loss per share and headline loss per share is expected to be significantly less than last financial year's.
Additionally, Renergen stated the loss per share and headline loss per share for the current financial year is expected to be between 27.89 cents and 37.47 cents. This represents a decrease in loss of between 21.8% and 41.8%.
The loss per share and headline loss per share for the half-year ending on 28 February 2020 was 47.92 cents.
Renergen said the previous financial year's loss per share and headline loss per share included one-off costs from debt and equity funding for the company's IPO on the ASX.
Cryo-Vacc enables vaccines to be transported at extremely low temperatures for up to 30 days without any power supply. Powered by hydrogen, it's lightweight and can transport 100 vaccine doses at temperatures of between -70°C and -150°C.
Cryo-Vacc was only conceptualised in December 2020. Renergen is hoping to receive clinical validation will be granted and the product will be ready when South Africa's COVID-19 vaccination tender is announced.
The company has partnered with DPD Laser locally, which is using Cryo-Vacc to support its customers participating in the tender.
Renergen Quarterly activities and cashflow report
The company also published its quarterly activities report, within which it spoke of its successful helium mining activities.
Many of the company's mining activities have achieved their expected results or performed better than anticipated. Though, some of the company's activities have been affected by logics delays caused by COVID-19 lockdowns.
Renergen share price snapshot
The Renergen share price is having a fantastic year on the ASX. Currently, it is up by 138.5% year to date. It's also up by 142.9% over the last 12 months.
The company has a market capitalisation of around $43.5 million, with approximately 117 million shares outstanding.