CXL +10.96%: 1H22 from a purely numbers focus was a miss, however the opportunity for the mineral processing technology business is what it’s all about. Sales revenue was up around 6.5% but total revenue fell given lower R&D incentives and grant income. Operating profit swung into a $5.2m loss with the lower revenue and higher costs, particularly sales & admin. From an outlook perspective though the update was solid with a ‘rapidly growing pipeline of opportunities in the CO2 and sustainable processing business’ and flagged meaningful agreements in the near term. We have a call with management on now.
MM remains long & bullish CXL
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