Deltex Medical Group PLC - Chichester, England-based blood circulation monitoring system maker - Warns it may need to conduct an equity fundraise, which would be at a ‘material discount’ to its current share price. If it goes ahead, the equity raise would include a retail offer. In the absence of a funding solution, Deltex is ‘highly likely’ to appoint an administrator, it says.

Deltex’s shares were suspended from trading late last month pending clarification of its financial position. On Thursday, Deltex says it had just £100,000 in cash on June 30, down from £600,000 a year before. It recorded revenue of £1.1 million in the first half of 2023, down from £1.2 million a year before.

The decline is due to a weaker-than-expected second quarter, as customers waited for the new TrueVue monitor from Deltex to be available, it says. This next-generation, ultrasound-based oesophageal Doppler monitoring system has completed all required internal and external test and will be launched ‘imminently’, Deltex says.

Current stock price: last traded at 1.10p on Jun 23 in London

12-month change: unchanged

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