Bad Economy Headlines in Newspapers

BlueRock Diamonds PLC (LON:BRD) climbed 11% to 55.5p after a sparkling set of full-year results.

Revenue in 2019 rose 190% to $4.1mln from £1.4mln in 2018, after production volumes increased 70% and the average price per carat rose 24% to US$415 frm US$334 the year before.

The market cheered the news that the diamond extractor is back to full production following the coronavirus outbreak.

2.00pm: Goodwin unveils its largest-ever purchase agreement

Goodwin PLC (LON:GDWN) has unveiled its largest purchase agreement yet, sending its shares 19% higher to 3,260p.

The long-term deal is to manufacture and machine storage boxes to assist with nuclear waste clean-up.

The engineer said this will further diversify its revenue streams and, alongside other business wins, will likely reduce oil and gas sector activity to less than 20%, from the previous 40%.

1.00pm: Cyanconnode gets cash influx from large shipment of modules

CyanConnode Holdings PLC (LON:CYAN) shares rose 16% to 4.45p after it commenced the shipment of Omnimesh RF Modules for the order announced in January 2020.

The customer, Genus Power Infrastructures, can now commence volume production of Omnimesh enabled smart meters for its customer, a utility company located in South India.

Cyanconnode has lobbed out 10,000 modules to Genus this month and has received advance payment for them in the form of a letter of credit.

Noon: Mothercare’s interim CEO to perambulate out the door 

Struggling mother & baby products pedlar Mothercare PLC (LON:MTC) fell 5% to 7.6p after it updated the market on progress with its transformation plan.

That transformation plan will progress without Glyn Hughes at the helm as he will step down at the end of the month. Hughes has been acting as an interim chief executive officer since the departure of Mark Newton-Jones back in January.

“We are finalising our arrangements with both our existing franchise partners and Boots as our new UK franchise partner and will make further announcements in due course. Our discussions with various other financing partners also continue constructively,” said Clive Whiley, the chairman of Mothercare.

11.00am: Amigo friendless after complaints balloon

Amigo PLC (LON:AMGO) said the rate of complaints has continued to balloon and it is trying to extend an agreement with the FCA to clear the backlog.

The lender, which agreed with the financial watchdog in May that it would clear a backlog of 9,000 complaints by June 26, saw its shares tumble 18% to 8p on the news.

The guarantor loans provider wants more time and it is looking to extend the deadline.

10.00am: Capita wanted as it starts garage sale of software businesses

Capita Group PLC (LON:CPI) was up 11% at 47.68p after it confirmed on Friday that it is preparing to sell its ESS business.

That is all part of a plan to dispose of standalone software products that have little overlap or cross-sell with the rest of Capita.

Also on Friday, the company agreed to the sale of Eclipse Legal Systems for £56.5mln.

9.15am: John Menzies eyeing pick-up in aviation activity from July

A trading update from John Menzies PLC (LON:MNZS) proved to be good news for the share price, which was up 15% at 165.8p in early deals.

The global aviation services business, which has been hit hard by a collapse in the aviation sector during the coronavirus pandemic, said trading in the second quarter had been ahead of management expectations, while a recovery in flight activity is expected to start from next month.

During April and May 2020, ground handling and fuelling activity was roughly 75% lower than in 2019, with the group’s ancillary passenger airline services similarly affected.

Ethernity Networks Limited (LON:ENET) has signed a contract with Hong Kong Techtronics, sending the shares 23% higher to 24p.

Techtronics will manage the distribution of Ehternity’s 100 gigabytes per second (Gbps) ACE-NIC100 FPGA SmartNIC (network interface card) throughout the Chinese market.

By using a regional distributor, Ethernity will benefit from expedited cash flow from order placements and Techtronics’ local technical support resources, Ethernity said.