Reported revenue in the first half of 2020 fell 13.9% (or 15.5% on a constant currency basis) to £22.4mln, which it said was largely due to the coronavirus pandemic and a rapid reduction in academic research carried out in the second quarter.
The loss on continuing operations virtually doubled to £9.4mln from £4.8mln in the first half of 2019.
2.30pm: EasyJet lower as it prepares to close its bases at Stansted, Southend and Newcastle
EasyJet PLC (LON:EZJ) was 2.2% lower on the day it was reported the low-cost airline will close its bases at Stansted, Southend and Newcastle airports.
London’s Evening Standard broke the news, reporting that the base at Stanstead will close from September 1.
The airline plans to find alternative flights, offer vouchers or refunds to those already booked on flights after September 1, the newspaper reported.
1.30pm: Quadrise Fuels White Paper fails to get the desired reaction
The report details the potential economic and environmental benefits of the implementation of MSAR technology in the Middle East.
In it, the company highlighted that MSAR technology enables the production of a proprietary oil-in-water emulsion fuel oil which reduces energy costs for consumers and improves refinery profitability and yield.
12.30pm: Petro MAtad stretching shareholders’ patience
The company noted in its interim results that its exploitation licence application for Block XX continues to progress.
A reserves report for the Heron-1 oil discovery has been reviewed by government-appointed auditors and has been forwarded for final review by the authorities – Mongolia’s Mineral Resource Professional Council.
11.30am: Avacta dips after issuing clarification regarding Medusa 19 collaboration
The developer of Affimer biotherapeutics and reagents noted that information appeared on the Medusa 19 web site last Friday regarding a SARS-CoV2 antibody test.
Avacta stressed it is not involved in Medusa 19’s development of the antibody rest, which is separate to Avacta’s SARS-CoV3 antigen test.
10.15am: Live Company soars after refinancing
The group has secured a new lending facility and arranged the repayment of another facility and the closure of an associated equity sharing agreement.
The owner of the BRICKLIVE events brand said its subsidiary Bricklive International Limited has entered into a sale and leaseback under a hire purchase agreement for £1.5mln with Close Leasing Limited, part of merchant bank Close Brothers Group PLC (LON:CBG), for a five-year term with a headline rate of 7.68%.
The proceeds of the facility will be used to repay several investors including Riverfort Global Opportunities PCC Limited and YA II PN Limited.
9.30am: Contract wins boost Falanx and KRM22
Falanx Group Limited (LON:FLX) climbed 14% higher to 1.8p in early deals on Monday after the group announced “a strategic contract win”.
It turns out a “strategic contract win” is pretty much like a run-of-the-mill contract win except the immediate recurring revenues are “relatively modest” although they are expected to grow.
The company said it has won an order to supply its Triarii cybersecurity product to several UK public sector organisations through a new reseller partnership.
The company had said on July 21 that it was close to a contract agreement with a brokerage firm and it has now got the contract, worth £1.2mln over four years, over the line. The contract win increases the group’s annualised recurring revenue (ARR) by £300,000.
Proactive news headlines:
Live Company Group PLC (LON:LVCG) said it has restructured its balance sheet through the securing of a new lending facility and the repayment of another facility and the closure of an associated equity sharing agreement. The owner of the BRICKLIVE events brand said its subsidiary Bricklive International Limited has entered into a sale and leaseback under a hire purchase agreement for £1.5mln with Close Leasing Limited, part of merchant bank Close Brothers Group PLC (LON:CBG), for a five-year term with a headline rate of 7.68%. The proceeds of the facility will be used to repay several investors including Riverfort Global Opportunities PCC Limited and YA II PN Limited.
KRM22 PLC (LON:KRM), the technology and software investment company, has landed a major customer contract for a suite of its risk management products. The company had said on July 21 that it was close to a contract agreement with a brokerage firm and it has now got the contract, worth £1.2mln over four years, over the line. The unnamed customer will take the company’s ‘At Trade’ and ‘Post Trade’ market risk modules, in addition to the ‘Market Surveillance’ module. The contract win increases the group’s annualised recurring revenue (ARR) by £300,000.
Bezant Resources PLC (LON:BZT) said it has completed the acquisition of Virgo Resources Ltd and its interests in the Hope copper-gold project, Namibia. Executive chairman Colin Bird described the move as a significant milestone for the company and described Hope as a very attractive project. “From Bezant’s technical due diligence on the project it was clear that there is potential for considerable upside as the Gorob-Vendone Deposit was not assayed for gold and there is the possibility for further discovery of similar type mineralisation as the project contains 150 km not yet tested,” Bird said in a statement. “Now that the transaction has been completed Bezant will be looking to implement the value creation strategy announced on 15 July 2020.”
Rosslyn Data Technologies PLC (LON:RDT) said it has appointed Paul Watts to the role of chief customer officer. Reporting to CEO Roger Bullen, Watts will lead “customer success”, sales and marketing, the company added. Formerly head of Blue Prism KK Japan, a robotic process automation specialist, he comes with 25 years’ experience and has worked in the software as a service (SaaS) and artificial intelligence sectors.
Power Metal Resources PLC (LON:POW) has signed an option agreement in respect of the Silver Peak project in British Columbia, Canada. The project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia. The Silver Peak project consists of a portfolio of mineral claims over a system of high grade, intrusion-related, polymetallic silver-lead-zinc-copper veins, part of the historical Eureka-Victoria silver mine. Originally discovered in the late 1800s the Silver Peak mines reportedly exploited near-surface oxide material ranging at grades between 500 ounces per tonne to 658 ounces per tonne silver.
Horizonte Minerals PLC (LON:HZM)(TSE:HZM) has published a sustainability report for 2019 that primarily relates to the Araguaia ferronickel project in Brazil, with data from the Vermelho nickel-cobalt project and corporate head office included where appropriate. The company noted as highlights zero lost-time injuries and fatalities, over 200 community engagements, 618 students engaged in environmental awareness programmes, 55% of total purchases from local suppliers, 42% female employees, and 46% of Brazil employees from Para State, where the projects are located.
BATM Advanced Communications Limited (LON:BVC) said it now expects its full-year results to be “significantly ahead of market expectations” following a jump in earnings in its first half. In its results for the six months ended June 30, 2020, the networking solutions and medical laboratory provider reported earnings (EBITDA) of US$5.3mln, up 36.2% year-on-year, while revenues surged 37.7% to US$77.4mln. The stronger performance appeared to be mainly attributed to the firm’s Bio-Medical division, its largest business segment, which saw revenues climb 65% in the year to US$50mln, helped by strong demand for the company’s coronavirus diagnostic tests.
Tissue Regenix Group PLC (LON:TRX) has said it is planning to move its head office and manufacturing operation to Garforth in Leeds from nearby Swillington, saving an annualised £400,000 in the process. As part of the relocation, which will take place in November, the regenerative medicines specialist said it will outsource “elements of the production cycle relating to testing and packaging”. However, it will retain its processing capabilities, including the manufacturing of OrthoPure XT, which is used in ligament reconstruction.
RM Secured Direct Lending PLC (LON:RMDL) has revealed that its portfolio’s performance in the first half of 2020 versus its peer group was favourable. The investor in secured debt instruments said its markets were knocked for six by the coronavirus (COVID-19) pandemic, and although the net asset value total return (i.e. including dividend payments) in the first six months of 2020 was -3.4%, this was better than the -5.4% total return on the Markit IBOX Euro Liquid High Yield index and the -4.6% total return on the S&P European Leveraged Loan index. Net asset value (NAV) edged up to £110,536 at the end of June from £109,977 at the end of 2019 but the NAV per share declined to 91.16p from 98p.
Clear Leisure PLC (LON:CLP) is planning to launch a new investment initiative focused on high growth technology companies. Sapphire Capital Partners has been engaged to act as the investment manager and to establish an enterprise investment scheme (EIS) aimed at professional and qualifying retail investors. The proposed fund will seek to invest in companies that focus on the integration of biological and digital systems. The AIM-listed investment company said in a business update that it hopes the new venture will receive all the necessary approvals and be able to start raising funds within the next six months.
Coinsilium Group Limited (LON:COIN) said it has signed its first decentralised finance (DeFi) deal with skills validation platform Indorse. The blockchain venture firm said the DeFi services advisory agreement will see it assist Indorse on a new strategy for its IND token to enhance the token’s trading liquidity, which will include engaging in liquidity incentivisation campaigns to ignite interest from liquidity providers. Coinsilium said there has been a “marked divergence” between Indorse’s operational business model and the performance of its IND token which it said has been underutilised. Under the deal, the company said it will recommend strategy and solutions to attract liquidity providers to the IND trading venues and work with Indorse on the design of a new token utility model.
Westminster Group PLC (LON:WSG) has announced the launch of its online training catalogue, the start of the group capitalising on its recently unveiled strategic alliance agreement with JP International Training Limited. Westminster, a leading supplier of managed services and technology-based security solutions worldwide, has provided training solutions for over 10 years, increasing its capabilities through various acquisitions and joint ventures. The group has been recognised by industry bodies and has received all relevant credentials to supply specialist training to various sectors including aviation and security.
Quadrise Fuels International PLC (LON:QFI) chairman Mike Kirk has told investors that the company is very excited by the potential for its MSAR technology which provides tangible, proven solutions to challenges faced by refiners and utilities. Kirk’s comments come as Quadrise released a new white paper that details the potential economic and environmental benefits of the implementation of MSAR technology in the Middle East – it is entitled “A clean solution to the Middle East’s heavy fuel oil problem”. In it, the company highlighted that MSAR technology enables the production of a proprietary oil-in-water emulsion fuel oil which reduces energy costs for consumers and improves refinery profitability and yield.
Vast Resources PLC (LON:VAST) has told investors that the latest findings at the Baita Plai project, in Romania, confirm confidence in the quality of the mining asset. In an update on metallurgical test work undertaken on Baita Plai materials, the group highlighted the findings of a final draft report from consultant Grinding Solutions. It shows copper recoveries ranging between 88.2% and 93.8%, into copper concentrate. Gold recovery into the concentrate meanwhile measured between 72.7% and 78.2%, silver saw from 69.3% to 83.0%.
Oriole Resources PLC (LON:ORR) has signed a US$300,000 sale agreement with its joint venture partner Anadolu Export Maden Sanayi ve Ticaret Ltd Şirketi in relation to the Karaağac mining royalty in Turkey. Oriole has received an initial tranche of US$50,000 in cash from Anadolu, with the balance contingent upon the commencement of mine construction at the Karaağac project. The sale is in line with the company’s previously stated strategy of asset monetisation, and follows the sale in February of its shares in Tembo Gold Corp for £172,000.
Red Rock Resources PLC (LON:RRR) said it has been able to progress its licence applications and operations in spite of the coronavirus pandemic in Africa and Australia. Andrew Bell, Red Rock’s chairman, said it is now able to plan visits to most of its sites again though the travel situation remains difficult. “Operations have been able to continue with little interruption and there are signs that the epidemic has in many countries passed its peak,” he added in a statement.
Oracle Power PLC (LON:ORCP) announced that it has received a conversion notice from investors in respect of £100,000 of the £1.5 million share subscription announced on July 9, 2020, and, accordingly, the company has issued, in aggregate, 17,189,218 new ordinary shares in the company)to the investors. Following the conversion, £1.4mln remains outstanding for conversion under the share subscription.
Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS: WHELF) directors Tony Swiericzuk and Ian Middlemas have demonstrated their confidence in the company’s sulphate of potash (SOP) strategy by participating in an institutional entitlement offer. Chief executive officer and managing director Tony Swiericzuk acquired 400,000 shares for a total of A$200,000 in a direct interest, increasing the number of securities held after the change to more than 4.416 million shares. Chairman Ian Middlemas acquired 2.75 million shares valued at A$1.375 million in an indirect interest, increasing his total number of securities held to 17 million.
Futura Medical PLC (LON:FUM), a pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal technology DermaSys and currently focused on sexual health and pain, has said it will announce its interim results for the six months ended June 30, 2020, on Wednesday, September 16, 2020. It added that James Barder, Futura’s chief executive officer, Angela Hildreth, its finance director/chief operating officer, and Ken James, executive director and head of R&D, will host a webcast for analysts on the day of the results, which will be made available within the investor centre section of the company’s website.
Adamas Finance Asia Limited (LON:ADAM) has announced that, at the company’s 2019 and its 2020 annual general meetings, both held on Friday, August 14, 2020, all resolutions put to shareholders were duly passed.