The shares have been on a good run over the last month, rising from 1,752p but they ran into profit-taking this morning despite the company reporting an increase in profit before tax to £18.3mln in the year to the end of February from £16.7mln the year before.
The full-year dividend was slashed to 8.5p from 27.0p as the board of the fintech firm elected not to recommend payment of a final dividend.
9.30am: Hardide soars after posting record half-year revenues
The company posted record half-year revenue of £3.02mln, up from £2.35mln the year before, while the margin improved to 55% from 45% as a result of a stronger product mix.
The company said it had seen no significant reduction in demand so far as a result of the coronavirus (COVID-19) pandemic.
The provider of technology products for the global gaming and broadcast industries said that, as previously indicated, things have not gone so swimmingly in other parts of the business as the global gaming industry remains largely closed down.
Positive signs of recovery are starting to show, however, and from the week commencing May 11, Quixant said it started to see the first reopening of venues in the US and robust attendance from games players.
Proactive news headlines:
Aminex PLC (LON:AEX) has told investors it is now set to complete its pivotal farm-out transaction as the Tanzanian authorities have now issued a Tax Clearance Certificate, following the payment of a capital gains tax bill. It means that Aminex and new partner ARA Petroleum have satisfied all requirements for the government to approve the transfer of a 50% interest in the Ruvuma PSA. "This is a major milestone. With the receipt of the Tax Clearance Certificate from the TRA and with the onward submission to the TPDC, Aminex has now accomplished all of the conditions within our control in order to complete the Ruvuma farm-out," Robert Ambrose, Aminex chief executive said in a statement.
AFC Energy PLC (LON:AFC) has told investors it is advancing plans for its teams to return to their offices towards the end of May. In a statement, the group said key teams in the AFC business – science, engineering and manufacturing – have seen no slow down due to the coronavirus (COVID-19) pandemic and they are actively responding to new project development opportunities. No AFC staff were furloughed. It noted that it previously made arrangements so that certain staff members who were unable to work from home could access their offices and labs. The continued efforts of many staff members have ensured the continuity of validation work in AFCs labs and manufacturing activities over these past few months, the group said.
Itaconix PLC (LON:ITX) said it has received US$200,000 in funding from a US government programme designed to help businesses keep their workforce employed during the coronavirus (COVID-19) crisis. The company said it received the maximum amount allowed under the programme based on its payroll and may qualify for partial forgiveness under the terms of the loan if certain payroll conditions are met. If these conditions are not met or the board chooses not to seek forgiveness, the loan is repayable in equal instalments over eighteen months commencing in December 2020.
FastForward Innovations Ltds (LON:FFWD) has noted that its portfolio firm, EMMAC Life Sciences, has become the first European cannabis company licensed to manufacture medical cannabis extracts as active pharmaceutical ingredients containing delta 9-tetrahydrocannabinol (THC) for commercial purposes at its Medalchemy manufacturing site in Spain. EMMAC said Medalchemy will immediately begin production and distribution of some medical cannabis products across multiple jurisdictions in Europe and beyond as well as supplying white-label medical cannabis products. FastForward holds a 2.3% interest in EMMAC.
AdEPT Technology Group PLC (LON:ADT) has unveiled a strategic partnership with 8×8, a global provider of pure cloud solutions. The two companies will jointly address the unified communications as a service (UCaaS) and contact centre as a service (CCaaS) markets. AdEPT said the partnership would allow it to win more unified communications (UC) business, with an initial focus on public sector organisations and healthcare providers.
Live Company Group PLC (LON:LVCG) has updated on its business activities as several countries began to ease their coronavirus pandemic lockdown restrictions. In a statement, the media group and owner of the BRICKLIVE brand said the first zoos were beginning to open in Germany, providing it with an opportunity to expand sales in the country, and added that it is also working with the JB Zoo in Michigan in the US to install its Animal Paradise tour ahead of a planned reopening at the end of May. The firm also confirmed that despite around a third of its events being postponed to the second half of 2020 and the first half of 2021, none have been cancelled at this time.
Rainbow Rare Earths Ltd (LON:RBW) has completed a structural and lithological review of the Gakara rare earths project in Burundi which has confirmed high priority areas for the group's ongoing exploration programme. The results of the structural review and other historical mining and exploration data are being incorporated into 3D models of mineral resources and exploration targets in compliance with the standards defined in the JORC Code, the company said. Trial mining and processing continues to demonstrate that high total rare earth oxide (TREO) grade ore sourced from across the licence area has similar metallurgical and mineralogical characteristics
Metal Tiger PLC (LON:MTR) noted that Cobre Ltd (ASX:CBE), a company in which it holds a 19.99% interest, has revealed plans to drill 6,000 metres at the Perrinvale project in Western Australia. Cobres upcoming drill programme includes 3,400 metres of reverse circulation drilling and 2,600 metres of diamond drilling (DD). The field crews have begun mobilising to site in preparation for the arrival of drill rigs later this month. Separately, Metal Tiger also announced the death of Terry Grammer, a non-executive director of the company.
Seeing Machines Limited (LON:SEE) said it has made the “difficult but necessary” decision to cut the cost base by A$12mln as it looks to navigate the “challenges” created by the global coronavirus pandemic. Among the initiatives being enacted by the company, the developer of in-vehicle eye-tracking technology, is the implementation of a four-day working week. Alongside this, chief executive Paul McGlone is taking a 20% pay cut and deferring his bonus for the year, while the chairmans fees will be reduced by 30%. Operationally, Seeing Machines said it has restructured its business to “improve the focus on profits” for its three main units – automotive, fleet/off-road and aviation.