Iconic Labs PLC (LON:ICON) shot up 14% to 0.031p before close after revealing TheLondonEconomic (TLE) website has outperformed expectations since entering into a management contract with the company in mid-April.
TLEs page views are trending at 6mln page views per month, after traffic increased by 50%.
The media company highlighted that substantial work has been done with the editorial team both to focus the editorial output and increase the number of published articles.
2.10pm: Ethernity Networks drops after admitting financial issues
Ethernity Networks Ltd (LON:ENET) lost 12% to 37.8p in the early afternoon as it admitted there might be problems with its finances.
The tech supplier applied for an emergency grant from the Innovation Authority in Israel established to support businesses hit by the coronavirus crisis, however it may need to find cash elsewhere in case this one does not go through.
The AIM-listed firm scheduled an extraordinary meeting with shareholders to allow directors authority to issue shares.
In the risers, Jersey Oil and Gas PLC (LON:JOG) advanced 12% to 64.8 after posting an increase in resource inventory to over 120mln barrels as it picked up the Buchan assets and consolidated the Verbier discovery in the North Sea.
The Greater Buchan project now comprises Buchan, Verbier, J2 and Glenn discoveries while development planning is underway, while the AIM-listed company is working with neighbouring field operators to consider collaborative development in the area.
The discoveries comprise 232mln barrels of estimated prospective resources.
12.20pm: Hammerson let down by scrapped deal
Hammerson PLC (LON:HMSO) shed 5% to 57.02p at noon after being ditched by Orion European Real Estate Fund, which was meant to purchase a portfolio of UK retail parks for £400mln.
The landlords had exchanged unconditional contracts in February, but the fund confirmed to the FTSE 250-listed firm it is not going ahead with the deal.
Hammerson said it will now terminate the purchase agreement and take the £21mln deposit held in escrow.
Remaining in the retail sector, Halfords Group PLC (LON:HFD) was on the rise, surging 19% to 136.78p after sales topped expectations.
The bicycle and auto parts retailer posted a last-minute boost in the year ended 3 April, so adjusted pre-tax profit is expected to be “at the upper end” of its previously guided range of £50-55mln.
Sales in the four weeks to 1 May were 23% lower than last year, however this was better than estimated at the beginning of the lockdown.
11.10am: One Media IP continues to trade as normal despite pandemic
One Media IP Group PLC (LON:OMIP) advanced 5% to 6.29p after informing investors it continues to trade in line with market expectations despite the coronavirus crisis.
The AIM-listed digital music rights acquirer continues to explore opportunities to expand its music catalogue, with all staff working from home.
In the oil and gas sector, Aminex PLC (LON:AEX) shot up 19% to 0.86p after agreeing an advance of a US$2mln loan from incoming partner ARA Petroleum to pay a tax in Tanzania so that the farm-out transaction can complete.
The move will then allow Aminex and ARA to advance work programmes on the Ruvuma project and see the Ntorya discovery move towards development.
The Tanzanian authorities require a capital gains tax charge of US$2.2mln to be paid before the Minister of Energy will approve the farm-out transaction.
10.10am: Oxford Biomedica lower on latest update
Oxford Biomedica PLC (LON:OXB) was one of the few fallers on Wednesday morning, slipping 9% to 663.73p.
The gene and cell therapy company says revenues might drop by 30% amid the crisis, due to fewer new customers, lower demand from existing customers and a reduction in milestone payments.
However, the biotech group continues to work as an essential service during the pandemic and is part of a consortium led by Oxford University to develop a vaccine candidate for Covid-19.
Elsewhere, Immotion Group tanked 27% to 2.54p after unveiling plans to raise £1.3mln via a discounted share placing.
The out of home virtual reality entertainment firm is to sell shares at 2.5p each, a 28.6% discount to its closing price on Tuesday.
The AIM-listed firm is looking to shore up its balance sheet though it remains confident in its core strategy.
9.10am: Modern Water surfs higher by demand on water control reagent
Modern Water Plc (LON:MWG) shares shot 29% higher to 1.64p in early trading on Wednesday after revealing it has doubled production of its reagent for water contamination detection bacteria.
The group said demand has been high as countries increase water hygiene controls due to the coronavirus pandemic, and production volume has doubled to a list price value of £500,000 per batch.
Revenues, which are estimated to be at least US$1.25mln in the current financial year, will be split 60/40 with partner Integumen PLC (LON:SKIN), shares in which jumped 12.5% higher to 1.575p.
Meanwhile, Inspiration Healthcare Group PLC (LON:IHC) advanced 9% to 66.7p on the back of positive results for the three months to March.
The AIM-listed firm recorded a 27% increase in revenues, not including contracts to supply the NHS with ventilators announced on March 16 and 20, which are worth an additional £5mln in turnover.
Inspiration Healthcare focuses on supplying medical equipment to neo-natal and perinatal departments but has switched during the coronavirus crisis to meet the need for additional ventilators.
Proactive news headlines:
Integumen PLC (LON:SKIN) has said it is to double production of a reagent shipped to partner Modern Water used to help detect contamination to meet growing demand prompted by the coronavirus (COVID-19) outbreak. The first shipment has been made to fill back-orders, while the new production run has a list price of £500,000 per batch, Integumen added. In the same announcement, Integumen also said its RAWTest AI real-time alert system is to be retrofitted to new Modern Water's Microtox units.
Tekcapital PLC (LON:TEK) has reported record revenues and net assets in its full-year results as its portfolio valuation rose by almost 50%. For the year ended November 30, 2019, the intellectual property investment group saw its net assets increase by 40% to US$22.25mln, while net asset value (NAV) per share rose to 35 US cents from 30 US cents. The firms portfolio valuation, meanwhile, increased by 48% to US$20.3mln. The company also reported a pre-tax profit of US$5.52mln, up from US$4.55mln in the prior year, while revenue rose to US$7.72mln from US$6.83mln in 2018.
Aminex PLC (LON:AEX) shares jumped higher on Wednesday as it told investors that it has agreed an advance of a US$2mln loan from incoming partner ARA Petroleum to pay a tax in Tanzania so that the farm-out transaction can complete. The move will then allow Aminex and ARA to advance work programmes on the Ruvuma project and see the Ntorya discovery move towards development. In a statement, the company noted that the Tanzanian authorities require a capital gains tax (CGT) charge of US$2.2mln to be paid before the Minister of Energy will approve the farm-out transaction.
Ncondezi Energy Limited (LON:NCCL) has finalised a binding agreement with GridX Africa Development for a pipeline of solar and battery storage projects in the commercial and industrial sector. The company has signed the agreement which gives the company the option, but not obligation, to fund a pipeline of projects in Mozambique. It can fund up to 100% of the projects, up to a total of £5mln. Seven potential projects have been identified with a potential solar capacity of 2.8 megawatts and 4.5 megawatts of storage. The initial project investments represent the potential for an annuity revenue stream of over US$750,000 per year.
Inspiration Health Group PLC (LON:IHC) chief executive Neil Campbell has said he is “delighted” with the med-tech companys performance so far this year after it recorded a 27% increase in revenues in the first three months of 2020. That number does not include contracts to supply the NHS with ventilators announced on March 16 and 20, which are worth an additional £5mln in turnover. They will be accounted for in the second quarter, but even without these “exceptional orders” the companys new business pipeline “remains strong”. CEO Campbell noted that Inspiration was positioned well for continued growth.
Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz has highlighted a transformational year for the group's asset growth as he commented in the companys financial results statement for 2019. The period saw the firm increase resource inventory to over 120mln barrels as it picked up the Buchan assets and consolidated the Verbier discovery in the North Sea. The Greater Buchan project now comprises Buchan, Verbier, J2 and Glenn discoveries and development planning is currently taking place with an initiative of technical and commercial evaluation studies also underway, in which the company is working with neighbouring field operators to consider collaborative development in the area.
LoopUp Group PLC (LON:LOOP) has said it is trading “materially ahead of expectations” as the coronavirus pandemic lockdown measures drive a migration to remote working and demand for its virtual meeting products. In a trading update, the AIM-listed firm said revenue in the year-to-date from January to April was at leaRead More – Source
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