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Proactive news summary: Active Energy Group PLC, Cello Group PLC, Westminster Group and more

Venn Life Sciences win bigger contracts, Cello Group's VAT dispute and Westminster Group set sail (finally).
Round-up of news highlights from the world of Proactive

Venn Life Sciences Holdings PLC (AIM: VENN) forecast better-than-expected annual results after winning bigger contracts.

Venn, which provides drug development, clinical trial management and resourcing services to drug, biotech and medical device clients, now expects revenues for the year to the end of December to be significantly more than double the previous year's €4.9mln and to top market expectations by at least 15%.

In other news, health and consumer marketing specialist Cello Group PLC (LON:CLL) received a knock-back from Her Majesty's Revenue and Customs (HMRC) over its VAT dispute.

The case relates to the group's Cello Signal, which had been acting in good faith in not charging valued added tax (VAT) on certain items to charity clients only to learn later that the tax man expected his cut.

Over at LGO Energy plc (LON:LGO), the group expects to earn 10% more per barrel on the oil it produces in Trinidad after lower royalty rates were introduced by state oil company Petrotrin.

From now on, and on oil sold at prices under US$50 per barrel, the royalty rate on most barrels is being cut by 40% to below 10%.

Meanwhile, the boss of AFC Energy PLC (LON: AFC) put the quest to commercialise its breakthrough industrial fuel cell technology at the top of the priority list for 2016.

“Progress in developing and monetising partnerships continues unabated in our target markets," said chief executive Adam Bond.

He was quoted following the release of full-year results, which charted the progress made to date.

Active Energy Group PLC (LON:AEG), the owner of wood fibre, forestry and coal replacement assets, remained upbeat despite confirming its operating losses had widened marginally in 2015.

The guidance added some granularity to a statement issued on December 7 and charted the growing pains of a company making substantial progress on three fronts.

Elsewhere, Canada-based gold and silver miner Mandalay Resources Corp (TSX:MND) shuffled the responsibilities of its senior executives.

Brad Mills, chief executive, is to become executive chairman and oversee strategic direction and operations.

Mark Sander, currently COO, will become the new president and chief executive.

Personal health monitoring group CloudTag Inc (LON:CTAG) raised another £112,000 to develop its business.

The wearable technology group will apply to admit the shares to trading on AIM and expects dealings in the stock to begin on or around March 31, taking the total number of ordinary shares in issue to 264,266,964.

And finally it was full steam ahead for managed services and security solutions provider Westminster Group PLC (LON:WSG) after its keenly anticipated ferry service in Sierra Leone is expected to launch next month.

The flagship vessel, the Sierra Queen, underwent repairs to a propeller shaft at the end of last year but all appears to be ship-shape and Bristol fashion, as it has performed well in sea trials.



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