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Cyanconnode boosted by biggest ever order

Published: 15:00 20 Sep 2017 BST

Smart meter

Power usage metering specialist Cyanconnode Holdings PLC (LON:CYAN) has won its biggest ever order.

It received a purchase order worth US$29 million from its strategic partner NIK LLC for a smart metering contract in Ukraine.

It is the first order from NIK for a utility customer in Eastern Europe, and the order size and revenue visibility provided by this contract reflects the company's ability to win and service large scale contracts providing increasing levels of high margin recurring software revenues, the loss-making company said.

Earlier this month the company reported a sharp drop in half-year revenues to £573,143 from £1.03mln the year before, so the Ukraine order will be very welcome.

Cyanconnode's shares rose 9% to 0.158p on the news but are down 23% year-to-date.

Also on the rise today was Keras Resources PLC (LON:KRS), as a company in which it has a 30% stake entered into a joint venture agreement with Novo Resources Corp.

Associate company Calidus Resources will have the right to acquire a 70% interest in Novo's exploration licences 45/3381, 45/4194, 45/4622, 45/4666 and prospecting licences 45/2661, 45/2662, 45/2781, and all associated technical data,

Keras shares rose 12% to 0.42p on the news. 

1.15pm: Show must go on for Reach4Entertainment - but probably not till next year

Shareholders in Reach4Entertainment Enterprises PLC (LON:R4E) were reaching for the 'sell' button after the entertainments promoter's half-year report.

Underlying earnings (EBITDA) slipped to £0.4mln in the first half of 2017 from £1.6mln the year before on the back of a 14.5% decline in revenue to £41.9mln.

Good old fashioned profit before tax was in fact a loss before tax, of £280,000, versus a profit a year earlier of £834,000.

"The launch of new theatre productions is a key driver of profitability for the group and historically has varied year to year. Whilst we are seeing fewer such launches this year, which has impacted upon our trading performance, there is a good pipeline of new shows for 2018,” declared David Stoller, executive chairman of R4E.

The charitably-minded mobile virtual network operator The People's Operator PLC (LON:TPOP) continues to struggle to make its mark in a crowded market.

Total revenues dipped to £1.62mln from £1.70mln as it dropped unprofitable contracts in the UK, while a 34% increase in US revenues gave cause for hope.

The loss of £3.9mln narrowed significantly from £3.9mln the year before but with cash and cash equivalents declining to £1.96mln at the end of June from £2.7mln a year earlier investors must be wondering whether a cash call will be on the cards at some point.

That would be a bit rich after two separate equity issues in the first half of 2017.

11.15am: Pathfinder Minerals soars as it dangles prospect of out-of-court agreement to reclaim mining licences

Pathfinder Minerals PLC (LON:PFP) is, if you'll forgive the pun, on the path to recover some mining concessions in Mozambique.

While the company is waiting for the Mozambique courts to pronounce on whether it will back the English High Court's ruling that Pathfinder is the valid owner of the mining licences, the company's regional representative is leading discussions with the Mozambique Government and Jacinto Veloso (the company's former local partner into whose control the Licences were transferred) that could see an out-of-court settlement.

“Pathfinder is pleased to report that it is currently preparing with its legal counsel the framework of an agreement with Jacinto Veloso that would, if successful, result in the restoration of the licences to Pathfinder's control,” the company told investors, prompting the shares to rocket 38% higher to 1.175p.

Investors were following the lead of Tony Stiff, chief executive officer of Flowgroup PLC (LON:FLOW) in buying shares in the residential gas and electricity supplier.

The shares rose 17% to 1.03p after Stiff bought 11.2mln shares yesterday at an average price of 0.8776p following the group's half-year results.

This morning Canaccord Genuity declared an 8.07% stake held on behalf of discretionary clients.

10.00am: blur zooms higher as it secured enough funding to tide it over for two years

Shares in cloud-based enterprise services platform and marketplace operator blur Group PLC (LON:BLUR) were wanted after it announced a fund-raising.

The shares rose by seven-eighths of a penny to 5p after the company conditionally placed 30 mln shares at 4p a pop, raising £1.2mln.

The shares to be issued represent 17% of the company's enlarged share capital.

Every two shares placed come with warrants to subscribe for one additional share at 6p each.

The fund-raising coincided with the issue of half year results which showed the loss before interest, tax, depreciation and amortisation narrowed by 42% year-on-year.

In contrast, Global Petroleum Limited (LON:GBP) tumbled 13% to 2.3p on the back of its results.

During the year ended 30 June 2017, the group recorded a loss after tax of US$1,856,463 (2016: loss US$2,336,513). Cash balances at the end of June stood at US$7,807,605 (2016: US$10,172,598). 

Other Proactive news headlines:

PowerHouse Energy Group PLC (LON:PHE) told investors it has entered into a deal with Qatar-based consulting firm Energy & Environment Holding (EEH) which could ultimately lead to the AIM-quoted group providing its technology for fuelling in time for the 2022 FIFA World Cup.

Ticketing and queue management leader Accesso Technology Group PLC (LON:ACSO) is on course to achieve its aims in 2017 after an in-line first half.

Online merchandising specialist ATTRAQT Group PLC (LON:ATQT) said the planned cost savings from the integration of Fredhopper have been delivered.

Alusid, one of the portfolio companies of intellectual property commercialisation specialist Frontier IP Group PLC (LON:FIPP), has extended its Silicastone product range.

John Morton, former chief executive officer of European Wealth Group Limited (LON:EWG)  is to leave the group. Marianne Ismail has been confirmed as the chief executive officer of the company, having last week been given the role on an interim basis while Morton look a leave of absence.

Back office optimisation specialist eg solutions PLC (LON:EGS), which is set to be taken over, looks to be signing off on a high. Its interim results show a business in rude health.

Healthcare marketing specialist Cello Group PLC (CLL) said it was confident of meeting full-year market expectations after a solid first half. The Cello Health unit led the way as it grew organically and via the acquisition of Defined Health for £15mln in February, which cements its focus on the US.

W Resources PLC (LON:WRES) has received a two-year extension to its Tarouca tungsten project in Portugal. The licence will now expire on 23 March 2019. During this period, W Resources expects to complete a 15 hole/1,500m reverse circulation drilling campaign.

Premier African Minerals Limited (LON:PREM) has agreed the disposal of its Mozambique forestry interests but will retain a stake in a limestone deposit in the country.

South African gold miner Pan African Resources PLC (LON:PAF) expects a better 12 months ahead after a number of operational challenges cut profits in the year just ended. “Remedial actions successfully implemented by management are delivering the expected results,” said chief executive Cobus Loots.

Tidal power generator Atlantis Resources PLC (LON:ARL) expects to complete the first phase of its MeyGen project in the Pentland Firth in October, when all four of its seabed turbines will be in operation. Tim Cornelius, chief executive, said after refurbishment, the final turbine will be reinstalled at MeyGen in the coming weeks, which will mark the transition into full operations.

Savannah Petroleum PLC (LON:SAVP) is looking forward to the start of drilling operations, as soon as its shares are re-admitted to trading in London. The AIM-quoted share is on pause as it works through the regulatory admin related to its proposed reverse acquisition of Nigerian oil and gas assets.

Stratex International PLC (LON:STI) shares started Wednesday on the back-foot after the gold group responded to a move to block its proposed merger by former directors. In May, the company agreed a US$31.1mln reverse takeover deal to acquire Crusader Resources - a junior miner with two projects in Brazil – with the new shareholders set to own around 81% of the enlarged company.

Green Dragon Gas Ltd (LON:GDG) told investors that state-backed China National Offshore Oil Corporation (CNOOC) is accelerating its plans for the group’s joint assets.

Atlantic Lithium set to hit several milestones at Ewoyaa

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