Shares in Orosur Mining Inc (LON:OMI CVE:OMI) shined on Monday after telling investors that the switch to underground production at its San Gregorio mine has gone smoothly so far.
The Uruguay-based gold explorer chief executive, Ignacio Salazar, said first production from the underground stopes was recorded on 24 November, which was on time and within budget.
A higher received gold price also allowed Orosur to post net profits for the three months to November of US$942,000 versus an US$870,000 loss a year earlier.
For the half year, net profits came in at US$3.7mln from a US$2.6mln deficit the last time.
Production in the second quarter totalled 6,852 ounces (8,172) as the company cut back ahead of the move deeper at San Gregorio.
Costs were also higher due to the switch underground at US$914 an oz (US$858) due to shifting staff and equipment over.
But that was planned said Salazar and overall operations were healthy with US$7mln of cash also generated in the first half.
Shares were up 8% to 16.6p shortly before UK market close.
12pm...Innovaderma's 80% sales growth disappoints tanning fans
You wouldn’t think sales growth of 80% would be a disappointment but that was how the market reacted to fake tan group Innovaderma (LON:IDP)’s latest trading update.
Shares slumped 25% to 184.6p as the board indicated revenues this half year would be £3mln or up four-fifths year-on-year..
Skinny Tan, a self-tanner brand that also helps reduce the visible appearance of cellulite, was launched here in February 2016 through Superdrug and helped boost sales.
But the Aussie firm indicated there would be some one –off cost linked to its listing in London, launching in the US and a switch to manufacturing in the UK.
Redstoneconnect PLC (LON:REDS) has picked up a contract for a new smartphone technology system for a high profile IT office in London.
The In-Building Cellular (IBC) contract will allow high quality cellular mobile connection across any network for all staff and visitors.
An initial installation phase is due for completion in March with a subsequent roll-out over the next two years. Shares rose 18% to 1.69p.
Tethyan Resources PLC (LON:TETH) received a nice bump-up following latest grades from its first hole at Suva Ruda in Serbia.
Best widths were 38 metres at 1.18% copper, with gold at 0.38 grams per tonne. Shares rose 17% to 3.66p.
9.31am ...WANdisco cuts a dash as bookings soar
WANdisco PLC (LON:WAND) was wowing them on the FTSE floor today as it the Big Data specialist‘s latest trading update was lapped up by investors.
Booking were up 97% in the three months to December at US$6.1mln and more than doubled in the second half of 2016.
Cash holdings meanwhile have jumped to US$7.6mln from US$1.1mln with no debt.
Shares jumped by 20% to 269p.
Ingenta PLC (LON:ING) was another software house going well as it indicated a recovery was boosting revenues, margins and cash flow.
As a result underlying profit (EBITDA) will beat market forecasts, cash at the year-end will be approximately £2mln and there will be a maiden dividend of 1p per share.
Shares in the media and publishing focused-group rose 12% to 175p
Ferrum Crescent Ltd (LON:FCR) shares tumbled as its partner, BVI, missed a deadline for completing the first stage of a bankable feasibility study at Moonlight in South Africa.
The deadline of 12 January had already been extended and the shares fell 12% to 0.19p.