Fitbug slides as value of contract is revealed

Some of the largest share price rises and falls in London at Noon

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Value of contract disappointed the punters
  • Fitbug dumped as value of new contract revealed

  • Investors desert Van Elle

  • Conference group Loopup in demand as boss gets gong


Fitbug Holdings PLC (LON:FITB) dominated the afternoon movers as it returned to trading and promptly slumped.

The shares were suspended yesterday after a rise of 370% on the back of a new contract announced that morning.

Today, the wellness and fitness monitoring group elaborated a little on the new contract.

It is worth £60,000 in service revenue in 2017, despite some 14,000 of its orb devices being shipped to the Asian financial services company that agreed the deal.

Fitbug also said revenues had slipped a little in 2016 and that it was mindful of its funding needs.

Shares fell 35% to 0.5p.

Premier African Minerals PLC (LON:PREM) tumbled 18% to 0.225p as it issued more loan notes through its agreement with  financier Darwin.

The 20 notes have a value of £500,000 and will be used for to help develop the RHA tungsten mine in Zimbabwe.

“RHA remains on target for completion of the XRT installation and re-commencement of production during the first quarter of 2017," said chief executive George Roach.

Shares eased 6% to 0.259p.

Loop-up Group PLC (LON:LPP) jumped 23% as its chief executive Michael Hughes picked up an MBE.

Results yesterday showed underlying earnings doubled in 2016 to £2.1mln.

Shares today added 28p to 155.5p.


12.00...Investors pile out of Van Elle on profits dip

Investors piled out of contracting services group Van Elle Holdings PLC (LON:VANL) as its first interim results since joining AIM showed profits fell.

Construction piling is the group’s speciality and it was a change in the sales mix that caused the dip, even though revenues rose.

Before listing costs, profits dropped by 8% to £4.9mln in the period to October.

Jon Fenton, chief executive, is still confident Van Elle can claw it back over the full year.

Trading since the period end has been in line with our expectations, with a good level of work undertaken over the Christmas period.

"The second half is an important period for the Group, particularly the Specialist Piling division which has a number of contracts expected to be confirmed and commenced in the period.

“The anticipated outturn for the full year remains in line with the Board's expectations.”

Frontera Resources Corporation (LON:FRR) was another AIM faller as it cautioned that a planned drill programme in Georgia had been delayed at least until March.

Testing and analysis underway while it waits for equipment to arrive has revealed greater potential for oil and gas recovery than previously envisaged, the company said. Shares fell 16% to 0.07p.

Greatland Gold PLC’s (LON:GGP) share price appreciation continued as latest drill assays from the Ernest Giles site in Western Australia were even better than first thought.

Last week, Greatland reported that it had identified a Western Zone 6km in length and 1.5km in width and an Eastern zone 2km by 1.5km.

A new more detailed analysis of the cores has indicated gold grades of up to 2 g/t with silver also present in some cores.

Shares jumped 29% to 0.239p.


9.30am... St Ives takes collateral damage from supermarket wars

Printing has been a tough business since the advent of the digital revolution and it’s getting no easier for St Ives (LON:SIV), which tumbled 35% to 81p on another gloomy trading update.

“The out-turn for the full financial year will be materially below its previous expectations with the majority of the shortfall due to the pressures within the Marketing Activation segment,” it warned.

St Ives is being hit hard by the grocery retail market’s problems, which is hitting demand for in-store print marketing  and while the rate of revenue decline has eased margin pressure is greater than ever, said the printer.

Costs are being cut again and moves to diversify its customer base are a priority.

It’s been a great couple of days for Powerhouse Energy PLC (LON:PHE).

A deal with Waste2tricity sent its shares up by a third yesterday, but they did even better today as Yady Worldwide took a stake through a £250,000 share subscription.

Yady is the vehicle of Ben White, the son of Howard White who funded hydrogen storage pioneer AFC Energy, and is already an investor in both AFC and Waste2tricity.

It paid 0.7p for its shares in the Powerhouse subscription, which come with a seat on the board.

Shares in Powerhouse jumped 58% to 1.3p.

Artificial intelligence specialist Arria NLG (LON:NLG) rallied on a trading update ahead of its delisting from AIM tomorrow and shift to the Australian and New Zealand stock exchanges.

A planned subscription of US$25mln has received interest from 20 investment firms that are now in a due diligence phase, Arria said.

A trading facility will be set up for UK shareholders once trading on AIM stops.

Shares rose over 20% to 8.5p in very light trading.

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