Satellite communications firm Global Invacom Group Ltd (LON:GINV) jumped over 22% higher to 9.5p in mid-afternoon trading after it reported a swing to a net profit in the first quarter of 2017, helped by a profit from its US subsidiary Ravens Antenna Systems.
The AIM-listed firm posted a net profit of US$600,000 for the quarter, after recording a US$700,000 loss a year earlier, despite revenue falling to US$27.5mln from US$30.8mln, hit by the closure of a manufacturing subsidiary in Shenzen, China.
Global Invacom’s gross profit margin increased to 21.9%, up from 18.5% a year earlier thanks to manufacturing efficiencies across the group.
Elsewhere, Angus Energy Plc (LON:ANGS) saw its shares add over 20% to 10.88p after it confirmed that it had submitted a required addendum to the field development plan for the Brockham oil field in the south of England.
READ: Angus Energy shares surge
Angus also provided comments on what it described as “unwarranted and groundless speculation” created by some press reports pertaining to the recently drilled BR-X4Z sidetrack, and said it had sought legal confirmation of its planning permission.
And carpets and flooring retailer United Carpets Group plc (LON:UCG) rose almost 11% higher to 11.38p after it announced the payment of a 1.0p special dividend to shareholders.
Meanwhile, Scancell PLC (LON:SCLP) reduced its earlier big falls to just 1.1% at 11.25p after it said its £5mln cash raising to fund clinical work on its pipeline of cancer immune-therapies was strongly supported.
The group said placing was priced at 10p per share with the bookbuild oversubscribed. Chairman John Chiplin applied for just over one million of the new shares.
11.45am: Fund-raising, failed disposal fears hit Flowgroup
It was all downhill for smart boiler firm Flowgroup PLC (LON:FLOW) in late morning trading, with its shares dropping 32% to 2.13p after the company confirmed it is considering a "significant capital fundraising" if the planned sale of its Flow Energy business does not take place.
Flowgroup said that although it is still in talks with the preferred bidder, it is also in advanced discussions over a capital injection of more than £20.0mln should the proposed sale not take place.
Flowgroup said such an investment will be made in the form of convertible securities and new equity, priced at 1.8p and 1.5p per share respectively, with existing shareholders given a pre-emptive option to take part.
Fund raising moves also weighed on Scancell Holdings Plc (LON:SCLP). which lost over 7% at 10.5p after revealing it is to raise £5mln to support clinical work on its pipeline of cancer immunotherapies and in particular Modi-1, the first product from its Moditope platform.
READ: Scancell Holdings raising £5mln
Scancell said chairman John Chiplin will subscribe for one million shares in the placing, which will be carried out via an accelerated bookbuild.
Among the market's big players, Hikma Pharmaceuticals PLC (LON:HIK) was the worst FTSE 100 performer today, dropping nearly 7% to 1,822p after the group said it believes it is unlikely that its generic version of GlaxoSmithKline plc’s (LON:GSK) Advair Diskus product will be approved this year.
FTSE 250-listed Vectura Group PLC (LON:VEC), Hikma's partner in the programme, also noted the news and said it does not expect to receive an approval milestone or sales royalties for the generic product this year.
Vectura's shares topped the FTSE 250 fallers board, losing almost 9% to 132.2p.
10.15am: Spaceandpeople promoted by bullish trading update
Retail, promotional and brand experience specialist SpaceandPeople Plc (LON: SAL) was the market’s top gainer in early morning trading, leaping nearly 40% higher to 35.5p after a bullish trading update.
The AIM-listed group said its revenue and pre-tax profit for the first four months of 2017 were ahead of management expectations as a result of strong sales in its UK promotions division in particular.
It added: “Although revenue across the business remains weighted towards the second half of the year, the Board is confident that the strong start to 2017 will be maintained throughout the year.”
Elsewhere, explorer Solo Oil PLC (LON:SOLO) got a boost from news its boss Neil Ritson is moving up to executive chairman from non-executive, with its shares adding nearly 6% to 0.37p.
READ: Solo Oil chairman Neil Ritson moves to executive role
The move comes at a significant time for Solo which, according to the company, is gaining significant momentum behind its oil and gas assets, notably in Tanzania.
It follows news yesterday that Ritson had stepped down from the helm of Trinidad-focused LGO Energy PLC (LON:LGO).
But among the early fallers, Watchstone Group PLC (LON:WTG), the insurance claims manager formerly known as Quindelll PLC saw its shares drop over 12% to 131p after it confirmed that it is facing around a £600mln legal claim from the Australian law firm that bought its professional services business in 2015.
READ: Watchstone facing around £600mln legal claim from Australian law firm
In a statement today, Watchstone said that following an announcement last year it has now received further correspondence from a firm of solicitors acting for Slater & Gordon (SGH) stating that it intends to issue proceedings by the end of this month.
Proactive news headlines...
Ceres Power PLC (LON:CWR) has signed an agreement to develop its steel-based fuel cell technology for use in the housing market. One of its existing customers has signed a two-year deal for develop residential power generation systems using the proprietary SteelCell technology.
Innovate UK, the government’s tech investment arm, is also backing the project with a grant of £700,000 as part of its commitment to reduce greenhouse gas emissions.
Stem cell specialist ReNeuron Group Plc (LON:RENE) has been awarded a £1.8mln grant from Innovate UK, the UK government’s tech arm, to advance its next generation commercial cell therapy manufacturing skills.
Porta Communications PLC (LON:PTCM) highlighted a ‘year of significant change’ as it reported financial results for 2016. The company noted all organic growth, with no acquisitions in the year, though it did make substantial investments into its Newgate UK unit including new senior hires aimed at cultivating a growing pipeline. Revenue was reported up 9% at £37.1mln, up from £34.1mln the year before, while gross profit increased by 10% to £29.7mln.
Haydale Graphene Industries PLC (LON:HAYD) has signed a Memorandum of Understanding with Nanospan India to collaborate on the development of advanced nano composites for Indian markets. Like Haydale, Nanospan is developing new applications for graphene and the two companies will work together on nano composites for defence, aerospace and energy use..
Ceres Power PLC (LON:CWR) has signed an agreement to develop its steel-based fuel cell technology for use in the housing market. One of its existing customers has signed a two-year deal for develop residential power generation systems using the proprietary SteelCell technology.
Clinigen Group PLC’s (LON:CLIN) Idis Managed Access division and US firm TESARO Inc (NASDAQ:TSRO) are to launch an early stage access program in Europe for niraparib, an investigational treatment for recurrent ovarian cancer. Niraparib, a PARP 1/2 inhibitor, for patients with recurrent ovarian cancer has not been granted approval by the European Commission though it is under review by the European Medicines Agency.
Scancell Holdings Plc (LON:SCLP) is to raise £5mln to support clinical work on its pipeline of cancer immunotherapies and in particular Modi-1, the first product from its Moditope platform. Richard Goodfellow, chief executive, said: “Compelling pre-clinical data suggests that Modi-1 should be effective in up to 90% of patients with triple negative breast cancer, up to 95% of patients with ovarian cancer and up to 100% of patients with sarcoma.
Financial results for Stobart Group Limited (LON:STOB) show revenue growth, but, the big positive impact came post-period with the stock market float of the group’s 49% owned haulage business delivering a premium valuation. Stobart Group - which comprises operations in energy, aviation, and rail as well as the stake in the Eddie Stobart Logistics trucking firm - noted that last month’s IPO valued to stake at £184.8mln, significantly ahead of the carrying value of £58.4mln in the accounts at year end.
Caledonia Mining Corporation (LON:CMCL) doubled profits as production from the Blanket mine in Zimbabwe rose by 18% in the three months to March. Output totalled almost 12,800oz, up from 10,800oz, with costs US$30 per oz lower at US$659 and sustaining costs down US$99 at US$857.
Solo Oil PLC (LON:SOLO) boss Neil Ritson is upgrading his chairmanship following his stepping down from the helm of Trinidad focussed LGO Energy PLC (LON:LGO). At Solo, the Ritson will now be executive chairman (rather than non-executive).