LPA Group plc (LON:LPA) shares dipped 7.82% to 135.50p as the LED lighting and electronic systems manufacturer warned on the risks of political uncertainties.
The company, which supplies to the rail, aerospace and defence markets, said: “The loss of a working majority for the government, coupled with the Brexit negotiations may prolong a period of uncertainty.
“However we trust that the government will continue with its investment in the rail sector and that the group will continue to enjoy success in exports to Europe, the Middle East and Asia.”
The company’s remarks came as it reported a 3.1% increase in revenue to £10.81mln in six months to 31 March, supported by an increase in order entry. Pre-tax profit rose to £976,000 from £782,000.
The order book at the end of the period was unchanged at £22mln, as it was yet to confirm delivery schedules on a number project orders.
Advanced Oncotherapy on track to treat first cancer patient
Advanced Oncotherapy plc (LON:AVO) shares increased 10.71% to 15.50p after telling investors it is on track to treat the first cancer patient using its next-generation LIGHT proton therapy system in 2020.
Chief executive Nicolas Serandour said the group made “significant progress” in the commercialisation of its technology.
While the year was “not without its challenges, we have these obstacles and look forward to successfully executing on the timelines that we outlined in March 2017”, Serandour said.
The first system will be installed in AVO’s Harley Street facility, which is also in the construction process and scheduled to be ready for installation by the first half of 2019.
2.15pm: Empyrean Energy shares lifted as it hits gas in Mako South well
Empyrean Energy plc (LON:EME) shares bumped up 20% to 7.50p after saying its Mako South well has confirmed the presence of gas in the Duyung PSC, offshore Indonesia.
The group said said it has been informed by the operator that its 10% owned Mako South well hit 23 feet of net gas pay.
Mako South was drilled to a depth of 1,707 feet and logging has confirmed the 23 feet of net gas pay. The Upper Intra Muda, the well’s main target, showed better-than-expected porosity, permeability and gas saturation.
“We have a gas discovery with excellent reservoir quality here at the Mako South-1 well location," said Tom Kelly, Empyrean chief executive.
Michelmersh Brick Holdings rallies on acquisition of Carlton Brickworks
Michelmersh Brick Holdings Plc (LON:MBH) increased 11.11% to 80.0p as it announced that it has bought the entire issued share capital of Carlton Brickworks Limited for £31.2mln. Michelmersh said the acquisition of the Yorkshire-based brick manufacturer would be “significantly earnings enhancing for the group”.
Petrel Resources slips on wider annual loss
Petrel Resources plc (LON:PET) was under the cosh after the Ghana-focused oil explorer reported a wider loss for 2016 to €256,505 from €227.234 the previous year.
The company said it has entered arbitration proceedings against Woodside Energy, its farm-out partner on two licences in the Irish Atlantic. Petrel believes Woodside is in breach of agreement after failing to complete a seismic programme on licence FEL4/14.
12.34pm: Management Resource Solutions drops
Management Resource Solutions plc (LON:MRS) slumped as it received a claim from the joint voluntary liquidators (JVLs) of former subsidiary MRS Guernsey for A$3.6mln.
This represents the amount outstanding on the intercompany balance due to MRS Guernsey Limited from the company. The JVLs have requested payment of this amount by 19 July.
“The company considers the claim to be without merit and will defend the matter vigorously.”
Shares fell 34.38% to 2.625p.
Warpaint's shares in the red
Warpaint London plc (LON:W7L) shares dropped 11.34% to 215.00p after supplier of colour cosmetics said it flat sales in Europe in the year to date.
"I am pleased to report that the company continues to trade in line with expectations,” the company said in its annual general meeting statement. “ So far in 2017, we have seen encouraging growth across all our sales territories worldwide, apart from Europe where sales remain similar to the corresponding period in 2016.”
Strat Aero flies higher
On the upside, Strat Aero’s shares shot up 64.91% to 0.1175p as the aerospace company narrowed its full year losses as revenue surged.
Loss before tax shrunk to US$3.6bn from $US5.9bn in the year to 31 December 2016, while revenue jumped 99% to US$862,988 from US$433,001.
The growth reflected the full year impact of the Geocurve, a specialist surveyor and operator of unmanned aerial vehicles (UAV) and unmanned aerial systems (UAS).
Iain McLure, chief executive of Strat Aero plc, said: "Following my appointment as CEO part-way through the financial year, Strat Aero implemented a revised strategy for the Company designed to maximise our key strengths, skills and revenue opportunities whilst simultaneously diverting from non-core activities and reducing Strat Aero's overall cost base.
“Progress has been made in this regard over the course of 2016, however this strategy is expected to have maximum impact for the group in 2017 and in line with this, operations and performance in recent months have been encouraging.”
10.39am: Windar Photonics expects digit growth in revenue
Windar Photonics PLC (LON:WPHO) shares rose 9.20% to 74.80p after saying it expects "high double digit growth" in the first half after receiving a new order for five wind sensors from a Mexican independent power producer.
The company, which makes LiDAR wind sensors for electricity generating wind turbines, said it will deliver the WindEYE(TM) units in the latter part of the second quarter. The sensors will be integrated on five Vestas V112 wind turbines.
It will help extend the turbine site to more than 1GW of capacity over the coming year.
Chief executive Jørgen Korsgaard Jensen said: “With the recently announced orders, including the order from the Mexican IPP, Windar is on track to deliver a high double digit growth rate for the first six months of 2017, both concerning total order intake and revenue for the period."
09.19am: Minoan gains as Greek court dismisses appeal against development of Crete resort
Minoan Group plc (LON:MIN) shares jumped after saying the Greek Supreme Court threw out an appeal against the presidential decree granting land use approval for the development of its Itanos Gaia resort in Crete.
The holiday firm now has outline planning consent for the €250mln project, which “allows the board to take the steps necessary to crystallise value for all stakeholders”.
Shares increased 25.0% to 10.625p.
Minoan chairman, Christopher Egleton said: “As a result of the Greek Supreme Court's decision, the company can now accelerate the development of the project, which will include, inter alia; the continuation of negotiations for joint venture arrangements with hoteliers, investors, partners and other parties.
“It also means that our long cooperation with the Foundation Panagia Akrotiriani, the Municipality of Sitia and the local community can begin to bring more prosperity to the area."
UK Oil & Gas rallies
UK Oil & Gas Investments PLC (LON:UKOG) rallied after announcing positive drilling results from the Weald Basin in the UK.
Shares rose 16.0% to 2.35p in morning trading.
The company said the presence of mobile light oil in fractured Kimmeridge limestone core samples at the Broadford Bridge exploration well was “highly significant”.
Blur shares fall as it seeks funding
Going the other way, Blur Group PLC (LON:BLUR) shares declined 3.7% to 3.25p following Friday’s announcement that the e-commerce enabler was seeking funding.
Without new funds Blur warned that action would be taken to protect the interests of creditors, which could result in the value attributable to shareholders being severely reduced.
Clear Leisure slides as it awaits court decision on winding up of Mediapolis
Clear Leisure fell 11.86% to 1.30p after the investment company said that a court decision on a petition by the court prosecutor of Ivrea in Turin, Italy, to wind up its Mediapolis Srl subsidiary is expected before early July.
Mediapolis owns 497,884 square metres of land with planning permission between Milan and Turin, with the initial project to build an entertainment venue in Milan.
A court hearing was held on 23 June where Mediapolis Srl submitted additional documentation for the consideration of the court.
Proactive news headlines…
Scancell Holdings Plc said a patent for its DNA ImmunoBody technology has now been granted in Europe. The platform was used to develop SCIB1 and SCIB2 – the company’s leading drug candidates.
Advanced Oncotherapy PLC (LON:AVO) shot higher as it told investors it is on track to treat the first cancer patient using its next-generation LIGHT proton therapy system in 2020.
Victoria Oil & Gas plc (LON:VOG) said it has extended its gas supply deal with ENEO Cameroon to allow it to optimise the terms of a long-term agreement.
Bezant Resources plc (LON:BZT) has taken delivery of and is now commissioning the plant at its gold-platinum alluvial project in Colombia. Regular production is expected next month.
Harvest Minerals Limited (LON:HMI) continues to make progress with the registration of its fertiliser product with the Brazilian authorities, and expects to be in production and making sales later this year.
Michelmersh Brick Holdings Plc (LON:MBH) has acquired regional brick manufacturer Carlton Main Brickworks for a net consideration of £31.2mln.
Obtala Limited (LON:OBT), the African agriculture and forestry company, has won the Social Stock Exchange’s ‘Impact Company of the Year’ award.
Amur Minerals PLC (LON:AMC) is already pencilling in a substantial upgrade to the resource at Kun Manie in Russia after initial results from exploration at the IKEN target Drilling at Ikenskoe/Sobolevsky (IKEN) since early May has extended the strike by 500 metres at an average of nearly 1.0% nickel and 0.3% copper, substantially higher than previous results.
NetScientific PLC’s (LON:NSCI) portfolio company Glycotest has confirmed that it expects to complete the series A fundraising currently being undertaken in the second half of this year. The US-based diagnostics had originally hoped to have all the relevant documentation signed off by the end of this month but admitted that now looks unlikely.
Savannah Resources Plc (LON:SAV) is to press ahead with a drilling programme at Mina do Barroso project in northern Portugal after metallurgical test work indicated the potential for high grade lithium. A sample from Barroso confirmed a very pure, low iron spodumene concentrate, which can produce a high grade of lithium using relatively straightforward processing techniques.
Lekoil Limited (LON:LEK) has confirmed the lifting of a shipment of 250,000 barrels of crude oil produced from the Otakikpo field, in Nigeria, to Shell Western Supply and Trading Limited. It is expected that the Royal Dutch Shell subsidiary will forward payment for the crude within the next month, as set out in the existing crude sales agreement between the two firms.
Strategic Minerals Plc (LON:SML) is use its own cashflow to fund a three stage exploration programme by subsidiary Central Australian Rare Earths (CARE) in Western Australia. Hanns Camp will see the first exploration with 2,000 metres of shallow hole drilling focused on finding cobalt and nickel.
88 Energy Limited (LON:88E) told investors that operations continue to recover the remaining fracking fluid from the Icewine-2 shale well, in Alaska. So far 13% of the fracking fluid has been recovered since flow-back began last Monday, June 19, though the company today reveals that some of that time was spent doing additional work on the well.