Johnston Press plc (LON:JPR) shares were well-read in late afternoon trading, jumping 11% higher to 12.25p after the newspaper publisher revealed it has extended its print and distribution contract with Trinity Mirror PLC (LON:TNI).
Johnston Press - which publishes the Scotsman, Yorkshire Post and i newspapers - said the new agreement contains improved terms for printing the i, including operational benefits and improved commercial terms.
Elsewhere, recently floated software developer GetBusy Plc (LON:GETB) also added 11% at 39p after it posted a solid set of maiden interim results.
The company – which was formed through the demerger of Aussie-listed Reckon’s document management and software business – swung to a profit in the first half thanks to a healthy improvement at the top line.
And resources minnow Amur Minerals Corporation (LON:AMC) found gains after it told investors that it has had its first batch of findings from lab analysis of samples from the Kun Manie nickel project in Russia.
Meanwhile, a second batch of results is presently under management review following receipt from the lab and a third batch is still undergoing lab analysis. Amur shares rose 9% higher to 7.35p.
1.30pm: Hargreaves Services jumps after tripling dividend as it returns to full-year profit
Hargreaves Services PLC (LON:HSP) was a good gainer in early afternoon trading, jumping 8.5% higher to 379.75p after the solid fuel supplier and logistics company tripled its dividend as it returned to full-year profit on the back of higher revenue.
The AIM-listed group reported a pre-tax profit of £4.4mln for the year ended June 30, a turnaround from a loss of £10.6mln a year earlier due to a significant reduction in exceptional costs after the firm's restructuring in 2016.
In light of the return to growth, Hargreaves proposed a full-year dividend of 7.2p a share, more than a threefold increase from the 2.3p paid the year before.
Elsewhere among the small caps, Directa Plus Plc (LON:DCTA) was a strong gainer for a second day, jumping 28% higher to 52.5p, having been boosted on Monday by a bullish broker note from Cantor Fitzgerald.
The broker upgraded its rating for Directa Plus to ‘buy’ from ‘hold’ with a target price of 80p, saying the graphene-products supplier had been “profoundly” undervalued having fallen significantly earlier this year following a revenue warning.
Telit bounces on Morgan Stanley note, director buying
Meanwhile, broker comment gave a lift to Internet of Things (IoT) enabler Telit Communications Plc (LON:TCM) following a 40% plunge in its share price yesterday after it revealed that delays had slowed revenue growth in the first half.
In a note today, US bank Morgan Stanley said the market had overreacted to yesterday’s downbeat half-year results, although it described half-year revenues of US$178mln as “disappointing”.
The bank said the story was one of delays hitting revenues – both those that were expected to arrive in the first half and those previously expected to turn up in the second half.
But it added that that suggests there is a lot of pent-up demand that will eventually benefit Telit, and Morgan Stanley reiterated its ‘overweight’ stance on the stock, albeit with a slashed target price of 269p down from 350p.
Meanwhile, Telit's chief executive Oozi Cats showws his faith in the firm by purchasing 400,000 shares at a weighted average price of 171.87p.
11.00am: Firestone Diamonds loses some of its lustre after lowering its 2018 production guidance
Firestone Diamonds PLC (LON:FDI) lost some of its lustre in late morning trading, dropping 17.6% lower to 30.5p after the group lowered its production guidance for the financial 2018 year, after commencing a review of its current life mine plan, which it said will hit revenue for the year.
The AIM-listed miner said it has commenced the review in order to optimise mining operations at its 75%-owned Liqhobong diamond mine in Lesotho.
As part of the review, Firestone will extend the mining of the weathered kimberlite over the coming months, to access the lower areas of the pit that have historically yielded higher grade and higher value diamonds.
Office space, and building products weak
Elsewhere, IWG PLC (LON:IWG) - the office space provider, formerly known as Regus – saw its shares shed 10.6% to 306.5p after it reported a continued fall in profits even though revenue momentum improved in the first half of 2017.
The FTSE 250-listed group reported a 4% fall in pre-tax profit to £80.8mln for the six months ended June 30 of £80.8mln, despite revenue increasing by 8.5% to £1.17bn due to stronger performances in the Americas and Asia Pacific regions.
Building products firm SIG PLC (LON:SHI) was also a mid cap faller after disappointing results today, down 4.2% at 163.4p, and small cap building services firm T Clarke PLC (LON:CTO) lost 10% at 81p as it reported an increase in interim profit but said account issues in one of its regional areas dragged down its operating margin.
9.30am: Publisher Quarto Group has good story to tell after it reveals a takeover approach
Publishing firm Quarto Group, Inc. (LON:QRT) had a good story to tell in early morning trading, with its shares jumping 18% higher to 165p after it announced that it has received a takeover approach.
In a statement the firm said it considers the offer approach “to be attractive and reflective of the inherent value of the business as a global publishing platform - and hence worthy of due consideration.”
It added: “Discussions with the bidder are at an early stage and there can be no certainty that an offer will be made or as to the terms of any such offer.”
The company said it has decided not to disclose the identity of the bidder at this stage, due to the early stage nature of their interest.
Andalas Energy boost
The London market’s biggest gainer early on was Andalas Energy and Power PLC (LON:ADL) which soared 64% higher to 0.13p after it announced a new consortium agreement which foresees the development of a wellhead power project in Indonesia.
The AIM-quoted firm has signed the deal with PT PP Energi (PPE), a subsidiary of state-owned Indonesian construction and engineering group PT PP (Persero), for a proposed Jambi-1 which would involve a 30 megawatt gas-fired power facility.
Seeing Machines shines out
Eye-tracking and facial recognition specialist Seeing Machines Limited (LON:SEE) also saw good demand, up 4% to 3.13p after it told investors it expects to beat market expectations when it reports its full-year results next month.
For the 12 months ended 30 June, the Australia-based, London-listed group generated total revenues “in excess of” A$13mln. That’s more than double what it posted last year on a like-for-like basis.
And the share price of kettle safety controls designer Strix Group PLC (LON:KETL) quickly came to the boil on the first day of dealing. The shares, floated at 100p a pop, steamed up to 138p in early deals.
Other Proactive news headlines:
FairFX Group PLC (LON:FFX) has agreed to acquire digital banking and current account group CardOne for £15mln in a deal the currency card specialist flagged last week. A conditional placing to raise a net £25mln at 58p per share will fund the acquisition, with up to a further £1mln to come from an open offer.
Amur Minerals Corporation (LON:AMC) has unveiled what it highlights as a ‘record drill result’ at the Kun Manie project in Russia’s far east, where it is advancing a drill programme designed to expand the project. The company kicked off the programme in May, and it has so far drilled out some 13,142 metres - with just over 6,000 metres at the IKEN area and 7,136 metres at the KUB area. It accounts for around 65% of the planned programme.
Range Resources Ltd (LON:RRL) is moving in a new direction, with the acquisition of an interest in oil and gas assets in Indonesia. In a deal worth US$3.2mln, paid out of existing cash resources, the company is acquiring an initial 23% stake in the Perlak field which is said to have a long history of oil production.
Clinigen Group PLC (LON:CLIN) said the European Commission (EC) has approved an update to the product information for a key oncology product that would allow doctors to consider its use in children. The label change relates to Cardioxane, which is given to protect the heart against certain chemotherapies called anthracyclines.
The revised product strategy at mporium Group PLC (LON:MPM) is driving improved performance, the digital marketing services provider told investors, as it unveiled a narrower half-year loss despite a substantial increase in the size of the work force.
Real Good Food PLC (LON:RGD) has undertaken a boardroom clear-out following last week’s shock profit warning and revelation of undisclosed consultancy payments to directors. Pieter Totté, executive chairman, has resigned with immediate effect along with finance director David Newman.
The AIM-listed incubator company Frontier IP Group PLC (LON:FIPP) has added a new investment to its portfolio. It is taking a 21% stake in The Vaccine Group, a spinout company from the University of Plymouth. In return it will provide commercialisation services, industry expertise and “strong links” to the pharmaceutical sector.
IronRidge Resources Ltd (LON:IRR) has appointed a new exploration manager to support the group’s ongoing expansion in Africa. Joe Clarry takes up the role which will see him work closely with the existing management team to oversee the Company's diverse and extensive project pipeline throughout Ghana, Chad, Ivory Coast, Gabon and Australia.
Emerging markets income company APQ Global Limited (LON:AQ) has announced the appointment of Yan Naung Lynn to its International Advisory Council (IAC), with immediate effect. It added that, in his role on the IAC, Yan will be focused on investment opportunities in Southeast Asia, with particular expertise in Myanmar.