Hostelworld Group PLC (LON:HSW) shares shot up 8.78% to 316p as it swung to a first half profit on the back of sales growth.
The online hostel booking service said pre-tax profits in the first half came to €5.2mln, compared to a loss of €5.5mln the same period a year earlier. Sales increased 16% to €46.6mln from €42.6mln.
The group's brands, which include Hostelworld, Hostelbookers and Hostels.com, saw a year-on-year growth in bookings of 11% to 3.9mln, driven by a strong performance from Asia.
Following a return to growth, the group said it is on track to reach its 2017 targets, including a 6% increase in the interim dividend 5.1 euro cents per share.
Numis analysts said the company has recovered well from the challenges it faced in early 2016 when terror attacks deterred travellers into Europe.
However, Hostelworld said it had seen a slowdown in the growth rate of bookings in the June to August period following the recent terror attacks in Europe and the UK.
Separately, the company announced that chairman Richard Segal is stepping down after six years.
Rose Petroleum shares slipped 9.52% to 0.095p as it said it was in talks with a number of third parties about funding options for its 3D seismic survey and subsequent drilling programme at the oil and gas exploration at the Paradox Basin in Utah.
The natural resources group has received final approvals for the survey and the permitting process is now complete. Under the terms of the permits, the company will be able to start operations from 1 September.
1.50pm: Clear Leisure edges higher as Italy court defers hearing on Mediapolis
Clear Leisure PLC (LON:CLP) shares edged up 16.13% to 0.90p after saying a court in Turin, Italy has granted an extension to the hearing date over the winding up of majority-owned subsidiary, Mediapolis srl.
The investor owns 74.67% of Mediapolis, which recently received a winding-up request filed by the court prosecutor of Iverea after a claim was made against the business. Mediapolis owns holiday villas in Porto Cervo, Sardinia.
In June shareholders voted in favour of the company raising funds to settle creditors rather than winding up. However, under Italian law, once the request from the court has been passed to the prosecutor, the winding-up petition may proceed in consideration of the other outstanding debts.
“In extending the date for the hearing, the court magistrates of the Ivrea Tribunal noted the results achieved by the company so far and that, due to the complexity of the various debt agreements, the court has recognised the need to provide more time to conclude negotiations with creditors,” Clear Leisure said.
“The court has, therefore granted an extension to 29 September 2017 to allow Mediapolis to finalise settlement agreements with the main creditors and present this evidence at the new hearing.”
Filta Group Holdings PLC (LON:FLTA) shares rose 7.41% to 145p after announcing the acquisition of Grease Management for £1.11mln.
Filta, which provides products to restaurants to reduce energy consumption and food waste, said the deal will expand its customer base and broaden the product offering of its specialist grease and drain management business.
Grease Management provides live bacteria drain dosing and the installation and servicing of grease recovery units.
12.20pm: Norman Broadbent shares gain as it shakes up management
Norman Broadbent shares soared as it announced some big changes at the top.
The group, which provides talent acquisition and advisory services, has appointed Gary Browning as a stategic advisor to the board and chief executive. It has also kicked off a succession plan to replace chief financial officer James Webber.
Gary Browning will provide advice and assistance in Normal Broadbent’s growth plan.
Webber is leaving to pursue other business interests. Browning will lead the process to find a replacement chief financial officer.
The company also said it has appointed WH Ireland Limited as its nominated adviser and broker.
Shares jumped 67.78% to 14.35p.
BOS GLOBAL Holdings Limited (LON:BOS) shares climbed 5.17% to 7.625p after announcing two major deals for its BOS TIME enterprise product.
The biggest deal is with a Santa Clara, California, software services company, which has taken 200 licences. A further 50 licences have been taken by an India-based software development firm.
Managing director Michael Travia also restated his view that the developer of workplace productivity software is at a “tipping point” in its development.
11.30am: Sphere Medical shares under pressure on proposal to cancel AIM listing
Sphere Medical Holding PLC (LON:SPHR) was under the cosh after saying it will cancel its AIM listing as part of a condition of a £8mln investment led by Neil Woodford.
Shares plummeted 79.63% to 1.22p.
The company, which makes the Proxima blood gases monitors, said the much-needed cash injection was conditional on it de-listing and becoming a privately-held entity.
The point-of-care monitors and diagnostic devices group desperately needs the investment as it currently only has enough money to last it through to next month.
Ortac Resources (LON:OTC) shares rose 8.17% to 3.24p after announcing drilling has started at the Akyabga gold deposit in the Democratic Republic of Congo.
The deposit is estimated to have 1.5mln ounces of gold resource with the potential to increase to more than 2.0mln ounces.
CASA Mining Ltd, in which Ortac owns a 22.2% stake, has kicked off the drilling with the first phase to reach a depth of 2,200m.
10.30am: Prairie Mining gains on Poland rezoning approval
Prairie Mining Limited (LON:PDZ) was on the front foot after receiving approval for the rezoning of its semi-soft coking coal Jan Karski mine in the Lublin Province, south east Poland.
Poland's Ministry of Agriculture approved the rezoning of 56 hectares of agricultural land for industrial use to allow for construction of a mine site, shafts and associated surface infrastructure.
Prairie said prices of coking coal have been strong.
"With approval of the spatial development plan we have taken a major step forward towards applying for a mining concession in order to build the Jan Karski mine together with our strategic partner China Coal, and ultimately unlock significant value for all stakeholders,” said chief executive Ben Stoikovich.
Shares rose 9.60% to 32.55p.
Sound Energy PLC (LON:SOU) shares dipped after saying that it expects to plug and abandon its Badile exploration well in Italy by the end of September.
The group said the rig at the well has been fully disassembled as it focuses on its more successful operations in Morocco.
Shares fell 2.54% to 42.80p.
9.40am: Juridica Investments rallies on first half results
Juridica Investments Limited (LON:JIL) saw its share price surge more than 100% after the company declared an interim dividend of 8p per share, which was only 2p less than the shares were trading at last night.
In the six months ended 30 June, NAV per ordinary share was US$0.2589, up 0.48 cents from the end of last year due to a comprehensive gain of US$526,000.
During the period, the provider of capital for corporate legal claims received US$893,000 in proceeds from Investment 114107 following the exercise of the counterparty's option to buy out the company's interest. Across the two-year life of the investment, Juridica received proceeds of US$2.6mln on an investment of US$1.3mln.
Shares rose 105.98% to 17.90p in early trading.
Sareum Holdings Plc (LON:SAR) shares gained 10% to 0.825p after the maker of drugs for treating cancer said it expects full year profits to be ahead of market forecast.
The group will report its full year results in October alongside an update on its cancer and autoimmune disease research and development programmes.
Going the other way, Provident Financial PLC (LON:PFG) shares plunged 61.93% to 661.60p after saying its chief executive Peter Crook is stepping down and that it is withdrawing its interim dividend to protect its capital base during an investigation by the Financial Conduct Authority into its Vanquis Bank subsidiary over its repayment option plan.
The lender, which provides credit to those who fail to meet the loan criteria of mainstream banks, also issued its second profit warning in two months and said it was unlikely to pay a full year dividend, blaming a poor trading performance of its home credit business.
Proactive news headlines:
Sphere Medical Holding PLC (LON:SPHR) was the biggest faller in London on Tuesday after it unveiled plans to cancel its AIM listing as it looks to facilitate a much-needed £8mln investment led by Neil Woodford. The company, which makes the Proxima blood gases monitors, said the investment was conditional on it de-listing and becoming a privately-held entity.
Specialist recruiter Empresaria Group plc (LON:EMR) has confirmed to investors that it enjoyed a record first half performance, boosted by strong performances from its recent acquisitions. As flagged in last month’s trading update, net fee income – gross profit – for the six months ended 30 June jumped 26% to £34.4mln (H1 2016: £27.2mln) on significantly higher revenues of £173.4mln (H1 2016: £106.1mln).
Drug developer Sareum Holdings Plc (LON:SAR) expects profit and cash at bank to be ahead of market expectations when it reports its results for the 12 months ended 30 June 2017 later this year.
Haydale Graphene Industries PLC (LON:HAYD), the global advanced materials group that has developed functional uses for the new wonder material graphene, has signed an outline commercial collaboration deal with Rogers Advanced Composites (RAC). Haydale chief executive Ray Gibbs said the pair had spent over two years in mixing, dispersing and processing of a range of nanomaterials into high-end epoxy resins.
OptiBiotix Health plc (LON:OPTI) has announced an expansion of a key manufacturing and supply agreement. It is broadening its European tie-up with Italian food company Sacco, signed in March, to cover the US and rest of the world.
BOS GLOBAL Holdings Limited (LON:BOS) managing director Michael Travia restated his view that the developer of workplace productivity software is at a “tipping point” in its development. The comment was made as the company announced two significant deals for its BOS Time enterprise product.
Rose Petroleum PLC (LON:ROSE) has now secured all necessary permits and permissions for its planned 3D seismic exploration programme in Utah’s Paradox basin, onshore United States. The permitting process for the proposed survey is now complete, the company said in a statement.
Sound Energy PLC (LON:SOU) has told investors that has nearly wrapped up its operations at the Badile exploration project in Italy. The company said that the drilling rig has now been fully disassembled and that operations to plug and abandon the well – including the restoration of the site – is expected to be complete by the end of September.
Kibo Mining Limited (LON:KIBO) has submitted an updated version of its MOU for the development of the Mbeya coal and power project to the relevant Tanzanian ministry. Meanwhile, funding talks continue to progress.
Premier African Minerals Limited (LON:PREM) has provided details of a new drilling programme being undertaken by Casa Mining in the Democratic Republic of Congo. Ortac has a 22.2% stake and Premier African Minerals has a 4.5% stake in Casa Mining.
Bushveld Minerals Limited (LON:BMN) has retired a US$3mln prepayment facility related to its acquisition in joint venture of Vametco, a South African vanadium company. Simultaneously, a US$3mln extension for a working capital facility for Vametco has been put in place.
Sam Catalano, Capital Network's mining analyst talks investors through European Metals Holdings (LON:EMH , ASX:EMH) key assets as well as strategy and outlook in a video today.