The chief executive of Defenx plc (LON:DFX) is to leave the cybersecurity group after just six months in the role.
Alessandro Poerio only joined the company last November but will leave at the end of the month to pursue other interests.
Defenx’s non-executive chairman Tony Reeves will take the reins on a temporary basis until Poerio’s successor is found, with the search already underway. Shares fell 9.1% to 20p in afternoon trading.
Dunelm slumps as furniture retailer issues profit warning
Dunelm Group PLC (LON:DNLM) slumped after the furniture retailer said it expects annual profit to be “moderately” below last year’s following sluggish sales.
The company said like-for-like store sales have dropped 4.7% in the fourth quarter to date.
Overall sales edged up just 0.1% in the period as a 43.7% rise in online sales offset the decline at stores.
'We have seen an unexpectedly challenging start to the fourth quarter, with continuing softness in the homewares market and reduced footfall to our stores,” said chief executive Nick Wilkinson.
He added: “We will learn from recent trading and I remain optimistic about our ability to deliver strong sales and profit growth in the future.”
Shares fell 13% to 533p in afternoon trading.
Keras Resources rallies after it narrows half-year loss
Keras Resources PLC (LON:KRS) shares jumped 19% after it slashed its half-year loss.
The AIM-listed mineral resources company posted a pre-tax loss of £177,000 for the six months to end-March, compared to a loss of £706,000 the same period a year ago, on the back of lower corporate costs.
The group said the successful initial public offering of Calidus Resources Ltd on the Australian Stock Exchange was a key development in 2017.
Keras said its 36% stake in Calidus remains a “significant value driver” but now its attention turns to developing other areas of the business, particularly its assets in Togo for the exploration of manganese, cobalt and nickel.
"Developing our manganese assets in Togo into a producing mine has now become an operational priority," chairman Brian Moritz said.
"In addition, the company is focussing on identifying new projects to add to our portfolio with a focus on near term, cash generative opportunities, and we look forward to presenting shareholders with updates on these developments in due course."
Kingfisher and Travis Perkins shares gain after Wesfarmers sells Homebase for £1
The Australian owner of Homebase has sold the DIY chain for £1, boosting shares in UK peers Kingfisher PLC (LON:KGF) and Travis Perkins PLC (LON:TPK).
Wesfarmers is selling Homebase to restructuring specialist Hilco, which rescued music chain HMV in 2013, after failing replicate its domestic success in the UK by misjudging the market.
The Australian company had paid £340mln for the chain two years ago but losses and money spent on changing 24 stores to the Bunnings brand that it owns in its home country have seen the deal cost about £1bn in total.
The stores that had been changed to the Bunnings brand will revert to the Homebase name following the disposal.
Kingfisher, the parent company of B&Q and Screwfix, and Travis Perkins, which owns Wickes, stand to benefit from the struggles of Homebase as it removes competition.
Shares in Kingfisher jumped 4.1% to 309p while Travis Perkins gained 1.9% to 1,365p.
Surgical Innovations nurses losses
Surgical Innovations Group PLC (LON:SUN) was left nursing some deep wounds after it warned that full-year revenues and sales would take a hit from delays in its distribution business.
The AIM-listed group makes and sells various medical instruments, but it also has a distribution division called Elemental Healthcare which is the exclusive supplier of Meccellis Biotech products in the UK.
Meccellis has encountered some delays which means Elemental has had fewer products to move on.
“This has the effect of reducing revenue expectations for the current financial year by approximately 10%, or £1.25m, on the cautious assumption that sales do not resume in the current year,” read a statement from Surgical.
With revenues to be lower than expected, the group said its pre-tax profit will show only a “modest growth” this year compared to last. Shares dropped 12.3% to 3.2p in early deals.
Westminster still hopeful of Iran deal
Heading the other way was Westminster Group PLC (LON:WSG), which is still hopeful it will be able to move forward with its airport security contracts in Iran.
The group put a €24mln-a-year contract with one airport on hold following the US withdrawal from the Iran nuclear pact earlier this month.
Peter Fowler, chief executive, said: “We remain hopeful that measures being put in place to protect EU companies against US extraterritorial actions will allow these projects to proceed.”
WSG shares rose 3.5% to 13.2p.
‘Rookie error’ at Centamin
Centamin PLC (LON:CEY) shares lost their shine on Friday morning, slipping 16% to 133.9p as it forecast a weak second quarter.
The FTSE 250-gold miner lowered its production guidance for the quarter to between 505,000 and 515,000 ounces, citing equipment availability and “persisting low grades” as the main culprits.
City broker Shore Capital said the downgraded production guidance was likely a result of a “rookie-level ‘error’… and suggests to us that some level of ‘resting on laurels’ (i.e. complacency) might have set in.”
Other Proactive news headlines:
Midatech Pharma PLC (LON:MTPH) (NASDAQ:MTP) is about to kick off first-in-man trials of a potentially pioneering new treatment for a fatal childhood brain cancer. Dosing has begun using Midatech’s MTX110 in patients with diffuse intrinsic pontine glioma (DIPG), a highly aggressive strain of the disease.
Echo Energy PLC (LON:ECHO) is raising £8.5mln of new capital though a share placing and subscription as it plans to accelerate its operations in Argentina. It is issuing 71.18mln new shares, priced at 12p each.
Ergomed PLC (LON:ERGO) has added specialist pharmacoepidemiology services to its PrimeVigilance drug safety and information offering with a new hire. The AIM-listed company, which provides specialist services to the pharmaceutical industry, said it had appointed Dr Michael Forstner as head of risk management and pharmacoepidemiology.
Haydale Graphene Industries PLC (LON:HAYD) is to invest US$1.5mln in its manufacturing capabilities in South Carolina to bring manufacturing of a new cutting tool in-house. At the moment, manufacturing is outsourced but demand from aerospace engine makers for the tools has prompted Haydale to expand.
Strategic Minerals PLC (LON:SML) is to kick off a new drill programme at its Redmoor tin-tungsten-copper project in Cornwall next month.
Orosur Mining Inc (LON:OMI) has decided to terminate its option agreement on the Anillo gold exploration project with the Chilean national mining company, Nacional del Cobere de Chile (Codelco).
i3 Energy PLC (LON:I3E) told investors that James Caird Asset Management has exercised its option to convert US$500,000 of a loan into equity. Some 925,926 new i3 Energy shares have been issued to the investment group. The company noted that the value outstanding on the loan is now US$1mln.