Great Western Mining Corporation PLC (LON:GWMO) saw its shares jump 6.8% to 1.2p in late-afternoon trading as it expanded its land position at the M2-Sharktooth prospect in Nevada, USA.
The AIM-listed miner said its land position at the prospect had increased by around 30% with the addition of 66 unpatented claims to the Eastern and South-Eastern flank of Black Mountain while also securing a “highly prospective extension” to the M2-Sharktooth zone.
Meanwhile, DP Poland Plc (LON:DPP) shares were lifted 2.6% to 29.5p after it was revealed cut-price competitor Telepizza would exit the Polish market.
Telepizza has 107 stores and is one of DP Poland’s larger competitors, but these are being sold to Amrest, which runs Pizza Hut Poland.
Amrest is a Warsaw-listed international restaurant and café business and the broker expects it to close some Telepizza stores and convert the others to Pizza Hut or one of its other brands.
In the FTSE 100, shares in BT Group plc (LON:BT.A) rose 4.5% to 235p as it reported a rise in pre-tax profits despite a 2% drop in first-quarter revenue caused by weak performance in its enterprise businesses and tighter price controls by the regulator.
Under new IFRS 15 accounting standards, adjusted revenue fell to £5.72bn in the quarter to June 30 from £5.84bn the same period a year ago.
Despite the tighter regulation, BT’s adjusted profit before tax on an IFRS 15 basis rose to £816mln in the quarter from £791mln a year ago as the company slashed costs as part of its restructuring.
"Initiatives to transform our operating model have seen a gross reduction in around 900 roles across the group and improved cost performance," said outgoing chief executive Gavin Patterson.
1.00pm: Peel Hotels slides as operating profit plunges
Peel Hotels plc (LON:PHO) shares dropped 3.5% to 68p in lunchtime trading after the hotelier reported a drop in full-year operating profit of nearly 30%.
The AIM-listed firm reported operating profit for the full year of £893,115, 29.6% less than the previous year, while turnover fell 4.1% to £16.09mln.
Robert Peel, chairman of the group, said that a reduction in demand in provincial areas of the UK, as well as increases in the living wage and energy costs, had all caused “challenges to the profitability of the company”.
In the risers, Equiniti Group PLC (LON:EQN) shares jumped 12.9% to 235p as the technology outsourcer said it expects full-year earnings to meet the top end of market expectations after delivering a stronger-than-expected first half.
In the six months ended June 30, underlying earnings (EBITDA) shot up 31.6% to £55mln and revenue increased 30.4% to £254mln, both ahead of expectations.
Organic revenue rose 7.7%, boosted by contract renewals and new client wins.
Elsewhere, Seeing Machines Limited (LON:SEE) shares were up 2% at 11.2p after it secured a programme design contract to deliver its driver monitoring system (DMS) in partnership with a Tier 1 Chinese original equipment manufacturer (OEM).
The AIM-listed firm, which specialises in AI-powered driver monitoring tech, said the mass production for the program was scheduled to begin from 2019, with the technology to be delivered on its proprietary FOVIO Chip which would broaden its addressable market “considerably”.
11.00am: Urban Exposure on the rise as it inks joint venture deal
Urban Exposure PLC (LON:UEX) shares were up 3.2% at 112.5p in late morning trading as it launched a joint venture with KKR, a global investment firm, to focus on financing mainstream housing throughout the UK.
The AIM-listed finance firm, which focuses on residential property, said the venture would have an initial size of £165mln and that it would originate, execute and manage development loans in the residential market.
Elsewhere, shares in luxury chocolate maker Hotel Chocolat Group PLC (LON:HOTC) rose 5.3% to 347.5p as it agreed to transfer its retail stores in Denmark to Nordic firm Retail Brands.
Hotel Chocolat has also signed a development agreement with Retail Brands covering Denmark, Sweden, Norway and Finland.
The group said Retail Brands, which operates international retail franchises, will use its “strong local knowledge” of the Scandinavian market to grow the company’s brand in the region.
Meanwhile, Hutchison China MediTech Limited (LON:HCM) saw its shares climb 1.6% to 5,060p after saying its first cancer drug, fruquintinib, is on track to be on sale by the year-end, its chairman said today.
The AIM-listed drug developer has applied for approval in China in advanced colorectal cancer.
“We are optimistic that we will see fruquintinib approved and launched by year-end,” Simon To said alongside the interim results.
First data from a Phase III study of fruquintinib as a treatment for third-line lung cancer, FALUCA, should also be available at the end of the year.
In the fallers, Jupiter Fund Management PLC (LON:JUP) shares fell 3% to 429.1p as it saw bigger than expected net fund outflows of £2.3bn in the first half and said the operating environment remained challenging.
The FTSE 250-listed firm revealed net outflows of £2.3bn in the six months to June 30, larger than the £1.9bn consensus forecast, having notched up net inflows of £3.6bn in the same period a year earlier.
The firm’s assets under management at the end of the period were £48.2bn, down 4% on the £50.2mln at the end of December 2017, although that was above analysts' forecast for £47.8bn.
9.00am: MYCELX Technologies climbs as it upgrades 2018 revenue forecasts
MYCELX Technologies Corporation (LON:MYX) saw its shares climb 6% to 132.5p in early morning trading after it upgraded its revenue forecasts.
The AIM-listed firm, which provides oil removal tech for oil & gas industry, said that as a result of a contract extension for its waste water solution in Saudi Arabia and higher than expected revenue generation from other installations in the kingdom, it had raised its revenue forecasts for the 2018 financial year to US$19mln-US$20mln.
In the FTSE 100, household products giant Reckitt Benckiser (LON:RB.) shares jumped 8.8% to 6,868p after it upgraded its revenue forecast for the year, thanks to a strong showing by its IFCN operation.
The maker of Durex condoms, Vanish detergent and Airwick air fresheners reckons top-line growth will now be in the order of 14-15% this year, up from 13-14%.
Reckitt provided the update alongside its quarterly and half-yearly figures; numbers that showed sales had grown 30% at constant currencies to £6.1mln in the six months ended June.
Meanwhile, Pearson PLC (LON:PSON) was up 3.2% at 953.4p after it reported better-than-expected first-half results, with the educational publishing group buoyed by online courses and demand in the US, and reiterated that it is on track to return to underlying profit growth this year.
The firm posted half-year adjusted operating profit of £107mln, flat on the first-half of 2017 but up 46% on an underlying basis and well ahead of the consensus forecast for £85mln.
The group saw its first-half sales fall to £1.865bn, down 9% from the £2.047bn reported a year earlier, although underlying growth was 2%.
Back on the AIM, shares in Tlou Energy Ltd (LON:TLOU) surged 8.6% to 6.3p as it told investors that it is one of two companies that have been invited to re-tender for coal-bed-methane fueled power projects in Botswana.
A meeting is now due to take place with the Botswana government on 9 August, ahead of a submission deadline of 12 September.
Other Proactive news headlines:
Seeing Machines Limited (LON:SEE) has secured a program design contract to deliver its driver monitoring system (DMS) in partnership with a Tier 1 Chinese original equipment manufacturer (OEM).
Cabot Energy PLC (LON:CAB) has announced the appointment of James Dewar as the company’s new interim chairman. "We are delighted that James has agreed to join the board. James is a recognised expert in the field of corporate governance, finance, accounting and control, with extensive industry experience. Everyone on the management team looks forward to working with him,” said chief executive Scott Aitken.
UK property company Custodian REIT PLC (LON:CREI) has purchased a car dealership in the Shrewsbury area for £1.67mln, at an initial yield of 6.75%.
Greencoat UK Wind PLC (LON:UKW), the renewable infrastructure fund, saw its net asset value (NAV) per share rise 2.9p to 114.1p in the first half of 2018.
Premier African Minerals PLC (LON:PREM) has identified four alternatives to restart its RHA tungsten mine in Zimbabwe. Engineers are now considering which of the options would involve the lowest capital cost and shortest timeframe.
Cadence Minerals PLC (LON:KDNC) (OTC:KDNCY) said it is pleased to note that investee company Auroch Minerals (ASX:AOU) has received permitting approval to commence a maiden drilling programme at its Arden Base-metals Project in South Australia. Cadence currently owns approximately 7% of the equity in Auroch Minerals.
Kibo Mining PLC (LON:KIBO) has announced that effective immediately, its new legal advisors for the Mbeya Coal to Power Project (MCPP) will be Hogan Lovells International LLP. replacing Norton Rose Fulbright (NRF). The firm said after the senior partner responsible for the MCPP at NRF recently joined Hogan Lovells, the company decided to follow to ensure continuity and stability in the ongoing sensitive legal work related to the MCPP PPA negotiations. Kibo also announced that an updated corporate presentation is now available to view on the company’s website.