PCI-PAL PLC (LON:PCIP) dropped 14.5% to 26.5p in late afternoon trading after the card payment solutions provider reported sharply widened full-year losses due to costs incurred in expanding in North America.
The AIM-listed firm saw its pre-tax loss increase to £3.7mln for the year to June 30, up from a £1.7mln loss a year earlier as its administrative expenses almost doubled to £4.8mln from £2.5mln the year before.
However, PCI-PAL’s revenue rose to £2.1mln, up from £1.9mln a year earlier driven by sales from both new and existing customers.
Elsewhere, Frontier Developments PLC (LON:FDEV) shed 15.1% at 900p after the video games developer reported a decline in full-year profit as research and development (R&D) costs and a margin reduction bit into its earnings.
The AIM-listed firm reported a drop in pre-tax profit for the year was £2.8mln, down from £7.8mln in 2017, while revenues fell to £34.2mln from £37.4mln previously.
And further up the market food chain, FTSE 250-listed property group Hammerson PLC (LON:HMSO) lost 1.5% at 451p after UBS downgraded its rating to ‘neutral’ from ‘buy’ on concerns over the firm’s high leverage and weakening retail trends.
The real estate investment trust’s (REIT) retail portfolio has outperformed its peers, especially since May but the Swiss bank thinks Hammerson will gradually be more affected by the retail sector’s headwinds.
1.00pm: Anglo African Agriculture unveils deal to finance logistics port in Kenya
Anglo African Agriculture PLC (LON:AAA) was a notable gainer in early afternoon trading, jumping 13.6% higher to 0.62p after the company revealed it has signed a memorandum of understanding for the financing of a logistics port in Kenya.
The group – which is developing an agricultural trading group in Africa – said that, under the memorandum's terms, it will provide up to a US$1mln 24-month loan to fund the growth of Kenya-based port and logistics firm Comarco Group.
The firm pointed out that the port facility is privately owned and totals 16.2 acres including over 40,000 square metres of storage space, office space and facilities, as well as crawler cranes and a 24-hour operations centre.
Another afternoon riser was Trinity Exploration & Production PLC (LON:TRIN), which took on 8.5% at 20.50p after the Trinidad and Tobago focused E&P company announced that it recently produced barrel number 30mln from its Trintes Field.
The firm noted that Trintes came into production in 1971 and is located on the south-west end of the Galeota Anticline, offshore the East Coast of Trinidad.
Bruce Dingwall, Trinity’s executive chairman commented: "We are delighted that this milestone has been reached.”
And Somero Enterprises Inc (LON:SOM) rose after the concrete-levelling equipment group reported a rise in first-half profits and revenue led by robust trading in the US and Europe.
The AIM-listed firm posted a 13% jump in pre-tax profit to US$13.6mln for the six months to June 30, as its revenue rose by 6% to US$45mln and adjusted EBITA margins increased by 100 basis points to 32%.
Jack Cooney Somero’s president and chief executive officer commented: “Based on our H1 2018 performance, the momentum of the business carrying over into H2, and healthy market conditions across our footprint, the Board expects Somero to deliver another successful year of growth in line with current market expectations."
11.15am: Anglo African O&G drops as drilling temporarily suspended at Tilapia oil field
Anglo African Oil & Gas PLC (LON:AAOG) was one of the market’s biggest casualties in late morning trading, dropping over 25% in value to 8.75p after the explorer revealed that it has temporarily suspended drilling at its Tilapia oil field in the Republic of Congo.
The AIM-listed group said that its drilling contractor, SMP had experienced a “topside” issue that affected the rig at the field which has led it to suspend drilling at the TLP-103 well while it reviews the "various solutions".
Anglo African added: "The company is working to determine the optimum solution with a view to restricting any delay to a matter of weeks.”
It said: “In the meantime, the company is putting in place contingencies which aim to recover the costs related to this and or cover any cost overruns."
Kodal Minerals PLC (LON:KOD) was also a significant faller, shedding 22.8% at 0.193p after the miner published a first mineral resource for its Bougouni lithium project in Southern Mali.
Based on the three most advanced prospects, the AIM-listed group said, Bougouni has an inferred 17.3mln tonnes (Mt) at a grade of 1.2% lithium.
A resource of that size places the project among the top 15 hard rock lithium deposits worldwide.
And trendy athleleisure retailer Footasylum took another tumble following Monday’s profit warning, losing 11.8% at 33.75p as City broker Peel Hunt downgraded its rating to ‘sell’ from ‘reduce’.
9.30am: Kainos expects full-year results to be ahead of current forecasts
Kainos Group PLC (LON:KNOS) was a top gainer in early morning trading, jumping nearly 13% higher to 412p after the digital services and platforms provider issued a bullish trading update, saying it expects full-year results to be ahead of current market expectations.
The AIM-listed group said it has had “a strong start to the year with the momentum seen in the second half of last year continuing into the current year.”
The firm added that growth in Digital Services has been very strong, driven by both Digital Transformation and Workday.
SolGold was also a strong riser, adding nearly 22% at 26p after the world’s biggest miner, FTSE 100-listed BHP Billiton PLC (LON:BLT) said it will buy a 6.1% stake in the AIM-listed minnow from Guyana Goldfields Inc (GUY.TO) to give it a share in the Cascabel copper-gold project in Ecuador.
BHP will pay 26.592p per SolGold share, a 20% premium to the 20-day volume-weighted average price on Thursday.
And Xaar PLC (LON:XAR) took on 5.9% at 194.8p after the firm said Windmöller & Hölscher (W&H) is developing its first digital, single-pass press for flexible packaging using the UK firm’s 5601 printheads.
The group said the printhead was selected by W&H – a leader in machinery and systems for the manufacturing and converting of flexible packaging - as a result of successful performance tests conducted over several months last year.
Proactive news headlines:
Data will be presented at a conference that suggests Motif Bio PLC’s (LON:MTFB) next-generation antibiotic has a number of advantages over the current crop of drugs designed to combat infection. A review of the two Phase III studies carried out on iclaprim showed there were fewer adverse events among diabetic patients taking the drug than those on the standard of care, a treatment called Vancomycin.
Haydale Graphene Industries PLC (LON:HAYD) has appointed Keith Broadbent as group chief operating officer to take overall responsibility for global operations. Other boardroom changes see David Banks, previously non-executive chairman, become interim executive chairman while Roger Humm is now senior independent non-executive.
Primary Health Properties PLC (LON:PHP) has acquired three modern, purpose-built primary care centres in the Republic of Ireland.
Kodal Minerals PLC (LON:KOD) has published a first mineral resource for its Bougouni lithium project in Southern Mali. Based on the three most advanced prospects, Bougouni has an inferred 17.3 million tonnes (Mt) at a grade of 1.2% lithium.
Fuel cell firm AFC Energy PLC (LON:AFC) told investors that it has been invited to join the Hydrogen Council, a coalition for hydrogen technologies. AFC will be a new ‘supporting member’ alongside five other members - Mitsubishi Heavy Industries, Re-Fire Technology, Sumitomo Mitsui Banking Corporation, Sumitomo Corporation, and SoCalGas.
W Resources PLC (LON:WRES) has appointed former executives from FTSE 100 miner Rio Tinto PLC (LON:RIO) and Canadian mining firm Lundin Mining Corp to the management team at its La Parrilla tungsten project.
Bluejay Mining PLC (LON:JAY) has hired Dr Bo Møller Stensgaard as general manager to oversee the Dundas project as it is advanced to production. “We are delighted that Bo is joining the team and very much look forward to his contribution to deliver on the critical milestones ahead,” said Roderick McIllree, Bluejay chief executive.
Amphion Innovations PLC (LON:AMP), the developer of medical, life science, and technology businesses has announced the appointment of Stephen Austin as an additional non-executive director effective immediately. Following a career as a corporate lawyer, qualified executive and corporate stockbroker, the group pointed out that Austin is now the chief investment officer of Plumtree Capital Limited, an FCA-authorised corporate finance firm.
Kibo Energy PLC (LON:KIBO), the multi-asset Africa-focused energy company, announced that the company's new rebranded 'Kibo Energy' corporate presentation is now available to view on its website.