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Trifast finishes financial year with a flourish

A look at the day's major movers, including Mi-Pay, D4T4, First Derivatives, Starcom, Ferro-Alloy Resources, SimiGon and MX Oil.

Fasteners
Trifast reported revenue growth across all regions

Trifast PLC (LON:TRI) said a solid finish to its financial year left underlying profit slightly ahead of management expectations.

Shares in the mechanical fastening specialist were up 7% at 230p after the company said it had recorded revenue growth across all geographical regions.

The group said that despite uncertainties in the macroeconomic environment, “the current trading levels, our investments and our existing pipeline still make this an exciting time for the group”.

1.15pm: Contract extension for Mi-Pay

Mi-Pay Group PLC (LON:MPAY), the mobile payments firm, has agreed terms on a two-year contract extension with its largest client.

The client represented roughly 31% of the company's annual revenue in 2018 (i.e. about £1.0mln).

"Following the successful integration into our client's new infrastructure and the on-boarding of their recently acquired pre-pay customers we are delighted to be recognised as their long term, omni-channel digital solutions partner,” said Michael Dickerson, the chairman of Mi-Pay.

Shares in Mi-Pay were up 6.8% in lunchtime trading.

 

12.15pm: D4T4 fails to wow the market with modest upgrade to profits guidance

Disappointingly, D4t4 Solutions PLC (LON:D4T4) is not a company that makes Star Wars-type droids; it specialises in data collection and data management.

Its shares dipped 4.7% in a year-end trading update despite the company saying adjusted profit for the year to the end of March will be slightly ahead of market expectations.

Those adjustments include amortisation of acquired intangibles, share based payment charges and foreign exchange losses.

The shares have enjoyed a fantastic run of late, rising from 205p three months ago to 278p at last night’s close; they were down 4.3% at 266p in the morning on Thursday.

11.45am: Trading update from First Derivatives sparks profit taking

There was nothing particularly wrong in the 50 words or so that comprised the informative part of the trading statement from First Derivatives but equally there was nothing there to keep the recent upward share price momentum going.

The investment banking technology platform operator said it had continued to trade strongly in the second half of the financial year (to the end of February).

Performance for the year just ended is expected to be in line with the current consensus forecasts of £215.4mln of revenue and £38.8mln of adjusted underlying earnings (EBITDA).

The shares were down 4.9% at 3,100p- still well above the 2,110p level at which they ended 2018.

11.00am: Starcom performs the old one-two; good news one week followed by a cash call a week or two later

Starcom PLC (LON:STAR), the remote tracking specialist, has lobbed out a pile of shares at 1.25p a pop, prompting a 24% slide in the share price.

The shares fell 0.4p to 1.275p as the company raised £637,500 through the share issue. The shares are now almost back where they were before the company cheered the market with news of the launch of “Lokies”, a Bluetooth-enabled locking device.

It intends to use the money to pay suppliers. Meanwhile, the company also announced that the directors have agreed in principle to receive shares in lieu of salaries and fees they are owed by the company.

10.15am: Post-float decline continues at Ferro-Alloy

The operations update from Ferro-Alloy Resources Limited (LON:FAR) got a lukewarm reception from the City.

The shares dipped 6.2% to 37.5p after the company, which only listed last month, gave an update on its operations in Southern Kazakhstan where, according to the company, there have been a number of developments.

These include various items of equipment arriving on site, including a rotating pre-roasting oven (so that’s Sunday lunch sorted), and the acquisition of a 25-tonne mobile crane, an additional loader and three site transport vehicles.

9.30am: SimiGon comforted by blanket purchase agreement; MX Oil lifted by name change

SimiGon Limited (LON:SIM) shares soared in early trade on Thuesday following news it has signed a blanket purchase agreement (BPA) with the US Department of Defense’s enterprise software initiative.

Sadly, this does not entail the US government buying a shed-load of blankets from the London-listed simulation training specialist; rather, the company’s products and services will go in a kind of government catalogue with approved pricing and purchase processes.

“The BPA is another validation of SimiGon's technology, software products and business model as a viable solution for Federal agencies seeking advanced training and simulation solutions for multiple domains," said Ami Vizer, the president and chief executive officer of SimiGon.

Shares in the Israel and US-based company were up 84% at 17.5p.

MX Oil plc (LON:MXO) rose as it confirmed it is to change its name to ADM Energy PLC, following the recent strategic investment by Shaikh Ahmed Bin Dalmook Al Maktoum.

Shares in MX were up 29% following the announcement.

“We are pleased with the progress of our Aje investment and, with the support of a new influential shareholder, the company has been repositioned to take advantage of opportunities that were previously out of our reach,” said Stefan Oliver, the chief executive officer of MX.

Proactive news headlines:

ANGLE PLC (LON:AGL) (OTCQX:ANPCY) said its liquid biopsy system was used to assess the metastatic potential of breast cancer. Metastasis is the process by which the cancer spreads from its primary location.

Galantas Gold Corporation (CVE:GAL) (LON:GAL) ended 2018 with cash balances at December 31, 2018 of C$6.2mln, up from C$$779,758 a year earlier. The company’s gold mine in Omagh, Northern Ireland, commenced limited production during the third quarter of 2018 from feed produced in the development of the Kearney vein.

SkinBioTherapeutics PLC (LON:SBTX) has appointed its soon-to-be chief executive, Stuart John Ashman, to the board as an executive director.

Silence Therapeutics PLC (LON:SLN) has given interim chief financial officer (CFO) Rob Quinn the job on a permanent basis.

Capital Drilling Ltd (LON:CAPD) revealed a first quarter in-line-with expectations, and, highlighted a continued strong performance for key long-term contracts. Revenue was reported at US$27mln, up 1.5% compared to the comparative quarter of 2018.

Shanta Gold Limited (LON:SHG) is on track to produce between 80,000-84,000 ounces of gold this year after the first quarter saw output rise to  22,400oz. The Tanzania-focused gold miner added it expects to be debt free by the middle of next year. Underlying earnings in the quarter (EBITDA) were US$11.4mln, a 15% increase on the previous three months.

G3 Exploration Ltd (LON:G3E) revealed an improvement in revenue for last year, including the assets that will be sold to Green Dragon Gas (GDG). The China focused group reported US$28.6mln of revenue for the twelve months ended 31 December, up 11% from the US$25.7mln generated in 2017. Cash generation amounted to US$3.4mln.

88 Energy Ltd (LON:88E) continues to look forward to a potential farm-out deal for its Project Icewine conventional project area in Alaska. The explorer, in a quarterly update, said it expects that the deal is targeted in the second quarter.

Rockfire Resources PLC (LON:ROCK) has provided an update on its three field-based exploration activities in Queensland, Australia which are all showing progress in soil sampling.

The independent directors of Argo Blockchain PLC (LON:ARB) have urged investors to vote against resolutions to oust the crypto miner’s two founders - Jonathan Bixby and Mike Edwards. A meeting to decide the pair’s fate has been requisitioned for May 16 at the behest of a company ultimately owned by entrepreneur, Frank Timis.

Kodal Minerals PLC (LON:KOD), the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali, has announced the immediate appointment of Charles Joseland as an independent non-executive director. The group said Joseland is a chartered accountant and has 32 years' experience with PwC including 20 years of experience as an audit partner, as part of its Energy, Utilities & Mining Group.

Custodian REIT (LON:CREI), the UK property investment company, has confirmed its fourth quarterly interim dividend for the financial year ending 31 March 2019 of 1.6375p per share will  be paid on 31 May 2019 to shareholders on the register on 26 April 2019 and will be designated as a property income distribution.

Ncondezi Energy Limited (LON:NCCL) has issued and allotted 764,165 new ordinary shares following the receipt of a shareholder loan conversion notice from lenders at a conversion price of 10.0p per share.

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