"Looking ahead, we are better positioned than ever with multiple sources of potential growth supported by a strong financial platform" https://t.co/VFJu06X5Me— Begbies Traynor (@Begbies) July 9, 2019
Adjusted profit before tax in the year to the end of April rose to £7.1mln from £5.6mln the year before, while reported profit before tax – which excludes what the company classifies as one-off items – improved to £3.5mln from £2.3mln.
“All areas of the group performed well, reflecting the benefits of recent organic investment, an increase in market activity and the good performance of recent acquisitions,” said Ric Traynor, the executive chairman of Begbies.
2.00pm: Knights on a charge(r)
Maiden full-year results from Knights Group Holdings PLC (LON:KGH) prompted market makers to push up the legal services firm’s share price 6.7% to 286p.
The company posted a 51% year-on-year increase in revenue to £52.7mln in the year to the end of April while underlying earnings (EBITDA) also grew by 51%, to £11.3mln.
Underlying profit before tax more than doubled to £9.8mln from £4.8mln the year before, paving the way for a final dividend of 1.27p, making the full-year pay-out 1.87p.
12.30pm: Follow-up orders boost CyanConnode
The company has received follow-on orders from Genus Power Infrastructures, a leading Indian based smart metering and power infrastructure company and Toshiba Information Systems (UK) for its radio frequency mesh technology.
"Solid progress is also being made on the roll-out of SMETS2 meters, and we look forward to giving further updates on global sales of our innovative smart metering solutions as the year unfolds,” said John Cronin, the executive chairman of CyanConnode.
11.30am: Backers of WeShop lifted by an update from social shopping platform operator
The so-called social shopping platform, in which Vela owns a 1.4% stake, Primorus a 3.5% stake and Two Shields a 6.7% stake, said the second quarter of 2019 saw “considerable momentum” in finalising the product and proposition for user acquisition later this summer.
Vela Technologies was up 4.4% at 0.12p; Primorus was 19% heavier at 0.125p and Two Shields was 21% higher at 0.255p.
10.30am: Anglo African Agriculture boosted by Mombassa port decision
Technically, it is the Comarco group that owns the facility but Anglo African is in the process of acquiring Camarco.
Comarco Group has obtained the consent of the Kenya Revenue Authority to gazette its Mombasa port area as an entry and export area for customs purposes by the Commissioner of Customs and Border.
9.30am: Surprise development in India as bureaucracy delays Panthera court case
In September of last year, the Government of Rajasthan decided to reject the prospecting licence application filed by the company's joint venture partner.
The joint venture’s response was to lodge a writ petition which was due to be heard yesterday but as it did not reach the roster before the court session ended the matter will now be rescheduled by the court.
On the plus side, the US$1.5mln the company has lent to the Hodges Bay management team now becomes immediately repayable.
Elegant Hotels is also owed US$200,000 in unpaid technical service fees.
Proactive news headlines:
ClearStar Inc (LON:CLSU) shined on Tuesday as it recorded its highest-ever six-month revenues in the first half of 2019, with medical information services once again being the primary growth driver.
IQ-AI Limited (LON:IQAI) said its Imaging Biometrics (IB) arm is continuing to develop products that reduce and ultimately eliminate gadolinium-based contrast agents in medical imaging. Its race to find alternatives appears to be a well-timed one given the latest welter of clinical evidence linking these gadolinium products with a host of conditions.
Collagen Solutions PLC (LON:COS) reiterated it is well set financially and can see a runway to profitability following its £6mln fundraise last month. The comments were made alongside full-year results, which charted 12 months of significant progress, but also announced the retirement of chairman David Evans, who has a muscle wasting disease.
Chariot Oil & Gas Limited (LON: CHAR) chief executive Larry Bottomley has highlighted that the Anchois gas discovery, part of the Lixus licence, is expected to deliver strong returns and significant cash flow. The Chariot boss, in a statement ahead of today’s AGM, noted that Anchois may host one trillion cubic feet of gas resources which makes it a strategically important indigenous source of gas for Morocco.
After some delay, Regency Mines PLC (LON:RGM) has managed to secure an investment into its US coal business, Mining Equity Trust. Following the US$750,000 investment into MET by investment company Carraigbarre Capital Ltd, Regency will hold a 25.84% stake in MET.
IronRidge Resources Limited (LON:IRR), the African-focused minerals exploration company, announced that Tetsunosuke Miyawaki will succeed Ken Tsubaki as a non-executive director with immediate effect. The group noted that Miyawaki, who has to date acted as the alternate director for Tsubaki, formally joins the board as part of the company's strategic alliance with Sumitomo Corporation, the Japan-based global conglomerate which has a 10.2% interest in IronRidge.
Bluebird Merchant Ventures (LON:BMV), the Korean-focused gold development group, announced that its chief executive officer Colin Patterson bought 65,000 shares on market at 1.94p each on 5 July 2019 and a further 65,000 shares on market at 1.89p each on 8 July 2019 through Kensington Trust Singapore Limited, with whom he is associated.