Immedia Group PLC (LON:IME) shares were down 20% to 17p in afternoon trading on Monday after the digital marketing outfit issued a profit warning.
Several pipeline opportunities been slower to turn into contracts than hoped and management said they cannot be certain when they will, nor how much of this business will come on stream in the current financial year.
Immedia, run by former Radio 1 DJ Bruno Brookes, said it now expects results for the calendar year will now be below market estimates, with revenue of at least £4.1mln resulting in underlying losses (EBITDA) in the region of £0.3mln.
Thanks to cost cutting the balance sheet is said to be “healthy”, with Brookes and the board remaining “positive despite a cautious trading environment”.
Not far in AIM’s alphabetical list or in the list of the day’s biggest losers, Idox PLC (LON:IDOX) was down 15% to 29.14p despite slashing first-half losses to £2.2mln.
Idox characterised its financial performance as “stable… during a period of significant transformation”, where it has “addressed historical issues and established improved operational execution, financial management and strategic focus across all parts of the group”.
Chief executive David Meaden said his first twelve months in the business has been focused on sorting out legacy issues and creating a “more stable platform” from which to build.
“I am pleased by the progress we have made in such a short period of time.”
Net debt was down slightly to £25.4mln at the end of April, from £26mln a year earlier.
#IDOX appears to be working through its issues but clearly lot to do and that Debt is meaty. At some point it might become decent but looks very high risk at moment and financially weak. I don't hold. Good they have new management.
— WheelieDealer (@wheeliedealer) July 22, 2019
12pm: Abcam's investment plans antagonise
Abcam PLC (LON:ABC) shares were one of the biggest fallers on Monday, down more than 14% to 1,202p by late morning despite the ‘Amazon of antibodies’ issuing a strong trading update.
The group said revenue had risen 11.4% in the year to June, with EBITDA margins in line with expectations.
However, as well as finance chief Gavin Wood giving his notice, Abcam also said it planned further growth via a new programme of internally funded investments.
Broker Peel Hunt said this was “unexpected” and “will likely see the return of investors’ concern over deteriorating EBITDA margins in future years”.
Another company slightly harshly losing some of its sparkle on the day was Petra Diamonds Ltd (LON:PDL), which confirmed that it produced 3.87mln carats of diamonds during the year to 30 June, in line with a guidance range of 3.8-4.0mln carats.
Guidance for the year to June 2020 is 3.8m carats.
However, commenting on the diamond market, Petra said the diamond market “remains difficult”, with rough prices down 4% in the period January to June 2019.
The company highlighted the negative impact of “trade tensions between the US and China … [which] … weighed on rough sales and pricing, with subdued pricing particularly in lower value stones”.
10am: JOG sprints higher after 'most significant event since inception'
Jersey Oil and Gas PLC (LON:JOG) gushed 50% higher on Monday morning to 110p after winning licences for three new blocks in the North Sea.
The three blocks run alongside the licence area containing the Verbier discovery, where JOG is a 50% owner with Norwegian giant Equinor, which has three months to decide whether to take up an option for a 50% interest in the new blocks.
Winning the new licences was “by far the most significant event for JOG since its inception,” said Jersey chief executive Andrew Benitz, putting JOG’s 4.5 mmboe net share of discovered resources in Verbier in the shade with an estimated 105 mmboe of discovered resources as well as further prospective resources.
READ: Jersey Oil and Gas lands significant acreage in North Sea licensing round
Another early riser on Monday was Learning Technologies Group PLC (LON:LTG), up 18% to 111p after it revealed that full-year underlying earnings are likely to be “materially ahead” of market expectations.
The digital learning and talent management specialist said sales had 85% been stronger in the first half of the year, with adjusted earnings before interest and tax up 125% to no less than £20mln.
“LTG's outstanding margins and cash generation provide additional capacity to invest in further sales growth in the second half of the year, and pursue a number of new initiatives to augment organic growth into 2020,” said chief executive Jonathan Satchell.
Proactive news headlines:
Jersey Oil and Gas PLC (LON:JOG) told investors that it has been awarded significant acreage through the latest North Sea licensing round. It has landed 100% of three blocks hosting the Buchan oil field and the J2 oil discovery.
Advanced Oncotherapy PLC (LON:AVO) said it has reached an important landmark following the completion of structural work at Harley Street, central London, site of its next-generation proton beam therapy system.
Learning Technologies Group PLC (LON:LTG) said full-year underlying earnings are likely to be “materially ahead” of market expectations after a strong first half for sales and profits.
Galantas Gold Corporation (LON:GAL) has hit more strong gold indications from work at the Omagh mine in Northern Ireland.
Regency Mines PLC (LON:RGM) has refinanced US$1.254mln worth of loan notes through to July 2024.
BATM Advanced Communications Ltd (LON:BVC) has launched a new platform to allow mobile network operators to make use of the fast-growing areas of 5G and multi-access edge computing (MEC).
Belvoir Lettings PLC (LON:BLV) has changed its name to Belvoir Group to reflect its diversification away from being a single franchisor of residential lettings agents.
Pembridge Resources PLC (LON:PERE) has signed an off-take agreement with Japanese commodities giant Sumitomo for the delivery of 55,000 tonnes of copper concentrate from its newly acquired Minto mine in Canada.
Intellectual property specialist Tekcapital PLC (LON:TEK) has signed a strategic alliance with the Technological University of Queretaro in Mexico (UTEQ).
ITM Power PLC (LON:ITM) has signed an agreement for new premises in Sheffield which will become its global manufacturing headquarters.
Yellow Cake PLC (LON:YCA) has reported a net asset value of 218p per share as at 30 June 2019. The valuation is derived primarily from a holding of 9.2mln pounds of physical uranium, worth US$24.70 at prevailing spot prices, but acquired at an average price of US$21.8 per pound.
Norman Broadbent Plc (LON:NBB) returned to profitability in the first half of 2019 as the group continued its strategy to diversify around the executive search core.
Seeing Machines Limited (LON:SEE) has completed the overhaul of its board with the appointment of Kate Hill as its new chair on a permanent basis.
Providence Resources PLC (LON:PVR) continues to await a payment into its bank account, from its Chinese partner. The Irish oil company, in a statement, told investors it has received further documentation showing the mechanics of the transfer of US$10mln to its account.
Primary Health Properties PLC (LON:PHP) has completed the €11mln acquisition of the Meath Primary Healthcare Centre in Dublin.
Polarean Imaging PLC (LON:POLX) has raised £2.1mln through a share placing to strengthen the company’s balance sheet and to support phase III clinical trials and product launch planning.