For the six months ended 30 June, the cybersecurity firm reported an adjusted EBITDA loss of £190,000, down from a £490,000 loss in the prior year, while revenues had remained relatively steady, dipping to £2.63mln from £2.65mln.
Into the second half of the current year, ECSC said it had seen record levels of consulting bookings across its third quarter and into the fourth as well as record revenues in July of £620,000, up 42% year-on-year, alongside an adjusted EBITDA profit of £100,000.
The surgical and woundcare firm said pre-tax profit fell 17% to £11.2mln from £13.5mln a year ago while revenue edged up 2% to £48.7mln.
It said weaker sales of US LiquiBand skin adhesives, its investment in the Sealantis adhesives business and adverse foreign exchange contracts affected profitability and cash flow in the period. The adoption of IFRS 16 accounting measures also had an impact on profits.
11.20am: Midatech shares gain on Spanish grant
The grant will be used to help scale-up the manufacturing capability of Midatech's key MTD201 Q-Octreotide drug, which is being developed for the treatment of tumours such as carcinoid cancer.
The total estimated cost of the project is €16mln.
The company has now received public funding of up to €8.5mln including the latest loan.
Tower Resources PLC (LON:TRP) shares dropped 27% to 0.53p after saying it needed to delay drilling at the Njonji-3 well in Cameroon due to preparation issues caused by previous license operator, Total.
It said a realistic date for spudding the well would now be around December as it would need to conduct a site survey in either October or November.
Chairman and chief executive Jeremy Asher said Tower would need to raise some funds for working capital but remained “confident” about the Njonji development and that even with the delays the company’s internally projected well costs were still running “substantially below” estimates.
9.20am: Catenae Innovation warns of bigger-than-expected losses
Catenae Innovation PLC (LON:CTEA) shares tanked after the digital media and technology provider warned that full-year losses will be higher than expected.
The group said revenue in the second half will miss its expectations after business confidence declined due to uncertainty over Brexit and an economic slowdown.
The company added that it will need to raise further capital in the near future.
Shares dropped 55.7% to 0.02p.
Gulf Marine Services PLC (LON:GMS) shares fell 17.7% to 6.02p after it delayed the publication of its first-half results as it continues talks with its lender.
The company, which was due to report its interims on Wednesday, is in discussions with its banking syndicate for the continued access to one of its working capital facilities. The group said these facilities provide “essential short-term liquidity”.
“These discussions require the company to obtain further information to finalise its financial statements and for its auditors to complete their review,” it said.
As such, the first-half results will be delayed until 30 September.
The company said the loan will be used to ramp up production at Sekisovskoye and to achieve the company's current development plans.
Shares increased 29.9% to 0.89p.
The oil and gas developer said engineers have started work to stabilise the well prior to re-entry in preparation for drilling the TLP-103C side track, nominated TLP-103CST.
Proactive news headlines
ECSC Group PLC (LON:ECSC) narrowed losses in the first half, while sales in its consulting arm continued to grow into the second half. Into the second half of the current year, ECSC said it had seen record levels of consulting bookings across its third quarter and into the fourth as well as record revenues in July.
Eland Oil & Gas PLC (LON:ELA) has, alongside its interim results, revealed the initial results of the Gbetiokun-4 development well. Following the completion of drilling and an early analysis the company told investors that Gbetiokun-4 has exceeded pre-drill expectations.
Chaarat Gold Holdings Limited (LON:CGH) has received US$9.5mln in cash as part of a loan upsizing, while also updating on the financing of its Tulkubash gold project in the Kyrgyz Republic.
Futura Medical PLC (LON:FUM) chief executive James Barder said the company’s team is speaking to key opinion leaders in the field of erectile dysfunction ahead of publishing headline data on MED2005 later this year. The financials revealed the company had £5.63mln as at the end of June, while it picked up a £1.36mln research and development credit in August.
Technology and software investment firm KRM22 PLC (LON:KRM) has begun talks with strategic investors to help fund the next phase of growth as it continues to experience strong demand for its products.
88 Energy Ltd (LON:88E, ASX:88E) has launched a A$10mln equity funding with the cash earmarked for the ongoing evaluation of both conventional and unconventional prospectivity across its acreage in Alaska.