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Ingenta says benefits of restructuring are feeding through

A look at the day's major movers, including Crossword Cybersecurity, Petrel, On the Beach, Low & Bonar, XLMedia and Microsaic

XLMedia - XLMedia and Microsaic both plunge after worrying trading updates

Software company Ingenta PLC (LON:ING) shot up 11% to 71.5p after an upbeat set of interim results.

The company traded in line with expectations in the first half of 2010 and is on target to deliver “materially improved” full-year results.

Martyn Rose, the chairman of Ingenta, said the benefits of the recently announced sales wins and restructuring are beginning to be recognised in the company's reported results.

2.30pm: Crossword Cybersecurity targets closure of “several large opportunities”

Crossword Cybersecurity PLC (LON:CCS) found the market hard to please with its half-year results.

The company said it is aiming to close “several large opportunities” before the end of the year.

In an outlook statement accompanying its interim results, the cybersecurity firm also said it remained confident full-year results would be “in line” with market expectations.

Nevertheless, the shares, which have been on a terrific run of late, rising from 245p at the end of 2018 to 505p last night, fell back to 456p.

1.30pm: Petrel runs out of gas after caution permeates trading statement

Elements of caution in the half-year statement from Petrel Resources PLC (LON:PET) sent the Irish oil explorer's shares 16% lower to 7.65p.

The company, which is focused on Iraq, Ghana and the Irish Atlantic, said challenges remain in Iraq while progress in Ghana with the authorities remains slow.

As for the anticipated drilling in the Irish Atlantic Porcupine Basin, the anticipated multi-well drilling programme in the Irish Atlantic has been delayed by a politically-inspired private members' bill hoping to ban future licence rounds and extensions, and although the government blocked the bill, governments do change …

12.30pm: On the Beach on the rise after collapse of Thomas Cook

Online travel booker On the Beach Group PLC (LON:OTB) is working to help its customers currently on holiday who had booked return flights with Thomas Cook Airlines Ltd.

The airline went down with the ship – to mix metaphors – when Thomas Cook Group PLC (LON:TCG) entered compulsory liquidation.

There will be an exceptional cost this year to cover the cost of rescuing stranded holidaymakers but nevertheless, On the Beach shares were up 6.4% at 404.2p.

11.30am: Northgate drives higher after kicking off a review of the business

Van hire specialist Northgate PLC (LON:NTG) headed north, rising 5.8% to 320p, after it revealed a review of the business has kicked off.

The review is focused on “clarifying the significant intrinsic value of Northgate”, the recently-appointed chairperson, Avril Palmer-Baunack, told shareholders at the company's annual general meeting.

The review would encompass Northgate's core businesses and “the strong potential of strategic actions that will grow the business in both scale and value”.

10.30am: Low & Bonar doubles after agreeing to a takeover 

Shares in Low & Bonar PLC (LON:LWB) more than doubled to 14.4p after an agreed takeover was announced on Friday evening.

Normally, when a company puts an announcement out on late Friday evening it is bad news but not this time; the board of the performance materials specialist, which issued a profit warning back in May, recommended acceptance of a 15.5p cash offer from Freudenberg, a family-owned global technology group that is based in Germany.

The terms value Low & Bonar at around £107mln.

9.30am: XLMedia and Mosaic tumble after worrying updates

XLMedia PLC (LON:XLM), a provider of digital performance marketing services, lost a quarter of its value after its chief financial officer quit.

Yehuda Dahan will be replaced as the chief bean-counter by Liat Hellman, who is currently the chief financial officer of XLMedia's Webpals arm, will take over the gig on an interim basis.

Dahan's departure coincided with XLMedia revealing that performance was weaker than expected in July and August.

The shares were down 16.5p at 58.5p.

The top faller of the morning, however, was Microsaic Systems PLC (LON:MSYS), which was off 32% at 1.05p.

The developer of point-of-need mass spectrometry instruments said some deliveries in the first half of the year were delayed because the company's manufacturing partner needs to ramp-up throughput on newly implemented testing and release procedures.

The board is confident that full capacity will be in place to support significant further sales growth in 2020 and beyond.

Proactive news headlines

Mkango Resources Ltd (LON:MKA, TSX:MKA) is buying a stake in a company that has developed a technology to recycle rare earth magnets, which it hopes to employ at its Songwe Hill project in Malawi. 

Seeing Machines Limited (LON:SEE) said revenue in the current fiscal year is expected to be more than 40% higher year-on-year after rising 4% to A$31.9mln in the year to the end of June 2019.

VR Education Holdings Plc (LON:VRE) shares climbed on Monday after the group reported an acceleration in revenue growth during its first half.

Iodine producer Iofina PLC (LON:IOF) notched up record half-year revenues in the first six months of 2019, with revenue up 29% to US$14.53mln and underlying earnings (EBITDA) soaring 172% to US$1.97mln.

Crossword Cybersecurity Plc (LON:CCS) is aiming to close “several large opportunities” in its final quarter, while orders for its Rizikon Assurance product almost doubled in the first half.

Amur Minerals Corporation (LON:AMC) says it is looking at other areas where it can improve the economics of its Kun-manie project now that work on its Russian reserves requirement has started.

Premier African Minerals Limited (LON:PREM) chairman Michael Foster has stepped down as the group edges closer to manganese miner MNH Holdings.

MTI Wireless Edge Ltd (LON:MWE) has won a US$1mln contract to supply military antennas to an unnamed European customer over the next 15 months.

Independent Oil & Gas PLC (LON:IOG) told investors that on 20 September it settled its €100mln senior secured bond, which sees the North Sea firm on-track to fund its core development project.

Kosmos Energy Ltd (LON:KOS, NYSE:KOS) has revealed successful results from the Yakaar-2 appraisal well, offshore Senegal, which has confirmed “world class” gas resources.

Oncimmune Holdings PLC (LON:ONC) has made three senior appointments that strengthen the team as commercial development of its cancer diagnostic gets into full swing.

Metal Tiger Plc (LON:MTR) chief executive Michael McNeilly has described himself “delighted” as 59.81% investee Kalahari Metals Limited (KML) landed approval for its environmental management plan for the Kitlanya projects in Botswana.

Faron Pharmaceuticals Ltd (LON:FARN) said discussions to find a commercial partner for its cancer immunotherapy continue.

Avation PLC (LON:LSE) has delivered a second new ATR 72-600 aeroplane to the South Asian airline US-Bangla Airlines at an operating lease agreed at market rates.

Brady PLC (LON:BRY), the trading and risk management solutions firm, said a focused programme to deliver business efficiencies has been initiated.

Union Jack Oil PLC (LON:UJO) executive chair David Bramhill highlighted “significant progress” across its three key projects - West Newton, Biscathorpe and Wressle – as the onshore oiler released its half yearly results.

Solo Oil PLC (LON:SOLO) has boosted its senior management with the appointment of Romina Mele-Cornish as chief financial officer and Doug Rycroft as chief operating officer.

Instem PLC (LON:INS) enjoyed a solid first half as it cited the financial restructuring of recent years and the “increasing efficacy” of the company’s technology and services for its success.

Gfinity PLC (LON:GFIN) has hailed a rise in engagement with its community of gamers and esports watchers as part of a drive to create “significant new and recurring revenue streams”.

Redx Pharma (LON:REDX) will deliver a poster presentation at the European Respiratory Society International Congress 2019 in Madrid, Spain on 28 September-2 October 2019. The poster relates to RXC006, the company's potential treatment for the orphan disease, idiopathic pulmonary fibrosis (IPF), which is being prepared for clinical trials during the second half of next year.

Caledonia Mining Corp PLC (LON:CMCL, NYSEAMERICAN:CMCL, TSX:CAL) has appointed mining industry veteran Nick Clarke as an independent non-executive director with immediate effect.

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