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Sosandar's monthly net revenues surpass £1mln for the first time

A look at the day's major movers, including AFC Energy, Kosmos Energy, Dev Clever, Fulcrum Utility, Eurasia Mining, Water Intelligence and Botswana Diamonds

Fashion model
Sales are booming at Sosandar

Sosandar PLC (LON:SOS) stayed on trend with shares up 25% to 20p after the fashion retailer reported 53% higher sales in the last six months.

The AIM-listed online womenswear brand reported in a trading update that revenues for the six months ended 30 September will be £2.8mln, a 53% rise on the prior year, while post-period it had seen monthly net revenues surpass £1mln for the first time in October.

The company also said it remained confident for the full-year results, and that it has begun a programme of higher spending on marketing, to help grow its customer base and increase purchase frequency from the company’s “loyal and highly engaged following”.

2.30pm: AFC Energy to launch charger for electric vehicles in December

AFC Energy PLC’s (LON:AFC) shares heated up 12% to 5p after the company announced its electric vehicle charger is set for commercial launch in December.

In an operational update, the manufacturer of power generating units said its hydrogen-powered 72kWh (kilowatt hours) off-grid charging system will target multi-user sites such as fleet operators, car parks, shopping centres, and can be readily scaled up to 288kWh through an increase in the integrated energy storage capacity. 

Elsewhere, AFC said it has also signed an agreement with an international manufacturing group to assess an ammonia-to-power off-grid platform.

1.30pm: Kosmos Energy hails “largest deepwater hydrocarbon discovery” of the year

Kosmos Energy Ltd’s (LON:KOS) shares got a 3.9% boost to 474p after making the world’s “largest deepwater hydrocarbon discovery” this year offshore of Mauritania.

The Orca-1 well exceeded pre-drill expectations, showing 36 metres of net gas in excellent quality reservoirs, and also confirmed another 11 metres of net gas in a down-structure position relative to the previously drilled Marsouin-1 discovery well.

The discovery continues the success from all nine wells so far drilled by the explorer, targeting the inboard gas trend in Mauritania and Senegal. 

12.30pm: Market reacts negatively to Dev Clever's expansion plans

Educational software developer Dev Clever Holdings PLC (LON:DEV) slumped 21% to 3.4p after it said its careers guidance platforms have gone live in the UK.

The company revealed it has commenced work on localising the platforms for other markets and collaborating on the strategy to roll out the Educate platform to other territories starting with North America in 2020.

Dev Clever said it has now invested more than £1.0mln in the development of its platforms: Launchpad, Launchpad for employers and VICTAR VR.

11.30am: Fulcrum Utility subsidiary Dunamis lifted by EC Capacity Market ruling

Shares in infrastructure provider Fulcrum Utility Services Limited (LON:FCRM) rose 8.7% to 26.75p after flagging the outcome of the European Commission investigation into UK utilities.

The commission has approved under EU State aid rules the British Capacity Market scheme introduced in 2014 to safeguard the security of electricity supply.

This ruling overturns the previous capacity market suspension by the EU in November 2018, which was delaying a significant number of customer investment decisions particularly concerning Dunamis's high voltage design and build business. Dunamis is a subsidiary of Fulcrum.

10.30am: Eurasia Mining bounces back after cash infusion

Eurasia Mining PLC (LON:EUA) shares jumped 69% higher today to 1.78p, recouping some of Friday's falls, after the firm’s chairman, Christian Schaffalitzky said the group’s directors “believe the company is in a strong financial position going forward".

Schaffalitzky made the comment in a statement after the market close on Friday, highlighting a warrant exercise. The producer of palladium, platinum, iridium, rhodium and gold in Russia said it received notification from holders on Friday that warrants over 16.05mln ordinary shares had been exercised at a price of 0.53p each. The consideration for the exercise amounted, in aggregate, to a cash value of £85,000.

9.30am: Water Intelligence raises expectations

Leak detection specialist Water Intelligence PLC (LON:WATR) spurted 11% higher to 294p after it said revenue this year had topped expectations.

Revenues rose 34% to US$24.7mln in the first nine months of 2019 from US$18.5mln in the same period of last year.

Profit before tax year-to-date has been “comfortably in-line with expectations”.

Botswana Diamonds PLC (LON:BOD) shone in early deals, rising 20% to 1.325p, after the award of a mining permit for the Marsfontein mine.

The permit covers the diamond-bearing gravels and residual unprocessed stockpiles surrounding the mine and has been awarded to Vutomi Mining, in which Botswana Diamonds has a 40% stake.

The site establishment has already kicked off and commissioning is expected to commence within the next two weeks with production ramping-up once commissioning is complete.

 

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