Revenues dropped by US$1mln, for a final balance of US$14mln, after a major client cut the publishing of DVD and Blu-ray box sets ahead of the launch of its streaming service while operating expenses increased slightly to US$5mln due to the higher costs of growing facilities in London and Los Angeles.
However, last year’s operating loss swung to a US$400,000 profit this year, while the AIM-listed firm said there are plenty of opportunities in the upcoming months driven by new contracts and industry changes.
3.00pm: Adept4's chairman, Simon Duckworth, puts his hand in his pocket
Duckworth's purchase cost him £17,640.
2019 has been a volatile year for the IT specialist, which issued a profit warning in April. That sent the shares as low as 0.45p but by August they had recovered to 3.55p after the company announced its proposed acquisition of CloudCoCo, which offers cloud and related technology solutions.
2.15pm: IGas and Egdon hit by fracking ban
Both companies reassured investors their conventional (non-fracking) businesses will carry on as normal, although both stressed the potential of the unconventional basin in the Gainsborough Trough in Eastern England, with analysis indicating gas in place of 640 billion cubic feet of gas per square mile.
The industry has been calling for further tests, with the Oil and Gas Authority wondering whether hydraulic fracturing could resume in line with the new policy, implemented by Westminster following a series of earthquakes at the country’s only fracking site at Preston New Road in Lancashire.
1.15pm: Woodford Patient Capital shaves 4.7p from its net asset value
Woodford Patient Capital Trust PLC (LON:WPCT) fell 7.1% to 35.12p after the carrying values of two of the trust’s holdings were amended.
The company's holding in industrial heat specialist IH Holdings has been marked down, reflecting a delay in operational progress, and will reduce the company's net asset value per share by around 5p.
Around 0.7p per share of that loss was clawed back by an upward adjustment to the fair value of an unnamed investment that had previously been written down because of an uncertain fund-raising environment.
12:05pm: LightwaveRF plunges as delays spark a profit warning
The smart home technology firm said fourth-quarter revenues are likely to be significantly below the board’s previous expectations.
Worse still, full-year losses are expected to be materially higher than market expectations.
11.00am: Amur seeks to wean itself off its convertible loan facility
The company, which is focused on nickel-copper sulphide exploration and development in Russia, said an asset manager specialising in natural resources subscribed for 70mln shares at a price of 1.7p, generating £1.2mln in funds for Amur.
Just over half of the proceeds from the share issue will be used to repay outstanding loans from funding provider RiverFort Global Capital, while the company said it would not make any further drawdowns under the convertible loan facility with RiverFort for at least three months. Amur intends to find alternative sources of financing that would avoid any future drawdowns from the RiverFort convertible loan facility.
10.15am: Defenx shareholders stampede for the exit as cyber-security firm prepares to delist
The company, which had been trading at 144.78p in July 2017, is looking to walk between December and January pending shareholders’ approval.
Despite Italian firm BV Tech providing a financial lifeline since October 2018, Defenx expects full-year results to swing to a loss due to weak sales, while the struggle may be intensified by a “significant” fine following a tax investigation carried out by the Swiss authorities.
9.15: Aukett Swanke confirms it expects to move into the black this year
The announcement represents somewhat of a turnaround for the group, which saw its share price dive back in January when it posted a loss of £2.54mln for the year to 30 September, compared to a loss the year before of £325,000.
Trading in the new financial year has been stable though the company said it remains vigilant regarding possible adverse impacts as a result the forthcoming General Election and prolonged Brexit negotiations.
Distribution Finance Capital Holdings PLC (LON:DFCH) shares dipped 2.7% to 126.5p after it announced the departure of the chief executive officer, Chris Dailey.
His departure followed an internal investigation into his personal conduct.
The board has appointed Henry Kenner, currently a non-executive director of the company, as the acting chief executive officer.