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Journeo makes progress as orders from recent contract win roll in

A look at some of the major movers in the London stock market on Monday

Lekoil Ltd -

Journeo PLC (LON:JNEO), the information systems and transport technical services group, was 1.5p higher at 57.5p after purchase orders from a contract win started arriving.

The company said it has received the first tranche of purchase orders under a contract valued at £4.8mln with The City of Edinburgh Council, awarded and announced in December 2019.

The purchase orders, valued at £0.8mln, are for the supply of integrated real-time passenger information systems and software for Edinburgh bus station and include comprehensive five-year services and a support package.

12.45pm: ITM Power lower as cost of sales balloons

ITM Power PLC (LON:ITM) was down a penny at 108p after dipping to 98p at one stage following a half-year update.

The loss before tax in the six months to the end of October widened to £9.83mln from £5.29mln in the same period of 2018 as the cost of sales accounts item ballooned to £2.5mln from £640,000.

The company also said it continues to be affected by certain legacy projects, including the Shell Refhyne project, resulting primarily from facing what ITM called “first-of-a-kind deployment challenges”.

11.30am: Fastjet gains altitude after in-line trading update

Shares in Fastjet PLC (LON:FJET) took off on Monday morning, rising 2.9% to 0.175p on a trading update.

The cash-strapped African airline said revenue, including fastjet Zimbabwe, for 2019 is expected to rise to US$42mln from U$39mln the year before, while the loss for the year is expected to narrow dramatically to somewhere between US$7mln and US$8mln from US$65mln the year before.

As at 23 January 2020, the group had cash reserves of US$ 3.0mln with no restricted cash.

10.30am: Market unfriends Amigo

Traders unfriended Amigo Holdings PLC (LON:AMGO), the guarantor loans company, sending the shares plunging 22% to 52.8p after a bombshell announcement from its majority shareholder.

Just weeks after battling his way back onto the board, founder James Benamor has indicated he is a “willing seller” of his Richmond Group's 60.66% stake in the company.

Amigo said it has launched a review of the business and formal sale process that could see the company sold off as a whole or in parts.

9.30am: Lekoil pulls out of tailspin after Otakikpo update

Lekoil Limited (LON:LEK) has had a terrible 2020 but it rallied 9.7% to 3.29p in early morning trade on Monday after an update on its Otakikpo operations.

The Otakikpo joint venture completed the first crude oil lifting of this year over the weekend by Royal Dutch Shell, the nominated off-taker.

Lekoil expects to receive cash proceeds from this crude oil lifting of around US$7.0mln. The next lifting, of a similar quantity, is expected to occur within the next four to six weeks.

READ Lekoil suspended on AIM as Qatar questions validity of US$184mln financing deal

Elsewhere in the oil & gas sector, President Energy PLC (LON:PRES) climbed 4.9% to 4.25p after a new independent reserves report covering its Argentinian assets.

Proven reserves (1P) were estimated at 15mln barrels of oil equivalent (boe), representing a net increase from the previous.

The company's net Argentinian proved + probable (2P) reserves increased to 25.9mln boe from 25.0mln in 2018.

Proactive news headlines:

Nektan PLC's (LON:NKTN) decision to restructure and focus on providing its gaming platform to businesses is going well, with revenues growing strongly. The company said its business-to-business (B2B) division in the six months to the end of December saw revenues rise 153.1% to £787,000 from the preceding six months’ total of £311,000.

Kodal Minerals PLC (LON:KOD) has completed a feasibility study for the Bougouni lithium project in Mali, and submitted its contents as part of a mining licence application to the relevant authorities. The study envisages a project with a minimum 8.5-year mine life producing an average of 220,000 tonnes of 6% spodumene concentrate per annum.

AFC Energy PLC (LON:AFC) has unveiled a commercialisation agreement with green tech firm HiiROC to produce zero-emission hydrogen fuel from natural gas. The AIM-listed firm said under the deal it will seek to obtain global preferential rights to integrate HiiROC’s plasma-based technology, which extracts hydrogen from methane and biomethane gas without emitting carbon dioxide, into its H-Power fuel cells.

Jersey Oil & Gas PLC (LON:JOG) is increasing its ownership of the undeveloped Verbier oil discovery through a deal with Equinor. The explorer, which presently holds 18% of the project, has agreed to buy a 70% interest in Licence P2170 from Equinor in return for contingent future payments, tied to potential successes and milestones.

H&T GROUP PLC (LON:HAT), the UK’s leading pawnbroker, has predicted that its profit before tax for 2019 will be at the top end of current market expectations. In a trading update, the firm said the strong performance was driven by a number of factors, including a 39% year-on-year increase in its pledge book.

SIMEC Atlantis Energy Limited (LON:SAE) has delivered an update on the performance of its MeyGen tidal power project in 2019, which saw the longest period of uninterrupted generation ever achieved for a multi-megawatt tidal turbine array. The sustainable energy firm said MeyGen has now exported 24.7 gigawatt hours (GWh) of predictable renewable electricity to the UK’s national grid, with 13.8 GWh exported in 2019 alone, enough to power around 3,800 homes and generating revenues of £3.9mln.

Equals Group PLC (LON:EQLS) has reported a surge in revenues and earnings for 2019 despite what it said were “challenging market conditions” caused by record-low currency volatilities. In a trading update, the e-banking and international payments specialist said adjusted earnings (EBITDA) are expected to be 30% higher than 2018, while revenue is forecast to increase by around 20%.

Faron Pharmaceuticals Oy (LON:FARN) (FIRSTNORTH:FARON) said its precision immunotherapy will be used in women suffering ovarian cancer. In what’s called a second expansion cohort of the company’s phase I/II MATINS clinical trial, Faron drug Clevegen will continue to be assessed for safety and efficacy.

ECR Minerals PLC (LON: ECR) said its 100%-owned subsidiary Mercator Gold has been granted four exploration licences in the Yilgarn region of Western Australia. The licences form part of the Windidda project, which is considered to be prospective for komatiite hosted nickel, copper and platinum group elements, as well as orogenic gold.

OptiBiotix Health PLC (LON:OPTI) said its partner ALFASIGMA has launched a food supplement containing the cholesterol-reducing LPLDL probiotic strain developed by subsidiary ProBiotix Health. ALFASIGMA, which generates revenues of €1 billion, operates in 90 countries and has 3,000 employees globally, will market this first-of-its-kind nutraceutical probiotic in Italy for cholesterol reduction. The companies inked an exclusive commercial agreement in the summer of 2018.

Directa Plus PLC (LON:DCTA) is to invest €240,000 into an EU-sponsored initiative to develop a digital printing method for textiles using graphene. The €1mln GREEN.TEX project is designed to reduce the environmental impact of textiles production and also involves EFI Reggiani, the Italian subsidiary of global digital printing group Electronics For Imaging (EFI), and IBS Consulting.

Bluejay Mining PLC (LON:JAY) has been awarded a new mineral exploration licence surrounding the company's existing Kangerluarsuk zinc-lead-silver project in central west Greenland.  Bluejay intends to commence a maiden drill programme at the project later this year.

Diversified Gas & Oil PLC (LON:DGOC) released a production update on Monday confirming that its production business is trading in line with current market forecasts. The update, ahead of full results statement due in March, revealed 2019 ‘exit’ production rates of 94,800 barrels oil equivalent per day (boepd) for its consolidated asset base. The average production rate measured around 96,300 boepd for the fourth quarter, the company said. This marks a 5.7% improvement on the preceding quarter.

ZAIM Credit Systems PLC (LON:ZAIM) expects increased lending volumes and better credit scoring to boost its performance 'materially' in the current year. The Russia-focused microlender said impairments as a percentage of the loan book fell to 5.6% in the three months to September, down from 9.1% in the March quarter, though numbers for the final quarter are not yet available. The value of loans advanced rose to £838,000 in December from £721,000 in October.

Block Energy PLC (LON:BLOE) has told investors that multi-rate production testing presently underway on the WR-38Z well at the West Rustavi field has so far shown peak results of around 550 barrels of oil equivalent per day (boepd). The peak production rate in the tests to date – following a clean-up period to stabilise the well and recover drilling fluids – comprised 300 barrels of oil plus 1.5mln cubic feet of gas per day.

Columbus Energy Resources PLC (LON:CERP) has marked the beginning of CO₂ gas injection in the enhanced oil recovery (EOR) project at the  Trinity Inniss field, Trinidad. The company said that it has so far injected the first tank of gas into the AT5X well at Trinity Inniss and over time it will now determine what impact this has for enhanced production in ‘offset’ wells to AT5X.

Shield Therapeutics PLC (LON:STX), the drugs developer focused on addressing iron deficiency, said 2019 was a year of material progress. In a trading update covering the year just ended the company flagged up the “broad label” approval of its lead drug, Accrufer, by the US Food and Drug Administration (FDA) last year and the positive results on the AEGIS-H2H study, which demonstrated Ferracru’s orally taken treatment was not inferior to Ferinject, the leading intravenous iron therapy.

Argo Blockchain PLC (LON:ARB) has appointed non-executive director Ian MacLeod as its executive chairman with immediate effect. MacLeod, who succeeds outgoing chairman Mike Edwards, also serves as corporate secretary and general counsel at telecoms and e-commerce-focused private equity investment fund Teligence. Meanwhile, Argo also said it is ahead of schedule to reach its goal of 17,000 installed machines by the end of the first quarter of 2020, with 15,730 cryptocurrency mining machines currently operating.

accesso Technology Group PLC (LON:ASCO), the premier technology solutions provider to leisure, entertainment, hospitality, attractions and cultural markets, said that, further to its announcement of 23 January 2020, Steve Brown has now been appointed as the new chief executive officer with immediate effect. The company also confirmed that Paul Noland has now resigned as chief executive officer and steps down from his role on the accesso board concurrent with Brown's appointment.

Arix Bioscience PLC (LON:ARIX) said a company it co-founded in 2018 has emerged from “stealth mode” after completing a Series A financing, that brings total committed funding to $50mln. It teamed up with US venture capital group Atlas Venture to create pre-clinical stage firm Quench Bio, which is working on the first anti-inflammatory and autoimmune drugs targeting a protein called Gasdermin D.

Nuformix PLC (LON:NFX), the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs has announced the resignation of non-executive director John Lidgey from its board with effect from 31 January 2020. The group noted that Lidgey chaired Levrett PLC from inception through to the successful reverse merger with Nuformix in October 2017 and then remained on the board as NED. It said he has now decided it is time to move on to pursue new opportunities.

Blue Star Capital PLC (LON:BLU), the investing company with a focus on esports, technology and its applications within media and gaming, announced that Cairn Financial Advisers has been appointed as broker to the company with immediate effect.

Oncimmune Holdings PLC (LON:ONC), a leading global immunodiagnostics group, said it will be holding a Capital Markets Update for analysts and investors alongside its half year results for the six months ended 30 November 2019, on Wednesday, 12 February 2020. The group said Adam Hill, its chief executive officer and Matthew Hall, chief financial officer, will host a presentation and conference call for analysts at 2:00pm GMT on the day of the results.

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