Frontier Developments PLC (LON:FDEV) revved 11% higher to 1,258p after signing a multi-year game licensing deal with Formula 1.
The computer games publisher has won the right to develop and publish management games bearing the Formula 1 (F1) brand and plans to launch four F1 games in time for the 2022 season.
Frontier has also clinched another two publishing deals, taking the number of signed deals to five for the company's third-party publishing initiative. A number of additional opportunities with carefully selected partners are being discussed, Frontier said.
2.00pm: Golden period for H&T
H&T GROUP PLC (LON:HAT), up 16% at 355p, was wanted after it reported a surge in profits for 2019.
The pawnbroker business was boosted by acquisitions and what its chief executive said was a “beneficial gold price”.
For the year ended 31 December, the pawnbroker reported a pre-tax profit of £20.1mln, up 45.7% on the prior year, with the company’s pledge book (the value of pawned items) increased by 38.8% to £72.2mln.
12.45pm: Trinity Exploration OK with current oil prices
Trinity Exploration & Production PLC (LON:TRIN) advanced 19% to 7p after it put investors’ minds at ease over the tumbling oil price.
The company said a strong oil price hedge position has been put in place to protect the company's revenues for a large part of 2020.
Trinity's operating break-even has consistently been below US$30.0 a barrel in all periods since the new management's measures took effect in 2016, the company told investors.
11.45pm: Litigation Capital Management returns to management of third-party funds
Litigation Capital Management Limited (LON:LIT) climbed 19% to 58.2p after announced the first close of a new third party fund of up to US$150mln.
The close of this fund, called LCM Global Alternative Returns Fund, marks the litigation backer’s return to managing third-party funds, following the building of a permanent source of balance sheet capital through the equity markets.
The fund will target global dispute finance investments including single disputes and corporate portfolio transactions.
10.30am: Ultra Electronics on a charge
Ultra Electronics Holdings PLC (LON:ULE) was on a charge, rising 12% to 2,138p after it reported a trip-digit profit increase.
For the year ended 31 December, the FTSE 250 company reported a pre-tax profit of £91mln, up 113.6% on the prior year, while revenues jumped 7.7% to £825.4mln.
The engineering company saw 10.7% growth in its order book over the year, reflecting what it said were “continued strong markets, particularly in North America” and customer demand for technologies that are “core to addressing areas of perceived threat”.
9.30am: Brand Architekts hit by forex swings; Safestay laid low by coronavirus
Brand Architekts Group Plc (LON:BAR), the company formerly known as Swallowfield, dived 22% to 126p after posting a sharp decline in half-year sales.
Revenues in the 28 weeks to 11 January declined by 15% year-on-year to £10.6mln, thanks largely to a steep fall in international sales (-23% vs prior year) resulting from currency devaluation in a key market and tariff pressures. UK sales were down 13% year-on-year.
Adjusted profit before tax fell by a third to £1.2mln from £1.7mln the year before, the cosmetics maker said.
Hostels operator Safestay PLC (LON:SSTY) became the latest company to bemoan the effects of the coronavirus, saying the spread of the virus is having an impact on bookings.
The shares slumped 10% to 18p as it said it had experienced a material reduction in new bookings over the last week against our expectations and there has been a growing number of group bookings from schools and colleges that have been cancelled or postponed.
“It is too early to say what the full impact from COVID-19 might be in the current financial year, as it is not known how long the virus will continue to impact travel and spending patterns in Europe and the UK,” Safestay said.