Distil Plc (LON:DIS) cheered high demand for alcoholic drinks as UK consumers have been stocking up during the lockdown. In the quarter to 31 March, revenues soared 97% as sales volumes increased 80%, thanks to “strong” individual brand performance and weak results last year due to Brexit.
Analysts at Progressive said the results were helped by “a judicious decision” to advance production timing to ensure availability of stock, as well as “prompt channel management”.
The AIM-listed firm switched stock from the on-trade channels, such as pubs, hotels and restaurants, to meet increased demand from the off-trade channel, such as grocery stores. Last month revenues jumped 50%, “more than double the 22% increase indicated in recent press reports for the UK alcohol market,” analysts noted.
Advanced Oncotherapy raises £15mln
Advanced Oncotherapy PLC (LON:AVO) raised £15mln through a direct subscription with new and existing shareholders in the cancer treatment pioneer. The issue price of 25p is in line with last night's closing price, with the group's directors subscribing for £190,000 worth of shares.
Advanced Oncotherapy said work on its first proton beam therapy site in Harley Street has been halted due to coronavirus restrictions, but it will use the money raised to get regulatory approval of its novel technology.
A revised timeline envisages that the first person will treated in 2021.
1mln hits for Iconic Labs fact-checking website
Iconic Labs PLC (LON:ICON) soared on Wednesday after announcing its service to counter misinformation about the coronavirus pandemic has reached 1 mln readers in a week.
The website was established last week in partnership with MP Damian Collins, former chair of the Parliamentary Committee on Culture, Media and Sport and is receiving support from governments and organisations.
Infotagion allows users to post screenshots of information seen on social media or elsewhere, which is then fact-checked by Collins and a team of experts.
The online publisher said Infotagion was covered in more than 70 pieces of individual news published by major UK news outlets including the BBC, ITV, Daily Mail, WIRED, Yahoo, radio and local and specialist news sites.
Bidstack's technology to be used by Codemasters
Bidstack Group PLC’s (LON:BIDS) in-game advertising technology is to be used by game developer Codemasters Group Holdings PLC (LON:CDM) to provide ads in its games encouraging players to stay at home during the coronavirus pandemic.
Tech provided by the AIM-listed firm will be used in Codemasters’ Dirt Rally 2.0 game to show players the advice on roadside banners as they race through virtual tracks.
The technology is also geo-targeted, meaning only UK-based players will see the ads, however, Bidstack said on Tuesday that it is working with Codemasters to extend the initiative to other players in Europe and the Americas with localised public safety information.
Falcon Oil & Gas’s “fantastic” deal
Falcon Oil & Gas Plc (LON:FOG) executed a “fantastic” deal for shareholders and is now set to “sail through the seas of uncertainty”, according to stockbroker Cenkos.
On Tuesday, Falcon agreed a further farm-out of its stake in the Beetaloo shale project, in Australia, to partner Origin Energy.
It expands the scope of Origin’s paid-for work programmes and secures Falcon’s funding position.
Previously, Origin was committed to spend up to A$65.3mln gross in Stage 2 of the joint venture, and up to A$48mln in Stage 3 - now, the aggregate gross cost cap rises to A$263.8mln - spending above that will be borne proportionally by the partners.
Diversified Gas & Oil lands US$110mln of extra production
Diversified Gas & Oil PLC (LON:DGOC) has unveiled a new US$110mln acquisition of upstream and midstream assets in the Appalachia region of the United States. The deal, with Carbon Energy Corporation and its affiliates, sees DGOC pick up some 9,900 barrels oil equivalent production in 6,500 “mature, low decline conventional” wells.
“This proposed complementary acquisition, if completed, remains consistent with our commitment to pursue prudent growth that enhances our dividend per share to shareholders,” Rusty Hutson, DGOC chief executive said in a statement.
Providence Resources funding and farm-out lifeline
Providence Resources PLC (LON:PVR) has in the past seen multiple avenues to develop the Barryroe project end in frustration - but a new agreement offers its new management team fresh hope.
In a statement, on Monday, Providence announced a US$3mln equity funding which can keep the Irish oil firm afloat into 2021 (so long as shareholders approve the proposal).
Significantly, it comes alongside a preliminary agreement with Norwegian firm SpotOn Energy which will now have until October to solidify plans to finish the appraisal of Barryroe.
The hope among Providence investors is that this will be a farm-deal that sticks after prior deals, including the most recent China-funded scheme did not.
SDX Energy makes new discovery
SDX Energy PLC (LON:SDX) has announced a new discovery at the South Disouq project in Egypt, with the SD-12X (Sobhi) well encountering 108 feet of net high-quality gas-bearing sands.
"This is an excellent result for SDX and fully justifies our confidence to drill this well on a sole risk basis,” Mark Reid, SDX chief executive said in a statement.