Earnings before interest, tax and amortisation (EBITA) were negative in the first three months of 2020 at £138,000 but this represented a dramatic improvement on a loss of £748,000 in the same period of 2019.
The company, which operates an artificial intelligence platform focused on transportation, said total revenue was up 28% year-on-year on a constant currency basis at £290,000.
2.30pm: Orusur Mining tumbles as CEO Salazar jumps ship
The South America-focused gold developer and explorer said Salazar will be taking up the chief executive officer role at Aussie firm Highfield Resources.
“Orosur is moving into a new phase as an exploration and development company and I am confident that during the next three months, I will be handing over to a strong and well-balanced team with a strong platform to grow,” Salazar said.
1.30pm: Feedback bounces as its Bleepa systems is rolled out
The roll-out is to help its coronavirus (COVID-19) response. The key patient management tool, which includes secure medical image communication, is being used by clinical staff on the front-line, the company said.
It means that chest X-rays and CT scans are more easily accessible, both remotely and for those on the frontline.
12.30pm: Phoenix Copper sparks as the Rottweiler moves in
Known in City circles at “the Rottweiler”, hedge fund manager Hughes is the founder of Toscafund.
Prior to today’s announcement, Hughes did not have a notifiable interest in Phoenix Copper.
11.30am: Tissue Regenix extends cash runway
The coffers o the medical devices group, which has a significant American operation with base in San Antonio, Texas, has received a further US$417,000 loan from the US government as part of the coronavirus support scheme.
The funding comes with a two-year term and a 1% interest charge, deferred for six months.
10.30am: NAHL's residential property business hit hard as UK property market seizes up
NAHL (LON:NAH), which runs what it calls a national accident helpline, tumbled 14% to 37p after it issued a coronavirus (COVID-19) update.
Since mid-March, the group's Critical Care business has remained resilient with only a modest level of impact to date from the lockdown measures; however, the group's Personal Injury division has suffered a more significant reduction in enquiries and its Residential Property division has suffered in line with the UK property market, which has come to a standstill.
These challenges will the business in both the short and long-term, NAHL admitted, but the board remains confident in the group's ability to emerge from this period as a sustainable business.
9.30am: 4D pharma soars as coronavirus study is fast-tracked; Genedrive flourishes as it eyes release of COVID-19 diagnostic kit
The live biotherapeutics company has received expedited acceptance from the UK Medicines and Healthcare products Regulatory Agency (MHRA) to commence the study of Mrx-4DP0004, an orally administered, single-strain live biotherapeutic currently in a Phase I/II clinical trial for the treatment of patients with partly-controlled asthma.
“If MRx-4DP0004 is successful in this study it would represent a highly significant breakthrough in the global fight against the novel coronavirus pandemic,” said Alex Stevenson, 4D’s chief scientific officer in a statement.
The AIM-listed molecular diagnostics specialist and Cytiva (formerly GE Healthcare Life Sciences) have agreed on a deal to develop the Genedrive 96 SARS-CoV-2 assay for use on lab-based polymerase chain reaction (PCR) instruments that will be used to provide a test for COVID-19.
The Genedrive 96 SARS-CoV-2 assay combines Genedrive's PCR chemistry integrated with Cytiva's LyoStable stabilisation technology. The combination would allow for high throughput manufacturing of over 10,000 tests per hour in a 96-well, temperature-stable plate format that could be transported globally without the need for refrigeration.
Proactive news headlines:
Genedrive PLC (LON:GDR) and Cytiva have agreed a deal to develop the Genedrive 96 SARS-CoV-2 assay for use on lab-based polymerase chain reaction (PCR) instruments which will be used to provide a test for coronavirus (COVID-19). The AIM-listed molecular diagnostics specialist said the project with Cytiva, the company formerly known as GE Healthcare Life Sciences, is one of two assay programmes it is developing as per its coronavirus test announcement late last month.
Feedback PLC (LON:FDBK) told investors that its Bleepa system has been rolled out across the Pennine Acute Hospitals (PAH) NHS Trust to help its coronavirus (COVID-19) response. The key patient management tool, which includes secure medical image communication, is being used by clinical staff on the front-line, the company said. It means that chest X-rays and CT scans are more easily accessible, both remotely and for those on the frontline.
Power Metal Resources PLC (LON:POW) has said that four drill targets have been selected for drilling at the Molopo Farms Complex project, which it owns jointly with Kalahari Key Minerals. The decision to drill follows helicopter-borne electromagnetic survey, ground geophysics and a subsequent desktop review. Initial drilling is expected to focus on the Chipo target group in the northern area of the Molopo Farms project.
Gfinity PLC (LON:GFIN) has been appointed to operate the inaugural ePremier League Invitational tournament. The knockout tournament, due to take place this week, will see Premier League footballers representing their clubs by playing the FIFA 20 video game, with a live final to be aired on Sky Sports on April 25. 'The eCricket Challenge' TV series Players in the tournament will include Trent Alexander-Arnold from Liverpool, Todd Cantwell from Norwich City, West Ham United’s Ryan Fredericks, Raheem Sterling from Manchester City and Wilfried Zaha from Crystal Palace.
Tissue Regenix Group PLC (LON:TRX) said it now has a “cash runway” into August after receiving a further US$417,000 loan from the US government as part of the coronavirus support scheme. The medical devices group, which has a significant American operation with base in San Antonio, Texas, has now been awarded over US$1mln as part of the business bail-out programme.
Tekcapital PLC (LON:TEK) has highlighted a new report by Grand View Research estimating global medical sales of portable oxygen concentrators and cylinders has been published, noting that the anticipated growth may have a positive impact on its portfolio company Belluscura. The UK intellectual property investment group, focused on creating marketplace value from university technology, pointed out that Belluscura's first product, the X-PLO2RTM portable oxygen concentrator is currently awaiting US Food & Drug Administration (FDA) clearance, which is anticipated in the first half of 2020.
SigmaRoc PLC (LON:SRC) saw its financial results for 2019 highlight strong growth and, whilst acknowledging challenges presented by the coronavirus pandemic, the ‘buy-n-build’ construction materials firm said it looks forward with optimism. In its 2019 results statement, the group reported that its underlying revenue increased by 70% to £70.4mln in the twelve months ended December 31, up from £41.2mln in 2018. Meanwhile, the group's underlying earnings (EBITDA) improved to £14.5mln from £9.8mln and underlying pre-tax profit came in at £8.4mln versus £5.5mln in the preceding year. Net profit was reported at £7.9mln, versus a £6.1mln loss in 2018.
Xpediator PLC (LON:XPD) said activity in its transport services and solutions business has continued through the coronavirus (COVID-19) crisis with high demand in most sectors, though there has been a slowdown in some areas. In a statement, the freight forwarding group said trading in the quarter to end-March was broadly in line with management expectations, with like-for-like revenues slightly up on the previous year though it has taken actions to protect the business during the pandemic.
[email protected] Capital PLC (LON:SYME) says it has signed an agreement with financial advisory firm StormHarbour Securities for the issue, distribution and placing of a series of asset-backed securities guaranteed against inventories purchased directly by the company’s special purpose vehicles. The inventory monetisation firm said it was currently finalising the details of a securitisation programme which, within the next 12 months, is expected to cover the whole of its current portfolio of originated inventory contracts.
IXICO PLC (LON:IXI) has said it is in a “robust position” to manage the “short-term headwinds” of the coronavirus (COVID-19) pandemic as it weighed in with a strong first-half update, which showed momentum carrying on into the second six months of the financial year. The company has developed a AI-led software that interprets medical images from clinical trials and, as chief executive, Giulio Cerroni pointed out in the statement, this “remote-access business model has enabled us to minimise disruption to our service levels and continue to deliver image analysis services to our existing portfolio of clinical trial projects”. Revenues for the six months ended March 31 grew by a third to £4.6mln, IXICO said in the pre-close trading update, while the order book was £15.3mln at the period-end.
Futura Medical PLC (LON:FUM) said it has received the clinical study report (CSR) for its phase 3 study (FM57) into erectile dysfunction. As a result, the company added, it has now filed for a further pre-submission meeting with the US Food and Drug Administration (FDA) to follow up the initial presentation of existing clinical evidence from the FM57 study at an FDA pre-submission meeting on February 24, 2020.
Crossword Cybersecurity PLC (LON:CCS) said it has raised £1mln through a share placing and subscription backed by its chief executive, Tom Ilube. The AIM-listed company said it has completed a placing of 363,617 shares at a price of 230p each, a 34% discount to its closing price last Friday, raising £836,319. Meanwhile, it said, Ilube intends to subscribe for 73,914 shares on the same terms, reaching the £1mln total.
Shanta Gold Ltd (AIM:SHG) said it produced 20,167 ounces of gold from its Tanzanian operations during the first quarter of 2020, up from the 19,550 ounces produced in the fourth quarter of 2019. In its first-quarter production update, Shanta also said its earnings rang in at US$15mln, and cash and available liquidity was boosted to US$15.7mln. The company mined its gold at an all-in sustaining cost of US$833 per ounce, against a gold price that neared multi-year highs during the period. It expects to produce between 80,000 and 85,000 ounces of gold at all-in costs of between US$830 and US$880 per ounce during 2020.
Bacanora Lithium PLC (LON:BCN), a lithium exploration and development company, has announced the appointment of Graeme Purdy, chief executive officer of Ilika PLC (LON:IKA) as an independent non-executive director of the company with immediate effect. In a statement, Bacanora noted that Purdy is a hands-on manager with over 25 years of global experience in the resources and battery industries. Under Purdy's leadership, Ilika has grown to be one of the few independent global companies specialising in the design and manufacture of solid-state lithium ion batteries, it added.
Bluebird Merchant Ventures Ltd (LON:BMV) has said it is reviewing the economic model for production scenarios at its Gubong and Kochang in South Korea. In a statement, the company said the project financials were originally determined based on a gold price of US$1,200 per ounce, but with the current gold price in the high US$1,600s, the initial models will be significantly enhanced. Although they will be not be included in cash flow projections, it added, there are a number of subsidies available to the company which will have a significant impact on capital costs.
88 Energy Ltd (LON:88E) gave investors more details on the Charlie-1 well project in Alaska, which previously failed in its primary target but encountered multiple secondary hydrocarbon targets. The latest findings, from preliminary petrophysical interpretation, indicates hydrocarbon pay in Torok and Seabee formations, with more than 280 feet of net pay is interpreted in the Seabee Torok and Kuparuk formations, which compares favourably to pre-drill expectations, the company said.
Midatech Pharma PLC (LON:MTPH) said it has appointed Noble Capital Markets to advise the group on the strategic review it is currently undertaking. Noble, an investment bank, will advise Midatech in the search for partners, including parties that are interested in acquiring the company. Midatech said it is not currently in any discussions with potential suitors and has yet to be approached by any parties interested in acquiring some or all of the clinical assets of the company.
CentralNic Group PLC (LON:CNIC), a global internet platform company that derives revenue from the subscription sales of internet domain names and internet services, announced that the publication of the group's audited results for the year ended December 31, 2019, and its Q1 2020 trading update will be on Monday, April 27, 2020. It said there will be a webinar/conference call for equity analysts at 09:30am UK on the day of results, hosted by CEO Ben Crawford and CFO Michael Riedl.