Lamprell PLC (LON:LAM) shares were buoyed by news that the company has now signed the contract with Seaway 7 concerning the Seagreen offshore wind farm.
The shares were up 16% at 22.9p.
The company announced the contract win on June 5. The contract is worth in excess of US$150mln.
2.15pm: SIMEC Atlantis shares on fire
SIMEC Atlantis Energy PLC(LON:SAE), up 32% at 14.5p, was a hot stock on Tuesday after it confirmed that waste converted to pellets can be burnt to fuel the Uskmouth power project.
Mitsubishi Hitachi Power Systems designing and developing the combustion unit at the plant and undertook the heavy industrial test at its research plant in Nagasaki in Japan.
Simec said the test conclusively proves that a fuel burner based on Mitsubishi’s technology can burn the waste-derived fuel stably and without any fuel or gas as support.
1.15pm: Hikma - no fans!
Hikma Pharmaceuticals PLC (LON:HIK) shares were propping up the rest of the FTSE constituents after the company placed around 27.2mln shares at 2,300p each.
The shares slipped 6.8% to 2,311p after the fundraising, which generated roughly £625mln for the company.
At the same time, Hikma agreed to buy back in the region of 12.8mln shares in Boehringer Ingelheim at the same price as the placing price, leaving Boehringer with no shares in the company.
12.15pm: Scapa scuppered as it posts slide in earnings
Full-year results and the impending departure of chairman Larry Pentz scuppered the share price of Scapa Group PLC (LON:SCPA).
The manufacturer’s shares sank 16% to 101.4p after Pentz said that after three years in the chair he would not seek re-election in August’s annual general meeting.
Scapa’s results for the 12 months to the end of March showed a 13.5% fall in underlying earnings (EBITDA) to £38.7mln from £45.9mln the year before despite a 2.8% increase in revenue to £320.6mln.
11.00am: NCC jumps as it raises guidance
Cyber-security and business recovery specialist NCC Group PLC (LON:NCC) advanced 12% to 195.6p after it raised revenue and earnings guidance.
The company said its expects revenue and adjusted earnings before interest and tax (EBIT) for the year to the end of May 2020 to be comfortably ahead of the consensus forecasts among the analyst community of £243mln and £22.3mln respectively.
The group said it continues to have a strong balance sheet with access to a committed multi-currency revolving credit facility of £100mln, due for renewal in June 2024.
10.00am: Clear Leisure London's top riser after settling dispute
Clear Leisure PLC was the top performer in London on Tuesday, shooting up 41% to 0.325p, after it settled aa long-running dispute.
The company has reached an agreement with the Mediapolis receiver regarding the transfer of Mediapolis auction funds to its subsidiary, Clear Leisure 2017 (CL2017).
The AIM-listed firm said under the settlement with the receiver CL2017 will receive €1.66mln, a 14% discount to the auction proceeds of the Mediapolis property sale.
9.15am: ProPhotonix lights it up with trading update
Shares in LED illumination systems maker ProPhotonix Limited (LON:PPIX) were a bright spot, up 20% at 1.05p, in early deals after a trading update.
Trading through the first five months of 2020 has been in line with the same period of 2019, with revenue of around U$5.8mln, although bookings were down to US$5.7mln from US$6.9mln the year before.
The shares have slumped 30% this year but perked up after the company, which has yet to publish its results for 2019, said the loss for last year will be broadly comparable to 2018’s loss once the effect of stock compensation benefit/expense is stripped out.
In contrast, the share price of Gear4music Holdings PLC (LON:G4M) has risen by more than 50% this year and it rose another 23% (to 395p) on Tuesday on the back of the online retailer of musical kit’s full-year results.
Underlying earnings (EBITDA) shot up 239% to £7.8mlnln in the 12 months to the end of March from £2.3mln the year before on revenue that edged up 2% to £120.3mln.
The group reported exceptionally strong trading in April and May; it must be all those people taking advantage of the lockdown to learn a musical instrument.
Proactive news headlines
Clear Leisure PLC (LON:CLP) shares shot higher after it said an agreement had been reached with the Mediapolis receiver regarding the transfer of Mediapolis auction funds to the company's subsidiary.
Silence Therapeutics PLC (LON:SLN) announced it has formally filed the documentation ahead of its listing in the US as it provided an update on the progress of its drug pipeline, financial position and new hires.
Frontier IP PLC (LON:FIPP) said one of its portfolio companies was making “significant progress” developing a COVID-19 vaccine for animals. The approach pioneered by The Vaccine Group (TVG) would stop the disease jumping from one species to another and spilling over to humans.
The exclusivity period between the joint developers of the Billingham Energy waste gasification and power plant has been extended again, EQTEC PLC (LON:EQT) said.
Benchmark Holdings PLC (LON:BMK) said it has completed the sale of Improve International Limited, a provider of professional development training for vets, as part of its strategy to exit its non-core activities.
SDX Energy Plc (LON:SDX) highlighted its positivity in Egypt and Morocco following analysis of recent well results. Management estimates Sobhi will generate around US$25mln of cash flow to SDX (undiscounted, post-tax, after capex).
i3 Energy Plc (LON:I3E) has exercised its option to acquire producing assets in Canada, picking up all of the issued and outstanding common shares of Toscana Energy Income Corporation (TEIC). The acquired assets produced an average of 1,065 barrels of oil equivalent per day (hoped) net to generate C$5.5mln of field net back.
Canadian Overseas Petroleum Ltd (LON:COPL) has raised £700,000 of new capital with a share placing with three investors. The cash injection will be used to cover working capital and allow the company to focus on the OPL 226 asset in Nigeria.
AFC Energy (LON:AFC) said it continues to make good progress with the development of AlkaMem, its technology for electricity production from alkaline fuel cells.
Coinsilium Group Limited (LON:COIN) said its investee company, Factom Inc, had filed for reorganisation under Chapter 11 Subchapter V to address structural issues preventing them from raising further capital.
Custodian REIT PLC (LON:CREI) said property yield currently stand at the highest premium ever to government bonds as it reported its full-year results to March.
Live Company Group PLC (LON:LVCG) has reported lower losses following what the firm said was a “transformational” year for its business. For the year ended December 31, 2019, the media group reported a pre-tax loss of £1.8mln, lower than the £2.1mln loss in the prior year, while revenues increased to £5.4mln from £4.9mln in 2018.
Oracle Power PLC (LON:ORCP) booked losses of just under £1.1mln for the year to December 2019. The company called it “a year of significant progress” as it looks to develop one of the largest power projects in Pakistan at its Thar Block VI project.
The chief executive Anglo Asian PLC (LON:AAZ), Reza Vaziri, has written to shareholders of the company, in light of his inability to be present at the company’s general meeting in London. “2019 has been another year of consistent delivery for the company,” he said.
MBH Corporation Plc (FRA:M8H) said it was the second-fastest-growing company among Europe’s newly listed small caps, and one of only five to pay a dividend.