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DWF Group ahead of budget

A look at some of the major movers in London on Thursday

DX (Group) -

DWF Group PLC (LON:DWF) rose 14% to 65p after it said trading in the first two months of its financial year was ahead of budget.

The legal business said revenue rose by around 21% compared to the first two months of the previous financial year, with like-for-like growth of around 6%.

The new management team has been reviewing options to take further cost efficiencies across the group and now anticipates total cost savings of £15mln in the current fiscal year.

11.30am: Adriatic Minerals higher after non-executive director resigns

Adriatic Metals PLC (LON:ADT1) hardened 20% to 105p after non-executive director John Richards resigned from the board.

Richards was appointed as a director after being nominated by Adriatic’s strategic partner, Sandfire Resources.

Sandfire has advised Adriatic it has withdrawn its nomination of Richard for the board.

10.20am: Eurasia Mining back from suspension with a bang

Eurasia Mining PLC (LON:EUA) was the top riser in London, up 92% at 14p, after it clarified its relationship with Chinese group CITIC Merchant.

The company confirmed that it has entered a success fee-based engagement letter with CITIC to explore possible strategic options for its mining assets.

"The board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring the company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the company. The company will work with UBS and its other advisers to execute the process", Eurasia executive chairman Christian Schaffalitzky said in a statement.

9.30am: DX joins a consortium of parcel delivery providers to deliver COVID-19 testing kits

DX (Group) PLC (LON:DX.) delivered a 6.2% uplift in its share price to 17.25p on Thursday morning after it got involved in the delivery of coronavirus testing kits.

The firm said it has joined a consortium of leading UK parcel delivery providers to manage the nationwide collection and delivery of coronavirus (COVID-19) home-testing kits.

The consortium, The Carrier Consortium, brings together more than 10,000 vehicles, 200 facilities and over 16,000 employees in an effort to ensure the secure transportation of testing kits from pick-up to delivery at testing laboratories.

Spectra Systems Corporation (LON:SPSC, LON:SPSY) also announced a new contract with an unnamed central bank, sending its shares 9.9% higher to 137.44p.

The specialist in machine-readable high-speed banknote authentication said its services would be used to enhance existing authentication sensors to detect a unique type of counterfeit note.

The contract has two phases, the first is a development phase worth US$521,000 and the second phase relates to the optional upgrade of up to 10 sensors worth up to US$175,000.

Proactive news headlines:

Eurasia Mining PLC (LON:EUA) shares soared on Thursday as the Russia-focused miner returned to AIM following the clarification of its relationship with Chinese group CITIC Merchant Co Limited. The company confirmed that it has entered a success fee-based engagement letter with CITIC to explore possible strategic options for its mining assets. Eurasia also reiterated its announcement from July 1 that it has appointed UBS as its leading adviser to assist in a review of its strategic options including asset sales or a sale of the company.

Tharisa PLC (LON:THS) has reported higher quarterly chrome production as its sales of platinum group metals (PGM) returned to pre-pandemic levels. For the quarter ended June 30, 2020, the miner said its activities in South Africa recommenced in full at the start of May and that in the three month period it had produced 321.4 kilotons of chrome, up 3.6% on the prior quarter, while PGM production rose 9% to 35 kilo ounces (koz). The firm said its co-product model utilising mechanised and low labour-intensive mining in an open pit had allowed it to maintain production at reduced measures despite the lockdown in South Africa and also to “significantly increase output during May and June”.

Ariana Resources PLC said gold production at the Kiziltepe Mine in Turkey in the three months to the end of June was higher than anticipated. Kiziltepe, which is part of the Red Rabbit 50/50 joint venture with Proccea Construction, produced 4,679 ounces, down from 5,129 ounces but in line with guidance issued for the half-year. Total ore processed in the quarter was 54,862 tonnes at an average head grade of 3.02 grams per tonne (g/t). Quarterly open-pit ore mined was 77,179 tonnes, at an average mined grade of 2.79 g/t gold, and total material movement for the quarter was 973,603 tonnes.

Ceres Power Holdings PLC (LON:CWR) has said it ended the last 12 months in a strong position with operational momentum maintained against the headwinds caused by the coronavirus outbreak. The clean energy specialist said revenue for the period to June 30, 2020, will be in the region of £20mln, representing year-on-year growth of 20-25%. Cash and short-term investments were £108mln as of that date. Looking ahead, the fuel cells specialist said it expects to sign new customer partnerships “as commercial demand remains strong”.

Caledonia Mining Corporation PLC (LON:CALE) has described its production performance in the last quarter as an outstanding achievement, with gold output rising 6.2% at 13,499 ounces in the three months ended June 30, 2020. It marked production for the first half of 2020 at 27,732 ounces, up 12.5% versus the same period last year. Guidance for the full year – pitched at 53,000 to 56,000 ounces – is retained and the company told investors it is on-track with its progress towards its 2022 production target of 80,000 ounces.

Highland Gold Mining Limited’s (LON:HGM) has said its four operating mines produced 61,357 ounces of gold and gold equivalent in the second quarter, in line with forecasts, In the same period of last year, 70,293 ounces of gold were produced. Total production in the first half of 2020 was 125,347 ounces, down from 142,254 ounces in the same period of last year but in line with internal production targets. The company expects to produce between 290,000 and 300,000 ounces over the whole of 2020.

NQ Minerals PLC (AQSE:NQMI) has hailed “ excellent” production metrics for the second quarter of 2020. The company said its Hellyer gold mine in Tasmania produced a total of 8,762 tonnes of lead concentrate in the three months ended June 30, 2020, while zinc concentrate volumes amounted to 4,241 tonnes. It also produced 1,223 ounces of gold and 229,947 ounces of silver in the quarter, with sales payable precious via credits in the lead and zinc concentrate streams.

IronRidge Resources Ltd (LON:IRR) has released initial drill results from its ongoing second phase programme at the Zaranou gold project in Côte d'Ivoire. They comprise multiple high-grade and also broad low-grade results from the Ehuasso target area. Results so far come from 5,910 metres of air-core drilling and 15,000 metres of combined AC-reverse circulation drilling. IronRidge noted that mineralisation continuity is now confirmed over multiple growing targets at Zaranou, with targets growing to over 500 metres in length and up to 100 metres width. All remain open along strike and at depth.

Primary Health Properties PLC (LON:PHP) proposes to raise around £120mln through a share placing, with the funds to be used on the company’s pipeline of acquisitions and to improve its existing portfolio of medical centres. During the current year, the company said it has continued to see opportunities for funding new developments, both in Ireland and in the United Kingdom, and has a short-term pipeline of 11 new developments to be forward funded, totalling £92mln, of which £44mln are in Ireland. In a separate announcement, the company said its operational and financial performance so far this year continued to demonstrate good resilience. Adjusted earnings per share in the first half of the year rose by 7.1% to 3.0pm from 2.8p in the first half of last year.

FastForward Innovations Limited (LON:FFWD) said it has filed its appearance and several motions in the bankruptcy case of its investee firm, Factom Inc. The investment group said it is requesting the court in Delaware dismiss Factom's bankruptcy case so that a receiver may be appointed to liquidate the company’s assets in a Texas state court. Alternatively, FastForward has requested that Factom’s bankruptcy case be converted to a liquidation proceeding under Chapter 7 of the US Bankruptcy Code, or to transfer the case from the Delaware Court to the US Bankruptcy Court for the Western District of Texas, Austin Division.

Allergy Therapeutics PLC (LON:AGY) has been granted the opportunity to carry out a new phase III clinical study on its short-course birch pollen inoculation after a tranche of data was declared invalid. In March, it was revealed Birch MATA MPL had failed to reach what in the technical jargon is referred to as its primary endpoint. In layman’s terms, it didn’t appear to provide therapeutic value. However, at the time there Allergy Therapeutics hinted at contradictory results from the study. The company has since taken advice from the Paul Ehrlich Institute (PEI), the scientific regulator for Germany where the trial was carried out, which has agreed that a new phase III trial can be conducted.

Oracle Power PLC (LON:ORCP) has brought in £1.5mln of new capital and put in place a further £45mln financing facility with Riverfort Global Capital. The initial £1.5mln is being raised via a share subscription deed, with new shares to be issued in tranches over an eighteen-month period. To land the £45mln facility the company is entering into a placing subscription facility (PSF) which will similarly make funds available against equity tranches, over a 60 month period, to support future project expenditures. The company said that the PSF increases its funding flexibility as current commercial activities at Thar Block VI continue.

EQTEC PLC (LON:EQT) is planning to raise around £10mln through a share placing and subscription to accelerate project development amid what it said was “increasing” demand for its waste gasification to energy technology. The AIM-listed firm said the placing will commence immediately through an accelerated bookbuild with the shares priced at 0.45p each, a 33.8% discount to its closing price on Thursday. EQTEC also said it has launched a subscription through PrimaryBid at the same price. Meanwhile, the group also said certain directors had agreed to reinvest 40% of their salaries and fees for the next 12 months into shares at the placing price.

Argentex Group PLC (AIM: AGFX), the provider of foreign exchange services to institutions, corporates and high net worth private individuals has said it will announce its full-year results for 2019 at 7am on Monday, August 3, 2020. The company said it will host an online analyst presentation at 9.30am on that day and analysts wishing to register should RSVP to Ambrose Fullalove at FTI Consulting: [email protected] 

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