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IQGeo climbs as it predicts growth of over 100% in first half

A look at some of the day's major movers in London on Tuesday

Netcall PLC -

Shares in geospatial and collaboration software firm IQ Geo Group PLC (LON:IQG) jumped 8.4% to 64.5p in late-afternoon trading as the group said it expects product order growth of over 100% in its first half to £5.4mln.

In a trading update for the six months ended June 30, the group also said that its expansion in the international market had helped secure its “most significant” order worth £1.8mln from Japan’s largest electricity utility TEPCO, where its software will form the core of an emergency response system.

Meanwhile, eyewear frames designer Inspecs Group PLC (LON:SPEC) saw its shares climb 12.3% to 219p after it plucked the manufacturing operations of lens manufacturer Norville from administration for £2.4mln.

The company said the acquisition includes £1.2mln of freehold property for Norville's Gloucester site and the remainder for stock, plant, intellectual property and contracts.

12.30pm: Costain slides despite winning £150mln contract

Costain Group PLC (LON:COST) retreated 6.1% to 58.2p despite the infrastructure specialist announcing it had won a new contract.

The company has secured a 10-year programme management consultancy contract with Cadent for the latter's East of England gas distribution network upgrade.

The contract is valued in excess of £150mln and is due to commence in August 2020 with delivery starting from April 1, 2021.

11.50am: Amur soars after hinting at new investment in a mining project

Amur Minerals Corporation (LON:AMC) confirmed it is could make a new investment in a mining project, sending its shares soaring 28% to 3.2p.

Amur is considering an investment in the mining sector and added that this investment is subject to completion of the due diligence and funding.

“The investment is in accordance with the company's stated intention of acquiring interests in financial instruments within the mining sector to provide the company with a reliable source of income going forward, or where the company will be able to add short to medium-term value and does not constitute a reverse takeover,” Amur said.

11.00am: Upland Resources slides after tapping the market

Upland Resources Limited (LON:UPL) was down 15% at 0.875p after tapping the market to fund its activities in Tunisia and South East Asia.

The company has raised £470,000 via a share placing and subscription at 0.7p a pop.

As is becoming increasingly common in share issues in London – picking up a practice from North America – the share issue was accompanied by the issue of warrants, with one warrant attached to every two newly-issued shares. The warrants are exercisable at 1.3p.

10.00am: MITIE big share price fall

Mitie Group PLC (LON:MTO) shares, down 45% at 46.7p, were the biggest fallers on Tuesday after the company’s rights issue and acquisition of Interserve’s facilities management business.

Just over 805mln new shares were admitted from the £201mln rights issue to fund the £271mln cash-and-shares acquisition.

The rights issue will dilute earnings per share by an estimated 51% in the 2021 financial year and 62% in 2022, said broker Liberum in a note on Tuesday, but will significantly reduce the debt burden, while the Interserve acquisition will enhance earnings by 27%.

9.15am: Netcall higher as it expects underlying earnings to be up 29% year-on-year

Netcall PLC (LON:NET) climbed 14% higher to 41.5p in early trade on Tuesday after it said the year to the end of June had been an excellent one for the company.

The group's board said it expects revenue for the year will be around £25.1mln, versus £22.9mln the year before, while adjusted underlying earnings (EBITDA) are expected to be roughly 29% higher at £4.4mln.

The marketing group said it anticipates that the disruptions caused by the coronavirus pandemic will accelerate organisations' digital transformation initiatives, supporting this long-term growth driver for Netcall.

Connect Group PLC (LON:CNCT) moved 4.6% higher to 18.35p on the back of a trading update in which it boasted of a resilient performance.

The newspapers and magazines distributor said that since lockdown restrictions have been eased, it has seen more retail outlets opening, resulting in a recovery in newspaper and magazine sales.

Newspaper sales in the 15 weeks to July 4, 2020, have been 12% lower than the equivalent period pre-lockdown, while magazine sales in the same period were 18% lower, the group noted.

Proactive news headlines:

SDX Energy PLC (LON:SDX) told investors it has sold a non-core asset in the Eastern Desert of Egypt in a deal worth US$3mln. The group said it has sold a 50% working interest in the North West Gemsa licence to Gulf Energy, a private Egyptian company. Some US$1.4mln of the proceeds are being immediately used to discharge the company’s remaining liabilities on the licence.

Bango PLC (LON:BGO) said it is expecting “record revenue growth ahead of expectations” in the first half of its current year, while end-user spending in the full year is expected to hit £2bn. In a trading update for the six months ended June 30, 2020, the mobile commerce firm said it expects to report revenue growth of over 50% to £4.8mln year-on-year, while adjusted earnings (EBITDA) for the period are predicted to exceed the £450,000 figure for the whole of 2019.

OptiBiotix Health PLC (LON:OPTI) said its agreement with Draco Ingredients has been extended to include a second product. As well as distributing weight management line SlimBiome in Germany, it is adding to the roster WellBiome, developed to promote gut health. “The introduction of WellBiome gives us the opportunity to extend our product portfolio of functional ingredients with scientifically proven benefits and increase the commercial opportunity,” Andre Wittke, Draco’s general manager said in a statement.

Futura Medical PLC (LON:FUM) said it has submitted the product dossier for its treatment of erectile dysfunction known as MED3000 for marketing approval in Europe. A further update on MED3000's EU regulatory approval will be made alongside its interim results in September and the target remains a 2021 approval date, the group added. In the US, Futura said that after a second pre-submission meeting with the US Food and Drug Administration (FDA), a pathway to US marketing approval for MED3000 has been established.

AdEPT Technology Group PLC (LON:ADT) said it expects the coronavirus (COVID-19) pandemic will have only a modest impact on its business in the medium to long term. At the onset of the pandemic, the information technology and communication services provider conducted some stress tests to see how the company would cope with a sharp fall in activity and in this morning’s full-year results statement it reported that in the main, the impact of the lockdown was nowhere near as bad as it could have been. The company had expected that the inability of sales staff to meet potential customers face-to-face would hit orders hard but revealed that new order volumes have proven to be “significantly more resilient” than it had initially modelled in respect of both recurring services and one-off projects. As for the figures for the year to the end of March 2020, AdEPT's revenue increased by 20% to £61.7mln from £51.3mln the year before.

Frontier IP Group Plc (LON:FIPP) said its portfolio firm AquaInSilico has won a €60,000 EIT RawMaterials grant to develop its software designed to optimise wastewater treatment. The IP investor said the grant from the EU’s European Institute of Innovation and Technology will allow AquaInSilico to build on its collaboration with a leading European environmental, water and waste management group to commercialise its software tools. The group’s technology is designed to remove phosphorus from wastewater in a more environmentally friendly and effective way than existing methods, with the recovered phosphorus then sold for use in fertilisers.

Strategic Minerals PLC (LON:SML) has boosted sales at the Cobre magnetite project in the US, despite the disruption of the coronavirus pandemic. Quarterly sales were up 89% on quarter-end June 2019 and ahead 38% year-on-year. Despite the suspension of mining activities at the adjacent copper mine, operations at Cobre continue to operate under protocols established to ensure contactless sales and have been successful in safeguarding employees and clients to date.

Power Metal Resource PLC (LON:POW) has two key strategic objectives, according to an update document released by the company today. The first is to make one or more major metal discoveries within its gold, base and strategic metal portfolio, and then crystallise the value of such discoveries for shareholders' benefit. The second is to build its working capital and 'balance sheet' toward financial self-sufficiency and to reduce forward reliance on funding from the market to achieve its business objectives.

Circle Property PLC (LON:CRC) said it has collected 91% of rents in the quarter to March 2020 despite the impact of the coronavirus pandemic. In a trading update, the property firm focused on regional offices said current rent collection for the June 2020 quarter currently stands at 77%, but with agreed monthly payments that figure has increased to 91% of rent due. The company also said it is in “constant and constructive dialogue” with its tenants and anticipates its rent collection numbers will “continue to increase”.

Trident Royalties PLC (LON:TRR) is to acquire a royalty on the Spring Hill gold project in Northern Territory, Australia, from Thor Mining PLC (LON:THR) (ASX:THR). Trident will pay A$400,000 upfront for the royalty, with further payments due later. The royalty itself is pegged to the gold price and will run at A$5.70 per ounce of gold produced if the gold price goes below A$1,500 per ounce, and at the much higher A$13.30 if gold is higher.

ADM Energy PLC (LON:ADME) has appointed a pair of oil and gas industry veterans, Darrell McKenna and Dr Satinder Purewal, as advisory members to its technical team. McKenna joins as drilling and surface engineering lead, while Purewal brings his expertise to the role of petroleum and reservoir engineering lead. Already on the technical team is Wilhelmus (Wim) Burgers who is the geologist and geophysical lead.

Regency Mines PLC (LON: RGM) has reported a positive outcome from the Warden’s Hearing in Papua New Guinea concerning its Mambare nickel project. Regency’s joint venture partner attended the hearing. The Warden's Hearing is an important milestone in the process of applying for a mining licence to conduct a direct shipping ore operation over a portion of the Mambare nickel-cobalt project in Papua New Guinea, and is considered a broad analogue to local community planning approval in the UK. 

[email protected] Capital PLC (LON:SYME) has announced the appointment of Stuart Nelson as Head of Enterprise Risk Management (ERM), a newly created position, with immediate effect. The innovative fintech platform firm, which provides inventory monetisation services to European manufacturing and trading companies, pointed out that Nelson is a highly experienced credit analyst, with experience assessing risk across multiple product types and jurisdictions. It noted that he brings nearly two decades of experience to [email protected] and joins from S&P Global Ratings, where he served as senior director.

Clinigen Group PLC (LON:CLIN) said the 2020 financial year was one of strong organic growth, though the headwinds from the coronavirus lockdown were felt in the final quarter. In a trading update ahead of the pharma and services company’s September prelims, it said revenues are estimated to have grown by around 17% at constant currencies, or 13% on a gross reported basis for the year to June 30, 2020.

Filta Group Holdings PLC (LON:FLTA), a provider of services to commercial kitchens, said it has seen a gradual improvement in activity recently as coronavirus lockdown restrictions ease. Turnover in May was 14% higher than in April while June’s topped May’s by 38%, the group noted in a trading update. The group’s sanitisation and protection service, FiltaShield, which was launched in May in response to increased concerns about hygiene, has created a lot of interest and not just in the food and beverage sector. FiltaShield generated around £50,000 in revenue in the week commencing July 6 and the company is confident the top-line will head north as more outlets reopen here and in the USA.

Ceres Power Holdings PLC (LON:CWR) shares held by  IP Group Plc (LON:IPO) have been sold to investors via a secondary placing arranged by European investment bank Berenberg. Some 9.1mln Ceres shares were sold at a price of 585p, versus Monday’s closing share price of 630p, to generate gross proceeds of around £53.23mln. The shares sold represent around 5.4% of the company, while IP Group retains a 0.2% shareholding in Ceres.

European Metals Holdings Limited (LON:EMH) has signed up German investment banking boutique, DGWA, for investor relations services to build the Lithium-focused firm's profile in Europe. DGWA (Deutsche Gesellschaft für Wertpapieranalyse GmbH) is based in Frankfurt, Berlin and Vienna and, for EMH, it will assist in the German-speaking financial community where there is significant interest in electric vehicle and energy storage systems.

Oracle Power PLC (LON:ORCP) has announced the receipt of the pro-rata contribution from China National Coal Development Company Ltd. (CNCDC) in respect to the $50,000 evaluation fee to the Private Power and Infrastructure Board (PPIB) as part of the application process for a Letter of Intent (LOI) for the development of the Thar Block VI power plant in Pakistan. Under the agreement announced on February 19, 2020, it was envisaged that each member of the consortium, comprising CNCDC, Oracle and Sheikh Ahmed Dalmook Al Maktoum Private Office One Person Company LLC, would contribute its pro-rata share (based on the proposed equity shareholdings set out in the consortium agreement) of the costs associated with the LOI application, being certain fees owed to PPIB. As previously announced, Oracle, on behalf of the consortium, settled the evaluation fee in full in the third week of March 2020. Following the recent payment of £28,263.72 by CNCDC, representing its circa 73% share, each member of the consortium has now paid its proportionate share of the evaluation fee. The company said it believes this payment by CNCDC reinforces its ongoing support for the development of Thar Block VI.

Diversified Gas & Oil PLC (LON:DGOC), the US-based owner and operator of natural gas, natural gas liquids and oil wells, as well as midstream assets, has said it will release its interim results for the six months ended June 30, 2020, on August 10, 2020. The company added that it will also host a conference call on August 10, 2020, at 11.00am BST to discuss the interim results.

Echo Energy PLC (LON:ECHO), the Latin American focused upstream oil and gas company, has announced that it's annual general meeting (AGM)will be held at the offices of Fieldfisher LLP, Riverbank House, 2 Swan Lane, London, EC4R 3TT on Thursday, August 6, 2020, at 12.00pm. As a result of the coronavirus (COVID-19) pandemic and in accordance with the UK government's current advice to restrict public gatherings, the AGM will be held as a closed meeting and shareholders will not be permitted to attend in person and are strongly encouraged to submit their proxy in advance of the meeting to ensure that their votes are registered.

BlueRock Diamonds PLC, the AIM-listed diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, has announced that due to unforeseen circumstances, the shareholder call planned for today, July 14, 2020, post the company's annual general meeting (AGM), will now take place at 2pm on July 20, 2020. To join the webinar from a computer, please use the following link: https://us02web.zoom.us/j/87159419944. To join the webinar using a mobile telephone please use the following numbers: +44 20 305 12874; Webinar ID: 87159419944# or; +44 20 348 15237; Webinar ID: 87159419944#. To join the webinar using a landline telephone please use the following numbers: +44 203 051 2874 or; +44 203 481 5237 or; +44 203 481 5240 or; +44 203 901 7895 or; +44 131 460 1196; Webinar ID: 871 5941 9944. Shareholders are invited to submit questions via email in advance of the call; please submit questions to [email protected] by 4.30pm on Friday, July 17, 2020. The management team will strive to answer as many questions as possible during the call, however, it should be noted that no material new information regarding the company will be provided during the call.

FastForward Innovations Ltd (LON:FFWD), the AIM-listed closed-end investment fund with a focus on disruptive high growth technology and life sciences businesses, announced that at its extraordinary general meeting held on Tuesday, all resolutions as set out in the notice dated June 26, 2020, were duly passed.

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