The Ince Group PLC (AIM:INCE) is in demand after its latest results.
The legal and professional services company, reported a 4.8% rise in half year revenues to £49.9mln, with operating profits up 3.6% to £3.4mln.
Chief executive Adrian Biles said: "This is a solid set of results. I am particularly pleased to see that the UK business is gaining strength and the offices in Asia are continuing to grow...
"Second half trading so far has been encouraging, and I am optimistic about our future and for the group's next phase focussing on delivering on our growth strategy."
The company is in the process of making an all share offer for mid-cap investment banking group Arden Partners (AIM:ARDN) worth nearly £10mln.
After a delay in posting out the offer document, Ince is having to talk to certain shareholders to extend their irrevocable undertakings, which otherwise lapse since the documents have not been sent out.
Ince shares are currently up 5.71% at 44.4p.
2.23pm: genedrive jumps by a fifth after its COVID-19 test kit gets European certification
genedrive PLC (AIM:GDR) has accelerated by a fifth after the molecular diagnostics company said its rapid point of care COVID-19 test kit has received European certification.
The kit, a rapid molecular diagnostic test that delivers positive results in up to 7.5 minutes and negative results at 17 minutes, has been given CE-IVD certification under the European Communities Council Directive 98/79.
It was also 100% inclusive in detecting the omicron variant.
The product is being provided for review and evaluation to a range of potential commercial partners who have actively expressed interest in it for Europe.
Chief executive David Budd said: "This is an important milestone in the development of our new rapid molecular COVID19-ID test and we can now move forward with our commercial plans. We have developed a very fast and easy to use Point of Care system that will allow immediacy and convenience in molecular testing, rather than waiting many hours or days for results from a central laboratory. The newest Variant of Concern highlights that COVID-19 is an ongoing and long-term global health issue and our ability to manage it better can be aided by rapid detection to prevent ongoing transmissions, using innovative products like the new Genedrive COV19-ID kit."
The company's shares have climbed 21.05% or 10p to 57.5p.
12.02pm: OPG Power Ventures drops after coal price rises hit business
Shares in OPG Power Ventures PLC (AIM:OPG) have blown a fuse after a downbeat trading statement.
The company, which develops and operates power generation plants in India, said half year revenues rose 54% to £55.6mln.
But profits fell from £12.8mln to £7.4mln as it faced sharply increased coal prices.
Chairman Arvind Gupta said: "OPG's power generation recovered during the first half of FY21.
"However, the prices of international coal and freight significantly increased during the second quarter of FY22 because of an unprecedented increase in demand for coal due to Chinese related geopolitical issues, revival of economies and heavy rains in certain coal-mining areas.
"Post period, our power generation was reduced due to high coal prices and freight costs. This is expected to affect our operational volumes, revenue and operating profit significantly for the 12 months ending 31 March 2022. However, coal prices moderated in November 2021 which provides us with confidence that the coal markets are normalising."
Its shares are down 8.91% or 1.12p at 11.5p.
10.27am: Glanbia boosted by Irish disposal and buyback plan
Glanbia PLC (LSE:GLB), the nutrition group, is looking healthy after agreeing a disposal and unveiling a share buyback programme.
The group has signed a binding agreement to sell its 40% stake in Glanbia Ireland DAC - the largest milk processor and grain buyer in Ireland- to its co-owner Glanbia Co-op for €307mln in cash.
The value of the assets involved in the deal amounted to €225.2mln as of July, and the business contributed 8.5% to Glanbia's earnings in 2020.
The move continues Glanbia's strategy of focusing on its global nutrition business.
The proceeds of the sale will be used to drive further growth and to return capital to shareholders, with up to 50% being used for a share buyback.
As of today it has already started a buyback programme worth up to €50mln.
Group managing director Siobhan Talbot said: "Glanbia will deliver strong operating cash flow this year while continuing to invest in growth opportunities and shareholder returns. In line with our capital allocation policy, today we are launching a new share buyback programme of up to €50mln given the continued strong cash performance of the business in 2021."
Glanbia shares are up 4.24% at €12.29.
9.28am: Byotrol (AIM:BYOT) falls as it cuts market guidance for the year
Byotrol (AIM:BYOT) has dropped sharply after its performance failed to live up to expectations.
The infection prevention and control company said half year sales of £3.2mln were down from the COVID-19-driven £6.7mln a year ago but better than the £2.1mln reported in 2019.
Similarly gross profit of £1.66mln was down on the £2.91mln in 2020 and higher than 2019's £0.91mln.
The company said: "Performance in the first six months showed substantial and ongoing improvements compared to our performance pre-COVID-19, but was below management expectations for the period, matching the experience of other companies in our markets and reflecting slower than expected and overstocked markets post the peak of the pandemic demand."
As a consequence it has cut market guidance for the full year.
It said: "After a challenging first half, particularly in hand hygiene products, sales in October and November have been ahead of the average for the first half and the order book is now building strongly, sitting currently at £850,000 versus an average of £300,000 in the first half and approximately £350,000 pre-COVID-19. Notably this demand includes a number of sizable orders from new customers in both the UK and overseas.
"Market demand and gross margin, however, is likely to remain volatile in the short term and is subject to a potential negative impact of full and partial lockdowns on the demand for consumables. This is especially so at the current time with the current uncertainty introduced by the new Omicron variant of COVID-19.
"Third party interest in our intellectual property and related commercialisation remains strong, with a number of active client discussions under way. Such agreements can be profitable, but we cannot say with certainty which agreements will close and when. We anticipate our first material royalty income in the current financial year.
"Whilst we expect to be both profitable and cash generative in the second half of the year, with these uncertainties it is difficult to predict the quantum at this juncture. At present we are expecting IP sales to offset the majority of the anticipated shortfall in profit on product sale, but projecting the timing of IP sales is even more uncertain, so we feel it prudent to now reduce market guidance for the current financial year. Regardless of the timing of our revenues and IP commercialisations over the next four months we remain very well positioned for future growth and are excited by the significant opportunities ahead of us."
The shares however are down 13% or 0.65p at 4.35p.
8.47am: Quiz climbs after growing demand for party wear boosts business
Quiz PLC (AIM:QUIZ) is in fashion after the urge to dress up boosted its business.
(No mention if there were sales of party outfits to Downing Street).
Half year revenues at the fast fashion brand rose 109% to £36mln while underlying pretax losses were cut from £5.6mln to £1.3mln (this excludes a £16.2m gain in the previous year from the administration of a subsidiary undertaking.)
Higher level of full price sales and reduced discounting resulted in the gross margin increasing to 57.5% from 51.7% a year ago.
There was strong growth in online sales, up 43% through its own website and 27% in total.
Since the half year, revenues in the two months to the end of November are up 108%, although it warned that December sales could be hit if the omicron variant suppresses demand.
Tarak Ramzan, founder and chief executive officer, said: "The removal of the social restrictions resulted in a substantial uplift in revenues in the period, as customer demand for the brand's dressy and occasion wear returned.
"The positive steps taken over the last 18 months with regards to restructuring our business, tight cost control and inventory management have all proved beneficial.
"Whilst there continues to be uncertainty in the short-term we remain confident in the strength of our brand and are highly confident that the clear demand for Quiz's trademark occasion-wear will support continued profitable growth."
The group's shares are up 8.7% or 1.6p at 20p.
Elsewhere Equals Group PLC (AIM:EQLS) has climbed 10.32% or 6.5p to 69.5p after the fintech payments firm said it had significantly exceeded full-year expectations.
Revenues rose 51% to £40.4mln, helped by a material international payments transaction for a large corporate client that generated revenue of £1.5mln.
Chief executive officer Ian Strafford-Taylor said: The strong performance we saw in September and October has continued and allowed us to significantly surpass the market expectations for the full year in early December. Our results show the results of strategic steps we undertook three years ago to pivot the business to a B2B-focus and to invest into our platforms and connectivity."