Avon Protection PLC (LSE:AVON) has seen its shares bounce after appointing a new finance boss.
Rich Cashin will join the company - formerly known as Avon Rubber - in March.
His two prior jobs were at UK defence companies currently the subject of US bids, Ultra Electronics Holdings PLC (LSE:ULE) and Meggitt PLC (LSE:MGGT). Both these potential deals are being examined on national security issues.
Cashin will replace Nick Keveth as chief financial officer, and there will be a month's handover period between the two.
Bruce Thompson, chair of Avon Protection, said: "Rich brings substantial financial, strategic and industry-specific experience, and we look forward to his participation in the execution of our ambitious strategy. We thank Nick for his significant contribution to the group over the last four and a half years and wish him well for his retirement."
Avon is up 3.45% at 1199p.
2.31pm: Capricorn Energy getting closer to receiving Indian tax refund
Capricorn Energy PLC - formerly Cairn Energy PLC (LSE:CNE) - is getting closer to a hefty tax refund from the Indian government.
Under legislation introduced last year, a tax assessment levied against Cairn in January 2016 could be nullified, with the repayment of INR79bn (US$1.06bn) to the company.
It now says it has entered the final stages of its undertakings with the government, and has withdrawn all global enforcement proceedings. This is the last step required of the company under the new legislation.
The two sides are now working towards expediting the refund.
The company said a previously announced special dividend was expected to be paid in early 2022.
Capricorn shares are up 2.38% at 198p.
12.29pm: Ten Entertainment recovers strongly from lockdown losses
Investors have been bowled over by the latest update from Ten Entertainment Group PLC (LSE:TEG).
The ten pin bowling operator, which owns 46 centres, said it had recovered from its first half pandemic related losses and was heading for a full year profit at the top end of expectations.
It has seen sales grow 32.4% since the May reopening after lockdown, compared to the same period in 2019.
Total group sales for the year were £67mln despite being closed for more than a third of the year, with record profits in each month since June.
It added: "Trading during December remained good, albeit understandably there was some softening of demand from large groups and parties driven by government messaging and the impact of the implementation of constraints in Wales and Scotland.
"For the first week of 2022, immediately following Christmas, we returned to the previous trend, delivering thegGroup's highest ever sales for the Christmas and New Year period.
"Given the continuing strength of demand and the resilience of our customer offer, management's view for 2022 remains optimistic. This will still depend on how the government's COVID19 response unfolds. Absent any further government restrictions, management remain confident that their strategy will continue to deliver strong long-term growth and profitability in the year ahead."
It plans to open a new-build centre in Walsall in the second half, and it expects to open at least four in 2022.
Its shares have climbed 4.57% or 11.23p to 257.23p.
11.16am: Dekel Agri-Vision lifted by start of cashew production
There is something nutty about a rise in the shares of Dekel Agri-Vision plc (AIM:DKL).
And that nut is cashews.
The company has climbed 4.12% to 5.05p after it began production at its cashew processing plant at Tiebissou, Côte d'Ivoire.
The plant had to source local components after various shipments were delayed by international material shortages and logistics challenges.
Four of the six final shipments have now arrived on site and have been installed, the company said, and the other two will arrive in the coming weeks.
Lincoln Moore, Dekel's Executive Director, said: "We are excited to commence production at the Cashew Project and commence the ramp up phase of production despite the logistical and raw material sourcing hurdles we have encountered. In tandem with the strong current performance of the palm oil operation, we are now positioned for a material step up in the earnings profile of the company in 2022 and beyond."
10.04am: SDX Energy energised by positive drilling update
SDX Energy PLC (AIM:SDX, OTC:SDXEF) is on the rise after a positive update from its Meseda field in the West Gharib concession in Egypt.
The company announced the start of oil production at the MSD-21 infill development well on the field, the first in a 12 well campaign at the Meseda and Rabul oil fields in the West Gharib concession.
Chief executive Mark Reid said: "The well is now producing and, when it has fully cleaned-up, we expect it to contribute around 300 barrels a day of gross oil production. This campaign provides a low-cost, highly beneficial exposure to the oil price and with a netback [gross profit] of US$35 a barrel at US$68 a barrel Brent in the first nine months of 2021, West Gharib is a very high margin asset in our portfolio. MSD-21 and subsequent wells are expected to significantly boost the production and cashflow from these fields in the coming months."
SDX shares are up 7.69% or 0.75p at 10.5p.
8.50am: SRT Marine Systems buoyed by new coast guard contract
SRT Marine Systems PLC (LSE:SRT) is sailing ahead after winning a new order with a national coast guard.
The supplier of surveillance and monitoring systems for national coast guards and fishery authorities said a formal contract was expected to be signed before the end of January.
The award - delayed up until now because of the pandemic - is for the first of three phases of a project worth a total of £40mln. SRT said the project was the first step in the customer building a fully integrated national maritime surveillance system, and so it expected a series of significant follow-on contracts with each adding new capabilities to the system.
Chief executive Simon Tucker said: "This project marks the first of several substantial contracts in our £550mln validated sales pipeline that had been delayed due to COVID-19 and we have been expecting to fall under contract once internal customer processes were completed.
"This customer is a major national authority with a long-term strategic program to build a next generation integrated in-country maritime surveillance and management system. Our system has been selected due to its sophistication and our unique ability to successfully deliver such complex systems in challenging environments. We look forward to completing this initial project and moving forward with the customer to build up their system in the coming years."
SRT's shares are up 11.77% or 5p at 47.5p.
Elsewhere Angus Energy PLC (AIM:ANGS) has added 9.68% to 0.85p after the company effectively put itself up for sale.
It said it was committed to achieving first gas at its 51%-owned Saltfleetby field in east Lincolnshire as soon as possible.
But it said its current market capitalisation did not reflect the value of its assets, and it had received a number of approaches, including an indicative offer for the stake in Saltfleetby as well as interest in a bid for the whole company.
So it is conducting a strategic review which could include a sale of the business.
Chief executive George Lucan said: "The speed of transition has surprised the energy market in general and the resulting shortage of new gas supply, and deficit of renewable sources, is likely to lead to periodic crises such as we saw recently in the UK and a very high forward gas price in years to come. Presently, the market is attributing little value to hydrocarbon reserves in general, or in our instance, the immediate cashflow prospects of the Saltfleetby Gas Field. Accordingly, in the light of this and the interest expressed by other energy market participants, we think it in the best interests of shareholders to conduct this strategic review and formal sale process."