Crimson Tide (AIM:TIDE) PLC’s share price was deep in the red after it appeared to prioritise top-line growth over achieving profitability in the short term.
The shares fell 9.1% to 2.5p after the provider of the mpro5 mobile workforce management software said revenue for 2021 was slightly ahead of expectations at £4.0mln.
“Our goal is to continue to standardise mpro5 for a wide range of businesses and we are deploying our capital in developing our platform in international, and vertical markets. This will enable us to scale, whether it is through partner acquisition, direct sales to microbusiness or our enterprise-level offering. Our goal remains to reach EBITDA break-even during 2022; however, we believe that top-line growth is open to us across our sectors and internationally and we will invest capital further where we see opportunity,” the company said.
1.45pm: Future finds the market hard to please
Future PLC (LSE:FUTR), the online and magazine publisher, tumbled 9.3% to 3,092p after an unconvincing trading update.
Ahead of its annual general meeting, the FTSE 250-listed company said performance for the four-month period ended January 31 was in line with expectations that had been raised in November, with “good” profit and cash generation.
The Bath-based group said it expects to meet its upgraded guidance for the financial year 2022, despite continued macro uncertainties and inflationary pressures.
12.50pm: Creo Medical rises on increased revenue guidance
Creo Medical Group PLC (AIM:CREO) soared 20% to 142p on the back of this morning’s trading update.
Creo expects its revenues for the year just gone to come in ahead of forecasts and added that it ‘continues to deliver’ on its build, buy, and partner strategy.
The company, which is focused on the emerging field of surgical endoscopy, said sales for the 12 months to December 31 would be around £25mln as it defied the commercial headwinds and disruption generated by the pandemic. Total sales in 2020 were £9.4mln.
11.55am: Actual Experience tumbles as sales cycles remain challenging
Preliminary results from Actual Experience PLC (AIM:ACT), the analytics-as-a-service company, sent the shares 15% lower to 13p.
The loss for the year to the end of September widened to £5.85mln from £4.68mln the year before due to lower revenues, lower tax credits, and an impairment charge of £0.8mln.
The company said the length of sales cycles remains a challenge, i.e. companies are dithering over whether to take the company’s services.
11.00am: Omega pulls out of its nose-dive
Omega Diagnostics Group PLC (AIM:ODX) shot up 23% to 11.625p after its VISITECT Covid-19 antigen test achieved CE accreditation.
The test will provide consumers with an accurate rapid test for the detection of the nucleoprotein of the SARS-CoV-2 virus in nasal swabs only.
Omega remains in discussions with commercial partners about how best to service the European market and other territories that recognise the CE mark. Omega's commercial offering will be via business-to-business partners and distributors rather than selling directly to consumers.
10.05am: Petroneft Resources non-exec opens his account
Petroneft Resources PLC (AIM:PTR, OTC:PNFTF) leapt 25% to 3.3p after non-executive director Eskil Jersing opened his account and purchased 768,807 shares in the company.
The former chief executive officer of Wentworth Resources and Sterling Energy paid an average of 2.6p per share for his 0.00071% stake in the oil & gas company.
10.00am: Christmas corked by Omicron for Virgin Wines
Virgin Wines UK PLC (AIM:VINO) shares were spat lower as the wine retailer warned on profits after it was hit by weaker than expected new customer recruitment and Omicron-related staff shortages over the key Christmas period.
Staffing issues meant it had to impose a Christmas delivery cut-off two days earlier than planned, resulting in around a £0.8mln hit to sales.
While sales in its flagship WineBank channel were up 28% in the half-year to 31 December, the company said the uncertain trading and macro environment, twinned with "numerous" cost headwinds, meant it now expects revenue and profit for the year ending June 2022 to be "slightly below" the analyst consensus.
The shares dropped 22.5% to 155p by mid-morning.
9.05am: Cizzle higher on China lung cancer deal
Cizzle Biotechnology Holdings PLC (LSE:CIZ) jumped 19% to 2.8p after it closed a royalty strategic alliance with the International Co-Innovation Centre for Advanced Medical Technology and Shenzhen Intelliphecy Life Technologies.
The agreement was presaged by the announcement of a memorandum of understanding announced in November.
The commercial agreement will see the parties work together to develop and market Cizzle’s proprietary early lung cancer diagnostic tests in China.
Verditek PLC (AIM:VDTK) advanced 15% to 2.3p after it announced the sale of its 10.56% stake in Industrial Climate Solutions.
An initial payment of around £308,000 was received by the company in line with the size of its holding.
Further contingent proceeds to the company of up to C$3mln (roughly £1.75mln) or so may arise dependent upon certain milestones being met.