RA International Group PLC (AIM:RAI), a provider of remote site services around the world, saw its shares tumble after it warned profits would be hit by lower sales and higher costs, with order book momentum "stalled".
The company said it expects 2021 revenue to come in at around US$54mln and underlying earnings (EBITDA) of roughly US$7mln.
"This has been a frustrating period, with client and COVID-19 related operating constraints continuing to cause inefficiencies and exceptional delays in executing projects, in tender issues, awards and in project mobilisations," said chief executive Soraya Narfeldt.
Narfeldt said the underlying business has "remained profitable through this disruption and our solid balance sheet supports our forward looking requirements", with management planning to "be more selective" in the projects in the commercial sector, which will be less of a focus of business development activities.
12pm: Indivior gets shot in the arm
Indivior PLC (LSE:INDV) shares rose 10.5% to 251.60p after saying it is mulling a potential US secondary listing.
The pharmaceutical company also announced a 20% jump in revenue to US$791mln last year, with a swing back to operating profits of US$213mln compared with a loss of US$156mln last time.
As the US accounts for 80% of sales, Indivior said it is considering a secondary listing there as it “is likely to be beneficial to the group's profile and visibility". It said it will consult its shareholders on the issue (read more here).
10.45am: IQE founder chips in
IQE PLC (AIM:IQE), the maker of wafers for the semiconductor industry, was among the top risers this morning, up 13% to 41.7p, after notifying that Drew Nelson, non-executive director and president, purchased £1.5mln worth of shares in the company.
Nelson, the co-founder of what become IQE and former chief executive until last September, bought 4,126,817 shares at an average price of 36.36p apiece.
IQE shares have recently been trading not far off their pandemic lows.
Elsewhere, Shanta Gold Ltd climbed on the back of drilling results from its West Kenya project, where chief executive Eric Zurrin said it “continued to deliver outstanding results, ensuring that this remains the most consistently high-grade drilling programme we've ever conducted at any asset in Shanta's history”.
Visible gold was identified in five intersections across nine holes drilled at Isulu and Bushiangala, with visible gold in 35 intersections across 102 holes, along with 23 separate occurrences of visible gold in 10 holes drilled at Ramula and a fourth site added in the virgin neighbouring 'Anomaly 22' target.
With upgraded mineral resource estimates due in coming weeks, Zurrin said: “This is a hugely exciting time for the company and our stakeholders as the West Kenyan resource expands toward a multi-million-ounce gold district comparable with other prolific greenstone belts in the world."