Capricorn Energy PLC - formerly Cairn Energy PLC (LSE:CNE) - is bucking the market slide after receiving an Indian tax refund.
The company said the expected refund of INR79 billion hds now been paid and net proceeds of US$1.06bn had been received.
It proposes to return up to US$700mln to shareholder, comprising a US$500mln tender offer and US$200mln share repurchase programme.
Its shares are up 3.57% at 214.8p.
2.38pm: Corcel surges after Avonmouth project wins National Grid contract
Corcel PLC (LSE:CRCL) has seen its shares surge after it was awarded a contract from National Grid.
Following a capacity market auction, its Avonmouth gas peaking project has been provisionally given a 15 year contract worth around £1.5mln a year in gross revenue.
The company - a natural resource exploration and development company with interests in battery metals and flexible energy generation and storage - said its rights to 100% of the Avonmouth Project remained conditional on a successful fundraising and project construction. It said ommercial terms with partner FPC Electric Land Limited around the sharing of the benefit of the capacity market contract were still to be negotiated.
Chief executive Scott Kaintz said: "We are delighted with the results of this year's T-4 Auction and that of our project, thanks to our partner FPC Electric Land Limited, which was able to pre-qualify and enter into the auction. The large increase in the clearing price as compared to previous years is reflective of the UK's fragile energy network, and the uncertainty of supply that has arisen, as the country transitions from primarily base load suppliers to renewable energy sources. We believe these results only serve to emphasis the importance of transitional energy assets such as our gas peaking and battery energy storage projects.
"This is a highly encouraging step towards closing funding on our gas peaking projects, and means that a large part of anticipated revenues at Avonmouth are effectively guaranteed."
Corcel is up 20.41% to 1.48p.
12.38pm: Skillcast sees shares fall after update
Skillcast Group PLC (AIM:SKL) has come under pressure after a dip in expected profits.
The company, a compliance e-learning and regulatory technology firm, joined Aim late last year at 37p a share.
Following its trading update, it has slipped 2p or 5.88% to 32p.
It is forecasting full year revenues of not less than £8.3mln, up from £7.3mln in 2020.
Adjusted earnings are expected to slip from £1.2mln to £1.1mln. It said it had seen strong growth in recurring subscription revenue as well as a stable performance from professional services.
11.46am: Genus falls as drop in Chinese pig prices hits profits
A weak performance from its Chinese business has seen genetics group Genus PLC (LSE:GNS) stumble.
Half year revenues at the company, which specialises in biotechnology for animal breeding, fell 2% and pretax profits dropped 21% to £3.7mln.
It said the Chinese pig market was challenging, with prices down from 35RMB/kg in December 2020 to under 13RMB/kg at the moment.
Meanwhile the company is expanding its Canadian business by acquiring the porcine genetics business of Olymel for CAD$25m (£14.5mln) and signing a strategic collaboration.
Genus chief executive Stephen Wilson said: "As expected, the group performed strongly other than in the porcine business in China and continued to make good strategic progress while investing for the future. Our strategic collaboration with Olymel announced today will further strengthen PIC's North America business...
"The current porcine market in China has had an adverse impact on our trading in China during the first half of the 2022 fiscal year. Since November, the live pig price in China has remained below the cost of production and declined further to below 13RMB/kg since the beginning of January. The significant impact of PIC China's trading has consequently decreased PIC's and the group's adjusted operating profit.
"China live pig prices need to improve and be sustained for producer confidence to return and lead to improved demand for porcine genetics. Industry expectations are that prices will improve later in the year, however there is uncertainty on the timing and extent of a recovery. Consequently, we expect the China porcine market will continue to impact on the group's performance in the second half of the 2022 fiscal year. Importantly, following the investments in our porcine elite supply chain, Genus is well placed to support Chinese producers needs when market conditions improve, and we remain confident in the future growth prospects of PIC China."
Its shares are currently down 6.2% at 2966p.
9.58am: Victorian Plumbing warns cost pressures will hit margins
Shares in Victorian Plumbing Group PLC (AIM:VIC) have sprung a leak after the bathroom products group warned results would be lower than expected due to rising costs.
In a trading update for its annual meeting, it said its performance had been encouraging against a backdrop of lower customer demand. Revenue for the four months to the end of January was down 3% year-on-year, but up 38% on the same period two years ago.
It said it expected to report "modest year-on-year growth through the second half of 2022."
But it added: "There are however ongoing inflationary cost pressures that we face. We are acutely aware that our customers are also managing inflationary pressures and will adopt a careful approach to price rises, which means we are choosing to temporarily absorb some additional costs.
"We therefore expect both gross profit margin and adjusted EBITDA margin to be slightly lower than previously anticipated."
Its shares are down 10.23% at 73.62p.
8.59am: Tremor International a bright spot after record results
On a day when there is indiscriminate selling following Russia's invastion of Ukraine, it is an achievement to be in positive territory.
But following record fourth quarter and full year results, Tremor International Ltd (AIM:TRMR) has managed to achieve that feat.
The video, data and connected TV advertising specialist said adjusted earnings rose 38% in the final quarter to US54mln and by 166% for the full year to US$161.2mln.
The company also plans a US$75 million share buyback programme.
Chief executive Ofer Druker said: "Our investments made during 2021 in technology, sales, and marketing, significantly enhanced our platform and drove record financial performance, while positioning Tremor for continued future growth in both the US and international markets."
It is forecasting earnings of at least US$33mln despite supply chain issues hitting some advertising markets, notably the automobile industry.
Its shares are up 4.55% at 506p.
Also reporting record results is construction and regeneration group Morgan Sindall Group PLC (LSE:MGNS).
Full year revenues rose 6% to £3.2bn with pretax profits doubled to £127.7mln.
The company said it now expected 2022 results to be slightly higher than previously expected.
Chief executive John Morgan said: "2021 has been an excellent year for the group with progress across the board...
"The group is in its best shape ever. Our strategic focus on construction and regeneration is driving positive momentum across the group and is enabling us to upgrade our divisional medium-term targets today which provide the framework for our next stage of growth...
"We continue to make strong positive progress in our chosen markets, with the size and quality of our secured workload increasing in the year. This leaves us well-positioned for the future and on track to deliver a result for 2022 which is slightly above our previous expectations."
Its shares have added 2.09% to 2195p.