Darktrace PLC (LSE:DARK) shares moved higher in early trade but were one of the bigger fallers by late afternoon, down 14% to 389.6p, as investors noticed that it had warned that geopolitically driven foreign exchange headwinds have increased as heightened volatility remains.
However, the cybersecurity company, which floated in spring last year, had raised its full-year revenue growth outlook to 40-41.5% from 38.5-40%, thanks to strong net new customers.
Darktrace shares, which were floated at 250p and topped 940p by October before giving back about 70% of those gains after a challenging final quarter of 2021.
"Today’s update comes as a welcome boost and could help pave the way for further gains,” said Victoria Scholar at Interactive Investor, while Benjamin May at Berenberg said, "what is clear though is that the company is not experiencing any slowdown in growth..[and] we do not think this will be the last guidance upgrade".
2.40pm: Tertiary's Pyramid disappoints
Tertiary Minerals PLC (AIM:TYM) shares fell after the explorer and developer announced disappointing results from the company's recent drill programme at the Pyramid silver‑gold project in Nevada
Reverse-circulation (RC) drilling at the North Ruth target "has not, to date, demonstrated significant mineralisation at depth", the AIM-listed company said, sending its shares 19% lower to 0.17p.
Managing director Patrick Cullen said surface sampling and trenching, alongside extensive historic underground workings in the area, had suggested North Ruth was a drill target that warranted drilling.
"We executed a limited and cost-effective drill program, utilising RC, to determine if the mineralisation is present at depth but the results have been disappointing," Cullen said.
"A detailed analysis of the results will be needed before any further exploration is undertaken. Indications are that localised supergene enrichment of silver has resulted in the grades observed at surface."
10.50am: Empire jumps after completing first Century acquisition
Empire Metals Limited shares jumped 15% to 1.75p after it confirmed that it has completed the acquisition of the Pitfield copper-gold project.
This is the first of three highly prospective Australian-based copper-gold projects bought from Century Minerals, as announced last week.
Following completion on Pitfield, 5,611,863 shares have been issued, with the remaining 11,223,725 of the consideration shares will be issued in two tranches at the time that the Stavely and Walton licences are granted.
10.42am: Polymetal shelves dividend
Polymetal International PLC (LSE:POLY) led the fallers in the FTSE 350 after the Russia-based precious metals miner shelved its dividend.
The company said its board decided to postpone the payout and a decision on making an interim dividend payment until at least August based on "significant changes in operating conditions" in the last few weeks - ie since Russia invaded Ukraine.
Although the company said at the end of last month that anti-Russia sanctions before 30 March “did not have a material impact” on its business, directors have now concluded that "is no longer appropriate to recommend or declare the 2021 final dividend payment".
This is due to: "mounting uncertainty with availability of funds due to sanctions on Russian banks and economy; higher working capital needs as a result of liquidity crunch and supply chain limitations; balance sheet constraints imposed by lower credit availability as well as significantly higher cost of funding".
Chair Riccardo Orcel said: "We have thoroughly re-evaluated the board's March recommendation on dividends taking into account recent changes in macro and regulatory environment and unanimously have come to a conclusion that the payment decision should be postponed in order to sustain the stability and liquidity of the business.
"We will continue to monitor the operating, funding and regulatory conditions in which the business operates, hoping that stability is restored, improving visibility which would allow us to return to our cash distribution policy."
9.20am: Shearwater and ImmuPharma rocket higher
Shearwater Group PLC (AIM:SWG) made a splash in early trading on Wednesday, with its shares surging 30% higher to 142.4p after it revealed a big contract win.
The ‘organisational resilience’ group, which provides cybersecurity, advisory and managed security services, said subsidiary Brookcourt Solutions secured a contract with a potential value of up to around £21.0m with a leading telecommunications and media company.
The initial value of the contract is £12.9mln across a three-year term, with an option to extend by a further two years for around £8mln more.
Shearwater boss Phil Higgins said the contract win “demonstrates our capabilities within the security and monitoring sector” and that it was noteworthy to be chosen on project “of this strategic importance”.
Elsewhere, ImmuPharma PLC rocketed 57% higher to 8.9p after alerting investors to the successful completion of a pharmacokinetic (PK) study of its lead asset Lupuzor, also known as P140.
Chief executive Tim McCarthy described the PK studies are there to assess how the body absorbs, distributes, metabolises, and excretes a compound as a "significant milestone".
Mandated by the US Food & Drug Administration as part of the regulatory sign-off process, the study showed a "successful measurement of the absolute bioavailability of the drug", which was also safe and well-tolerated.
The next step is to take the asset into a phase III study in people with lupus, an autoimmune disease, and IIa/III assessment of its effects on sufferers of chronic inflammatory demyelinating polyneuropathy, a neurological disorder.