Immotion Group PLC (AIM:IMMO) has seen its shares go ape.
The UK-based immersive entertainment group has signed a three-year agreement for the installation of a 24 seat Gorilla Trek VR Theatre at Pittsburgh Zoo & PPG Aquarium.
The news comes a day after it announced a return to profit and hinted the contract news was close.
Immotion filmed the content on location in Volcanoes National Park in Rwanda, capturing a family of mountain gorillas in stereoscopic VR.
The installation of the 24-seat VR theatre is due to open later this spring.
Talks with other US zoos are at an advanced stage.
Immotion shares are up 4.56% at 4.7p.
2.27pm: Kropz hit by phosphate production delays.
Kropz PLC (AIM:KRPZ) has seen its shares come a cropper.
The African phosphate producer and developer said that due to slower than expected progress in the ramp up of operations at Kropz Elandsfontein in South Africa, production of sufficient phosphate rock concentrate for a first bulk sale will be achieved later in the second quarter than originally expected.
The delay was caused by the need to re-engineer parts of the fine flotation circuit, but was also due to early unpredicted ore variability and lack of operator experience.
It means Kropz Elandsfontein will need funding of ZAR58mln at the end of April 2022.
To cover this, Kropz will draw down the remaining ZAR33mln (approximately US$2.11mln) conditional convertible equity facility of up to ZAR with its major shareholder, the ARC Fund.
Kropz and ARC have also agreed to a further ZAR25mln bridge loan facility to meet immediate cash requirements at Elandsfontein..
Due to the anticipated delay in production ramp-up, Kropz is exploring options with ARC for another ZAR100mln to ZAR150mln of funding for Elandsfontein to see it through to positive cash flow.
Kropz shares have dropped 26.09% to 8.5p.
12.01pm: GYG sees shares sink after losses and concerns over Ukraine conflict
Shares in GYG PLC (AIM:GYG) have sprung a leak after the superyacht maintenance firm moved into loss and warned the Ukraine crisis could affect its future performance.
Full year revenues rose 6.7% to €62.8mln but it lost €7.2mln, compared to a profit of €0.2mln.
It faced exceptionals costs of €3.1mln due to the impact of COVID-19 and the administration of the Nobiskrug shipyard.
It had outstanding contracts worth €2.8mln at the shipyard, but after the year end it reached an agreement with the new owners and received a payment of €2mln.
It has a record order book but warned: "Significant external pressures remain in 2022, specifically the current geopolitical conflict between Russia and Ukraine and the extended global economic effects of the conflict."
Chief executive Remy Millott said the new financial year had started well but added: "Whilst the board expects the impact of COVID-19 to be substantially less as we exit the pandemic, the board remains mindful of the potential for future changes in lockdowns and travel restrictions as well as the wider geo-political environment, which may affect the full year performance."
The news has seen its shares fall 21.76% to 33.25p.
10.27am: Government asks Drax to delay closure of coal plants
Drax Group (LSE:DRX) has seen its shares power up after a postive trading update and news it has been asked by the UK government to delay closure of two coal plants to help keep the lights on amid rising energy prices.
The two plants, which are set to close in September this year, were called in to help in January for limited operations to support security of supply.
It said: "These short-term measures helped to stabilise the power system during periods of system stress and did not result in any material increase in the group's total carbon emissions...
"Drax continues to expect to formally close these two legacy coal units... but remains committed to supporting security of supply in the UK.
"Drax has recently been asked by the UK government to consider options for a limited extension of its coal operations and this remains under review."
With strong trading in the first quarter - despite an increase in costs after it removed Russian biomass from its supply chain - the company expects full year earnings to be at the top end of analysts expectations.
The current City forecast is for 2022 earnings of £571mln, with a range of £540mln to £606mln.
Drax chief executive Will Gardiner said: "In the first quarter of 2022 we delivered a strong system support performance as our reliable, renewable electricity continued to support UK energy security and helped to keep the lights on for millions of British homes and businesses."
Its shares are up 4.72% to 832p, making it the biggest riser in the FTSE 250.
Analysts at JP Morgan have put an overweight rating on the shares and lifted their price target fro 700p to 950p.
9.49am: City Pub Group in demand after upbeat outlook
City Pub Group PLC (AIM:CPC) is toasting a recovery from the pandemic despite a setback over Christmas as the Omicron variant spread.
Its full year results show a 37% rise in revenues to £35.4mln and it has turned a £5.4mln loss into a £0.9mln profit.
Most of its 41 pubs are now trading normally, and the group's like for like performance in the last nine weeks has reached 98% of the same time in 2019, before the pandemic.
It is confident that trading in the current year will exceed 2019 by the end of the second quarter, although it expects a short term effect on margins as it holds prices despite rising energy and food costs.
Since the year end it has sold 6 pubs and has a strong balance sheet to fund expansion.
Its Oyster House site in Mumbles opens this week and it has a further three development sites in London, Southern England and Wales.
It has also increased its stake in Mosaic, owner of ten pubs, from 25% to 36% at a total investment of £4.1m with the intention to buy the rest in 2023.
Chairman Clive Watson said: "Following the reversal over the festive season, trading is now beginning to build in momentum and we look forward to an uninterrupted summers' trading.
"We are emerging from the pandemic in the strongest financial position that we have ever been in and therefore have signalled our intention to recommence dividends in the autumn.
We have a very strong platform from which to grow and much to look forward to despite the inflationary headwinds our development sites are coming on stream, Mosaic will be fully acquired next year adding ten high quality pubs, our new concept will begin trading and we can take full advantage of, adhering to our strict criteria, freehold acquisition opportunities that arise."
The company's shares have climbed 10.76% to 82.85p on the news.
8.38am: SysGroup climbs after buying IT group Orchard Computers
Cyber security and cloud hosing firm SysGroup plc (AIM:SYS) is beefing up its business with the purchase of Bristol based Network Solutions Limited.
It is paying £1mln in cash for Network, a managed IT service provider trading as Orchard Computers, its second acquisition of the financial year.
The deal, which will boost its presence in the south west and complement its South Wales operations, is expected to be earnings enhancing immediately.
In the year ended 31 December 2021, Orchard generated revenues of £2.1mln and profits before tax of £0.3mln.
Recurring revenues in 2021 accounted for 56% of total income. Its net assets at 31 December 2021 were £0.3m.
SysGroup shares are up 5.26% at 30p.
Elsewhere LoopUp Group PLC (AIM:LOOP, OTC:LUPGF) has added 9.29% to 7.65p.
The cloud platform for external communications has won a two year contract with Telefónica for its Hybrid Auditorium and Events business.
The deal is worth an initial €200,000 but could be extended.
LoopUp has also announced 13 new contract wins for cloud telephony, putting it on track to meet its full year target of securing 50 additional contract wins in 2022.