Shares in Treatt PLC, the manufacturer and supplier of ingredients in drinks and fragrances, tumbled 12% to 878p.
Sales were up by £6mln in the six months ending 31 March 2022 to £66.3mln, although investors likely latched onto the news that’s profits almost halved to £6.3mln.
However, the company still expects to deliver full-year targets, with its second half order book up 25% compared to the previous year.
2.40pm: Dekel falls as production slows
Dekel Agri-Vision plc (AIM:DKL) declined 13% to 3.89p following an update on its palm oil production and cashew project.
Crude palm oil (CPO) high season volumes remained weak, with April production down 42% compared with the same month in 2021.
CPO sales were low due to both the weak volumes and the company’s continuing strategy to manage its sales quantities with the goal of increasing prices closer to the international price, Dekel commented.
Palm kernel oil (PKO) production plummeted 39% lower than April last year but both CPO and PKO prices increased, which aided a strong year-to-date for financial performance.
1.34pm: DSW Capital climbs, expects to beat market forecasts
DSW Capital PLC (AIM:DSW) climbed 17% to 125p on news that its full-year 2022 is expected to be ahead of market forecasts.
Its adjusted pre-tax profit and revenues should ‘significantly’ exceed estimated figures for the year ended 31 March 2022.
The DSW Network, which comprises 20 licensee businesses, benefited from high levels of demand in the professional services sector throughout the period, it explained.
In February, DSW was named by Experian (LSE:EXPN) as one of the top 20 most active corporate finance advisers in the UK in 2021.
12.30pm: Genel Energy slips after announcing oil flow problems in Iraq
Genel Energy PLC (LSE:GENL, OTC:GEGYY) fell 8.6% to 166p as it told investors that it completed testing the Sarta-5 appraisal well in the Kurdistan Region of Iraq, with oil flowing to the surface from a number of intervals.
However, the primary reservoirs (the Mus and Adaiyah formations) did not achieve a stable and sustained commercial flow of oil. Neither did secondary target reservoirs (Lower Sargalu or Najmah formations).
The Najmah formation flowed some 800 barrels of oil, Genel noted, but ultimately none of the intervals tested were able to support sustained flow.
Genel has concluded that the reservoirs in this location are ‘tight’, which was identified pre-drill as being a ‘critical key risk’, the company noted.
11.30am: Mosman Oil and Gas falls after placing
Mosman Oil and Gas Ltd (AIM:MSMN) sunk 24% to 0.085p after it raised £1.1mln of new capital through a placing to fund the drilling of its first re-development well at the Challenger project in Texas.
The placing sees 1.37bn new Mosman shares sold to investors at a price of 0.08p per share.
At Challenger, 97% owned by Mosman, the plan is to start drilling in August or September. The target is to increase Mosman’s net production to 245 barrels of oil per day (boepd), from around 130 boepd.
Mosman told investors that Cinnabar, a 348-acre area within the Challenger project, has the potential to be a transformational project for the company. And it believes there is potential for multiple Cinnabar development wells.
"We are pleased that our early investment in Cinnabar has matured at a time of strong oil and gas prices, making this well a compelling investment and providing significant further growth potential," said chairman John Barr.
10.30am: Versarien climbs after penning deal with Umbro
Versarien PLC climbed 11% to 17.8p after announcing its graphene technology will be used in Umbro sports kits.
That includes training tops for football clubs West Ham United and Werder Bremen as well as England’s rugby union squad.
Umbro will integrate the company’s Graphene-Wear technology into its top of the range training clothing, initially for the 2023 spring/summer collection.
Building on other projects with Umbro since 2018, Versarien said this was the first to lead to products being launched.
Versarien chief executive Neill Ricketts added: “Graphene-Wear is a novel technology with benefits for the wearer in terms of performance and comfort. This technology was developed in Manchester, which is also the home of Umbro.”
“We are very excited to work with a brand with Umbro's deep-running experience in performance products and we look forward to the products going on sale to consumers."
NWF Group also inched slightly higher, up 3% to 206p following its trading update.
The distributor of fuel, food and feed across the UK said it “continued to experience exceptional conditions in the fuels business.”
As a result, performance in the final quarter of the year is expected to be “materially stronger” than expected, with full year results likely to be significantly ahead of previously upgraded expectations.