Serinus Energy PLC (AIM:SENX) has moved higher after a positive update from its projects in Romania which are getting closer to the start of drilling.
It said the roads and drilling platforms at both the Canar-1 well and the Moftinu Nord-1 well had been completed, including the installation of the drilling conductor pipe at both locations.
The drilling rig inspection and certifications have been completed and final acceptance and rig mobilization is expected to be completed next week.
Permits for both wells are expected to be granted imminently. Once these are received, the drilling of the Canar-1 well is expected to start on schedule in mid-July, and once drilling is completed, the rig will move to the Moftinu Nord-1 location and begin drilling there. With success, production from each well will be connected to the Moftinu gas plant, utilizing current excess plant capacity.
Serinus is up 3.72% at 12.96p.
3.39pm: Shoe Zone forecasts rise in profits
Shoe Zone PLC (AIM:SHOE) is stepping out in style after forecasting a rise in full year profits.
It said that since its half year statement in May, the business had been trading well.
It has seen strong margin improvements and cost savings, in particular as a result of rent reductions and good supply chain management, which are expected to continue into the fourth quarter.
So it now expects adjusted full year profits to be not less than £8.5mln, compared to £6.5mln last year.
Its shares are 12.9% better at 175p.
1.37pm: SIMEC Atlantis Energy hit after write-offs lead to heavy losses
SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) has slumped after it unveiled hefty losses for the year.
It was £19.4mln in the red in 2020 but last year that jumped to £74.1mln.
The increase came as a result of recognition of impairment losses on assets and in particular the recognition of £32mln of impairment losses at Uskmouth Power station following the decision in April 2022 not to proceed with the power station conversion.
Since then it has entered into an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners to deliver a 230MW/ 460 MWh battery energy storage system at the Uskmouth site. This project is planned to deliver around £40mln in revenue to the company over 30 years and is part of the redevelopment of the Uskmouth site into a Sustainable Energy Park.
Chief executive Graham Reid said: "2021 saw the company make some difficult but important decisions.
"While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions which will ultimately deliver value to shareholders in the medium to long term."
The accounts also reveal that while the board has "a reasonable expectation that the company and the group have sufficient resources to continue in operational existence for the foreseeable future", it has also identified "material uncertainties" which may cast doubt on this.
These included the successful development of the battery project at Uskmouth, the possible need to agree deferral of debt repayments due in March 23 with bond holders if the company is unsuccessful in refinancing or otherwise repaying the bonds; and any requirement for the repayment of a €3.9mln EU grant which is currently under discussion.
All in all, this has seen its shares drop 47.56% to 1.08p.
12.22pm: Circassia climbs as agreed payments from BeyondAir set to start
Asthma treatment specialist Circassia Group PLC (AIM:CIR, OTC:CSSPF) is climbing after the anticipated start of payments worth up to US$16.5mln from US group BeyondAir Inc.
The two had been in dispute over the licensing of BeyondAir's LungFit device but reached a settlement just over a year ago.
Under the terms of the agreement, Circassia surrendered its rights to the product in return for payments to be made when LungFit - used for the treatment of hypoxic respiratory failure - was approved by the US Food and Drug Administration.
That approval has now been received, so Circassia is due US$2.5mln within 60 days of the approval, US$3.5mln within 60 days of the first anniversary and US$4.5mln within 60 days of the second anniversary.
In addition, Circassia is entitled to a royalty of 5% of net sales of the device, startng on the second anniversary of approval, up to a maximum of US$6mln.
Circassia is up 9.12% at 35.9p.
11.28am: Trakm8 heads higher after moving out of the red
Shares in Trakm8 Holdings PLC (AIM:TRAK) have accelerated after the vehicle telematics equipment and services firm moved out of the red.
Revenues rose 13% to £18.1mln in the twelve months to the end of March, with the company recording a £0.2mln profit compared to a £1.2mln loss.
Since then, revenues to the end of May were 11% ahead of last year.
It saw revenues from insurance clients increasing due to new contract wins and increased volumes from existing clients, while fleet sales also showed progress.
It said inflationary pressures on payroll and components was partially mitigated by a lower headcount and lower designed-in device costs.
It continues to face component availability issues that could impact deliveries but it expected to be able to continue overcoming these problems.
Its shares have added 6.06% to 17.5p.
10.26am: Windar Photonics loses more than half its value with its shares set for suspension on Friday
Windar Photonics PLC (AIM:WPHO) has been blown off course after the firm said it would not be able to publish its results in time and its shares would be temporarily suspended.
The company, which has developed a sensor for use on wind turbines, said trading in its shares would be halted this Friday.
It is attempting to finalise the audit of the 2021 figures and said the results - which had been due on Thursday - would be published as soon as possible.
Ahead of that, it said the results were expected to show a 50% drop in revenues from 2020, mainly due to project delays in China.
In particular, one €1mln contract was initially delayed from the fourth quarter of 2020 to the end of 2021 due to the pandemic, but it has still not been delivered.
Windar said it had not been formally cancelled but was now unlikely to proceed.
Its full year loss is expected to decrease from €1.3mln to €1mln, mainly due to cost cutting in the second half.
On the outlook it said it had experienced severe supply chain issues in the first half of the current year, mainly involving deliveries of mechanical components sourced by its Shanghai office.
So it has suffered production delays for orders due for delivery in this period.
It added: "Whilst the company is in the process of shifting some of the manufacturing of mechanical parts out of China, the main challenge for delivery of products in 2022 will continue to be related to the supply and sourcing certain key electronical components."
The news has seen its shares slump 57.9% to 6p.
9.44am: Tertiary Minerals boosted by positive results from Zambia drill programme
Tertiary Minerals PLC (AIM:TYM) is in demand after positive results from its first drill programme at the Jacks copper project in Zambia.
The company said significant copper mineralisation was intersected in all four diamond drillholes, and it has now exercised its option with partner Mwashia Resources to take its interest in Jacks to 90%.t.
Chairman Patrick Cheetham said: "The impressive copper hits in all four holes in our first drill programme confirms and builds on the historical results from the Jacks Project, and demonstrates continuity of copper mineralisation over an open-ended 350m strike length....
"It is clear we are dealing with an exciting target with considerable potential. In the meantime, our local partner, Mwashia Resources, has made good progress on the environmental permitting required for exploration to start on the four other licences within our Zambian portfolio. We look forward to a busy and productive work programme during this dry season."
Its shares have added 11.48% to 0.17p.
8.39am: Avacta Group jumps after positive drug study news
Avacta Group PLC (AIM:AVCT) shares are looking healthy after positive trial news for its cancer therapy.
The first in-human trial of its AVA6000 Pro-doxorubicin treatement will advance to a third dose cohort following a positive review of the safety data from the dosing of the second cohort.
AVA6000 is a novel form of doxorubicin that has been modified with Avacta's pre|CISION™ FAP-activated delivery platform to improve its safety and therapeutic index.
Dr Alastair Smith, Chief Executive Officer of Avacta Group, commented: "AVA6000, and the pre|CISION platform more broadly, have the potential to deliver safer and affordable oncology drugs that could significantly improve cancer patients' lives. We are very pleased with the progress being made with ALS-6000-101 study and look forward to seeing more data as it emerges from the trial."
Avacta shares are up 15% to 115p.
Also heading higher is Brave Bison (AIM:BBSN), the social and digital media company, following a positive annual meeting statement.
Chairman Oliver Green said: "Trading in the first five months of 2022 has been strong and ahead of management expectations, with management's focus now having shifted firmly to maintaining the positive momentum through the second half of the year and into 2023.
"Whilst we are paying close attention to macroeconomic headwinds, we remain confident in our strategy of combining digital media and marketing services businesses with an owned and operated digital media network
"We believe that a recessionary environment will accelerate the shift away from traditional advertising methods such as TV and Outdoor and into digital channels where it is much easier to demonstrate how campaigns are driving outcomes and sales."
Its shares have climbed 8.33% to 1.95p.