Cornerstone FS PLC (AIM:CSFS) surged 90% to 14.3p after telling investors it is on track for “substantial full-year growth.”
It said the trading momentum seen earlier in the year has continued, meaning first-half revenues will be in the order of £1.9mln, up 129% year-on-year.
The provider of cloud-based payment and currency services said revenues generated by clients it serves directly now make up 75% of total turnover, up from 28% in the opening six months of last year.
This trend will have a positive impact on the gross profit margin, which is expected to improve to 61% from 38.1% 12 months ago and 51.6% at the end of 2021.
“A key contributor to this was the group's Asia team that was brought on board in the second half of 2021,” investors were told.
2.20pm: EQTEC moves higher after announcing progress on Deeside project
EQTEC PLC (AIM:EQT) moved higher, gaining 7% to 0.75p after announcing further progress on its Deeside waste-to-fuel project with the appointment of Black & Veatch (UK) Ltd to undertake the powertrain front-end engineering design (FEED) for phase 2 of the project.
Black & Veatch, a global engineering, procurement, consulting and construction company specialising in sustainable infrastructure development, has been hired by EQTEC’s wholly owned subsidiary Deeside WTV Ltd.
The scope of work includes FEED engineering and preparation of an engineering, procurement and construction (EPC) cost estimate for power generation equipment and systems.
The appointment follows Black & Veatch's previous work on the Deeside project, which included a peer review and gap analysis of the overall project including technology interfaces.
1.18pm: SpaceandPeople rises after increased revenue
SpaceandPeople PLC (AIM:SAL), the retail and brand experience company, rallied 14% to 114p after the publication of its half-year trading report.
Revenue was “substantially better” than recent first-half performances, according to a statement, at roughly £2.5mln.
That figure was ahead of 2021, which was £1.1mln and 2020, also at £1.1mln.
As well as that, trading in the year to date has recovered month on month following the negative effects of COVID restrictions in both the UK and Germany.
12.15pm: Rua Life Sciences slips after losses increase
Rua Life Sciences PLC, the holding company of a group of medical device businesses, slipped 9% to 32.2p.
Despite reporting a slight increase in revenue, up to £1.6mln from £1.5mln, investors likely latched onto news of the company’s operating loss, which increased by £800,000 to £2.3mln.
However, the company said its biomaterials business is growing year on year, as well as a return to growth in contract manufacturing.
11.10am: MPAC nosedives after profit warning
Shares in MPAC Group PLC nosedived 31% to 261p after issuing a profit warning in its trading update.
The packaging and automation solutions company said for six months to the end of June that increasing macro-economic uncertainty and unprecedented volatility caused extended lead times.
As well as that, inflationary pressures impacted the London-listed company’s efficiencies and margins, which means full-year profits will be significantly below market expectations.
Furthermore, supply chain and operational challenges will continue for the remainder of the year.
Despite the bleak short term outlook, the company remains upbeat in the long term.
“I am confident our experienced management team will resolve the short-term challenges with the mitigation plans already in place, alongside the sound operational foundations established by implementing the One Mpac business model,” said chief executive Tony Steels.
10.00am: Induction Healthcare jumps after Zesty agreement
Induction Healthcare Group PLC (AIM:INHC) climbed 15% to 55p after signing an agreement for the sale of its Zesty platform
It has tied up with electronic patient record (EPR) specialist System C Healthcare, which will sell Induction’s Zesty engagement platform.
Zesty allows people to manage their hospital appointments, as well as view their letters and clinical records.
"We have a long-standing relationship with System C, one of the largest domestic suppliers of EPR software to the NHS, and it is a great step forward to be formally partnered with them under a value-added reseller agreement,” said Induction chief executive James Balmain.
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) jumped 12% to 2p after identifying a cluster of electromagnetic conductors within Target Area B in the Kalahari Suture Zone project in Botswana.
The size and orientation of these conductors conform to an idealized model of the famous Talnakh and Kharaelakh massive sulphide nickel-copper-platinum group element orebodies at Norilsk in Russia.
Kavango has ranked the three electromagnetic conductors as priority targets for future drilling.
The three conductors are in close proximity to one another and provide the first evidence in the KSZ of a cluster of drill targets, similar to clusters observed at Talnakh and Kharaelakh.