Shares in Capital Limited (LSE:CAPD) are climbing after its majority-owned subsidiary MSALABS expanded a key partnership.
The agreement will see MSALABS, a provider of geochemical laboratory services for the exploration and mining sectors, deploy 21 PhotonAssay units from Chrysos Corporation across the globe by 2025.
That is an increase of 15 on the original deal, with the first six units - which analyst gold, silver, copper and other elements - expected to be fully rolled out by the end of the year.
MSALABS is expected to see revenues of around US$30mln in 2022, including the initial six units.
Following the rollout of the further 15 units across 2023 and 2024, in conjunction with the expansion of the existing geochemistry business, MSALABS anticipates generating revenues in excess of US$80mln a year.
Capital's executive chairman Jamie Boyton, said: "Having been only a small part of Capital's business following the acquisition of a controlling interest in 2019, MSALABS has seen exceptional expansion and quickly become a meaningful contributor to group revenues. We are pleased to see the extension of the relationship with Chrysos, which will continue to drive material growth over the coming years."
Capital's shares are up 7.14% at 90p.
3.17pm: Redrow rises on planned £100mln buyback programme
Housebuilder Redrow PLC (LSE:RDW) has been lifted by news it is starting a buyback programme.
It plans to pay up to £100mln to buy ordinary shares in two tranches.
It said: "Since the resumption of activity following the first lockdown in 2020, the company has returned to growth and continued to generate cash.
"As a result, the company had a net cash inflow of £128mln in the financial year ended 3 July 2022, with a net cash balance at that date of £288mln.
"Having recently reviewed the cash needs of the business to achieve its growth plans, the board has concluded that the company has sufficient funds to enter into a capital return programme of up to £100mln. Given the current share price, the company has decided to execute this cash return in the form of a share buyback programme."
In the market its shares are up 3.25% at 508p.
2.10pm: UP Global energised by solar panel move
UP Global Sourcing Holdings PLC (LSE:UPGS) - aka Ultimate Products - has received a pat on the back from investors for a new environmentally friendly move which should also save money.
The owner of a number of homeware brands including Salter and Beldray has installed solar panels on the roof of Manor Mill, its Grade II listed head office building in Oldham, Greater Manchester.
The panels are expected to start generating energy later this month and, once at full capacity, are expected to produce 40% of Manor Mill's energy requirements. As a result, the expected payback period for the solar panels is approximately three years.
Jill Easterbrook, non-executive director, said: "Manor Mill's new solar panels are a prime example of Ultimate Products' constant search for ways to reduce its impact on the environment. We are confident that they will also prove to be a great investment, helping us to save money on energy bills."
Its shares have been energised, up 5.05p to 114.5p.
12.58pm: Jarvis Securities drops as profits fall
Investment group Jarvis Securities Plc (AIM:JIM) has dropped sharply after a fall in profits.
Half year revenues were down 22.9% to £6.26mln while pretax profits fell 32.5% to £3.1mln.
It said: "During the period under review share trading volumes and the IPO market have decreased significantly compared to last year which had record levels being recorded, resulting in lower commission and fee income.
"The period began with inflationary pressures spooking the market, then the geopolitical uncertainty caused by the ongoing invasion of Ukraine by Russia dashed any hopes of a speedy market recovery. This has affected all the stock broking industry, and the wider economy as a whole where most segments are experiencing a general slowdown.
"Market sentiment, which drives volumes, is beyond our control so we will inevitably experience periods of lower activity but we remain well placed to respond to the upturn when it presents itself."
Its shares have taken a 16.65% hit to 161.5p.
11.54am: Kenmare Resources slimed as production falls
Kenmare Resources plc (LSE:KMR) is on the slide after it said recent output was below expectations because of high levels of slime.
The company, a specialist in titanium minerals and zircon, said second quarter production of heavy mineral concentrate was down 19% to 353,600 tonnes, with a 10% reduction in ore grades .
Managing director Michael Carvill said: "Second quarter production was weaker than anticipated due to higher slimes recirculation, impacting excavated ore volumes and grades. As a result, we now expect production to be at the bottom of 2022 guidance. Increased pricing has more than offset production and supported revenues."
Kenmare's shares have fallen 4.68% to 428p.
10.05am: Portmeirion (AIM:PMP) Group sees shares fall after cautious outlook
Portmeirion (AIM:PMP) shares have cracked a little after a cautious trading update.
The homeware firm, whose brands include Spode, Royal Worcester and of course Portmeirion (AIM:PMP) itself, said first half sales had edged up from £43.1mln to at least £45mln.
But it warned that consumers were facing the impact of the cost of living crisis, while the company had seen supply chain issues and rising raw material prices due to the Ukraine war.
Chief executive Mike Raybould said: "The benefit of our diversified sales markets, strong brands and the ongoing strategic investment in productivity, automation and efficiency has mitigated much of the increasingly challenging market conditions and input cost inflation during the first half.
"However, we have also seen retail customers react to the economic environment by de-stocking in the first half and we remain cautious to the risk of further declines in consumer and retailer confidence for our key second half trading period.
"We have an exciting pipeline of product launches planned for the second half and looking forward we will continue to invest in our long term strategy which we are confident will deliver long term sales growth together with improved operating margins."
Its shares are down 10.98% at 365p.
9.15am: Kibo Energy climbs as it extends power plant contract
Kibo Energy PLC (LSE:KIBO, JSE:KBO) has seen it shares surge after the renewable energy firm extended a conditional 10-year take-or-pay power purchase agreement in South Africa to 20 years.
The agreement outlines the construction, commissioning and operation of a 2.7 MW plastic-to-syngas power plant to generate baseload electricity for an industrial business park developer in Gauteng.
The project is the first under its joint venture, Sustineri Energy, in which Kibo holds 65% and Industrial Green Energy Solutions Pty Ltd the rest.
Chief executive Louis Coetzee said: "We are excited to be forging ahead with our first waste-to-energy PPA that aligns with our commitment and renewed strategy to disinvest from coal and advance clean energy in the African market. The original PPA guaranteed revenue generation over 10 years with the realistic potential to secure significant additional revenue from the sale of heat and other by-products, and gained keen interest from funders.
"Extending the term period from 10 to 20 years furthermore cements this potential...We believe that the term extension will make the already advanced process of securing debt and project funding significantly smoother and quicker."
Kibo has climbed 15% to 0.12p.
8.40am: Quixant brightens as it predicts forecast-beating full year performance
Quixant PLC (LSE:QXT) is on the rise after the technology group forecast profits would be ahead of market expectations.
The firm, a supplier of software and hardware for the gaming and broadcast sectors as well as electronic displays through its Densitron business, said it had seen strong demand in the first half of the year.
Revenues rose 46% to a better than expected US$53.3mln, the highest first half revenue performance since 2017 and helped by a continuing recovery in the gaming business.
The increase came despite supply chain issues and pricing pressures.
It is now forecasting its full year performance will beat the concensus forecasts of US$95.7mln revenues and adjusted profit before tax of US$7.8mln.
Chief executive Jon Jayal said: "It is extremely pleasing to report such strong trading in the first half of the year giving us confidence in ongoing growth, underpinned by buoyant order intake.
"The business has risen to the ongoing challenges presented by the electronic component market shortages and worked tirelessly with all stakeholders to mitigate the effects on our customers.
"We enter the second half of the year with confidence of continued strength in trading and therefore expect full year revenues and profit to be ahead of market expectations."
Its shares are up 5.18% at 162.5p.
Elsewhere Circassia Group PLC (AIM:CIR, OTC:CSSPF) has climbed 9.06% to 34.9p for a similar reason.
The company, which produces medical devices for asthma diagnosis and management, said first half revenues rose 11% to £15.5mln and it moved from a £0.3mln loss to a £3.2mln profit.
Chairman Ian Johnson said: "The company continues to benefit from a high degree of recurring revenues and is trading very profitably and generating cash.
"We indicated at the time of our AGM in May that EBITDA would be materially ahead of our initial expectations for 2022.
"With revenues continuing to grow, margins remaining strong and costs now at a much reduced level, the board believes that EBITDA for 2022 will, in the absence of any fresh lockdown restrictions in major markets, be significantly ahead of our May expectations."