Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) jumped 19% to 29.0p after it said it is on track to increase its primary flake graphite production capacity in Madagascar to 30,000 tonnes a year by September 2022.
The company previously announced that it had faced challenges achieving production targets in the first half as adverse weather conditions caused difficulties in transporting mined ore to the processing plant.
It said today that it will implement measures to address these challenges and mitigate future issues.
It announced a 5km road improvement programme, reduced from a previous estimate of 50km, and plans to set up pre-concentrate units at pit heads, followed by final processing in the plant area, to reduce heavy loads on the road network.
The first leg of processing, which removes 80-90% of impurities from the ore, will shift to the mine pit heads thus referred to as the 'pre-concentrate' units, it explained.
2.08pm: Frasers spikes on 'strong' year
Frasers Group PLC (LSE:FRAS) shares jumped 26% to 941.5p after the retailer reported a strong performance for the year to April and said it expects “healthy growth" in profits this year.
The Sports Direct owner posted adjusted pre-tax profits of £344.8mln for the year to 24 April 2022, compared to a loss of £39.9mln the year before.
Group revenue was up almost 31% at £4.74bn, boosted by the reopening of stores after lockdown.
Despite the challenging economic backdrop, the company said it is confident of achieving “healthy growth” in adjusted pre-tax profit to £450mln-£500mln for the current financial year.
"I am really proud of the record performance we've announced today,” said chief executive Michael Murray, who took over from his father-in-law Mike Ashley last year.
“It's clear that our elevation strategy is working and we are building incredible momentum with new store openings, digital capabilities and deeper brand partnerships across all of our divisions.”
UK Sports Retail revenue increased 31.2% during the year, driven by the reopening of stores after the Covid-19 pandemic lockdown, while Premium Lifestyle revenue increased by 43.6%, reflecting the opening of new FLANNELS stores, Frasers said.
12.45pm: Cambridge Cognition climbs on 'strong' H1 results
Cambridge Cognition Holdings PLC (AIM:COG) advanced 12% to 120.7p after confirming it followed up a strong performance last year with 44% growth in orders and 31% revenue growth in the first half of 2022.
Revenues of £5.9mln were generated in the first half and order intake was £7.2mln, the brain health assessment company said in a trading update ahead of interim results in September.
The cash position was £8.6mln at the half-year stage.
The company said it has a “healthy and growing qualified pipeline of opportunities for the second half”, with a contracted order book at £18.6mln, having increased by £1.5mln since the start of the year.
Based on this visibility over future revenues, the company said it provides a foundation from which it “can continue with its plans to invest in product and commercial development to further expand the business.”
11.20am: Beckham-backed Guild rockets thanks to Coke
David Beckham-backed Guild Esports PLC (LSE:GILD, OTC:GULDF) surged 44% to 2.4p said it signed a one-year global sponsorship deal with The Coca-Cola Company.
Coca-Cola becomes the Esports teams’ sixth sponsor, while also making it the first European Esports team to sign a global sponsorship with the iconic drinks brand.
According to a statement, the total contract value is “confidential and payable in cash.”
"Guild is signing up some of the world's most respected brands and we are very proud to welcome Coca-Cola as a sponsor and partner,” said Guild Esports' chief executive Kal Hourd.
“They want to collaborate with Guild because we deliver great entertainment and memorable experiences for a millennial, hard-to-reach audience in one of the fastest growing segments of the sports entertainment industry."
9.50am: Greatland rises
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) jumped 13% to 11.4p said partner Newcrest will have to pay US$60mln to acquire an additional 5% stake in the Havieron gold project in Western Australia after a ruling by an independent arbitrator.
An adjudicator was brought in after the two parties couldn’t agree on a price for the option as stipulated under a process established when Newcrest initially bought into the prospect in 2019.
Newcrest now has 30 days to make a decision on the option, which if it goes ahead, would increase its holding in the Havieron project to 75%.
Shaun Day, Greatland’s managing director, said the decision reflected a value uplift of five times compared to the stage 1 pre-feasibility study published in October 2021 but did not in Greatland's view “represent a true market value for Havieron”.