11.35am: Instem wins US$12mln contract
Shares in Instem PLC (AIM:INS) (Instem PLC (AIM:INS)) advanced 5.6% today after it announced a deal worth over US$12mln with a "leading global contract research organisation" supporting more than 2,000 users in their clinical trial analysis.
It is a five-year agreement comprising a one-time implementation project worth approximately US$3mln, with the subscription revenue estimated at around US$2.25mln annually over a four-year period.
The client, which has been a customer of Instem since 2016, will use the company’s new Aspire software solution which was brought into the business following the acquisition of D-Wise Technologies in 2021.
11.20am: Serinus Energy dips after disappointing Romanian update
Shares in Serinus Energy PLC (AIM:SENX) fell 21% at 10.68p after the group reported disappointing results after completing drilling operations at the Canar-1 exploration well in Romania.
The Jersey based oil and gas company said well logging and gas show readings show that the zones drilled did not contain sufficient gas resources to justify the completion of the well programme, Serinus says.
As a result, the well will now be suspended for potential future use as a water disposal well.
10.00am: Shore Capital upgrades Segro
Shares in Segro rose 2.4% today following an upgrade by Shore Capital to hold from sell.
Analyst Andrew Saunders pointed out the company's shares have fallen by 23% since the company reported encouraging interim results on 28 July.
Despite the half one increase in like for like rent roll, dividend and portfolio valuation Saunders said his concerns at the time remained focused on the second half in two areas – slowing rental growth and asset pricing.
Saunders said the latter is already now playing out, with I&L property values under pressure from expanding yields but, that said, with a high quality portfolio and experienced management team, the downside risks now look appropriately priced.
Saunders sees fair value at 945p per share.
9.25am: Alliance Pharma slips on CMA probe
Shares in Alliance Pharma PLC (AIM:APH) fell 7% in early trading after it said that the Competition and Markets Authority intends to disqualify seven directors from four companies, including Alliance Pharma chief executive, Peter Butterfield.
Alliance said it “fundamentally disagrees with the CMA's actions, both in relation to the findings against the Company and in applying for a competition disqualification order against Mr. Butterfield.”
David Cook, Chair of Alliance Pharma, said: " The Board disagrees and is disappointed with the CMA's actions against Peter. Peter has been on the board since 2010, and was appointed CEO in May 2018. He has been instrumental in helping Alliance to deliver on its growth plans and successfully drive the business forward. He has our full support."