Quixant PLC (LSE:QXT) is climbing after forecasting better than expected results.
The company, a supplier of technology products for the global gaming and broadcast industries, said both its divisions had performed strongly since the half year results were released in September.
So it anticipated full year results would be ahead of market expectations, with revenues in excess of US$115mln and adjusted profit before tax of not less than US$10mln.
According to the company, the City has pencilled in revenues of US$109.5mln and profit of US$8.8mln.
Chief executive Jon Jayal said: "I am delighted to report a second upgrade in expected revenue and profit in the current financial year. This has been driven by ongoing buoyant customer demand, continued recovery in gross margins and ongoing management of supply risk...
"Supported by robust order intake, we expect strong demand to continue and while there remain recessionary and supply side risks, we expect to deliver year on year growth in 2023."
Its shares have added 5.2% to 172p.
11.41am: Distil (AIM:DIS) drops as one-off costs push drinks group into bigger losses
Shareholders in Distil (AIM:DIS) may need a still drink after its latest results.
The owner of premium drinks brands including RedLeg Spiced Rum, Blackwoods Gin and Vodka, said a planned move to selling more of its products directly rather than through a distributor had made an impact on its results.
Half year turnover fell by 68% to £0.46mln while its loss before tax climbed from £45,000 to £555,000.
Don Goulding, executive chairman, said: "The first six months of this financial year have seen major changes to our business model and the creation of a stronger platform for accelerated future growth.
"The key change year-on-year is our decision to take direct control of relationships with our major UK retail customers, and to move away from our previous distributor, Hi-Spirits, managing our entire UK trade. From mid-September we transitioned to a hybrid model, which sees direct sales to our largest retail customers supported by a new, highly effective distributor, Marussia Beverages Group, covering hospitality, wholesale and other sectors where we are currently underdeveloped and have an opportunity for new growth...
"While the remodel has seen a one-off hit to the half year figures as we transition, we are confident that this move will put Distil (AIM:DIS) in a stronger position from which to accelerate future growth...
"We are seeking to return to sales growth in seasonally stronger second half and continue that growth into the next financial year and beyond as our new business model delivers additional stockists, new markets, and our marketing focus delivers strong campaigns and new products...
"We anticipate full year performance for the year ending 31 March 2023 to be in line with current market expectations."
However its shares have slumped 19.05% to 0.85p.
10.36am: Wandisco lifted by positive performance after surge in bookings
Wandisco PLC (AIM:WAND) has danced up 6.45% to 489.67p after it said full year bookings would be ahead of market expectations.
The data activation platform said bookings in the third quarter surged from US$1.37mln this time last year to US$34mln.
For the first nine months of the year they are up from US$3.5mln to US$61.2mln.
During the period it signed a US$25mln deal with a top ten global communications customer, and a follow-on agreement worth US$7.1mln with a large European automotive components supplier.
WANdisco expects the volume of data to be transferred by these customers to increase providing a significant long-term opportunity for the group and visibility over bookings and predictability of revenues
Chief executive and chairman David Richards said: "The contracts signed during the period provide further evidence of our confidence that we have the right product, at the right time with a commit-to-consume revenue model which is resonating with customers. A number of the customers we have won during 2022 and those in our pipeline have scope for significant expansions as services around the data collected are rolled out...
"At this 9-month mark of the year, our bookings performance has already exceeded current market consensus estimates for the year. As such, we now expect bookings for the year as a whole to be meaningfully ahead of current expectations, underpinned by our confidence that further bookings progress will be made as we move through the fourth quarter."
9.46am: Zotefoams expects full year profits to significantly beat market forecasts
Zotefoams PLC (LSE:ZTF) has a spring in its step after forecasting full year results would be well ahead of market expectations.
The specialist in cellular materials technology for footwear, aviation, insulation and other products said its third quarter sales performance was a new record, with revenues 27% ahead of the same time last year.
So far this year revenues are up 24% on 2021 levels for this period.
It is benefiting from its broad customer base and has seen resilient demand across most of its end markets.
Both revenues and margins are also seeing an increasing benefit from pricing actions implemented earlier in the year, in response to cost inflation, as well as from a weaker sterling exchange rate, mainly against the US dollar.
It said the final quarter continued to see strong demand and it has visibility of confirmed orders for the remainder of 2022.
Assuming there are no major disruptions to the business, it expects adjusted full year profit to be significantly higher than analyst forecasts of £9.3mln.
Chief executive David Stirling said: "Our exposure to a wide range of attractive markets has enabled us to deliver continued volume growth, which has been supported by the pricing actions taken earlier in the year.
"We are mindful of the challenging backdrop but continue to see significant opportunity for the group in both the short and longer term."
The update has seen its shares jump 17.6% or 41p to 274p.
8.52am: Firering Strategic Minerals on the rise after positive drilling report from Côte d'Ivoire
Shares in Firering Strategic Minerals PLC (AIM:FRG) have been fired up by a positive drilling report from Côte d'Ivoire.
The company said the first phase of a diamond drill programme at its flagship Atex lithium-tantalum project had shown visual identification of lithium mineralisation in 18 of the 19 drill holes.
Chief executive Yuval Cohen said: "I am pleased to provide our next update regarding our Phase 1 core drilling programme, which has been completed successfully.
"Nineteen holes were drilled, and pegmatites were intersected in every hole. Lithium mineralisation was visually observed in eighteen out of the nineteen holes, and we are now eagerly awaiting the assay results, the first of which should arrive during the fourth quarter of 2022."
Firering shares are up 6.25% or 0.45p at 7.65p.
Elsewhere Serabi Gold (AIM:SRB, TSX:SBI) is shining.
The Brazilian-focused miner said third quarter gold production totalled 8,542 ounces recovered, compared to 8,418 ounces in the second quarter.
So far this year, production has reached 24,021 ounces, ahead of the run rate for annual production guidance of 30,000 ounces.
Chief executive Mike Hodgson said: "Another strong quarter for Serabi, with 8,542 ounces produced, which is the best quarter this year meaning we are on track to now exceed our revised 2022 guidance of 30,000 ounces.
"The third quarter saw excellent mine output from Palito, which has been made possible through the development of new sectors during the first half of the year, and the overdue arrival of much needed new fleet, which hampered the operation in the latter part of 2021.
"We continue to optimise the Palito operation as best we can. We are not immune from the tough economic headwinds facing most industries today, but we continue to do what is possible through manpower reductions, energy optimisation and grade improvements, all with a view to keeping down our unit costs.
“We are very pleased with progress at Coringa where underground mine development is advancing well..
“Following the exploration success from the three holes drilled at the Matilda Prospect, which confirmed a copper gold molybdenum porphyry discovery, the company has received site visits from numerous mid-tier and major mining companies. We are continuing to evaluate the best options for the company to move Matilda and other regional targets forward over the coming months."
Its shares are 5.38% or 1.25p better at 24.5p.