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ECSC shares surge as it narrows losses

A look at some of the top risers and fallers in London today

Gulf Marine Services PLC -

ECSC Group PLC (LON:ECSC) shares rocketed up 17% to 85p after revealing it has narrowed its losses in the first half.

For the six months ended 30 June, the cybersecurity firm reported an adjusted EBITDA loss of £190,000, down from a £490,000 loss in the prior year, while revenues had remained relatively steady, dipping to £2.63mln from £2.65mln.

Into the second half of the current year, ECSC said it had seen record levels of consulting bookings across its third quarter and into the fourth as well as record revenues in July of £620,000, up 42% year-on-year, alongside an adjusted EBITDA profit of £100,000.

Advanced Medical Solutions Group plc (LON:AMS) shares dropped 10% to 251p as it reported a decline in first-half profit.

The surgical and woundcare firm said pre-tax profit fell 17% to £11.2mln from £13.5mln a year ago while revenue edged up 2% to £48.7mln.

It said weaker sales of US LiquiBand skin adhesives, its investment in the Sealantis adhesives business and adverse foreign exchange contracts affected profitability and cash flow in the period. The adoption of IFRS 16 accounting measures also had an impact on profits.

11.20am: Midatech shares gain on Spanish grant

Midatech Pharma PLC (LON:MTPH) shares advanced 28% to 6.75p after the biotechnology firm said it had received €6.6mln in funding from the Spanish government for its manufacturing facility in Bilbao.

The grant will be used to help scale-up the manufacturing capability of Midatech's key MTD201 Q-Octreotide drug, which is being developed for the treatment of tumours such as carcinoid cancer. 

The total estimated cost of the project is €16mln.

The company has now received public funding of up to €8.5mln including the latest loan.

Tower Resources PLC (LON:TRP) shares dropped 27% to 0.53p after saying it needed to delay drilling at the Njonji-3 well in Cameroon due to preparation issues caused by previous license operator, Total.

It said a realistic date for spudding the well would now be around December as it would need to conduct a site survey in either October or November.

Chairman and chief executive Jeremy Asher said  Tower would need to raise some funds for working capital but remained “confident” about the Njonji development and that even with the delays the company’s internally projected well costs were still running “substantially below” estimates.

9.20am: Catenae Innovation warns of bigger-than-expected losses 

Catenae Innovation PLC (LON:CTEA) shares tanked after the digital media and technology provider warned that full-year losses will be higher than expected.

The group said revenue in the second half will miss its expectations after business confidence declined due to uncertainty over Brexit and an economic slowdown.

The company added that it will need to raise further capital in the near future.

Shares dropped 55.7% to 0.02p.

Gulf Marine Services PLC (LON:GMS) shares fell 17.7% to 6.02p after it delayed the publication of its first-half results as it continues talks with its lender.

The company, which was due to report its interims on Wednesday, is in discussions with its banking syndicate for the continued access to one of its working capital facilities. The group said these facilities provide “essential short-term liquidity”.

“These discussions require the company to obtain further information to finalise its financial statements and for its auditors to complete their review,” it said.

As such, the first-half results will be delayed until 30 September.

More positively, shares in Gold miner Altyn PLC (LON:ALTN) jumped after saying its application for a US$17mln loan from the Kazakh Bank JSC has been approved.

The company said the loan will be used to ramp up production at Sekisovskoye and to achieve the company's current development plans.

Shares increased 29.9% to 0.89p.

Anglo African Oil & Gas PLC (LON:AAOG) shares gained 13.1% to 4.1p after announcing the start of well re-entry operations at the Tilapia site in Pointe Noire, the Republic of the Congo.

The oil and gas developer said engineers have started work to stabilise the well prior to re-entry in preparation for drilling the TLP-103C side track, nominated TLP-103CST.

Proactive news headlines

Midatech Pharma PLC (LON:MTPH) shares surged after the biotechnology firm said it had received a €6.6mln grant from the Spanish government for its cancer drug manufacturing facility in Bilbao.

Integumen PLC (LON:SKIN) reported a sixfold jump in revenues for the first half of the year alongside a reduction in losses.

SigmaRoc PLC (LON:SRC) has agreed to buy Belgian rock quarrying firm Stone Holdings in a deal valued at €2.2mln including debt, as well as taking up an option to buy a quarrying firm in South Wales.

ECSC Group PLC (LON:ECSC) narrowed losses in the first half, while sales in its consulting arm continued to grow into the second half. Into the second half of the current year, ECSC said it had seen record levels of consulting bookings across its third quarter and into the fourth as well as record revenues in July.

Woodbois Limited (LON:WBI) increased gross profits 83% and cut total losses by a third in the first half of the year and says the next target is to become cash-flow positive.

Eland Oil & Gas PLC (LON:ELA) has, alongside its interim results, revealed the initial results of the Gbetiokun-4 development well. Following the completion of drilling and an early analysis the company told investors that Gbetiokun-4 has exceeded pre-drill expectations.

Kibo Energy PLC (LON:KIBO) has renewed the water rights for its planned Mbeya coal power (MCCP) project in Tanzania.

Chaarat Gold Holdings Limited (LON:CGH) has received US$9.5mln in cash as part of a loan upsizing, while also updating on the financing of its Tulkubash gold project in the Kyrgyz Republic.

Solo Oil PLC (LON:SOLO) has teamed up THREE60 and NRG Well Management with the two new partners coming on board to provide operational capability as it implements its strategy.

Futura Medical PLC (LON:FUM) chief executive James Barder said the company’s team is speaking to key opinion leaders in the field of erectile dysfunction ahead of publishing headline data on MED2005 later this year. The financials revealed the company had £5.63mln as at the end of June, while it picked up a £1.36mln research and development credit in August.

Grit Real Estate Income Group Limited (LON:GR1T) is seeking shareholder permission to issue up to 280mln new shares to support its growth aspirations.

Technology and software investment firm KRM22 PLC (LON:KRM) has begun talks with strategic investors to help fund the next phase of growth as it continues to experience strong demand for its products.

88 Energy Ltd (LON:88E, ASX:88E) has launched a A$10mln equity funding with the cash earmarked for the ongoing evaluation of both conventional and unconventional prospectivity across its acreage in Alaska.

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