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Genedrive surges following system deployment

Last updated: 01:37 19 Mar 2022 AEDT, First published: 20:12 18 Mar 2022 AEDT

Kropz PLC -

genedrive PLC (AIM:GDR) rocketed 60% to 26p following the announcement that the first six installations of its antibiotic induced hearing loss system has been deployed to Manchester University NHS Foundation Trust (MFT).

Four installations took place at Saint Mary’s Hospital and two at Wythenshawe Hospital, both part of MFT.

The Genedrive MT-RNR1 system “screens infants in an urgent care setting for a genetic mutation that will cause lifelong hearing loss.”

The test will deliver a genetic determination of MT-RNR1 status in 30 minutes, from a simple cheek swab.

1.37pm: Orchard boosted by growing demand

Orchard Funding Group climbed 3.79% to 53.9p following its trading update for the six months ending 31 January 2022.

The finance company, which specialises in insurance premium finance and the professions funding market said performance exceeded the board’s expectations.

Lending increased 27% to £38.2mln year-on-year, with the average loan book up 21% to £33.5mln.

According to a statement, demand for funding has risen on average across most lending lines.

12.05pm: Cenkos rallies to offset losses

Shares in Cenkos Securities PLC (AIM:CNKS) rallied, climbing 13% to 67.5p as the investment advice company said it made a strong start to 2022.

Its report also highlighted results in 2021 that indicated robust growth across all its key markets.

The company boasted a 47% increase in underlying profits to £5.9mln, with revenues up 18% year-on-year to £37.2mln.

London-listed, the company’s share price hasn’t been immune to the impact of conflict in Ukraine, with today’s movements offsetting nearly all the losses made in the three weeks or so since the invasion.

10.29am: Elixirr climbs following acquisition

Elixirr International PLC (AIM:ELIX) is up 8% to 706p this morning after the 'challenger consultancy' said it has snapped up data analytics firm iOLAP for up to US$40mln (£30.4mln). 

What is the third acquisition since its flotation in July 2020 is the Elixirr's first in the USA and "brings specialist data and analytics capabilities, including artificial intelligence and machine learning", for which it says there "is existing demand" from its clients. 

The AIM-listed group also updated its guidance for the current financial year to reflect its expectation for nine months' impact of the acquisition, with revenue now expected to come in at around £70-75mln with underlying earnings (EBITDA) margin in the range of 27-28%.

9am: Kropz and Bezant blossom

Kropz PLC (AIM:KRPZ) shares were blossoming in early trade on Friday, up 19% to 8.74p after the African phosphate developer said its first phosphate rock concentrate had been produced from its Elandsfontein mine in South Africa.

The company, which plans to supply the global fertiliser industry, said Elandsfontein has achieved a concentrate grade of 31% phosphorus pentoxide (P2O5), in line with expectations and samples are now being prepared for shipment to potential buyers.

Expecting sales to smaller local customers in South Africa to start towards the end of this month, chief executive Mark Summers said: "The interest that we are receiving from the market and industry is positive."

Elsewhere, Bezant Resources PLC (AIM:BZT) shares jumped 26% to 0.22% as it said authorities in the Philippines have renewed the mineral production sharing agreement for the Mankayan Project for a further 25 years, calling it a "catalyst" for the development of the copper-gold property.

Crescent Mining is developing the porphyry-hosted deposit. It has begun the feasibility study process and has engaged contractors to complete the scoping phase.

Bezant said the next step is a drill campaign that will assist with the geotechnical studies.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

4 hours, 16 minutes ago