DX Group PLC (LON:DX.) has moved higher after delivering expansion news.

The parcels and courier group is up 4.13% or 1.25p to 31.55p after announcing the addition of 300 new vehicles to take its fleet to more than 900 strong.

Chief executive Lloyd Dunn said: “[This is] a significant expansion of our fleet, and part of our wider investment programme in the business. The new vehicles support our ambitious growth plans, increasing our capacity and operational efficiency in support of our ambitious growth plans.

“We have further investment planned across sites, technology and equipment.”

3.08pm: Diamond company sparkles

Petra Diamonds Limited (LON:PDL) has a bit of sparkle after its latest update.

Its shares have added 3.33% or 0.05p to 1.55p after it reported a 16% rise in third quarter revenues to US$106mln, with prices back to to pre-COVID-19 levels.

After the period end it sold what it calls an exceptional 11.82 carat blue stone for US$9.5mln and an exceptional 39.34 carat blue stone was recovered, to be sold via special tender.

A successful capital restructuring saw net debt fall from US$700mln to US$290mln.

Chief executive Richard Duffy said: “We are seeing encouraging signs of a recovery in the diamond market, supporting better pricing, reflected in the third quarter revenue numbers. Post completion of the capital restructuring, Petra is in a far stronger position, with a solid platform for future growth and development.”

1.10pm: Investment manager beats expectations

Tatton Asset Management PLC (LON:TAM) has put on a near 10% gain as it said full year results would be ahead of analyst forecasts.

The investment management and IFA support services group, saw strong growth in revenue and profits, while assets under management (AUM) rose 35.2% for the year to £9bn.

Chief executive Paul Hogarth said: “TAM continued to make very good progress this last financial year, building on a positive first half performance and delivering an even stronger second half of the year.  I am particularly pleased with the 30% increase in net flows in the second half and reaching a milestone of £9.0 billion of AUM despite considerable market uncertainty. 

“Our strong performance proves the resilience of our business model which is supported by a high degree of annual recurring revenues and cashflow generation creating a strong balance sheet which is the bedrock of all good businesses.

“As we enter the new financial year, we carry forward good momentum and expect to make further progress in the execution of our strategy.”

Its shares are up 9.79% or 37p at 415p.

12.18pm: Electronics group positive

Electronics firm discoverIE Group PLC LON DSCV) has sparked higher after an upbeat trading statement.

The specialist in customised components said sales in the last two months of its financial year grew by 17% and it now expected underlying earnings to be at the top end of market expectations.

It said a strong order book provided a solid base for organic growth and further investment in growth initiatives.

The shares are up 54p or 7.26% at 798p.

10.23am: Healthcare group climbs

Avacta Group PLC (LON:AVCT) has been boosted by positive results from clinical trials of its COVID-19 test.

The SARS-CoV-2 antigen lateral flow test was clinically evaluated in Europe and identified 96 out of 98 positive patients correctly with a 20 minute read time and 101 out of 102 negative samples.

Chief executive Dr Alastair Smith said: “I am delighted with the clinical data from this larger clinical study, which has robustly evaluated the AffiDX antigen test … The results are very impressive and mark a major step in obtaining a CE mark for professional use.

“As part of the study the same clinical samples were tested with two leading, commercially available lateral flow antigen tests, and the data show that the AffiDx test had better clinical sensitivity across the range of Ct value and in particular at lower viral loads.

“We are completing the necessary assessment of the product from our manufacturing partner Global Access Diagnostics, including stability testing that will complete the technical file for CE marking, which we expect will happen in early May.

“We are very excited by the potential of this high quality SARS-CoV-2 rapid antigen test and we are looking forward to updating the market as we commercially roll-out the AffiDX test in the coming months.”

Avacta’s shares are up 10.9% or 25.5p at 259.5p.

9.10am: Software company loses some of its recent gains

It’s unfortunate for a company to see its share price soaring, supposedly on the back of imminent good news, and then have to pour cold water on the idea.

So spare a thought for software group i-nexus Global PLC (LON:INX).

Its shares were up nearly 40% on Monday on speculation of potential new contract awards.

But they have now dropped back nearly 24% or 3.7p to 11.8p after the company clarified things. Put simply, no new big contracts.

It said: “The company confirms that business activity has continued in the ordinary course since the announcement on 2 December 2020 of the company’s audited results for the year ended 30 September 2020 and that there have been no new material contract awards since that date.”

The company says its software supports Hoshin Kanri, a Japanese methodology which “aims to ensure that the strategic goals of a company are properly communicated to all employees.”  Perhaps that should include the stock market too.

8.34am: Painting an upbeat picture

A pleasing update from Warpaint London PLC (LON:W7L) – yes, it is a cosmetics company – has seen its shares move sharply higher.

The company, which owns the W7 and Technic brands, said that after a strong second half of 2020 that momentum had continued into the first quarter of the new year.

Despite lockdown and the closure of retail outlets for its products, it said sales for the first three months were higher than the same period last year, which was only impacted by COVID-19 in the last few weeks. Margins have also improved, and cash balances rose from £3mln to £5.2mln.

Sales of W7 products through Tesco stores in the UK continued to perform well, with Tesco stocking an additional 15 W7 product lines in over 600 Tesco Extra stores and supermarkets from the end of May 2021, and a substantial Christmas order has been placed by Tesco for delivery later in the year.

It has restructed its US business, and after a successful trial with retailer Five Below,  W7 products are now being stocked in over 1,000 of its stores.

The compay has also been increasing its online presence and it launched launched Amazon FBA (Fulfilment by Amazon) in the UK and US, with a launch onto Amazon EU planned for the near future.

Darren Shirley at house broker Shore Capital said: “The past twelve months have been tough for many operating in the UK and global consumer economy, with varying social restrictions leading to considerable trading volatility. However, Warpaint has worked hard through the period, and enters the reopening phase a broader business, with building momentum across the UK and a developing international capability. The rock-solid balance sheet also provides both considerable comfort, reassurance and importantly flexibility.”

The update has seen its shares jump 10.46% or 11.3p to 119.3p.

Also heading higher is professional services group RBG Holdings PLC (LON:RBGP).

The company, which includes law firm Rosenblatt, a litigation finance business and a corpororate finance operation, said group revenues rose 8% and pretax profit edged up from £7.6mln to £7.7mln.

It is also expanding by paying £30mln for specialist international law firm Memery Crystal.

Chief executive Nicola Foulston said:  “2020 was a year when the Group demonstrated the resilience of its evolving business model, and how our diversified revenue streams can deliver robust and sustainable financial results, despite the challenges of the pandemic…

“Across the group, we have experience in supporting clients in times of upheaval which means we can react to the opportunities and challenges the current crisis will inevitably offer. Our services will be in demand. We have a solid balance sheet, and we are optimistic that the group will continue its positive progress over the coming year.”

RBG has added 11.79% or 14.15p to 134.15p.

Proactive news headlines

Franchise Brands PLC (LON:FRAN) made a strong start to the year, it said, with underlying earnings (EBITDA) growing 24% to £2mln in the first three months of 2021 as turnover returned to pre-Covid levels towards the end of the period.

88 Energy Ltd’s (LON:88E) quarterly activities update said the Merlin well is able to be re-entered to drill a side-track that could be flow-tested. It comes after the well provided some evidence of oil but due to equipment failure and poor hole conditions, could not be fully tested.

Coinsilium Group Limited (LON:COIN) has updated investors on the memorandum of understanding (MOU) and proposed partnership between its Gibraltar subsidiary Nifty Labs Ltd and Indorse, a Singaporean firm in which it owns a 10% stake.

Gfinity PLC (LON:GFIN) said it has appointed Thomas Preising as its new chief revenue and transformation officer with immediate effect. 

Filta Group Holdings PLC (LON:FLTA) added 935 and 750 new customers in the US and UK respectively in 2020, despite the pandemic. The kitchen services provider said the upward trend in business levels in the second half of 2020 has continued into the current year.

DiscoverIE Group PLC (LON:DSCV) expects earnings for the fiscal year just ended to be at the upper end of market expectations.

Kavango Resources PLC (LON:KAV) has identified an electro-magnetic anomaly in Target Area A in the Hukuntsi section of the company’s Kalahari Suture Zone project.

IronRidge Resources Ltd (LON:IRR) has reported additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide, at new targets adjacent to the Ewoyaa lithium project in Ghana. 

Brickability Group PLC (LON:BRCK) said it expects to report full-year revenues and earnings “ahead of previous expectations” despite what it said were significant operational challenges caused by the coronavirus (COVID-19) pandemic.

Esken Limited (LON:ESKN) has agreed the sale of Stobart Air and Carlisle Airport to Isle of Man-based Ettyl. 

Galantas Gold Corp (LON:GAL, TSXV:GAL) plans to raise as much as C$6,6mln (£3.8mln) through a private placement to provide the financing to bring the Galantas gold mine in Northern Ireland into full production and said its chief executive would be stepping down.

BlueRock Diamonds PLC (LON:BRD) reported higher production, grades and prices from its Kareevlei diamond mine in South Africa in the first quarter.

Thor Mining PLC (LON:THR, ASX: THR, OTCQB:THORF) has appointed Nicole Galloway Warland, previously exploration manager, to the board as managing director with immediate effect and announced that Mick Billing will relinquish the role of chief executive.

Union Jack Oil PLC (LON:UJO) told investors the West Newton  B-1Z appraisal well has successfully completed cased hole logging and vertical seismic profiling operations. The next phase of work will see a service rig used to perforate and stimulate the Kirkham Abbey formation ahead of flow testing.

C4X Discovery Holdings PLC (LON:C4XD) appointed Simon Harford as a new non-executive director with immediate effect. The boardroom hire adds US and global expertise to the management team.

Vast Resources PLC (LON:VAST) will hold a general meeting at 11.00am on Wednesday 5 May 2021. The purpose of the meeting will be to effect a reorganisation of the company’s share capital.

Trident Royalties PLC (LON:TRR) announced that its annual general meeting will be held on 8 June 2021 in London, with voting to be done by proxy ahead of the meeting. Shareholders will be able to follow proceedings online through the Investor Meet Company platform.

Digitalbox plc (LON:DBOX) has posted its annual report and accounts for 2020 ahead of its annual general meeting, which will be held at the company’s registered office in Bath on 14 May. Shareholders can only submit proxy votes in advance.

Horizonte Minerals PLC (LON:HZM, TSX:HZM) will host an investor webcast on 7 May at 2pm BST where chief executive Jeremy Martin will provide a corporate update and take questions.

Advance Energy PLC (LON:ADV) will host an investor presentation on 29 April at 7pm BST via the Proactive One2One Virtual Forum. Those wanting to register interest in attending can do so via the following link: https://event.webinarjam.com/register/1048/gwwg2hxy9.

AFC Energy (LON:AFC) will host a virtual capital markets event for investors and analysts on Wednesday 5 May at 2pm BST to provide a full overview of the company’s commercial progress. The CME will be hosted by chief executive Adam Bond, alongside the board’s chief operating officer, chief finance officer and chief engineer and product officer, who will take questions after the presentation.


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