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InnovaDerma ticks higher on CEO appointment


InnovaDerma PLC (LON:IDP) ticked 8% higher to 62.88p after appointing a new chief executive with a track record of defining strategies for hair and skin products.

Blake Hughes was most recently CEO and chief marketing officer of Philip Kingsley, the premium hair care group.

Hughes will step into the role immediately, taking over from interim CEO Joe Bayer, who will remain executive chairman to support the handover, before then becoming non-executive chairman of the personal care firm.

3.20pm: IronRidge Resources rises after extending Chad licences

IronRidge Resources Limited (LON:IRR) added 3% to 15.52p after extending the Dorothe, Echbara and Am Ouchar licences in Chad by four years.

The total area for these licences spans some 446.25 square kilometres of the company’s total 746.25 square kilometres in Chad and includes the drill-ready Dorothe gold project.

Planning is underway for field programmes to resume in 2021.

12noon: HemoGenyx Pharmaceuticals in demand after securing GBP60mln financing facility

HemoGenyx Pharmaceuticals PLC (LON:HEMO) advanced 12% to 9.55p at midday after entering into a convertible loan note financing facility with Mint Capital.

It will provide biopharmaceutical group developing new therapies and treatments for deadly blood diseases with up to GBP60mln “subject to certain conditions”.

The firm will use the proceeds to accelerate and broaden its development pipeline of novel therapies and treatments for blood cancers and viral diseases.

10.55am: Micro Focus International shots up on strong outlook

Micro Focus International plc (LON:MCRO) shot up by a third to 352.95p in late morning on the back of a strong full-year outlook.

Adjusted underlying (EBITDA) margin is estimated to be 39% for the year, while the enterprise software group reiterated revenue guidance of US$3bn.

The company is nine months into its three-year turnaround programme and said it made solid progress.

10am: Spirax-Sarco dips despite trading holds up well amid global industrial production slip

Spirax-Sarco Engineering PLC (LON:SPX) shed 5% to 11,365p after announcing full-year expectations remain unchanged though global industrial production is forecast to contract by 5.5% in 2020.

The FTSE 250 firm said trading has continued to hold up well and its production facilities remain open and operating without capacity constraints.

The organic sales decline in the four months to the end of October was less pronounced than in the first half of the year but operating profit margin remained slightly below 2019 in the year to date.

Elsewhere, British Land PLC (LON:BLND) lost 4% to 492.98p after resuming dividend payments even though it remained deep in the red in its latest half-year.

Results for the half-year to end September showed more scars from COVID-19 with losses of GBP404mln (GBP730mln) reflecting a GBP625mln property value write-down.

The FTSE 100 group also sold the Clarges development in Mayfair in London for GBP177mln or 7.6% above its valuation in September.

9am: Wynnstay rises after upgrading profit forecasts

Wynnstay Group PLC (LON:WYN) was an early riser on Wednesday, jumping 14% to 354.89p after boasting pre-tax profit for the full year will be well ahead of market forecasts.

Trading has been better than expected since interim results were published in June, especially in September and October, thanks to feed sales.

The AIM-listed agricultural supplies group said sales from the specialist Agricultural Merchanting depot network also performed well, helped by a stronger red meat sector, while arable activities and wheat volumes were lower than last year.

Elsewhere, finnCap Group PLC (LON:FCAP) surged 14% to 22.27p after resuming dividend payments thanks to higher half-year profits.

For the six months to September 30, the AIM-listed broker and corporate finance house reported a pre-tax profit of GBP3.6mln, up 166% year-on-year, while revenues jumped 44% to GBP20.5mln.

Trading in the third quarter has started well so it expects full-year results to come in well ahead of the prior year.

Proactive news headlines

Europa Metals Ltd (LON:EUZ) has released the findings of a preliminary economic study for the Toral lead-zinc-silver mine project, in north west Spain, proposing a significantly larger mining operation. It envisages a 700,000 tonnes per annum operation over a 12-year life.

IronRidge Resources Limited (LON:IRR) has extended the Dorothe, Echbara and Am Ouchar licences in Chad by four-years. Planning is underway for field programmes to resume in 2021, with the intention to focus on drill testing the Dorothe target prior to the onset of the wet season next July.

Red Rock Resources PLC (LON:RRR) has appointed mining consultants to provide an updated mineral resource report for its Kenya gold project following a renewal of its licenses at the site in August. The company has also issued warrants to Riverfort Global Opportunities PCC and YA II PN in consideration of the extension of existing loan facilities.

Emmerson PLC (LON:EML) told investors it has now completed all of the workstreams required for an environmental and social impact assessment (ESIA) for the Khemisset potash project in Northern Morocco. It highlighted that the work has been completed in line with International Finance Corporation (IFC) performance standards and the ‘equator principles’, which are global benchmarks for mining projects.

OptiBiotix Health PLC (LON:OPTI) said its subsidiary has granted a licence for the US and Canada for its LPLDL next-generation probiotic. Genuine Health Inc will develop a product that it will submit for sign-off from Health Canada for cardiovascular and other claims.

Seneca Global Income & Growth PLC (LON:SIGT) has declared a second interim dividend for the current year to April 30, 2021, which will be paid next month. A payout of 1.68p per ordinary share will be payable on December 18 and it is the board’s current intention to maintain this level in the second half of the year.

InnovaDerma PLC (LON:IDP), the owner of the Skinny Tan and Roots personal care brands, has appointed a new chief executive with a track record of defining strategies for hair and skin products. Blake Hughes brings with him “extensive” marketing and digital analytics experience, the company added.

W Resources PLC (LON:WRES) has appointed an executive director to focus on overseeing the La Parrilla tungsten and tin project in Spain, and appointed a new chief financial officer. Pablo Neira, who was appointed by the AIM-listed company as a non-executive director in 2018, is based in Spain and is already leading the team at La Parrilla as managing director.

FTSE 100 finishes firmly in red as traders book profits after Monday’s gains

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