logo-loader

Panthera Resources boosted by start of drilling at Burkina Faso project

Last updated: 10:12 26 May 2022 EDT, First published: 03:53 26 May 2022 EDT

drill

Panthera Resources PLC (AIM:PAT)has gained ground after a drilllng update.

The gold exploration and development company, which has assets in West Africa and India, said a reverse circulation drill rig had arrived on-site at the Labola Project in Burkina Faso.  

The programme to drill 46 holds to test up to five targets has begun, with assay results expected during the third quarter of 2022.

Its shares are up 5.9% at 7.49p.

12.16pm: RA International sees earnings fall on pandemic and Mozambique problems

RA International Group PLC (AIM:RAI), which provides remote site services to humanitarian, governmental and commercial organisations, has seen profits hit by the pandemic and unrest in Mozambique.

Full year revenues fell from US$64.4mln to US$54.6mln, while underlying earnings halved from US$14.2mln to US$6.7mln.

Chief executive Soraya Narfeldt said: "2021 was very disruptive from an operational perspective. Clearly, our customers' spending over the last two years has been focused on mitigating the impact of COVID-19 and less on project development. As a result, government and humanitarian agencies have suffered from staff shortages which impacted requests for proposals, bids, and project execution. In September 2021 we believed that these challenges were abating, however this view was superseded by a return to government-imposed lockdowns and restrictions which led to further delays and uncertainty."

The company took US$31.5mln of charges relating to Mozambique.

Narfeldt said: "Investors will be aware that this area was subject to an insurgency attack in March 2021 and, as at the time of these results, the local situation had not yet stabilised sufficiently to see sizable commercial activity restarting. We are working hard to realise value from our investments made relating to this project, which will support our cash position."

It is looking at disposing of US$7.2mln of assets located in storage, and said it remained confident that development works would restart in Mozambique, although timing was difficult to predict

Reflecting its cautious view on the operating environment in the near-term, the board is not recommending a full year dividend.

Its shares are down 11.88% at 21.15p.

10.59am: Hostmore sees its restaurants and bars hit by falling consumer confidence

Hostmore PLC (LSE:MORE) shares have gone flat after seeing sales hit by falling consumer confidence.

The hospitality business, whose brands include Fridays and cocktail bar outlets 63rd+1st, said like for like revenues were down 6% in the 20 weeks to the end of May, compared to the same period in pre-pandemic 2019.

It said the fall was mainly due to consumer confidence weakening significantly since Russia's invasion of Ukraine which is  contributing to the current cost of living crisis.

For the year it expects a combination of lower volumes and cost increases will mean margins will be in the low double digits compared to its target of mid-teens.

Even so, it plans to open three new sites this year, and still hopes to double the number of outlets from 89 over the medium term.

Chief executive Robert B. Cook said: "We are not where we expected to be, however, I am able to report a financial performance which, regardless of the arduous challenge and extreme economic headwinds being encountered presently, allows us to confidently continue with our development strategy. Our ambition remains that of almost doubling the size of our existing portfolio brands over the medium term as economic conditions improve. Our relationship with landlords, coupled with a prudently managed balance sheet, provides the basis for confidence in the success of our strategy over the longer term."

Its shares are down 13.98% at 42.75p.

9.49am: CAP-XX (AIM:CPX) lifted by supercapacitor plans

CAP-XX (AIM:CPX) is climbing after an update on its latest supercapacitor.

After a collaboration with the University of New South Wales, it is currently preparing for the launch of the 3 volt product at the end of the year, using at production line at its Seven Hills facility in Sydney, Australia. It had planned to do this work at its Malaysian manufacturing site but continual delays caused by COVID-19 and the results from the university prompted the company to pivot back to using the Sydney site.

The company has worked with the university since 2017, resulting in new intellectual property, which has a direct commercial application in the development of the 3 volt product. The result is a supercapacitor with exceptionally low leakage current.

Chief executive Anthony Kongats said: 'Following the recent announcement of our proposed joint venture with Ionic Industries, which involves technology developed at Monash University, I am pleased to be able to point to how CAP-XX (AIM:CPX)'s collaboration with university partners, such as this example with the University of New South Wales, can lead to direct commercial applications which can enhance the performance of our supercapacitors."

its shares are up 4.88% at 4.3p.

8.53am: Zinc Media (AIM:ZIN) shines after new order boost

Zinc Media (AIM:ZIN) shares have brightened after a positive trading update from the TV and multimedia content producer.

In a statement for its annual meeting, the company said it had won £4mln of new business in the last four weeks, giving total revenues booked so far this year of £17mln.

This compares with £17.5mln in its last financial year to the end of December.

It said its pipeline remained strong with £7mln worth in advanced discussions.

This latest new business includes several series recommissions from its factual label Red Sauce and from Nation's producer Tern TV.

Chief executive Mark Browning said "The group's rate of new business wins in 2022 has been excellent and we are confident of significantly growing revenues year on year. We continue to invest in new hires and in new markets and are confident about the outlook for the remainder of the year and beyond."

Its shares are up 6.73% at 119p.

Elswhere DWF Group PLC (LSE:DWF) has added 3.2% to 106.3p.

The legal and business services group said full year revenues were expected to rise 6% to around £350mln, with pretax profit up 20% to not less than £41mln, in line with market expectations.

It has also signed an affiliation agreement with Hong Kong law firm Hauzen.

Chief executive Sir Nigel Knowles said: "The 2022 results demonstrate significant progress towards our medium term guidance which we are confident will continue during 2023.  We have enjoyed strong like-for-like growth and a 20% increase in adjusted profit before tax, underpinned by our integrated model and our less cyclical businesses, such as insurance, litigation and regulatory work, where we do not see the sort of volatility that can occur in more transaction focussed firms.

"We are continuing to build out our international footprint, with the latest agreement signed with Hauzen in Hong Kong. This is a key global financial centre and we see a clear opportunity to increase activity focused on areas where we have sector strength, but without overcommitting operationally."

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

12 hours, 12 minutes ago