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The Parkmead Group PLC rises after upbeat results statement


The Parkmead Group PLC () advanced 9.4% to 30.3p after it boasted of being in a strong financial position despite a low gas price environment.

The UK and Netherlands focused independent energy group made a loss before tax of £792,000 in the year to the end of June, compared to a profit the year before of £4.8mln, as exploration cost and evaluation expenses ballooned to £1.56mln from £171,000.

The group’s revenue for the year declined to £4.1mln (2019: £8.3m), generating a gross profit of £1.3mln (2019: £5.7mln).

2.25pm: Genedrive curries favour with results from an Indian study

() leapt 8.2% to 59.5p on the back of a clinical study in India.

Chief executive David Budd hailed as ‘excellent’ the results from an Indian study that showed the group’s hepatitis-C (HCV) testing kit was able to determine who did and didn’t have the disease with 100% accuracy.

Overall, the data demonstrated that the rapid point-of-care device was suitable for use in a country where infections estimated at between six and 12 million, the company added.

1.15pm: The slides after tipping into the red

The PLC () disappointed with its full-year results, sending the shares 9.1% lower to 7.5p.

Group profit before tax and adjusting items in the year to the end of March fell to US$1.1mln from US$4.1mln the year before. Throwing in the “adjusting items” turned the profit into a loss of US$0.63mln versus a profit the year before of US$4.3mln.

The industrial engineering company added that its chief financial officer, Neil Carrick, has decided not to relocate to Orlando to be succeeded by Mitch Krasney, who “rings with him a great wealth of financial and operational experience,” according to Paul Dupee, the executive chairman of the group.

12.10pm: Sage the top Footsie faller as it ups spending plans

Sage Group PLC () was the top blue-chip faller on Friday morning after it said it planned to accelerate its transition to a cloud-based business model.

The shares fell 13% to 589.8p as the market reacted badly to management’s plans to increase investment in its cloud-native software in the new year.

The FTSE 100 developer of accounting and HR software for small and medium-sized business, which has been on a big push to move its customers towards its cloud-based products since 2018, said upping investment in its Sage Business Cloud, along with more money for sales and marketing and product development, will reduce profit margins by up to three percentage points.

11.15am: Fusion Antibodies finds the market hard to please

() lost a tenth of its value at 112.5p after its half-year report was deemed to be less than “fab”.

The specialists in pre-clinical antibody discovery reported a 9% growth in half-year revenues from the year before but admitted that the pandemic has been a mixed bag for the company, with some new opportunities opening up while some projects have been delayed.

The company had originally planned to use three therapeutic targets in the proof-of-concept research & development programme but early in the half-year period added a new COVID-19 project. The company had no concrete news on the COVID-19 project other than to say that development work to date has progressed well and potential antibodies from the company’s discovery library are currently being screened prior to being evaluated against the COVID-19 target.

10.20am: Frasers has a limited time to beat around the Mulberry bush

PLC () shot up 27% as it flagged up it is now in what is known as an “offer period).

Yesterday, () increased its stake to 36.8% by purchasing shares at 150p each, which ordinarily would have automatically triggered a mandatory offer at the same price for the rest of the shares, except the Panel on Takeovers and Mergers has waived the requirement in this case.

Nevertheless, Mike Ashley’s retail group now has 28 days to “put up or shut up” – i.e. make a firm offer or walk away – for luxury goods…



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