Novacyt SA tumbles after revealing dispute with UK government over supply

() tumbled 36% to 442.1p before the weekend after warning on revenues because it is in dispute with the UK Department of Health and Social Care (DHSC).

The DHSC did not extend a supply contract for COVID-19 tests so the diagnostics firm has taken legal advice, adding it believes “it has strong grounds to assert its contractual rights”.

Without this contract, the AIM-listed firm said revenue and profit for 2021 may be lower than current market expectations, while it continues to have limited visibility over future sales because of the “ever-changing nature of the COVID-19 pandemic and diagnostic testing demands”.

2.05pm: Open Orphan higher after launching data platform on infectious diseases

() rose 6% to 42.7p in the afternoon after its hVIVO operation has officially launched its Disease in Motion platform.

It is a collation of clinical, immunological and virological biomarkers as well as information taken from wearable technology.

The pharma company said data from multiple infectious disease types is likely to be used by big tech, wearables, pharma and biotech companies, investors were told.

12.55pm: SRT Marine Systems shoots up as it waits to start new contracts worth £125mln

() shot up by a tenth to 34.5p at midday after announcing full-year revenue is expected to come in at £8.2mln with loss before tax of £5.8mln.

It compares to a revenue of £18.9mln and loss before tax of £3mln in the year to March 2020.

The provider of maritime surveillance, monitoring and management systems said it has been hit hard by COVID-19, but there are now seven new contracts worth £125mln in total that will start as soon as restrictions are relaxed in the relevant countries.

11.50am: TUI slides after tapping market for more cash

() slid 6% to 372.45p at lunchtime after tapping the debt market for further €350-400mln of liquidity to see it through the latest phase of the global pandemic.

The tour operator, which has been severely hit by COVID-19 restrictions, will also use proceeds to repay existing financing instruments.

The coupon will pay 4.5-5% per year twice annually. The conversion price for the debt will be at a 25-30% premium to the volume-weighted average share price between the launch and pricing of the offer.

10.45am: Alpha Growth jumps after upbeat update

() jumped 15% to 4.21p in the late morning after announcing the trend of growth and improved operational and financial performance continued in the first quarter of 2021.

The Black Oak Alpha Growth Fund saw US$5mln (£3.6mln) of additional inflows during the quarter. Assets under management (AuM) at the end of the quarter stood at US$25.5mln; at the end of 2020, AuM were said to be “over US$22mln”.

The specialist in the senior life settlement class plansto substantively increase the marketing of the Black Oak Alpha Growth Fund in 2021, which has achieved a net return of 15.65% since being established in 19 months.

9.45am: Babcock drops in light of reports of potential £700mln write-downs

Group PLC () lost 8% to 217.44p following a Financial Times report suggesting it was preparing to make wholesale asset write-downs.

They could be as high as £700mln, analysts estimate.

The FTSE 250 engineer warned in January a review of its balance sheet could lead to “negative impacts”.

Elsewhere, () shed 6% to 0.32p after completing a structural review of its Limerick Base Metals Project in Ireland, which identified three main target zones for follow-up exploration activities, including drilling.

However, the prospectivity of one of the targets depends on the preservation of Waulsortian Limestone in the hanging-wall of the Coonagh Castle Fault.

Short exploratory drilling is being considered to confirm the bedrock stratigraphy, followed by deeper exploration drilling.

8.40am: Versarien rises early after new partner South Korea’s Graphene Lab buys shares for £1.9mln

Versarien plc (LON:VRS) was an early riser at the…