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5 TOP AIM MOVERS OF MONDAY 21 SEPTEMBER 2020

15:41, 21st September 2020
Francesca Morgan
Market Report
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Advance Energy (AIM:ADV) FOLLOW shares gain 20.59% on a positive operations update

Upstream-focused Advance Energy has been making progress in recent weeks following the award of working interests in two blocks to its wholly-owned subsidiary Resolute Oil & Gas UK and Holywell Resources, a company in which it has a 25% interest.

Both groups were awarded a 50% working interest in block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 in the Oil and Gas Authority's (OGA) 32nd Offshore Licensing Round.

Block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 contain undrilled gas prospects, and are located in the Southern North Sea, with the operator of the blocks being Holywell.

As a result, Advance Energy would hold a non-operated indirect 62.5% interest in the blocks.

“We are pleased to be awarded 62.5% indirect interests in these blocks in the OGA 32nd Licensing Round and we look forward to working with Holywell to assess their potential,” said chief executive officer Leslie Peterkin.

Further to the relaunch of Advance and completion of its strategic review back in March 2020, the Company said it continues to progress a number of new venture opportunities. 

The group plans to build a portfolio of non-operated positions generating at least 20 thousand barrels of oil equivalent per day net production by mid-decade, or earlier.

Pennant International Group (AIM:PEN) FOLLOW shares rise 14.29% following 1H20 Results

The technology-based solution provider said cash generated from operations was strong, amounting to £3.8m despite COVID-19 having a significant impact on group revenues.

The group reported a pre-tax loss for the six months to 30 June 2020 of £3.2m, down from the loss of £1.8m in 2019 but said it business to improve during the second half of the year.

The Board told investors that it anticipates that trading will improve significantly in the second half of 2020. The company said it now expects to make an EBITA profit of around £1m and an operating profit of circa £0.3m for the six months ending 31 December 2020.

"While a loss for the year as a whole is still expected, the group's prospects are positive, with a lean, optimised cost base and a contracted three-year order book of £36m, including £14m of revenues scheduled for delivery in 2021,” said Chairman of Pennant, Simon Moore.

He added, “Furthermore, across our well-developed domestic and international markets the Group has a sizeable and maturing active pipeline of prospects for potential contracts worth in excess of £40 million which include opportunities with long-standing customers, single-source contracts, major software licences and long-term services contracts"

Gunsynd (AIM:GUN)  FOLLOW shares rose 12.77% to 1.35p following new investment move

The company has invested an additional $0.131m (around £0.075m) in Eagle Mountain Mining, an ASX listed copper-gold exploration and development company (ASX: EM2).

Eagle Mountain Mining Limited, established in 2017, is a copper-gold explorer focused on the strategic exploration and development of advanced and greenfield projects in Arizona.

Gunsynd told investors that it now holds 2,146,505 shares in Eagle Mountain at an average cost of A$0.155c representing approximately 1.54% of its issued share capital.

"We are pleased to announce a further investment in Eagle Mountain, which offers further exposure to the copper sector via the development and exploration of the Oracle Ridge project in Arizona, USA,” said Peter Ruse, a director of Gunsynd.

He added, “It has been pleasing to see the Eagle Mountain share price rise (reaching a 52-week high of A$0.33c during August 2020) following the capital raising and subsequent commencement of drilling at Oracle Ridge.

We continue to be encouraged by the robust backdrop to copper prices, which are currently sitting at around $6,750 a tonne, in light of the recent Chinese government stimulus and global economic recovery."

Billington Holdings (AIM:BILN) FOLLOW gave up early gains of 10% to close up 2.6% following a contract win

The group, which is one of the UK's leading structural steel and construction safety solutions specialists,  its structural steel division, Billington Structures, has recently been awarded three contracts worth a combined value of £21 million. 

The contracts are within the power, manufacturing and commercial office sectors, respectively, and one out of the three is with a global multi-national corporation for £12m. 

"The award of these three contracts is great news for Billington and is a testament to our team in a continued difficult trading environment,” said Mark Smith, CEO of Billington, “We look forward to working closely with the clients to successfully deliver these projects."  

The Barnsley-based firm reported record turnover back in April of more than £100m in its full-year results for the year ended 31 December 2019 with revenue up 35.7% from 2018. 

"However, 2019 was an exceptional year for the Group and highlights the Groups capabilities and capacity to deliver for our customers. We are in a financially robust position and are well placed to face the challenges ahead,” said Smith with the release of the results. 

Beximco Pharmaceutical (AIM:BXP) FOLLOW shares rose 4.55% following FDA approval

The pharmaceutical products and active pharmaceutical ingredients manufacturer has won its eighth product approval for the US market with the US Food and Drug Administration.

The group has now received approval for 50, 100 and 150 mg tablets of Flecainide Acetate, an antiarrhythmic drug for treating irregular heartbeats in conditions such as tachycardia.

This is Beximco’s eighth Abbreviated New Drug Application successfully approved for the US market since its oral solid dosage facility was approved by the US FDA in June 2015.

Beximco expects to launch the product through its US distribution partner in due course.

According to IQVIA audited market data, the total addressable market for Flecainide Acetate is approximately US$50m (Moving Annual Total, June 2020).

"This approval is another important step in building and strengthening our presence in the US market,” said Mr. Nazmul Hassan MP, Managing Director of Beximco Pharmaceuticals.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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