Traders Cafe with Zak Mir: Avacta, Hurricane Energy, Kromek, Phoenix Copper, Open Orphan, Pires, SIG, Symphony Environmental

There was more newsflow from Pires (PIRI), the investment company focused on next generation technology, as it updated on its investment in CameraMatics, which Pires is invested in through its circa 20% investment in Sure Valley Ventures. CameraMatics has partnered with UK transport and logistics operator Maritime Transport Ltd to fit connected smart camera systems across its entire fleet. CameraMatics provides a modular software platform based on Camera Technology, Vision Systems, AI, Machine Learning and Telematics, combined with Fleet Safety modules, that help fleet operators to drive new safety standards across their fleet and drivers.

Specialist pharmaceutical services clinical research organisation, Open Orphan (ORPH) said its subsidiary hVIVO is continuing to work with the UK Government to inoculate up to 20 further volunteers as part of the world's first COVID-19 characterisation study. Researchers aimed to identify a dose of COVID-19 that causes a safe and reliable infection in unvaccinated COVID-19 naïve volunteers. The UK Government has decided to expand the Human Challenge Programme to answer further questions that can help in the fight against COVID-19. Open Orphan also announced a new contract win of c. €900,000 with an existing customer for clinical trial management by our Breda, Netherlands office. Cathal Friel, Executive Chairman, said that this new contract win demonstrates the ongoing and continued success of Open Orphan’s Breda office which continues to sign multiple contracts and only those close to £1 million and above are announced.

Detection technology supplier Kromek (KMK) unveiled its final results for the year ended 30 April 2021 and the receipt of new contracts and repeat orders across all of its target segments as commercial momentum continues to increase across the business. The company said that against a backdrop of significant global uncertainty, it has emerged from the 2021 financial year in a stronger position than when it entered. Revenue for H2 was 26% above H1, with the strong momentum continuing post year end. Kromek said it is seeing continued traction in the medical imaging segment as customers increasingly roll out their products incorporating Kromek technology. It is also encouraged by the results being received from the piloting of its biological-threat detection solution at airports, schools and other locations.

Sustainable plastics group Symphony Environmental Technologies (SYM) said that it has received approval from the U.S. Food & Drug Administration for its d2p antimicrobial food contact technology, for a much greater loading of the d2p technology, and also wider use, of Symphony's original bread-packaging approval under FCN no. 2031, as announced in February. The FDA's approval for Symphony's d2p antimicrobial food contact technology, now applies to all types of polyolefin and polyester film for wrapping bread, instead of just linear low density polythene. Symphony's d2p technology is intended to inhibit the growth of bacteria on the surface of the packaging film.

Diagnostics group Avacta (AVCT) said that its Avacta Life Sciences' diagnostics division has achieved ISO 13485 certification for the quality management system for the manufacture and distribution of Affimer® reagents for use in lateral flow, ELISA and immunodiagnostic in-vitro diagnostic devices. The ISO 13485 standard defines the comprehensive requirements for quality management for a developer and legal manufacturer of diagnostic products and medical devices. ISO 13485 certification means that the CE mark for the AffiDX® SARS-CoV-2 antigen lateral flow test can be transferred to Avacta from its partner, Mologic, and Avacta will be legal manufacturer of all future in-vitro diagnostic products.

AIM quoted USA focused base and precious metals group Phoenix Copper (PXC) said sulphide-rich mineralisation has been intercepted below the Empire copper oxide open pit deposit in the Deep Sulphide core drilling programme. The Empire Mine was historically mined until the early 1940s at head grades of up to 8% copper. The first drill hole has been completed of the 4,500-metre 2021 Deep Sulphide drilling programme, which is expected to comprise approximately 20 holes. Hole KXD21-02 intercepted 12.6 metres of sulphide-rich mineralisation below the Empire copper oxide open pit deposit. The company said exceptional results from the first drill hole, suggest potentially elevated grades of copper, and other metals. It is looking forward to receiving the assays from KXD21-02, as well as the assays from all of the 2021 drilling.

UK based oil and gas company, Hurricane Energy (HUR), which has seen its shares surge of late, provided an update on Lancaster field operations and net cash balances as of 30 June 2021. As of 30 June 2021, the company had net free cash of $134 million, compared to the last reported figure of $127 million as of 31 March 2021. Revenue of c.$69 million from two liftings of Lancaster crude in the second quarter resulting in an average realised price of c.$66/bbl, compared to an average Brent price of $69/bbl for the same period.

SIG (SHI) issued a trading update for the six months to 30 June 2021, ahead of the release of its H1 results on 21 September 2021. The company was able to boast strong revenue growth, and an underlying1 operating profit of c£13.5m, better than previous expectations. SIG’s strategy of re-connecting with Customers, Suppliers and Employees has enabled it to take advantage of both strong near-term demand and healthy long-term fundamentals. The company has raised its full year profit outlook after the return to profitability in H1 was faster and more significant than previously expected.