M&C Saatchi raises guidance

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M&C Saatchi PLC (LON:SAA) climbed 12% to 143.5p after it raised full-year guidance after the first four months of the year exceeded expectations.

The advertising agency said new business performance has been robust.

The company also announced it has entered into a new revolving credit facility.

10.00am: Powerhouse surges as its partner chooses site for second plastic to hydrogen facility

Powerhouse Energy Group PLC (LON:PHE) improved 5.2% to 6.21p after it said a second site using its waste plastic to hydrogen technology is to be developed by its partner, Peel L&P.

Peel NRE, part of Peel L&P, is to develop the facility at the Rothesay Dock on the north bank of the River Clyde in West Dunbartonshire.

The 13,500-tonne facility will be the second in the UK to use pioneering DMG technology developed by Powerhouse, after plans for a similar facility at Peel NRE’s Protos site in Cheshire were approved in 2019.

9.05am: Sareum rises after tapping market; Springfield Properties raises guidance

Sareum Holdings PLC (LON:SAR) has pulled off the rare feat of tapping the market and seeing its share rise.

The shares jumped 16% – about one-sixth if you are into fractions – to 3.025p after the specialist drug development company said it had raised £900,000 by issuing shares at 2.8p a pop.

Each parcel of five shares comes with a single five-year warrant that can be converted into a Sareum share at a cost of 2.8p but only if the Sareum mid-market share price has been above 5p for five consecutive days.

A trading update put the spring into Springfield Properties PLC (LON:SPR), which was 13% higher at 170p.

The Scottish housebuilder revealed it expects revenue and profit to be ahead of market expectations, reflecting significant year-on-year revenue growth.

The group has also continued to substantially reduce net debt throughout the year.

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Proactive news headlines

Powerhouse Energy Group PLC (LON:PHE) said a second site using its waste-plastic-to-hydrogen technology is to be developed by its partner, Peel L&P, at the Rothesay Dock on the north bank of the River Clyde in Scotland.

CentralNic Group PLC (LON:CNIC) reported higher earnings for the first quarter of 2021 as it said “significant investment” in its management, staff and systems had accelerated organic growth to record levels.

Chamberlin PLC (LON:CMH) said Kevin Price and Alan Tomlinson have taken up their positions respectively as chief executive and finance director of the specialist castings and engineering group.

Gfinity PLC (LON:GFIN) said it has launched Only Mobile Gaming! (OMG!), a dedicated mobile gaming website, as the latest addition to its Gfinity Digital Media business.

Savannah Resources PLC (LON:SAV) announced growing interest for offtake deals and strategic investments in its Mina do Barroso lithium project in Portugal.  

Nuformix PLC (LON:NFX) said it is “executing on the plan” to develop its two key pre-clinical assets, while negotiations over out-licensing a third are ongoing.

Sensyne Health PLC (LON:SENS) said it has signed a production contract with the UK’s Department of Health & Social Care (DHSC) to use the company’s MagnifEye artificial intelligence (AI) technology to read coronavirus (COVID-19) lateral flow diagnostics tests as part of the country’s asymptomatic testing programme.

Redx Pharma PLC (LON:REDX), the drug discovery and development company focused on cancer and fibrosis, said non-executive chairman Iain Ross is stepping down from his role as a director.

Zaim Credit Systems PLC (LON:ZAIM) has reported further strong growth, saying the business traded profitably in the first quarter of the current financial year.

Bloomsbury Publishing PLC (LON:BMY) confirmed its acquisition of Red Globe Press from Macmillan Education Limited has completed. The consideration was £3.7mln, of which £1.8mln has been satisfied in cash on completion and up to £1.9mln will be paid when certain contracts are assigned.

IronRidge Resources Ltd (LON:IRR) said it plans to demerge its gold assets in Côte d’Ivoire and Chad into a separate gold-focused listed company and hopes that this restructuring will unlock further value in its Cape Coast lithium portfolio.

Ariana Resources PLC (LON:AAU) has announced the start of exploration activities in Eastern Europe through its interest in Western Tethyan Resources.

Scotgold Resources Ltd (LON:SGZ) said it has produced gold concentrate and gravity separated gold doré from the Cononish gold project in Scotland following the previously announced resolution of various technical issues affecting the processing plant. The first shipment of concentrate, a major milestone for the company, was made on May 11. 

Galileo Resources PLC (LON:GLR) said it plans to raise about £2.0mln, before expenses, via a placing and will use the majority of the proceeds to fund the next stage of exploration development on its copper/silver licences in the Kalahari Copper Belt of Botswana. 

TomCo Energy PLC’s (LON:TOM) Greenfield Energy joint venture has now received a draft front-end engineering and design (FEED) study for its oil sands project in Utah.

Chariot Oil & Gas Limited (LON:CHAR) said it expects to imminently complete its acquisition of Africa Energy Management Platform (AEMP).

i3 Energy Plc (LON:I3E, TSX:ITE) is doubling up in Canada with a deal to acquire a further 49.5% interest in the South Simonette oil property, taking its stake to 99%.

Ferro-Alloy Resources Ltd (LON:FAR) shares were boosted as it banked investment from Vision Blue Resources, named its next chairman and provided an update on its Balausa vanadium concentrate project in Kazakhstan.

Ncondezi Energy Ltd (LON:NCCL) updated on its progress with its first commercial and industrial battery project in Mozambique.
 

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