Below is a roundup up of today's small cap news highlights & AIM risers.
7digital Announces Contract Win
7digital (7DIG) shares were up 13% today after the company announced it signed a contract with AI-powered music video platform Triller.
The Triller platform will provide 7digital with access to previews clips and will manage label reporting.
7digital said the agreement covers an initial 18-month period and will contribute to 7digital revenues in 2018 and beyond.
Simon Cole, CEO of 7digital, commented: "We are delighted to be announcing this deal with Triller. 7digital is expert at providing access to music for innovative platforms of this type, having previously partnered in 2016 with musical.ly, another fast-growing social media platform based around video and music with a strong international footprint.”
Flooring Company Up 13% After Interims
Shares in specialist flooring company Airea (AIEA) increased 13% today after announcing that sales had increased by 13%.
Revenues for the first half of the year rose from £8m to £9.1m and pretax profit grew from £1.1m to £1.3m.
Profit attributable to shareholders was also up 31% and basic earnings per share from continuing operations were up 10%.
Chairman Martin Toogood said: “We are pleased by the progress we have made in driving sales growth in the ongoing commercial flooring operation with a strengthening portfolio of products. Sales growth in our markets requires hard work and commitment over a sustained period of time, and we remain determined to build on the progress made.”
Self-Care Company Revenues Up 6%
Venture Life (VLG) was still on the up today after releasing its trading update and interim results yesterday.
Half year revenues for the consumer self-care company were up 6%, driven “entirely by organic growth” the company said.
The company has also extended its partnership with French partner La Brosse to launch products from its UltraDEX range in Spain, Portugal and Belgium into the mass market.
CEO Jerry Randall said: "We are delighted to extend our relationship with our key French partner into additional markets in the EU and particularly into the mass market. La Brosse et DuPont has made an excellent start to its launch of UltraDEX mouthwash in France, and has already extended the range to include both the sensitive toothpaste and One Go products, launching both in France in H2 2018.
Biffa Acquires Weir Waste Services For £16.2m
Waste management company Biffa (BIFF) today announced it has acquired Weir Waste Services Limited, a leading provider of waste and recycling solutions in Birmingham and the West Midlands region for £16.2m.
WWS has been acquired for a consideration plus debt taken on of £16.2m, funded from Biffa's existing cash and debt facilities.
For the year ending 31st May 2017, WWS generated revenues of £16.1m, had a reported EBITDA of £2.2m, operating profit of £1.1m and gross assets of £14.5m, and has a workforce of around 120 people.
Independent Oil & Gas Gets £15m Loan
Independent Oil and Gas (IOG) today announced it has received a £15m loan to fund the upcoming Harvey appraisal well.
Proceeds of the Harvey Facility will also fund other costs in the run-up to the company’s gas development project sanction, including full repayment of final remaining Skipper liabilities.
The company will also issue 20,000,000 warrants exercisable at 32.18p, a 10% premium to the closing price of IOG shares on 16 August 2018.
