Cornerstone shares soar 121.33% to 16.6p on expectation of double revenue in H122
Cornerstone announced it expects H122 revenue to be £1.9m, representing growth of 129% YoY. The Company remains on track to deliver revenue growth for the full year in line with market expectations.
Revenue generated by direct clients continued to increase during H1 to c. 75% of total revenue compared with 28% for H121. Cornerstone's gross margin is expected to increase 61% in H122 compared to 38.1% for H121 and 51.6% for FY21.
Mpac Group shares fall 34.21% to 248p on profit warning in H122 update
Mpac Group warned today it expects its FY22 profit to be "significantly below current market expectations". The Company cited acute supply chain and operational challenges, resulting in extended lead times and cost inflationary pressures, and impacting MPAC's operational efficiencies and margins.
Nanosynth shares rise 20.16% to 0.59p on continued enthusiasm about initial success of Volz partnership
Nonosynth announced on 4 July its partnership with Volz Holdings remained of "great value" despite reduced post-pandemic demand for surgical masks. The Company's plan is to take the technology developed with Volz and use it directly within products in the HVAC market and beyond. A fifth trial production run is due to take place in the coming weeks, and the Company is now confident to apply for UK REACH registration with the HSE which will allow it to produce up to 60 tonnes of copper oxide nano material per year.
"The business is now ten months into its turnaround strategy following the appointment of Mark Duffin as CEO in September 2021, and whilst the Company understands and appreciates shareholders' frustration at the speed of progress and irregular newsflow, the Group would like to emphasise that good momentum is being gained and updates are being provided to shareholders when appropriate to do so and in accordance with the Company's regulatory obligations." the Company said.
Tekmar corrected down 15.65% to 13.88p after new contract award sent shares soaring on Friday.
Tekmar Group announced on 8 July a new contract to provide an integrated engineering solution, including Cable Protection Systems ("CPS") and Cable Hang-Off Clamps, for an offshore wind farm project in Japan. The contract is expected to be delivered in 2023. The news sent shares soaring 170% on Friday which have today corrected down 15.65%
BlueRock Diamonds shares rise 9.68% to 8.5p on CEO change
BlueRock Diamonds said Meiring Burger, CEO of its Kareevlei Mining subsidiary, will step down on 31 July. BlueRock's major shareholder Teichmann Group will take a more active role in the management of the Company and its Kareevlei operations going forward. Shares climbed despite the Company reporting Q2 production was down 34% YoY in today's trading update.