2.15pm: Eve Sleep to partner with plant-based wellness specialist
There are a couple of buzzwords getting investors excited at the moment. One is blockchain, the other cannabis.
And sleep wellness firm Eve Sleep PLC (LON.EVE) is benefitting from a link to the latter.
Its shares have jumped 68.48% or 3.15p to 7.75p after Sana Lifestyle, a distributor and licensee of CBD (cannabidiol) products announced a partnership with the company to produce a range of oils to aid restful sleep.
The drops are expected to be launched early this year. Eve chief executive Cheryl Calverley said the company had been expanding its product range over the past 12 months, and in tandem with Sana had now developed its own CBD range “that can be easily incorporated into a bedtime routine, allowing the mind and body to switch off.” So cannabis-based oils rather than staring at a screen just before bedtime.
It must be said Eve’s shares are fairly illiquid, meaning the price can move sharply on just a small amount of demand.
11.30am: Marlowe targets doubled revenues in three years
Marlowe PLC (LON.MRL) is in demand after an upbeat trading statement and presentation to investors.
The compliance and safety software specialist said that despite the current lockdown restrictions, trading remained strong in the second half and it expected full year results to be at the top end of City expectations.
Looking further ahead, it said set a target of GBP500mln of revenues and GBP100mln of earnings over the next three years, with growth coming both organically and from acquisitions. Currently revenue is running at GBP245mln and earnings at GBP37mln. The company’s shares have added 21p or 3.3% to 657p.
Elsewhere Kanabo Group PLC (LON.KNB), an Israeli company that makes vaporisation and inhalation technology for cannabis, has hit new highs on its second day as a UK public company.
After nearly tripling on its debut on Tuesday the shares, placed at 6.5p each have jumped another 51.89% or 9.6p to 28.1p.
10.25am: Transense into the black
Transense Technologies PLC (LON.TRT), which develops specialist wireless sensor systems, is on the move after turning a half year loss into a profit.
The company has climbed 18.35% or 10p to 64.5p as it unveiled a threefold jump in revenues to GBP0.9mln and earnings of GBP0.06mln compared to a loss of GBP0.39m. It recently licensed iTrack, its tyre pressure monitoring system, to Bridgestone Corporation, the world’s largest tyre producer, under a ten-year deal and also has an agreement with General Electric for use of its Surface Acoustic Wave (SAW) sensor technology.
Executive chairman Nigel Rogers, said the prospects for the company were more favourable than at any time in its history He said: “These results reflect the transformational change in the business since the transactions completed last June, moving iTrack from an operational business into a licence model…We have every confidence that iTrack will continue to achieve increased market penetration, and deliver royalty income at or above our current expectations.
“The commercial prospects for our SAW technology have been revitalised after strengthening the management team…Whilst it may take some time to determine the true value potential of this technology, we are encouraged by the early progress that is being made. In addition, the Translogik range of tyre probes continues to gain traction and is showing further potential for healthy revenue growth.”
8.45am: Bus contract lifts security group
Synectics PLC (LON.SNX), the security and surveillance specialist, has seen its shares accelerate after it unveiled a deal with the National Transport Authority in the Irish Republic.
The GBP1.4mln contract involves the company fitting on-board safety and surveillance systems for new plug-in hybrid double-decker buses made by UK manufacturer Alexander Dennis. The vehicles will be operated by Dublin Bus and Bus Eireann. The company already has an existing bus contract with the NTA worth GBP1mln and announced last July.
Paul Webb, Synectics chief executive, said: “”We are delighted to be working once again with the NTA to support their transition to next-generation, low emission vehicles – a trend we hope to see reflected as part of the UK’s National Bus Strategy development.”
The news comes a week after Synectics announced a letter of intent for a multi-million pound contract for a control system to be installed in London later this year.
Analyst Robert Sanders of house broker Shore Capital said: “We believe that an important inflection point was reached for the group when the S-Bahn contract commenced in Germany last month. In our view, Berlin will now act as an important reference client for other major metropolitan areas considering an integrated transport management solution…
“Given its long-term relationship with Stagecoach, we would also expect Synectics to see an uplift in the UK bus market as and when new hybrid vehicles are more widely rolled out…We continue to believe that when more normal trading conditions return, there will be a significant operationally-geared uplift in profits which should also lead to the resumption of dividends in due course.”
Synectics is up 10p or 7.41% to 145p.
Given Bitcoin’s surge to $50,000 it is no surprise that companies with blockchain in their names are heading higher. Argo Blockchain PLC (LON.ARGO) has climbed 13.64% or 33p to 275p after rising 28% on Tuesday. The company is holding a general meeting on 5 March which will include seeking approval to issue new shares.
Meanwhile Online Blockchain PLC (LON.OBC) , which helps develop and maintain cryptocurrrency projects across the globe, has surged 20.5% or 15.5p to 91.5p. No news from the company so far.
Proactive news headlines
Molecular diagnostics specialist Genedrive PLC (LON:GDR) said it has made the first US shipments of its 96 SARS-CoV-2 Covid PCR kits following the completion of commercial and technical training with sales staff from partner Beckman Coulter.
Open Orphan PLC (LON:ORPH) shares rose on Wednesday as the company said the world’s first coronavirus (COVID-19) characterisation study has received approval from a specially convened Research Ethics Committee (REC) following a contract received by the company’s subsidiary hVIVO from the UK government to develop a COVID-19 human challenge study model.
Silence Therapeutics PLC (LON:SLN, NASDAQ:SLN) said it has begun dosing patients with SLN360, a putative treatment for elevated Lipoprotein (a), ‘bad’ cholesterol associated with increased risk of heart disease.
Ceres Holdings PLC (LON:CWR) said revenues in its upcoming results would beat market expectations.
Seneca Global Income & Growth Trust PLC (LON:SIGT) said it will maintain its dividend at the current level at least until April 2022. Following the takeover of its manager Seneca, the company’s name will be changing to Momentum Multi-Asset Value Trust PLC.
DeepVerge PLC (LON:DVRG) said it has signed contractual obligations for the production of water contamination equipment worth around (US$5mln) GBP3.6mln off the back of its acquisition of Modern Water in November.
Emmerson PLC (LON:EML) told investors it is now assessing a staged development for its Khemisset potash project, in Morocco, with a move that would reduce upfront costs whilst significantly expanding the envisaged life-of-mine production volumes.
Oracle Power PLC (LON:ORCP) notified that it has received a notice of exercise in respect of certain pre-existing warrants to subscribe for a total of 6mln new ordinary shares at a price of 0.25p per share. The exercise of these warrants amounts to an aggregate cash subscription of GBP15,000.
Advanced Oncotherapy (LON:AVO) announced that it has received a warrant exercise notice in respect of 500,000 new ordinary shares with an exercise price of 25p per share. Proceeds of GBP125,000 have been received.
Live Company Group PLC (LON:LVCG) said that non-executive director Simon Horgan will step down from the board with immediate effect for personal reasons. The board now consists of David Ciclitira, chair; Serenella Ciclitira, Bryan Lawrie and Ranjit Murugason as non-executive directors, with non-board directors including Sarah Dees as chief operating officer and Richard Collett as chief financial officer.
Argo Blockchain PLC (LON:ARB) told investors that it will today publish a notice of general meeting with related explanatory circular and form of proxy. The notice and circular contain resolutions to approve the issuance of new shares, which will be put to shareholders at a general meeting at 10am on 5 March 2021. Due to UK government restrictions, the meeting will be run as a closed meeting and shareholders will need to vote by proxy.
Litigation Capital Management Limited (LON:LIT) said it will announce its interim results for the six months to 31 December 2020 on Tuesday 16 March 2021. A webinar presentation for analysts will take place at 9am on the day. A recording of the event will subsequently be made available on the company’s website.