A profit warning triggers a sell-off in surveillance systems expert Synectics (SNX:AIM), down 25.5% to 317.5p. There's a big cost overrun from a larger project, business disruption from moving into a new UK site and delays to expected oil and gas sector work in Iraq. The first-half dividend has been scrapped but the company says second-half trading prospects look very good so the dividend should be resumed at the end of the financial year.
Hydrogen fuel stack developer ACTA (ACTA:AIM) feels the cold chill of disappointment after burying a veiled revenue warning at the bottom of today's trading update. Telecoms customers slow adoption is the problem, and that sparks a 15% shares sell-off to 4.12p.
The UK’s second largest private hospital operator Spire Healthcare is targeting a £315 million fund raising from floating on the main market to reduce debt.
Diagnostic maker Akers Bioscience (AKR) leaps 11.1% to 300p as the US’ largest healthcare distributor Medline Industries agrees to promote two of its tests. Both products determine if any of the 12 million patients on blood thinner Heparin develop an allergy.
Running Shares Play of the Week Proactis (PHD:AIM) lands a breakthrough contract in the US with regional Fifth Third Bank that could net more than $2 million over five years for the company. That Proactis will also beat expectations this year sparks an 8% share price jump to 59.5p.
Gas-to-liquids (GTL) technology developer Velocys (VLS:AIM) fails to convince investors with its acquisition of US GTL play Pinto Energy - the counter down 1.3% to 224.75p. The $3.7 million all-paper transaction (with future contingent payments) takes the company into project development territory - with the Ashtabula site in Ohio likely to require significant capital investment - but broker Canaccord Genuity says any execution risks are far outweighed by 'the merits of demonstrating the commerciality of its process'.
Van rental group Northgate (NTG) jumps 2.1% to 512p after moving back into profit and hiking the dividend by an impressive 37%, a reflection of balance sheet strength says chairman Bob Mackenzie. Utilisation rates improve in Spain but remain flat in the UK.
FTSE 100 distributor Bunzl (BNZL) dips 1.1% to £16.12 after reiterating that unfavourable foreign exchange will hurt current year earnings. The issue has already been well flagged to the market so long-term investors are unlikely to take profits, hence the mild reaction to today's profit warning. The running Play of the Week is a long-term favourite at Shares thanks to a stellar record of advancing earnings, dividends and self-funding growth.
Positive preliminary results from public transport operator Stagecoach (SGC) for the year to 30 April see shares edging 0.2% higher to 378.1p after a strong performance from the groups US division drives adjusted earnings per share 5.7% higher to 26p while the Aberdeen-based firm reduced debt by £76.4 million to £461.6 million.
Premium branded cookers specialist AGA Rangemaster (AGA), reinvigorated by a housing market revival as Shares explains here, warms up 1.25p to 162p on a bullish missive from N+1 Singer. The broker, with a 'buy' rating and £2.00 price target, says next week's launch of a new Aga oven to coincide with a new retail store in the City, are a timely reminder of the operationally geared group's innovation an growth prospects.
Troubled supermarkets titan Tesco (TSCO) loses another 2.3p at 287.05p, as reports another director has headed for the doors further rattles confidence. In the latest in a line of senior executive departures, it is understood UK general merchandise director Neela Mukherjee has been forced out following a management team reshuffle. Earlier this week, Exane BNP Paribas added to the retailer's woes by downgrading the embattled supermarket from 'outperform' to 'neutral' and its price target from 355p to 305p.
Drug developer 4D Pharma (DDDD) drops 5.7% to 165p on its plans for a £21.5 million placing to develop its pipeline and fund acquisitions. Shareholders vote on the move next month (11 Jul).
Logistics specialist Interbulk (INB) falls 8.8% to 3.88p after disappointing interim results. Customer site closures in Europe are being blamed.
Aircraft components maker Meggitt (MGGT) slumps 3.1% to 509.5p as JP Morgan cuts its rating from neutral to underweight with a price target of 480p. Our latest detailed take on the company is here.
The market gives a lukewarm welcome to the internal appointment of current finance director Tony Durrant as chief executive officer of Premier Oil (PMO) - replacing Simon Lockett after his nine-year tenure. The shares fall 1.7% to 330.2p but Westhouse comments positively: 'Tony is well respected by investors and we think his appointment will affirm Premier's commitment to the key projects in the portfolio, particularly the Sea Lion development in the Falklands.'
