Russian steelmaker Evraz (EVR) rises 7.6% to 84.95p as investors focus on large cost savings despite group financial losses ballooning to $572 million. There's a new, stricter dividend policy from the former FTSE 100 constituent that will see the shareholders only get cash when the net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) ratio falls below three times. 'Regardless of management’s comments, this is still a debt burdened company that is not improving the bottom line,' says VSA Capital.
Oil explorer Tower Resources (TRP:AIM) falls 19.7% to 3.76p as it announces a heavily discounted £19.3 million placing to fund exploration in Namibia, a farm-out deal in Kenya and the £19 million all-paper acquisition of privately-owned Rift Petroleum. Drilling on the Welwitschia-1 offshore Namibia is expected to commence in 'late April'.
A trading statement from electronics equipment supplier Volex (VLX) that spells out ongoing stiff competition and price pressures squeezing profit margins send the shares 9% lower to 98.5p. Read our news analysis for more detail on the warning.
Industrial components distributor Brammer (BRAM) is to raise £53.7 million to have a war chest for acquisitions. It is placing new shares at 484.75p which will also provide cash to strengthen its balance sheet. The stock nudges ahead 0.5% to 487.38p.
Sports betting-to-online gambling provider GVC (GVC:AIM) jumps 9.2% to 415p after solid full-year results that include a special dividend. Earnings are ahead of recently-upgraded forecasts and current trading is at record levels. GVC is a running Shares Play of the Week.
Identity intelligence solutions supplier GB (GBG:AIM) rallies a little over 2% to 140p after saying it will beat expectations for the year to 31 March 2014 thanks to organic growth and acquisitions. Adjusted operating profit will be around £7 million, up 27%, against market forecast of £6.7 million.
UK Mail (UKM) rises 2.4% to 645p on a reassuring trading update from the logistics specialist.
Agriculture, food and engineering combine Carr's Milling Industries (CRM), a running Shares Play of the Week, cultivates a 2.36% (37p) gain to £16.05. News of the acquisition of engineer Chirton, whose customers include offshore oil and gas manufacturers and high-end motor maker McLaren, for up to £5.3 million, sits well with investors.
Sports nutrition products developer Science In Sport (SIS:AIM), a well-regarded brand among elite athletes, skips almost 10% higher to 50p on a positive trading update. Sales for the year to March will be 24% ahead year-on-year at a better-than-forecast £6.84 million, international and e-commerce initiatives are going well and the microcap has raised £2.3 million via an oversubscribed placing to turbocharge growth.
Canadian oil and gas firm Edge Resources (EDG:AIM) gushes up 13.6% to 7.1p as it reveals record production revenues of more than CDN$1 million for February. The performance of Edge’s cold heavy oil production with sand operations in Alberta, Canada, continues to improve and the company is now achieving total production rates of 750 barrels of oil equivalent per day. Average output, revenues and cashflow are expected to be substantially higher in the first quarter than the last three months of 2013.
Life sciences company Retroscreen Virology (RVG:AIM) improves 3.2% to 317.6p despite its pre-tax loss in 2013 increasing to £1.2 million from £400,000 a year earlier. The company hopes for a strong 2014 as it expands into new disease areas.