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Transense Technologies climbs after moving into profit

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 £0.9mln and earnings of £0.06mln compared to a loss of £0.39m.  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 £1.4mln 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 Éireann. The company already has an existing bus contract with the NTA worth £1mln 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.

Evgen Pharma PLC (LON:EVG) said 102 patients have been recruited and randomised as part of the STAR trial for its COVID-19 treatment.

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) £3.6mln off the back of its acquisition of Modern Water in November.

Supermarket Income REIT PLC (LON:SUPR) has acquired a Sainsbury’s supermarket in Bangor, County Down, for £24.8mln – its first deal in Northern Ireland.

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.

Ariana Resources PLC (LON:AAU) has completed what it describes as a transformational joint venture deal in Turkey, with Özaltin and Proccea Construction.

Mosman Oil and Gas Ltd (LON:MSMN) updated on the recently recompleted Stanley-1 well and the Falcon-1 well in Texas, where weather conditions are impacting operations.

Greencoat UK Wind PLC (LON:WIND) has brought in £198mln of new capital, in an oversubscribed placing, as it advances a strong pipeline of acquisition opportunities.

Landore Resources Ltd (LON:LND) confirmed overnight that it has raised £3.5mln of cash to complete further drilling at the BAM Gold project in Ontario and undertake further studies.

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 £15,000.

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 £125,000 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.

EQTEC PLC (LON:EQT) announced that at its extraordinary general meeting today, all resolutions put to the meeting were duly passed.

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.

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