Tanfield Group (LON: TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. The trial will begin in October. The share price jumped 19.1% to 4.24p.
Staff provider Staffline (LON: STAF) is continuing its rise following last week’s announcement that it has won a new contract with food and drink logistics provider Culina that could be worth £300m over three years. This is set to start generating revenues in the summer. There will be initial implementation costs in 2025. Panmure Liberum raised its 2025 pre-tax profit forecast from £5.3m to £6m. The 2026 estimate was increased from £5.7m to £8.3m. The share price is 12.6% higher at 36.6p, which is seven times prospective 2026 earnings.
Arecor Therapeutics (LON: AREC) is collaborating with obesity-focused Skye Bioscience on a formulation development. This involves the use of the Arestat platform will assess formulations of Skye’s CB1 inhibitor nimacimab. This will be funded by Skye, which has the option to licence the rights to the new formulation. This is the third partnership this year. The share price is 12.2% ahead at 46p.
Oriole Resources (LON: ORR) says results from drilling at the 90%-owned Mbe gold project in Cameroon have increased the total mineralised sections to 137, using a cut-off of 0.2g/tonne. There are some results with high grades from the latest hole. The fourteenth hole is being drilled, and the programme should complete in the third quarter. An independent consultant can then produce a JORC exploration target estimate. The share price rose to 0.231p, but it is currently up 1.9% to 0.214p.
FALLERS
Pantheon Resources (LON: PANR) says an initial unstimulated flow test from Megrez-1 in Alaska showed production dominated by water, which was consistent with the previous test in the area. Management will assess the data, but it currently says no recoverable oil resource should be associated with the Lower Prince Creek interval. The next test is on the Lower Sagavanirktok 3 horizon perforation, which is the best remaining candidate reservoir. Planning continues for early-stage development at Ahpun West. The share price dived 34.1% to 27.95p.
Cybersecurity software company Acuity RM (LON: ACRM) has raised £410,000 at 1p/share. This will finance sales and marketing, plus further product development. The share price declined 24.1% to 1.1p.
Digital advertising services provider Dianomi (LON: DNM) continues to be hit by the volatile advertising market going into 2025. Four-fifths of revenues come from the US. In 2024, revenues fell from £30.2m to £28m and there was a pre-tax profit of £300,000. Panmure Gordon expects revenues to continue to deteriorate in the second half. The 2025 revenues forecast has been cut from £31.1m to £27.5m and the 2026 figure has been reduced by a similar figure. This means that there are expected to be losses in 2025 and 2026. The share price slipped 11.8% to 30p.
Drug developer Immupharma (LON: IMM) reduced its loss from £2.9m to £2.5m after cutting R&D spending by two-fifths to £1.2m. The outflow from operating activities was £1.77m, which was partly covered by the sale of shares in Aquis-quoted Incanthera (LON: INC). There was £237,000 in cash at the end of 2024 and since then £2.91m was raised at 3.75p/share. The share price decreased 11.6% to 2.965p.