Domain services

Blencowe Resources PLC jumps after ‘excellent progress’ in Uganda

Blencowe Resources jumped 5% to 3.4p after excellent progress on its Orom-Cross graphite project in Uganda in its half-year results.

Despite the challenges of Covid, particularly its impact on travel, the company said it had made substantial progress and would continue to do so as further milestones were reached.

The six months ending at the end of March saw the company deliver a preliminary economic assessment of the Orom-Cross project which will be complemented by a pre-feasibility study – which is expected to be published in the middle of this year.

2:35 p.m .: Volex falls as debt almost triples

Volex PLC (AIM:VLX) fell 5% to 229p after the release of its preliminary results.

Although the numbers are strong, with revenue up 38% to $614.6 million and operating profit up 33% to $41 million, investors have likely latched onto the net debt of the group, which nearly tripled to $95.3 million.

However, the outlook still looks strong, with the group saying inflationary pressures and variable lead times will continue but are “manageable”.

1:40 p.m.: DeepVerge makes progress after strong annual results

DeepVerge PLC rose slightly, climbing 4% to 11.1p after reporting its results for the past year.

The company said the second half of 2021 saw its first underlying profit, with December year-end sales up 107%.

Growth continued in 2022, with first-quarter sales up 84%.

12:40 p.m.: Chill Brands climbs after bagging the estate

Chill Brands climbed 6% to 2.4p after completing the acquisition of the web domain Chill.com.

The cannabinoid company paid the remaining balance of US$800,000 and now holds full title to the domain, enabling it to build its brand.

“We are the proud owners of a highly customizable premium domain asset, reflecting a word ubiquitous in consumers’ daily lives and easy to say, spell and remember. In an increasingly complex world, people everywhere are looking for ways to relax,” said chief executive Callum Sommerton.

11:39 am: Bango up after singing a new chord

Bango PLC (AIM:BGO, OTCQX:BGOPF) climbed 11% to 141p after signing a deal with a “leading multinational technology company”.

As part of the agreement, the partner can use Bango’s platform to provide carrier billing and aggregation services for payments and subscription services for its app store, according to a statement.

Additionally, Bango said it does not expect this contract to change financial expectations for this fiscal year, but will “continue to review the potential impact” on performance next year.

10:38 a.m.: Engage in surges after confirming new metaverse partners

Engage XR Holdings jumped 15% to 14.4p after confirming new partners ahead of the launch of the group’s metaverse offering, expected in the fourth quarter of this year.

According to a statement, HTC and Stanford University’s Virtual Human Interaction Lab will join as partners.

As part of the agreement, these two organizations use Engage’s metaverse platform to build and design their own metaworlds.

Supply@Me Capital, the fintech platform, rebounded 11% to 0.07p after announcing that TradeFlow Capital Management, part of the group, had completed the first warehouse product monetization transaction.

Completion of the transaction follows the partnership agreement the partners signed earlier this year.

“I am extremely proud of the TradeFlow team for achieving this landmark first transaction in partnership with CARGOES By DP World and the DMCC,” said Managing Director Alessandro Zamboni.