HomeBusinessSMALL CAP MOVERS: Digitalbox soars; Joules shares halve

SMALL CAP MOVERS: Digitalbox soars; Joules shares halve


It was a good week for Creo Medical Group, the company focused on the emerging field of surgical endoscopy, after it raised revenue guidance.

The company’s market capitalisation increased by a third this week to £279milion after it told investors that 2022 had begun ‘positively’.

Chief executive Craig Gulliford hailed the ‘significant growth’ in commercial orders and adoption of Speedboat Inject, which is used for flexible endoscopy.

Digitalbox, the owner of British satirical website The Daily Mash, said trading was stronger than anticipated in December last year

Digitalbox, the owner of British satirical website The Daily Mash, said trading was stronger than anticipated in December last year

From there to Invinity … specifically, Invinity Energy Systems, which this week announced the sale of an 8.4-megawatt hours Invinity VS3 flow battery to Elemental Energy for a utility-scale energy project in Alberta, Canada.

Invinity’s shares shot up 47 per cent on the back of what is the company’s largest sale in the North American market to date.

On the subject of batteries, Gelion, the Anglo-Australian battery storage firm, signed a test and supply contract this week with European renewables company Acciona Energía.

Acciona is going run trials of Gelion’s Endure zinc-bromide battery technology at its photovoltaic solar plant in Navarra, northern Spain.

Shares in Gelion surged 32 per cent this week.

A trading update from Digitalbox proved compulsive viewing – at least for shareholders of the digital media business, which owns the Entertainment Daily, The Daily Mash and The Tab.

The shares advanced 44 per cent this week to 15.5p after the company said trading across Digitalbox’s three brands was stronger than anticipated in December 2021, which is traditionally the company’s most important trading period.

As a result, the company said revenue and underlying earnings for 2021 would be ahead of the recently upgraded consensus forecast.

Elsewhere in the world of apps and online content, Mobile Streams shot up 31 per cent to 0.485p after it announced plans to launch new services in India in partnership with Vodafone India during the first quarter of 2022.

Pires Investments, the investment company focused on next-generation technology, gained 29 per cent in the week when it updated on its investment in sports betting platform operator Low6, which is set to complete a reverse takeover of rival 735 BC.

The week's biggest faller was Joules, which issued its second profit warning in seven weeks

The week’s biggest faller was Joules, which issued its second profit warning in seven weeks

GCM Resources, the AIM-quoted mining and energy company, advanced 38 per cent to 6.3p after it revealed it is discussions to secure the necessary funding to cover its working capital needs.

Sector peer Premier African Minerals was 28 per cent heavier at 0.2375p after it announced the appointment of Errico Vascotto as chief operating officer with immediate effect.

Vascotto was described as an accomplished and qualified mining engineer with extensive project management, mine development and mine management experience. He has wide multinational experience in Africa and South America.

The week’s biggest faller was Joules, the clothing and homeware company, which issued its second profit warning in just seven weeks.

The company’s shares halved after it warned that its profit performance over the festive and new year period was behind board expectations, despite revenue being 31 per cent better than the same period in 2021 and 19 per cent better than 2020.

Global supply chain issues, weaker than expected footfall because of omicron, increased shipping costs and lower wholesale revenue were to blame for its disappointing profit before tax performance in the nine weeks to 30 January.

Zoltav Resources, down 30 per cent at 17.5p, was another heavy faller. The Russia-focused oil and gas exploration and production company is set to be taken over by ARA Capital Holdings and delist from AIM.

The only thing keeping the shares high was ARA’s tender offer to acquire Zoltav shares at 25p a pop; now the tender offer is closed, the shares slumped ahead of the delisting.

Lastly, has Britain’s lockdown love affair with wine delivered to the (fridge) door ended?

Shares in Virgin Wines UK slumped by around a quarter this week after the company lowered revenue and profit expectations for the year to the end of June.

‘Despite current headwinds, we look forward to the future with optimism,’ said Jay Wright, the chief executive officer.

Yes, a bottle of wine will sometimes have that effect… 

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