The small cap telecoms and workforce solutions provider saw its share price launched into orbit this morning, up a remarkable 340% by 9.30am after announcing a contract win with a prominent mobile network operator in the Middle East. The client has a customer book of more than 50 million active users, but beyond that there’s no real detail over the size of this order. However with Mobile Tornado having won the deal based on its lower latency, lower data usage and compatibility, this also has the potential to act as a great advert for other partners.
FTSE-250 lender OSB published a Q1 trading update this morning which received an upbeat reception from the market. Depsite seeing falling mortgage sales, management note that the performance so far has been stable and that they still expect to meet the previously stated full year guidance. Shares had traded as much as 7% higher shortly after the open before easing to stand a little under 5% up by 9.30am.
The microcap clinical stage biopharmaceutical company which describes itself as being focused on the development and commercialisation of innovative cannabinoid medicines has this morning announced that it plans to delist from the London market. Shares fell sharply as a result, down 65% in early trade although the performance since IPO around three years ago has been nothing short of torrid. Management believe that the UK market is significantly undervaluing the company right now which in turn is making further capital raising problematic.
Headlines we expect on Thursday
Balfour Beatty AGM Trading update
This time last year Order book £17bn, Average cash balance £740m
This time last year Customer base 140m, Revenues $5,255m, Post tax profit $750m
