Pendragon PLC shares move after the car dealership raised its profit forecast for the year.
He said its third quarter performance remained strong, with widely publicized shortages of new vehicles due to semiconductor shortages being offset by higher margins and cost savings.
So he now expects annual profits of around Â£ 70million, up from his previous forecast of Â£ 55million to Â£ 60million.
It is cautious of possible further disruption from COVID-19 in its local markets and the global supply chain.
But he added: “The board continues to believe that the group’s strategy positions it well to respond to the current uncertainty in the market and to capitalize on any resulting opportunities.”
Its shares are up 8.29% or 1.45p to 18.85p.
Rival Motorpoint Group PLC, specialist in used vehicles, is also optimistic.
First-half revenue grew 57%, with online sales rising 53% as it continued to grow into a digitally-led company.
Due to the reduced supply of vehicles in the market, it has expanded its range of cars from less than three years old to less than four years old.
He said the trade was in line with his expectations and he was well placed to deal with any headwinds.
Its shares added 5.2% to 374p.
2:16 p.m .: Revolution Bars acclaimed with higher than expected demand
Revolution Bars Group PLC investors toasted at its latest update.
The company, which owns the Revolution and Revolucion brands of Cuba, said it had benefited from pent-up demand since reopening and exceeded expectations in the second half of its fiscal year.
Its bars have seen their sales increase by 17% compared to the same period two years ago (i.e. before the pandemic).
And despite warning of any further restrictions in the event of a further escalation of COVID-19 – especially during the key Christmas season – its actions are 12% stronger at 25.2%.
11:50 am: Block Energy disgraced as oil and gas production plummets
(), the Georgia-focused exploration and production company, is under pressure after reporting lower production and problems at a key well.
In the third quarter, it produced 34.6 million barrels of oil equivalent, compared to 42.6 million in the second quarter.
Revenue in the three months fell to US $ 901,000 from US $ 1.165 million in the second quarter as it failed to take full advantage of soaring oil prices.
He indicated that the WR-B1a well was currently undergoing clean-up operations. The well’s productivity appeared to be limited due to natural fractures obstructed by the waste flow material used to prevent the large losses of drilling fluid experienced in its previous West Rustavi wells.
The clean-up program was designed to dissolve waste traffic material, requiring chemicals with a 14-day lead time to originate from a supplier outside of Georgia. The results will be published once the cleaning program and production tests are completed.
Meanwhile, preparatory work continues on JKT-01, which is expected to be next in the two-well program. At the same time, the ZJ-40 drilling rig will be subject to routine maintenance.
The company said it plans to improve the short-term production performance of its mature fields with a pump cleaning and replacement program, in order to take advantage of the currently high price of Brent.
Block shares fell 28.26% or 0.65p to 1.65p on the news.
10:21 am: Hardide sees renewed demand from industrial users for its advanced coatings
() made the share price rise with its last trade update.
The company, which manufactures advanced tungsten carbide and tungsten metal matrix coatings for engineering components, said improvements in all of its key markets were made in the last few months of its fiscal year.
It received Â£ 2.5million in orders in the second half, up 52% ââfrom the previous six months. With revenue from some of those orders carried over to the first half of next year, he expects second half sales to be in line with the previous six months.
Overall, with the company keeping costs tight, it said its annual loss would be in line with expectations and it expects performance to improve in 2022.
Highlighting signs of recovery, Hardide said: âA major customer, whose demand declined significantly in late 2020 due to the pandemic-induced slowdown, is reordering for delivery in the first quarter of 2022.
âDemand from a major UK-based oil and gas customer is also returning. In addition, significant orders based on a US customer’s plans for sand screens have recently been placed for delivery in the first quarter of 2022. “
Meanwhile, the power generation, industrial pump and aerospace markets are also showing improvements.
In addition, the company highlighted the potential to enter the electric vehicle market.
He said, âThe testing and evaluation of our coated components is also progressing with a major US manufacturer of electric vehicles. The coating performance indications are positive and further progress is expected in the coming months. The company is also working on other developments for applications in various sectors of alternative power generation, including solar, nuclear and gas turbines. “
Hardide shares are up 13.55% or 5.2p to 36.2p.
9:30 am: () skyrockets as strong demand for the fall line drives sales
Shares in () are trending, after the online women’s fashion brand released a positive update.
First-half revenue jumped 184% to Â£ 12.2million, higher than the previous year as a whole.
September was a record month thanks to strong demand for its fall line, both on its website and through third parties such as Marks and Spencer, Next and John Lewis.
Sales increased in a wide variety of product categories including knits, dresses, leather, coats and denim as its strategy to expand its line has paid off.
He made the decision to stock up early for the fall, anticipating an early demand for party wear, coats, boots and knits as events opened and workers returned to their offices.
He said sequins, Christmas sweaters and fur coats are already bestsellers.
Fundraising in May should enable it to meet growing demand.
It has seen a continuous improvement in losses and margins have increased to 56.5%, from 52.3% at the same time last year, reflecting a higher proportion of full-price sales compared to the comparative period which has been affected by the actions taken in the aftermath of COVID-19.
He said there was no material impact on the supply chain disruption and that he was well stocked for the fall season at his own site and by third parties and had a good visibility of incoming goods.
Despite external pressures, with a strong first half and a record start to the fall session, the company expects its full year results to be in line with market expectations.
() stocks are up 12.62% or 3.18p to 28.38p.
8:26 a.m .: Fusion Antibodies has entered into an R&D agreement with an American biotechnology company
() is in demand after signing a collaborative R&D agreement with an American biotechnology start-up.
The company, a Queen’s University Belfast spinoff that helps develop antibodies for therapeutic and diagnostic applications, said it would receive a minimum of $ 1.83 million in fees over the next two years.
Under the terms of the agreement, Fusion will provide its discovery and engineering services related to the research and development of several predetermined projects.
There is a framework for an increase in costs according to the progress of the work. The US company made an upfront cash payment of US $ 318,000 to Fusion with the remainder payable at pre-agreed intervals.
If a product is successfully developed, registered and marketed, Fusion will be entitled to royalty payments based on a percentage of the sales figures for that product.
The American start-up is financially supported by a US-based biotechnology investment company active in life science investments.
Fusion Managing Director Richard Jones said: âWe are delighted to have entered into this important new contract with a key player in the biotech industry. The deal has a minimum contract value of $ 1.83 million, which is very significant. The project will run using our RAMP platform, highlighting that this technology continues to gain traction in the market. “
Fusion shares are up 15.47% or 17.4p to 129.9p.
Elsewhere, Kanabo Group PLC climbed 9.23% or 1.43p to 16.93p after the medical cannabis industry signed a partnership agreement with MedoCann Pharma Ltd to develop new products with exclusive distribution rights for the German and UK markets.
Medocann produces medical grade cannabis products with an indoor hydroponic facility located in central Israel and a library of proprietary cannabis genetics, all grown in a fully controlled environment, without the use of pesticides or insecticides.
The partnership agreement between Kanabo and Medocann will focus on the co-development of new and novel strains of flowers and extracts manufactured for specific medical indications through the combination of Kanabo’s preclinical data on the effect of cannabis on different diseases and the Medocann genetic bank, selection and expertise in strain development. The new strains and extracts will be used to launch new co-developed medical cannabis products.
Kanabo Managing Director Avihu Tamir said, âMedocann’s precision-grown hydroponic cannabis is considered the best in Israel and is the only one grown without the use of pesticides. Kanabo aims to bring these unique strains to patients in the UK and German markets through the Materia Malta production site. “