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3 Companies Rising on Good News for Tuesday 16th May 2023
1. Angling Direct - Final Results
Continued sales growth across all markets despite significant consumer headwinds
Group revenue increased by 2.2% to £74.1m
Like-for-like store sales were £38.0m (including the previously reported disruption caused by the unusually hot weather in the UK and Europe in August 2022), flat against the prior year
Positive operating cashflow of £1.5m, with a strong balance sheet and net cash position of £14.1m. Securely positioned to meet short-term challenges and take advantage of any potential market consolidation
2. Glantus Holdings - Q1 2023 Trading Update and Directorate Change
Q1 2023 revenues of c.€3.47m alongside the reduced cost base has delivered better margins and achieved both an adjusted EBITDA profit of c.€1m and positive cash flow from operations, ahead of management's expectations.
3. Rurelec - Disposal of Argentinian Interests and Notice of GM
Rurelec entered into a conditional agreement to sell its Argentinian Interests to Verafont Basic Energy Limited and Mr. Esteban Reynal for a consideration of up to USD 5m (c£4m).
Following Completion the Company intends to pay a special dividend of 0.20p per share to shareholders on the register on a record date after Completion which will be announced in due course.