FROM MONDAY WE ARE MOVING TO 12PM
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
Investor Vs Trader - who makes more money?
Which are you?
RISERS
AFC Energy - Proposed Launch of Speedy Hire Joint Venture
AFC Energy and Speedy Hire Plc the UK's leading tools and equipment hire services company, are pleased to announce the proposed launch of a dedicated hydrogen powered generator plant hire business.
This collaboration, which follows the successful launch of AFC Energy's H-Power Generators last year, will provide the UK construction and temporary power market with AFC Energy's sustainable, zero emission temporary power solutions designed specifically for the off-grid power market.
Once established, the JV will initially purchase 30kW H-Power Generators from AFC Energy for a consideration of c.£2m in aggregate. The first of these systems are expected to be available later this year.
FALLERS
W.H. Ireland Group - Trading Update & Proposed Placing
Placing to raise approximately £5.0 million, before expenses, by way of the issue of new ordinary shares in the capital of the Company to certain existing shareholders and other investors at a price of 3 pence per share.
The Placing Price represents a discount of approximately 86.67%.
In the three-month period ended 30 June 2023, the Company made a pre-tax loss of £1.1m on revenues of c.£5.6m (unaudited). The loss in the period is as a result of the widely reported multi-year low level of transactional activity in the financial capital markets that has impacted the Group's Capital Markets division ("CM"), alongside a reduction in assets under management ("AUM") for the Group's Wealth Management division ("WM"), in part due to weaker market conditions impacting client portfolio size.
In recent weeks, on the basis of the adverse current and forecast trading and resultant losses, the Company has been in discussion with the FCA in order to ensure that, in the absence of the injection of further capital pursuant to the Placing, the Company could deliver a solvent wind down for the Group, if required, in line with the Company's solvent wind down plan ("SWDP").
MOST FOLLOWED
Star Energy (previously iGas) - Government White Paper on Deep Geothermal Energy (news from 17th July)
Star Energy Group Plc, the British energy company spearheading the development of geothermal in the UK, welcomes the recommendations in the Government White paper published today.
· Calls on government to work with industry to deliver geothermal energy and to move quickly to unlock its potential.
· There is a huge opportunity to use geothermal energy to drive towards net zero and decarbonise the NHS saving emissions between 1.3 -22.7 kt CO2 per year for individual hospital sites.
MOST READ RNS
Bushveld Minerals - Enerox Update
Garnet has given notice to VRFB-H that it is exercising the option set out in the RNS dated 12 April 20231, to pay to EHL, or directly to its subsidiary, Enerox, US$3,250,0002, in return for shares in EHL that will result in Garnet holding 60% of the issued share capital of Enerox and VRFB-H holding the remaining 40%.
1. Subject to obtaining approval from the Austrian Minister of Labour and Economic Affairs under the Austrian Investment Control Act and notification, if required, to the Austrian competition authorities
2. less the amount of any interim funding provided by Garnet to Enerox prior to completion of the option
RNS WORTH READING
Tekmar Group - Extension of Banking Facilities
Extension of Banking Facilities
Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces it has agreed with Barclays Bank PLC ("Barclays") a renewal of its existing banking facilities.
The trade loan facility is extended until 15 June 2024, maintaining a facility of up to £4m which can be drawn against supplier payments and is provided with support from UK Export Finance. In addition, the £3m CBILs term loan facility is extended by a further 12 months until 31 October 2024. This completes the renewal of the Group's existing facility and financing arrangements.
The directors also confirm that the Group's financial performance for the current financial year to September 2023 remains in-line with management expectations set out in the interim results announced in June 2023.
UNAUDITED INTERIM RESULTS
For the 6-month period ending 31 March 2023
The Group's financial performance is improving and is in-line with management expectations for the Period
· Revenue of £17.7m (HY22: £13.0m) with strong growth across both Offshore Energy (37%) and Marine Civils (35%) divisions, compared with prior year comparator
· Gross profit margin for the Period increased to 28% (HY22: 22%), driven by strong variation and commercial management
· Adjusted EBITDA loss of £0.6m (HY22: loss of £1.8m), attributable to non-cash FX movement of £0.8m during the Period. Excluding this FX loss Adjusted EBITDA is £0.2m, reflecting stronger underlying trading performance and enhanced margins.
· On a like for like basis, excluding FX gain of £149k in HY22 and £0.8m loss in HY23, there is a £2.2m improvement in underlying trading EBITDA YoY
· On a statutory basis Group loss before tax was £1.8m (HY22: £3.2m loss)
· Expect business to break even at an Adjusted EBITDA level for the current financial year, with revenue in the region of £40m, of which over 90% is already secured
Top Business Stories
NatWest has reported a sharp rise in first-half profits to £3.6bn following a week of high-profile resignations.
The profits were better than expected and up from £2.6bn a year earlier.
The results come after a torrid few days for the bank, which saw both its chief executive and the boss of its Coutts division quit over the closure of Nigel Farage's account.
The board of NatWest, which is 39% owned by the taxpayer, remains under pressure over the row.
Netflix touts $900k AI jobs amid Hollywood strikes
Netflix has triggered an angry response from striking Hollywood actors and writers after posting a job advert for an artificial intelligence (AI) expert.
The new position would join its Machine Learning Platform team, which drives the Netflix algorithm helping viewers pick new programmes to watch.
It pays up to $900,000 (£700,000) per year, fuelling further outrage.
Hollywood unions are striking over concerns about how AI affects the entertainment industry and pay.
The job listing, which was first reported by The Intercept on Tuesday, is one of several listed on the Netflix job page that calls for applicants with experience in machine learning (ML) and AI.