Boohoo Group (BOO) shares jump 11.77% to 64.53p
Shares in the fast fashion retailer saw light relief today after warning investors on Thursday that they were feeling the strain of the cost of living crisis, slumping as much as 17%. The company said a slump in sales had driven lower revenue during its most recent quarter.
The cost of living-related impact on the market is the latest in a series of expert warnings of a waning desire for the fast fashion sector, as once disposable attitudes to fashion are being put aside in favour of eco-friendly approaches and sustainable production supply chains too.
Although it might be too early to tell how long this effect will last, analysts are already forecasting a knock-on effect on warehousing and delivery companies.
FireAngel Safety Technology Group (FA.) shares rise 5.19% to 11.15p
Today, FireAngel Safety Technology Group said it had successfully delivered a significant development milestone of its recently announced partnership with Techem - one that it says will have long-term value and great significance for both FireAngel and stakeholders alike.
The key milestone, delivered ahead of schedule and within budget, is in connection with a new generation smoke alarm (“NGSA”) being developed primarily for the German market. The news sent Fireangel Safety Technology Group shares up by 5.2% to 11.15p this morning.
GB Group (GBG) shares tick up 4.82% to 434.9p
GP said its Chairman David Rasche is to step down in September after the company posted annual profit following the purchase of identity verification provider Acuant in November 2021.
While pretax profit in the year ended 31 March 2022 March 31 fell to £21.7m from £34.2m in FY21, revenue also increased to £242.5m from £217.7m. Meanwhile, statutory profit remains down following the company’s recent purchase of Acuant for £555m back in November 2021.
Chairman David Rasche will be replaced by Richard Longdon on 1 September 2022 and Rasche will stay with the board until 30 September 2022 to ensure an orderly transition.
Halfords (HFD) shares tick up 5.95% to 151.40p
Shares in Halfords reached lows of 137.2p in the past 24 hours after analysts at Liberum lowered their target price for the stock after the retailer issued a profit warning yesterday.
Analysts said its fair value for the retailer now stands at 160p a share, 61% down from its previous target of 410p. Liberum also switched its guidance on Halfords' shares from Buy to Hold, stating that the main concern was the more than 50% increase in inventory year over year, which analysts said, “needs more questioning, especially given the tougher outlook.”