Victoria shares rise 20.83% to 580p on strong trading and share buybacks
Victoria said on Friday that revenue, earnings, and cash flow were all in line with consensus market expectations, and that it continued to successfully navigate the current macroeconomic environment through a combination of improvements to customer service, product engineering, hedging of critical input costs, carefully negotiated supply agreements, and price increases as necessary.
Victoria also said it had been repurchasing shares over the past month. The company explained the share buybacks should not be seen as the start of a formal and regular programme to return capital to shareholders, rather it believes the current share price levels are materially below the intrinsic value of the company.
Geoff Wilding, CEO, commented:
"The Board remains mindful of the macroeconomic headwinds across the globe and, whilst we benefit from the inherent resilience of the business, numerous actions are being taken to mitigate their impact. Alongside this, operational management continue to be laser-focused on integration of recent acquisitions and execution of detailed synergy plans that will drive higher productivity, lower costs, and better customer service."
Shares rose 6.9% last Friday on the news, and extended gains another 20.83% today.
Pure Gold Mining shares rise 18.52% to 8p on record production in August
Pure Gold Mining said it achieved record gold production in August and reaffirmed its Q3 2022 guidance.
The company reported 25,188 tonnes or 813 tonnes/day of ore processed, and 4,595 oz of gold produced, from its PureGold mine in August. This compares to 24,052 tonnes processed and 2,232 oz of gold produced in July. PureGold is located in the Red Lake gold district of Ontario, Canada.
Pure Gold Mining said the August numbers represent monthly records for the mine to date. The increase has been driven by improved short-range planning processes, improved mining execution, and increased mill availability, the company said.
Pure Gold Mining expects to produce between 8,700 - 12,300 oz gold in Q3 2022.
UK Oil and Gas shares fall 20.31% to 0.09p after it raises £3m via discounted shares
UK Oil & Gas said it has raised £3.0m by means of a placing of 3.4m shares at a price of 0.0875p/share. The price represents a discount of c. 20.3% to Friday's closing price of 0.1098p/share.
UK Oil & Gas said the proceeds would provide general working capital and help complete seismic and drilling programmes.
The company also said it had appointed Guzyal Mukhametzhanova as CEO, replacing Matt Gormley who is leaving for a new position. Ms. Mukhametzhanova previously worked at KPMG's Energy and Natural Resources practice before joining JKX Oil and Gas Limited as Group Financial Controller and then Finance Director.
Tanfield Group shares fall another 24.69% to 2p on wider pre-tax loss and higher finance expenses
Tanfield on Friday reported higher H1 loss as a result of increased finance expenses. Pretax loss in H1 widened to £499K from £268K a year ago. Non-staff operating expenses increased to £269K from £145K a year ago. Finance expenses more than doubled to £188K from £81K. The company posted no revenue.
Tanfield said additional loan funding may be necessary to ensure it can protect its investment in 49%-owned Snorkel International Holdings, valued at £19.1m.
Tanfield shares fell 25% last Friday on the news, and another 24.69% today.