Playtech (PTEC) shares ticked up 4.14% to 603.5p as it shares see a light recovery
Shares in Playtech are starting to recover slightly following a sharp share price drop last week when Eddie Jordan’s JKO Play withdrew its US$3 billion bid for the gambling software firm.
On Friday, JKO Play confirmed that it no longer intended to make an offer for the company. Earlier this month, the company was given more time by the business to come up with a counter-bid to a 680p-a-share offer made for Playtech by Australia’s Aristocrat Leisure.
JKO is now unable to make another offer for Playtech for six months.
GYG (GYG) shares jumped 14.12% to 48.5p as it confirms that its shipyard will restart
The superyacht painting, supply and maintenance company said work at the Nobiskrug shipyard will recommence next month, with the project scheduled for completion in 1H22.
Today, GYG confirmed to investors that, in agreement with the new owners of the shipyard, the position relating to the refit project (the largest of the three contracts) is now resolved.
The company said constructive negotiations will continue regarding recommencing works on the two New Build projects and that the Company will provide an update ‘in due course.’
Touchstar (TST) shares rise 9.6% to 85p as it expects FY21 outcome to surpass expectations
In a trading update for the year ended 31 December 2021, Touchstar reported that its full year outcome for FY21 is above market expectations in terms of profitability and cash generation.
As a result, the Board said it anticipates that it will report profit after tax to be around 200% higher in FY21 than in FY20 as well as EBITDA growth of over 20% compared to FY20.
In addition, cash generation is also expected to be considerably stronger than expected. The company noted that it expects to report year-end cash balance of £2.5m (31 December 2020:£1.9m); and an order book at year end of £0.646m (31 December 2020: £0.475m).
The Brighton Pier Group (PIER) shares tick up 4.73% to 88.5p amid a “robust performance”
Last week, the UK entertainment business reported a strong start to the 26-week period to 26 December 2021 which it said had “continued to deliver an extremely robust performance.”
Whilst there was some impact in December due to COVID-19 restrictions, the Group said that over the New Year period the bars had recovered their momentum, trading 9 % up on 2019.
It said strong cash flow generation is expected to enable the Group to pay down £7.7m of debt, reducing borrowings 38% by the end of June 2022. The Group believes it is in a strong position to deliver a good result for the year, ‘comfortably’ in line with market expectations.