Telecom Plus shares rise 23.99% to 2,140p on improved FY22 profit guidance
Utility provider Telecom Plus said it expected FY22 profits to be "materially ahead of current market expectations", primarily due stronger customer growth, a reduction in the previously expected cost of multi-service discounts during 2H, and an improved outlook for energy affordability resulting from the recently announced government price guarantee.
Telecom Plus said organic growth accelerated during 1H after a record number of UK households joined to save on their bills. Net customer additions were 86,004 (2H22: 67,980), taking the total customer base on 30 September 2022 to 814,684, representing an annualised growth rate of almost 24%. Telecom Plus said this was consistent with its medium-term growth target of adding 1m additional customers over the next 4 to 5 years.
Prior to this update, the consensus adjusted pretax profit forecast for the year ending 31 March 2023 was £75m. A further update is expected with the announcement of half-year results on 22 November 2022.
SRT Marine Systems shares climb 17.76% to 31.5p as 1H revenue quadruples
SRT Marine Systems reported a 300% increase in revenues to £18.8m, compared to £4.7m a year ago, expected to generate a profit before tax of no less than £1.5m.
The company said its transceivers business revenue grew by c. 20% to £5.2m, compared to £4.2m a year ago. Its systems business delivered "multiple operational and several revenue milestones", generating c. £13.6m of revenue, compared to £0.5m a year ago.
Simon Tucker, CEO, commented:
"These results validate our earlier statements that both our business divisions have recovered and are now performing well, driven by a combination of good quality SRT products and fundamental long term market demand drivers. We look forward to the second half and providing further market updates with our continued progress."
SRT will issue full interim results on November 14.
Anglo African Agriculture shares rise 23.08% to 4p on £650K capital injection
Anglo African Agriculture announced an investment made by Golden Nice International into the company via a capital raise of 13m new shares at 5p, representing a £650K capital injection.
Anglo African Agriculture said the capital raise would lead to capital restructuring, changes to the board, and a broadening of the company's strategy, in addition to a name change to Everest Global PLC with a new ticker EVST.
As part of the transaction, Andrew Monk and Matt Bonner have resigned from the board of the company. Xin (Andy) Sui has been appointed as CEO and Simon Grant-Rennick has been appointed as non-executive director.
As a result of the investment, Golden Nice now owns 28.2% of the total enlarged issued share capital of Anglo African Agriculture.
TomCo Energy shares fall 15.79% to 0.4p as it draws down second tranche of £750K loan
TomCo Energy said it has served a draw down notice in respect to a £375,000 second and final tranche of the £750,000 unsecured convertible loan facility detailed in the company's announcement of 1 September 2022.
TomCo Energy said it would use the loan to bridge its financing requirements as it seeks to progress and finalise negotiations with a potential financing party for a larger debt package to finance development of its Greenfield and Tar Sands Holdings II sites.
"There can be no certainty that such larger funding arrangements will ultimately be successfully secured" the company cautioned.