Network International shares rise 16.18% to 232.6p on strong interim results and share buyback programme
Network International announced solid interim results, and reconfirmed its annual outlook after total revenue increased 31% YoY.
Pretax profit doubled in H1 to US$37.3m from US$17m the previous year, and underlying net income increased 58% to US$34.3m from US$21.8m. Revenue was up 31% to US$205m from US$156.4m the previous year. By geography, revenue in the Middle East increased 22%, while revenue in Africa was up 56%.
Total processed volume increased 44% to US$27.2m from US$19m. Total number of credentials hosted was up 4.3% to US$17m from US$16.3m. Total number of transactions increased 30% to 598.3m from 459.8m.
Network International forecast annual revenue growth of 27-29%. The company said it would commence a share buyback programme worth up to US$100m.
Nandan Mer, Chief Executive Officer, commented:
"We are encouraged by the continued progress of our growth strategy, with another strong trading period delivering 31% year on year revenue growth. This is supported by the acceleration of digital payments growth across our markets, successful strategic execution and share gains in our home market of the UAE. Our market entry into the Kingdom of Saudi Arabia is progressing well, having recently secured a second new customer this year. We also see an opportunity to return excess cash to shareholders through a share buyback programme, whilst retaining our existing flexibility to take advantage of additional growth opportunities which may arise.
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Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets."
Artemis Resources shares rise 13.56% to 3.35p on lifted AIM trading suspension
Artemis Resources said drilling results from its 100%-owned Greater Carlow Castle Project in Western Australia were in line with expectations, and its one-day trading suspension in London had been lifted.
The company found up to 1.91g Au/tonne at the Crosscut Zone of the Carlow project, as well as up to 8.78% Cu mineralisation.
Alastair Clayton, Executive Director, commented: "These results from holes designed to test for further extensions of the known mineralised footprint at Crosscut and Carlow West are very pleasing and we look forward to completing and releasing the new Carlow Project resource model in the near future."
Egdon Resources shares rise 16.67% to 4.55p on appeal against North Kelsey refusal
Egdon Resources said it had submitted an appeal against a refusal by Lincolnshire County Council in March 2022 of a time extension to the planning permission for drilling and testing at its North Kelsey oil site in PEDL241.
The council’s planning committee voted unanimously against another 12-month extension. The site was first granted a license for 3 years of oil exploration in 2014, and then granted extensions in 2018 and 2020. The council refused another extension as hardly any work had been carried out on the site since 2014.
Egdon holds a 50% interest and is operator of PEDL241. The remaining 50% is owned by Union Jack Oil.
Agriterra shares fall 12.54% to 4.54p on continued volatility following US$7.9m cash injection from Magister Investments
Agriterra shares continued their rollercoaster ride, this time correcting down 12.54%, after the company said on 29 July it had secured new debt funding from its majority shareholder Magister Investments, worth US$7.9m.
The capital will enable immediate repayment of an existing high-cost US$6.1m facility owed to an external banking institution. It will also enable cheaper financing of grain purchasing in Mozambique, without making use of local borrowing/overdraft facilities that typically carry higher interest rates, the company said.
Management estimates that this debt refinancing will enable Agriterra to save approximately US$600K in annual interest and fee costs during the first year.