Sabre Insurance shares plunge 39.87% to 113.4p on 81% profit slump in H1 caused by inflation
Sabre Insurance reported an 81% drop YoY in pretax profit for the 6 months to 30 June, to £4.3m from £22m. Sabre also announced it would reduce its dividend, before returning to "more normal levels" in 2023. Gross written premium was up 17% to £91.8m, net loss ratio increased to 72% from 45%, and combined operating ratio increased to 99% from 74%.
"The increase in claims inflation applies across all of the key drivers of claims cost, including parts, labour, credit hire, paint, car values and availability, and provision of care" Sabre said. The Company estimated claims inflation to be at 12% currently.
Eqtec shares drop 26.92% to 0.48p on £3.75m fundraise via discounted shares
Eqtec raised £3.75m in a placing of 233.4m new shares, subscription of 73.6m PrimaryBid shares, and 443m subscription shares, each at a price of 0.5p. The issue price represents a 23% discount to Eqtec's 13 July closing price of 0.65p.
The funds will be used to maintain momentum with ongoing projects and accelerate growth by pursuing additional projects in existing markets. Eqtec has five plants under construction, with 2 approaching commissioning and commercial operations from 2022, and nearly 20 other projects under development across the USA, UK, France, Italy, Croatia, Greece, and Ireland.
MGC Pharmaceuticals shares rise 23.08% to 1.2p after its food supplement is shown to reduce symptoms of long COVID
MGC Pharmaceuticals Ltd announced successful results of a clinical study into the influence of its propriety product, ArtemiC Support, on patients with Post-Acute COVID Syndrome, also known as Long COVID.
The results demonstrate the statistically significant efficacy of ArtemiC Support in reducing the severity of a range of Long COVID symptoms, including Dyspnea, Cough, Asthenia, Headache and Mental Confusion.
Trustpilot shares fall 22.07% to 73.25p on slower interim revenue growth
Trustpilot reported an 18% increase in revenue YoY to $73m (25% at constant currency) in H1 2022. Annual recurring revenue is expected to grow 11% to $149m from $134m. Total bookings are expected to increase 15% to $87m from $75m. Growth was slower this year compared to last when interim revenue increased 31% (22% at constant currency).
"While noting the rapidly changing and uncertain macroeconomic environment, we continue to expect to deliver constant-currency revenue growth for FY22 in line with previous expectations and reiterate our outlook for adjusted EBITDA breakeven for FY24." the Company said in today's H1 update.
Kibo Energy shares rise 20% to 0.12p on purchase agreement extension for a clean energy project in South Africa
Kibo Energy announced it has extended to 20 years its conditional 10-year take-or-pay Power Purchase Agreement for a clean waste-to-energy project in South Africa. The purchase agreement was first announced on 14 February 22, and outlines the construction, commissioning and operation of a 2.7 MW plastic-to-syngas power plant to generate baseload electricity for an industrial business park developer in Gauteng, South Africa.
The Project is the Company's first under its joint venture Sustineri Energy, in which Kibo Energy holds a 65% interest and Industrial Green Energy Solutions holds the remaining 35%.