Moneysupermarket.com (MONY) shares ticked up 7.99% to 289.5p despite posting a slump in profit and revenue
Shares in the financial services price-comparison platform were trading higher on Thursday despite it posting a slump in profit and revenue for the year ended 31 December 2020.
In its preliminary results for the period, the Company told investors that profit after tax had fallen by 27% from £94.9m in FY19 to £69.3m last year. Group revenue was also down 11% to £344.9m while adjusted earnings per share dropped 28% to 13.1p from £18.2m in FY19.
Peter Duffy, CEO said the group has continued to help “millions of UK households save on their bills” and provide “indispensable financial advice throughout the Covid-19 pandemic”.
“The business is resilient, and our dividend reflects our confidence for the future. Our job now is to encourage consumers to engage with us more and save on more of their bills.”
He informed investors that, “We will use our data better so consumers find our sites easier to use and are reminded when there are savings available to them.”
It said it will require “a strong and rapid recovery” in both money and travel related channels and that the pace of lockdown measures being eased will be a major driver of its 2021 performance. Its consensus range for 2021 us adjusted EBITDA of £96.4m to £128.8m.
Scirocco Energy (SCIR) shares jump 23.68% to 1.175p as it enters sustainable energy space
The group which is focused on opportunities within the European energy market, said it will expand its existing investment strategy to identify new opportunities within the low-carbon space, including renewable energy, circular economy and energy storage and transfer.
It said these new areas of investment ‘represent a compelling market opportunity, with strategically consistent assets that complement Scirocco's ambitions to be part of the energy transition space, as the world looks to embrace a more sustainable energy future.’
It outlined that its goal is to acquire a focused portfolio of cash generative assets within the sustainable energy and circular economy sector. It said it is already in ‘advanced dialogue’ regarding its first transaction in the sustainable energy space through the acquisition of an energy generation asset and is actively progressing with the due diligence process.
Based on the pipeline of opportunities within its new area of focus, the Board highlighted to investors that it is targeting an enterprise value invested asset base of £150 million which is capable of generating cash flow of circa £20 million per annum within a period of five years.
FastForward Innovations (FFWD) shares rose 21.51% to 14.13p as investee company rolls out new medicinal cannabis oil products
Shares in the Company were trading higher during Thursday afternoon trading after the Group noted a statement made by its investee company, Little Green Pharma (LGP).
LGP, known as Australia's first locally-grown medical cannabis producer, announced this morning that it will exclusively supply medicinal cannabis oil products to enrolled patients in the QUality of life Evaluation Study, more commonly known as The QUEST Initiative.
Conducted by researchers at the University of Sydney, the Company told investors that the initiative aims to be one of the world's largest longitudinal studies investigating the quality of life and health economics on patients with chronic disease prescribed medicinal cannabis.
FastForward currently holds a 0.9% interest in the issued stock of LGP after the AIM-listed participating in a share placing undertaken by the medicinal cannabis business last week.
ADM Energy (ADME) shares rise 19.48% to 4.6p as it eyes up investment opportunities
The natural resources investing firm addressed today’s share price movement in a statement this afternoon in which it confirmed that it is in discussions for a possible equity fundraising as well as an investment opportunity in an existing discovery in Nigeria.
It said it has terminated discussions in respect of the placing but remains in talks with a funding partner and certain other potential investors in respect of a possible subscription.
It said it is continuing discussions in respect of the investment opportunity which are at an advanced stage but stated that ‘there is also no certainty that the investment will be made.’
It is expected that any proceeds from a potential Fundraise would be put towards the investment opportunity and provide the Company with additional working capital.
Indivior (INDV) shares fell 4.09% to 142.35p after posting a full-year loss
Shares in the pharmaceutical company which specialises in addiction treatment fell on Thursday as the Group slumped to a full-year loss as a result of the lost market share from Suboxone as well as the company’s settled litigation in relation to the US opioid crisis.
It swung to a loss of $156m compared to $178 in FY19 while net revenue dropped 18% to $647m (FY19: $785m). Indivior attributes most of its revenue loss to lost market share from Suboxone but stated that revenue was partially offset by higher income from Sublocade.
The Company is aiming to ramp up its sales of Sublocade, its injectable opioid dependency treatment, to further offset a steady decline by Suboxone, which has now come off patent.
"Given the challenges of the COVID-19 pandemic, I am delighted both with the solid results that Indivior delivered in FY 2020 and with the dedication to patients displayed by each and every one of our employees,” commented Mark Crossley, Chief Executive of Indivior.
He added, “Accelerating the growth of SUBLOCADE remains the biggest potential driver of value creation. We are committed to delivering clear, measurable progress in FY21 against our SUBLOCADE peak annual net revenue goal of $bn+ and organic revenue diversification strategies."