Ibstock (IBST) shares ticked up 6.71% to 209.9p as the group attributes a good trading performance to 'improving market trends'
In a trading statement for the year ended 31 December 2020, the UK manufacturer of clay bricks and concrete products said it had traded ahead of expectations in the latter part of 2020.
The company told investors that it saw ‘a continuation of the previously reported improving market trends’ during the final quarter of 2020, with encouraging activity levels in all key end-market segments.
It noted that activity in the final quarter of the year had benefited from ‘better than expected demand’ in both new build housing and the Repairs, Maintenance and Improvement (RMI) markets through its builders' merchant customers, particularly in the latter part of the period.
In particular, the strong recovery in market conditions through the second half enabled the Group to achieve revenues of around £315 million for the full year, down by 23% compared with 2019, with second half performance down by approximately 10% year on year.
As a result of a strong trading performance in Q4 as well as the positive impact of the cost actions taken in the year, the Group now expects to report adjusted EBITDA for 2020 modestly above the previous guidance of £50 million given in the trading update of 28 October 2020.
Quadrise Fuels International (QFI) shares soar 44.62% to 2.93p as it partners with one of world’s largest shipping companies
The emerging supplier of MSAR, a low-cost alternative to fuel oil in the shipping, refining, and power generation markets, has signed a joint development agreement with MSC Shipmanagement Limited of Cyprus, a subsidiary of MSC Mediterranean Shipping Company.
Under the agreement, Quadrise will carry out an MSAR® Operational Trial on commercial container vessels in the MSC global fleet commencing this year with a subsequent commercial rollout if the trial proves successful.
The company said the joint development agreement will 'capitalise on its skills in emulsion fuel application and use in large diesel engines' alongside the shipping industry experience of MSC, one of the world's largest cargo shipping and cruise line companies.
The group said the trial will begin this year and it is envisaged that in Phase 1 the company’s MSAR fuel will be used to power a large MAN ME and/or a Wärtsilä/WinGD Flex 2-stroke engine, in order to obtain ‘letter of no objection’ from the respective engine manufacturers.
Ridgecrest (RDGC) shares jump 30.30% to 2.15p as large shareholders appear on the register
Shares in Ridgecrest, formerly Nakama Group, jumped as high as 55% to 2.55p this afternoon after two further significant shareholders appeared on its share register. It stated this morning that John Mahtani now holds a 4.67% stake and Ashok Patel a 3.2% holding.
Yesterday, the company announced that it had conditionally raised £2m before expenses via a proposed placing, issuing 333.3 million shares at a price of 0.6 pence per new share.
The company said it intends to use the net proceeds of the placing for its general working capital purposes and to assist it in identifying and pursuing acquisition opportunities.
Bonhill (BONH) shares rose 25.71% to 11p as it delivers a strong 2H amid a difficult year
The B2B media business posted a trading report for the year ended 31 December 2020 on Wednesday highlighting an "undoubtedly difficult year" after revenues and earnings fell.
The Company announced to investors that it had delivered a strong second half of the Year ("H2") with £10.1 million of revenue, versus £7.7 million reported in the first half of the Year ("H1"), and adjusted EBITDA of approximately £1.55 million (H1: £1.69 million loss).
However, as a result of a difficult period, the company said revenue for the year is expected to be £17.8 million (FY19: £24.4 million), which excludes Government support of approximately £1.0 million, while adjusted EBITDA is expected to be around £0.1 million (2019: £2.3 million).
The Board said it expects to see revenue growth of approximately 12% in 2021. It added that it expects to report EBITDA of approximately £1.2 million, excluding any Government support.
IG Group Holdings (IGG) shares fell 8.08% to 830.5p as it makes $1bn derivative bet
The trading group posted record half-year results while also announcing a US$1bn (£0.7bn) acquisition of US firm, Tastytrade, in a separate announcement.
For the six months ended 30 November 2020, profit before tax soared by 129% to £231.3m (1H20: £101.2m) while trading revenue increased by 67% to £416.9m (1H20: £249.9m).
Alongside the record results, IGG told investors that it had bought online brokerage Tastytrade Inc. for $1bn. Bloomberg said the move indicates a prediction that retail stock traders in the U.S. are about to embrace derivatives.
The acquisition comprises a payment of $300 million in cash as well as the issuance of 61 million IG shares to Chicago-based Tastytrade’s shareholders, according to its statement.
“We see a secular shift in the market for self-directed investing and trading,” said IG’s CEO June Felix. “Individuals will be taking more control of their financial outcomes and financial wealth, and this fits perfectly into that,” she said. “Derivatives are the next step.”