Morgan Sindall (MGNS) shares ticked up 12.77% to 2,382.5p as it raises profit guidance
The construction and regeneration group told investors today that trading has been strong since April 2021 with positive momentum across the Company continuing to accelerate.
It said all divisions have performed well and as a result, it expects to report pre-tax profit for the six months to 30 June 2021 in the region of £53m - that’s around 238% up from its 2020 half year result and up around 46% on the 2019 'pre-pandemic' comparative period.
Morgan said cash performance has been strong, with average daily net cash for 1H21 at£294m (1H20: £153m). The net cash as at 30 June was £337m (1H20: £146m). It now anticipates that its FY21 results will be significantly ahead of its previous expectations.
Agriterra (AGTA) shares soared 21.22% to 5.26p after subsidiary secures financing
The African agricultural firm said last week that its subsidiary, “DECA", had secured $6.1m in refinancing, enabling it to secure the purchase of up to 39,000 tonnes of raw maize.
The Company explained how the financed maize will then be processed and sold by DECA from its facilities in Chimoio, Mozambique into the local wholesale, retail and NGO markets.
Caroline Havers, Executive Chairman of the Group, said the refinancing and extension of the facility should enable the company to benefit from “a strengthened purchasing position” and set up the Group’s maize operations for a successful trading, processing and sales season.
Tower Resources (TRP) shares jumped 14.29% to 0.28p ahead of its investor update
The African-focused oil and gas firm told investors this morning that it will be providing an Investor Update at the Proactive One2One Virtual Forum this evening at 18:00 London time.
Last month, the firm said in its preliminary results that it is expecting to achieve ‘much more tangible results’ this year as oil prices recover from lows of around $40 per barrel. In fact, it cited the price of Brent which at the time had risen to more than $70 per barrel again.
“The overall prognosis for oil prices has improved and, despite the understandable concerns about the long-term sustainability of the sector, there is a growing realisation that the industry still needs short-cycle, low-cost projects to sustain oil production over the next few years, as well as long term gas production. This is especially true in Africa,” it reported.
Restore (RST) shares rose 13.57% to 477p as the group rejects £743m take-over offer
Restore, the office services provider, told shareholders that it has rejected a series of take-over offers, including a proposed offer of around £743 million from British firm Marlowe.
The most recent proposal was offering 530p per Restore share, of which 71 pence would be in cash. Restore shareholders would own roughly 49% of the combined group, it reported.
The Board said it had considered the original approach in detail, and unanimously concluded that it ‘significantly undervalued’ the firm ‘considering its current and future prospects.’
“The Board remains highly confident in its standalone prospects through its clearly articulated strategy to generate significant shareholder value through sustained organic growth, material margin improvement through scale, synergy and operational efficiency and the substantial acquisition opportunities that exist in the markets in which it operates,” it said.
Centrica (CNA) shares fell 3.3% to 49p while trading comes ‘broadly’ in line with expectations
In its half-year results for the period ended 30 June 2021, Centrica said its performance was “broadly as expected” with adjusted operating profit reported at £262m (FY20: £264m).
“Although there is still a lot to achieve, our turnaround remains on track, our balance sheet has been significantly strengthened and the recent changes in colleague terms and conditions will enable us to better serve the needs of our customers,” said CEO, Chris O’Shea.