Trustpilot shares rise 15.48% to 71.6p on narrowed pretax loss and higher revenues
Trustpilot reported 18% higher interim revenue to US$73m in constant currency as it reaffirmed its revenue guidance for 2022. Pretax loss narrowed to US$9.2m from US$17.3m and bookings rose 22% to US$87m from US$75m a year ago. Trustpilot said it expected an adjusted EBITDA breakeven for the group in 2024.
The company said the revenue increase reflected a "translational FX headwind that resulted from the material strengthening of the US dollar against sterling and the Euro during the period".
Peter Holten Mühlmann, Founder and CEO, commented:
"We are pleased by our half-year results which demonstrate the continued strength of our business, both financially and strategically. The momentum we are seeing in consumer and business engagement in each of the regions in which we operate has been particularly encouraging. Our success is founded upon our focus on trust, and we continue to benefit from viral network effects as more and more consumers choose to share their experiences on Trustpilot."
Ocado Group shares drop 14.59% to 679.2p on forecast of annual sales decline
Ocado Group said it expects an annual decline in sales despite a revenue increase in Q3 2022, as inflation affects customers' purchasing power.
Ocado said revenues in Q3 2022 increased 2.7% to £531.5m as average weekly orders rose 10.7%. The company reported an increase in active customer numbers of 23% year-on-year to 946,000, however, the value of the average basket was down 6% to £116, with a greater decline experienced later in Q3 2022 during the peak summer holiday season.
Ocado said cost headwinds (predominantly energy and dry ice) are likely to weigh on profitability in Q4.
"In Q4, we expect a combination of continued strong growth in customer numbers and orders to result in mid-single digit sales growth for the quarter. This Q4 growth in revenue is not, however, expected to be sufficient to generate full-year growth year-over-year and we now expect to see a small sales decline in FY22 and close to break-even EBITDA." the company said.
Phoenix Global Resources shares soar 36.30% to 7.5p on exit opportunity and cancellation of shares as Mercuria Energy ups stake to 93%
Phoenix Global Resources on Friday said Mercuria Energy Group Ltd had increased its stake in the company to 93% from 84%, following an offer to minority holders.
Mercuria had offered shareholders an exit opportunity in August, which was accepted by 223.7m shares. Mercuria offered to purchase shares at 7.5p, representing a 25% premium to the company's closing price on 25 June.
The deal was finalised on 12 September, leaving Mercuria with 2.56bn shares. Phoenix Global Resources' last day of trading on AIM will be 14 September.
Tanfield Group shares fall another 24.50% to 2p on wider pre-tax loss and higher finance expenses
Tanfield on Friday reported higher H1 loss as a result of increased finance expenses. Pretax loss in H1 widened to £499K from £268K a year ago. Non-staff operating expenses increased to £269K from £145K a year ago. Finance expenses more than doubled to £188K from £81K. The company posted no revenue.
Tanfield said additional loan funding may be necessary to ensure it can protect its investment in 49%-owned Snorkel International Holdings, valued at £19.1m.
Tanfield shares fell 25% last Friday on the news, and another 24.50% today.