MITIE Group (MTO) shares ticked up 5.63% to 66.05p as it sees strong start to FY22
In a Q122 trading update, MITIE Group said it has made a strong start to FY22 to deliver revenue of £930m, more than double that of the same quarter last year (1Q21: £455m).
Within its business services division revenue was £357m or 47% ahead of the same quarter last year, primarily due to the ongoing delivery of COVID related UK Government contracts.
The combined value of contract wins and renewals in Q122 reached up to £1.bn in total value. Looking ahead, MITIE said its progress positions the company strongly for the future.
Caspian Sunrise (CASP) shares soared 19.15% to 2.8p as drilling progresses at MJF
Shares in the Kazakhstan-based oil and gas exploration firm rose after releasing a positive update in regard to its recent drilling on the MJF Structure at the BNG Contract Area.
Its first horizontal well was drilled at the MJF structure to produce 645 barrels of oil per day for three days. Production at this level is expected to increase the total by around 50%.
The Company informed investors that it intends to drill further horizontal wells on the MJF structure and once the final licence upgrade is received at the South Yelemes structure.
Quiz (QUIZ) shares jump 15.16% to 14.5p after sales come in line with expectations
In an update for the period between 1 April 2021 to 30 June 2021, the omni-channel fashion brand reported £17.3 million in sales which it said is consistent with the Board's expectations and represents a £13.1m increase on the revenues generated in the comparable prior year.
Sales through QUIZ’s websites was £4.6m (FY20: £2.2m) with revenues steadily improving. Meanwhile, sales through third party websites totalled £1.8m with this channel impacted by the cessation of sales through the Debenhams website from early April 2021 (FY20: £1.2m).
‘The Group looks forward to the further relaxation of restrictions on social activities, which the Board believes will result in increased demand for QUIZ's ranges which have traditionally provided popular options for social events and celebrations,’ it told investors.
SourceBio International (SBI) shares rose 13.79% to 165p after seeing growth in 1H21
In an update for the half year to 30 June 2021, SourceBio International said it has seen ‘considerable growth’ over the period with both revenues and EBITDA up on 1H20.
SourceBio, which provides integrated laboratory services and products on a global scale, saw group revenue increase by almost four-fold in value to c. £37.3m (1H20: £10.6m).
Meanwhile, the London-listed group also reported adjusted EBITDA at approximately £11.2m - that’s an almost seven-fold increase in value from the £7m reported back in 1H20.
The Group said it is planning for ‘a significant uplift in demand’ in the third quarter driven by the anticipated increase in COVID-19 testing as travel restrictions continue to be lifted.
Moonpig Group (MOON) shares fell 14.51% to 362.8p as it lowers revenue forecasts
Despite describing FY21 as “a milestone year” with revenue and Adjusted EBIzDA more than doubling over the period, the card retailer lowered its revenue forecast for FY22 after it said it expected online market demand for cards and gifting to be lower next year than in FY21.
The Company said it now expects group revenue in FY22 to be around £250m to £260m in comparison to £368m in FY21 which it said would reflect a return to pre-pandemic patterns.
Commenting on today’s results, Nickyl Raithatha, CEO of Moonpig Group told investors:
“The long-term growth opportunity remains vast, with the majority of the card and gifting market still offline, and we have never been in a better position to capture this growth.”