Micro Focus International (MCRO) shares ticked up 7.17% to 526.9p as the group reinstates its final divided
The management software provider reinstated its dividend on Tuesday, sending shares upwards, after it made "solid progress" in the first year of its three-year turnaround plan.
It reported adjusted core earnings of $1.2bn, down from $1.4bn a year earlier, at a margin of 39.1%, which it said was towards the upper end of expectations. Revenue also declined 10%, however, the group has decided to reinstate its final dividend at 15.5 cents per share.
This was as a result of revenue decline moderating during the period, to around 11% in the first half and 9% in the second. Micro generated a total of $3bn of revenue for the full year.
"We are now 12 months into our three-year turnaround plan and whilst there remains a great deal to do, we have made solid progress in delivery of our key strategic objectives and improvements in operational effectiveness,” said Chief Executive, Stephen Murdoch.
Zanaga Iron Ore (ZIOC) shares rose 24.02% to 8.4p as analyst predict bullish scenario
Shares rose in the group which owns 50% less one share in the Zanaga Iron Ore Project in the Republic of Congo (Congo Brazzaville) through its investment in Jumelles Limited.
The Zanaga Iron Ore Project is known to be one of the largest iron ore deposits in Africa and the Company believes the site has the potential to become a world-class iron ore producer.
In recent days, iron ore prices have bounced back. Credit Suisse, in a note reported by Barron’s, lifted its forecast for iron ore during the first half of the year to $170 a tonne, from a lowly $110 before and also adjusted upwards its expectations for the next three years.
Analysts at Morgan Stanley also project a bullish scenario for iron ore in the next few years. In a report published last week, analysts laid out a ‘plausible scenario’ of iron ore prices trading at more than $US165 per tonne ($216/tonne) for a three-year period out to 2024.
REACT Group (REAT) shares jump 23.33% to 1.85p after strong FY20 results
Shares in the specialist cleaning, hygiene, and decontamination company have gained around 13% since the beginning of January 2021 with recent FY20 results highlighting a strong financial performance with group revenue up by 41% and gross profit up by 64%.
Excluding the revenue rise from COVID-19 decontaminations and despite the negative impact of lockdown, REACT’s core business still grew both in terms of revenues and profit.
In summary for the year ended 30 September 2020, REACT’s business performance resulted in the Company's maiden profit and an out-turn that came in ahead of market expectations.
The Group told investors that its outlook remains positive following a strong 1Q of FY21.
European Metal Holdings (EMH) shares rose 22.06% to 83.5p following positive results
Shares have risen by over 20% in value in a week since the mineral exploration and development group announced initial drilling results from its current nineteen hole resource drilling programme at the Cinovec Project in which the Company holds a 49% interest.
The Group said that its interim test results from the six recently completed holes at the Cinovec lithium-tin project in Czech Republic were in line with or better than expectations.
“The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty to the financial model and security for the financiers we are currently in discussions with,” said Executive Chairman, Keith Coughlan.
The group unveiled a $7.1m raise last week. It said the placement was well-supported, especially by Thematica Future Mobility, a Luxembourg-based green energy fund.
The proceeds of the placement will assist in the further development of the Cinovec Lithium as it moves into full project funding, as well as for further general working capital.
easyJet (EZJ) shares fell 4.52% to 787.8p as travel providers keep packages on hold
Travel stocks have recently decided to cull package holiday plans in the coming months as the UK remains in a national lockdown and new travel restrictions are introduced.
easyJet holidays decided to cancel package holiday plans up to and including March 24 following the announcement of a third national lockdown. The package holiday provider told investors that it has not yet said if any further cancellations are to be expected.
In a recent statement, Matt Callaghan, Customer Director of easyJet holidays commented, “We know this news will be disappointing. But we want to give our customers as much flexibility and choice as possible so they can decide what is best for them.”
“We’re really proud that, where we’ve needed to cancel holidays, we’ve been able to process refunds in an average of 12 days. We’ll continue to do the right thing for customers.
We know there is light at the end of the tunnel with the vaccine. We can’t wait to take people on well-deserved holidays just as soon as it’s possible for us to do so,” he added.