Marks & Spencer Group (MKS) shares rose 15.92% to 225.3p as it raises profit outlook
In its half-year results for the 26 weeks to 2 October 2021, Marks and Spencer Group raised its profits outlook whilst warning of rising costs and disruption from supply chain problems.
The retailer, which recently revamped its clothing and home business, attributed the strong set of results to food sales growth of 10.4% and an improving margin mix, which together helped to deliver a rise in operating profit before adjusting items compared to 2019/20.
As a result of the improved performance, M&S told investors that it expects profit before tax and adjusting items for the year to be ahead of expectations and in the region of £500m.
However, the Group also warned investors that cost incline could become steeper in 2H and steeper again in the 2022/23 year as a result of supply chain pressure, combined with pandemic supply interruptions, rising labour costs, EU border challenges and tax increases.
Velocys (VLS) shares jumped 36.51% to 8.50p after securing two new agreements
This morning, the sustainable fuels technology firm secured two separate agreements with two airlines - International Consolidated Airlines Group S.A. ("IAG") and Southwest Airlines.
Velocys’ wholly owned subsidiary, Velocys Renewables entered into its first offtake agreement for the sustainable aviation fuel ("SAF") to be produced at the planned Bayou Fuels biorefinery project in Mississippi with the airline group Southwest Airlines Co.®. The Group’s other wholly owned subsidiary, Velocys Renewables LLC has entered an MOU with IAG.
John Lewis of Hungerford (JLH) shares rose 16.00% to 1.45p as it recovers losses in full
On Tuesday, in its final results for the year to 30 June 2021, the specialist kitchen manufacturer and retailer said it had managed to recover its first half losses in full resulting in profit before tax of £0.08m compared to two previous losses over the past two financial years.
The Company said it finished the financial year with a positive gross cash position of £1,302k and said that the level of orders secured in the first 18 weeks of the year has remained high.
It added that it expects a period of growth and a return to sustained profitability in 2022.
Blue Star Capital (BLU) shares ticked up 15.79% to 0.22p following $5m sale round
Last week, Blue said its investee firm SatoshiPay’s smart contract network Pendulum, had raised $5m in an oversubscribed private sale round of the network’s upcoming PEN token.
London-listed Blue Star Capital, which makes investments within the esports, payments, technology sectors, said the funds will be used to continue the development of Pendulum. Blue Star holds an interest in Pendulum through its existing 31% equity interest in SatoshiPay.
Last Wednesday, in an oversubscribed placing, Pendulum raised $5m for its development by the private sale of PEN tokens. The directors of the Company have been advised that the funding allows for SatoshiPay to be contractually retained to continue to develop Pendulum.
SatoshiPay said it expects that the revenue it derives from Pendulum development should be sufficient to fund itself and significantly reduce any need for the group to raise equity finance.