Dixon Carphone (LON:DC. ) shares rose 12.34% to 121.95p with return to profit
In its half-year results, Dixon swung to a profit after online sales rose + 145%, almost £800m more sales year-on-year, offsetting sales loss from previously enforced store closures.
“Our strategy has been stress-tested as never before, we've had one arm tied behind our back versus our competitors, and we've responded with stronger performance and an accelerating transformation,” said Dixon’s CEO, Alex Baldock told investors this morning.
The company also said current trading remains strong with its Electricals LFL sales up by 16% over six weeks to 12 December, despite extensive store closures in the UK and Greece.
On an underlying basis, Dixons Carphone’s interim pre-tax profits jumped to £89m from £2 million a year earlier. Looking ahead, the group said its immediate outlook is ‘less certain.’
‘While the relief from business rate taxation in the period has been beneficial, we urge the Government to carefully review business rates which are a significant and unbalanced tax on a store retail sector which has seen an accelerated shift to online,’ it noted to investors.
Genedrive (AIM:GDR ) shares jumped 17.99% to 50.5p as it notifies US FDA
The near patient molecular diagnostics firm said it has notified the US FDA of its intention to import and distribute its 96 SARS-CoV-2 Kit prior to an Emergency Use Authorization (EUA).
The company told investors that current claims of the product cover high throughput testing on a variety of third-party RT-PCR platforms for upper respiratory tract specimens.
"Genedrive submitted its application to the FDA in May of this year but owing to the volume of applications received we are still waiting for EUA review,” said CEO, David Budd.
He said, “However, in order to support the Beckman Biomek system's transition into clinical use and exploit commercial opportunities, the product needs to be commercially available in the United States to end users.
We are confident in the performance claims of our assay and have generated independent evaluation data in the United States at non-automated sites and our automated Biomek installations which confirm our product claims."
AFC Energy (AIM:AFC ) shares rose 17.15% to 43.63p with EV partnership
The hydrogen power technology provider has signed a strategic partnership with ABB, a world leader in electrification and digitalisation technologies that operates in over 100 countries.
Together, ABB and AFC Energy will develop and launch a bespoke high power EV charging product for distribution through ABB's market channels from the second half of 2021.
The company noted that this strategic partnership aims to leverage respective company technologies with regards AFC Energy's zero emission, high efficiency fuel cell technology alongside ABB's energy storage and market leading DC high power EV charge points.
Global EV charging market is expected to exceed $140bn by 2030 with power network upgrades necessary to facilitate this level of deployment forecast to exceed £50bn in the UK.
Tower Resources (AIM:TRP ) shares rose 15.38% at 0.375p with SA update
The African-focused oil and gas company said its subsidiary Rift Petroleum Ltd, together with Operator and 50% partner New Age Energy Algoa Ltd ("New Age"), has now formally agreed to enter the Second Exploration Period of the Algoa-Gamtoos license offshore South Africa.
The Company also noted recent announcements from Total S.A. ("Total") and Africa Energy Ltd ("Africa Energy") regarding the results of the Luiperd-1X well, which has reported a further significant gas condensate discovery in Block 11B/12B.
The Second Exploration Period of the Algoa-Gamtoos License will run for two years from 17 November 2020, and the work programme during this period will include a further 300 km2 of 3D seismic data acquisition in the license area.
Petrofac (LON:PFC ) shares fell 5.67% to 162.55p as it anticipates lower revenues
Shares in the energy company Petrofac dipped today despite stating in a trading update for the year ending 31 December 2020 that trading remained within expectations for 2020.
Financial performance in the 2H of 2020 continued to be impacted by COVID-19, however, with the group citing recent challenging market conditions which it said it had largely managed to mitigate through ‘swift actions’ in order to protect margins and conserve cash.
It said lower oil prices alongside uncertain near-term outlook resulted in a wide-ranging delay in the award of new projects in the industry as well as in a more challenging commercial backdrop.
As a result, management continues to expect to report lower Group revenue of around $4bn and full-year profitability materially lower than in 2019. The Group also remains on track to reduce gross overhead and project support costs by at least US$125 million in 2020.
"Of course, the near-term economic outlook remains unclear. Clients are delaying awards and adopting tough commercial positions. In this environment, our strategic priorities are clear. We are focused on conserving cash, cutting costs and rebuilding backlog, while delivering operational excellence,” said Ayman Asfari, Petrofac's Group Chief Executive.
“In the very near term, we are taking additional measures to reduce costs further in 2021 while preserving our core capability. These measures - together with a strong bidding pipeline, our long-established position in attractive markets, our track record for delivery and a sharp focus on competitiveness - will position us well for opportunities when the market recovers.”