Ferrexpo (FXPO) shares ticked up 2.65% to 364.4p as it posts 13% revenue increase
The FTSE 250 iron ore pellet producer published its full year results for the 12 months ended 31 December 2020 in which the group posted a 13% increase in revenue to US$1.7 billion which it said is a reflection of rising production volumes and destocking process in 1H20.
Underlying earnings rose 46% to $859m from $586m in FY19. The group, which said it expects to increase production levels from 2020, has also proposed a special dividend.
In respect of the strong performance in 2020 and with transition to net cash position and continued healthy iron ore prices, a further special interim dividend is being proposed of 39.6 US cents, making the total dividends paid in 2020 72.6 US cents (FY19: 19.8 US cents).
B90 Holdings (B90) shares soared 167.37% to 12.7p as it is restored to trading on AIM
Shares in the company which operates within the gaming industry soared on Wednesday after the group returned to AIM from a suspension, posting a fundraising and 2020 results.
The company said it has raised €1.84m (that’s around £1.58m). The proceeds are expected to enable the company to focus on launching new products, expand its geographical presence. as well as enter into new marketing agreements for the existing markets.
B90 released results for the six months ended 30 June 2020, in which it stated that it had seen a fall in revenues to €0.321m from €0.52m in 1H19, primarily due to the impact of the pandemic which caused the cancelation of the vast majority of sporting events globally.
The group completed its acquisition of the remaining 49% in Quasar Holdings ltd, which wholly owns Bet90 Sports Limited, resulting in a full ownership of Bet90 Sports Limited.
Commenting on the group’s half-year results, Paul Duffen, Executive Chairman of B90, stated, “2020 started as planned, completing the acquisition of 49% of the issued share capital of our trading subsidiary Bet90 Sports Ltd, not previously owned by the Group.”
B90 added that while the funds raised provide it with further working capital and strengthen the balance sheet, it continues to remain reliant on being able to manage its creditors.
Kodal Minerals (KOD) shares jump 23.21% to 0.172p after converting final $0.2m of loan agreement
Shares in the mineral exploration and development company jumped after it announced that it has received the final loan conversion under a US$1.5 million unsecured convertible loan agreement with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd from July 2020.
The investors have elected to convert a total amount of US$0.2m (equivalent to £0.144m), into 168,489,949 new ordinary shares of 0.03125p each in Kodal at a price of 0.08556p.
The company is expected to use some of the proceeds to develop its Bougouni Lithium Project in West Africa where it is currently awaiting a Mining Licence application grant.
Meanwhile, according to a report by Benchmark Mineral Intelligence, lithium prices continue to rise vastly in China as a result of heavy demand for lithium iron phosphate (LFP) batteries.
Benchmark’s battery grade lithium carbonate midpoint price for mid-March shows lithium up 88% since the start of the year to over $12,600 a tonne, the highest level since March 2019.
Biome Technologies (BIOM) shares rose 21.95% to 255p as it secures further financing
The technology group unveiled that its Bioplastics division has secured £0.248m in funding to further develop the commercial production of its biodegradable tree shelter project.
The further funding, which has come from the Government-backed Innovate UK agency as part of the Sustainable Innovation Fund, follows the successful completion of an initial feasibility study to develop and test a new generation of biodegradable tree shelters.
The funds will support a significant increase in project activity and facilitate further extensive lab testing of materials and UK-wide field trials with potential end-customers for the biodegradable tree shelters which are to be made from the group’s novel bioplastics.
Commenting on the funding Paul Mines, Biome Technologies' Chief Executive Officer said, "This additional funding will help accelerate both the laboratory and 'real-world' testing of this exciting new product, moving it a step closer to large scale commercialisation."
Hammerson (HMSO) shares fell 7.87% to 38.38p following biggest ever loss
Shares in the European property company were down during Wednesday afternoon despite having shares in the group having risen by over 66% in value since the start of the month.
The group recently posted a massive £1.73bn loss for 2020 compared to a previous loss of £779m in 2019 after the value of the group’s properties fell and rental income plummeted.
Shares in the company ticked up yesterday after it unveiled its plans to convert a former flagship Debenhams in Leicester 300 residential units, all of which will be available for rent.
“External factors are key to recovering from the pandemic, with the effective delivery of vaccination programmes the main focus. Nonetheless, the retail and investment markets will take time to recover as restrictions are lifted,” the group told investors in its outlook.