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WELCOME TO TAKING STOCK, IT'S A ROUND UP OF TODAY'S BUSINESS NEWS & INVESTMENT VIEWS.
INDICES
FTSE 100: 7,616.20 -26.52 (-0.35%)
FTSE 100 MONTH HIGH: 8,014 - February 2023
FTSE 100 MONTH LOW: 6,826 - October 2022
FTSE AIM All-Share 791.54 -1.05 (-0.13%)
AIM 12 MONTH HIGH: 934 - August 2022
AIM 12 MONTH LOW: 775 - October 2022
CURRENCIES
Today's Winners & Losers
WINNERS
1. Litigation Capital Management () - Resolution of Investment +10.66%
Litigation Capital Management Limited an alternative asset manager specialising in dispute financing solutions internationally, announces a successful resolution.
ROIC after performance fees 635%
2. Abingdon Health () - Launch of Salistick™ saliva pregnancy test +10.54%
Abingdon Health announces the launch of Salistick™, the first-ever saliva pregnancy test, in the UK and Ireland.
Abingdon is launching Salistick™ with Superdrug initially rolling out into 400 stores and online at Superdrug.com
3. Musicmagpie () -Half Year Pre-Close Trading Update +9.86%
Following a challenging start to H1 2023, with postal strikes and low consumer confidence impacting December and January, trading performance strengthened from February onwards, driving a strong Q2 2023 that delivered EBITDA of £2.0m, up 42% on Q2 2022.
Overall EBITDA for the traditionally quieter first six months of the year was £2.8m, up 7.7% on H1 2022 and in line with the Board's expectations.
LOSERS
1. Allergy Therapeutics () - Interim Results and Lifting Suspension in Trading -77%
Revenue for the first half of the financial year was 18% lower at £39.9m (2022 H1: £48.7m) as a consequence of the short-term pause in production in October 2022.
The operating loss was £8.0m (2022 H1: £7.4m, profit)
At 31 December 2022, the Group had cash of £15.2m (30 June 2022: £20.5m) and debt of £2.0m (30 June 2022: £2.4m).
Notwithstanding the recent loan funding and planned equity refinancing of the loan, the Group expects that additional funding will be required from around September 2023 onwards for trading, working capital, capital expenditure and continuing R&D programmes.
2. African Pioneer () - Fundraising, Directors’ Subscription and TVR -16%
African Pioneer #AFP announce a fundraising of £790,000 to facilitate drilling at Ongombo and exploration in the Kalahari Cu belt at a 22% discount to the previous market closing price.
Most Read RNS's
1. Avacta Group () - Statement regarding market speculation
Avacta Group notes the recent market speculation regarding a possible fundraising.
They say no fundraising is imminent.
2. Greatland Gold () - Havieron Exploration and Development Update
Continuing development at Havieron surpasses 2,400 metres
Drilling continues to intercept significant zones of high-grade gold and copper mineralisation
3. Kistos Holdings () - Operational Update - Benriach Exploration Well
The well encountered gas bearing sands in the target Royal Sovereign formation. However the discovered resource is expected to be sub-commercial. The well has been drilled ahead of schedule and the final cost is expected to be within previous guidance.
3 Top Business Stories
1. Mortgage deal: Average two-year fix now above 6%
A typical two-year fixed mortgage deal now has an interest rate of more than 6% for the first time since December.
Expectations that interest rates will stay higher for longer have been reflected in the funding cost of mortgages, hitting new borrowers, and those trying to remortgage.
2. Keir Starmer pledges to end North Sea exploration and let areas profit from clean power
Labour will end new North Sea oil and gas exploration, but help communities profit from clean power projects, Sir Keir Starmer is to pledge speaking in Edinburgh later.
He will also say that a previously announced publicly-owned green energy company will be based in Scotland.
In England, planning rules which effectively ban new onshore wind farm developments will be scrapped if Labour wins the next election.
3. Britain's main manufacturing trade body Make UK revised up its outlook for this year on Monday thanks to strong demand for aircraft and electronics, but said it still expects production to fall over the year as a whole.
Make UK said it expected factory output to fall 0.3% this year compared with a 3.3% contraction expected three months earlier, and kept unchanged its forecast for 0.8% growth in 2024.
