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WELCOME TO TAKING STOCK, IT'S A ROUND UP OF TODAY'S BUSINESS NEWS & INVESTMENT VIEWS.
INDICES:
FTSE 100: 7,560 -0.11% (down 3 days in a row)
Just above 200 day moving average whcih is at 7,537
FTSE 100 MONTH HIGH: 8,014 - February 2023
FTSE 100 MONTH LOW: 6,826 - October 2022
Worst Indices
FTSE 250 18,613 -0.71%
FTSE AIM All-Share 784 -0.15%
AIM 12 MONTH HIGH: 934 - August 2022
AIM 12 MONTH LOW: 775 - October 2022
CURRENCIES / BONDS / COMMODITIES
UK 2 Year Government Bond Yield is now above 5% and testing its high as Bank of England is predicted to raise interest rates tomorrow due to sticky CPI inflation data out today.
3 Top Business Stories
1. The UK's inflation rate is remaining stubbornly high, with prices for food, dining out and other recreational activities continuing to rise.
Inflation, which measures the pace prices rise at, was 8.7% in the year to May, the same rate it was in April.
Price rises for flights and second-hand cars last month all contributed to prices remaining higher than expected.
The Bank of England is expected to raise interest rates on Thursday in a bid to slow prices from rising as fast.
2. Britain's public sector net debt surpassed 100% of gross domestic product in May as borrowing came in higher than expected, the ONS said.
Public sector net debt, excluding that of state-controlled banks, hit 2.567 trillion pounds ($3.28 trillion), equivalent to 100.1% of gross domestic product.
That represented the first time that debt stood above 100% of GDP since 1961 although it was temporarily recorded as passing that threshold during the COVID-19 pandemic before being revised lower.
3. WH Smith, Marks & Spencer and Argos are among a string of companies named for failing to pay the minimum wage.
More than 200 firms face penalties of nearly £7m and must reimburse workers for breaches dating back over a decade.
WH Smith, Marks & Spencer and Argos all said the breaches were unintentional and had been swiftly remedied.
Today's Winners & Losers
WINNERS
1. Hydrogen Utopia Intl - Proposed Option and Future Funding
The Company has signed conditional heads of terms to acquire a substantial minority stake in Carbon Capture and Sequestration Limited, a company which it is anticipated will generate substantial future cashflows for its shareholders and which HUI would utilise in developing its pipeline of waste plastic to hydrogen plants.
2. Tekmar Group - Interim Results
Revenue of £17.7m (HY22: £13.0m) with strong growth across both Offshore Energy (37%) and Marine Civils (35%) divisions, compared with prior year comparator.
Adjusted EBITDA loss of £0.6m (HY22: loss of £1.8m), attributable to non-cash FX movement of £0.8m during the Period.
Expect business to break even at an Adjusted EBITDA level for the current financial year, with revenue in the region of £40m, of which over 90% is already secured
Cash on the balance sheet of £3.7m as at 31 March 2023, with net debt of £3.3m
3. i-nexus Global - Proposed issue of up to £0.5 million
Proposed issue of £0.5 million of Fixed Rate Unsecured Convertible Redeemable Loan Notes
The net proceeds of the issue of the 2023 Convertible Loan Notes of £0.5 million will provide much needed additional working capital to allow the emerging sales and pipeline momentum to be reflected within operating results and cashflow and will be applied entirely towards meeting the Company's ongoing working capital requirements.
LOSERS
1. Live Company Group - New auditor appointed and update on accounts
LVCG has appointed MHA as the firm's new auditors with immediate effect.
The Company also notes the Accounts are unlikely to be published by the 30 June 2023 as required by the AIM listing Rules.
Accordingly, and pursuant to AIM Rule 40, the Exchange will suspend trading in the Company's shares with effect from 07.30 on 3 July 2023.
2. Esken Limited - Final Results
Esken completed a strategic review of its operating businesses and is actively progressing a managed sale process of its core Renewables and Aviation businesses.
Loss before tax £27.7M on revenue of £93.7m.
3. Bushveld Minerals - Final Results for the Year Ended 31 December 2022
Revenue of US$148.4 million (2021: US$106.9 million).
Net loss of US$35.4 million (2021: US$34.2 million)
Cash and cash equivalents of US$10.9 million (2021: US$15.4 million).
Net debt of US$79.5 million (2021:US$68.9 million).
Most Read RNS's
1. Avacta Group - Completion of Fifth Dose Escalation in AVA6000
Successful Completion of Fifth Dose Escalation in AVA6000 Phase 1 Clinical Study. Very positive safety profile of AVA6000 continues to be observed in the fifth cohort. Several patients remain on trial in different dose cohorts and continue to receive AVA6000 as their disease has not progressed
2. UK Oil & Gas - Horse Hill Update
As five judges and the Court of Appeal have previously dismissed Finch et al's challenge to the legality of Horse Hill's planning consent, the Company and its legal counsel remain convinced that planning consent was granted entirely lawfully, and will, therefore, strongly contest this final action against its interests.
3. Polarean Imaging - Appointment of Dr. Christopher von Jako as new CEO
Dr. Christopher von Jako succeeds Richard Hullihen, who will be retiring and will be stepping down as a Director of the Company, effective immediately.
With 30 years of global healthcare leadership experience, Dr. von Jako has led both private and publicly listed businesses, with a proven track record of commercialization while developing and executing sound business and operating strategies. He has experience across a multitude of healthcare sectors, including radiology, pulmonology, and various surgical interventions.