Chemring Group (LON:CHG) shares rose 10% to 298p after ‘better than expected’ year
The technology product provider to the aerospace, defence and security markets raised its dividend and cut net debt after a better than expected end to the year to 31 October 2020.
Revenue from continuing operations for the year was up 20% to £402.5m (2019: £335.2m), mostly attributable to the company's countermeasures facilities in Salisbury and Australia.
Underlying profit before tax of £51.7 million was up 31% on the previous year and as a result of strong operational cash generation, net debt was reduced by over a third to £48.2 million.
Following its performance Directors of Chemring lifted the dividend by 8% to 3.9p per share.
Chemring’s Chief Executive Michael Ord said, “Trading since the start of the current financial year has been in line with expectations. With 78% of 2021 expected revenue covered by the order book, the board's expectations for 2021 performance remain unchanged.”
Plant Health Care (AIM:PHC) shares continue to rise and were up 17.65% to 12.3p
Shares in the biological product provider to global agriculture markets have increased by nearly 25% since the company entered into an agreement for its PREtec peptide portfolio.
The company announced back in November 2020 that it had entered a strategic collaboration for the development of products selected from Plant Health Care's PREtec peptide portfolio with Wilbur-Ellis® Agribusiness, a recognized leader in the precision agriculture market.
As one of the US’s largest agriculture retailers, Wilbur-Ellis' Agribusiness generates more than $2 billion in sales revenue annually and has 160 branch locations throughout the U.S.
“Wilbur-Ellis has been working with our Employ brand (Harpin αβ) for many years and has significantly increased sales since being appointed exclusive distributor for U.S. specialty crops in 2019,” commented Chris Richards, Chief Executive of Plant Health Care.
He said the first launch will be as early as the end of 2022, subject to regulatory approvals.
European Metals Holdings (AIM:EMH) shares rose 21.74% to 56p with NASDAQ listing
The ASX and AIM-listed metals group told investors that from today, the company will begin trading on the US based NASDAQ International OTC program under the code ERPNF
The company’s decision to initiate trading on the NASDAQ market follows an increased US-based interest in its Cinovec project, the largest hard rock lithium resource in Europe.
The acceptance to the NASDAQ International Program will accelerate EMH’s exposure to US shareholders, following its recent commencement of trading on the OTC Pink market, it said.
The Company noted to investors that it ‘can now leverage significantly heightened visibility in the U.S. investment community and greater resources for investor relations support.’
Commenting on the NASDAQ listing, EMH’s Executive Chairman, Keith Coughlan said:
"The increasing international exposure of the company is very pleasing and the US market in particular has demonstrated a keen awareness of the Cinovec project. Cinovec is a near-term development asset with the largest hard rock lithium resource in Europe that is also proximate to a number of battery manufacturers and end-users such as automobile companies."
Purplebricks Group (AIM:PURP) shares jump 16.5% to 88.15p as EBITDA rises 100%
In its half-year results for the six months ended 31 October 2020, the group said adjusted EBITDA had increased by 110% to £8.4m (1H20: £4.0m) following a rise in customers.
The UK technology-led estate agency business highlighted that it had delivered ‘a strong performance’ during 1H21 with instructions up 8% and total fee income growth of 6%, despite the UK housing market being disrupted through the height of the COVID-19 pandemic.
Vic Darvey, CEO of Purplebricks said, “this continued momentum demonstrates the strength of our technology-led business model and our ability to adapt quickly to a changing market.”
Whilst the company said there are reasons to ‘remain cautious on the economic outlook’, it said it is confident in the levers which are under its control, and that it currently expects adjusted EBITDA for the full year to exceed the upper end of the current range of consensus.
Airtel Africa (LON:AAF) shares fell 19.90% to 73.8p following the sale of 1.6% stake
One of the group’s biggest shareholders - a group which remains unnamed - offloaded a large stake in the Anglo-Indian telecommunications provider, causing investors to react negatively.
JP Morgan said last night that the shareholder was looking to sell a 1.6% stake. This was confirmed today and it was revealed that the unnamed seller has made £48m as a result.
“Whenever there is a known big seller out there, a company’s share price will often fall in anticipation, since share prices work on supply and demand. To get away from such a chunky sale the seller will often have to take a lower price,” the Times outlines in a report.
It added, “In this case, the shareholder sold the shares for 80p apiece — a 13 per cent discount to Monday’s close. The stock fell below that this morning, down 16½p, or 17.8 per cent, to 75¾p.”