Welcome to taking stock on Tuesday 18th July 2023
It's a look at today's top business news & investment views plus the winners, losers, the most read & the most followed including:
WINNERS
Darktrace - Q4 FY 2023 Trading Update
Highlights
· FY 2023 year-over-year growth of at least:
o 31.0% in revenue;
o 29.2% in constant currency ARR;
· 18.3% year-over-year growth in number of customers;
· Adjusted EBITDA margin of at least 22.0%;
· Ernst & Young LLP review has been completed; and
· FY 2024 guidance incorporates continuation of stabilising year-over-year sales trends through 1H and expected benefits of improving economic conditions and recent investments in 2H.
Darktrace #DARK - Conclusion of Ernst & Young LLP Review
Neither Management, nor the Board consider EY's report to have any impact on Darktrace's previously filed public company financial statements nor to change their belief that those financial statements fairly represent Darktrace's financial position and results. In addition, Grant Thornton's audit opinions for prior years remain unchanged and the audit for FY23 is in progress.
LOSERS
Pelatro - Trading Update
Pelatro announces that it has recently been informed by a key customer, owing $550K, that it will no longer meet a previously agreed payment deadline of July 2023. This delay in payment, together with routine half-year procedures, prompted the Board to undertake a wider review of its outstanding receivables.
Following the review, Pelatro confirms that it is experiencing unusual delays in collection of receivables from four specific customers, together amounting to c.$1.1m (of total receivables of $4.2m). The Company is in active and constructive discussions with the four customers and expects a positive resolution.
The delays are partly due to the countries in which the customers are based, being Nepal, Myanmar and Bangladesh, where the governments are yet to provide approval to the customers to make the contractual payments.
The Company had cash of $0.7m as at 30 June 2023. The Board expects to collect c$2.6m from other customers between July and September 2023 but will, based on current assumptions and management forecasts, require additional external funding in the final quarter of the financial year.
United Oil & Gas - Half Year 2023 Trading and Operations update
Revenues for the first half of the year are expected to be $6.4m (2022 H1 $9.8m), with the average realised oil price per barrel from Egypt achieved of approximately $78 (2022 H1 $105). Our cash balance as at 30 June was approximately $0.55m (2022: $3.8m).
Most Followed
Good Energy
Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,700 independent UK generators.
Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.
Power Metal Resources
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Most Read RNS
boohoo group - Settlement Agreement with Revolution Beauty Group
Bidstack Group - Board Changes
Donald Stewart, Non-Executive Director, has informed the Board that he has decided not to seek re-election as a director of the Company
Glen Calvert, Non-Executive Director, has also indicated his intention to resign as a Director of the Company
Requisitioned General Meeting - 11th July
The resolutions to be proposed at the General Meeting are to remove Glen Calvert and Lisa Hau as directors of the Company and to appoint Nicholas Hargrave a director of the Company.
Revolution Beauty - Settlement Agreement with boohoo
Derek Zissman and Bob Holt have both agreed to resign as directors of Revolution Beauty. Bob will, however, remain with the business as interim CEO until 31 August 2023.
Alistair McGeorge, Neil Catto, Rachel Horsefield and Peter Hallett will join the Board. Biographical information regarding Alistair McGeorge, Neil Catto and Rachel Horsefield has previously been announced by boohoo in connection with its Requisition.
· Alistair McGeorge will take on the role of executive chairman, whilst Neil Catto will join as a non-independent non-executive director.
· Rachel Horsefield and Peter Hallett will join as independent non-executive directors.
· Revolution Beauty will commence a search process to identify a new CEO with extensive experience of the beauty sector, retail and consumer brands.
· Elizabeth Lake will remain as a director and as CFO of Revolution Beauty. The new directors appointed at boohoo's request are looking forward to supporting Elizabeth with her ongoing hard work on restoring the Company to sound financial health, including with respect to ensuring the timely publication of the FY23 Accounts.
Top Business Stories
Grocery inflation remains ‘incredibly high’ but falls for fourth straight month thanks to supermarket promotions
Grocery price inflation has seen the biggest drop since its peak in March but remains “incredibly high”, figures show.
Supermarket promotions helped the figure fall to 14.9 per cent in the four weeks to July 9, down from 16.5 per cent over the previous month, according to analysts Kantar.
The latest drop comes as supermarkets ramp up promotions, with spending on them up for the first time in two years, accounting for 25.2 per cent of the market.
Sainsbury’s sales grew by 10.7 per cent edging out Asda and Tesco at 10.5 per cent and 10.2 per cent respectively.
Aldi was again the fastest growing grocer, with sales up by 24 per cent.
The BoE will be looking at this and tomorrow's CPI numbers.
CPI (YoY) (Jun) Forecast = 8.2% Previous = 8.7%
Core CPI (YoY) (Jun) Forecast = 7.1% Previous = 7.1%
The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is the official target for price stability by the Bank of England.
How Harry Styles, Elton John and Glastonbury boosted UK music tourism - but expert has word of warning
Music tourism generated £6.6bn of spending in the UK in 2022, attracting more than 14 million international and domestic tourists to live events, a report has found.
Figures show a resurgence for the live music industry in the first full year of festivals, gigs and concerts following the suspension of events during the COVID pandemic.
(Click here to read more)
Evergrande: Crisis-hit Chinese property giant reveals $81bn loss
Crisis-hit Chinese property giant Evergrande has revealed that in 2021 and 2022 it lost a combined 581.9bn yuan ($81.1bn; £62bn).
The firm, which defaulted on its debts in late-2021, reported its long overdue earnings to investors in Hong Kong.
Evergrande has been struggling with an estimated $300bn (£229bn) of debts.