Movers of Friday 12 August 2022
shares jump 26.56% to 4.05p on landmark contract with Chinese distributor
East Imperial announced this morning the signing of a long-term distribution deal with Wen Hua Hang Wine Spirits Company (WHI), one of the largest distributors in China. WHI will supply East Imperial's entire range across the Chinese Mainland and Macau.
East Imperial already has an established presence in China, having worked locally with groups such as Ritz-Carlton, Bulgari, W Hotel, Rosewood, and Capella Hotels. The WHI partnership will enable East Imperial to continue building its presence at the luxury hotel end of the market, while also focusing on local premium customers, the company said.
East Imperial said the partnership with WHI is part of its tailored approach in China. The company said it has worked very closely with members of the WHI advisory board, to ensure it fully understands and can properly cater to the Chinese market.
Read our full coverage of today's announcement by East Imperial.
shares rebound 33.85% to 17.2p on continued volatility after FY23 revenue downgrade
Revolution Beauty shares jumped 33.85% today after much volatility following August 2nd's announcement of a 7% revenue downgrade for FY23, and yesterday's news of audit complications.
Despite the revenue downgrade, the top line is still set to expand 15%-20% (ex Russia/Ukraine) this year and the company should still be profitable with the seasonally stronger second half, meaning it is likely to hit broker Zeus's 1.5p EPS target.
FY 2022 results are expected on 30 August.
shares slump 17.91% to 2.75p on volatility following yesterday's lifting of AIM trading suspension
Artemis Resources yesterday said drilling results from its 100%-owned Greater Carlow Castle Project in Western Australia were in line with expectations, and its one-day trading suspension in London had been lifted.
The company found up to 1.91g Au/tonne at the Crosscut Zone of the Carlow project, as well as up to 8.78% Cu mineralisation.
Alastair Clayton, Executive Director, commented: "These results from holes designed to test for further extensions of the known mineralised footprint at Crosscut and Carlow West are very pleasing and we look forward to completing and releasing the new Carlow Project resource model in the near future."
Shares initially jumped 13.56% on the news yesterday, but today corrected down 17.91%
shares fall further 12.85% to 31.2p on lowered expectations for FY23
TheWorks.co.uk on Monday said it substantially lowered its expectations for FY23, though it forecast FY22 underlying EBITDA to be higher. The company said it expected its underlying EBITDA to be £16.5m, up from its 20 May forecast of £15m. TheWorks.co.uk did not detail its lowered expectations for FY23.
TheWorks.co.uk said LFL sales declined 2.5% in Q1, due to an 28.6% LFL decline in online sales. The drop in online sales was partially offset by in-store LFL sales growth of 1.4%.
"Whilst we still expect to be able to grow sales in the remainder of FY23, it is uncertain whether the level of growth will be in line with original expectations and that which is required to offset cost headwinds such as historically high freight costs, which are showing little sign of abating in the short term, as well as increases to the National Living Wage. In light of this uncertainty, and reflecting its desire to maintain a more cautious approach in these market conditions, the Board has materially lowered its expectations in relation to FY23's result." the company said.
Shares fell 26.67% on the day of the announcement, and again 12.85% today.
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