Movers of Friday 14 January 2022

Francesca Morgan
Market Report
16:30, 14th January 2022

Location Sciences (LSAI) shares jumped 17.65% to 0.5p following recent sale of assets

In recent weeks, shares in Location Sciences have increased in value following the sale of some of its businesses which the company executed in order to boost its cash reserves.

Last month, the global location verification provider to the digital advertising industry told investors that it would sell its insights dashboard and four contracts to Digital Envoy, Inc.

It will receive $0.575m once the deal is completed and a further $0.125m within 3 months of the closing date subject to certain post-closing warranties and milestones being satisfied.

LSAI price chart

Minds + Machines Group (MMX) shares rose 15.15% to 9.5p after returning investor capital  

In 2021, Minds + Machines Group announced the sale of its web domain registry business to GoDaddy (NYSE:GDDY) for a price of US$120m, thereby returning US$80m to shareholders.

The Board told investors that it has now concluded that it will return its remaining capital to its shareholders and cancel its listing on the junior AIM market of the London Stock Exchange.

The Group detailed that it will return up to £19 million to its shareholders via a tender offer at a price of 10.4p per share, which represents a premium of 26.1% on Thursday’s closing price.

MMX price chart

Tintra (TNT) shares jump again by 14% to 228p following Monday’s funding round news

Shares in the IT service management firm continue to rise after it closed the first tranche of a $10m funding round with the announcement of an initial $3m investment valued at $100m.

It explained that the funds will be used to drive its next stage of strategic growth and the build out of game changing artificial intelligence via the development of its RegTech business unit.

This follows the company’s recent new joint venture with the award-winning Artificial Intelligence and Machine Learning business, TMC2, via the firm’s subsidiary Finsensr.

TNT price chart

Currys (CURY) shares were down 6.67% at 104.85p after cutting its profit guidance

Currys, the British electricals retailer, nudged lower its full year profit target, attributing a “challenging” technology market over Christmas to its decision. It now expects adjusted pre-tax profits of £155m for the year to end-April, down from its previous £160m forecast.

“Customer demand for some tech was strong. This was a gamers' Christmas, the year that virtual reality broke into the mainstream, and when consoles flew off the shelves. Oculus Quest 2 and PS5 were stars. Appliances large and small also enjoyed strong sales, as consumers continued to kit out their homes. Still, the overall UK Tech market was down (10)% compared to last year's Peak period,” Curry’s Chief Executive Alex Baldoc told investors.

CURY price chart

On Monday, Marks Electrical Group (MRK) hailed a record trading period during its third quarter to 31 December 2021, reporting revenue growth of 27.4% from £17.5m in 3Q21 to £22.3m in 3Q22.

The London-listed online electrical retailer said the company’s record period includes a strong performance during the ‘seasonally important’ Black Friday and Christmas trading events. 

In the year-to-date, the Company reported revenue growth of 55.0%, up from £38.6m to £59.8m, which it says is keeping the business on track to deliver its 2022 revenue target.

The Group achieved operational leverage during 3Q, therefore driving margin expansion. As a result, the firm says it is on track to achieve its full-year Adjusted EBITDA margin target of 9%.

Today, the Group’s solid results were put into further context following the release of the trading statement from the multinational electrical and telecommunications retailer, Currys.

MRK price chart

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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