MOVERS OF FRIDAY 26 FEBRUARY 2021
shares ticked up 4.70% to 400.9p as it raises its full-year outlook
The UK-based pet care firm which continues to operate as an essential retailer throughout the country’s national COVID-19 lockdown has reported a continued strong trading performance during Q4 which has prompted the group to upgrade its full-year outlook.
Accordingly, based on trading year to date, the group now anticipates full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9m, to be around £85m, which is ahead of its previous guidance of at least £77m.
It said trading over the last eight weeks had come in ahead of expectations, ‘with continued strong and broad-based growth across all channels and categories.’ The Company informed investors that it will announce its FY21 Preliminary results on 27 Thursday May 2021.
shares soared 21.67% to 160.5p as it sells Starcom Technologies in £14.7m deal
The Group, which provides business software, cloud solutions and managed services has sold its managed services unit, Starcom Technologies to Node4 in a deal worth £14.7m.
The total consideration for the disposal to Node4 Ltd, the UK-based infrastructure and services company backed by private equity investment firm, Bowmark Capital, was £14.7 million, including £0.5m cash on the balance sheet, paid entirely in cash on completion.
The transaction generates a significant profit on disposal of over £10m to be accounted for as an exceptional contribution to results in the current financial year to 30 November 2021. K3 said the disposal proceeds significantly strengthen its balance sheet eliminating net debt.
shares jumped 19.23% to 31p with new JV partnership
The Company has agreed to a joint venture partnership with Demir Export A.S, thereby dropping its former JV with Anglo Asian Mining. Following this latest deal, Demir is now set to fund and develop Conroy’s Clontibret licence on the Longford-Down Massif gold trend.
Under the terms of the letter of intent signed between the two parties, Demir Export will make a cash payment of €1m to Conroy Gold on final approval of the definitive agreement.
The primary focus of the joint venture project is the development of the gold deposit in the Clontibret licence to construction ready status and bringing it into operation as a gold mine.
The parties further aim is to have the other licences given the same status one after the other, hence providing a foundation for a long-term relationship between the parties.
shares rose 15.28% to 0.415p off the back of its trading update
In a trading update, the Company told investors that it continues to expect FY20 NAV to remain at or near the $7.17m levels reported with its interim results for 29 February 2020.
Cambria said operating subsidiaries and divisions Tradanet, Millchem and Autopay operate at near or above cash flow break-even levels, albeit based on substantially lower revenues.
Significant components of the Company's NAV include a $2.5 million valuation of Paynet Zimbabwe's Headquarters and its adjacent plot with main road frontage and its investment in Radar Holdings Limited valued at $1.74 million. Meanwhile, the Group noted that cash and cash resources outside Zimbabwe at the end FY 2020 amounted to $1.8 million.
The Company said it has been granted an extension for its Annual Report due to the effect of the ongoing pandemic. The Group said it will publish this ‘by no later than 31 May 2021.’
shares fell 5.36% to 2,026.5p after sharp fall in sales and earnings
Shares in Aston Martin were down on Friday afternoon following its results for the year to 31 December in which the car maker reported a sharp decline in sales and earnings in 2020.
Retail sales were down by 32% of 4,150 vehicles for the period as a result of Covid-19 impacting dealer operations. The Group also posted a pretax loss of £466m compared to a loss of £119.6m in the previous year, as the Company’s revenues fell by 38% to £611.8m.
Despite the posted losses, the Group said it has since seen an improved 4Q20 due to the sales of its new DBX SUV, with revenues 3% higher than the same period in 2019. The Company also added that the Valkyrie was on track for delivery in the second half of 2021.
It said that based on the initial months of its ongoing transformation programme that it is on track for plans to sell 10,000 cars a year by 2024 – 2025. The company stated that this would bring in around £2 billion in revenues, as well as earnings of around £500 million.
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.