Movers of Friday 9 April 2021
shares rose 8.69% to 544.25p as it sees recovery in 2021 first quarter
The recruiter said it has seen improvements throughout the first quarter of 2021 despite the backdrop of continued and increasing restrictions or lockdowns in many of its markets.
The Group said it had delivered ‘record months’ in March 2021 across markets such as Germany, Italy, Spain and South East Asia. However, it also highlighted to investors that “at this stage of the recovery, it is not easy to determine whether the improved performance is the result of pent-up supply and demand, or the beginning of a sustainable trend.”
“However, and notwithstanding the early stage in the year, the strength of our performance in Q1, and notably in March, has increased confidence in our outlook for the year. Subject to other unexpected events, we now expect full year operating profit to be within the range of £90m - £100m,” commented Steve Ingham, Chief Executive Officer of PageGroup.
shares ticked up 22.55% to 1.25p after the Group’s recent slump
Shares were trading higher on Friday following a slump after Tuesday’s news that the company planned acquisition of a majority stake in certain copper mining licenses in the Republic of the Congo had fallen through following several delays in completing the deal.
The Company had originally agreed to take a majority stake in the copper mining licences back in September 2020 but revealed at its AGM that it is now no longer authorised to issue the amount of shares to complete the transaction, without specific shareholder approval.
“Regrettably, the Company has been unable to finalise binding terms agreeable to all parties and we therefore have had no choice but to concentrate our resources elsewhere.
Management is now working with the Board to review a number of other transactions for the business or alternative strategies, which could deliver shareholder value and reward our shareholders for the patience shown to date,” said Jonathan Henry, Executive Chairman.
shares rose 12.7% to 35.5p as it secures contracts worth £125m
Shares in the provider of maritime surveillance, monitoring and management systems rose today despite reporting that full-year revenue is expected to come in at around £8.2m for the year ended 31 March 2021, down substantially from revenue of £18.9m last year.
Similarly, it expects to report loss before tax of £5.8m compared to £3m in the prior year. Despite the hit from COVID-19, the Company also informed investors that it has secured seven new contracts worth £125m which will start as soon as restrictions are relaxed.
shares ticked up 12.12% to 2.8p off the back of its new well plans
The stock has gained value since the Group informed investors of its plans to drill two wells, each targeting 600 barrels of oil equivalent per day, in addition to spudding a third well by the end of the year.
In a statement released on Wednesday in which the Group outlined its objectives for 2021, it stated that it plans to commence its 2021 drilling programme with a new horizontal well in West Rustavi, at WR-BA location, with the first well expected to spud in May/June 2021.
If successful, Block has identified a number of options for the second well in its work programme but will await results from the well at WR-BA before making a final decision.
Commenting on the plan, Block Energy’s Chief Executive Officer, Paul Haywood, said, “I am very pleased to be able to announce a definitive set of objectives that Block has set itself for the year, along with detail of the drilling plans formulated to achieve these objectives.”
shares fell 5.65% to 364.3p following release of quarterly production growth
Shares in the iron ore pellet producer fell today following its statement on Thursday relaying first-quarter production growth and new plans to boost capacity through upgrade work.
Commercial production rose by 2% annually to 2.8m tonnes however quarter-on-quarter output was down 12% which the Group said reflected ‘ongoing pelletiser upgrade work.’
The Group added that upgrade work was completed on one pelletiser line in 1Q21 while further work is now underway in 2Q21. The Company told investors that it expects overall pelletiser capacity to increase by 0.5-1.0 Mt per annum following completion of this work.
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