Movers of Wednesday 18 May 2022
In its published results for the 52 weeks to 2 April 2022, Premier Foods stated that it had exceeded its profit guidance for the 2022 financial year, raising its shareholder payout by proposing a full-year dividend of 1.2 per share, a 20% increase from 1.0p the year before.
Pre-tax profit was £102.6m for the period down 16% compared to £122.8m the year before. Annual adjusted pre tax profit amounted to £128.5m, a 38% increase from £115.3m. It also exceeded the adjusted pre-tax profit guidance of around £125m the group lifted in January.
The company’s expectations for further good progress in FY22/23 remain unchanged.
Arrow Exploration Corporation (AXI) shares rise 25.93% to 16.5p amid positive well results
Today, the exploration company has announced the results of the Rio Cravo Este-2 ("RCE-2") well testing on the Tapir Block in the Llanos Basin of Colombia which was spud back in April.
The Group said it is encouraged by the material results of RCE-2 which have identified new zones for further exploitation and that flowing results were returning better than expected.
Arrow said it is now moving the rig to its next well location, the RCS-1 well, which is expected to spud before the end of May. The company’s current production exceeds 1,000 boe/d, producing positive cashflow for the Company during a high commodity price environment
N Brown (BWNG) shares jump 26.40% to 33.23p as it posts growth across strategic brands
In its final year results for the period to 31 December 2021, the clothing and footwear digital retailer reported adjusted EBITDA up 11.9% to £95.0m coupled with net cash of £43.1 million.
Although the company remains cautious in the short-term as a result of “inflationary impacts and consumer behaviour,” it said it remains confident that over the medium-term its strategy will support the delivery of 7% product revenue growth alongside a 13% EBITDA margin.
Tertiary Minerals (TYM) shares rise 21.43% to 0.255p as it begins drill programme in Zambia
On Tuesday morning, the mineral exploration and development firm announced that it has commenced its first drill programme at the Jacks Copper Project in Zambia which lies within exploration licence 27069-HQ-LEL and held by local partner Mwashia Resources Limited.
The Board believes the project “has the potential to host potential economic mineralisation and we look forward to reporting laboratory results and further updates going ahead.”
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