Movers of Wednesday 18 May 2022

Francesca Morgan
Market Report
15:39, 18th May 2022

Premier Foods (PFD) shares tick up 11.07% to 118.7p as it surpasses full year expectations

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.

PFD price chart

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

AXI price chart

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.

BWNG price chart

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.”

TYM price chart

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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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