Movers of Wednesday 9 June 2021

Francesca Morgan
Market Report
15:30, 9th June 2021

The Restaurant Group (RTN) shares tick up 4.1% to 137.3p as it bids farewell to Chairman 

On Tuesday, the group unveiled that its Chairman, Debbie Hewitt MBE, is planning to step down from the Board with effect from 31st December 2021 after it was revealed that she is to become the Football Association’s first chairwoman with effect from January 2022. 

The Restaurant Group, which owns the restaurant chain Wagamama, reported back in May 2021 that it had seen a “very encouraging” recovery in sales after trading had resumed.  

RTN price chart

Sareum Holdings (SAR) shares soared 17.11% to 4.45p as it advances preclinical studies 

Shares in the drug development company, which is focused on treating cancer and autoimmune diseases, have increased by nearly 40% in value since the company announced to investors last week that it had raised £0.9 million at 2.8p a share in order to fund the development of its SDC-1801 TYK2/JAK1 inhibitor drug development programmes.  

Sareum is targeting the completion of these preclinical studies in 3Q21, subject to successful progress. Clinical trial plans, including priority autoimmune indications and potential Covid-19 application, will also be developed in parallel, subject to additional funding being raised.  

In addition, the subscription will also be used for general working capital purposes, it stated.  

"This Subscription, together with any further funds raised and grants awarded to Sareum, will also help us to further explore the potential benefit of SDC-1801 against Covid-19 and TYK2/JAK1 inhibitor SDC-1802 against cancers,” commented CEO, Dr Tim Mitchell.  

SAR price chart

CloudCoCo Group (CLCO) shares jumped 12.07% to 1.625p as EBITDA soars 435% 

In its half-year results, CloudCoCo, which provides IT and communications solutions to businesses and public sector organisations in the UK, said it has delivered “a resilient performance” with notable revenue and total contract value increases from 2H20.  

The company reported “another period of significant progress” with trading EBITDA for the six months ended 31 March 2021 up 435% year-on-year from the comparative 2020 period.  

Operationally, the firm secured multi-year contract extensions with Vantage Motor Group and Baywater Healthcare, respectively, two of the company’s largest clients by revenue.  

‘With an increasing pipeline of opportunities despite the ongoing impact of Covid, we remain confident in our prospects for the second half, facilitated by the easing of restrictions,’ it said.  

CLCO price chart

Block Energy (BLOE) shares rose 11.76% to 2.9 as it hails ‘significant progress’ in 2020 

In its results for the year ended 31 December 2020, the Georgian-focused company said it had made “significant progress” both operationally and corporately despite the pandemic. 

Despite various  restrictions in both the UK and Georgia, the company was able to pursue its gas strategy with Bago LLC and announced its inaugural gas sales in February 2021. 

To help to implement the company’s 2021 development strategy, Block Enegy performed a fundraise of £5.28 million in December 2020, the proceeds of which will support Block's statement of financial position through its recently announced operational objectives. 

Addressing shareholders, Chairman Philip Dimmock, said: “As we have proven this past year, Block benefits from the flexibility of being able to easily shut-in and restart production in reaction to the fluctuating oil price. Our cautious decision to do so last year has been rewarded with a much-improved oil price environment from which we are able to benefit fully.” 

BLOE price chart

Paragon Banking Group (PAG) shares fell 6.15% to 534.75p as stock still remains below pre-covid levels 

Shares in the specialist banking group fell today after jumping 11.23% to 568.25p on Tuesday following the publication of its results for the six months ended 31 March 2021 which stated that underlying profits had increased to a record high, rising 44.9% to £82.9m. 

Whilst not fully recovering to pre-Covid levels, originations across the Group rose by 45.1% from their second half 2020 levels to £1.13 billion compared to £1.27 billion in 1H20.   

The group attributed its strong performance in the first half of the year to the resilience of its business model. The Group said it maintains ‘a strong capital base, high levels of liquidity and is well-positioned to capitalise on any opportunities that may emerge in the future.’ 

PAG 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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