Upstream Share Discussion Threads

[master rsi] 18/4/2024 10:18

Foxtons hails strong start to year as sales market improves

(Sharecast News) - Foxtons hailed a strong start to the year on Thursday as the sales market improved and the London estate agent grew its market share.
The company said first-quarter revenue rose 9% to £35.7m, with growth across all segments and trading in line with management's expectations.

Revenue from the lettings business was up 5% to £24m, reflecting incremental revenues from the two 2023 portfolio acquisitions and broadly flat revenues on a like-for-like basis. Foxtons said that as expected, the supply and demand dynamic has normalised and rental prices have stabilised versus 2023.
In sales, revenue rose 17% to £9.5m, with growth underpinned by a "significant" increase in Foxtons' market share of transactions.

Sales agreed in the quarter were 31% higher by volume compared to the same period a year earlier.
At the end of March, the value of the under-offer pipeline was 34% higher than a year earlier and 12% higher than 2022 - the highest value since the 2016 Brexit vote.

Foxtons said the under-offer pipeline is expected to support further revenue growth in the second quarter, along with an improving sales market backdrop as mortgage availability and rates have stabilised.

Chief executive Guy Gittins said: "This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business. Last year we regained our number 1 position in London and delivered significant growth in our market share of property instructions across both lettings and sales. The business is now focussed on converting these listings to transactions as we deliver results for our clients.

[master rsi] 18/4/2024 09:50

CEY 124.60p (-5.10 / -3.93%%) / Centamin revenue declines on planned slip in quarterly gold production

(Alliance News) - Centamin PLC on Thursday reported slightly lower gold production in the first quarter of 2024, due to planned mine works.
The Jersey-headquartered miner, which has interests in Egypt, Burkina Faso and the Ivory Coast, said in the three months to March 31, gold output declined 1.0% on-year to 104,821 ounces from 105,875.

Centamin noted that the "scheduled processing of lower-grade ore from the open pit at its producing Sukari gold mine in Egypt, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter affected output.

Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million the year before. Gold sales were 92,494 ounces, leaving 19,241 ounces in stock that was sold at the start of the second quarter, Centamin said.

All-in-sustaining cost was USD1,519 per gold ounce sold, compared to a realised gold price of USD2,062 per ounce.
Looking ahead, Centamin left its 470,000 to 500,000 ounces output target for the year unchanged.

Chief Executive Officer Martin Horgan said: "We continue to advance organic growth opportunities within our portfolio. We are actively following up on the recent exploration successes from our Eastern Desert exploration drilling programme and are progressing well towards completion of the DFS for the Doropo project in Cote d'Ivoire by mid-year."

[master rsi] 18/4/2024 09:30

MARKET REPORT
LONDON MARKET OPEN: Europe up as overlooks New York tech sell-off

(Alliance News) - Stock prices in London opened higher on Thursday, with the FTSE 100 supported by some promising corporate updates.

Market sentiment in Europe was confident on Thursday morning, though tech shares in New York sold off overnight, as US interest rate worries continued to linger.

The FTSE 100 index opened 42.60 points higher, 0.5%, at 7,890.59.

The FTSE 250 was up 50.21 points, 0.3%, at 19,390.35. An early wave of corporate trading statements from mid-caps were mixed, though it did have some M&A impetus, as Hipgnosis Songs Fund agreed to a takeover.

The AIM All-Share was up 0.57 of a point, 0.1%, at 743.69.

The Cboe UK 100 rose 0.4% to 787.94, the Cboe UK 250 was flat at 16,789.50, and the Cboe Small Companies was largely unmoved at 14,767.32.

In European equities on Wednesday, the CAC 40 in Paris rose 0.5% and the DAX 40 in Frankfurt added 0.2%.

The Dow Jones Industrial Average ended down 0.1% in New York on Wednesday. The S&P 500 fell 0.6%, while the Nasdaq Composite slumped 1.2%.

Earnings from Amsterdam-listed ASML disappointed, sending chipmakers in New York lower.

"The results raised a few eyebrows regarding the sustainability of demand from chipmakers and the future of the AI rally. As such, Nvidia – which has become the icon of the AI rally – fell nearly 4%," Swissquote analyst Ipek Ozkardeskaya commented.

On Thursday, Taiwan Semiconductor announced a nearly 9% increase in net profit in the first quarter of 2024.

TSMC - whose clients include Apple and Nvidia - controls more than half the world's output of silicon wafers, used in everything from smartphones and cars to missiles.

Net profit increased 8.9% on-year in January-March to TWD225.4 billion, around USD6.97 billion, compared to TWD206.9 billion in the same period last year.

Some of the dollar's progress this week eased on Thursday morning. The greenback has been supported by the expectation that the Federal Reserve's first rate cut of the cycle will come later than initially expected.

Though was once hope that the first cut could have come as early as March, though that did not materialise. Another hold in May as all but certain, and the odds of a June cut have dwindled to as low as 17%, from over 50% a month ago, according to the CME FedWatch Tool.

At the moment, a September Fed cut is the best bet, according to the tool.

Against the dollar, sterling rose to USD1.2478 early Thursday, from USD1.2447 late Wednesday. The euro was up at USD1.0687, from USD1.0637. Against the yen, the buck bought JPY154.19, down from JPY154.67.

The UK is also grappling with sticky inflation, numbers showed Wednesday. According to the Office for National Statistics, the UK consumer price inflation rate was a touch loftier than expected last month, though it cooled to its tamest level since September 2021.

The ONS said the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

Commerzbank analyst Michael Pfister commented: "It seems that the UK also has a bit of an inflation problem. While the US figures are understandably more in the spotlight at the moment, yesterday's UK figures showed quite clearly that disinflation has stalled here as well. In fact, the figures surprised on the upside across the board, with the seasonally adjusted monthly rate of change for the core rate ending up just above the average for the last 10 months.

"With each passing month, it becomes clearer that while the core rate is likely to fall slightly on a year-on-year basis (probably to 3.4-3.5% in the next two months on base effects alone), not much more is expected thereafter. This should make it very difficult for the Bank of England to cut rates significantly in the near future."

Stocks in Asia were higher. The Nikkei 225 rose 0.3% in Tokyo. In China, the Shanghai Composite added 0.1%, while the Hang Seng in Hong Kong was up 1.0% in late trade. The S&P/ASX 200 climbed 0.5%.

A barrel of Brent oil slumped to USD86.72 early Thursday from USD88.68 late Wednesday. Gold traded at USD2,375.34 an ounce, down from USD2,383.47.

In London, easyJet shares rose 3.9%. It reported a "positive outlook" for the remainder of its financial year, and said its "seasonal" losses eased in the first half.

In the six months to March 31, revenue surged 22% to GBP3.27 billion from GBP2.69 billion. Its headline pretax loss slimmed to GBP350 million from GBP411 million.

"Easter demand was particularly strong, benefitting March due to its early timing. Operational performance was good with peak daily flights broadly in line with summer levels," it said. "Bookings for summer 2024 continue to build well, with an increase in volume and pricing compared to the same period last year, underpinned by strong demand for easyJet's primary airport network."

Chief Executive Johan Lundgren said the firm is "well set up operationally" for the upcoming summer season.

Shares in British Airways parent International Consolidated Airlines Group added 3.4% in a positive read-across.

National Grid added 2.6%. It raised its guidance for underlying earnings per share, following an accounting change.

The London-based electricity infrastructure and gas utility company said the reporting change will be reflected in its financial 2024 results, which will lead to an expected increase to underlying EPS of around 8p per share.

As a result, National Grid expects underlying earnings per share for financial 2024 to be line with its prior year. The company's financial year ended March 31.

In financial 2023, National Grid reported underlying EPS of 69.7p.

Elsewhere in the utilities space, SSE added 2.1%.

Hipgnosis Songs Fund jumped 31%. The company agreed to a USD1.40 billion takeover from music rights acquirer Alchemy Copyrights, which trades as Concord.

Concord will pay USD1.16, or GBP0.932, in cash per Hipgnosis share. The price is a 32% premium to its Wednesday closing level.

Concord said Higpnosis Songs Fund shareholders will stand to receive an extra USD25 million in total, if the investment adviser deal with Hipgnosis Song Management is ended. HSM is chaired by Merck Mercuriadis, who also founded Hipgnosis Songs Fund. Hipgnosis Songs Fund has at loggerheads with Mercuriadis.

The dispute was sparked by an arrangement, later rejected by Hipgnosis Songs Fund shareholders, to sell part of the fund's portfolio to a joint-venture between Hipgnosis Songs Management and private equity firm Blackstone.

AJ Bell added 7.0%. The investment platform provider reported an increase in customer numbers in its second-quarter ended March 31, taking it above the half a million milestone.

Customer numbers increased by 19,000 in the quarter to 503,000. It hailed "record" assets under administration of GBP80.3 billion, a rise of 17% on-year and 5% on-quarter.

"Gross and net inflows across the platform in the run-up to the tax-year-end were significantly higher than in the comparative quarter last year," AJ Bell added.

Gross inflows rose 36% annually to GBP3.4 billion. Net inflows were up a third at GBP1.6 billion.

AJ Bell shares are up just 0.8% year-to-date. Towards the back end of last year, shares in investment platforms suffered after the UK Financial Conduct Authority set out concerns on the treatment of retained interest on customer cash balances.

The FCA said it was concerned some practices may not be providing fair value to customers and "may not be understood by consumers or properly disclosed".

Dunelm fell 4.8% as it backed guidance but noted tough homewares market conditions.

Total sales in the third-quarter to March 30 rose 3% year-on-year to GBP435 million. It expects full-year pretax profit to be "broadly in line with market expectations", citing consensus of GBP202 million, which would be up 4.7% from GBP193 million in financial 2023.

Centamin fell 3.9% as it reported "slightly lower production year-on-year". The gold miner has interests in Egypt, Burkina Faso and the Ivory Coast.

It noted the "scheduled processing of lower-grade ore from the open pit, alongside the planned underground ventilation upgrades and mill maintenance" in the first-quarter hit output.

Gold output declined 1.0% on-year to 104,821 ounces. Revenue for the period was 6.9% lower at USD191.0 million from USD205.2 million.

It left its 470,000 to 500,000 ounces output target for the year unmoved.

Elsewhere in London, LBG Media, which owns the Ladbible news and entertainment and viral video site, shot up 5.9%. It hailed a positive outlook stateside.

It said revenue in 2023 rose 7.5% to GBP67.5 million from GBP62.8 million in 2022. Its pretax profit, however, fell 19% to GBP5.9 million from GBP7.3 million.

LBG added: "Our positive revenue momentum and platform for growth in the US leaves the group at a significant juncture in its evolution and provides a clear line of sight to achieving GBP200 million of revenue. We have made a good start to 2024, entering our second quarter with positive momentum."

[master rsi] 18/4/2024 09:18

Argo Blockchain PLC Announces Notice of Results

Notice of FY 2023 Results and Investor Presentation

LONDON, UK / ACCESSWIRE / April 18, 2024 / Argo Blockchain plc ("Argo" or "the Company"), a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), announces that the Company's FY 2023 results will be released on Thursday, 25 April 2024.

Argo will host a conference call to discuss its results at 10:00 ET / 15:00 BST on Thursday, 25 April 2024. The conference call is open to all existing and potential shareholders, and the live webcast of the call can be accessed via the Investor Meet Company platform. Questions can be submitted via the Investor Meet Company dashboard before the meeting or during the live presentation.

Investors can sign up to Investor Meet Company and add Argo Blockchain via the following link: hxxps://www.investormeetcompany.com/argo-blockchain-plc/register-investor

[master rsi] 18/4/2024 09:08

FTSE

Already up with 49 points

[apotheki] 18/4/2024 07:31

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Drilling Campaign Completed Successfully at Pitfield Project

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that further to the announcement of 27 March 2024, the Company has now successfully completed its third phase of reverse circulation ("RC") drilling at the Pitfield Project in Western Australia ("Pitfield").

Highlights

· 40-hole RC programme completed at Pitfield which focussed on testing and delineating the two known zones of high-grade, bedded mineralisation.
· Diamond core drilling completed at the end of March 2024, which focused on confirming the continuation of near surface, high-grade titanium mineralisation identified by previous drilling and surface sampling.
· RC and diamond drilling programmes were completed ahead of schedule and on budget.
· Drill core is being logged and sampling is ongoing - assay results are expected in the coming weeks.
· 101 RC holes for a total of 15,010m as well as 7 diamond core holes for a total of 2,024.6m have now been completed at Pitfield in just over a year.

Shaun Bunn, Managing Director, said: "We continue to move at pace with development at the Pitfield Project, today announcing that our latest round of drilling has been successfully completed ahead of schedule and on budget. Our ambitious development plan at Pitfield, which will see delivery of a demonstration plant next year, is designed to systematically de-risk the project and prove an expedited route to commercialisation for this globally significant new discovery. I look forward to sharing more news in the coming weeks."

[master rsi] 17/4/2024 23:00

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 shrugs off UK inflation, hawkish US Fed

(Alliance News) - Stock prices in London closed largely up on Wednesday, despite hotter-than-expected UK inflation data and more hawkish words from the US Federal Reserve.

The FTSE 100 index closed up 27.63 points, 0.4%, at 7,847.99. The FTSE 250 ended down just 4.40 points at 19,340.14, and the AIM All-Share closed up 4.84 points, or 0.7% at 743.12.

The Cboe UK 100 ended up 0.6% at 785.06, the Cboe UK 250 closed up 0.1% at 16,784.15, and the Cboe Small Companies ended up 0.5% at 14,771.78.

The UK consumer price inflation rate was a touch loftier than expected last month, numbers on Wednesday showed, though it cooled to its tamest level since September 2021.

According to the Office for National Statistics, the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

A slowdown to 3.1% was expected, according to FXStreet cited consensus, however. Nonetheless, it was still the tamest rate of inflation since it sat at 3.1% in September 2021.

The next Bank of England decision is on May 9. Wednesday's inflation reading following data on Tuesday showing wage growth was loftier than expected.

Stocks in New York were lower at the London equities close, with the DJIA and the S&P 500 both down 0.4%, while the Nasdaq Composite was down 0.6%.

The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year, with one senior Fed policymaker recently suggesting that rates could remain at their current levels until 2025.

"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," Chair Powell said.

In European equities, the CAC 40 in Paris ended up 0.6%, while the DAX 40 in Frankfurt ended up 0.1%.

Annual inflation in the eurozone abated in March, numbers confirmed.

The annual rate of consumer price inflation ebbed to 2.4% in March from 2.6% in February, according to a Eurostat.

On a monthly basis, consumer prices rose 0.8% in March, picking up speed from a 0.6% rise in February from January.

The annual core rate of inflation - excluding energy, food, alcohol and tobacco - slowed to 2.9% last month from 3.1% in February.

Against the dollar, sterling rose to USD1.2447 at the London equities close on Wednesday from USD1.2435 at the time of the London equities close on Tuesday. The euro was up USD1.0637 from USD1.0629. Against the yen, the buck bought JPY154.67, rising from JPY154.51.

A barrel of Brent oil slumped to USD88.68 at the London equities close on Wednesday from USD90.21 at the European equities close Tuesday. Gold traded at USD2,383.47 an ounce, up from USD2,379.66.

In London's FTSE 100, mining shares were "doing their very best to recharge the market" AJ Bell analyst Russ Mould commented, with Rio Tinto up 2.6%, Anglo American up 3.5%, Fresnillo up 2.9% and Antofagasta up 2.8%.

Rio Tinto rose despite it reporting lower quarterly iron ore shipments and production at its key Pilbara operation. Antofagasta said copper output was weaker in its first-quarter, though it maintained guidance. Anglo American said the latest rough diamond sales by its De Beers arm were up against the previous sales round of 2024, but they remained below a year before.

Mining shares had fallen on Tuesday following mixed Chinese data. China is a major buyer of minerals. The nation's gross domestic product grew in the first-quarter, though industrial production and retail sales readings were weaker than expected.

Entain rose 1.0%, after the bookmaker brands Ladbrokes and Coral owner said its first-quarter performance was in line with expectations, the betting operator having had "successful" Super Bowl and 'March Madness' events in the US.

In the FTSE 250, International Distribution Services rose 29%, after the Royal Mail owner rejected a takeover proposal from billionaire Daniel Kretinsky's EP Corporate Group, the latter said.

EP Corporate, is a 100% direct shareholder of Vesa Equity which holds an around 28% stake in IDS.

EP Corporate said it submitted a non-binding indicative proposal to IDS, seeking its recommendation for a possible cash offer for the shares it does not already own.

Although this was rejected, EP Corporate said it looked forward to continuing to engage constructively with IDS and would consider "all options".

EP Group said it viewed the UK as an attractive and dynamic market for investment. It recognises that Royal Mail is in a "challenging situation".

Among London's small-caps, Severfield surged 19%.

The North Yorkshire, England-based structural steel group said it plans to launch a GBP10 million share buyback programme, as it hailed good progress during the second half of its financial year that ended on March 30.

Severfield expects to report a full year results slightly above its own previous expectations.

On AIM in London, Scirocco lost 9.1%.

The investment firm, focused on European sustainable energy assets, said it plots an exit from the AIM market.

"The considerable cost and management time and the legal and regulatory burden associated with maintaining the company's admission to trading on AIM are, in the board's opinion, disproportionate to the benefits," it said.

Scirocco expects the final day of trading of its shares to be May 16, before cancellation a day later.

In Wednesday's UK corporate calendar, budget airline easyJet and resource miner BHP both post trading statements.

The economic calendar has US initial jobless claims data out at 1330 BST

[master rsi] 17/4/2024 22:52

DOW

Finished 45 points lower ....

The S&P 500 and Nasdaq fell for the fourth straight session, dropping 0.58% and 1.15% respectively, with both indices hitting their lowest levels since 21 February.

The Dow, which had snapped a six-day losing streak on Tuesday, was back in the red, falling 0.12% to 37,753.31.

[master rsi] 17/4/2024 16:19

How the UPS are performing today

[master rsi] 17/4/2024 16:05

M Winkworth profit slumps amid challenging year for housing market
(Alliance News) - M Winkworth PLC on Wednesday said the company's recent performance was hampered by high interest rates and housing market uncertainty in the UK.

The London-based franchisor of real estate agencies reported a 15% decline in pretax profit to GBP2.2 million in 2023 from GBP2.5 million in 2022.

However, revenue remained largely unchanged at GBP9.3 million, and the company increased its dividend by 6.4% to 11.70 pence per share from 11.00p.

Chief Executive Officer Dominic Agace said: "Successive interest rate rises in 2023 brought considerable uncertainty to the sales market, with expectations as to when the tightening cycle might end fluctuating over the course of year. This led to a significant reduction in transactions.

He added: "2024 has had a stronger start than expected, with our sales agreed to the end of March 23% ahead of the same period in 2023, bolstered by mortgage providers reducing rates in anticipation of a rate cutting programme by the Bank of England."

So far this year Winkworth has opened three new offices and the company may open or relaunch eight additional franchisees in London over the next 18 months.

Looking ahead, the company anticipates a return to more normal economic conditions although believes house prices will remain broadly flat.

However, new interest from those held back over the past 18 months is expected to give rise to an increase in transactions throughout the year.

M Winkworth shares were up 8.9% to 177.00 pence each in London on Wednesday morning.

[master rsi] 17/4/2024 15:45

Time Out signs deal to open market in Budapest
(Sharecast News) - Media and hospitality company Time Out Group announced plans for a new Time Out Market in Budapest on Wednesday, through a management agreement with Corvin Food Market.

The AIM-traded firm said the market, set to open its doors next year, would be the the ninth site in development by the group set to launch between 2024 and 2027.

Located in the historic Corvin Palace, Time Out Market Budapest would occupy a central position at Blaha Lujza Square.

With 25,000 square feet indoors on the first floor and an additional 9,000 square feet outdoors on the rooftop, the market would include 14 kitchens, four bars, and an event space.

The market would have a seating capacity of around 800, the company said.

Operating under a management agreement, Time Out would benefit from a share of revenues and profits, with a guaranteed consultancy fee, while abstaining from capital contributions toward the site's development.

"Budapest is amongst Europe's most beautiful cities in which both locals and tourists love to go out - to open a Time Out Market in one of the city's top locations, together with our partners in Budapest, is very exciting for us," said Time Out Group chief executive officer Chris Ohlund.

"Budapest offers both traditional, classic and modern, hip elements - it has a vibrant and diverse food scene which we will bring together under one roof at Time Out Market Budapest."

At 1153 BST, shares in Time Out Group were down 4.76% at 50p.

[master rsi] 17/4/2024 15:03

IMF warns Jeremy Hunt at risk of missing debt target

Proactive Investors - Chancellor Jeremy Hunt is at risk of missing five-year debt targets for the UK economy after cutting national insurance during the Spring Budget, the International Monetary Fund has warned.

Under self-imposed rules, each UK chancellor aims to get debt falling as a percentage of gross domestic product (GDP) by the final year of a five-year forecast.

However, the IMF forecasts UK debt to increase in every year until 2029, when it is expected to jump to 98% of GDP.

According to the IMF, such forecasts, which were higher than previously, were in part driven by Hunt’s move to cut national insurance by 2% in last month’s Spring Budget, as well as the Autumn Statement beforehand.

“Recent policy changes, such as a significant cut to NI in the UK, although part-funded by well-conceived revenue-raising measures, could worsen the debt trajectory in the medium term,” the IMF warned

“Population ageing and labour market mismatches are further expected to exert pressure on fiscal positions.”

The cuts had come as the government prepares for an inevitable general election, though the IMF warned those in power should refrain from such moves in the world's “biggest-ever election year”.

[master rsi] 17/4/2024 14:48

DOW

on the up with 203 points

[master rsi] 17/4/2024 14:22

Hummingbird issues step-in notice regarding Kouroussa mine

Hummingbird Resources PLC - gold producer with operations in Mali, Guinea and Liberia - Says continued to engage with Ivory Coast-based Corica Mining Services, which had suspended mining activities on March 17, citing contractual disputes. Back then, Corica cited claims regarding unpaid invoices to Hummingbird totaling about USD27 million for work completed at Kouroussa mine in Guinea, which Hummingbird rejected. Hummingbird on Tuesday said it issued a step-in notice which allows it to take management control and issue instructions to Corica.

Meanwhile, the discussions about Kouroussa, which Hummingbird calls constructive, have the aim to ramp up operations under the existing mining contract between the two companies. Hummingbird says it is progressing with the restart and ramp up of mining activities at the mine. Further, it notes that operations at the mine have continued with the processing plant operating at the expected levels with mining via an existing support mining fleet.

Current stock price: 7.10 pence per share, 1.4% higher on Wednesday afternoon in London

[master rsi] 17/4/2024 13:51

Asiamet hails "outstanding" high grade copper sample results

Asiamet Resources Ltd - London-based mineral exploration company focused on copper, gold and polymetallic assets in Indonesia - Collects two samples from surface in the central area of the BKM deposit in Central Kalimantan, Indonesia, which assayed 24.0% and 23.3% of copper. Says these high-grade results are consistent with previous surface sampling and reinforce the upside potential of both the BKM and BKZ deposits.

Chief Executive Officer Darryn McClelland says: "The recent due diligence site visits have been very positive with good feedback received from all groups. The assay results from these grab samples are outstanding and, specifically for BKM, provide encouragement for the company in the fact that samples of this grade are found at surface. Our current mine plan targets mining of high grade starter pits from the BKM resource delivering high grade feed early in the life of the project allowing strong ramp up of copper production."

Current stock price: 0.70 pence, up 3.6%

[master rsi] 17/4/2024 12:01

How the UPS are performing today

[master rsi] 17/4/2024 11:50

Safestay hails minimum 20-year management contract for hostel in Spain

(Alliance News) - Safestay PLC on Wednesday celebrated a management contract for an independent hostel in Spain for an initial 20-year term.

The London-based city centre hostels operator said it signed its first management contract to run the resort-based 120 bed Calpe Seafront Hostel on Spain's Costa Blanca on behalf of a property investment company.

Chair Larry Lipman said: "Safestay Calpe Seafront, while different in being resort based, is a unique hostel which will fit naturally into our network. I believe it will be a strong addition alongside our new Edinburgh hostel, which is also opening in June."

Safestay shares were flat at 19.00 pence each on Wednesday morning in London.

[master rsi] 17/4/2024 11:11

Eckoh expanding availability of voice cloud platform

(Sharecast News) - Eckoh announced on Wednesday that it has augmented its global secure voice cloud platform, enhancing its availability and geographic coverage.

The AIM-traded company said its core cloud infrastructure, already operational across multiple regions and availability zones, had been bolstered by the launch of seven additional regional points of presence, including the introduction of its inaugural dedicated Asia-Pacific secure voice cloud platform in Sydney.

It said the expansion was crucial in meeting the escalating demands of its global customer base, which was increasingly transitioning contact centres to the cloud.

The shift was being driven by advantages including heightened scalability, flexibility, management, and customer experience.

Over the last three years, Eckoh said it had seen a notable rise in annual recurring revenue from the cloud, particularly in the pivotal North American market, where it had tripled.

With the momentum of contact centre migration to the cloud intensifying, the expansion of the secure voice cloud solidified Eckoh's position to support its growth aspirations and deliver interactions for its expanding clientele.

Its projections indicated a growth trajectory for the global cloud-based contact centre market, with estimates soaring from $17.1bn to $54.7bn by 2027, representing a robust compound annual growth rate of about 26%.