Upstream Share Discussion Threads

[master rsi] 26/3/2024 23:22

KOD 0.46p - Kodal Minerals makes good progress at Bougouni project

Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Provides an update on project development activities and general progress at its Bougouni Lithium Project in southern Mali. Says Bougouni is on track to commence production in the fourth quarter following the achievement of key milestones in the first quarter. Explains the project is fully financed with all permitting in place, including environmental and social permits. Notes Kodal's community development plan was also recently approved by Mali's Environment Ministry.

Says all weather access roads to the Ngoualana open pit and dense media separation processing site are complete. Chief Executive Bernard Aylward says: "The first quarter of 2024 has seen major progress as we push ahead with the development of our flagship Bougouni Lithium Project." Adds: "Significantly, the team has finalised negotiations for the award of a mining contract.

The mining contractor will mobilise to site in the coming weeks and will commence with site clearing works in early April along with other key site establishment activities."

Current stock price: 0.46 pence

[master rsi] 26/3/2024 22:52

AFC Energy revenue falls; loss widens

AFC Energy PLC - Surrey, England-based provider of hydrogen power generation technologies - Revenue from customer contracts falls to GBP227,000 in the year ended October 31, from GBP582,000 a year earlier. Pretax loss widens to GBP19.6 million from GBP19.5 million. Says 2024 is focussed on delivery.

Chief Executive Adam Bond says: "We are well placed to build on the foundations set in 2023 and look forward to the successful deliveries of our new H-Power Generators into the hands of customers throughout the remainder of the 2024 calendar year."

Current stock price: 18.80 pence, closed down 3.1% in London on Tuesday

[master rsi] 26/3/2024 22:38

Regional REIT (LSE: RGL), the regional office specialist today announces its full results for the year ended 31 December 2023.
Resilient operational performance in challenging macroeconomic conditions

Financial highlights:

· Resilient valuation performance in a challenging environment, with a like-for-life portfolio valuation decline of 9.3% during the year significantly outperforming a -17.4% decline for the MSCI Rest of UK offices Index

· A high level of rent collection was achieved over the year. As at 15 March 2024, rent collection was strong, with FY 2023 collections reaching 99.0%, the equivalent date in 2023 when 98.7% had been collected

· Rent roll for the year was £67.8m (31 December 2022: £71.8m)

· Portfolio valuation of £700.7m (31 December 2022: £789.5m)

· Net initial yield increased to 6.2% (31 December 2022: 6.0%), the equivalent yield was 9.9% (31 December 2022: 9.0%) and the reversionary yield was 10.8% (31 December 2022: 10.2%)

· EPRA EPS of 5.23p per share ("pps") for the year (31 December 2022: 6.6pps)

· Covered Dividend of 5.25pps (31 December 2022: 6.6pps). Since the end of the year, the Company has declared a dividend for the fourth quarter of 2023 of 1.20pps, ensuring REIT compliance

· EPRA NTA per share 56.4pps (31 December 2022: 73.5pps); IFRS NAV of 59.3pps (31 December 2022: 78.1pps)

· The Group's cost of debt (incl. hedging) remained low at 3.5%, the same for the previous period. 100% of this was fixed, swapped or capped

· Weighted average debt duration 3.5 years (31 December 2022: 4.5 years); the earliest maturity being August 2024 for the £50m retail bond. Significant preparatory work has been undertaken to date in respect of both the debt and equity refinancing options

· Net LTV 55.1% (31 December 2022: 49.5%) before unamortised costs. The Board continues to target a net LTV ratio of 40%

Operational highlights:

· During the period, the Company completed 88 new lettings. When fully occupied, these will provide an additional gross rental income of £3.8 million per annum

· Energy Performance Certificate ("EPC") ratings have been reviewed across 98.4% of the portfolio. To date, the weighted average EPC ratings have improved from 56.9% to 73% EPC C and above

· At the period end, 92.1% (31 December 2022: 91.8%) of the portfolio valuation was offices, 3.1% retail (31 December 2022: 3.6%), industrial 3.2% (31 December 2022: 3.1%) and 1.7% other (31 December 2022: 1.4%)

· The portfolio continues to remain diversified with 144 properties (31 December 2022: 154), 1,483 units (31 December 2022: 1,552) and 978 tenants (31 December 2022: 1,076)

· By income, office assets accounted for 91.3% of gross rental income (31 December 2022: 91.5%) and 4.2% (31 December 2022: 4.5%) was retail. The balance was made up of industrial, 2.8% (31 December 2022: 2.6%), and other, 1.7% (31 December 2022: 1.3%)

· Disposals during the year totalled £25.0 million (net of costs), reflecting an average net initial yield of 4.5% (7.9% excluding vacant properties)

· At the period end, the portfolio valuation split by region was as follows: England 78.4% (31 December 2022: 78.3%), Scotland 16.2% (31 December 2022: 16.7%) and the balance of 5.4% (31 December 2022: 6.0%) was in Wales

· EPRA Occupancy rate of 80.0% (31 December 2022: 83.4%)

· The Company submitted its Third Global Real Estate Sustainability Benchmark ("GRESB") assessment resulting in an increased score to 66 from 60

Post period end
Disposals

· Since 31 December 2023, the Company has completed eight disposals and two part sales for an aggregate total of £13.4m (before costs) in line with the 2023 year end valuation.

The current disposal programme comprises of 58 assets totalling c £130m:

· one disposal contracted for £405,000;

· 10 disposals totalling c. £22 million under offer and in legal due diligence;

· 9 further disposals totalling c. £20 million are in negotiation;

· 24 further disposals totalling c. £42 million are on the market; and

· 14 potential disposals totalling c. £46 million are being prepared for the market

Lettings

Since 1 January 2024, the Group has exchanged on four notable leases to new tenants totalling 45,891 sq. ft. amounting to £0.8m per annum ("pa") of rental income when fully occupied, achieving a rental uplift of 10.7% against December 2023 ERVs. In addition, five notable leases have renewal amounting to 90,418 sq. ft. and £1.3m per annum ("pa") of rental income, delivering a rental uplift of 5.2% against December 2023 ERVs.

Noteworthy new and renewed lease are set out below:

· Clearblue Innovation Centre, Bedford - SPD Development Co Ltd renewed its lease to September 2033, at a rental income of £825,000 pa (£14.18/ sq. ft.) on 58,167 sq. ft. of space.

· The Foundation Chester Business Park, Chester - GB Group Plc renewed its lease to July 2028, with a break option in July 2026, at a rental income of £289,500 pa (£18.21/ sq. ft.) on 15,902 sq. ft. of space.

· Lightyear Building, Glasgow Airport, Glasgow - Heathrow Airport Ltd has leased 15,154 sq. ft. of space until March 2039, with break option in 2034, at a rent of £264,618 pa (£17.46/ sq. ft.).

· Park House, Bristol - Serco Ltd has leased 10,035 sq. ft. of space until September 2031, with break option in 2029, at a rent of £230,000 pa (£22.92/ sq. ft.).

· Oakland House, Manchester - Please Hold (UK) Ltd has leased 10,926 sq. ft. of space until March 2029, with break option in 2027, at a rent of £147,501 pa (£13.50/ sq. ft.). Additionally, Please Hold (UK) Ltd renewed existing lease (5,450 sq. ft.) until March 2025, at a rent of £68,125 pa (£12.50/ sq. ft.).

· Delta Business Park, Swindon - Improve International Ltd has leased 9,776 sq. ft. of space until February 2034, with break option in 2029, at a rent of £185,744 pa (£19.00/ sq. ft.).

· Equinox North, Almondsbury, Bristol - Qualcomm Technologies Int Ltd renewed its lease to March 2029, with a break option in March 2027, at a rental income of £97,155 pa (£15.00/ sq. ft.) on 6,477 sq. ft. of space.

· Cardiff Gate Business Park, Cardiff - SMS Energy Services Ltd renewed its lease to February 2025 at a rental income of £61,908 pa (£14.00/ sq. ft.) on 4,422 sq. ft. of space.

Stephen Inglis, CEO of London and Scottish Property Investment Management, the Asset Manager, commented:

2023 was another active period for the Company, in which we completed 88 new lettings, 7.1% above the Company's external valuer's estimated rental value (ERV) as at the 2023 year end. In addition, as part of the Company's asset disposal programme to reduce the LTV, disposals during the year amounted to £25m (net of costs).

Since 31 December 2023, the Company has completed eight disposals and two part sales for an aggregate total of £13.4m (before costs), in line with 2023 year end valuation. Currently, there are some 58 assets at various stages of disposal amounting to some £130m.

Significant preparatory work has been undertaken to date in respect of both the debt and equity options for the refinancing of the £50m August 2024 retail bond. We look forward to providing an update in due course."

[master rsi] 26/3/2024 22:17

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 closes higher on busy corporate day

(Alliance News) - Stock prices in London closed higher on Tuesday, as investors are waiting to see a key inflation reading from the US on Friday.

The FTSE 100 index closed up 13.39 points, 0.2%, at 7,930.96. The FTSE 250 ended up 164.11 points, 0.8%, at 19,777.64, and the AIM All-Share closed up 2.26 points, 0.3%, at 739.52.

The Cboe UK 100 ended up 0.2% at 793.33, the Cboe UK 250 closed up 0.8% at 17,169.96, and the Cboe Small Companies ended up 0.1% at 14,624.32.

In European equities on Tuesday, the CAC 40 in Paris ended up 0.4%, while the DAX 40 in Frankfurt ended up 0.8%.

US orders for durable goods picked up in February after two months of falls, data on Tuesday showed.

According to the US Census Bureau, new orders for durable goods rose by 1.4% to USD277.9 billion in February. The FXStreet consensus expected an increase of 1.3%.

In January, new orders for durable goods fell by 6.1% to USD276.7 billion. This followed a 0.3% decrease in December.

"Durable goods orders are a good lead indicator for broader capex spending in the US. Unfortunately, ongoing weakness here suggests investment spending will remain a constraint on overall growth with the US' 2024 economic prospects being determined by the consumer," analysts at ING said.

This week, markets are awaiting the core personal consumer expenditure price index for February, which is the Fed's preferred inflation reading. It is due out on Friday.

According to FXStreet, the core PCE index is expected to unchanged annually at 2.8%. On a monthly basis, the reading is expected to ebb slightly to 0.3% in February, from 0.4% in January.

Kathleen Brooks at XTB said: "We will need to wait until Friday’s core PCE data to judge whether the three rate cuts from the Fed this year remains reasonable."

Stocks in New York were higher at the London equities close, with the DJIA up 0.3%, the S&P 500 index up 0.2%, and the Nasdaq Composite up 0.4%.

The pound was quoted at USD1.2626 at the London equities close Tuesday, down compared to USD1.2643 at the close on Monday. The euro stood at USD1.0828 at the European equities close Tuesday, lower against USD1.0838 at the same time on Monday. Against the yen, the dollar was trading at JPY151.50, lower compared to JPY151.41 late Monday.

In the FTSE 100, Marks & Spencer rose 3.5%, whilst Ocado edged 2.7% higher.

Online grocer Ocado Retail, a joint venture between Ocado and Marks & Spencer, said sales in the 13 weeks to March 3 rose 11% to GBP645.3 million from GBP583.7 million a year before.

Ocado Retail Chief Executive Officer, Hannah Gibson, said: "We have made a strong start to the year."

Meanwhile, AJ Bell's Russ Mould said: "Any joint enterprise doesn’t have the best prospects if participants are at odds with each other, but the Ocado Retail venture has enjoyed a robust period of trading despite the differences between partners Marks & Spencer and online groceries specialist Ocado."

On the other hand, Auto Trader sunk 4.8% to the bottom of the index.

JPMorgan placed Auto Trader on 'negative catalyst watch' and reiterated an 'underweight' rating ahead of full-year results in May.

The bank highlighted a tougher market backdrop for 2024 for the Manchester-based automotive marketplace along with higher than expected losses in Autorama.

In the FTSE 250, Petershill Partners jumped 9.8%.

The London-based investment group said it swung to a pretax profit of USD397.1 million in 2023 from a pretax loss of USD505.1 million the year before. This was due to a gain from investments at fair value of USD227.0 million, compared to a loss of USD806.7 million the previous year.

Petershill proposed a final dividend of 10.1 US cents. This brought its total dividend to 15.0 US cents, up 3.4% from 14.5 cents the year before.

Also, Petershill said it was mulling launching a share buyback programme worth up to USD100 million, serving a notice to terminate the current programme.

John Wood lost 7.0%.

The Aberdeen, Scotland-based engineering and consulting business said revenue in 2023 rose 7.9% to USD5.90 billion from USD5.47 billion. Its pretax loss narrowed to USD62.7 million from USD691.4 million.

Chief Executive Officer Ken Gilmartin said Wood Group has launched a "simplification programme to drive efficiency". It is eyeing annualised cost savings of around USD60 million from 2025. The programme will have an "initial focus on central costs", where costs are expected to be trimmed by around USD10 million this year.

Amongst London's small-caps, Luceco shares jumped 14%.

The London-based lighting manufacturer and distributor said pretax profit surged 62% to GBP18.9 million in 2023 from GBP11.7 million a year prior. Revenue edged up 1.3% to GBP209.0 million from GBP206.3 million.

Chief Executive Officer John Hornby said: "These results are testament to the strength of the group's market positions, clear strategy and business model. As a result of the team's constant hard work, the group is exceedingly well-placed for growth through organic and further mergers & acquisitions activity in 2024 with its strong operational leverage and strong balance sheet."

Brent oil was quoted at USD85.94 a barrel at the London equities close Tuesday, down from USD86.06 late Monday.

Gold was quoted at USD2,176.17 an ounce at the London equities close Tuesday, higher against USD2,176.03 at the close on Monday.

In Wednesday's UK corporate calendar, Endeavour Mining will report its full year results.

The economic calendar for Wednesday has a eurozone consumer confidence and economic sentiment reading at 1000 GMT.

Overnight, there is consumer price inflation data from Australia.

[master rsi] 26/3/2024 22:02

DOW

After being all days up finished 31 points down

[master rsi] 26/3/2024 16:38

How the UPS are performing during last month

[master rsi] 26/3/2024 16:20

How the UPS are performing today

[master rsi] 26/3/2024 16:03

Agronomics' Clean Food Group secures GBP2.5 million in funding

(Alliance News) - Agronomics Ltd on Tuesday said that its portfolio company, Clean Food Group Ltd, has received further funding to commercialise its technology.

The Isle of Man-based venture capital firm, which invests in the cellular agriculture field, said that Clean Food has received GBP2.5 million in funding from Clean Growth Fund Management LLP.

The funds will be used to speed up the commercialisation of Clean Food's sustainable oils and fats technology. The firm's go-to-market product is an equivalent to high oleic palm oil.

To date, Agronomics has invested a total of GBP1.6 million into Clean Food, and holds an equity ownership of 27%.

"We are hugely pleased to be joined by Clean Growth Fund on the register of Clean Food Group," said Agronomics Executive Chair Jim Mellon. "As specialist investors in climate technology, this investment is a real validation of the progress that Clean Food Group has made in recent years and reflects the quantifiable benefits of precision fermentation-derived fats and oils in addressing the ethical and environmental challenges associated with the industry."

Agronomics shares were trading 0.4% higher at 8.68 pence each in London on Tuesday afternoon.

[master rsi] 26/3/2024 15:50

Niox Group reports solid growth in final results
(Sharecast News) - Niox Group reported a robust 18% increase in revenue in its final results on Tuesday, amounting to £36.8m compared to £31.3m in the prior year.

The AIM-traded firm said when adjusted for currency fluctuations, that growth surged to an impressive 22%.

Clinical revenue demonstrated substantial growth of 24%, reaching £32.6m, up from £26.2m in 2022.

The group's adjusted EBITDA stood at £11.4m, aligning with upgraded consensus estimates and marking a significant progression from £7.3m in 2022.

Niox also maintained a healthy net cash position of £19.9m at year-end on 31 December.

Shareholders were rewarded with a special dividend of 2.5p per share, totaling £10.5m, disbursed on 15 September, with the board proposing a final dividend of 1p per share.

Operationally, Niox established a new commercial organisation and distributor network in the US during the year, with a focus on enhancing revenues within primary care settings.

Furthermore, efforts to strengthen market presence were evident through the expansion of the distributor network in the EMEA and APAC regions.

Development for Niox Pro, the next-generation device tailored for clinical professionals, was started, as the company achieved a significant milestone with a $3.5m payment received from Beyond Air in August, with a final payment of $4.5m expected by August this year, along with potential royalty payments of up to $6m thereafter.

"Management is continuing to implement the strategy of deepening and broadening global distribution, which coupled with outsourcing sales and manufacturing is expected to drive further profitable growth," said executive chairman Ian Johnson.

"Whilst the current focus is on growing sales in primary care, looking ahead, the company plans to introduce FeNO testing in other healthcare channels such a pharmacies and occupational health and ultimately to launch a product for use by patients to manage their condition at home."

Johnson said the group had made a positive start to 2024, and continued to be highly cash generative, with cash of £22.4m on 29 February.

"The company has a robust strategy in place to expand the business and generate profitable growth from the large underserved target market and has the financial resources to achieve its objectives and further enhance shareholder value."

At 1400 GMT, shares in Niox Group were up 1.39% at 65.7p.

[master rsi] 26/3/2024 14:39

Amaroq "well-funded and on track" after "successful" work on Nalunaq
(Alliance News) - Amaroq Minerals Ltd on Tuesday said it swung to net profit in its latest year, with operations progressing well despite weather-induced delays.

The Greenland-focused Canadian gold miner reported a net profit of CAD13.4 million for 2023, swinging from a CAD17.5 million net loss the prior year.

Exploration and evaluation expenses dropped 48% to CAD6.6 million from CAD12.7 million. Amaroq also incurred CAD1.8 million in site development costs, up from nothing the year before.

Amaroq said cash on hand totalled CAD21.0 million at December 31, down from CAD53.6 million at September 30.

Going forward, the company said it is "well-funded and on track to progress development of Nalunaq in 2024".

Amaroq, which acquired the project in southern Greenland in 2015, raised net proceeds of approximately CAD 75 million in February. It said it will use the extra cash "to accelerate mining of the target block at the Nalunaq and associated works".

The company said highlights of 2023 included completing its "most successful drilling programme...to date", with the discovery of a new "75 Vein" showing the "potential for faster resource growth". New underground sampling also confirmed the continuation of high-grade mineralisation beyond the target block's historically mined areas, with up to 48.3 grams per tonne of gold over one metre.

Amaroq plans to further delineate the new 75 vein looking ahead. It added that construction continues on the process plant, and engineering for the facility is expected to complete in the second quarter.

"Following our successful fundraising...we have increased the scope of the Nalunaq gold project development to account for accelerating the transition of the process plant to nameplate capacity of 300 tonnes per day," said Chief Executive Officer Eldur Olafsson. "We experienced some operational and procurement delays towards the end of 2023 due to adverse weather conditions, which continued into the start of 2024.

"This situation has now significantly improved and we are making good operational progress."

He continued: "2024 is a crucial year for Amaroq as we focus on bringing Nalunaq into production, whilst accelerating exploration activities across our wider precious and strategic metals portfolio."

[master rsi] 26/3/2024 14:15

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 flat amid China-West tension

(Alliance News) - The FTSE 100 recovered slightly from a tricky morning on Tuesday to trade flat heading into the afternoon, though simmering global tensions have kept a lid on its progress in the early part of the week.

The FTSE 100 index was up just 3.00 points at 7,920.57. The FTSE 250 was up a more convincing 90.13 points, 0.5%, at 19,703.66, while the AIM All-Share was down just 0.02 of a point at 737.24.

The Cboe UK 100 was marginally up at 792.06, the Cboe UK 250 was up 0.5% at 17,120.72, and the Cboe Small Companies was up 0.3% at 14,660.84.

In European equities on Tuesday, the CAC 40 in Paris was up 0.2%, while the DAX 40 in Frankfurt was up 0.6%.

The FTSE 100 underperformed as investor digested news concerning China, a major buyer of minerals. Rio Tinto fell 1.2%, while Anglo American lost 0.9%.

The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials.

In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable.

The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives."

Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan.

With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission.

Sterling was quoted at USD1.2661 at midday on Tuesday, higher than USD1.2606 at the equities close on Monday. The euro traded at USD1.0857 on Tuesday midday, higher than USD1.0817 late Monday. Against the yen, the dollar was higher at JPY151.35 versus JPY151.27.

Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday.

ActivTrades analyst Pierre Veyret said the looming data kept risk-off trade in check.

"Risk appetite is taking a break this week ahead of Friday's highly anticipated US PCE data, which is expected to provide traders with more clues regarding the outlook for monetary policy. Market sentiment is also affected by uncertainties on the corporate front; investors are starting to wonder whether the next slew of earning reports will support the extremely high stock valuations seen everywhere," Veyret added.

Stocks in New York were called higher. The Dow Jones Industrial Average was called up 0.2%, the S&P 500 index up 0.4%, and the Nasdaq Composite up 0.5%.

In the FTSE 100, Ocado was the top performing stock, rising 7.3%.

In the 13 weeks that ended March 3, the grocer and warehouse technology firm said Ocado Retail volumes rose 8.1% on-year, while retail revenue rose 11% to GBP645.3 million from GBP583.7 million.

Average orders per week rose 8.4%, while active customers across the period rose 6.4%.

Looking ahead, Ocado maintained its group annual revenue growth guide in the "mid-high single digits" range.

"Any joint enterprise doesn't have the best prospects if participants are at odds with each other, but the Ocado Retail venture has enjoyed a robust period of trading despite the differences between partners Marks & Spencer and online groceries specialist Ocado. Sales were up and not just because of rising prices. The venture is actually seeing significant volume growth as it wins market share. This is partly because it saw less price inflation than the wider market," said AJ Bell analyst Russ Mould.

"This positive trading comes after a long period of disappointing performance and you can understand Marks & Spencer's frustration – when it agreed the tie-up with Ocado in 2019 it set targets which have subsequently not been met...At least the turnaround efforts at Ocado Retail appear to be bearing fruit."

Marks & Spencer was up 1.7%.

Smiths Group rose 4.1%.

The engineering company operating in the energy, industrial, security and aerospace sectors said that a strong performance by its John Crane division had spared its interim results from a semiconductor market hit.

Revenue for the half-year ended January 31 reached GBP1.51 billion, in line with market expectations and inching up 0.7% from GBP1.50 billion a year prior. Pretax profit rose 2.4% to GBP171 million from GBP167 million.

Smiths has declared an interim dividend of 13.55p, up 5.0% from 12.9p a year before, and unveiled plans to commence a GBP100 million share buyback programme with immediate effect.

Looking ahead, Smiths reaffirmed its organic, medium-term revenue growth target of 4% to 6%.

Smiths also announced the appointment of Roland Carter as chief executive officer with immediate effect. Carter replaces Paul Keel, who has taken up a role as chief executive of a "US public company".

Flutter Entertainment lost 0.4%, returning gains after a strong start. It talked up its US offering FanDuel, which it said achieved annual profit for the first time in 2023, as the Paddy Power and SkyBet owner gears up for a possible primary listing move to New York.

The bookmaker, which already trades on the New York Stock Exchange, would lose its FTSE 100 status if shareholders back the primary listing move in a May poll.

"Flutter delivered a strong 2023 performance as we continued to deliver on our strategy," Chief Executive Peter Jackson said. "As anticipated, our number one position in the US has transformed the group's earnings profile during 2023 as FanDuel delivered a positive US full year adjusted earnings before interest, tax, depreciation and amortisation for the first time."

In 2023, Flutter achieved revenue of USD11.79 billion, up 25% from USD9.46 billion in 2022. Its pretax loss, however, stretched to USD1.09 billion from USD295 million.

However, Flutter achieved adjusted Ebitda growth of 45% to USD1.87 billion from USD1.29 billion.

Flutter said it has traded strongly so far in 2024, with revenue surging 23%. US revenue has jumped 56% so far, with sportsbook alone up 64%.

In the FTSE 250, Softcat jumped 9.2%.

The IT infrastructure and services provider said that it continued to see significant opportunities such as generative AI that it was focused on its long-term growth potential as it reported a profit increase.

Pretax profit rose 8.1% to GBP68.2 million in the six months to January 31, from GBP63.1 million a year prior. Revenue declined 8.8% to GBP467.2 million from GBP512.4 million, while cost of sales decreased 19% to GBP270.6 million from GBP335.4 million and administrative costs increased 14% to GBP129.8 million from GBP114.0 million.

The company declared an interim dividend of 8.5 pence per share, up 6.3% from 8.0p a year prior.

Softcat highlighted: "During the period, there was growing interest from customers in engaging with generative‐AI and the possibilities it offers, over time, to transform their operations...We continue to see significant and expanding opportunities in our market and will maintain our investment approach to building the team, infrastructure and tools to capitalise on this exciting and long‐term growth potential."

Elsewhere in London, 888 rose 11%.

The sports betting and gambling company, whose brands include 888casino and William Hill, reported a pretax loss of GBP121.3 million for 2023, widening slightly from GBP115.7 million in 2022. Earnings per share dropped 55% to 12.6p from 28.3p.

Revenue surged 38% to GBP1.71 billion from GBP1.24 billion.

For this year, 888 proclaimed a "positive outlook" for revenue, in line with its medium term targets, "with consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments".

Brent oil was trading at USD86.24 a barrel in London at midday on Tuesday, higher than USD85.80 late Monday. Gold was quoted at USD2,196.21 an ounce, higher than USD2,164.77.

[apotheki] 26/3/2024 13:43

Empire Metals / LON: EEE / Sector: Natural Resources

saracen3 26 Mar '24 - 11:12 - 9802 of 9806

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John Meyer of share price Angel listen from 17 minutes in and then buy.

[master rsi] 26/3/2024 09:30

Pets at Home backs FY profit expectations

(Sharecast News) - Pets at Home backed its full-year profit guidance on Tuesday as fourth-quarter trends have been as expected.

In a pre-close update for the year to 28 March, the company said trends in the fourth quarter have been broadly as expected across the retail and vets businesses, with group underlying pre-tax profit set to be in line with previous guidance of £132m.

Pets said it has successfully launched its new digital platform to consumers, in line with its commitment to launch this year.

The new Stafford distribution centre continues to function well, it said, with availability remaining at historically high levels.

The group expects to finish the year in a net cash position, having returned more than £100m to shareholders in FY24 via dividends and buybacks, and having incurred £3m more non-underlying costs than previously expected due to higher restructuring costs, taking the total non-underlying costs for FY24 to around £27m.

Looking ahead to FY25, Pets said it was comfortable with current analyst consensus expectations for group underlying pre-tax profit of between £137m and £150m.

[master rsi] 26/3/2024 09:23

MARKET REPORT
LONDON MARKET OPEN: Stocks continue slow-down amid global tensions

(Alliance News) - Stock prices in London opened lower on Tuesday as a slow start to the week continues, with investors having simmering global tensions to be mindful of.

The FTSE 100 index opened down 10.79 points, 0.1%, at 7,906.78. The FTSE 250 was down 20.36 points, 0.1%, at 19,593.17, and the AIM All-Share was down 1.43 points, 0.2%, at 735.83

The Cboe UK 100 was down 0.2% at 790.55, the Cboe UK 250 was down 0.2% at 17,004.42, and the Cboe Small Companies was flat at 14,614.64.

In European equities on Tuesday, the CAC 40 in Paris was down 0.1%, while the DAX 40 in Frankfurt was marginally up.

The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials.

In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable.

The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives."

Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan.

With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission.

Sterling was quoted at USD1.2655 at the time of the London open on Tuesday, higher than USD1.2606 at the equities close on Monday. The euro traded at USD1.0851 early Tuesday, higher than USD1.0817 late Monday. Against the yen, the dollar was quoted essentially flat at JPY151.28 versus JPY151.27.

In Asia on Tuesday, the Nikkei 225 index in Tokyo was marginally down. In China, the Shanghai Composite was up 0.2%, while the Hang Seng index in Hong Kong was 0.9%. The S&P/ASX 200 in Sydney closed down 0.4%

Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday.

"US stocks traded cautiously on Monday as the holiday-shortened week began, with investors hesitating to increase their risk exposure ahead of critical inflation data. Although all three major US indices recovered from their intraday lows, the overall sentiment remained subdued," SPI Asset Management analyst Stephen Innes commented.

"After a strong performance last week, investors may be taking a hiatus and possibly enjoying the spring break, while others are adopting a wait-and-see approach for the next bullish catalyst, such as a favourable outcome from the Fed's preferred inflation gauge. In this context, an 'all-clear' signal would entail the inflation data meeting consensus expectations or coming in lower than anticipated."

In the US on Monday, Wall Street ended lower, with the Dow Jones Industrial Average down 0.4%, while the S&P 500 and the Nasdaq Composite both lost 0.3%.

In the FTSE 100, Ocado was the second-best performing stock, rising 2.8%.

In the 13 weeks that ended March 3, the grocer and warehouse technology firm said volumes rose 8.1% on-year, while retail revenue rose 11% to GBP645.3 million from GBP583.7 million.

Average orders per week rose 8.4%, while active customers across the period rose 6.4%.

Hargreaves Lansdown analyst Susannah Streeter commented: "Cost-of-living pressures are subsiding for more shoppers and Ocado appears to be succeeding in winning back old fans and drawing in new.

"This should be clicked up as a win in the super tough grocery market and may reassure Ocado's partner Marks and Spencer that although the marriage has been through a rough patch, more harmonious times could be ahead."

Looking ahead, Ocado annual revenue growth in the "mid-high single digits" and an underlying earnings before interest, tax, depreciation and amortisation of around 2.5%.

Marks & Spencer was up 0.2% on the Ocado news.

Flutter Entertainment also fared well, rising 2.5%.

But the Paddy Power owner reported a pretax loss for 2023 of USD1.09 billion, widening from USD295 million in 2022, despite revenue rising 25% to USD11.79 billion from USD9.46 billion.

Costs of sales rose 29% to USD6.20 billion from USD4.81 billion, sales and marketing expenses up 26% to USD3.78 billion from USD3.01 billion, while general and administrative expenses were up 37% to USD1.60 billion from USD1.17 billion.

In 2024 trading to-date, it said revenue was up 23% from the equivalent period a year earlier.

Looking ahead, Flutter expects 2024 revenue growth of around 18% from a year earlier and further adjusted earnings before interest, tax, depreciation and amortisation growth of 30%.

"The US remains the engine of growth for Flutter, and is the area with which the group is increasingly being identified," said interactive investor analyst Richard Hunter.

"Although the UK is presently the site of Flutter's primary listing, the shares began trading in New York in January, with the plan to switch the primary listing there later this year subject to shareholder approval. The move has already ignited investor interest in the US, giving the group access to deeper pools of liquidity."

In the FTSE 250, Petershill Partners rose 1.8%.

The private equity-focused investment group said it swung to a pretax profit in 2023 of USD397.1 million from a loss of USD505.1 million a year earlier.

It swung to an investments gain at fair value of USD397.1 million from a loss of USD505.1 million, prompting the group to declare a final dividend of 10.1 US cents per year. This took total 2023 dividend payments to 15 cents per share, up from 14.5 cents.

Petershill Partners said it was mulling launching share buyback programme worth up to USD100 million, serving a notice to terminate the current programme.

"Our robust capital raising and dynamic approach to capital allocation underpins our ongoing confidence about our medium-term prospects for shareholders," the company said.

Elsewhere in London, Asos rose 4.6%.

The online fast-fashion retailer said sales were down 18% in the 26 weeks ended March 3 compared to a year earlier, which was largely in line with its outlook.

Asos said it was making strategy progress and clearing aged stock, while noting it was ahead on its plan to improve stock efficiency and reduce inventory.

It said it backs full-year outlook, expecting a 5% to 15% decline in sales and a positive adjusted earnings before interest, tax, depreciation and amortisation. This is alongside restoring inventory back to pre-Covid levels, positive cash generation and reducing net debt.

Brent oil was trading at USD85.93 a barrel early in London on Tuesday, higher than USD85.80 late Monday.

Gold was quoted at USD2,178.07 an ounce, higher than USD2,164.77.

[master rsi] 26/3/2024 09:04

Grocery inflation hits 2-year low while sales get Easter boost
(Alliance News) - Grocery price inflation eased further in March, while early Easter treats gave sales a boost, new data showed on Tuesday.

Kantar said annual UK grocery price inflation ebbed to 4.5% in the four weeks to March 17, its lowest level since February 2022, and down from 5.3% in February.

The market research firm said grocery sales in the same period rose 4.2% annually to GBP33.02 billion from GBP31.68 billion, with an early Easter lifting sales.

Fraser McKevitt, head of retail and consumer insight at Kantar, explains: "With Easter on the horizon, consumers have been stocking up on classic seasonal treats, with a quarter of people picking up four or more items when buying chocolate eggs."

Shoppers remain on the hunt for value with premium own-label lines a big beneficiary of consumers trading down, growing by 16.1%, the quickest rate in nearly three years.

Kantar said Ocado Retail was the fastest growing retailer this month, benefiting from a sustained voucher campaign which helped it attract customers.

The retailer improved sales by 9.5% in the latest 12 weeks to GBP633 million, ahead of the total online market which rose by 6.6%, to account for 1.9% of all take-home sales.

The online-only grocer is a joint venture between Ocado Group PLC and Marks & Spencer Group PLC.

Year-on-year sales at Britain’s two largest grocers, Tesco and Sainsbury’s, climbed by 5.8% and 6.7% respectively in the 12 weeks period to GBP9.03 billion and GBP5.01 billion respectively. Their shares of the market nudged up by 0.4 percentage points each to 27.3% and 15.2% respectively from 26.9% and 14.8%, respectively.

Aldi’s sales stepped up by 3.1%, with its market share at 9.8%. Fellow discounter Lidl grew by 8.8% to capture a 7.8% share of the market, helped by a 24% rise in sales of baked goods and a 11% jump in fruit, vegetables and salads.

Shares in Tesco were up 0.2% at 294.30 pence each in London on Tuesday morning. Sainsbury shares were down 0.2% to 256.40p. Ocado rose by 2.2% to 462.40p, while Marks & Spencer edged up 0.2% to 254.65p.

[master rsi] 26/3/2024 08:46

KEFI Gold 'well placed to charge ahead'
Proactive Investors - KEFI Gold and Copper PLC (LON:KEFI) executive chairman Harry Anagnostaras-Adams says the board believes "we are now well placed to charge ahead" after many demanding years in prospective but challenging jurisdictions.

In a statement released ahead of the company's annual shareholder meeting, Anagnostaras-Adams highlighted the recent progress with funding Ethiopia's Tulu Kapi gold project, as had been detailed earlier in the week.

Once all syndicate members have approved the finance package, expected by mid-2024, the next steps will be to sign the definitive documentation between the respective syndicate counterparties; place insurances and complete other administrative tasks; draw down first capital, starting with project equity and then debt months later; begin staged resettlement of approximately 350 households near Tulu Kapi; and begin procurement and tendering local sub-contractors.

"We are following this clear roadmap, and we will report material milestones along the way," he said, with the end result being "the launch of Ethiopia's first industrial-scale mining project and its largest single export generator and, in so far as environmental, social and governance aspects are concerned".

Tulu Kapi is one of three advanced projects with which the company is involved, he said, with the others being Jibal Qutman Gold and Hawiah Copper-Gold in Saudi Arabia, conducted via KEFI's 25%-owned GMCO operating company.

"Both projects are GMCO's own discoveries and are enjoying very positive regulatory support as the preferred development plans are considered," Anagnostaras-Adams said.

Announcements earlier this year revealed further discoveries at both Jibal Qutman and Hawiah.

The fundamental value to KEFI of the three advanced projects is estimated at £372 million, Anagnostaras-Adams said, noting this is roughly 12 times KEFI's current share market capitalisation.

"This is no more than just one indicator for the estimate of intrinsic valuation and requires that the projects are implemented as assumed.

"However, it is a notable indicator that there is plenty of scope for share price rerating as the projects progress and de-risk.

"The dedication our teams and syndicates have already demonstrated augers well given the expected ongoing improvements to the investment climate in our host countries."

[master rsi] 26/3/2024 08:34

FTS

Was down 28 points but now recovering and is only 7 points lower

[master rsi] 25/3/2024 23:32

Why I believe there's considerable hope for NatWest shares
This is the best performing UK bank share in 2024 so far, and independent analyst Alistair Strang has spotted reason for further optimism. 25th March 2024 07:39

three weeks ago, we dared use some flamboyant language, declaring:
“Our suspicion is we’re about to see NatWest become useful."

This appears to be the case and now, movement exceeding 264p (it’s trading around 261p at time of writing) should prove capable of triggering further price recovery to an initial 278p with our secondary, if exceeded, now calculating at a future 314p.

Visually, there’s a bit of suspicion the price faces some hesitation around the 278p level, given how the shares have behaved whenever the pre-pandemic high has been challenged, but we’d hope any interference shall be minimal due to the price now trading above the Blue downtrend since 2007.

Also, with the price regaining the Red uptrend since the pandemic low and the market visually confirming this Red line is important, considerable hope is possible for a reasonable recovery cycle.

If things were to go wrong, we’d regard below 234p as a bad thing, risking provoking reversal to an initial 228p with secondary, if broken, a probable bottom and bounce from the 218p level.

For now, the visuals certainly allow considerable hope.

[master rsi] 25/3/2024 22:53

OPTI 21p (-2.75 / -11.58%%) - OPTIOptiBiotix Health raises GBP1.4 million to invest in "driving sales"

(Alliance News) - OptiBiotix Health PLC on Monday said it has raised GBP1.4 million through a placing and subscription of shares.
The York, England-based life sciences company said it has raised just over GBP1.3 million through a placing of 6.6 million shares priced at 20 pence each.

It raised a further GBP25,000, after Director Graham Myers bought 125,000 shares at the issue price.
OptiBiotix said the funds will be used to invest in "driving sales."

Chief Executive Stephen O'Hara commented: "The company has made strong progress over the last 12 months with our first-generation products returning to sales growth, a number of well-known corporate partners reaching agreements (e.g. Tata, Brenntag, Morepen) and the launch of new products with major brands (MuscleTech, Dr Morepen) in new channels. We are also seeing growth of online sales, particularly in China, and the potential to replicate this success in other territories, such as India and the US.

"More recently we have seen strong interest in SlimBiome from partners in the US looking for a natural, clinically proven alternative to the anti-obesity drugs currently available. Given the scale of the opportunities, the board has decided to raise additional capital to capitalise on these growth opportunities and build shareholder value."

[master rsi] 25/3/2024 21:45

MARKET REPORT
LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks

(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.

The FTSE 100 index closed down 13.35 points, 0.2%, at 7,917.57. The FTSE 250 ended down 110.79 points, 0.6%, at 19,613.53, and the AIM All-Share closed down 2.26 points, 0.3%, at 737.26.

The Cboe UK 100 ended down 0.2% at 791.89, the Cboe UK 250 closed down 0.5% at 17,033.39, and the Cboe Small Companies ended flat at 14,615.36.

In European equities on Monday, the CAC 40 in Paris ended up 0.1%, while the DAX 40 in Frankfurt ended up 0.3%.

"Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," says Russ Mould, investment director at AJ Bell.

Ongoing tensions saw oil prices rise. Brent oil was quoted at USD86.06 a barrel at the London equities close Monday from USD85.52 late Friday.

Mould explained: "The commodity price has been strengthening amid concerns about tighter global supplies and a falling US rig count which implies less exploration and production activity."

On the back of higher oil prices, BP and Shell got a boost and closed up 1.4% and 0.7%, respectively.

Eyes have also been on the fallout of certain interest rate decisions made last week.

Last week, the US Federal Reserve last week left rates unmoved, but a set of projections which accompanied its decision suggested three cuts are still in the offing this year.

The Bank of England also left its benchmark rate unmoved, but there is a growing conviction it will cut them soon.

This week, markets are awaiting the core personal consumer expenditure price index for February, which is the Fed's preferred inflation reading. It is due out on Friday.

According to FXStreet, the core PCE index is expected to unchanged annually at 2.8%. On a monthly basis, the reading is expected to ebb slightly to 0.3% in February, from 0.4% in January.

"If the analysts are correct, then this could be enough for the Fed to continue its current message that rate cuts are coming," said Kathleen Brooks at XTB.

Stocks in New York were lower at the London equities close, with the DJIA down 0.3%, the S&P 500 index down 0.2%, and the Nasdaq Composite down 0.1%.

The pound was quoted at USD1.2643 at the London equities close Monday, up compared to USD1.2627 at the close on Friday. The euro stood at USD1.0838 at the European equities close Monday, higher against USD1.0829 at the same time on Friday.

Against the yen, the dollar was trading at JPY151.41, down compared to JPY151.46 late Friday.

In the FTSE 100, Kingfisher rose 2.6% to the top of the index.

In the year to December 31, the company, which owns B&Q and Screwfix, reported statutory pretax profit of GBP475 million, down 22%, from GBP611 million. On an adjusted basis pretax profit fell 25% to GBP568 million from GBP758 million.

In the current financial year, Kingfisher expects adjusted pretax profit to fall further to a range of GBP490 million to GBP550 million.

Looking further ahead, Kingfisher struck a more optimistic tone, believing itself to be "strongly positioned for growth in 2025 and beyond."

In the FTSE 250, Ferrexpo edged up 7.8%.

It said its Ferrexpo Poltava Mining operation has not suffered any disruption in the face of legal proceedings.

Furthermore, the iron ore pellet producer said production volumes for February were the highest since the beginning of Russia's invasion of Ukraine in 2022.

Direct Line shed 12%, after Ageas late on Friday withdrew its bid interest for the motor and home financial services group.

Belgian insurer Ageas had made two proposals to buy Direct Line, but its advances were rejected.

Amongst London's small-caps, Tullow Oil jumped 11%.

Bank of America 'double-upgraded' Tullow Oil to 'buy' from 'underperform'.

The investment bank said it expects shares in Tullow Oil to benefit from improved cash flow as past infrastructure investments pay off.

On AIM, Orosur Mining surged 50%.

The minerals explorer and developer said it has signed a letter of intent in its first step in resuming full ownership of the Anza project.

Chief Executive Brad George said: "After such a long period in abeyance, we are excited at the prospect of reassuming ownership and control of Anza at this time of buoyant gold prices and heightened market interest in precious metals. Most importantly, the structure of the Transaction whereby all consideration is deferred and contingent upon production allows us to immediately direct our resources into the ground."

Gold was quoted at USD2,176.03 an ounce at the London equities close Monday, up against USD2,173.50 at the close on Friday.

In Tuesday's UK corporate calendar, there are full year results from AG Bar and Flutter Entertainment. There are also half year results from Bellway.

The economic calendar for Tuesday has a German consumer confidence reading at 0700 GMT. At 1230 GMT, there is a US durable goods order reading, followed by the US house price index half an hour later.

[master rsi] 25/3/2024 21:26

DOW

Finishing 162 points lower

[master rsi] 25/3/2024 16:41

How the UPS are performing during last month

[master rsi] 25/3/2024 16:20

How the UPS are performing today