Tungsten (TUNG); trading update: revenue up 4% y/y; 5 accounts added; strong pipeline
Stock up 0.39% to 52p at 8:15
TUNG announced trading update for Q1 2019 (ended July 2018), whereby revenue grew 4% y/y on a constant currency basis to £8.6m, with five new accounts payable customer sales (+£0.45m expected in FY19). Adjusted operating expenses declined 13% y/y to £8.5m, resulting in EBITDA loss dropping to £0.5m (Q1 2018 – loss of £1.6m).
Read more...Uber in discussion to buy Deliveroo
The business logic for Uber to acquire London-based Deliveroo is unassailable.
Uber has a comprehensive app-driven distribution system and an international reputation, while Deliveroo’s business model encompasses ownership of the delivery function, unlike Just Eat which relies on restaurants’ own delivery drivers.
Read more...Carr’s Group (CARR); acquires Animax Limited (Animax) for a total cash consideration of £
Stock up 0.67% to 150p at 8:30
CARR has announced the acquisition of the entire issued share capital of Animax. It acquired Animax, which is a producer of animal health products, for a total cash consideration of up to £8.5m.
Read more...KEFI Minerals (KEFI); Appoints SP Angel Corporate Finance LLP as joint broker
Stock down 1.44% to 02.05p at 8:35
KEFI has announced that SP Angel Corporate Finance LLP has been appointed as joint broker to the company, alongside Brandon Hill Capital Ltd.
Read more...Moss Bros (MOSB): warns that operating profits will be lower than market expectations
Adjusted profit before tax is down £3.7m year-on-year
It is not a surprise that Moss Bross warns that adjusted operating profit will materially lower than market expectation of £2.3m. As the company already said in May, like-for-like sales are negative – they have worsened from -2.4% then to -6.9% for the full six months.
Read more...GCP Student Living (DIGS); Gross proceeds of £38.1m from placement of shares
Stock down 0.13% to 150p at 8:24
DIGS announced that it has received applications for 25,512,151 placing shares at 149.50p/sh, raising gross proceeds of £38.1m. Proceeds, along with facilities, are expected to be used to fund the construction of Scape Brighton.
Read more...Osirium Technologies (OSI); wins contract with UK Fashion & Homeware Retailer
Stock flat at 142.50p at 08:06
OSI announced that it has won a contract with a major British multinational clothing, footwear and home products retailer.
Read more...Diageo (DGE): warns market foreign exchange volatility will reduce net sales by £175m
Foreign exchange volatility to impact operating profit by £45m this year
Drinks group Diageo has warned that adverse emerging market foreign exchange volatility will reduce net sales by £175m and impact operating profit by £45m this year.
The company says in a trading update that its financial year has started well and its performance is in line with its expectations.
Stobart (STOB); trading update: passenger growth at 37%; sale of processed tonnages grew c.50%
Stock down 0.82% to 240.50p at 8:38
STOB issued a pre-close trading update (for interim ending August 2018) ahead of its results expected on 24 October 2018. Under Aviation, passenger growth was 37% at London Southend. Under Energy, sale of processed tonnages grew c.50%. Commercialisation of the core operating business continued during the period.
Read more...NetScientific (NSCI); ProAxsis products selected for ERS funded BRIDGE study clinical trial
Two products of ProAxsis, a portfolio company of NSCI, have been selected for inclusion in the BRIDGE study clinical trial, funded by the European Respiratory Society (ERS). NSCI holds 54% shares of ProAxsis on a fully diluted basis.
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