Capricorn Energy PLC in demand after receiving $1.06 billion Indian tax refund
Capricorn Energy PLC – formerly Cairn Energy PLC (LSE:CNE) – is resisting the market drop after receiving an Indian tax refund.
The company said the expected refund of INR 79 billion has been paid and net proceeds of $1.06 billion have been received.
It proposes to return up to US$700 million to the shareholder, comprising a US$500 million takeover bid and a US$200 million share buyback program.
Its shares are up 3.57% to 214.8p.
2:38 p.m .: Corcel increases after Avonmouth project wins National Grid contract
Corcel PLC (LSE:CRCL) saw its shares rise after securing a National Grid contract.
Following a capacity market auction, its peak gas project at Avonmouth has been tentatively awarded a 15-year contract worth around £1.5million by year in gross income.
The company – a natural resources exploration and development company with interests in battery metals and flexible power generation and storage – said its rights to 100% of the Avonmouth project remained conditional on the successful completion of the project. fundraising and building the project. He said the commercial terms with his partner FPC Electric Land Limited regarding the sharing of profits from the capacity market contract had yet to be negotiated.
Managing Director Scott Kaintz said, “We are delighted with the results of this year’s T-4 auction and that of our project, thanks to our partner FPC Electric Land Limited, who were able to pre-qualify and participate in the auction. The increase in the offset price from previous years reflects the fragility of the UK’s energy network and the supply uncertainty that has arisen as the country shifts from primarily baseload providers to power sources. ‘renewable energy. the importance of transitional energy assets such as our peak gas and battery energy storage projects.
“This is a very encouraging step towards the close of funding for our peak gas projects, and means that a large portion of the revenue forecast at Avonmouth is effectively secured.”
Corcel is up 20.41% to 1.48p.
12:38 p.m .: Skillcast sees stocks fall after update
Skillcast Group PLC (AIM:SKL) is under pressure after a drop in expected earnings.
The company, an e-learning technology and compliance regulation firm, joined Aim late last year at 37 pence a share.
Following its trade update, it slipped 2p or 5.88% to 32p.
He expects annual revenues of at least £8.3m, up from £7.3m in 2020.
Adjusted profit is expected to rise from £1.2m to £1.1m. He said he saw strong growth in recurring subscription revenue as well as stable performance in professional services.
11:46 a.m .: Genus drops as falling Chinese pork prices hit profits
A weak performance from its Chinese business saw genetics group Genus PLC (LSE:GNS) stumble.
Half-year revenue for the livestock biotechnology company fell 2% and pre-tax profits fell 21% to £3.7million.
He said the Chinese pork market was tough, with prices down from 35 RMB/kg in December 2020 to less than 13 RMB/kg at the moment.
Meanwhile, the company is expanding its Canadian operations by acquiring Olymel’s pig genetics business for C$25m (£14.5m) and signing a strategic collaboration.
Genus Managing Director Stephen Wilson said, “As expected, the group performed well outside of the pig business in China and continued to make good strategic progress while investing for the future. Our strategic collaboration with Olymel announced today will further strengthen PIC’s business in North America. …
“The current China pork market negatively impacted our trading in China during the first half of fiscal 2022. Since November, the price of live pigs in China has remained below the cost of production and has declined further below 13RMB/kg since the beginning of January The significant impact of PIC China trading has therefore reduced the adjusted operating income of PIC and the group.
“Live pig prices in China need to improve and sustain for producer confidence to return and lead to improved demand for pig genetics. The industry expects prices to improve later in the year, but there is uncertainty about the timing and extent of a recovery. Therefore, we expect the Chinese pork market to continue to impact group performance in the second half of fiscal 2022. Importantly, following investments in our elite pork supply chain, Genus is well positioned to meet the needs of Chinese producers when market conditions improve and we remain confident in PIC China’s future growth prospects. »
Its shares are currently down 6.2% at 2966p.
9:58 am: Victorian Plumbing warns cost pressures will affect margins
Shares of Victorian Plumbing Group PLC (AIM:VIC) were leaked after the bathroom products group warned that results would be lower than expected due to rising costs.
In a business update for its annual meeting, it said its performance had been encouraging amid falling customer demand. Revenue for the four months to the end of January was down 3% year-on-year, but up 38% from the same period two years ago.
He said he expected to see “modest year-over-year growth through the second half of 2022.”
But he added: “However, we face continued inflationary cost pressures. We are fully aware that our customers are also managing inflationary pressures and will adopt a cautious approach to price increases, which means that we choose to temporarily absorb certain additional costs.
“We therefore expect gross profit margin and adjusted EBITDA margin to be slightly lower than previously expected.”
Its shares are down 10.23% to 73.62p.
8:59 am: Tremor International a bright spot after record results
On a day when there are blind sales following Russia’s invasion of Ukraine, it’s a feat to be in positive territory.
But after record fourth quarter and full year results, Tremor International Ltd (AIM:TRMR) managed to achieve the feat.
The connected TV video, data and advertising specialist said adjusted profit rose 38% last quarter to $54 million and 166% for the full year to $161.2 million of dollars.
The company is also planning a $75 million share buyback program.
Chief Executive Officer Ofer Druker said, “Our 2021 investments in technology, sales and marketing have significantly enhanced our platform and generated record financial performance, while positioning Tremor for continued future growth in U.S. and international markets. .”
It forecast profits of at least US$33 million despite supply chain issues plaguing some advertising markets, including the auto industry.
Its shares are up 4.55% to 506p.
Construction and regeneration group Morgan Sindall Group PLC (LSE: MGNS) is also reporting record results.
Full year revenue rose 6% to £3.2bn with pre-tax profits doubled to £127.7m.
The company said it now expects 2022 results to be slightly better than expected.
Chief Executive John Morgan said: “2021 has been a great year for the group with progress across the board…
“The group is in its best shape ever. Our strategic focus on building and regenerating is generating positive momentum across the group and today enables us to improve on our mid-term goals for the division, that provide the framework for our next stage of growth…
“We continue to make solid positive progress in our chosen markets, with the size and quality of our secure workload increasing over the year. This positions us well for the future and on track to achieve a result for 2022 slightly above our previous expectations.”
Its shares added 2.09% to 2195p.