Vertu Motors PLC raises profit forecast after record six months

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() PLC is the latest auto dealership to report positive results despite challenges of foreclosure.

The company, which has 154 outlets across the UK, raised its annual forecast and reinstated its dividend after posting record interim results.

Six-month profits fell from £ 4.7million at the same time last year to £ 51.8million on revenue of £ 1.9bn, with vehicle sales across all areas above market trends.

The second half of the year got off to a good start with a record performance in September, realizing a trading profit of £ 20million.

So, despite a cautious view of the rest of the year, given supply constraints and cost pressures, he now expects full-year profits to be at least $ 65million. pound sterling.

The previous range was £ 50-55million.

Managing Director Robert Forrester said: “The record profitability for the period was undoubtedly aided by very favorable used vehicle market conditions; however, this is a remarkable performance exceeding market trends

“We have again generated significant free cash flow and have a very solid balance sheet making the group very well placed to benefit from the significant changes and opportunities that lie ahead. The resumption of the payment of dividends to shareholders shows the optimism of the board of directors in our strategy and its execution. “

Vertu shares accelerated 6.59% or 3.6p to 58.2p.

2:27 p.m.: Angling Direct proves to be a trap after a jump in profits

Nothing fishy about the rise in the share price of ().

The fishing tackle and gear retailer jumped 12.19 percent or 7.8 pence to 71.80 pence after saying it expected its annual profits to exceed market expectations at no less than £ 5million.

This figure includes the costs of setting up a new European distribution center as it continues its plan to establish an online processing presence in the region.

The forecast for the full year comes after revenues in the first six months rose 19.5% and pre-tax profits fell from £ 1.4million around the same time last year to £ 3.7million.

Managing Director Andy Torrance said, “We are delighted to have achieved a strong financial performance in the first half of the year, building on the operational and strategic progress made over the past year.

“These results demonstrate that the increasingly efficient and market-leading omnichannel nature of the company’s trading platform, combined with its strong balance sheet, ensures that it is well positioned to serve clients across all channels. as she emerges from the challenges of COVID-19. pandemic.”

11:48 am: Falanx climbs as its focus on cybersecurity pays off

Stocks of () got a good payoff after its last update.

The company said its cybersecurity division saw revenue in the six months ending late September increase 29% to £ 1.8million and went from a loss of £ 0.28million to a profit of £ 0.1 million.

The division is now profitable on a monthly basis in terms of EBITDA.

Meanwhile, Falanx received a final balance of £ 1.5million under its £ 2.5million loan facility with BOOST & Co.

He plans to use the funds – along with the proceeds from the recent sale of its Assynt division – for cybersecurity acquisitions and also for investments in sales, marketing and product development.

Non-Executive Chairman Alex Hambro said: “Receipt of this latest tranche of funds from BOOST & Co complements Falanx’s strategic repositioning into a well-endowed ‘pure play’ in the emerging area of ​​providing cybersecurity services to UK SMEs . With the recent divestiture of our strategic business intelligence division, we can now focus on the 24/7 protection of our customers with our Triarii technology platform and the seamless integration of future customers that will emerge from our distribution partners. . “

“Our financial performance and position have improved significantly, and I am confident in the new management and the future of Falanx.”

Falanx is up 16% or 0.2p to 1.45p.

10:42 am: Rambler Metals and Mining rises after receiving US $ 1 million bridging loan

(,) is in demand after positive news about its funding.

The company, which owns the Ming copper and gold mine on the Baie Verte Peninsula in Newfoundland and Labrador, Canada, said NewGen Resource Lending and West Face Capital have entered into a 1 million US dollars, due to a delay in finalizing debt financing with the old one.

Toby Bradbury, President and CEO, said: “The work to close our financing has definitely taken longer than expected.

“It has been a difficult time and despite it we have continued to operate at a time when we expected to have already received funds.

“This would not have been possible without the patience and support of our suppliers for whom we are very grateful. We also thank West Face and NewGen for working together to achieve a short term financing solution for Rambler.”

The news saw Rambler jump 22.67% or 4.25p to 23p.

9:27 am: Shoe Zone regains its profits after the relaunch of back-to-school sales

Actions in () exit stylishly.

They are up 12.97% or 8.62p to 75.12p after the company said annual revenue stood at £ 119.1million despite closing stores for 16 weeks during the lockdown.

This compares to a figure of £ 122.6million last year and £ 162million in 2019. Digital sales have jumped 58.5%.

But all of its stores were open and in full swing at the end of April, which allowed it to negotiate positively during its key back-to-school period and quickly return to profitability.

So the annual profits are now expected to be at least £ 6.5million. Last year he recorded a loss of £ 14.6million.

He had a net cash of £ 19million, up from £ 13.3million, so he intends to repay the remaining £ 4.8million of the government coronavirus loan by the end of the next fiscal year and start paying dividends earlier than expected.

Part of the increase in cash flow is due to a delay in the arrival of new season inventory caused by container and shipping issues. These products would normally have been paid for in September at a cost of around £ 2.5million.

He was positive about the outlook, but some serious challenges remained.

General Manager Anthony Smith said: “Shoe Zone has had an extremely difficult year due to the COVID-19 pandemic. The negative impact of this situation was largely mitigated by swift action taken in areas we could control, reducing costs, continuing and speeding up. invest in our digital business and improve our operations. As a result, we have become a leaner, stronger and more resilient company.

“These are a solid set of preliminary results, but there is still uncertainty ahead of us over the next 12 months, not only with the continued impact of COVID-19, but also with the challenges we face with it. global supply chain and inflationary pressures.We have seen container prices at least quintuple over the past 12 months and this will continue to affect us for at least another six months until the problems in the the entire supply chain are reverting to more sensitive levels. ”

8:33 am: Harland & Wolff flares up after gas storage project gets green light

Amid the energy crisis and growing concerns over supplies, a gas storage project off the coast of Northern Ireland has been given the green light.

Harland & Wolff Group Holdings PLC said the Islandmagee project had obtained a marine building permit, allowing construction to begin.

When built, seven gas storage caverns would hold around 500 million cubic meters of natural gas and provide security of supply during peak demand of up to 14 days for Northern Ireland.

The company said the UK has one of the lowest gas storage capacities in Europe at just 1% of its annual storage demand, leaving the UK much less resistant to supply issues than other European countries which hold up to 20 to 30% of the annual demand for storage space.

(Centrica of course closed its crude storage facility in 2017 after the government decided not to subsidize maintenance and upgrades.)

When fully developed, the Islandmagee gas storage project will hold more than 25% of the UK’s storage capacity.

Managing Director John Wood said: ‘This is good news for consumers and businesses in the UK who are currently experiencing agonizing increases in energy prices and fears of potential blackouts as gas networks and electricity are faced with peaks in demand during the winter months.

“With the current energy supply crisis, everyone now understands how important gas storage is to secure supply and protect against the extreme volatility of gas and electricity prices in the UK. United. “

Islandmagee Energy also has a longer-term ambition to store hydrogen.

During construction, 400 direct jobs will be created, as well as between 800 and 1,200 indirect jobs.

The news sent Harland shares soaring 16.9% or 3p to 20.75p

(), the Kazakhstan-focused oil and gas group, after a positive update to its flagship BNG contract area.

Clive Carver, Non-Executive Chairman, said: “We continue to make the progress we expected with horizontal wells and with the results of A8 we have four more oil intervals to assess on our deep structures.

“With international oil prices now well above $ 80 per barrel, we look forward to strengthening the Group’s financial position. “

The Caspian climbed 9.09% or 0.35p to 4.2p.


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