TP ICAP Group (TCAP) shares tick up 11.36% to 132.5p as analysts upgrade forecasts
Analysts at Shore Capital upgraded its stance on TP Icap to ‘buy’ from ‘hold’ following the release of the company’s final results last week. The investment company said the full year numbers were broadly in line with its estimates after significant downgrades through FY21.
“The results portray a company which still faces large structural challenges,” the broker said. “However, the outlook was surprisingly cautious, in our view, given the backdrop of yield curve steepening, interest rate rises, market volatility and recent weakening in GBP versus USD.”
Analysts said they believe the group’s dividend is sustainable; as a result, they left dividend per share forecasts unchanged, implying a yield of 8.8% in FY22 rising to 10.1% in FY23F.”
Beowulf Mining (BEM) shares jump 31.91% to 15.5p as iron ore project secures concession
The mineral exploration and development firm said the Kallak North Iron Ore Project has been awarded an exploitation concession, a long-awaited milestone for the project’s development.
Kallak is located approximately 40 kilometres (“km”) west of Jokkmokk in the County of Norrbotten, Northern Sweden, 80 km southwest of the major iron ore mining centre of Malmberget, and approximately 120 km to the southwest of LKAB’s Kiruna iron ore mine.
To date, testwork on Kallak ore has produced a concentrate of 71.5 percent iron content, which the company says is ‘market leading’ among known and current future producers.
The Pebble Group (PEBB) shares jump 22.22% to 110p as it delivers full recovery
The digital provider has released its results for the year to 31 December 2021 in which it stated that it has delivered a full recovery exceeding pre-pandemic performance levels.
The company reported a recovery ahead of pre-pandemic performance levels across its group revenue which came to £115.1m for FY21, an increase of £82.4m in FY20 and 40% ahead of the prior year. Group EBITDA increased to
£15.4m compared to £9.8m in FY20.
‘The differentiated and strong positions occupied by our businesses within the industry, the quality of our people, and the further significant growth opportunities in our market, give the Board confidence in the prospects for the Group in the year ahead and beyond,’ it noted.
Trustpilot Group (TRST) shares fall 15.08% to 137.25p as pre-tax loss widens
Shares in Trustpilot Group were trading 20% lower today as the company reported a loss for the year ended 31 December 2021 of $25.9 million, up from $12.3 million reported in FY20.
While the company’s pretax loss widened on higher costs, the company’s revenue increased, rising to $131.4m from $102m while operating loss widened to $24.2m from a loss of $9.1m.
Trustpilot said it expects to deliver 2022 revenue growth in line with expectations; expenses are also forecast to remain at broadly similar percentages of revenue due to cost inflation.