Babcock International Group (BAB) shares ticked up 2.65% to 305.65p after business review
Shares in the Company have increased by nearly 30% in value over the past two weeks after the Company, which operates as the UK's second largest government defence contractor, unveiled earlier this month that it is to cut 1,000 jobs following a strategic business review.
It said it is reducing layers of management to create a “simpler, flatter structure” that will allow the Group to increase business flexibility and responsiveness to market conditions.
The company stated that its expected realisable annualised savings from the move will be approximately £40m. It said the benefit in FY22 will be roughly half this due to timing.
Vast Resources (VAST) soars 32.26% to 0.102p as it continues to make operational progress
The mining company hailed the “operational progress” made at the Group’s Baita Plai Polymetallic Mine in Romania as it continues to advance its development plan at the site.
The AIM-listed mining company unveiled to investors that the decline project to Level 19 is progressing on schedule and that in addition, it has commenced mining fresh higher grade ore at Baita Plai in accordance with the revised mechanised mine plan revealed last month.
The exploration drilling targeting the downdip extension of the Antonio skarn from 19 level to 22 level is expected to commence in June 2021 as per the new mechanised mine plan.
"I am delighted with the operational progress that we have made in recent weeks and we remain well capitalised to achieve our development plan at Baita Plai without needing to come back to the market for the foreseeable future,” said Andrew Prelea, Vast’s CEO.
Bezant Resources (BZT) shares jump 16.67% to 0.315p after identifying significant copper
Shares in the resources company have increased by nearly 30% in value since last Friday.
The copper-gold exploration and development firm said it recently encountered a further significant copper intercept in its second drill hole at the Minemba prospect within the Kalengwa exploration project area in Zambia in which it operates and has a 30% interest in.
The group said on Thursday that it had identified 350m of mineralised strike to date and, in order to build up a significant copper tonnage, it intends to carry out a ground IP geophysics survey and drill at least two further holes in the vicinity of the two already completed holes.
Looking ahead, the Group said further drilling is being planned which will be guided by geology and geophysics. Meanwhile, the Company noted that the provisional results are subject to lab assays which are anticipated to be available in the second half of May 2021.
Water Intelligence (WATR) shares rose 15.74% to 932.5p following strong trading in 1Q21
The Group, which provides precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, released a trading update for 1Q21 in which it stated that it had an outstanding Q1 with revenue growing strongly by 38%.
It said Q1 has accelerated ‘a very strong set of 2020 trading results’ as well as building upon the Group's consistently strong compounded annual growth (CAGR) trajectory.
During 1Q, revenue grew by 38% to $11.4m (1Q20: $8.3m) and statutory profits before tax by 152% to $1.66m (1Q20: $0.66m). Meanwhile, profits before tax adjusted for share-based payments and amortization grew ‘an equally outstanding’ 115% to $1.78m (1Q20: $0.83m).
The Group said 1Q has built upon its historic growth trajectory. Since 2016, the Group has achieved a CAGR of 33% in terms of revenue and 53% in terms of profits before tax.
SSP Group (SSPG) shares dipped 4.07% to 322.3p while it expects travel market to recover
While the stock dipped in value this morning, shares in the British food service firm have risen by over 20% in value since the beginning of 2021.
Last month, shareholders approved the £475m rights issue it proposed at its GM. SSP said it intends to use the proceeds of the rights issue to strengthen its balance sheet by extending the maturity of its term loans worth £373m from 15 July 2022 to 15 January 2024.
SSP has seen revenues fall by over 80% from pre-pandemic levels as global travel remains restricted. It expects the global travel market to recover back to 2019 levels by 2024.