Watches of Switzerland (WOSG) shares 13.76% to 1,289p as it upgrades FY22 guidance
The Company released a trading update in which it reported a better than anticipated first half performance which has prompted the company to upgrade its full year guidance FY22.
The Group said it saw continued strong demand for luxury watches and jewellery, with growth in the period led by a significant increase in volumes of non-supply constrained brands.
As a result, the company has now upgraded its full year revenue guidance from £1.15 billion to £1.20 billion as well as its EBITDA and Adjusted EBITDA margin from +1.0% to +1.5%.
Ironveld (IRON) shares trades 19.40% higher at 1.2p following £5.6m cash injection
In recent weeks, the stock has more than doubled after Grosvenor Resources, a South African private company, confirmed that it would invest a total of £5.6m into Ironveld.
Giles Clarke, Chairman of Ironveld, said the agreement was a culmination of a huge effort by the Ironveld team “in what have been trying circumstances in South Africa this year.”
Grosvenor Resources will have a 29.9% stake in Ironveld when the purchase goes through.
John Lewis of Hungerdord (JLH) shares rose 13.04% to 1.3p as it delivers a profitable year
In its final results for the year ended 30 June 2021, the specialist kitchen manufacturer and retailer told investors that it has managed to recover its first half losses in full resulting in profit before tax of £0.08m compared to two previous losses over the past two financial years.
The Company said it finished the financial year with a positive gross cash position of £1,302k and said that the level of orders secured in the first 18 weeks of the year has remained high.
It added that it expects a period of growth and a return to sustained profitability in 2022.
James Cropper (CRPR) shares 10.20% to 1,350p as revenues return to pre-pandemic levels
Shares in James Cropper jumped on Tuesday after the group unveiled to investors that it had experienced a 47% increase in revenues during its first half, returning to pre-pandemic levels.
Due to improved trading conditions, the Board has now declared an interim dividend of 2.5p per share, compared to no dividend in 2020. It said the outlook ‘continues to be favourable’.
The advanced materials and paper products said revenue rose by 47% in the first half to £49.8m compared to £34m in the prior year comparative, with growth across all divisions.
Adjusted profit before tax for the Group increased by 70%, with strong growth across all businesses. It is expected that the Group will continue to grow in the second half of 2021.
Oxford Instruments (OXIG) shares rose 4.38% to 2,300p amid supply chain disruption
Despite reporting rising revenue and profits for the six months to 30 September 2021, Oxford Instruments said supply chain constraints are affecting the conversion of orders into revenue.
The Group said the rapid recovery across the wider global economy has led to increasing supply chain disruption and inflationary pressures as it has progressed through the half year.
In particular, throughout the first half the company had experienced inflationary headwinds including elevated logistics costs and increased component and raw material pricing.