Quilter (QLT) shares ticked up 9.65% to 160.7p as it hails strategic and operational strength
Shares rose after the group posted preliminary results for the year ended 31 December 2020 ahead of market expectations. Quilter, formerly Old Mutual Wealth Management Limited, said the results were underpinned by operational efficiency and capital strength.
“At Quilter, I am pleased that we have not only come through the year well but also strategically and operationally stronger,” CEO of Quilter, Paul Feeney told investors.
The group said "operational efficiency" had delivered a reduction in full-year operating expenses of £16m (3%) despite incremental costs from acquisitions of around £12m. Meanwhile, pre-tax profits were down 8% to £168m compared to £182 million in 2019.
Looking ahead, the group said it remains focused on controlling costs through both its optimisation programme and other management initiatives. The group said it expects the 2021 cost out-turn to be around £560 million, ‘assuming broadly stable markets.’
Premier African Minerals (PREM) rise again by 20.55% to 0.22p following speculation
Shares in the multi-commodity mining and natural resource development firm continue to jump this Monday following speculation over the Company’s progress in Zimbabwe.
Shares have more than doubled since last week when the Group issued a statement on Friday addressing the speculation by stating that it had nothing to report regarding the exclusive prospecting order (EPO) applications in respect of its Zulu Lithium Private asset.
On Friday, Premier told investors that it will notify the market “as and when the Company receives any official communication pertaining to the status of Zulu's EPO application.”
SkinBioTherapeutics (SBTX) shares rose 16.1% to 43.25p as it advances consumer study
Shares in the life science firm which is focused on skin health have more than doubled in value since the beginning of 2021. Since then, the Group’s AxisBiotix Limited has enrolled for and commenced its AxisBiotix-Ps™ food supplement consumer study.
The study surrounds a new food supplement created by the company alongside its partner Winclove Probiotics B.V. which was designed to balance the gut microbiome to address the over-production of new skin cells often seen in aggressive skin conditions such as psoriasis.
Following ‘an extremely high level’ of demand for participation in the study, the capacity was increased from 200 to 265 participants with the additional 65 places focusing on non-psoriatic conditions to explore the possible impact of probiotics on other skin conditions.
The study is targeted to conclude by the end of April 2021 and, following analysis of the data, the Company expects to be able to report on the study findings shortly thereafter.
It said the study will be monitored through a bespoke mobile device app, allowing for the study to progress amid COVID-19 restrictions. Subject to a positive outcome, the Company will then target a commercial launch of the product during the course of 2021.
Best of the Best (BOTB) shares jumped 15.79% to 3,300 with continued strong trading
Shares in the online competition provider have nearly doubled since the start of 2021 as continued trading momentum provides confidence in the group’s position and outlook.
In a recent trading update, the group highlighted to investors that continued strong trading meant that it remains on track to outperform its previous management expectations driven by the traction of the pure online model and increased confidence in marketing investment.
The Company noted that both strong trading and ongoing efficient cash conversion are reflected in the Group's increased cash balances which remain in excess of £10 million following the payment of the special dividend totalling £3.75 million on 5th February 2021.
Cairn Energy (CNE) shares fell 7.99% to 177.25p after it secures deal to dispose of North Sea interests
Shares in the European independent energy firm were down on Wednesday afternoon after the group informed investors yesterday of its plans to sell its interests in the North Sea. The group said that Waldorf Production will acquire its existing interests for $460 million in cash.
The company said both oil fields are now entering into a natural decline phase and therefore a sale at this point is consistent with its long-term capital allocation strategy to actively manage its portfolio. It said the sale will help the company bolster its balance sheet.
Simon Thomson, CEO of Cairn Energy, commented that, “The divestment of our UK producing assets as they move into decline phase, will further strengthen our ability to pursue Cairn’s strategic goals and position the company robustly for the decade ahead.”