Network International Holdings (NETW) shares ticked up 5.93% to 382.2p amid profit jump
In its half-year results for 1H21, the Company reported a profit jump as revenue in the six months to June 30 rose 17% year-on-year to $156.4 million from $134.2 million in 1H20.
During the period, pre-tax profit also increased to $17 million from $1.2 million in 1H20.
Given the ongoing recovery, the Company said it now expects to see total revenues slightly higher than those recorded in 2019. The Group added that it expects to deploy lower total capital expenditure during the year at around $55 million (initial guidance c.$65 million).
The firm said it is seeing a recovery, “with the majority of [key performance indicators] now ahead of pre-pandemic levels, including the signing of new merchant and bank customers.”
At the same time, we have yet to see a full recovery in our Merchant Solutions business, which is reflective of our exposure to international spending, more discretionary merchant sectors, as well as competitive dynamics," said Network’s Chief Executive, Nandan Mer.
Hurricane Energy (HUR) shares soar 17.92% to 2.272p as production remains on track
In a recent update, the UK-based oil and gas firm said it expects production at the group’s Lancaster field to return to previous levels after production resumed last month.
Prior to shutdown, the P6 well at the Lancaster field was producing 10,900 barrels of oil per day. As of 14 August 2021, the same well alone was producing 11,500 barrels of oil per day.
As at July 31, Hurricane had free net cash of $122m, compared with $134m as of June 30.
Novacyt (NCYT) shares jumped 14.24% to 345p as 1H21 revenue rises by more than 50%
In an update for the six months to 30 June 2021, the clinical diagnostics firm said it expects to see continued strong growth in private testing as markets and travel re-open globally.
Novacyt reported a revenue increase of over 50% for 1H21 to £94.7m, compared to £63.3m for 1H20. Of this total revenue, £54m came from a mixture of overseas sales as well as ‘a growing UK private testing market,’ leading to non-DHSC revenue growing 20% from 1H20.
Looking ahead, the Company told investors that it expects continued strong growth in private testing as markets and travel reopen and, as the Northern Hemisphere heads into winter, the potential for higher infection rates will increase the need for COVID-19 testing.
Since the start of 2020, Novacyt has launched 16 new CE-IVD products and expects to launch a further 10 by the end of 2022. As a result of its trading, Novacyt has reiterated its revenue guidance of £100m for FY21, excluding DHSC revenues, as announced in June.
ITM Power (ITM) shares rose 10.98% to 437.2p as its Gigafactory site is officially opened
On Tuesday, the energy storage and clean fuel firm said its Gigafactory, which has a capacity of 1,000MW of electrolysis equipment per annum and which is said to be the world’s largest electrolyser factory, was opened by UK Business and Energy Secretary Kwasi Kwarteng.
The Gigafactory facility, which is based at Bessemer Park in Sheffield, started operations in January and now employs about 320 people with more to be hired as it ramps up capacity.
The resultant zero-carbon green hydrogen manufactured by ITM Power can be used to decarbonise industrial processes, transport and heating. On Tuesday, the Company said it expects this hydrogen to play a major role in the world's efforts to arrest climate change.
Balfour Betty (BBY) shares fell 6.14% to 299.2p as the group suffers £23 million loss
In a half year report for the period to 2 July 2021, the UK construction group posted a £23m loss after underlying profit from its operations fell from £14m in 2020 to £60m in 2021.
The Group said performance issues at several private sector property projects in London were exacerbated by COVID-19 disruptions, leading to a lengthening of project schedules.
As a result, Balfour will not bid for fixed-price residential jobs in central London anymore.
In addition, the Company informed its shareholders that it is also facing potentially costly remedial works on another high-rise project in London, which was completed back in 2016.
Despite this, Balfour said its core infrastructure markets are strong, with it ‘well positioned to deliver its profitable managed growth strategy through selective bidding,’ it highlighted.