Future (FUTR) shares ticked up 11.28% to 2,662p following record half-year results
Future shares jumped on the back of record results for the six months ended 31 March 2021. The media platform described its results “exceptional” as revenue rose by 89% to £272.6m with its ecommerce and digital advertising segments performing particularly well.
As a result, the company confirmed to investors that it expects its full-year results to be materially ahead of market expectations, underpinned by an exceptional H1 performance.
Future added that while it remains cautious around the wider macroeconomic uncertainties associated with COVID-19 that Q3 has already started ahead of management expectations.
"The progress we continue to make is testament to the diversity of our revenue streams, the agility of our people, and the scalable operating model we have built over time, which generates long-term sustainable growth,” said Zillah Byng-Thorne, Future's Chief Executive.
Hurricane Energy (HUR) shares soar 59.23% to 1.19p as investor seeks board changes
Shares in the exploration and production firm soared on Wednesday after it announced that Crystal Amber Fund, which owns 14.7% interest in the firm, is to convene a general meeting to remove five Non-Executive Directors and replace them with two of its own.
The fund is proposing to remove Chairman Steven McTiernan, Senior Independent Director David Jenkins, as well as Directors John van der Welle, Sandy Shaw and Beverley Smith while also appointing two new Directors with immediate effect, John Wright and David Cruik.
"The Hurricane board has demonstrably failed to protect shareholders' interests. Its actions provide ample evidence of its evasive and obstructive engagement with its shareholders.
The fund therefore believes that, at the earliest opportunity, a new Hurricane board should assume responsibility," Crystal Ambar told shareholders in a statement released today.
Galantas Gold Corporation (GAL) shares rises 29.35% to 40.1p following $7.9m raise
On Tuesday, the company completed an oversubscribed private placing which it had previously unveiled in April to fund the Galantas Gold Mine in Omagh, Northern Ireland to full production and accelerate exploration plans to expand the high-grade gold resources.
Yesterday’s placement resulted in the issuance of 26,663,264 units at a price of C$0.30 per "Unit" for aggregate gross proceeds of C$7.9 million. The company explained that each unit comprises one share and one warrant exercisable into one additional share at C$0.40.
In addition to the placing, the company announced that Roland Phelps has retired as Galantas' President, CEO and as a member of the board of directors. As a result, Mario Stifano, an experienced mining executive, will now take over as Chief Executive Officer.
The company also highlighted to investors that its existing offtake agreement with Ocean Partners has now been extended from a minimum total of 50,000 tonnes of concentrate deliveries to a minimum total of 150,000 tonnes and marketed at market rates. Meanwhile, Galantas also noted that the maturity dates of various loan notes have also been extended.
Harvest Minerals (HMI) shares rose 13.06% to 3.55p as it extends marketing channels
In recent weeks, the remineraliser producer has expanded its marketing channels for its direct application natural product, KP Fértil®, after it received approval from the Ministry of Agriculture, Livestock, and Food Supply enabling it to sell smaller bags of the product.
KP Fértil®, produced at its 100% owned Arapua Fertiliser Project in Brazil, was previously only able to be sold in 13-50 tonne bulks or one-tonne big bags suited for the larger wholesale farmers and smaller scale agricultural market and co-operatives, respectively.
The addition of the 25kg bag option provides ‘an important diversification of marketing channels to include small to medium sized farmers and resellers,’ the group highlighted.
Prior to this expansion, Harvest had already seen a strong 1Q21 sales performance for its KP Fértil® with 8,872 tonnes sold during the quarter. This performance represents a 166% increase over the sales realised in 1Q20, despite the challenges imposed by the pandemic.
Harvest said its Q1 sales performance keeps the business on track to meet its 2021 sales target. Looking ahead, the Group stated that it has new target regions planned for 2Q21.
Mitchells & Butlers (MAB) shares fell 4.97% to 294.8p as it posts £200m loss
Shares in the group, which runs pubs, bars and restaurants throughout the UK, fell this morning after it posted a pre-tax loss of £200m for the 28 weeks ended 10 April 2021.
Total sales in the first half of the year came to £219m, reflecting a decline of 78.9% which the group said reflected restrictions on trade. As a result, MAB’s liquidity position deteriorated significantly over the first quarter, prompting it to raise further equity.
Commenting on its first half performance, Phil Urban, Chief Executive of the group stated, “With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position and look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability.”