4imprint Group (FOUR) shares ticked up 3.81% to 3,135p as trading levels recover
The stock has gained over 23% since it told investors last month that trading during the first four months of 2021 have shown very encouraging progress in the recovery of the business.
It said momentum has built substantially with order intake in April 80% above 2019 levels. In early May 2021, order counts were averaging 85% against the same 2019 comparative.
The group said the improved trading gives ‘further confidence’ in the decisions taken over the last fifteen months with a view to underpinning the longer-term health of the business.
In particular, according to analysts at Edison Investment Research, 4imprint’s recent AGM statement indicates improving momentum in its order intake as the US economy reopens.
The Group highlighted to investors that it remains in a strong financial position, holding a net cash balance of $44.0m at the end of April 2021 (December 2020: $39.8m).
Tern (TERN) shares soared 29.07% to 27.75p following as all resolutions are passed
Shares in the Internet of Things-focused investment company soared after all resolutions were voted on by a poll and were passed at its general meeting held earlier today.
Commenting on the result CEO, Al Sisto said the requisite majority of shareholders have supported the revised share allotment authority proposals the directors believe are “vital” to enable the value of Tern's portfolio companies to be protected and enhanced.
"The authorities provide TERN with the flexibility to support its portfolio companies as necessary and give TERN negotiating leverage, if required, when dealing with potential third-party investors in discussions about the portfolio companies,” he added.
Quantum Blockchain Technologies (QBT) shares jump 11.76% to 1.425p with new deal
Quantum has secured a one-year service deal with a cryptography expert whose specialism is cryptocurrency mining blockchain optimisations as part of its new research and development strategy in respect of advanced proprietary techniques for Bitcoin mining.
Implementation on a first set of existing optimisations is expected to be ready for testing in the coming weeks while the aim of this work is to improve the efficiency of Bitcoin mining, by targeting a material reduction in energy usage and faster hash processing, it explained.
Francesco Gardin, CEO and Chairman said: "Securing the services of an international expert, who already has significant experience and know-how in Bitcoin mining optimisations, is one of the first concrete moves by the Company to challenge the substantial Bitcoin market.”
Oilex (OEX) shares rose 9.52% to 0.23p following completion of sale of Bhandut
Last week, Oilex announced the completion of the sale of its 40% participating interest in the Bhandut Production Sharing Contract following the receipt of $0.29 million from the buyer.
Back in April 2021, Oilex said the Government of India had approved the Cambay PSC Work Program and Budget for the Indian financial year 2021-22 which runs from April to March in a move it described as “another positive step in re-establishing the work program.
In addition, Oilex recently told investors of its intention to acquire GPSC's 55% PI for $2.2m, and the transaction has since received the approval of the state government of Gujarat.
Following the completion of the Transaction, which is subject to the finalisation of a binding sales and purchase agreement with GSPC, and the Government of India's approval for the transfer of GSPC's PI, Oilex will hold a 100% participating interest in the Cambay PSC.
Greencore Group (GNC) shares fall again by 4% to 137.5p following 19% revenue fall
Shares in the convenience food manufacturer have fallen by 12.7% since it posted a revenue decline of 19% to £577.1m for the 26 weeks ending 26 March 2021, which it said was driven by the reduction in consumer mobility as a result of tiered restrictions and lockdowns across the UK.
Commenting on the results, CEO, Patrick Coveney described the period as “challenging” but noted that the consistent build in revenues since early March as lockdown measures have eased and COVID-19 cases have fallen gives the company “real cause for optimism.”
The company said its focus looking ahead is “on rebuilding revenue, profitability and cash flow momentum as the UK economy reopens.” It added that its recent business wins are a great endorsement of its continuing relevance in the UK convenience food landscape.
While uncertainty ‘continues to make FY21 forecasting difficult, with limited visibility of Q4 demand patterns’, the firm said a continued reopening of the UK and a consequential rebuild of group revenue ‘would be expected to generate a FY21 Adjusted Operating Profit outturn above FY20 levels.’ Net debt is also expected to reduce further from 1H21 levels under this scenario.