John Wood Group (WG.) shares ticked up 7.66% to 251p as it sees momentum in 2Q21
In its half-year results for the six months ended 30 June 2021, John Wood reported its first half earnings in line with expectations, which it said reflects improving momentum in 2Q21.
The global consulting and engineering firm highlighted to investors that a strong order book has underpinned its confidence of a return to growth and the delivery of a stronger H2.
Adjusted EBITDA for the period came in at $262m down 14.1% on 2Q20, while profit before exceptional items fell 14.9% to $86m. Revenue for the period was also hit by the ongoing Covid-19 pandemic and the sale of businesses and fell by almost 23% to $3.2bn in 2Q21.
Looking ahead, John Wood Group said it expects full-year revenue to be within $6.6bn and $6.8bn, which it stated will be underpinned by strong orders. The Company has forecast an EBITDA margin of 8.7%-8.9%, reflecting progress towards its medium-term target of 9.6%.
MediaZest (MDZ) shares soared 29.63% to 0.0875p as it forecasts outlook as ‘encouraging’
In a trading update released on Tuesday, the Company said it is experiencing strong demand in all sectors in which it operates, with its near-term outlook beyond looking "encouraging".
The creative audio-visual company said it continues to win additional new project work with many delivered across the second half of the current financial year to 30 September 2021.
It cited project revenues, ongoing and robust recurring revenue contracts with several renewals and new contracts signed in the last 4 to 5 months with both new and existing clients. It said this would provide ‘greater visibility’ for ongoing revenue going forward.
Augean (AUG) shares jumped 17.54% to 335p as it accepts £341m buyout offer
Shares in the company jumped after it confirmed to investors this morning that it has agreed to a new £341m buyout offer from Ancala Partners and Fiera Infrastructure.
The Group, which provides sustainable waste management solutions, said the deal made by the investment managers offered a “superior price” of 325p compared to another offer of 300p from Morgan Stanley Infrastructure which Augean had accepted earlier this month.
Augean said both Ancala Partners and Fiera Infrastructure are long term investors in the waste management sector. It noted that they have spent ‘significant time and resources’ in the sector, evaluating the hazardous waste management sector ‘and Augean in particular.’
Bacanora Lithium (BCN) shares rose 16.52% to 65.25p as it reaches formal offer proposal
The lithium development and exploration firm has agreed to the terms of its takeover by Ganfeng International after the deal received approval from the authorities in China.
As part of the takeover, Ganfeng, which already holds a 29% stake in the firm, is offering 67.5p cash a share. Following the acquisition, Bacanora will be valued at around £284.8m.
Commenting on the Offer, Mark Hohnen, Chairman of Bacanora told investors that the firm has made “significant progress advancing the Sonora Lithium Project in the last 11 years and as it looks forward to the construction phase, the Bacanora Board is cognisant of the risks that are inherent in single asset companies and elevated in mining development projects.”
Hohnen said the takeover offer allows Bacanora Shareholders to realise their investment in Bacanora, in cash and at a significant premium to the undisturbed share price.
Capita (CPI) shares fell 5.01% to 47.31p whilst it remains confident of future growth
Despite the stock being a faller today, Capita has increased by over 35% in value since the beginning of August. At the beginning of the month, the outsourcing company received an upgrade from analysts at Barclays following the firm’s completion of the disposal of Axelos.
The price target remained unchanged at 80p, more than double the 35.24p at the time. Meanwhile, Capita also reported its half-year results in line with expectations. Despite revenue falling, it reported profit before tax at £261.1m, up from a loss of £28.5m in 2020.