Agriterra (AGTA) soared 35.71% to 5.225p while its operations are hit by currency
In a trading update released today, the African agricultural company highlighted that a strengthening of Mozambique’s local currency against the U.S. dollar weighed on operations in 1H22, but that sales of grain and beef have remained encouraging during the period.
‘Nonetheless, on lower volumes, margins have been improved and the division has more than 20,000 tons of maize in inventory, sufficient for the remaining 6 months of the year,’ it noted.
“We expect further ongoing difficult trading conditions in H2 2022 but as a Company are well positioned to come through this period in a strong position,” the Company concluded.
IDE Group Holdings (IDE) shares jumped 30.30% to 1.075p as it plans subsidiary sale
The London-listed mid-market network, cloud and IT managed services provider informed investors on Tuesday that it is in ‘advanced discussions’ to sell its wholly owned subsidiary, IDE Group Connect Limited (“Connect”) for an expected consideration of £250,000.
Nostra Terra Oil & Gas (NTOG) shares rose 21.18% to 0.51p as it boosts balance sheet
In a statement released today, the oil & gas exploration and production company unveiled a substantial increase in an existing senior facility and reported a ‘substantial’ reserve upgrade.
Shares in the Nostra Terra Oil & Gas jumped after it informed investors that it had renewed its senior lending facility, doubling it in size from $5 million to US$10 million. Additionally, the Company noted that the facility has also been extended from January 2022 to January 2025.
“We’re very pleased to have increased the value of the US assets, upgrading reserves, and providing further growth opportunities ahead. For the remainder of the year our focus in the US is on growing production in lower risk areas, in which we’re fully-funded,” it told investors.
SSP Group (SSPG) shares fell 6.77% to 270.05p as the pace of recovery “remains uncertain”
SSP Group said revenue in 3Q has improved to 27% of 2019 levels while revenue in the fourth quarter is expected to be c. 47%, resulting in 2H21 revenue of c. 37% of 2019 levels.
Domestic travel, which accounts for around 60% of Group revenue, and leisure travel, also around 60%, is recovering more rapidly than international and business travel, it noted.
As a result of its recovery, the Group has re-opened c. 60% of its outlets, up from c. 30% at the end of 1H21, and it continues to open its outlets selectively and in line with its recovery.
‘Whilst we anticipate a return to EBITDA profitability in FY22, the out-turn will depend on a number of external factors including the pace of the recovery, higher input cost inflation, the impact of labour availability and the extent of government support schemes.’ it told investors.
The Company concluded: “Reflecting this, our expectation for profit conversion on reduced sales in 2022 compared to 2019 continues to be at the upper end of a range of 25-30%.”