Plutus Powergen surges as it swings to half-year profit
Plutus PowerGen PLC (LON:PPG) shares were the top risers in early trading on Wednesday, surging 17.7% higher to 0.1p after the energy specialist swung to an operating profit in its latest set of half-year results.
The AIM-listed group reported an operating profit for the six months ended 31 October of £115,838 compared to a loss of £131,573 a year ago despite revenues falling 16% to £567,744.
The results may provide some relief for the companys board, which earlier this month managed to fend off a move by some of its shareholders to remove the executive chairman, the interim chief executive and chief financial officer, and a non-executive director.
For the year ended 31 December, the firm is expecting to report adjusted earnings (EBITDA) of US$60mln, in line with expectations, with revenues of around US$325mln.
Builders merchant Travis Perkins PLC (LON:TPK) was also on the up, rising 2% to 1,601.5p after its Wickes business said sales had risen 4.5% on a like-for-like (LFL) basis and by 3.4% overall in the 13 weeks to 28 December. For 2019 overall, LFL and total sales were up 8.7% and 7.7% respectively.
The results are likely to boost confidence in Wickes as it prepares to demerge from Travis Perkins in the second quarter of this year.
Proactive news headlines:
Kodal Minerals PLC (LON:KOD) has inked an agreement with Mali Lithium Limited (ASX:MLL) which is developing the Goulaminia project, located close to the AIM-firms Bougouni property. A memorandum of understanding envisages a “general cooperation and investigation of synergies” for the respective projects, Kodal told investors.
Tremor International Ltd (LON:TRMR) said it is confident in its outlook for 2020 following a “transformational” 2019 which saw its merger with RythmOne. In a trading update for the year ended 31 December, the video advertising firm said it is expecting to report adjusted earnings (EBITDA) of US$60mln, in line with expectations, with revenues of around US$325mln.
Polarean Imaging PLC (LON:POLX) said two phase III clinical trials have “validated the belief” that its technology allows doctors and surgeons to visualise aspects of lung function that have gone undetected using traditional magnetic resonances imaging (MRI) techniques. And it does so in a way that was both safe and allowed for quantitative analysis of the area of the lung being examined, it added. Polarean has developed a drug-device combination that uses hyperpolarised 129-Xenon gas and MRI.
Shanta Gold Limited (LON:SHG) has unveiled a new mineral resource estimate for the Singida project in central Tanzania, adding 194,000 additional ounces of gold. The new estimate gives Singida 919,000 ounces, grading 2.25 grams per tonne, which represents an improvement of around 725,000 ounces.
Ergomed PLC (LON:ERGO) said it expects its underlying earnings to exceed market forecasts and added that momentum seen in 2019 had continued into the current year. The company noted that its order book currently stands at £125mln as at December 31, up 15% year-on-year, which bodes well for 2020.
Minds + Machines Group Limited (LON:MMX) has said it will announce a maiden dividend with its results for 2019 following strong trading for the year. In a trading update, the provider of internet top-level domains (TLDs) said revenue for the year just gone was expected to be “significantly ahead” of 2018, adding that the quality of revenue had continued to improve in line with its strategy of decreasing reliance on one-off brokered sales.