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DCC vrooms ahead after Norway petrol station deal

Last updated: 16:00 07 Feb 2017 GMT, First published: 09:00 07 Feb 2017 GMT

picture of Norway

Irish conglomerate DCC Plc (LON:DCC) is not the first name that springs to mind when thinking of FTSE 100 us mentioned.

But it is a Footsie member and consolidated its position even more today as the market warmed to a deal to buy Esso’s retail petrol station network in Norway.

The network comprises 142 company-operated sites, mostly in the south, and has contracts to supply 108 Esso-branded dealer owned stations.

Esso Retail Norway sells 600mln litres of fuel annually and is the country’s third largest network.

The consideration is £235mln and DCC will operate over 1,000 retail petrol stations following the deal.

A bullish trading update with third quarter profits said to be well ahead of the previous year added to the momentum. Shares rose 5.9% to 6,750p.

Binary options  specialist Techfinancials PLC (LON:TECH) came a cropper late on as it revealed its main customer, Richfield Capital, owner of www.24option.com, intends to terminate their current agreement from 1 April.

Richfield is going in –house and discussions are underway about how Techfinancials can help with this but after April both the group's income and underlying profits take a hit.

Shares crashed 38% to 7.11p.

Premier African Minerals PLC (LON:PREM) was again one of the main risers as it ended its convertible loan facility with financier Darwin.

The final 27 notes were converted at an issue price of 0.212368p per share, resulting in the issue of 317.84mln shares and the receipt of £675,000 by Premier.

Shares rose 12% to 0.644p.

11.30am ...RM top of the class after ‘solid 2016’

Education resources specialist RM Plc (LON:RM.) was top of the class when it came to risers as the markets headed towards lunch on Tuesday.

The Oxfordshire-based textbook manufacturer saw adjusted operating profits rise almost 5% to £18.8mln, while it also widened its adjusted operating profit margins to 11.3% (from 10.3% in 2015).

The improved profitability meant its adjusted diluted earnings per share (EPS) increased to 17.4p (2015: 15.8p), allowing RM to up its divi by a penny to 6p.

In the same release, it also announced that it was looking to acquire the Education & Care division of Connect Group for £56.5mln; a tie-up it said would provide a “number of strategic and operational benefits”.

Shares in the education specialist were up 16% to 168p on Tuesday.

Shares in the explorer Union Jack Oil PLC (LON:UJO) also buoyed investors this morning after it revealed some positive news from said its Wressle oil field in Lincolnshire.

UJO’s joint venture partner Egdon Resources Plc (LON:EDR) will appeal against the recent decision by North Lincolnshire Council to refuse planning permission for hydrocarbon production at Wressle.

Union Jack holds an 11.67% interest in PEDL 180 and PEDL 182 in which the oil fields sits.

Egdon will also include more detailed information in its appeal to address the specific issues raised by the council in a bid to get the decision reversed.

Shares in UJO were up 13% to 0.17p.

The news was a little more bleak for Entu PLC (LON:ENTU) investors, with the stock down 9% and exchanging hands for 23.3p.

The reason for the slide was because the home energy solutions specialist announced full year results for the 12 months to 31 October 2016 would be hit by a further £6.8mln in exceptional costs related to the disposal and closure of several of its businesses.

As a result, Entu said it would be axing its dividend this year.

 

9am...DX (Group) crumples after trading bombshell

Parcels group DX (Group) PLC (LON:DX) delivered a heap of bad news to its investors today.

Trading is as tough as it was in November with prices under pressure, margins falling and lower growth than expected in courier and freight.

These are high fixed cost operations, DX added, making the full impact drop through to the bottom line.

DX Secure’s volume meanwhile has tailed off while the integration of five sites into one has experienced some short term operational issues.

Not unsurprisingly, profits for the year will be significantly below current market forecasts, with net debt consequently higher than expected.

The dividend had been axed and a wide-ranging review of the company's operations is underway.

Shares crumpled 59% to 7.42p.

Better news from Balkans quarry owner Fox Marble PLC (LON:FOX), where some sales momentum seems to be building.

Just a couple of days after it picked up orders for two of the most expensive residential developments in the UK and Australia, it has agreed a three-year deal with Mahadev Marmo, India’s second largest green marble export house, worth US$1.8mln a year.

It takes the 2017 order book size from €2.9mln to €4.1mln. 


Shares rose 17% to 9.37p.

Toy train maker Hornby Plc (LON:HRN) was also chugging along nicely as it reported that its turnaround plan was on schedule.

Mind you, it’s a Beeching –style recovery as group revenue reduced by 25% year on year during the Christmas period with UK revenue 21% lower.

“The rationalisation of the product range and associated reduction in capital expenditure were delivered in line with our plans,” said the company, which added ‘underlying Christmas trading was healthy and we have enjoyed a solid January sales period’. 

Shares rose 19% to 37p.

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