Tasty and Pathfinder Minerals among Friday’s notable losers

A look at some of the biggest risers and fallers in the UK market on Friday

empty restaurat table
Tasty slumped 11%

Tasty Plc (LON:TAST) shares dropped just over 11% as it reported reduced  revenue and an £11.2mln impairment against its estate, following a review of its current trading conditions.

Westminster Group PLC (LON:WSG) shares were off 8.74% after it released an interim results statement, for the six months ended June 30, and announced director changes including the appointment of a new chief financial officer.

Pathfinder Minerals Plc (LON:PFP), down 10%, issued its first interim results statement following a management change last month and revealed that it ended the period with £173,000 of cash.

Regal Petroleum Plc (LON:RPT) shares, meanwhile, were  on the front foot as its financial results revealed US$24.6mln of revenue and a US$11.9mln gross profit. It also announced the departure of its chief financial officer and other board changes.

9.30am: Moss Bros, Xeros Technology among Friday’s early movers

Like French Connection yesterday, shares in formal clothes hire and suits retailer Moss Bros Group PLC (LON:MOSB) were not in fashion in the wake of its latest financial results.

Moss Bros cut its half-year dividend by nearly 25% after stock issues and low customer footfall resulted in a dent to its sales and profits.

The men’s clothing stores chain reported that like-for-like (LFL) retail sales for the period were down 6.9%, while LFL hire sales declined 7.8%. Adjusted pre-tax profits were reported at £0.2mln, down from £3.7mln in the first half of 2017, while revenues fell 3.3% to £64.5mln.

In early morning trading London, Moss Bros shares were down 5.5p, or 11.83% at 41p.

But Xeros Technology Group PLC (LON:XSG) shares belted 20% higher to 49.89p as it announced a new ten-year contract win to install its patented polymer technology at a Mexican tannery - that’s a leather producing facility, not a solarium - which processes some 5,000 hides per week.

The facility is located in León which is described as “one of the world's leading tanning centres”.

"The considerable interest we are seeing from leading tanneries is a strong indication of the potential to increase rapidly the deployment of our technology in what is a global scale industry - we expect to secure further contracts into the future," said Xeros chief executive Mark Nichols.

Meanwhile, Neil Woodford’s Woodford Patient Capital Trust PLC (LON:WPCT) gained just shy of 8% in the market on Friday after releasing a statement noting an upward revaluation of net asset value – driven by a 357% rise in the value of Industrial Heat, a disruptive energy technology group. WPCT shares were priced at 88.29p.

Proactive news headlines:

Cannabis investment vehicle Sativa Investments PLC (NEX:SATI) is moving into Germany as it looks to exploit the growing demand for cannabinoid products in the country.

Westminster Group PLC (LON:WSG) said it had made significant progress with its Iran airport contract and remains committed to starting it as soon as possible.

Savannah Resources PLC (LON:SAV) has submitted an application for an additional mining lease in Mozambique while also reporting a narrowed loss in its half-year results.

Tower Resources PLC (LON:TRP) highlighted that its partner in the Algoa-Gamtoos licence, in South Africa, is launching a farm-out process aimed to fund new seismic exploration which would set up future drilling efforts.

Non-executive chairman Paolo Dal Pino has become executive chairman of Telit Communications PLC (LON:TCM) following the departure of the chief executive officer, Yosi Fait.

Avacta Group PLC (LON:AVCT), the developer of Affimer biotherapeutics and reagents, has announced that its CEO, Alastair Smith, CEO will be presenting at an investor evening hosted by Turner Pope Investments to be held on 1 October.

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