Power products group Volex PLC (LON:VLX) has seen its shares spark up after it turned in its best performance in 20 years despite the pandemic.
Full year revenues rose 13.3% to US$443.3mln while pretax profits jumped 36.8% to US$41.6mln, boosted by sales of products for use in electric vehicles.
Its operating margin improved from 8.1% to 9.7% helped by efficiency savings and increased sales of more complex products.
The company also bought De-Ka Elektroteknik in Turkey to create what it said is the only truly global power cord manufacturer, which lifted revenues in its consumer electronics business.
Sales in its medical division dipped by 3% but it is now seeing signs of recovery, while its industrial technology business saw strong demand from data centres in the first half of the year.
It is positive about the outlook: "We have delivered a strong start to the new year across all regions with continued momentum in Electric Vehicles and Complex Industrial Technology.
"There is an exciting pipeline of acquisition opportunities and strong financial flexibility.
"The longer-term prospects for our business remain strong and we continue to invest in capacity and strengthening our capabilities with a particular focus on growth areas."
Its share climbed 5.22% to 373p.
2.39pm: Kingswood hits the acquisition trail after surge in revenues
Kingswood Holdings Limited (LON:KWG) has seen its shares head higher after full year figures and a complaint it was undervalued.
The investment management group said revenues had risen 153% to £25.5mln and operating profits climbed 309% to £0.9mln, reflecting a number of acquisitions during the year.
These include independent financial advisors Sterling and Regency in the UK, and Chalice and a majority stake in Manhattan Harbour Capital in the US.
As well as its results it also announced a deal to buy financial planning firm Admiral Wealth Management.
It has an agreement with Pollen Street Capital whereby the latter can subscribe for up to £80mln worth of convertible preference shares, which Kingswood can draw on for acquisitions.
The group said it had been a challenging year, especially for a company built on personal relationships and face to face connections with clients, but it had adapted well.
But chief executive Gary Wilder said: ""Disappointingly, Kingswood remains significantly undervalued relative to its fully integrated peer group and wealth managers in general, and a major focus of myself and the board in the coming months is to develop and deepen our shareholder register and to remain completely focussed on executing our organic and inorganic growth strategy at pace and it is through this that we will maximise value and returns to shareholders."
It is a little less undervalued now, with the shares up 10.87% or 2.5p to 25.5p.
11.35am: Pharma group surges after positive drug delivery news
Midatech Pharma PLC (LON: MTPH) has issued an update which has injected life into its share price.
The biotech company announced what it called "breakthrough" data relating to its Q-Sphera technology, which uses 3D printing to put drugs into injectable microspheres.
It said the data demonstrated Q-Sphera's potential to formulate proteins into long-acting injectable products.
It believes the results could open up significant opportunties for the technology: " A significant number of latest generation medicines are protein based and reformulation as long-acting injectables could provide significant benefits to patients, physicians and payors."
After it announced a strategic review 13 months ago, it has moved from focusing on just one potential product to expanding its pipeline which now has nine earlier stage programmes. It has also cut costs by shutting its Bibao operations.
Among other developments it has begun talks with potential licencing partners for MTD211, a treatment for schizophrenia marketed under the brand name Rexulti.
It is also in talks about a potential co-development deal with a third party although this has proceeded more slowly than planned due to issues associated with the pandemic.
It is not all good news. Secura Bio Inc, the owner of patents previously licenced to the company, is claiming breach of the terms even though the licence has now been terminated. Secura wants, among things, that the company grant it a non-exclusive, free licence to its intellectual property and know-how. Midatech says the claims and demands are without any merit.
In all, the update has pleased investors, with the company's shares surging 80% or 22p to 49.5p.
10.17am: Dr Martens shares stumble after profits fall due to flotation costs
Dr Martens PLC (LON:DOCS) has slipped up in its first results since a £3.7bn flotation in January.
The bootmaker said pretax profits fell by 30% to £70.9mln, after an £80.5mln charge related to the IPO. This included bonuses for all staff.
But revenues rose 15% despite store closures during lockdown, as it beefed up its sales online.
Chief executive Kenny Wilson said: "The pandemic presented challenges to our operations and ways of working, and our priority throughout was to keep our people and consumers safe....
"We continue to prioritise selling directly to our consumers, and, with retail severely impacted by COVID-19 restrictions, we focused our efforts on a step-change in ecommerce, achieving revenue growth of 73%, representing 30% of total mix. The investments and improvements we made in our supply chain in recent years, along with our multi-country sourcing model and close supplier relationships allowed us to quickly react to a rapidly changing environment, ensuring minimal disruption and maintaining good availability throughout."
He added that the guidance laid out at the IPO was unchanged: "Whilst the global trading environment remains uncertain, the strength of our iconic global brand means we look to the future with confidence."
But the shares have fallen 8.77% or 43.4p to 451.6p after the update, although this is still well up on the 370p flotation price.
AJ Bell financial analyst Danni Hewson said: "There may be some disappointment that, despite a robust sales performance, the outlook given by Dr Martens has remained unchanged. Newly listed firms often set the bar low on guidance so they can clear it early in their life as a public company.
“The company continues to push a strategy of increasing the amount of product it sells direct to consumers, something a lot of major brands are targeting as it gives them greater control over the way it engages with customers.
“The relationship with brand devotees is an important issue as Dr Martens continues to faces grumbling in some quarters over a deterioration in the quality of the product, particularly since moving its manufacturing base to Asia nearly two decades ago.”
9.21am: Automation group marches higher as losses reduce
Blue Prism PLC (LON:PRSM), the automation software specialist, is heading higher after confirming it is on track to break even this year.
The company has reported a 24% rise in first half revenues to £80.4mln, with operating losses reduced from £53.8m to £20.9mln.
Chairman and chief executive Jason Kingdon said: "Whilst remaining disciplined on spending and re-confirming our aim to be cash break-even by the end of the full financial period, we have significantly invested in R&D, enabling a record number of product releases to enhance scale and usability of the core product."
The company's shares have added 6.9% or 62p to 960.5p.
8.31am: Filtronic sees shares fly as delays to key telecoms projects ease
Filtronic PLC (LON:FTC) has dialled up a better than expected result in recent weeks as key projects got back on track.
The company, which supplies equipment such as antennae and filters for the telecoms and defence markets, said trading improved in the second half of its financial year after a weaker first six months.
So revenues are expected to be in line with forecasts, but a favourable product mix at higher margins means profits will be slightly better than anticipated, up from £1.2mln to £1.8mln.
The final quarter saw demand for its critical communications products improve, as COVID-19 delays to new installations and system upgrades in the US started to ease.
In particular it shipped the first significant orders for for its new Tower Top Amplifier.
The pandemic has delayed the roll out of many proposed 5G networks, so it has seen stable order flow during the year but at a reduced rate.
Orders in the aerospace and defence markets remained stable.
Overall it has started the new year with a strong order book despite the disruption.
Like many companies, it is facing the problem of shortages of key components. It said: "Market conditions across the electronics industry are expected to be impacted by supply chain challenges and component shortages for several months. We have asked customers to pay increased attention to forecasting and adequacy of forward order cover, and this has gone some way to providing a stronger opening order book for the new financial year."
The update has pushed its shares 10.11% or 1.19p higher to 12.94p.
Elsewhere Rainbow Rare Earths Ltd (LON:RBW) has risen 6.58% to 14.39p.
The company unveiled a better than expected mineral resource estimate for its Phalaborwa Project in South Africa.
The report estimated resources of 38.3Mt, arger than the original 35Mt expected.
It show high value Neodymium and Praseodymium oxide, the essential metals for green-friendly permanent magnets.
Chief executive George Bennett, said: "The Maiden Mineral Resource Estimate for Phalaborwa marks an important milestone for Rainbow, underpinning the opportunity for the rapid development of a low capital and operating cost, high value processing facility in South Africa to provide the essential metals to power the green revolution from an extremely environmentally beneficial project."