International Consolidated Airlines Group SA (LSE:IAG) fell 9% to 130p after it said it expects to be profitable from the second quarter onwards and for the full year as demand for business and leisure travel bounces back with the lifting of pandemic rules.
The British Airways and Iberia owner made a loss after tax of €787mln in the first quarter of the year, down 27% on the same period last year, as it said business travel recovered to its highest level since the start of the pandemic.
Lifting of government travel restrictions, particularly in the UK, resulted in a flood of holiday and business travel bookings, the FTSE 100-listed airline said, with “no noticeable impact” from the war in Ukraine.
With demand increasing, the Anglo-Iberian carrier said the second quarter is planned to have 80% of passenger capacity seen in 2019, rising to 85% in the third quarter and 90% in the fourth, resulting in full-year capacity of around 80% of 2019, with trans-Atlantic flights close to full capacity by the third quarter.
2.42pm: Westminster Group climbs after announcing contract win
Westminster Group PLC (AIM:WSG), a supplier of managed services and technology-based security solutions worldwide, advanced 8.7% to 2.5p, as it won a contract worth more than £300,000.
The company’s technology division will supply and install advanced screening solutions to a West African Parliament building.
It involves the supply and installation of an advanced people and baggage screening solution in order to detect any weapons, threats or contraband being carried into the building. The project is to commence immediately and is expected to be completed within the next few months.
1.44pm: Technology Minerals climbs after selling 10% of interest in Idaho projects
Technology Minerals PLC (LSE:TM1) climbed 10% to 3.3p after it signed an agreement for the sale of a 10% interest in the Blackbird Creek and Emperium projects in Idaho, USA.
The memorandum of understanding sees Bluebird Metals acquire the project stake for £900,000 in cash and includes an option for Bluebird to acquire a further 20% for £1.8mln.
Blackbird Creek spans some 158 registered claims, over 3,175 acres, in the Idaho cobalt belt (ICB) whilst Emperium covers 694 claims over 13,720 acres in east-central Idaho, also in the ICB.
“The proposed sale of a minority interest in our US projects is in line with our group strategy to progressively deliver value from our portfolio of junior mining assets,” said Alex Stanbury, Technology Minerals chief executive.
12.42pm: 4imprint expects to break US$1bn revenue
4imprint Group Plc (AQSE:FOUR) rose 15% to 2,812p after saying it expects operating profit for the full year 2022 to be above even the highest analyst forecast as revenues are on track to break above its long-awaited US$1bn milestone.
In an upbeat statement, the direct marketer of promotional merchandise said excellent demand led to strong financial performance in the first four months of the year.
Profits are benefiting from improved revenue, reconfigured marketing portfolio, operational gearing and relatively stable gross margins.
Overall order counts in the North American business in the first four months of 2022 were 11% above the same period in pre-pandemic 2019, and average order values were 14% above the same period in 2019, which resulted in 27% higher demand revenue than the same period in 2019.
11.44am: Kinovo in a hole over sale of DCB
Kinovo PLC plummeted 46% after providing an update on its sale of DCB Kent Ltd, the company's non-core construction business.
The pre-tax loss on the disposal of DCB for the company is anticipated to be around £5mln.
It agreed to provide a working capital facility to support DCB in completing active projects and initially thought the overall net outflow of cash would be minimal.
DCB, however, experienced delays resulting in Kinovo paying £3.7mln to date in support, with it expected to increase further in the short-term.
“This additional support was provided due to a lack of new business receipts, ongoing challenges and delays in the period,” Kinovo said in a news release.
10.40am: McColl's surges on potential Morrisons rescue deal
McColl’s soared 35% to 1.54p as Morrisons pitched a last minute bid to save the retailer from collapsing.
16,000 jobs and 1,100 of its stores were thought to be at risk of closure on Thursday but its partner swooped in before the final bell.
Sky said one insider close to McColl’s believed the “vast majority” of its shops and jobs would be retained after a potential takeover.
The retail group said it was “increasingly likely” it would have to call in administrators if the rescue deal collapsed.
9.38am: SDI climbs as it expects to 'materially exceed' market forecasts
SDI Group PLC (AIM:SDI) rose 15% to 173p after it said it expects “revenues and profits for the year to materially exceed current market expectations” in its trading update for the year ended April 2022.
Organic sales growth should be 20% for the year, which it attributed largely to a handful of acquisitions.
The scientific product designer and manufacturer anticipated profit before tax to grow to £10.5mln from £7.4mln in 2021.
Ken Ford, chairman, commented: "We have executed again on all facets of our buy and build strategy, delivering record performance in FY2022 and setting up what looks like another record year in FY2023."