Shares in C&C Group PLC (LSE:CCR) are toasting a positive set of full year figures.
The drinks group behind the Magners and Tennent’s brands moved from a €63.6mln operating loss to a €47.9mln profit, with revenues nearly doubled to €1.438bn as pandemic restrictions were eased.
The company has also sold its minority interest in Admiral Taverns to partner Proprium Capital for €65.8mln in cash.
It said the current year had started strongly, with revenues up 12% compared to pre-COVID-19 levels for the first two months.
On inflation, it said: "Recently implemented price increases, hedged positions and cost savings programme have provided a degree of protection against cost inflation. However, additional input cost pressure, particularly at our manufacturing facilities, will likely necessitate further price increases."
And despite concerns about consumer spending, chief executive David Forde said: "The group continues to play a key role in the UK and Ireland drinks market and is well positioned, with a market leading platform and a position of financial strength to drive sustainable growth and create long-term returns for our shareholders.”
Its shares are up 5.17% to 215.6p.
2.23pm: Smartspace Software sees shares fall as losses increase
Smartspace Software PLC (LSE:SMRT) has fallen back after its full year losses increased.
The company, which provides workspace solutions such as meeting room bookings for small and medium sized businesses, has been affected by the closure of offices during the pandemic.
Its adjusted losses rose from £2.12mln to £2.49mln, with all three of its divisions in the red.
Two out of the three remain so, although SwipedOn which involves monitoring visitor arrivals, is expected to be break even this year.
The company said: "Our intention is to become a profitable business and we have plans in place to transition SmartSpace through to cash generation.
"The board believes the company has sufficient liquidity to complete this transition to cash generation towards the end of 2023."
Its shares are down 7.14% to a near 12 month low of 65p.
12.45pm: Accrol upbeat despite challenging market
Accrol Group Holdings PLC (AIM:ACRL), which supplies tissues and wipes to discounters and grocerty chains, has moved higher after a positive trading update.
The company said that despite the current challenging inflationary backdrop, its full year revenues and profits were expected to be in line with market forecasts, at £160mln and £1mln respectively.
For next year it anticipates revenues of between £200mln and £220mln, compared to a City forecsat of £185mln.
It said: "The group has successfully navigated the substantial inflationary pressures on input costs, including pulp, energy, and supply chain, by engaging constructively with its customers to pass on these additional costs, through significant price increases and further process efficiencies."
A strategic review, announced in January, is continued and more details are expected with the full year results in September.
Chief executive Gareth Jenkins said: "This has been the most challenging period in the industry that I have experienced, with tissue pricing reaching unprecedented levels, driven by energy prices and supply constraints. We have successfully recovered these increased input costs to date and are confident we can continue to recover any further rises through innovation, efficiency and our supportive retailer customer base."
Accrol has added 9.75% to 25.9p.
12.04pm: TI Fluid Systems slides after warning on margins
Shares in TI Fluid Systems PLC (LSE:TIFS) have sprung a leak after the company warned on shrinking margins.
TI - which, yes, makes fluid systems for light vehicles - said first quarter revenues fell by 4.1% to €755mln.
It blamed a 4.5% fall in global light vehicle production due to the continued disruptions to the supply chain, further exacerbated by the Ukraine conflict and COVID-19 related shutdowns in China.
It said: "We are making progress with cost recovery from our customers. However, we expect our first half margins to be modestly lower than the second half of 2021 due to disruptions in production, ongoing inflationary pressures and time lag on recoveries.
"Taking the year as a whole, we anticipate annual light vehicle production volumes to be below 2021 levels
"Provided that commodity prices stabilise and volumes and inflationary pressures do not deteriorate significantly further, consistent with our previous full year outlook guidance, we would expect to achieve revenue outperformance and historical cash flow conversion with full year margins slightly below 2021 levels, thanks to sequential margin expansion in the second half of 2022 as customer pricing recoveries are realised."
Its shares are off 15.72% at 158.45p.
11.12am: Vitec in demand after record performance
Vitec Group (LSE:VTC) has seen a strong start to the year, with record orders, revenue and profit for the four months to the end of April.
In a statement for its annual meeting, the hardware and software group said is strong performance came despite inflation, component shortages, the current geo-political situation and the recent COVID-19 lockdowns in China.
It added: "Overall, our end markets remain buoyant despite some headwinds. We continue to expect to more than offset inflationary pressures with higher pricing. The board is increasingly confident about the outlook for the group for the year."
Meanwhile it is goodbye to Vitec if shareholders approve a change of name to Videndum at today's meeting.
Whatever the name, its shares are 5.13% better at 1270p.
10.13am: Kinovo sees shares crumble after former subsidiary goes into administration
Kinovo PLC (AIM:KINO) (AIM: KINO) has seen its shares slump after a former subsidiary went into administration.
The property services group announced after the market closed on Monday that it had been informed that CFS Restructuring had been appointed administrators of construction business DCB, sold by Kinovo in January to MCG Global Limited.
Since the disposal of DCB, Kinovo had provided working capital support to DCB worth £3.7mln to help complete its active projects.
It had also provided certain parent company guarantees relating to construction projects in existence at the time of the disposal, which were expected to be released by the purchaser of DCB following completion of the disposal.
Kinovo said it was currently establishing the impact of an administration of DCB on this support and guarantees.
Sangita Shah, chairman of Kinovo, said: "We are actively engaged with our legal advisors in establishing Kinovo's position in consequence of an administration of DCB, and we are also in direct discussions with the joint administrators."
Kinovo is down 26.09% at 12.75p.
9.25am: Fintel higher after upbeat annual meeting statement
Fintel PLC (AIM:FNTL) has flown higher after a positive annual meeting statement.
The technology firm, parent of SimplyBiz and Defaqto, said its trading performance so far this year had been strong and in line with expectations.
It said it was improving the quality of its earnings by converting annual managed services agreements to multi-year distribution as a service agreements.
Its had £7.8mln of net cash at the end of April, up from £2.6mln on 31 December last year.
Its shares have added 9.74% or 19p to 214p.
8.47am: Osirium Technologies climbs after winning first US contract
Osirium Technologies PLC (AIM:OSI) is soaring after winning its first contract in the UK.
The firm, a vendor of cloud-based cybersecurity and IT automation software, said it had signed up a global investment bank headquartered in New York.
The contract will see Osirium's services guard against potential threats to the bank's IT infrastructure, such as ransomware attacks.
Osirium said the contract would not have a material impact on this year's results, but it was strategically important in demonstrating the potential demand for its products in the key US market.
Chief executive David Guyatt said: "We are delighted to announce this first win in the US, which represents further evidence of the opportunity to grow outside of the group's core UK market."
Osirium shares have climbed 12.4% to 8.71p.
Also benefitting from contact news is t42 IoT Tracking Solutions plc (AIM: TRAC).
The tracking and monitoring specialist has won an order from Olimp Bulgaria Ltd, an exporter of security seals.
The contract came after a competitive tender which included a comparison of rival systems each of which was activated and integrated with Bulgarian customs systems and operating procedures.
Chief executive Avi Hartmann said: "This order shows how t42 is expanding in new geographies, sectors and markets. It demonstrates that our products compare favourably when tested against competitors. It has also shown our ability to work effectively with customs authorities and deliver benefits to our customers very quickly after adoption...
"We are hopeful this order will be followed by more in a long-term, mutually beneficial relationship with Olimp Bulgaria and we look forward to updating the market on this in due course."
Its shares are up 13.25% to 13.25p.