Moonpig Group PLC (LSE:MOON), the online greeting cards and gift company, has seen its shares drop on worries about the cost of living crisis on its business.
Its shares have fallen 15.4p or 7.7% to 184.6p despite an upbeat annual meeting statement.
It said: "Overall trading performance is in line with our expectations and hence we reiterate existing guidance for the full financial year
"In the current economic environment, we have prioritised greeting card sales, which have a demonstrable track record of being resilient across the cycle, and we intend to continue this focus for the remainder of [the full year]. Average order values have increased year-on-year, supported in particular by cards, and margin trends remain resilient in the absence of any significant pressure from input cost inflation.
"As previously indicated, we expect the business to return to pre-COVID-19 seasonality. Taking into account consolidation of the Experiences Division from 13 July 2022 onwards, we expect between 58% and 60% of revenue to arise in the second half of the financial year."
Victoria Scholar, head of investment at interactive investor, said: "Concerns about the cost-of-living crisis, squeezed household budgets and rampant inflation have dampened investor appetite for Moonpig with shares slumping more than 50% so far this year.
"Moonpig was previously trying to upsell, pushing higher margin products such as soft toys, champagne, flowers and chocolates, but is now refocusing on its bread and butter, greetings cards instead to navigate the economic downturn. This year has seen a series of price target cuts on the stock from the analyst community as the pandemic surge in demand for its stay-at-home offering dries up.”
2.40pm: Craneware climbs as acquisition pays off
Craneware PLC (AIM:CRW) has seen its shares climb after a positive update.
The software specialist focused on the US healthcare market said full year revenues increased by 119% to US$165.5mln.
Adjusted earnings rose 91% although statutory profit before tax dipped from US$13.2mln to US$13.1mln. This was partly due to interest payments resulting from its acquisition of Sentry Data Systems INc.
Chief executive Keith Neilson said: "The addition of Sentry, which was completed and integrated during the fiscal year, represents a significant milestone for Craneware.
"Whilst we remain cognisant of the ongoing challenges faced by our customers and partners, we are proud of the manner in which the group has dealt with the challenging backdrop during the year. A focus for the year was to integrate our widened team and this was achieved with great success. Now, with our expanded and reorganised team we are confident we will be able to serve the considerable market need within the US healthcare space through the next stage of our evolution.£
Its shares are up 6.91% or 125p at 1935p.
Analysts at Berenberg have issued a buy recommendation and raised their price target from 2320p to 2600p.
1.16pm: Deltex Medical drops as losses increase
Shares in Deltex Medical Group plc (AIM:DEMG) are down after the monitoring systems group reported an increased half year loss.
Revenues rose 8% to £1.2mln, a return to growth after severe disruption due to the pandemic.
But its operating losses rose from £0.5mln to £0.6mln, reflecting increased spending on marketing and gaining international sales.
It also said it was modifying it commercial activities in the UK and US on the assumption that restricted access within hospitals was now the 'new normal'.
It hopes to launch its next generation monitor later this year despite continuing supply chain challenges.
Its shares have fallen 11.9% to 0.92p.
12.19pm: Feedback gets good response to better than expected results
Feedback PLC (AIM:FDBK) has received a good response to unveiling results significantly ahead of market expectations.
It said full year revenues jumped 105% to £0.59mln, the highest figure since it became a medical imaging company in 2014.
Its operating loss increased to £2.51mln from £2.06mln, but this reflected investment in the development and roll out of its mobile-based medical imaging product Bleepa.
Chief executive Dr Tom Oakley, said: "We are delighted with the progress made during the period, which was significantly ahead of previous market expectations and the strongest performance, in terms of revenue, since entering the medical imaging market..
"2022 was a crucial year for the company as we recognised the initial success of our new strategic direction and the growth in Bleepa sales, continuing the move away from lower margin legacy products. Looking forward, we are now well positioned to address a number of at scale market opportunities and are sufficiently funded to deliver against them. We look forward to building on the momentum generated during the period and delivering further growth in the year ahead."
It also plans a share consolidation, but meanwhile they rose 6.62% to 0.69p.
11.04am: GRIFFIN MINING (AIM:GFM) sees setback in China after explosives ban
GRIFFIN MINING (AIM:GFM) has slipped back after an unexpected delay in China due to restrictions on the use of explosives.
During Communist Party events in October, there will be severe security measures including restrictions on the manufacture and supply of explosives in the four major municipalities surrounding the Beijing area.
Griffin's Caijiaying gold, zinc and lead mine is in one of these municipalities, so can no longer receive explosives .
It said: "The current inventory of explosives has been exhausted, mining and haulage has decreased and processing and milling is expected to cease on Thursday, 22 September 2022. It is expected that full operations will recommence at the Caijiaying Mine on Tuesday 1st November."
The company budgets for normal disruption to October production, but this extended lay off with have "a significant impact on September and October results" at the mine, which has recently seen record levels of production.
Chairman Mladen Ninkov sai, "It is an unfortunate consequence of the importance of this year's Communist Party's Congress that such strict security measures have been mandated by the Beijing Ministry of Public Security. Nevertheless, the extraordinary efforts of all concerned in reaching a 1.5 million tonne throughput recently, on an annualised basis, from just Zone III, will ensure that the production and financial impact to Griffin will be minimized to the greatest extent possible."
Even so, Griffin's shares are down 4.27% at 78.98p.
10.05am: Future falls on talk chief executive plans departure
Shares in media group Future PLC (LSE:FUTR) are heading south after a weekend report that its chief executive was planning to step down.
Zilah Byng-Thorne, who has been the boss since 2014, has told the company she wants to retire from the publisher in the next 18 months, according to Sky News.
Its shares are down 14.36% or 238p at 1419p as traders had their first chance to react to the report.
(Update 10.35am: Future has issued a statement in response to the share price fall.
It said: "Zillah Byng-Thorne, CEO, joined the business in November 2013 and is approaching 9 years at the Group. Zillah remains committed to the business, and has not resigned, however she has informally indicated that she would like to step down by the end of 2023.")
9.11am: ZOO Digital (AIM:ZOO) sees strong revenue and earnings growth
ZOO Digital (AIM:ZOO) is in demand after a postive annual meeting statement.
The provider of cloud-based localisation and media services said first half revenues were set to jump at least 89% to US$51mln compared to the same time last year. Earnings were expected to show a significant increase, helping to substantially improve its cash position.
Chair Gillian Wilmot said in the statement: "Strong momentum has continued across the business as we continue to take share in a growing market, benefitting from our cloud-based platforms, extensive freelancer network and embedded client relationships. With our global scale and end-to-end offering, we are one of the few vendors capable of meeting the requirements of major media companies to take their content to international audiences...
"A strong pipeline of work and excellent customer relationships gives us continued and unwavering confidence in the future."
Its shares have climbed 12.25% or 15.5p to 142p.
8.35am: Katoro Gold shines after unveiling joint venture in Namibia
Katoro Gold PLC (AIM:KAT) the exploration and development company, has unveiled a joint venture involving an iron ore project in Namibia.
It is linking up with Trans Namibian Mining and Minerals (Pty) Ltd to undertake exploration an development activities on the latter's project in the country.
Katoro executive chairman Louis Coetzee said: "This joint venture represents an exciting investment opportunity for the company with the possibility of near-term value uplift.
"Our initial objective is to rapidly determine the work programme and budget that will be required to advance the project to bankability status.
"Based on the preliminary evaluation and review of the substantial amount of historic work done to date on the project, we believe that this can be achieved within a relatively short timeframe and with minimal rework and/or additional work on the project. A significant number of the required licenses and/or permits are also already in place, which will make the process towards achieving industry standard bankability significantly easier and quicker.
"The joint venture also includes exploration rights that cover a number of very exciting copper anomalies, and we will be looking at getting an extensive copper exploration programme going in parallel to the work on the iron project,"
Katoros shares are up 4.62% at 0.34p.
Elsewhere Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF) has surged 47.62% or 5p to 15.5p after announcing a follow-on contract worth US$4.6mln with a Chinese broadband network customer.
The deal follows a US$3mln order in October 2021 and involves Ethernity supplying system-on-chip devices to enable Fiber-to-the-Room deployments, an alternative to Wi-Fi.
David Levi, chief executive, said: "This deal confirms our prior expectations that Ethernity's contract wins would lead to follow-on business...
"This is a totally untapped market for Ethernity that utilises our existing 5G infrastructure technology to serve a major connected residential market. I believe this is the tip of the iceberg in this growing market for the company and has the further potential to generate additional significant revenue flows."