XPS Pensions Group PLC (LSE:XPS) is in demand after an acquisition and postive trading news.
The consultancy group is paying £11.6mln in cash for Penfida Limited, an advisor to UK pension funds.
The acquisition will enable XPS to offer covenant advisory services to a wider range of XPS client, and is expected to contribute around £5mln of revenue to the group per annum.
XPS also announced that with high levels of demand for its services, revenues for the first five months of the financial year were up 12% compared with the same time last year.
Combined with the acquisition, the company said it was confident of achieving full year results slightly ahead of previous expectations.
Co-chief executive Paul Cuff said: "Penfida is a business that we have known and admired for a long time...
"I am also very encouraged by the revenue growth we are experiencing at XPS across all our divisions."
XPS shares are 4.55% or 5.5p better at 126.5p.
2.20pm: Surgical Innovations upbeat after reducing losses
Surgical Innovations Group (AIM:SUN) is in demand after reduced losses and an upbeat statement.
The company, a specialist in medical technology for minimally invasive surgery, said half year revenues rose 28% £5.41mln compared to the same time last year, and amounted to 106% of the comparable pre-pandemic period in 2019.
It cut its operating loss from £0.15mln to £0.01mln.
Since the end of the half, revenues have exceeded management expectations in the UK and are largely recovering towards pre-pandemic levels in most markets.
Overall group revenues in the first two months of the second half are up 113% on the same time last year.
It said further opportunity in UK hospitals was expected as the well-documented increasing backlogs begin to be addressed, while it also expects growth in new markets.
Chairman Nigel Rogers said: "Production activity has been challenging with extended supply chain lead times and a reduction of skilled labour, but investment in capital expenditure and people should increase the capacity and improve efficiency in the second half of the year. The increasing overhead base has put pressure on the business, but the group remains profitable at adjusted EBITDA, and this will continue to improve with further growth opportunities...
"With further growth opportunities in the second half of the year as major markets continue to recover, and the launch of new products into new and existing key markets, the prospects are certainly encouraging."
Its shares have climbed 9.37% or 0.15p to 1.75p.
12.09pm: Ten Entertainment boosted by record half term trading
Ten Entertainment Group PLC (LSE:TEG), the operator of 48 bowling and family entertainment centres, has seen sales boosted by record half term trading and a strong Easter.
The company said half year sales rose from £10.6mln this time last year to £63.2mln, and it moved from a loss of £8.8mln to an £18.3mln profit. The previous period only had 6 weeks of trading rather than 26 due to the pandemic.
But the figures are also better than the 26 week period of 2019, when sales were £41.4mln and profits £4.7mln.
Revenue per head grew by 7.4%, with all the growth coming from additional customer spend on food, drink, and other games, with bowling revenue per head remaining flat to 2019.
The company had decided to hold prices at the 2019 level while improving its customer offerings.
It said the positive sales trend had continued into the second half, despite the very dry and hot summer which traditionally does not favour bowling and other indoor activities.
It saw modest growth in the 11 weeks since 27 June compared to 2021, with last year benifiting significantly from exceptional sales as a function of UK Staycations and the initial pent-up demand from the release of COVID-19 restrictions.
It has set a new baseline around 30% higher than that seen in 2019, and expects its programme of capital investment, digital marketing and customer service delivery to lead to incremental growth above that new level.
Chief executive Graham Blackwell said: "We have bucked the trend of many other businesses in hospitality and leisure and our value for money customer proposition is well positioned to continue to deliver strong returns for our shareholders."
Its shares have added 4.23% or 8p to 197p.
10.41am: AB Dynamics set to beat profit expectations after strong second half
AB Dynamics PLC (AIM:ABDP) has seen its shares accelerate after an upbeat trading statement and an acquisition.
The company, which supplies testing, simulation and measurement products to the automotive market, said it expected full year revenue to rise 22% to around £80mln after a strong second half, despite supply chain disruptions.
As a result, full year operating profit is expected to be ahead of current market expectations.
Meanwhile it is paying an initial £19.2mln for simulator specialist Ansible Motion Ltd, with a maximum final price of £31.2mln.
Chief executive Dr James Routh said: "The business has performed strongly against a backdrop of continued challenging market conditions and demonstrates the resilience of our business model.
"The acquisition of Ansible Motion is another important milestone in our ongoing strategic development and supports the group's strategic initiatives by broadening the scope of the group's product offering, strengthens our position in the strategically important global simulation market, and enhances our capabilities in R&D and manufacturing."
AB shares are 6.31% better at 1305p.
9.44am: Wandisco boosted by its largest ever contract win
Wandisco PLC (AIM:WAND) is dancing higher after a record breaking deal and positive update.
The data specialist has signed its largest ever contract, worth US$25mln, with a top ten global communications company. As a result, it expects record bookings for 2022, significantly ahead of current market expectations.
Revenue from the contract will be recognised over time and has the potential to grow further as its data requirements grow.
This is the fourth consecutive contract with the customer, following a US$11.6mln order announced in June this year. The cumulative contracts from this customer now total US$39.3mln during 2022.
Chief executive David Richards said: "Throughout 2022, we have outlined how the enhanced trust and confidence both new and existing customers have in our business, combined with the proliferation of data through IoT [Internet of Things] and 5G - has unlocked a range of use cases and significant commercial commitments...
"We remain excited about the opportunity in IoT, where we are seeing increasingly larger opportunities across multiple sectors, particularly in telecommunications and automotive."
Wandisco shares are 8.87% or 35.75p better at 439p
8.46am: SRT Marine Systems upbeat about prospects after strong first half
It's full steam ahead for SRT Marine Systems PLC (LSE:SRT) after a positive annual meeting update.
The specialist in maritime surveillance, monitoring and management systems said it expected the first half of the current year to be materially better than the same period last year. The company benefited from good performances from both its transceiver and systems divisions.
Chief executive Simon Tucker said: "SRT has been exceptionally busy during the first half of the year progressing existing system contracts and growing our transceivers business. Additionally there has been much progress with a number of new system contracts which we expect to convert soon."
Its shares are up 11.11% or 2.8p at 28p.
Elsewhere investors in City Pub Group PLC (AIM:CPC) are toasting a return to profit in the first half.
The company said revenues had risen from £8.9mln to £26.1mln, and it moved from a £2mln loss to a £1.3mln profit.
It said: "Since the last statement in June, the business has strengthened its financial position and trading has returned to pre-COVID-19 levels albeit with a rising cost burden. Net debt is very low delivering one of the lowest levels of gearing in the sector. This will allow the group to take advantage of the opportunities that will arise from these most challenging times, when appropriate."
It added that further efficiencies had helped to mitigate inflationary and other cost pressures.
Its shares have added 7.48% or 4p to 57.5p.