12.10pm: Credit Suisse axes ITM Power price target
Shares in ITM Power PLC (AIM:ITM) slumped 7% on Friday as Credit Suisse more than halved its price target for the company.
In a note looking at its hydrogen end-market forecasts the broker slashed its target to 70p from 230p and reiterated an underperform rating.
It estimated the group would have 70% lower manufacturing capacity by full year 2025 and also reduced its estimates for ITM’s share of the electrolysis market to 3% by 2050 from 12.5%.
11.15am: Made.com tumbles after puting itself up for sale
Made.com Group PLC (LSE:MADE) tumbled 32% after putting itself up for sale as part of a review of possible options to “maximise value for shareholders”, as it has been unable to attract investors to an equity fundraising.
The struggling online furniture retailer, which floated last year and has seen its shares almost wiped out since, said “unexpected events” this month in the UK have seen trading and its financial position both deteriorate further.
Due to the continued uncertainty, directors have withdrawn full-year financial guidance.
9.16am: TheWorks rises after trading update
Shares in TheWorks.co.uk PLC (LSE:WRKS) soared 42% after reporting strong growth in revenue and profits which importantly came in above the reduced expectations the company had set in August.
Adjusted EBITDA increased to £16.6mln for the full year from £4.3mln last time ahead of the £16.5mln forecast in August when the company warned of a deteriorating market outlook, low consumer confidence and rising inflation.
Profit before tax of £10.2mln compared with a loss of £2.8m in full year 2021.
“Trading since the group's update on 8 August 2022 has remained resilient however the outlook for full year 2023 is unchanged, reflecting the board's desire to remain cautious in light of the uncertain economic conditions” the group said.