Structural steel firm Billington Holdings Plc (AIM:BILN) has seen its shares build up a good rise after forecasting better than expected results for this year and next.
It said revenues for the first six months of the year had climbed by 22.4% to £46.19mln as its post-pandemic recovery continued.
Adjusted profits climbed 93.4% to £1.47mln.
The group said it had secured a significant amount of new work since the end of the half. In particular, it said it had won contracts in the data centre, energy from waste and industrial warehousing sectors at improved margins.
Chief executive Mark Smith said: "The first half of the year was a period of both stabilisation and continued recovery following the COVID-19 pandemic related disruption to the market. Whilst the financial results for the period were impacted by the completion of lower margin legacy contracts and continued material price inflation and supply constraints, I believe the business has a bright future. We have been building our order book with improved margin work and are seeing some stability return to the market.
"Whilst macroeconomic headwinds are likely to remain for some time, particularly with regard to material availability, price volatility and continuing inflationary pressures, we are seeing a consistent stream of opportunities at better margins. Billington continues to be a robust business with a strong balance sheet, with limited borrowings and has weathered the pandemic well.
"I now expect the group to deliver profits for the full year and for 2023, ahead of previous board expectations."
Its shares are up 14.67% or 27.5p at 215p.
3.32pm: Biffa sees shares jump after agreeing £1.3bn takeover
Biffa PLC (LSE:BIFF) is one of the day's biggest risers after the waste management group recommended a £1.3bn cash takeover offer from private equity firm Energy Capital Partners.
Its shares are up 89p or 28.01% to 406.8p on the news of the deal, which values each Biffa share at 410pp.
Biffa first announced in June that it received a proposed takeover offer from ECP.
ECP said it has been investing in energy transition, environmental infrastructure, and sustainability-focused businesses for almost two decades and that Biffa fits its investment criteria well due to its position “as a leader in UK sustainable waste management, underpinned by a strong national brand and extensive service coverage led by an excellent management team and backed by powerful barriers to entry”.
Biffa was founded in 1912, and previous owners included Severn Trent and a private equity consortium before it was re-listed on the stock exchange in 2016.
2.31pm: Just Eat jumps after forecasting earlier than expected profitability
Investors are tucking into shares in Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) after a positive update from the delivery firm.
It said that as a result of progress in improving revenue and delivery costs per order, it expected to turn profitable earlier than expected.
The company is now forecasting positive adjusted earnings in the second half of 2022, compared with a loss of €134mln in the first six months.
It did warn that due to the uncertain economic conditions and foreign exchange volatility, gross transaction value was likely to show low single digit growth year on year in 2022.
Previously it had expected a mid single digit increase.
It added: "Management expects the company to maintain positive Adjusted EBITDA in 2023, and the long-term objectives for Just Eat Takeaway.com remain unchanged."
The update has seen its shares climb 6.3% or 89.8p to 1384p.
11.54am: Gulf Marine Services heads higher after contract win
Gulf Marine Services PLC (AIM:GMS) has seen its shares sail higher after it unveiled a new contract.
A day after its half year results the company, a provider of support vessels for offshore industries, said it had been awarded a 22 month contract for an E Class vessel with a client in the Middle East and North Africa region. The contract is due to begin in the second quarter of 2023.
Chairman Mansour Al Alami said:
"This contract award reflects the increasing demand for vessels and improved day rates for which GMS remains well positioned to take advantage of going forward".
Its shares are up 6.55% or 0.38p to 6.18p.
11.27am: Fire Angel Safety Technology sees earnings well below market expectations
Fire Angel Safety Technology Group PLC (AIM:FA.) has fallen sharply after warning on full year earnings.
The supplier of home safety products said half year revenues rose 15% to £25.6mln.
But underlying losses increased from £1.5mln to £1.7mln, after exceptionally high purchase prices for components.
It said revenues for the year were expected to be towards the top end of forecasts.
But it added: "The impact of foreign exchange and inflation means the company will not overcome those headwinds at the margin level, which will result in EBITDA for the full year being materially below market expectations and to be between break even and £1.5m."
Its shares have dropped 22.73% or 2.5p to 8.5p.
10.17am: Pressure Technologies under pressure as it talks to its bankers after expected full year loss
Pressure Technologies PLC (AIM:PRES), the specialist engineering group, has seen its shares slump after a disappointing update.
The company said it would make a full year loss and was in talks with its bank.
In June it announced a half year operating loss of £2.1mln but expected a stronger performance in the second six months.
Now it says the recovery is significanly below what it had anticipated and so will make an operating loss for the year.
As a result it now believes it will not be able to meet the requirements of the two existing financial covenants contained within its current banking facility. These covenants relate to leverage and interest cover and a first test is currently required at the end of October based on full-year performance to 30 September 2022. It added it was "currently in constructive dialogue with Lloyds Bank regarding these covenants and ongoing facility requirements.
"Ernst & Young LLP continues to support the group with the review of funding options to replace the Lloyds Bank facility with new arrangements that provide increased liquidity, greater flexibility and the required working capital to support the group's strategic investment in[subsidiary] CSC, in particular for growth opportunities in hydrogen energy."
Pressure's shares have lost 42.86% or 27p to 36p.
8.48am: Xeros Technology jumps as it unveils agreement with European manufacturer
Xeros Technology Group PLC (AIM:XSG), the developer of a polymer bead cleaning system that significantly reduces water, energy and chemical use, is in demand after unveiling a new deal.
It has signed a joint development agreement with a global domestic washing machine component manufacturer for its microfibre filtration technology XFilter. The supplier is headquartered in Europe with production facilities worldwide.
The agreement sets out a programme of product development for the manufacture of XFilter devices and an agreement of multi-year licensing terms. Work under the agreement will commence immediately, shortly followed by commercial discussions, with an expectation to agree on terms in the next six months.
The company said French legislation requiring the fitting of microfibre filters in all domestic washing machines by 1 January 2025 are expected to drive revenue growth in 2024. Similar legislation is also under discussion in Europe, the UK and California.
Xeros is also continuing to work with an Asian washing machine manufacturer and is in early stages of discussions on commercial licensing terms.
Its shares are 21.05% or 4p higher at 23p.
Elsewhere United Oil & Gas PLC (AIM:UOG) is up 7.02% or 0.1p at 1.53p after a positive half year update.
Profit after tax rose from US$2mln to US$2.4mln, and its cash balance was up from US$2mln to US$3.8mln at the half year and has subsequently climbed to US$4.7mln.
Chief executive Brian Larkin said: "The company's balance sheet is the strongest it has ever been and in the first half of the year we have continued an active work programme across our portfolio of assets...
"[These] have the potential to provide short, medium and long term upside to all our stakeholders and provides a platform for growth. Abu Sennan in Egypt continues to deliver production and strong cashflows, Maria in the UK contains a discovery with a potential development adjacent to some of the largest oil fields in the Central North Sea, and Jamaica, where the Walton Morant licence offers access to high impact exploration potential with a quality drill-ready prospect."