2.30pm JLEN rises after buying 50% stake in Gigabox No 4
Shares in JLEN Environmental Assets Group Limited rose 6.9% after it said it had bought a 50% equity stake Gigabox No 4, which holds the development rights to construct a battery energy storage plant in Scotland.
The environmental infrastructure investment fund said the 49.9 megawatts lithium-ion battery energy storage plant is based in Angus, Scotland.
The acquisition will see JLEN invest up to £16.4mln, with construction ready to start in early 2024.
The project will be connected to the Scottish Hydro Electric Power Distribution PLC's distribution network and has a 49.9 megawatts import and export connection.
JLEN added that the connection will be initially with a capacity of 45 megawatts, increasing to the full capacity by early 2025.
2.25pm: Real Good Food slides after update
Real Good Food PLC (LSE:RGD) on Friday said it is considering further job cuts as macroeconomic headwinds continue to create tough trading conditions.
The Liverpool-based food manufacturing business, which specialises in cake decoration, said "hyper cost inflation" has driven overall costs 30% higher. It added that wider economic conditions have also affected short-term demand for products as households react to pressure on disposable income.
Real Good Food shares plummeted by 31% to 0.90p following the update.
11.50am: Joules jumps after positive update on turnaround plan
Joules Group PLC (AIM:JOUL) said its turnaround plan was progressing well, as it confirmed it is working with financial advisory firm Interpath Advisory following a Sky News report it is exploring a company voluntary arrangement (CVA).
Responding to press speculation, the fashion retailer said that its new leadership team, led by Jonathon Brown and supported by Tom Joule in an executive capacity as product director, is making "good progress" in developing its turnaround plan.
This focuses on driving higher profitability including through: a better pricing and promotional strategy; focusing on more profitable product categories with shorter time to market; and optimising the group's channel mix, it said.
"As previously announced on 13 September, the group continues to assess its ongoing financing requirements, including a possible equity raise, to allow the company to strengthen its balance sheet. KPMG continues to support the group on its medium-term funding."
Shares jumped 26% on the news.
10.15am: Science in Sport tumbles as it puts itself up for sale
Science in Sport PLC (AIM:SIS) saw its shares plunge 27.6% after reporting the macro-market slowed growth in the first half and announcing a strategic review which could see the sale of the business.
Despite revenue growing 10% to £32.3mln in the six months to 30 June 2022, the nutrition company said “global events and specific one-off events” impacted sales and costs.
The gross margin decreased to 43% from 52% due to cost headwinds, brand mix and stock clearance and the company slipped to an underlying EBITDA loss of £2.3mln, compared to a £0.6mln underlying operating profit in the prior year.
READ: Science in Sport reports a slowdown in growth as it mulls a potential sale of the business
After a strong start to the year, weakening consumer demand, temporary supply chain issues and input cost increases have combined to impact our trading,” said chief executive Stephen Moon.
A proposed fundraising to raise £5mln will take place to ensure the balance sheet remains strong in case of a further economic downturn or increase in input costs, it said.