Marks Electrical Group PLC (AIM:MRK) has sparked up after a positive trading update.
The online electrical retailer said first half revenues had growth by 15.1% to £43.1mln despite a challenging market backdrop, with high levels of discounting from competitors. Despite this Marks saw particularly strong performances in televisions, cookers, vacuums and small appliances.
Chief executive Mark Smithson said: "After a solid performance in the first four months, the group's positive trading momentum has continued in August and September...enabling the group to deliver continued revenue growth and market share gains.
"The strong competitive activity we saw in pricing during the first quarter has begun to ease more recently and despite the margin pressure this has had in the first half, we remain focused on controlling our overhead base and confident of achieving our full year targets.
"Given the challenging economic backdrop our focus on maintaining inventory whilst improving inventory days has been key, allowing us to close the period with a net cash position of £7.7m. This puts us in a strong position for the months ahead."
Its shares are up 4.46% at 58.5p.
12.21pm: Sanderson Design confident despite current consumer uncertainties
Sanderson Design Group PLC (AIM: SDG), the luxury interior design and furnishings group, is sitting pretty after a positive set of results.
Half year revenues rose 0.7% to £57.9mln in what it called a resilient performance in a challenging market.
Pre-tax profits climbed 12.2% to £5.5mln, helped by higher margin licensing activities.
Chair Dianne Thompson said: "I am delighted to see positive developments in North America, where we have been under-distributed in the past and where management continues to focus. The UK performance of our top customers is encouraging, whilst challenges abound in the wider economy.
"Our current year performance to date is testament to the diversity of our model, and we continue to anticipate meeting board expectations for the full year. Given the uncertainties in the current macro-economic and consumer environment, we look forward with caution and continue to actively manage the headwinds. We have a high-quality brand portfolio, growing US presence and strong cash balances to support ongoing investment. Alongside continued management action to reduce costs and increase efficiency, we remain confident in the strategy for the business."
Its shares are up 7.22% or 7p at 104p.
11.03am: Eneraqua Technologies lifts targets after strong performance
Eneraqua Technologies PLC (AIM:ETP) has seen its shares bubble up after lifting its target for next year.
The provider of energy and water efficiency solutions said six month results for the current year to January 2023 saw revenues jump 92% to £24.2mln, reflecting growth in contract wins and project completions.
Adjusted profit before tax rose from £2.98mln to £3.07mln.
Having reviewed its performance so far, it has increased its revenue target for the year to January 2024 by 14% to £80.1mln, materially ahead of previous expectations.
It said the increased target was already 72% covered by the order book.
Chief executive Mitesh Dhanak said: "I am pleased to report on a solid first half, which has positioned the group to deliver on its targets for the full year 2023 with confidence. Our performance underpins the company's growth plans in the domestic and commercial energy markets as well as the water sector..
"Looking forward, we expect to launch our water efficiency product direct to consumers later this year. This has been proven to reduce domestic water and energy consumption and utility bills...
"[Our] strategy coupled with our strong order book and trading in the first months of the second half, leave the group feeling confident for the future, as demonstrated by the 14% revenue upgrade for 2024, and focused on the next stage of its development."
Its shares have added 13.91% or 32p to 262p.
9.58am: Edenville Energy restarts production at Tanzanian coal project
Edenville Energy PLC (AIM:EDL) has been fired up by positive news from its Rukwa coal project in Tanzania.
Following planned servicing and repairs to machinery, production has now restarted at the project at an initial 4,000 tonnes a month of washed coal.
An upgrade to the wash plant is expected to significantly improve output after an historically poor performance, the company said.
It has now identified a potential customer base in excess of the previously targeted 6,000 tonnes per month of washed coal, while pricing discussions are now at a higher level than the previously outlined range of US$35-50 a tonne.
It is assessing further opportunities to enhance the production required to meet this increase in demand, especially given that - at the current production rate - the company expects to soon become cash generative.
Chief executive Noel Lyons said: "[Production] has coincided with a dramatic uplift across the globe in the thermal coal price, which has seen prices rise more than threefold over the last year, with Tanzanian coal now also being exported to Europe. This has naturally positively impacted the likely sales price for Rukwa coal, which now exceeds the previously reported guidance. Both the macro and micro outlook has led to potential customers coming forward and we expect to provide an update in the near term.
"Accordingly, with the company expected to be shortly turning cashflow positive on the basis of current production levels and anticipated supply agreements, I believe the outlook for Edenville and Rukwa is now more promising than ever before."
8.52am: GreenRoc boosted by further graphite finds in Greenland
GreenRoc Mining PLC (AIM:GROC) has built up a good gain after a positive update from its flagship Amitsoq graphite project in South Greenland.
It said historic graphite occurrences had been confirmed in four new zones of interest, significantly expanding the potential for multiple significant graphite discoveries outside its primary target zones.
Chief executive Stefan Bernstein said: "The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive...we believe that we are in the process of defining a graphite province which could well be of global significance...
"With critical global demand for new supplies of graphite, this is an opportune time to be developing a project of Amitsoq's quality and potential magnitude."
GreenRoc shares have climbed 8.24% or 0.56p to 4.6p.
Elsewhere Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has flared up after announcing that the Coho facility in Trinidad and Tobago has safely delivered its first natural gas, representing the first onshore natural gas project to come onstream in the country in over twenty years. The Coho area is located in the Ortoire block, where Touchstone has an 80%t operating working interest and Heritage Petroleum Company Limited holds the remaining 20%.
Paul Baay, president and chief executive officer, said: "Coho production represents the first stage of diversifying our product mix in Trinidad. The Coho facility is capable of 24 million cubic feet of gross natural gas per day, giving us the ability to potentially add incremental production volumes through a combination of additional drilling and well optimization."
Its shares are 6.55% or 5.5p better at 89.5p.