12.03am: Pearson pleases
Pearson PLC (LSE:PSON) topped the FTSE 100 risers today after the group said it was on track to deliver its full-year sales and profit guidance and confirmed it is hoping to achieve at least £100mln of cost efficiencies in 2023.
Victoria Scholar, head of investment, interactive investor said: “Pearson’s strategy to reposition itself away from traditional educational textbook publishing towards technology-enabled training is paying off.”
She noted that since Andy Bird’s appointment two years ago as CEO, shares in Pearson have staged an impressive turnaround, reversing the prior downtrend to gain more than 60% off the lows.
“Bird has helped secure several accretive acquisitions and the launch of Pearson+, its online subscription service with access to videos, textbooks and more” she pointed out.
“With the cost-of-living crisis as well as the rising cost of higher education, more and more people across age categories are looking for alternative ways to upskill, a trend that Pearson is successfully capitalising on” Scholar noted.
At 12.03pm shares were up 7.78% to 956.50p.
11.20am: Cerillion advances after raising guidance
Cerillion PLC (AIM:CER), the billing, charging and customer relationship management software solutions provider, pleased the market with an upbeat trading statement forecasting that full year adjusted pre-tax profits would be “materially ahead” of the consensus market forecast of £10.1mln
The group said it entered the second half of the financial year with a strong back-order book* and continued to trade very well throughout the period, including securing the company's largest contract to date in the fourth quarter.
It also benefitted significantly from favourable foreign exchange rates and higher resource utilisation, as well as lower net finance costs and lower depreciation and amortisation than anticipated, the group said.
Cerillion said full year revenues would be marginally ahead of market expectations as well with net cash of £20mln also ahead of market forecasts.
Shares rose 7.21% following the statement.
10.03am: Cellular Goods advances on Debenhams tie-up
Cellular Goods PLC (LSE:CBX) saw its shares soar 8.8% after it announced that its 'Look Better' (skincare) range will be available for purchase on Debenhams' online premium marketplace, Debenhams.com, from today.
The group will initially offer eight of its cannabinoid-based skincare products on the online marketplace, making the company the first cannabigerol (CBG)-based skincare brand to offer its products on Debenhams.com.
Darcy Taylor, interim CEO of Cellular Goods, commented: " Debenhams is a household name, with millions of people visiting its online marketplace every month.”
“By launching our products on the Debenhams ecommerce site, we are taking another step in our efforts to continue increasing Cellular Goods' visibility and expanding our sales channels.”
9.07am: ASOS rises on reports that Frasers has built a 5% stake
Shares in ASOS PLC (LSE:ASC) advanced 4% on Monday on reports that the billionaire retailer Mike Ashley has built up a stake of more than 5% in the company.
According to The Guardian Ashley’s fashion and sportswear retailer Frasers Group PLC informed Asos on Friday that it had become one of the company’s most significant shareholders.
The move made Frasers the fourth largest shareholder in Asos.
Frasers first took a smaller stake in Asos earlier in the year, continuing the company’s record of building holdings in other retailers, making it one of the few businesses expanding on the high street.