1.00pm: ITM Power slides after profits warning
ITM Power PLC (AIM:ITM) shares slumped by a third as the hydrogen electrolyser specialist warned it is behind schedule in the development of its newest range of products.
Manufacturing issues, including delays in finalising the tooling and testing of the latest range of stack modules, mean full-year output and revenue are likely to be towards the bottom of the current guidance range.
Even hitting this forecast will be subject to the success of the current work to resolve these issues, the company said in a statement.
Guidance currently is 48MW-65MW of delivered product and revenue of £23mln-£28mln.
Shares crashed 30.4% to 72.89p.
READ: ITM Power slides after profit warning
11.57am: Inspecs tumbles as trading deteriorates, expansion plans delayed
Inspecs Group PLC tumbled 49% to 59p after announcing delays to the expansion of its existing Vietnamese factory and investment in a new factory in Portugal until at least the third quarter of 2023.
The cut back on investment follows a 13% drop in its order book at September 30 versus the year prior.
The company said: "It is clear that Inspecs is not immune to the macro environment or the downturn in consumer confidence, particularly in Europe, and this is expected to impact the remainder of this year and into the first half of 2023.”
But it said the company “continues to increase its market share and the group is well placed to return to growth as and when its core markets return."
The company also announced that chairman Ian MacLaurin will retire his role on December 1.
10.56am: Alumasc reports first quarter trading remains robust
Alumasc Group PLC (AIM:ALU) reported trading in the first quarter of the current financial year has remained robust with both volumes and margins in its continuing operations strong, and ahead of the same period last year.
In a statement ahead of the group’s AGM it said transportation costs and material prices are stabilising, although exchange rates and energy prices remain volatile and have the potential to impact costs further.
“Our balance sheet position remains strong, and the business is well funded, with a low level of net debt and a pension deficit which has reduced materially over the last five years” the group added.
Paul Hooper, chief executive commented: "Despite the gathering storm clouds, we have continued the strong performance that we finished the prior year with.”
“We aim to continue to offset any emerging UK market weakness through self-help, be that further operating efficiencies or taking current and new products into wider markets.”
Shares jumped 6.8% to 149p.
9.07am: Foxtons (LSE:FOXT) storms ahead after raising guidance
Foxtons (LSE:FOXT) Group PLC pleased the market today reporting strong third-quarter results and forecasting that full year numbers will top expectations.
The estate agent said third quarter revenue increased by 25% compared to the same period in 2021, up to £43.8mln from £35.1mln.
Across the group’s different sectors, lettings revenue rose 18% compared to the third quarter last year, with sale and financial services revenue jumping 44% and 37% respectively, Foxtons (LSE:FOXT) added.
Peel Hunt suggested that profits could be ahead of forecasts by as much as £2mln. The broker reiterated its buy rating and 55p price target.
Shares were tarding 7.5% higher at 31.5p after earlier being up as much as 14%.