Insurer Lancashire Holdings Ltd (AIM:LRE, OTC:LCSHF) has been lifted by a positive trading statement.
It said nine month gross premiums written increased by 34.3% year-on-year to US$1.3bn, and forecast improving market conditions.
Chief executive Alex Maloney said: “During the quarter we witnessed a number of catastrophe events and we extend our sympathies to the many people impacted. Insurers play a vital role in offering protection to vulnerable communities and we are reminded of both the potential destructive power of nature and the value of the risk solutions we offer. Our current estimate of the net impact of hurricane Ian, excluding inwards and outwards reinstatement premiums and Lancashire Capital Management, is within the range of US$160mln to US$190mln. This is within our expectations for an event of this type."
He added: "During 2022, Lancashire has continued to grow and diversify its underwriting portfolio and deliver on its underwriting strategy. This has been fuelled by solid rate increases and strong market conditions which has given us additional resilience."
The company's shares climbed 6.55% to 561.5p.
11.09am: Kitwave upbeat despite rising rates and costs
Kitwave Group PLC (AIM:KITW) is climbing after the wholesale business delivered a positive update.
It said its strong first-half performance had continued, and it expects its full-year results to be in line with market expectations, which were upgraded in July.
M. J. Baker Foodservice Limited, bought in February has been successfully integrated and is trading in line with forecasts, and it continues to look for other complementary acquisitions.
It added: "The board remains conscious of the wider, macroeconomic setting in which the group is currently operating. Increases in interest rates and inflationary pressures, particularly labour rates and fuel prices, will continue to impact operating costs. However, as previously explained, the group has taken prudent measures to mitigate these risks and will continue to recover these costs, wherever possible."
Its shares were up 3.3% at 172p.
9.25am: Yourgene falls as it warns on margin erosion
Yourgene was on the slide after the molecular diagnostics group warned on profit margins.
It said first-half revenues fell from £17.5mln to £9.6mln, reflecting a transition away from COVID-19 services post-pandemic. This represents more than 40% of consensus market expectations for the full year which is consistent with the historical first-half/second-half pattern
Excluding COVID-19 related activities, core revenues rose from £7mln to £8mln.
The company said: "The year-to-date performance and healthy commercial pipeline supports unchanged management revenue expectations for the year as a whole."
But it added: "In line with other businesses in the UK facing inflationary and economic pressures and currency fluctuations, the company is experiencing some erosion to margins which will only partially be offset by existing measures to mitigate these effects.
"The company has prioritised expanding market share in its core markets above near-term margin protection and therefore expects margins to remain below the 60% level previously forecast for the remainder of the financial year."
Yourgene continues to look at its cost base, and is on track to reduce operation costs by £5mln this year, excluding restructuring expenses.
It said: "The board is confident that it can further reduce operating costs to achieve positive adjusted EBITDA in the next financial year, and can exercise control over discretionary spending and working capital to manage the group's financial position. The necessary decisions will be taken as commercial progress in the second half of the financial year becomes clearer."
Its shares were down 13.33% or 0.5p at 3.25p.
8.43am: Gulf Marine Services moves ahead after new contract wins
Gulf Marine Services PLC (AIM:GMS) saw its shares sail higher first thing on contract news.
The company, a specialist in support vessels serving the offshore oil, gas and renewables industries, unveiled two new contracts and one contract extension. One of the new contracts is for a large-class vessel, while the other is for a small-class vessel. The contract extension is for a mid-tier vessel.
It said the awards, at improved day rates, would significantly increase the overall fleet backlog and secured revenue.
Executive chairman Mansour Al Alami said: "These contract awards solidify our financial position going into 2023 and again reflects positively on the already favourable market conditions".
Shares were up 4.36% or 0.24p at 5.74p.
Elsewhere Empire Metals Ltd (AIM:EEE) rose 36% to 1.7p after a positive update.
It said sampling so far on the Pitfield copper project in Western Australia has indicated high values of copper, silver and base metals.