11.45am: Thor Mining soars after striking gold
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) rewarded investors as it provided initial drill results from Kelly's Ridge Prospect, Ragged Range, located in the Eastern Pilbara, Western Australia, which it said returned high-grade gold from the silicified altered contact along Kelly's Ridge.
The company said the best intercept to date is of 4 metres (m) at grams per ton (g/t) gold (Au) from 194m in hole 22RRC0052. Previous rock chip sampling at surface reported up to 15 g/t Au and 535 g/t silver (Ag), while historical drilling reported 1.5m at 22.97 g/t Au below these rock chips and four holes were designed to intersect this anomalous zone at depth.
In a statement, Nicole Galloway Warland, managing director of Thor Mining, commented: "We are delighted to share these high-grade intercepts from Kelly's Ridge. The intercept of 4m @ 12.2g/t Au is an exceptional result under Kelly's Ridge, especially given the depth of the 194m downhole, showing excellent grade continuity from the surface.”
“We anticipate more positive news to be shared with the market in due course," she added.
11.32am: Morgan Advanced Minerals leaps as revenues and profits are guided higher
Morgan Advanced Materials plc (LSE:MGAM) (Morgan Advanced Materials plc (LSE:MGAM)), the manufacturer of advanced carbon and ceramic materials, saw its shares jump 15.25% after raising its revenue and profit guidance for 2022 following “robust” growth so far this year.
In the nine months to 30 September 2022, sales rose 10.5% at constant currencies, including growth of 10.7% in Thermal Ceramics, 17.4% in Molten Metal Systems, 7.2% in Electrical Carbon, 6.9% in Seals and Bearings and 13% in Technical Ceramics, the FTSE 250-listed company revealed in a trading update.
The company said it saw a slight slowdown in growth in the third quarter, but still increased its full-year revenue forecast to growth in the range of 7%-9%.
Adjusted operating profit for 2022 is expected to come in marginally above the top end of current analysts' forecasts, it added.
11.05am: DFS Furniture rises after improved trading
DFS Furniture PLC (LSE:DFS) (DFS Furniture PLC (LSE:DFS)) pushed higher after it said it is performing in line with expectations and that it has seen a “more positive trend” in the upholstery market since September, following a significant decline in July and August.
Group order volumes are growing relative to the 2022 financial year and pre-pandemic FY19, the furniture group said in a trading update issued ahead of Friday’s AGM.
In addition, there is continued evidence of positive market share gains as shown in the latest Barclays/CACI market data, it noted.
DFS said its performance is in line with its mid-case scenario of £36mln pre-tax profits for the current financial year, with profits expected to be weighted towards the second half.
Shares rose 6.43% following the update.
9.50am: 4imprint advances 5.9%, Peel Hunt ups price target
4imprint Group Plc (AQSE:FOUR) (4imprint Group Plc (AQSE:FOUR)) impressed the market after saying it expects profit for the current financial year to be at the top end of analysts' forecasts, while revenue is set to be ahead of the company’s target on the back of continued positive trading momentum.
Pre-tax profit is forecast to be not less than US$90mln, while group revenue is expected to come in at US$1.1bn, above its long-held target of US$1bn, the direct marketer of promotional merchandise said in a trading update.
Shares rose 5.9% on the news and prompted Peel Hunt to raise its price target to 4,600p from 4,300p and increase full year 2022 EPS forecasts by 8%.
Analyst Jessica Pok said: “4imprint goes from strength to strength. So far, management is not seeing any change in customer trend. Investment in its people and marketing is paying off and we think the business can potentially further outperform in the near term.”imprint