Pub company Fuller Smith & Turner PLC (LON:FSTA) is one of the day’s rare winners as it revealed it was seeing a boom in staycation bookings, including a newly opened pub in the shadow of the Wembley football stadium arch.
Full-year results from the former London Pride brewer, which sold its beer-making assets to Japan’s Asahi in 2019, showed pre-tax losses of £49mln, which was less than the £53mln consensus forecast.
More importantly, said broker Peel Hunt, net debt has fallen to £151mln from £218mln in recent weeks, below pre-pandemic levels due to its £52mln share issue in April and strong cash generation.
Due to recent weakness in the shares, the broker upgraded its recommendation from ‘hold’ to ‘add’ (read more here).
12.29pm: CMO Group surges on first day
The Plymouth-based outfit, which owns websites including doorsuperstore and drainagesuperstore, raised £45mln in its initial public offer at a price of 132p, of which £17.7mln was for selling shareholders, including private equity group Key Capital Partners, though they still own over a quarter of the shares after the float.
By lunchtime CMO shares have been given a warm welcome, rising to 157p.
Boss Dean Murray said: “We are very pleased to welcome a strong blue-chip shareholder base who through their investment have endorsed the business by taking a stake in the company’s future.”
11.21am: John Lewis Of Hungerford tumbles after investor mixup with famous namesake
John Lewis Of Hungerford PLC (LON:JLH) shares tumbled back to earth this morning after spiking to a three-year high earlier in the week – seemingly after some investors confused it with its department store namesake.
Shares in the kitchens and furniture manufacturer are down 12% to 1.12p, having earlier on the Monday soared to their highest level since the summer of 2018 despite the company not having issued any news.
Coincidentally, and utterly unconnectedly apart from their similar name, John Lewis Partnership announced on Monday a deal to build 10,000 rental homes in a move into the residential property market.
It seems an entirely reasonable explanation that some investors got mixed up.
9.07am: Zenith Energy agrees first sale of Tunisian oil
Zenith Energy PLC (LON:ZEN), up 21% at 1p, was the top riser early doors after it agreed the first sale of its Tunisian oil production.
The company expects to receive around US$4.5mln from the sale of about 68,000 barrels of oil this month.
“The company will apply the significant additional funding towards accelerating our planned field development rehabilitation and drilling activities in Robbana and El Bibane, as well as within the Ezzaouia concession following agreement with our partners, to achieve a maximisation of oil production in the near-term,” said Andrea Cattaneo, the chief executive officer of Zenith.