Boohoo will act on independent review findings

Boohoo (BOO) have issued a formal statement this week, stating that they will comply with any findings of the independent review of its supply chain.

The statement read as follows:

The purpose of this Independent Review is to consider the Group’s obligations and relevant duties of care in relation to the workforce in its Leicester supply chain. The Group will act decisively on the Independent Review’s findings and look to embed its recommendations into its strategic planning to help restore confidence in the Leicester garment industry and increase transparency for all of our stakeholders.

Brian Small, Deputy Chairman and Senior Independent Director, commented:

“We are pleased to share the Terms of Reference for the upcoming Independent Review into our Leicester supply chain. We believe this demonstrates how seriously we, as a board, are treating the recent allegations into our supply chain. The Group is committed to delivering the highest standards of ethics, compliance and transparency.”

Learning Technologies highlights robust first half performance

In a trading update for the six months to June 30, Learning Technologies (LTG) expects to report revenues of ‘at least £64m’, 2% higher year-on-year.

Operating cash flows were ahead of its expectations, with net cash of £77.9m at the end of the period.

CEO Jonathan Satchell said:

“The resilience of our people and our business has enabled the group to deliver strong results in the first half of the year, in the context of unprecedented challenges as a result of the [coronavirus] pandemic…

“With several major project wins to celebrate across our content & services business and resilience in our software & platforms division, LTG enters the second half of the year in a robust position, with demand in line with management expectations and a cash position to enable us to expand our business with strategic value-enhancing acquisitions”.

Sylvania Platinum production drops in fourth quarter due to pandemic

Sylvania Platinum (SLP) has been hit by a hard lockdown lockdown imposed in South Africa, the location of the company’s Sylvania Dump operations and country of focus.

Last Monday the company said it produced 9,055 ounces of platinum, palladium, gold and rhodium, in the fourth quarter ended June 30, more than halved from the 19,968 ounces in the third quarter.

“There is no denying that the unprecedented nature and circumstances under which the operations performed during the past quarter is one to go down not only in the history of the Company, but in industries worldwide…

“The Sylvania Dump operations produced 9,055 4E PGM ounces for the quarter despite an almost six-week interruption related to the national lockdown to prevent the spread of Covid-19 in South Africa, and associated restrictions and limitations placed upon the subsequent start-up in May, with progressive ramp-up to full production in June”.

Cohort reaps rewards of Chess acquisition

Cohort (CHRT) saw its adjusted operating profit jump by 12% to a record £18m in the year to 30th April, despite a £1m hit from Covid-19.

Cohort has visibility over 75% of its expected revenue for the current year, and unlike many others firms hit by the pandemic, they are paying an increased final dividend.

The shares are starting to carve out a series of higher swing lows and this indicates that a new uptrend may be starting to take shape.

IG Design lifts dividend on strong start to new fiscal year

Gift packaging specialist, IG Design (IGR) raised its full-year dividend and said it was increasingly optimistic about the outlook following a strong start to the year.  

Whilst like-for-like revenues were down 27.7% year-on-year, reflecting the impact of Covid-19 on the business in the first quarter of the fiscal year, the numbers were ahead of management’s revised expectations.

‘Following our Q1 performance the directors are increasingly optimistic about the outlook for the full year and also 2022,’ the company said.

Quartix raises dividend on robust earnings

Vehicle tracking firm, Quartix (QTX) said revenue in the six months to June 30 rose 4.3% to £13.1m from £12.6m, with pre-tax profit climbing 28% to £4.3m from £3.4m.

The subscription base climbed 6.6% to 160,648 vehicles from 150,640 vehicles at the end of December.

CEO Andy Walters commented:

“Provided that the effects of any second wave of infection in our target markets are limited we expect our field and distribution sales to start their recovery during the coming months; we would then expect profit for the full year to be at least in line with market estimates prior to the pandemic.”

After pulling their final 2019 dividend to conserve cash, Quartix have proposed an interim payout of 2.5p per share, up 4.2% from 2.4p. On top of this, it will pay a supplementary dividend of 0.87p per share.