Regency View:
Update
Renold order book hits record high
Chain maker Renold (RNO) released a very strong trading update last week…
Renold said that the strong momentum in order intake and turnover experienced in the first half of the year continued during the second half…
The group now expect to deliver Full Year revenue of £195m, a year-on-year increase of 18%. While Group order intake jumped 32% during the year and Renold’s current order book stands at a record high of £84.1m.
“As a result of the stronger sales, benefits of cost reduction and efficiency programmes, and the successful implementation of price increases running ahead of raw material and energy cost increases, the Board is now expecting underlying trading profit for FY22 to be materially ahead of the previous upwardly revised expectations” read the upbeat statement.
The market enjoyed these comments and Renold’s share price has surged 40% since the update.
RNO Daily Candle Chart
Enwell provide quarterly operations update
Ukrainian oil & gas producer, Enwell Energy (ENW) said it was being “cautious and vigilant” in continuing its partial production operations.
In light of the Russian military action in Ukraine, on 24 February 2022, Enwell shut-in and made safe its production and drilling operations at all of its fields. Subsequently, on 11 March 2022, having taken a number of measures to ensure safe operations, Enwell commenced the partial restart of production operations at its MEX-GOL and SV fields.
Enwell said that the war had not only disrupted production, but that drilling and remedial work on existing well has been stopped. However, it did say that high gas prices in Europe have fed through to Ukrainian gas prices, which has benefited the sales prices being achieved by the Company for its gas, as well as condensate and LPG.
“These continued high hydrocarbons sales prices have helped to offset the impact on revenues during the quarter due to the lower production volumes” read the statement.
ENW Daily Candle Chart
Marlowe buys TP Health
Marlowe (MRL) announced yesterday that it has acquired TP Health, a leading provider of technology-enabled Occupational Health services in the UK, for an expected enterprise value of £14.9m.
The acquisition of TP Health offers attractive operational synergies with Optima Health and adds further scale to Marlowe’s UK leading Occupational Health offering, a core compliance market for Marlowe within its Governance, Risk and Compliance (“GRC”) division.
For the year ended 31 December 2020, TP Health generated a profit before tax of £1m on revenue of £14.6m.
Marlowe’s share price has continued to build momentum in recent weeks, and a retest of their January highs now looks to be on the cards.
MRL Daily Candle Chart
Warpaint’s strong trading performance continues into Q1 2022
Warpaint London’s (W7L) share price gapped higher last week following the release of bullish Q1 trading update…
The mid-market cosmetics firm said the positive momentum seen throughout 2021 has continued in the first quarter of 2022.
Group sales for the first three months of 2022 are “approximately 60% ahead of the same period in 2021”, with “sales increases seen across all of the Group’s brands”.
Sales of the Group’s W7 branded products through Tesco stores continue to perform well, with more stores and space being allocated to the Group across the Tesco estate.
In February 2022, the Group successfully launched 45 W7 products in an initial 80 Boots stores and the brand is performing “in line with Group management’s and Boots’ expectations”.
Warpaint has also secured a “significant contract with a further major UK grocer” to produce a range of all year-round products and Christmas gifting.
The bullish update saw Warpaint’s share price break above its descending retracement line and this should signal the start of a new uptrend.
W7L Daily Candle Chart
Tracsis on track for a strong 2022
Transport tech group, Tracsis (TRCS) said Half-Year revenue jumped 31% to £29.2m as the UK traffic and travel sector continues to recover from the impact of the pandemic.
Tracsis said it saw “significant growth” in Data, Analytics, Consultancy and Events Division.
Tracisis also said that whilst revenue in its Rail Technology and Services Division was at a “similar level to prior year”, recent multi-year Rail Technology software contract wins will drive future revenue growth.
First Half adjusted earnings increased 14% to £6.2m while profit before tax for the period increased by 16% to £1.3m.
Tracsis’ balance sheet remains debt free with cash of £25.1m – prompting the board to restore the Group’s “progressive dividend policy” with a payout of 0.9p per share.
Group CEO, Chris Barnes commented:
“We are confident that there are strong growth prospects for all parts of our Group and therefore remain committed to implementing our overall strategic growth and investment plans. We will continue to pursue organic and acquisitive growth supported by a strong balance sheet.”
TRCS Daily Candle Chart
Bid rumours start to circulate around Ideagen
Last week, Private Equity Group, Cinven announced that it was in the early stages of making a possible offer for Ideagen (IDEA)…
Ideagen have since denied any offer from Cinven stating that “Cinven is required, by not later than 5.00 p.m. on 12 May 2022, to either announce a firm intention to make an offer or announce that it does not intend to make an offer”.
After some small volatility in Ideagen’s share price this week, it is now a case of watch and wait. We will of course keep you up to date with any developments.
IDEA Daily Candle Chart
Anglo Asian make “solid start” to 2022
Anglo Asian Mining (AAZ) said it produced 13,720 gold equivalent ounces from its mines in western Azerbaijan in the three months to 31 March 2022.
Total gold bullion sales were 7,519 ounces at an average of $1,904 per oz (Q1 2021: 5,635 ounces at $1,697 oz) with cash at the period end of $29.4m ($37.5m).
Gold production during the period was 10,040oz (Q1 2021: 11,907oz), copper 568 tonnes (638 tonnes) and 50,689oz (35,365oz).
Anglo Asian CEO, Reza Vaziri commented:
“I am pleased to report a solid start to 2022, with total production of 13,720 GEOs in the first quarter at our flagship Gedabek mine. Looking ahead, we remain in a strong financial position to execute our growth strategy.
“We are staying very focused on commencing production this year at Vejnaly and at the recently discovered Hasan vein at Gosha. We look forward to providing an update on production guidance for FY2022 later in H1.”
AAZ Daily Candle Chart
Bango signs new deal to support T-Mobile US third-party services
Bango (BGO) announced this week that it had signed a new agreement to support T-Mobile US third-party services and offers for customers with the Bango Platform.
With this new agreement, a majority of US telco customers will now be served through Bango technology.
Bango CEO, Paul Larbey said:
“By providing a powerful platform for offers and bundles, Bango enables telcos to build strong merchant relationships that increase customer engagement.”
Commercials of the deal have not been disclosed, but Bango’s relationships with its blue-chip client base continues to deepen.
The shares continue to track sideways, but there should be no doubt that Bango is in rude health and we expect more big name deals to follow this year.
BGO Daily Candle Chart
Disclaimer:
All content is provided for general information only and should not be construed as any form of advice or personal recommendation. The provision of this content is not regulated by the Financial Conduct Authority.