Shares in the mobile telecoms operator Vodafone jumped in early trade on Friday after the company confirmed the disposal of its Italian unit. This should conclude the reorganisation of European operations and allow it to now focus on growth markets. Shareholders will benefit from the disposal as half of the proceeds are planned to be used to help fund a EUR4bn share buy back and although the re-basing of the dividend will see this being cut by 50%, the overall capital return for FY25 is set to be some 23% higher than FY24. Shares were leading the FTSE-100, up 5% just over an hour into the day.
Micro-cap Graft Polymer saw its share price hammered today after news of a boardroom reshuffle and a funding update. Conflict in both Ukraine and the Middle East has hit the company hard, constraining trade and squeezing the cash position significantly. The incoming chairman along with another individual have offered a £100k working capital loan facility that is set to tip out as a conversion to stock. Shares have fallen a hulking 70% so far this morning off the back of the news, valuing the company at less than £200k.
AIM and Aquis listed Wishbone Gold was trading 21% higher shortly after the open following news of drilling results from the company. These suggest that a large mineralised system has been found at a 100% owned site in Western Australia, with the chairman terming the discovery as “spectacular” and vindicating the earlier belief that the area had potential. The base metals identified are critical in the production of lithium-ion batteries.
Headlines we expect on Monday
Marshalls Full year results
This time last year Revenues £719m, FY dividend 15.6p, Adjusted operating profit £101m
Team Internet Group Full year results
This time last year Revenues $729m, Pre-tax profit $14.8m, adjusted EPS $0.2
