One of the best performers in London this morning was EnergyPathways, after the share price responded to news it had been invited by the UK government to participate in national hydrogen storage plans. The company already has a large scale natura; gas and green hydrogen storage facility under development so this move has the potential to accelerate adoption here. EnergyPathways share price was up by more than 25% before 9am.
The AIM listed clinical stage biotherapeutics company this morning advised that one of its founded entities, Seaport Therapeutics had seen an oversubscribed series B financing round complete. Following this round, Pure Tech now holds a 36.7% stake on a diluted basis and as a founder, has a right to royalty payments based on net sales plus potential milestone payments. Pure Tech Health shares are up around 3% in early trade.
The operator of bowling alleys and other leisure facilities both in the UK and Canada published a full year trading statement this morning. Noting that revenues were at an all time high, the group now expects to report EBITDA in excess of £65m, ahead of market expectations. As the company continues to expand and refurbish its estate it appears to be having success in drawing in customers despite ongoing cost of living concerns. Management add that the business is well insulated against cost pressures and although cash is depleted from a year ago, this reflects a period if heavy investment and remains at almost £30m. Hollywood Bowl shares are up 3% an hour into the day.
Headlines we expect on Tuesday
Virgin Wines Final Results
This time last year Group Revenue £59m, Pre-tax profit £0.6m, Gross Margin 29.6%
Intercontinental Hotels Trading Statement
This time last year Total rooms 930k, RevPAR +10.5%
