The FTSE-250 listed entertainment group published a trading update this morning as the company nears its half way reporting point. Since the last update just over two months ago, the business has seen a stronger than expected performance, with H1 pre-tax profits now set to be up 25% year on year at no less than £120m against core revenues of £260m. Licensing revenues also jumped sharply, up 130% to £30m. The Games Workshop share price advanced 14% in early trade.
The former provider of mid-cost credit is now in run-off mode but published the latest set of interim results this morning, covering the period to 30th September. As the note reiterates, after meeting the costs of the wind down, all cash and assets of the legacy business are pledged to Scheme creditors. There will be no return to shareholders from the wind down of the legacy business, although the company is still looking for a reverse takeover partner. There’s four months’ worth of cash left in the business and if no further progress is made then a delisting will take place. The Amigo share price was 24% lower by 9am.
There’s not too much market moving news out this morning so it’s worth taking another look at Ithaca Energy, a stock we covered on Thursday in the wake of earnings news and its latest distribution to shareholders. In addition to the $200m return in the form of a special dividend at just under 10p per share, the company has a full year dividend target of $500m so there’s more to come. The stock is up around 15% since mid-week and the Ithaca share price was trading almost 6% up on the day by 9am Friday.
This morning’s most read news on Investegate
Trading Update - - Games Workshop Group (GAW)
Request for engagement from National World Board - - National World (NWOR)
Proposed Voluntary Cancellation of Admission - - Webis Holdings (WEB)
