A numbers-heavy and narrative light trading statement out from Man Group this morning may have seen assets under management swell to a new all time high, but this was marred by net cash outflows, a combination that left investors taking a downbeat view of the company’s prospects in early trade. A little over an hour into the day’s trading and the shares were off by more than 5%, significantly underperforming the wider FTSE-250 index.
Oil exploration group 88 Energy issued a further update this morning on flows from its Hickory-1 well in Alaska. The latest information on the test results has given investors some cause for cheer in early trade, as management highlight the need to find a high quality farm-out partner to fund the next stage of the development. This morning’s gains of more than 12% have abated somewhat, although the stock still remains well down from the levels tested at the start of the month.
Final results from Ethernity Networks were well received this morning after the company reported a 29% uptick in revenues and a 46% rise in gross profits. Management are upbeat about new contracts being awarded in the near term, offering the momentum necessary to deliver meaningful growth going forward. As the company’s OEM partners leverage its solutions, the expectation is for substantial new revenue opportunities to emerge in FY25. Shares were 17% higher in early trade.
Headlines we expect on Monday
Frenkel Topping Final Results
This time last year Revenue £24.8m, Gross Profit £11.1m, Total assets £53.1m
