Interim earnings for the retailer and technology play received a rapturous welcome from the market this morning after losses were trimmed and management noted that the company was on track for profitability. The company’s valuation had lost around 50% since the start of the year but this morning’s news saw the shares adding almost 18% shortly after the open before giving back some of those gains by 9am.
The provider of IT kit to the education sector published interim results this morning, with headlines including a 9.6% fall in revenues and losses for the period more than doubling. There appears to be some timing issues here with a shift to recurring contracts moving revenues into subsequent accounting periods, whilst policy uncertainty ahead of the UK general election was also flagged. Management note that good progress is being made against the strategic plan laid out in March but shares were almost 10% lower just over an hour into the day.
Shares the website review business Trustpilot slipped this morning after news of a secondary placing was announced. A major institutional investor sold down a little more than half their stake overnight at a price of 220p per share, meaningfully below the 234.5p closing price posted last night. That discounting appears to have sparked something of a reaction from other investors, with shares retreating as low as 215p in early trade on Tuesday, equating to a loss of just over 8%.
Headlines we expect tomorrow
Renold Final Results
This time last year Revenue £247m, Operating profit £24.2m, EPS 6.5p
Cohort Final Results
This time last year Revenue £183m, Operating profit £19.1m, Total dividend 13.4p
