The FTSE-100 listed, diversified engineering firm Smiths Group this morning issued a strategic update which received a warm welcome from investors. In addition to the progress that has been made in terms of delivering cost savings, the company is also planning asset disposals which will in turn help fuel additional capital returns. The current £150m share buyback is being extended to £500m, with the intention that this will be completed in the current year. Smiths Group shares were trading more than 10% higher by 9am.
The small cap biotech firm Oncimmune issued a trading update this morning and despite full yar revenues remaining on track to more than double the comparative, some scheduling delays are taking a toll on the forward looking picture. Regardless, the £3m the business expects to book in FY24 is set to reach £4m in FY25, but against the current burn rate and cash reserves, the note acknowledges the need for additional financing. The Oncimmune share price was 25% lower in early trade.
The investment company Marachale Capital saw its shares jump higher at the start of the week ahead of a planning decision that could see one of its investee businesses holding the UK’s largest lithium mine. The final verdict is due next week, but this morning’s 18% rise takes gains for the week to almost 150%.
Most read news on Investegate this morning
Strategic Update - - Smiths Group (SMIN)
FY24 Trading Update - - Tritax Big Box Reit (BBOX)
Trading Update and Notice of Results - - James Halstead (JHD)
