Movers of Wednesday 24 November

jumped 24.39% to 2.55p after test service launch

The UK healthcare company has launched two home testing services which will allow customers to order a test online before arriving into England or departing from the UK. 

The company will begin selling a rapid antigen test today, along with a verification service for residents and vaccinated travellers arriving in England from a non-red list country. This will be followed by a Fit to Fly rapid test for travellers leaving the UK that will launch next week.

The company’s online service will utilise the CE approved, ISO certified and UK Government validated FlowFlex® Rapid Test Kit, a lateral flow test that is easy to administer via a simple nasal swab, which provides results in 15 minutes and offers 98.8% accuracy, it reported.

 shares jump 22.52% to 370p after the retailer reports £10.2m profit

During the twenty-six weeks to 25 September 2021, the British luxury retailer saw revenue increase by 34% while profit before tax came in at £10.2m, up from a loss of £2.4m in 2020.

Mulberry said the underlying profit before tax of £4.5m (compared to a loss before tax of £1.9m in 2020), as well as the financial strength of the Group “reflects the benefits of the actions we took during the pandemic and a strong consumer reaction” to its products.

The underlying sales trends experienced in 1H have continued into October and November with improving store sales, a strong digital performance and continuing growth in Asia. 

As a result, the company told investors that gross margin in the second half is now expected to be similar to, or slightly higher than, the 67% achieved in the second half of last year.

 shares rose 17.24% to 5.1p following analyst forecast 

On Tuesday, analysts at Edison Investment Research said the group’s lead asset, the preclinical asset SDC-1801, is “inching closer to completing its preclinical toxicology studies.”

They noted that Sareum’s decision to pursue a capsule alternative to the original suspension formulation (which has resulted in further delays) has “come as a surprise.” Nevertheless, the group said clinical trial application (CTA) filing is expected to come through around mid-2022.

Sareum said the new formulation adds value to the programme (removing the need to develop capsules at a later stage) and is supported by £4.6m of funds raised in 2Q/Q321. 

“Encouragingly, out-licensed asset, SRA737, seems to be gaining traction after Sierra Oncology’s decision to reassess it in combination with other targeted therapies. We expect that the next few months will be crucial for Sareum,” analysts at Edison told shareholders. 

 shares fell 10.86% to 4,684p as it lowers profit guidance amid a volatile market

In an update, the animal genetics company reported that pre-tax profit for the financial year 2022 is expected to be below previous forecasts amid volatility in the Chinese porcine market.

In the four months to 31 October 2021, volumes at the company’s PIC China business were lower than the prior year due to the downturn in China despite royalty revenues growing.

There has been significant volatility in the Chinese porcine market, with the live pig price falling from 20 RMB/kg to a low of 10 RMB/kg in early October. It is currently c.17 RMB/kg. 

Looking ahead, Genus said it continues to invest in the local supply chain to capitalise on growth and that it remains positive as to the medium-term growth prospects of PIC China.