GCITrain Ticket Offices Close, Thames Water Drowing in Debt, Winners & Losers, Most Read & Chart of the Day
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Welcome to taking stock on...on Wednesday 5th July 2023
It's a look at today's top business news & investment views. Including: The indices, winners & losers, most read RNS's & RNS of the Day
WINNERS & LOSERS
WINNERS
- Statement regarding recent share price movement
The Company confirms that it is in discussions with Accel-KKR company, LLC ("Accel-KKR") and its investee company Basware Corporation in relation to a possible cash offer for the entire share capital of the Company.
Following this announcement, the Company is now considered to be in an "offer period" as defined in the Irish Takeover Rules, and the holding and dealing disclosure requirements listed below will apply.
- Repayment & Termination of Placement Facility
The board of directors of Tintra, the rapidly innovating Deep Tech & Banking business, is pleased to announce that the Company has entered into an agreement for full and final settlement with Fintech Leaders Fund, LLC ("FLF"), in relation to the share placement deed that was announced on 16 December 2022.
- Significant Vaping Distribution Appointment
Supreme a leading manufacturer, supplier, and brand owner of fast-moving consumer products, announces that in June 2023 it was selected as a master distributor for the UK's leading vaping brands, ElfBar and Lost Mary.
Management, following initial order volumes, currently expects to generate £25 to £30 million of revenue and around £2 million of incremental Adjusted EBITDA1 for the year ended 31 March 2024 alongside an investment into working capital to support growth.
LOSERS
Group revenue increased 17% year on year supported by the cessation of all social restrictions leading to increased demand.
EBITDA increased 21% to £6.2 million (2022: £5.1 million)
Profit before tax increased 192% to £2.3 million (2022: £0.8 million)
Operating cash inflows of £5.9 million (2022: inflow of £5.3 million)
Post year end and Outlook:
During H2 the trading environment is expected to remain challenging, albeit the Group has softer comparatives in the second half of the financial year. Reflecting the uncertainty with regards to consumer demand and inflationary cost pressures, the Board currently anticipates that profit before tax for current year will be similar that generated in the past year.
Longer term the Board remains confident the Group will deliver sustainable and profitable growth
Most Read RNS
- Request to requisition a General Meeting
RNS of the Day
- Start of gas production from Podere Maiar-1
- Trading Update and Notice of Interim Results
Most Followed Company's on Vox Market
Charts of the Day
3 Top Business Stories
1. A typical five-year fixed mortgage deal now has an interest rate of more than 6%.
It comes after the Bank of England raised interest rates to a 15-year high of 5% last month, as it tries to bring down inflation.
On Tuesday, the average rate for a five-year fixed mortgage stood at 6.01%, according to the financial information service Moneyfacts. The average two-year fixed deal is now 6.47%.
The average easy access savings rate is 2.45%, according to Moneyfacts. That is a gap of 4.02 percentage points.
Bank bosses have been summoned by the Financial Conduct Authority to explain the low saving rates on offer.
2. Plans to close almost every railway station ticket office in England are expected to be revealed on Wednesday, Sky News understands.
Around three out of five English stations have a ticket office - the vast majority of which are owned and run by train operators.
But the Rail Delivery Group (RDG), which represents the train companies, is due to unveil the proposals in an attempt to save money in the wake of the COVID pandemic causing a drop in revenue.
The RDG has said 12% of train tickets are now bought from offices at train stations - down from 85% in 1995 - and that they believe ticket office staff could better serve customers elsewhere.
3. The UK's largest water company Thames Water will need "substantial sums of money" to stabilise its finances, the water regulator has said.
The firm is billions in debt and under pressure to fix its finances over fears it could collapse.
There have been calls to nationalise the firm after its boss quit last week.
"We need to see their revised business plan but we think it's substantial sums of money [that are needed]," Ofwat boss David Black said
Customers will not be made to cover the cost if Thames Water goes bust, the boss of regulator Ofwat has said.
4. Nigel Farage fell below the financial threshold required to hold an account at Coutts, the prestigious private bank for the wealthy.
It is understood he was subsequently offered a standard account at NatWest which owns Coutts.
Mr Farage has said he believes his account is being shut for political reasons and he has since been turned down by nine other lenders.
But people familiar with Coutts' move said it was a "commercial" decision.
"The criteria for holding a Coutts account are clear from the bank's website," they told the BBC.
Coutts requires its customers to borrow or invest at least £1m with the bank or hold £3m in savings.
INDICES
FTSE 100
H1 2023 PERFORMANCE: 0.13%
12 MONTH HIGH: 8,014 - 19/02/2023
12 MONTH LOW: 6,826 - 12/10/2022
FTSE 250
H1 2023 PERFORMANCE: -2.6%
12 MONTH HIGH: 20,614 - 01/02/23
12 MONTH LOW: 16,611 - 12/10/2022
FTSE AIM All-Share
6 MONTH PERFORMANCE: -9.5%
12 MONTH HIGH: 934 - 15/08/2022
12 MONTH LOW: 750 - 29/06/2023
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.