Thames Water Utilities Ltd saw a 40% increase in pollution incidents in the first half. Debt levels were GBP15.8 billion at the end of the period, before the company agreed a GBP3 billion extra loan deal to keep it operating beyond mid-2025. The company said it had made “solid progress” on its attempted turnaround, but that after “record rainfall and groundwater levels in our region, pollutions and spills are unfortunately up”.
Comment: Thames Water has no need to be concerned, the public has no choice but to keep on paying for this bloated gravy train. Presumably much of the “solid progress” has also ended up in the groundwater.
Pri0r1ty Intelligence Group (AIM:PR1), announced its intention to list on AIM in late December 2024. Pri0r1ty AI said it offers the Priority Advisor platform, an AI-driven tool assisting SMEs in governance, financing, brand management, and marketing through data-powered insights. Having signed its first customers in Q4 2024, the company plans further expansion post-listing.
Comment: The PR / IR area really does need to be dragged into the 21 century, occupied as it currently is by washed up “journalists”, cowboys, used car salesman and bullies. On this basis alone, Pri0r1ty AI is a welcome addition to the stock market with its fresh approach.
hVIVO (HVO), a specialist contract research organisation (CRO) announced that it has signed an £11.5 million contract with an existing top-tier global pharmaceutical client to test its antiviral candidate using hVIVO’s Respiratory Syncytial Virus (RSV) Human Challenge Study Model.
Comment: Despite the ongoing stakebuilding in the company by Octopus, shares of HVO have pulled back so far this autumn. Today’s chunky contract should help turn the tide, and remind the market of the strength of the company.
Helium One Global (HE1) announced that it has issued 15,716,113 ordinary shares in the Company to a service provider in lieu of cash payment. This was for the provision of services during the recent Extended Well Test, and the arrangement was agreed with the service provider prior to the commencement of the EWT operation.
Comment: Given how much cash the company has raised to not quite almost find helium, one would have thought that it could have paid for services in cash. That said, below 1p in the recent past has been the floor of the range.
Begbies Traynor Group (BEG), the professional services consultancy, today announces its half year results for the six months ended 31 October 2024. Revenue growth of 16% (11% organic, 5% acquired). Adjusted EBITDA growth of 20% reflecting revenue growth and improved margins.
Comment: Apparently private equity is seeking out professional services groups for investment, given the consistency of performance, and no quibble pricing power. Let us see if anyone pounces on BEG.
Pantheon Resources (PANR), the oil and gas company developing the Kodiak and Ahpun oil fields in close proximity to pipeline and transportation infrastructure on Alaska’s North Slope, announced the Megrez-1 well as a discovery in the eastern topsets in the Ahpun field. The well has reached Target Depth and the Company has run 5 ½” production casing in anticipation of long term testing commencing early 2025. PANR said it was early days in the evaluation of the well results. The full significance of these results will become clearer once the data are analysed and after production testing, expected during Q1 2025.
Comment: While some shareholders may be wishing that PANR focused on production rather than discovery, at least the operational momentum here is positive, as reflected by the latest share price recovery.
Naked Wines (WINE) announced its results for the 26 weeks ended 30 September 2024 (HY25). WINE said it was in a better position, both financially and strategically. It now has robust financial foundations, and its members remain loyal and engaged. Its strategic initiatives centred around customer acquisition and retention are generating learnings, and it is currently experiencing solid trading during the peak season period.
Comment: Perhaps the key here is the way there has been a drift in customer numbers, and while the company is well cashed up, there is the impression that WINE is running just to stand still.
Centrica (CNA) said it will be holding a teach-in for institutional investors and analysts 2.30pm (GMT) this afternoon. The Company expects 2024 full year earnings per share to be broadly in line with analyst consensus. Centrica remains committed to its disciplined capital allocation framework, and announced a £300 million extension to its existing share buyback programme. The extension, once completed, will mean the Company has repurchased £1.5 billion of its ordinary shares since November 2022,
Comment: CNA remains one of the flag bearers of the rip-off Britain concept, and confesses to have added £1.5bn to customers bills via its share buyback over the past couple of year. That said, don’t get mad, get even by buying the stock.
Yellow Cake (YCA), a specialist Group operating in the uranium sector, announced its unaudited consolidated interim financial report for the six-month period ended 30 September 2024. YCA said it was seeing a standoff between producers seeking higher prices due to rising costs and supply side strains, and buyers hesitant to commit, resulting in a largely stable uranium price recently. Despite this, demand for uranium is set to grow significantly, with the rapid growth in AI a particular driver.
Comment: AI is a hook for everything these days, from computing, to doing your laundry. On this basis it being a boost to the uranium market certainly makes sense.
Moonpig Group (MOON) announced its half year results for the six months ended October 31 2024. MOON said trading conditions remain difficult. In the context of the challenging macroeconomic environment, it now expects a longer timeline for fully realising the revenue growth potential of Experiences. This is reflected in the £56.7m non-cash charge for the impairment of Experiences goodwill at 31 October 2024, classified as an Adjusting Item.
Comment: The non-cash charge is clearly a kick in the proverbials, especially given the extended rally in the stock since the beginning of last year. Perhaps though, kitchen sinking Experiences may allow a rebound after the initial rug pull today.
Games Workshop (GAW) announced that it has now agreed creative guidelines and reached a final agreement with Amazon Content Services LLC, a subsidiary of Amazon.com, Inc., for the adaption of Games Workshop’s Warhammer 40,000 universe into films and television series, together with associated merchandising rights.
Comment: Given its recent entry into the FTSE 100, and the Amazon news, it will probably be the case that GAW shares have peaked for now. However, one would be surprised if there was any meaningful downside.
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