11.00am: Avingtrans raises guidance
Engineering company Avingtrans PLC (LON:AVG) moved up a gear after a trading update, advancing 10% to 250p.
The company said that when the numbers are all totted up, turnover, operating profit and profit before tax for the year to the end of May will be ahead of market expectations.
The group expected to report turnover some 8% ahead of market expectations at around GBP104mln while headline profit before tax is expected to clock in at GBP5.2mln or thereabouts, some 21% ahead of the consensus market forecast.
The group is also doing better than expected in terms of debt reduction, with the net debt position at the end of May standing at around GBP1.9mln.
10.05am: Creightons scrubs up well
Profit before tax in the year to the end of March jumped to GBP2.87mln from GBP1.61mln the year before on revenue that increased by 26.4% to GBP44.0mln from GBP34.8mln the previous year.
The final dividend was hiked to 0.4p from 0.23p.
9.30am: Unpalatable update from pallets provider RM2; RPS downed by tough trading down-under
The company is still in discussions with potential leaders for a vitally needed cash injection and warned shareholders it would not be able to publish its 2018 results until it had received funding.
RM2 said it is unlikely this would happen by the end of June deadline, as a result of which trading in the shares on AIM would be suspended.
The company’s cash balance at the end of May 2019 was US$3.3mln and it is currently burning through around US$2.3mln a month.
The company said recent trading conditions in RPS’s Australia Asia Pacific segment are expected to have an adverse impact on the group’s 2019 results.
As a result, the group’s results will be materially below management and market expectations.
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