News blog

AIM 50 Digest 19 August 2022

  • BY: Andrew Hore |
  • POSTED: 21/08/2022 |

Online fashion retailer boohoo (BOO) has made a strategic investment in cosmetics supplier Revolution Beauty (REVB), which recently announced a profit warning. boohoo has bought a 12.9% shareholding, while AXA and Jupiter have reduced their stakes during August. Revolution Beauty products are sold through several of boohoo’s websites. Pentwater Capital Management has taken a 5.98% stake.
Revolution Beauty had warned on 2 August that its 2021-22 results would be delayed and cut its expectations for 2022-23. Poor retail demand in the US and the loss of £9m of Russian and Ukraine revenues hit the early part of the new financial year.
However, the auditors have come up with more problems, which will have a material effect on the 2021-22 results and significantly reduce the estimated pre-tax profit of £9.9m. Revenue recognition, bad debt provisions and stock provisions are involved. It may be difficult to finish the audit in time to report the results by the end of August as was previously promised. Management says that net debt at the end of July 2022 will still be £21.2m and the estimates for 2022-23 figures will not be changed.
Electrical accessories producer Volex (VLX) generated organic revenues growth of 4.9% in the first quarter. Revenues are growing in the main markets, including electric vehicles and consumer electronics.
Palm oil supplier MP Evans (MPE) says that the Indonesia export tax will start when the crude palm oil price moves above $680/tonne instead of $750/tonne. The tax increases in bands of $50/tonne.
Savannah Energy (SAVE) Nigerian subsidiary Accugas has signed a fourth gas sales agreement this year. The contract with Notore Chemical Industries is for 10 mmcfd of gas to be supplied to a fertiliser plant. Accugas has contractual gas volumes of 292 mmcfd.
Oil and gas producer Kistos (KIST) has decided not to bid for North Sea-focused oil and gas producer Serica Energy (SQZ).
Pantheon Resources (PANR) has successfully drilled the horizontal section of the Alkaid #2 well in Alaska, with the lateral section extending 5,300 feet. The well is now ready for fracking. There could be an increase in the pre-drill oil in place and recoverable oil estimate.
Frontier Developments (FDEV) has appointed Jonny Watts to take over from David Braben as chief executive. David Wilton will become chairman in September.
Chief executive Philippe Hamers acquired 6.450 Victoria (VCP) shares at 394p each.

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