Movers on Friday, August 19, 2022
sink another 58.27% to 4.07p on warning of significant stock dilution after weak selling
Cineworld Group said on Wednesday that recent admission levels have been below expectations, and the company is therefore assessing “various strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging operation”. The company is in active discussions with stakeholders regarding such a decision which would result in a “very significant dilution” for shareholders.
The lower admissions numbers are the result of a “limited movie slate”, which is expected to persist through November, Cineworld said. In the meantime, a drop in demand is likely to affect the company’s trading and liquidity position.
After falling 60.48% on Wednesday, Cineworld shares fell another 58.27% today. The shares have lost 80% of their value since Wednesday’s announcement.
shares rise 43.08% to 37.2 pence on rising revenue and profit in FY22
Kinovo reported revenue up 35% to £53.3m and Adjusted EBITDA up 102% to £4.2m in its FY22 final results update. today.
Financial performance improved significantly across the board in FY22. Operating profit increased by 95% to £4.1m with a strong cash conversion of 223% and £9.4m pounds of cash generated. The company ended the year with £2.5m in cash, down from £1.3m in FY21. Debt was also reduced significantly to £0.34k from £2.4m books a year ago. Adjusted earnings per share doubled to 5.33p.
Broken down into categories, renewable energy (21% of revenue) increased by 32%, regeneration (20% of revenue) increased by 61% and regulation (59% of revenue) increased by 30%, all year over year. The company attributes the increase in the number of new contracts to significant investments in its business development.
After the period, growth continued with a 28% increase in revenue and a 24% increase in Adjusted EBITDA year-on-year. However, the company recorded a loss of £12.6 million following the sale of its DCB construction division.
David Bullen, CEO, commented:
“While last year was challenging for Kinovo, we are pleased with the performance of the underlying business. Revenues grew 35% and Adjusted EBITDA more than doubled, a direct result of the repositioning announced l last year to focus on three key areas: regulation, regeneration and renewable energy. This streamlining of operations has enabled the underlying business to prioritize what it does best and thrive. Coupled with the “Significant investment in our people, upgrading employee skills and bringing in additional expertise, Kinovo is well placed to negotiate this challenging Macroeconomic Environment.”
market for its energy-saving technologyshares rise 12.77% to 13.25p on SAP app to triple addressable
Sabien said he has applied for UK Standard Assessment Procedure (SAP) approval. If granted, the company will have access to the UK residential/domestic market, multiplying by 3 its potential clientele. The company’s signature M2G Cloud gas reduction technology increases the efficiency of gas boilers and should be attractive to residential customers.
In July, Sabien demonstrated the technology, with results showing an average daily saving of 17% on gas consumption and CO2 emissions, the company claimed. This was based on a mixed customer base of 109 newly installed M2G installations.
“Savings from Sabien’s unique technology instantly solve the UK’s current energy crisis. Reducing the use of fossil fuels at the point of consumption and lowering the overall cost to the consumer on their bill.” the company said.
Richard Parris, CEO, summarized:
“While further work is required to complete SAP certification and silicon chip sourcing remains challenging, I am confident that this announcement represents a step change in Sabien’s firepower in the market. This bodes well for future sales, especially since the demonstrated average of an immediate 17% savings on gas heating bills is nationally significant for businesses and consumers.”
shares fall 37.36% to 16.6p due to delayed audited results
Shares of Revolution Beauty continued their roller coaster ride today, this time down after the company said it did not expect to be able to report audited results for FY22 by 31 August, as previously announced. If an audited report is not released by August 31, trading in the company’s shares will be suspended until the report is released.
This news follows high volatility after the company announced on Aug. 2 a 7% drop in revenue for FY23 and subsequent news of audit complications. The shares had risen 16.67% on Wednesday after rising 29.73% on Tuesday and 33.85% on Friday. Unfortunately, today’s news has canceled this recovery.
Despite declining revenue, Revolution Beauty’s revenue is still expected to grow 15%-20% (excluding Russia/Ukraine) this year and the company is still expected to be profitable with a more seasonal second half meaning that it is likely to reach 1.5 from the broker Zeus. p EPS target.