Time Out, the listings magazine company, plans to use the £90million it raised from listing on AIM to accelerate growth for its food markets.
The firm manages a market in Lisbon, Portugal, but wants to open more. Yesterday it reported revenues up 106 per cent year-on-year in the six months to June.
The firm said it was trading in line with expectations and overall revenue was up 16 per cent, with digital growth offsetting a 2 per cent decline in revenue from print operations.
Shares moved forward 4.6 per cent, or 6p, to 135.5p but they are still 14.5p short of their 150p flotation price.
Packaging and paper company Mondi said its half-year profit is likely to be ahead of the previous six months’ £410million. It expects earnings per share to be up to 14 per cent higher at between 61 and 65p. Mondi is finalising its results, which will be released on August 4. The confident update sent shares up 4.3 per cent, or 63p, to 1,531p.
Provident Financial climbed as it revealed pre-tax profit for the first half of the year was up 17.6pc to £148.9m. The business, whose brands include Vanquis and Moneybarn, offers credit cards, loan and home finance to ‘non-standard’ credit customers.
Provident said it will pay an interim dividend of 43.2p a share, up 10.2 per cent from 39.2p a year ago.
Shares advanced 5.7 per cent, or 148p, to 2,748p. Provident was the highest riser on the FTSE for the day. The market finished 0.2pc, or 13.9, higher at 6,724.
Tesco was the greatest faller of the day, losing 4.1 per cent, or 6.6p, to 155.5p amid concerns for the sector as the discount supermarkets continue to pick up market share from the major players. Tesco’s sales slipped 0.7 per cent in July according to figures from Kantar Worldpanel.
Many of the house builders were in the red for the day as Deutsche Bank slashed its target prices for the firms. Barratt slipped 3.3 per cent, or 13.7p, to 405.3p while Berkeley Group dropped 3.1 per cent, or 82p, to 2,545p. Insurance business Charles Taylor has announced its acquisition of CEGA Solutions, a specialist provider of technical medical assistance and travel claims management services, for £29.8m.
Charles Taylor said it is a step in its strategy to develop new business lines through acquisitions. It has already bought a stake in Fadata, which provides software solutions to the insurance industry. CEGA, which reported pre-tax profit of £2.7million in 2015, will continue to be run by its current management. Shares gained 3.8 per cent, or 10p, to 270p.
Lamprell shares slipped as it revealed technical issues meant a jackup drilling rig, a type of mobile platform often used in oil and gas drilling, which it should have delivered to a client in the second quarter of the year has been delayed.
Lamprell, which provides engineering and contracting services to the energy industry, said a technical issue had arisen and the rig would now be delivered mid-August. But Lamprell could be liable for costs as a result.
The firm was quick to reassure investors that the other six rigs it is constructing are on schedule, but added that the market environment is very challenging and that is likely to hit 2017 revenues. Shares tumbled 4.8 per cent, or 3.5p, to 70p.
Carpet firm Victoria soared as it announced profits had more than doubled in the year to April 2. Revenue increased 101 per cent to £255.2million over the period while pre-tax profit climbed 681 per cent to £9.3million following a £1.6million loss last year.
Victoria, which sells its floor coverings in the UK and Australia, said the successful integration of two acquired businesses, Quest Carpets and Interfloor Group, had enhanced earnings in the year. Shares jumped 9.9 per cent, or 110p, to 1,217.5p.