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Pennant International soars on contract award and approval for Qatar training programme

Aircraft and helicopter training specialist Pennant International Group PLC (LON:PEN) soared 13.3% to 85.5p ..

By admin , in England , at October 31, 2019

Aircraft and helicopter training specialist Pennant International Group PLC (LON:PEN) soared 13.3% to 85.5p in early afternoon as the firm delivered a double dose of good news.

The first was the award of a £3.4mln new contract to design and build a helicopter maintenance training aid to help the UK military train on anti-surface weapons systems, which will run across 2020 and 2021.

Meanwhile, Pennant said it had also had four of its training aids accepted by the government of Qatar, with revenue and profits from these to be recognised in the current year.

In the oilers, Echo Energy flowed up 3.5% to 3p as it decided on the location for the first of a four-well exploration drilling programme at the Tapi Aike licence in Argentina.

The well is in Chiripia Oeste, the eastern portion of the Tapi Aike 3D survey area, and will be re-named Campo La Mata x-1 (CLM x-1).

Spudding is expected in December with the well to be drilled in two vertical sections.

In the fallers, banking giant Lloyds Banking Group PLC (LON:LLOY) galloped 1.4% lower to 56.8p after its third quarter profits fell 97% in the wake of a big hit from PPI mis-selling charges.

Statutory profit before tax crashed to £50mln from £1.82bn in the same period last year, mainly due to £1.8bn of provisions for PPI compensation, well short of the average analyst forecast of £163mln.

Last month the bank suspended its share buyback as it warned of likely £1.2bn-£1.8bn PPI charges due to a spike in complaints in the final weeks leading up to the 29 August deadline, taking its total bill to around £26bn.

Underlying profits were also lower, down 12% to £1.82bn as net income fell 6% to £4.2bn due to a 2% dip in interest income and 12% fall in other income.

11.00am: CyanConnode suffers Halloween horror show as Indian contract delays cause profit warning

Radio network firm CyanConnode Holdings PLC (LON:CYAN) had its own horror show this Halloween after contract delays sent its shares plunging 36% to 2.6p in late-morning trading.

The AIM-listed firm said substantial contract awards in India were still taking “longer than anticipated” following the countrys general election, which had caused previous delays.

As a result, Cyan said that while the contracts were expected in the coming weeks, it was now “unlikely to meet market expectations for 2019”.

In the FTSE 100, oil major Royal Dutch Shell PLC (LON:RDSB) slipped 4% to 2,229.5p after its third-quarter profit dropped by 15% on weaker oil prices.

The blue-chip firm reported net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, of $4.77 billion, down from $5.62 billion a year earlier, well below the consensus forecast of $6.47 billion.

The firm saw its oil and gas production in the quarter decline by 1% year-on-year to 3.6 million barrels of oil equivalent per day.

In the risers, InnovaDerma PLC (LON:IDP) jumped 6.7% to 80p on news that it will launch a new category and brand in 800 Superdrug stores that could eventually generate sales of up to £80mln a year.

The exact details are being kept under wraps until closer to launch date.

However, the maker of the popular Skinny Tan range said it and the retailers efforts will be focused on the “topical side of the business”.

9.30am: Big Sofa Technologies sitting pretty after securing deal with US food and drink giant

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