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FTSE Rises, Drax's Expanded Targets Should Be Well Received

12/01/2021 | 07:05am EST

Drax's Expanded Targets Should Be Well Received

Drax's capital markets day should be received positively by investors, with expanded targets for pellet production and BioEnergy Carbon Capture and Storage, as well as the Cruachan pumped storage project in Scotland, RBC Capital Markets says. The GBP3 billion of planned investment can be self-funded from operating cash flows, the bank says, estimating that Drax has ambitions for growing Ebitda in excess of GBP700 million by 2030. Moreover, the update also points to short-term positives, with 2021 Ebitda expected around the top end of analyst expectations. Shares in the power generation company jump 7.8% to 593 pence.

 
Companies News: 

TPXimpact Holdings Swung to 1H Pretax Profit; On Track to Meet FY Rev Views

TPXimpact Holdings PLC on Wednesday reported a swing to a pretax profit for the first half of fiscal 2022 on higher revenue, and said it is on track to meet market expectations for full-year revenue.

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San Leon Appoints Julian Tedder as CFO

San Leon Energy PLC said Wednesday that it has appointed Julian Tedder as chief financial officer.

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Marechale Capital Swung to 1H Profit on Investment Gains

Marechale Capital PLC said Wednesday that it swung to a first-half pretax profit primarily on the back of investment gains, and that revenue significantly rose.

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Vh Global Sustainable Energy Opportunities Raised GBP70 Mln to Fund Assets Pipeline

Vh Global Sustainable Energy Opportunities PLC said Wednesday that it has raised 70 million pounds ($93.1 million) via a discounted share placing, and that it will use the net proceeds to fund its assets pipeline.

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Team PLC Buys Omega Financial Services for Up to GBP4 Mln

Team PLC said Wednesday that it has bought Omega Financial Services Ltd. for up to 4 million pounds ($5.3 million).

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Chrysalis Investments Plans to Raise GBP125M to Expand Portfolio

Chrysalis Investments Ltd. said Wednesday it is planning to raise 125 million pounds ($166.3 million) via a share placing and will put the money toward new investment opportunities.

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Spectral MD Holdings Appoints New CFO

Spectral MD Holdings Ltd. said Wednesday that it has appointed Nils Windler as chief financial officer with effect from this week.

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Residential Secure Income FY2021 Pretax Profit Jumps on Rental Growth

Residential Secure Income PLC on Wednesday reported a higher pretax profit for fiscal 2021 on higher income growth and a revaluation of its properties.

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Faron Pharmaceuticals Chief Medical Officer to Step Down

Faron Pharmaceuticals Oyj said Wednesday that Chief Medical Officer Matti Karvonen will leave the role on Dec. 1

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Windward to Float on AIM on Dec. 6

Windward Ltd. said Wednesday that it plans to float on London's junior AIM on Dec. 6 following an institutional placing raising around 34.5 million pounds ($45.9 million).

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LBG Media to Float in London in Mid-December

Digital media and youth-content publisher LBG Media PLC said Wednesday that it expects to float on London's junior AIM in mid-December.

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Clinigen Erwinaze License Application Rejected by FDA in Current Form

Clinigen Group PLC said Wednesday that the U.S. Food and Drug Administration has issued a complete response letter to its partner Porton Biopharma Ltd., rejecting its leukemia treatment license application in its current form.

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GCP Infrastructure Investments Appoints New Chairman

GCP Infrastructure Investments Ltd. said Wednesday that it will appoint Andrew Didham as chairman from June 2022.

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Comptoir Appoints Finance Director Michael Toon to Board

Comptoir Group PLC said Wednesday that it has appointed Finance Director Michael Toon to its board with immediate effect.

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Mobile Streams Sees Progress in Monthly Revenue During FY 2022

Mobile Streams PLC said Wednesday that monthly revenue across all of its channels exceeds $80,000, and that it has made strong progress for its current financial year ending in June 2022.

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Domino's Pizza Group Vice Chairman to Step Down in 2022

Domino's Pizza Group PLC said Wednesday that Nonexecutive Vice Chairman Colin Halpern will step down after the 2022 annual meeting.

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Cora Gold Raises GBP4.3 Mln Via Share Issue

Cora Gold Ltd. said Wednesday that it has raised 4.3 million pounds ($5.7 million) via a share issue to progress its exploration projects.

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Skillcast Group Shares Rise in Stock Market Debut

Shares in Skillcast Group PLC rose as much as 13% in early trade Wednesday as the company started trading on the London Stock Exchange's junior AIM, implying a market capitalization of 37.3 million pounds ($49.6 million).

 
Market Talk: 

Novatek Secures EUR9.5 Bln Financing Package for Arctic LNG 2

1116 GMT - The Novatek-operated Arctic LNG 2 project in Russia has secured the EUR9.5 billion external financing package required to fund construction. This marks the completion of a key step in the project's development, ahead of the expected startup of train 1 in 2023, Citi says. The project's success in securing financing comes at a time when global gas markets remain squeezed--a supportive environment for gas producers--and bolsters Novatek's position as a growing dominant player in the global LNG market, Citi says. Arctic LNG 2 will consist of three trains with an annual liquefaction capacity of 6.6 million metric tons each.

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Petropavlovsk's Tensions With Main Shareholder to Weigh on Shares

1058 GMT - The substantial tensions between the Petropavlovsk board and major shareholder UGC is expected to weigh on the mining company's shares in the short term, Peel Hunt says. UGC has apparently named all board members and Petropavlovsk itself in a lawsuit aiming at breaking up the sale of a 29.9% stake in IRC Ltd., an iron ore miner in the Russian Far East, for $10 million. The market capitalization of IRC has increased considerably since the deal was agreed to in March 2020, and the stake is now worth $62 million, Peel Hunt notes.

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Marlowe 1H Results Were in Line With Expectations

1042 GMT - Marlowe reported interim results in line with expectations, Peel Hunt says. The regulatory compliance specialist expects to materially overachieve against its fiscal 2024 financial targets, and Peel Hunt says it can deliver EPS of 68 pence in that financial year. "With the equity funding and banking facilities in place and high confidence in Marlowe's ability to achieve its targets we increase our target price from 951p to 1,026p," the brokerage says. Peel Hunt reiterates a buy rating on the stock. Shares are up 0.2%.

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UK Regulator's Pressure on Water Companies Isn't Seen as Risk for Listed Names

1024 GMT - Ofwat continues to put pressure on the operations and structure of some of the U.K. private water companies, RBC Capital Markets says after The Guardian reported that the regulator raised a red flag over the financial health of Southern Water, Yorkshire Water and SES Water. However, the bank's analysts don't see this as a risk for the listed companies, which continue to be some of the most efficient in the sector. Furthermore, recent half-year results highlighted good progress on the key performance measures that Ofwat has set for the sector, RBC says.

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UK Manufacturing Input Prices Rise at Record Pace in November

1014 GMT - U.K. manufacturing activity grew at slightly slower pace than previously thought in November and input prices rose at a record rate due to supply chain pressures, according to the IHS Markit/CIPS purchasing managers' index survey. "Manufacturers are facing a challenging backdrop, with rising supply chain disruptions, staff shortages and inflationary pressures stifling growth while ongoing difficulties caused by Brexit and logistical headaches restrict opportunities to expand into overseas market," Markit director Rob Dobson says. "New export sales fell for the third straight month." November's manufacturing PMI was revised to 58.1 from 58.2 previously, compared to 57.8 in October, with a level above 50 signalling expansion. GBP/USD and EUR/GBP are little changed after the data at 1.3317 and 0.8503 respectively.

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UK's Factory Activity Gathered Steam in November, Price Pressures Intensified

0959 GMT - U.K. manufacturing activity accelerated slightly in November, but stretched supply chains drove up input prices to the greatest extent in at least three decades, IHS Markit's purchasing managers survey shows. The manufacturing PMI jumped to a three-month high in November, to 58.1 from 57.8 in October, despite labor and input shortages constraining production. The data shows a survey-record increase in average purchase prices, with around three-quarters of manufacturers reporting price rises and less than 1% seeing falls. "The survey highlights how the subdued rate of manufacturing growth and export decline leaves industry in a vulnerable position to any new headwinds, not least the Omicron variant," IHS Markit Director Rob Dobson says.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

12-01-21 0704ET

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