Kape Technologies soars as it creates the “first global privacy and security company”
The cybersecurity group will acquire US digital privacy firm LTMI for US$95.5mln, and it expects the purchase to immediately boost earnings, with the enlarged group anticipated to generate sales between US$120-123mln in 2020.
Kapes chief executive Ido Erlichman said: "This transaction is in effect creating the first global privacy and security company; and will allow us to accelerate our mission to create a more transparent and secure online environment for our customers.”
Over at Hurricane Energy PLCs (LON:HUR), shares blazed 14% higher to 34.4p after saying it expected to bring in US$165mln of revenue by the end of 2019, thanks to the continuing successes of the Lancaster field early production system (EPS).
The Lancaster EPS is seen performing strongly which, for investors, is in contrast to the disappointing end to the 2019 drill campaign at Hurricanes 50% owned Greater Warwick Area.
Lancaster is set to have produced around 3.1mln barrels of crude for the year (after the May start-up) with the rate averaging 13,300 barrels of oil per day since coming online – the rate has been constrained whilst Hurricane gathers valuable production data.
The ten-pin bowling operator said in its preliminary results it has a target of seven to ten investments in the current year, as well as the opening of one new bowling centre and three mini-golf centres, plus further expenditure in technology.
In the year to 30 September, total revenues increased 8% to £129.9mln, while pre-tax profit jumped 15% to £27.6mln and net debt shrank 16% to £2.1mln.
2.30pm: Slow hiring hits Nakama Group
Pre-tax profit slumped to £20,000 in the six months to the end of September, down from £186,000 last year, due to a fall in sales and slashing its headcount by 30%.
'The first half has seen numerous challenges across the group,' chief executive Robert Thesiger said, adding that he was “encouraged with the results and resultant relative stability that the business is now displaying compared to the second half of 2018”.
Amiad Water Systems Ltd (LON:AFS) flowed 16% lower to 227p as the filtration company warned shareholders about an expected US$3mln-US$5mln dilution of profits, as it faced lower revenues, falling margins and new accounting rules.
Net profit for the full year will be “materially impacted” because adopting IFRS 16 means its results will be worse affected by fluctuations in the Israeli shekel, the Israel-based company said in a trading update on Friday.
Moreover, Amiad blamed “lower-than-anticipated sales in the second half” for its inability to “offset the impact on gross margin of large, lower-margin projects completed in the first half of the year”.
12.30pm: IAG takes off as HSBC upgrades
International Consolidated Airlines Group PLC (LON:IAG) was a strong gainer at lunchtime, up over 10% to 616.20p after global bank HSBC upgraded its rating for the owner of British Airways in a post-election note.
In a note to clients, the banks analysts said that short term they expect the pound and UK consumer and business confidence to strengthen, but added that uncertainty could return late 2020.
10.20am: Restore appoints former Workspace boss as non-exec
Hopkins, the former chief executive officer of Workspace Group, will replace company chairman Martin Towers as chairman of the Remuneration Committee.
After six years' service, James Wilde has advised the company that he wishes to step down from the board in May 2020.
9.30am: Housebuilders lead the FTSE 250 charge as traders bet on an end to Brexit uncertainty
The FTSE 250 index was up 3.9% in the first hour of trading in reaction to a convincing victory for the Conservative Party in yesterdays General Election.
The index is home to far more UK-focused companies than its big brother, the FTSE 100, and three stocks – Stagecoach Group PLC (LON:SGC), Savills PLC (LON:SVS) and Bellway PLC (LON:BWY) – are up by more than 10% this morning, boosted by the removal of uncertainty n the home front now that the UK has a government with a comfortable majority.
Stagecoach, the transport operator, was the top performer with an 11.7% rise to 147.6p as the admittedly slight prospect of the railways being renationalised disappears into the distance.
Savills, the estate agency group, joined a plethora of housebuilding companies on the charge as traders took the view that the uncertainty over Brexit that has slowed the housing market in Britain will now recede.
Featuring prominently among the few FTSE 250 stocks to fall back were trusts that invest overseas, such as Worldwide Healthcare Trust PLC (LON:WWH), Baillie Gifford Japan Trust PLC (LON:BGFD) and Fidelity China Special Situations PLC (LON:FCSS).
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