The SNA sensing and sequencing company Oxford Nanopore issued a trading update this morning that gave investors cause for cheer. Sales were slightly higher than had been guided and the company continues to plot a course towards profitability. With just over £300m cash in hand – again ahead of consensus expectations – there’s plenty for shareholders to support here and the Oxford Nanopore share price was up 9% in early trade. Full year results will be issued at the start of March.
A trading update from Corero Network Security, the DDoS protection specialists, was well received after it noted revenues should be reported at the upper end of guidance, with EBITDA also beating forecasts. Customer retention rates of 98% are impressive, revenues ticked marginally higher and the cash balance remains broadly stable. The Corero share price was 27% higher shortly after the open.
Half year numbers from the legal and professional services business were issued today but despite a 30% uptick in revenues and a firm return to organic growth, the company’s valuation failed to respond. Management also noted the high calibre of recruits and a dramatic reduction in churn but the Knights share price, which added a mere 1.6% in early trade, soon saw some of the gains being chipped away.
Most read announcements on Investegate this morning
Simon Carter to step down as CEO of British Land - - British Land Company (BLND)
IQE plc: Trading Update - - IQE (IQE)
Update: Convertible Loan Notes Fundraise - - Prospex Energy (PXEN)
