Meaningful gains at the open for ITM Power, the UK based green hydrogen company. This morning they announced two new orders from a UK customer for hydrogen electrolysers, adding to a recent run of sales success. Whilst the final investment decision is still to be made and the buyer remains undisclosed, the summary is that this points at a growing acceptance of hydrogen as an energy source in the UK. The ITM Power share price was 7% higher in the first few minutes of trade.
FTSE-250 listed construction and regeneration group Morgan Sindall also had a good start after management published a trading update. Coming just six weeks after the last note, full year expectations are being revised upward with the strong trading activity from the company’s Fit Out division seeing momentum sustained. With other units faring well too, group PBT is now expected to be significantly ahead of previous expectations. The Morgan Sindall share price was 13% higher shortly after the open.
The AIM listed consultancy that provides solutions to the defence sector published a trading update this morning. This is in response to the UK government’s spending review that was published at the start of the month which has resulted in a number of RC Fornax customers delaying or reducing short term spending plans. Issues have also been highlighted with the underlying sales conversion process and as a result, the Board now expects the Company's FY25 performance will be significantly below market expectations, with FY25 revenue expected to be not less than £4.0 million. The RC Fornax share price was down almost 50% in early trade.
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