Some strong gains for the electrical retailer AO World who this morning released a pre-close trading update ahead of looming half year results and today’s AGM. Full year profit forecasts have been upped and are now expected to land at the top end of the previously guided range, whilst cash generation remains strong, too. That’s been sufficient to trigger news of a £10m share buyback, with management confident that the momentum can be maintained. The AO World share price was 9% higher in early trade.
The boutique spirits company Distil, has this morning announced a funding round of £755,000. That’s being done at 0.13p per share, representing a 26% discount to Friday’s closing price. The deal will see Dr Graham Cooley further expand his already significant stake in the business and will provide short term funding whilst reviews are undertaken to maximise shareholder value. The cash is also needed to complete the current audit. Sales are seeing growth, with a 6% YoY increase forecast for the first nine months. The Distil share price was 20% lower shortly after the open.
The kidney disease diagnostics firm Renalytix offered shareholders something to cheer this morning with news that it had signed a collaboration agreement with Nasdaq listed Tempus AI. The deal will make the company’s proprietary testing more widely available to eligible patients in the US, with the total market here seen as being 15 million individuals. The Renalytix share price jumped by 45% in the first thirty minutes of trade, reversing a steady run lower for the stock – at least for now.
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