The AIM listed hydrogen generation specialists ITM Power saw its share price jump in early trade following news that some significant investments had been made into the company. Publicly owned GB Energy bought a 10% stake through the issue of new stock at a 13.7% discount, but this was augmented with a £46.5m government grant. The year end cash position is now forecast to be in excess of £200m and the new money will help fund development of a next generation electrolyser. The ITM share price was up 12% in early trade, pushing the market cap towards £450m.
After a short delay, FTSE-100 listed Metlen Energy & Metals issued its full year results this morning. The market reacted badly to the pre-Easter news of the filing not being ready on time, but losses were quickly recovered, the sector has enjoyed a boost off the back of those hopes of a tentative truce in the Middle East and further gains have been seen today. The company reported a 25% uptick in revenues but margins were pressured. Management are however confident in terms of the outlook for its core market and the business remains on track to meet mid-term objectives. The Metlen share price was trading around 2% higher shortly after the open.
As the company that was originally best known for the photo booths in transport hubs, ME Group is making a growing footprint in the self-serve laundry business in the UK. With over 7000 washing machines in operation, the company advised the market this morning that it had signed a deal with ASDA to add a further 700 machines to its portfolio. This is a lucrative operation for the company and the market has responded accordingly. The ME Group share price was up 6% by 8.30am, topping the FTSE-250.
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