Africa focused oil firm Heritage Oil (HOIL) soars 10.2% to 232p as it announces net production from the OML30 asset in Nigeria averaged 15,600 barrels of oil per day year to date. This represents an advance of 17% on the rate achieved in the last three months of 2013. The company also indicates tax discussions with the Nigerian authorities have successfully concluded with the benefits likely to come through in its 2013 results.
Bakery retailer Greggs (GRG) gives up 7.3% at 491.4p despite serving up better-than-expected full-year results. The running Shares Play of the Week delivered £41.3 million taxable profits, down 18.9% though ahead of the £40.1 million consensus, for 2013 and flags a solid start to 2014 trading too. We take a closer look at the situation here.
Online electricals retailer AO World (AO.) races 40% higher to 400p on its public company debut, after pricing its IPO offer at 285p for a frothy £1.2 billion starting-point main market capitalisation. We've previously highlighted our concerns over the newcomer's valuation.
ITV (ITV) drops 4.6% to 196.6p despite full-year results beating expectations. There's talk in the market that investors are disappointed at the scale of a special dividend, perhaps thinking 4p is not that generous given the strong cash performance. Yet analysts reckon there's scope once again for earnings upgrades.
First-half earnings from recruitment consultant Hays (HAS) beat expectations, yet analysts haven't put through large upgrades to earnings forecasts because of unfavourable foreign exchange rates. We interviewed the company earlier this month – you can read that article here.
Restaurant Group (RTN) dips 2.4% to 639p despite full-year earnings beating expectations. Investors are likely to be taking profits after a strong share price rally; there's also no news on a replacement chief executive. We're huge fans of the Frankie & Benny's owner, having featured it many times over the years in Shares. It is a running Play of the Week.
Aspiring UK-based miner Sirius Minerals (SXX:AIM) rises 3.9% to 13.5p after proposing to amend its York potash project development plan. The capital expenditure would go up by 15% ($280 million) but could potentially make it easier to get planning permission – the key hurdle for the share price.
Surveillance expert Synectics (SNX:AIM) falls 16.2% after downgrading its 2014 earnings guidance. It says big contract opportunities won't happen until towards the end of the year and it is also investing in the business to make sure its technology stays ahead of the competition.
Glasgow engineering firm Weir (WEIR) gains 4.6% to £24.60 on expectations of a return to growth this year as it reports a 5% year-on-year drop in 2013 profit to £418 million. The company sells pumps and valves to the mining and oil and gas industries and attributes last year's decline to over-supply in the energy equipment market. The 2014 recovery is predicated on oil and gas prices remaining stable.
Nottingham based small cap engineer Avingtrans (AVG:AIM) posts a 90% increase in revenue to £32.2 million for 2013 as the impact of last year's acquisitions comes through. The result is rewarded by a 5.9% bump to 179.5p as the group reveals the order book in its aerospace division remains at record levels.
Specialist capital goods firm Molins (MLIN:AIM) is ahead 6.7% to 181.9p as it announces a 10% year-on-year increase in 2013 adjusted pre-tax profits to £5.4 million. Its Scientific Services division grew revenue by 15%, and both the Packaging and the Tobacco Machinery businesses also saw revenue expansion, of 14% and 10.6% respectively.
China's biggest orange plantation owner and operator Asian Citrus (ACHL:AIM) sours another 3.4% to 14.1p. Half-year figures to December from the troubled food producer show sales down 16.1% to RMB 748.3 million and a profits down almost 84% to RMB 41 million, reflecting poor crop yields and prices for its winter oranges.