Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Best of the Best
Full year results are out from Best of the Best LON:BOTB today. The company used to raffle off sports cars in high footfall locations such as airports and shopping centres, so COVID knocked a big hole in that strategy but their decision to move away from this model some time back and focus on a digital only approach has certainly been well timed. What’s more it has delivered the results, with revenues for the 12 months to 30th April exceeding £45m, up from around £18m a year earlier. That said, the company has noted a reduction in customer engagement since the end of the last lockdown – sustaining this run rate may be difficult.
N Brown Group
There’s a note out from N Brown Group LON:BWNG this morning regarding a legal tussle it is currently involved in. The counterparty has now made a further application to the court which seeks to increase the scope of its original claim by as much as a further £36m. Owing to the complexities of the case and the uncertainty over any financial outcome, no provision for the liability has been made in the latest accounts.
Jaganda Mines
AIM listed natural resources play Jaganda Mines LON:JAN has updated resource estimates at its wholly owned Brazilian project. The uplift is significant – some 221% higher on a ‘measured and indicated resources’ basis. This increases confidence in the project, so the potential for a consequent reaction in the share price will be worth following. The stock is already up by around a factor of four over the last 12 months.
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