Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Parsley Box fundraising completed at a modest premium
It’s a relatively quiet Friday in terms of regulatory reporting. AIM listed Parsley Box LON:MEAL has however reported the completion of a £5.9m fundraise, with shares being sold at an 11% premium to the closing price recorded on 9th March. This stock has had a rough ride, attracting some criticism from investors – the question is whether this injection of cash will make a material difference.
#2. Avast suspends operations in Russia, Belarus
Antivirus software company Avast LON:AVST has this morning advised that it has withdrawn all its products from, and suspended marketing in, Russia and Belarus. At the same time the company is bolstering the services provided to Ukrainian users. With the three countries representing just 1.5% of the company’s revenues, shareholders are more likely to be asking why the move has taken so long rather than worrying unduly about the impact on the bottom line.
#3. SIG sales ahead of pre-pandemic levels
Insulation providers SIG LON:SHI have full year results out today. The group has returned to profitability and sales are up 8% on pre-pandemic levels, with this momentum being carried into the early part of the new financial year, too. An operating profit margin of 3% is being targeted for FY23 with an ambition to see this stretch to 5% in the medium term. Again the dividend remains suspended, but the company is committed to resuming these payments once underlying earnings provide sufficient cover.
