Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Active Energy: pre-revenue but are first orders nearing?
AIM-quoted Active Energy has this morning published its results for the six months to 30th June. The company sees a number of exciting opportunities off the back of President Biden’s signing of the Inflation Reduction Act, which will drive a number of clean energy projects. The company remains pre-revenue but the CEO notes that significant progress is being made in terms of commercialising its COALSWITCH product, with firm orders expected as soon as next year.
#2. Antofagasta: precautionary environmental action in Chile
Antofagasta has advised that it has deployed precautionary measures at its Los Pelambres desalination plant in Chile. The company is keen to stress that there has been no significant environmental impact, but regulators have demanded that sunk equipment carrying fuel or lubricants is recovered. The problem arose as a result of severe sea swells last month and if this can be conducted without further incident then there may be no cause for concern.
#3. Serco’s Rupert Soames to retire next year
Rupert Soames is to retire from Serco in 12 months time, to be replaced by the company’s current CEO of UK & Europe. This looks like a well-planned succession and any market reaction is likely to be very short lived. The note adds that Sir Rupert owns some 5 million Serco shares, a holding which he will be reducing in the coming years as part of prudent financial planning, but which will remain well in excess of levels required by the group remuneration policy.
