Three key news stories unfolding as the UK stock market opens. See the Companies Reporting diary.
1. VAT dispute sees Ferrexpo scale back production
There’s a Q1 trading report out from Ferrexpo LON:FXPO this morning, which noted a record level of output since the start of Russia’s invasion of Ukraine, but the business has had to scale back output owing to a suspension of VAT refunds. Increased production of high grade concentrates has been behind the reported success and the battle to have the government restart those VAT refunds is ongoing as the move is currently not only impacting shareholders but also local suppliers and the broader Ukrainian economy.
2. Increased sales momentum could prove transformative for FY25 of T42 IoT
t42 IoT Tracking LON:TRAC issued an update this morning noting that it expects to report revenues for FY24 in line with those from FY23 but adds that it is starting to see clear indicators of strong growth ahead. An increase in sales momentum is tipped to drive substantial performance improvements beginning on FY25.
3. Recent strategic shifts position Likewise well for future success
AIM listed flooring company Likewise LON:LIKE issued a trading update noting gross sales revenue for Q1 up by 10.7%, whilst branded sales are 14.6% higher. That extends the momentum seen from the end of last year and is attributed to the success of strategic decisions which have been made by the company in recent years. The early 2025 performance is seen as providing a solid platform for growth and is seen as helping establish the company to achieve corporate objective for the full year.
