Three developing stories at the UK stock market open.
1. Profit targets smashed by Just Group
The retirement product provider Just Group LON:JUST published full year numbers this morning, noting that they had made a pledge in 2022 to double profits over the next five years. That goal has already been beaten some two years early, with underlying operating profit for FY24 up 34%, retirement income sales up 36% and shareholders have been rewarded with a 20% uptick in the dividend payment. Management expect that strong momentum to continue into FY25.
2. Farm-in terms agreed by Empyrean
Empyrean Energy LON:EME is no stranger to readers of the small cap round up column and today has announced a farm-in agreement for the Wilson River-1 project. Empyrean remains the largest partner in the JV with a stake of just over 50%. Site preparations are well underway and further updates are set to follow.
3. Full year results at MediaZest show tight cash position, income optimism
Again, a company that will be familiar to readers of the afternoon small cap note is MediaZest LON:MDZ who have this morning published full year results to 30th September 2024. Revenues are up by more than 30% and although some margin erosion has been seen, pre-tax losses have more than halved, now standing at £214k, down from £553k. Whilst the cash position is somewhat squeezed, management add that several clients have indicated substantial projects which they expect to work with the Company on to deliver in the next 12 months, but with the caveat that timing remains difficult to predict.
