TT Electronics PLC boosted by strong demand


TT Electronics PLC (LSE:TTG) rose 5% to 187 pence on continued strong demand and an unchanged full-year outlook.

The engineering electronics supplier released the business update for the four months ending April 2022 ahead of its annual general meeting on Friday.

Its revenue increased by 6% compared to the same period of the previous year, driven by the strength of customer relationships and growth trends in targeted end markets.

Order intake continued to be well above revenue, with a billing ratio of 151%, the company added.

TT said business was still running well in the face of Covid disruptions and well-documented supply chain issues.

2:15 p.m.: ThinkSmart climbs as takeover plans are announced

ThinkSmart Ltd jumped 7% to 24p following a trade update announcing plans to return £2.5m to shareholders.

A general meeting of the activity of digital payment platforms will be held on June 29 to approve this return, he said.

ThinkSmart added that it maintains a positive outlook for the 619,000 shares it holds in Block Inc (NYSE:SQ).

1:15 p.m.: Reabold Resources climbs after appointing CFO

Reabold Resources PLC (AIM:RBD) rose 8% to 0.33p after luring EnQuest PLC’s financial controller, Chris Connolly, to the company as its chief financial officer.

Connolly has over 16 years of resource industry experience.

“His extensive transactional and reporting experience across a wide range of leading resource companies will be of significant value to the business during an exciting time for our business,” said Stephen. Williams, co-CEO of Reabold.

12:20 p.m.: Powerhouse Energy surges as potential joint venture project looms

Powerhouse Energy rose 8% to 1.7 pence after speculation of a possible merger with Hydrogen Utopia International PLC (AQSE:HUI) was confirmed.

The two parties are in talks over a joint venture project opportunity in the Republic of Ireland.

There is currently no agreement in place and Powerhouse’s board is reviewing the proposal and how it could become involved in the potential project, which is at a very early stage.

Hydrogen Utopia said it has been exploring opportunities in the region since November 2021 and is seeking a joint venture partner to develop a first waste-to-hydrogen facility.

11:15 a.m.: Griffin Mining advances on rising sales and profits

Griffin Mining Ltd climbed 8% following significantly higher sales and profits which were revealed in its 2021 annual results for the period ended December 31.

The company’s revenue jumped 61% to US$122 million and operating profit soared 143% to US$37 million.

As a result, earnings per share also climbed 182% to 14.5 cents.

It should be noted, however, that the comparative prior year was significantly impacted by the pandemic, with some global lockdowns affecting supply chains and production.

Record amounts of ore were mined and processed in 2021 which, along with improving zinc market prices and lower smelter processing charges, contributed to the higher figures.

9:53 am: Fulcrum Utility slumps on weaker earnings expectations

Fulcrum Utility Services Ltd (AIM:FCRM) fell 19% to 7.4p in its trading update for the year to March 31.

The utility provider expects its profits to be hit by ‘considerable turmoil’ in the UK energy market, as well as wider market issues including soaring costs and power problems. supply.

He also questioned the performance and profitability of the group’s smart meter exchange and management contract with its energy supplier.

Although revenue is expected to rise 21.8% year-on-year to £57.4m.

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