LONDON (ShareCast) - Shares in Global Brands, which owns the Domino's Pizza franchises in Switzerland, Luxembourg and Liechtenstein, rallied on news that first-half pre-tax losses narrowed to 552,714 chf (Swiss francs) from a loss of 1.06m chf last time, while revenue rose by 6.5% to 5.4m chf.
“The growth in revenue, decrease in expenses as well as the benefits of management's decision to discontinue unprofitable stores, resulted in a significant improvement in EBITDA,” said the group.
Global Brands added that it is currently negotiating additional potential locations for further store openings.
Arena Leisure gained after the racecourse operator said it has secured planning permission for £23m worth of improvements at Wolverhampton Racecourse.
These improvements include an expansion of the hotel from 54 to 170-bedrooms, the construction of a new conference and banqueting suite, a new leisure facility including a swimming pool and the incorporation of a casino within the Racecourse.
“The panel's recommendations require the endorsement of parliament and this has been delayed by the issues surrounding the 'regional' casino,” added the group.
Shares in China Medstar plunged after it warned revenue for the first six months of the year will be significantly below expectations, adding that it has also experienced a reduction in both gross and operating margins.
“The directors intend to undertake a number of actions in order to position the company for the financially important final quarter,” said the group.
“Despite these actions and the anticipated stronger financial performance of the company during the second half of the year, there can be no certainty that net profit will be in line with market expectations for the year ended 31 December,” it added.
K3 Business Technology was lower after the IT solutions provider posted a decline in first-half pre-tax profits from £809,000 to £985,000 following the disposal of its small multi-channel retail solutions business software Elucid, but said it looks to the second half with optimism.
“While maintenance and support revenues have increased as a result of customer growth to date, our ability to secure major deals will continue to be a key factor in driving business growth and securing our year end targets,” said chairman Tom Milne.
“Nevertheless, given current new business pipelines, we remain optimistic of a good second half performance,” he added.
BowLeven fell on news that Suntera Resources is selling its entire holding of 9.9m shares in the African focused oil and gas company at 215p per share.
“Our business is well placed, and we look forward to the future with confidence,” said chief executive Kevin Hart.
