Earnings forecasts for Gooch & Housego (LON: GHH) have been slashed by up to one-third and the chief executive is retiring. The share price slumped 20.8% to 656p. Demand for photonics technology remains strong, but a lack of skilled labour in the US and UK and supply chain constraints have hampered the company’s ability to increase capacity. There has been high demand for lasers for semiconductor manufacture. Analysts have reduced their 2021-22 pre-tax profit forecasts to £7.5m-£8m, while a pre-tax profit of around £12m is expected for 2022-23. A 12.5p a share dividend is still expected this year. Mark Webster is retiring as chief executive after eight years. Charlie Peppiatt will succeed him after joining from TT Electronics.
Frasers Group (LON: FRAS) has bid 2p a share for MySale Group (LON: MYSL), which values the retailer at £13.6m, and the share price has slumped 21.9% to 2.1p. Frasers already owns 28.7%. MySale Group floated in 2014 at 226p a share.
Online fashion retailer boohoo (LON: BOO) has made a strategic investment in cosmetics supplier Revolution Beauty (LON: REVB), which recently announced a profit warning. boohoo has bought a 7.13% shareholding, while AXA and Jupiter have reduced their stakes during August. Revolution Beauty products are sold through several of boohoo’s websites. The Revolution Beauty share price recovered 23.5% to 29.65p, while boohoo was 2.9% lower at 59.55p.
Gold and precious metals reclaimer Goldplat (LON: GDP) had a record year in 2021-22. Operating profit increased from £5.3m to £8m. Fourth quarter profit in South Africa was trebled and Ghana produced a flat profit contribution. The share price was 11.7% ahead at 9.1p.
Touchstone Exploration (LON: TXP) has received approval to develop the Cascadura area of the Ortoire block from the Trinidad and Tobago authorities. A multi-well surface production facility will be built. There was a further 10.7% gain in the share price to 108.5p.
Platinum and precious metals explorer Future Metals NL (LON: FME) has announced an oversubscribed fundraising of $5m at 12.5 cents a share and could raise up to $500,000 more from eligible shareholders. The cash will used to fund exploration at Panton in Western Australia with a focus on the potential for a nickel copper and platinum group metals sulphide discovery. The share price rose 7.7% to 7p.
Record second half sales helped Colefax (LON: CFX) to beat profit forecasts and report a doubled pre-tax profit of £10.8m in the year to April 2022. Net cash is £21.8m after spending £6.7m on buying back shares. There was a particularly strong performance from the decorating division. Housing activity and new products are driving growth. There could be a slowing in activity levels later this year and a 2022-23 pre-tax profit of £6m is forecast by Peel Hunt. The share price rose by 2.87% to 807.5p.
