Another of last year’s AIM flotations is doing better. Good results and forecast upgrades have pushed shares in Kitwave (LON: KITW) higher. The grocery distribution business benefited from a sharp rebound in the foodservice division as lockdowns came to an end. The ambient groceries and frozen foods businesses also grew, and all the divisions are back to pre-pandemic volumes. Cash generation is impressive and that will help to reduce net debt and fund add-on acquisitions. The 2021-22 pre-tax profit forecast has been increased from £13.5m to £18.7m. The share price has been declining in recent weeks, but it bounced back 10% to 151.25p, which is just above last year’s placing price of 150p.
Lighting prospects has dimmed the share price of consumer products supplier Supreme (LON: SUP) and it has slumped 31% to 87p. In the year to March 2022, underlying pre-tax profit was 6% ahead at £17.4m. The vaping business continues to grow and is the largest profit contributor, while the batteries division provides good cash flow. Even so, a fall in pre-tax profit to around £14m is expected for this year because of a sharp drop in lighting sales, partly due to destocking.
Canaccord Genuity has upgraded its forecasts for currency trading services provider Equals Group (LON: EQLS) following its trading statement. Interim revenues have jumped from £16.9m to £31.3m, thanks to a large increase in solutions revenues. There is £15.1m in the bank. The full year pre-tax profit forecast has been raised from £9.8m to £10.8m. There was a 10.8% increase in the share price to 87p following the news.
Nanosynth Group (LON: NANO) continues its share price rise. Executive directors have been buying shares at 0.48p. The share price has risen a further 37.9% to 0.495p.
There has been some profit-taking at MySale Group (LON: MYSL) and Inspirit Energy Holdings (LON: INSP). MySale has fallen 17.1% to 3.4p, while Inspirit has declined 12.5% to 0.0525p. They both remain higher than at the start of last week.
