British oil and gas developer IGas (LON:IGAS) swung into profit in 2017, supported by a hefty tax credit and an increase in oil prices. The group reported a £15.5 million net profit for the year to end of December, compared with a loss of £32.9 million the previous year, with revenue jumping to £35.8 million from £30.5 million the year before. The group’s performance was aided by a tax credit of £19.1 million as well as an increase in oil prices across the year. Adjusted EBITDA was £9.2m down from £10.2m. Net production averaged 2,335 boepd for the year, but operating costs fell to $28.2 per boe from $28.8 per boe. IGas are expecting net production of between 2,300 – 2,400 boepd in 2018 and operating expenditure of $32.5 per boe. Stephen Bowler, IGas’ CEO, commented: “We have sanctioned a number of projects, including Albury and Stockbridge, and would expect to see the benefits of these projects during the latter part of 2018. “In the North West we are progressing our application at Ince Marshes and advancing further applications. It is our intention to appeal the decision of Cheshire West and Chester Council’s Planning Committee of 25 January 2018 to refuse planning consent for our application to test the Pentre Chert formation at Ellesmere Port.” Shares in IGas are currently trading down 1.30 percent at 76.00 (0849GMT).

Mothercare (LON:MTC) shares rose 5 percent at market open on Wednesday, after it said talks with lenders were progressing ‘constructively’. The group are in discussions with lenders after a series of profit warnings left them in need of a turnaround plan. The group said on Tuesday that it had called in KPMG to advise them on the refinancing of the business, and discussions with all lenders are expected to conclude before the release of its results on the 17th May. The lenders had agreed to defer the testing of its financial covenants, due 24 March, accordingly. “As previously indicated, we are also exploring additional sources of financing to support and maintain the momentum of our transformation programme and we are engaged in preliminary discussions on securing such additional financing,” Mothercare said. Mothercare shares have fallen around 87 percent over the past year. Shares are currently trading up 5.25 percent at 16.52 (0840GMT).

Online grocer Ocado (LON: OCDO) faced a £1.5 million dent in profits after the group was forced to cancel orders during “the Beast from the East”. With heavy snow and winter storms, depots in Oxford, Kent and Bristol were forced to accept fewer deliveries in the “most trying conditions”. The weather led to the group having to lose tens of thousands of orders and give undelivered food to food banks, leading to the grocer losing one percent in sales. “I’ve never seen weather like this in the time I’ve been at Ocado but despite that, we delivered to 296,000 customers in pretty extreme conditions,” said Duncan Tatton-Brown, Ocado’s finance director. Not only did Ocado’s profits suffer from the extreme conditions seen in the UK, but the quarter’s results also took a hit from the increase in costs. Ocado reported a rise in retail revenues by 11.7 percent to £363.4 million for the first quarter to March 4. The snowy conditions and storms took off one percent of profits in the final week. The average orders per week increased by 11.1 percent to 280,000. “We operated at maximum capacity for most of the quarter and were impacted by the winter storms that caused widespread disruption during the final week,” said the chief executive, Tim Steiner. “I would like to take this opportunity to thank all my colleagues who nonetheless succeeded in delivering nearly 300,000 orders over the last week of the quarter, often in the most trying conditions.” The group still managed to meet expectations, with Steiner highlighting the group would have succeeded them if it was not for the week of bad weather. Ocado recently signed a deal with Canadian retailer Sobeys, as the group expands into North America. The group is also working with Groupe Casino (FRA: CAJ), the supermarket giant based in France.  

Citizens from the EU who arrive in Britain during the Brexit transition period will have the right to stay indefinitely. After intense talks in Brussels, it was agreed that freedom of movement can continue until the end of 2020. EU citizens and their families will be able to claim residency. Speaking in Brussels, Michel Barnier, the EU’s chief Brexit negotiator, said that people from the EU who arrive in the UK during transitions “will receive the same rights and guarantees as those arriving before Brexit”. David Davis, the Brexit Secretary, said: “Just as we’re giving certainty to businesses, we’re also providing the same for citizens.” The same will apply to British citizens who move to the EU. Barnier referred to the deal as “a decisive step” for Britain and the EU. “We were able to agree this morning on a large part of what will make up an international agreement for the ordered withdrawal of the UK,” he added. Not all were happy with the progress. Nigel Farage, the former UKIP leader, said May was backing down to Brussels and called her an “appease”. “After vaunting her so-called red lines she quickly rubs them out under EU pressure,” he said, “She’s like the Duke of York marching the troops to the top of the hill to march them down again.” Iain Duncan Smith also criticised the government, saying: “there does seem to be a real concern … It appears that at least through the implementation period nothing will change and I think that will be a concern and the government clearly has to deal with that because a lot of MPs are very uneasy about that right now.” A joint withdrawal deal was published on Monday, which is 75 percent is agreed on. According to the report, the UK will keep the benefits of the single market and customs union for “near enough to the two years we asked for”, said Davis.