The company, whose name means thunderbolt in Italian, floated on AIM last month after raising almost GBP38mln at a price of 120p.
The Oxfordshire-based company has developed the AFT electric motor designed for “high efficiency electric vehicle drivetrains”, mainly for smaller and lighter vehicles including electric motorbikes, scooters, tuk tuks and last-mile delivery vehicles.
11.37am: Avon warning
The FTSE 250-listed defence sector supplier, formerly known as Avon Rubber, said there was an increasing impact from order delays, supply chain disruption and a “tight” US labour market.
Receipt of US$165mln of expected orders has been delayed, including a significant M50 gas mask order, blamed on “procurement bottlenecks”, while slow supply of components has delayed the shipment of another US$6mln of deliveries under existing orders.
Avon said there were “remaining uncertainties as to the timing of receipt of other orders that we expect to receive and ship before the end of the financial year”.
Revenue is now expected of around US$245-260mln (GBP178-188mln), compared to GBP168.0mln for the previous full year.
10.30am: Best gets worse
Best of the Best PLC shares collapsed 50% to 815p after warning that profits would be 57% lower than last year’s and 62% below current forecasts.
The company, which runs online competitions to win cars, cash and other luxury prizes, revealed in June that the opening up of pandemic restrictions weeks was leading to a reduction in customer activity.
Today it confirmed around a 15% reduction in average weekly sales for the first 15 weeks of the new financial year as existing customers generated lower revenues than the preceding period as they enjoy “newfound freedoms, the distractions of major sporting events and ability to travel”, plus the cost of getting new customers increased by up to 60% on social media platforms.
“We are hopeful that the cost of acquiring new players will normalise before too long and our flexible model means we are able to adjust to a higher cost of new player acquisition if necessary,” the company said.
8.55am: Sportech perks up
Sportech PLC (LSE:SPO) shares have trotted 3% higher to 36p in early trading after the betting venues and sports bars operator shook hands on an exclusive 10-year sports betting arrangement with the Connecticut Lottery Corporation (CLC).
Presmuing the deal is signed off by local regulators, Sportech’s venues will host CLC’s sportsbook provider Rush Street Interactive across its retail estate and promoting the service on its digital channels.
The UK-headquartered group owns a chain of 11 Winners gaming venues and two Bobby V’s sports bars in Connecticut USA but after Sportech was not awarded a sports betting licence when Connecticut passed legislation to authorise sports betting in May this year it has been seeking relationships with one of those parties who did win a licence and mulling a legal challenge.
“Our customers have been demanding sports betting for many years,” said a relieved Sportech chief executive Richard McGuire.
Shares in Supply @ME Capital PLC were also on the up, climbing 11% to 0.46p, as the fintech group confirmed two director appointments.
Following the recent completion of the acquisition of TradeFlow Capital Management, the business’s founders Thomas James and John Collis have joined the SYME board as executive directors.
James and Collis will continue to lead the TradeFlow business, a commodities trade enabler focused on SMEs.