Much more competitive market12 May 2023 14:10
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Boohoo still has 'uncertainties' ahead of prelims
10:15 Fri 12 May 2023
Jai Singh
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Boohoo Group PLC
AIM:BOO
Boohoo
Boohoo still has “uncertainties” around its investment case ahead its of preliminary results next Tuesday.
Analysts at Deutsche Bank lowered its target price to 45p from 50p for the online retailer, although it retained a 'hold' on the stock.
The investment bank believes boohoo, which is trading at just 10% of its peak value in 2020, is now competing in a much more competitive market.
Like competitor Asos, boohoo has decided to focus on profits instead of sales, a move the broker questions.
Boohoo’s ‘buy and build’ strategy has masked some of the weakness in its core business, Deutsche Bank added.
Further clarity on this strategy in Tuesday’s prelims would help the investment case, although Deutsche Bank concedes acquisitions look unlikely at this stage.
Full-year 2024 underlying earnings estimates have been reduced by 17% to £78mln by the bank.
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Ondo Insurtech raises cash for LeakBot roll-out
11:37 Fri 12 May 2023
Philip Whiterow
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Ondo InsurTech PLC
LSE:ONDO
Leakbot
Leakbot
Ondo InsurTech has raised £815,000 from an oversubscribed placing and subscription after an approach from a major shareholder.
Standard market-listed Ondo said the shareholder wanted to provide additional working capital to support the deployment pipeline of the LeakBot water leak spotting system.
Shares were issued at 12p a share with a matching warrant issue exercisable at 20p per share for 3 years.
Chairman Mark Wood took up 133,500 ordinary shares, non-exec Andy Morrison 200,000 and Kevin Withington, Chief Financial Officer, 20,000.
Craig Foster, Ondo’s chief executive, added: "We are very pleased with the development of the business which has met and then exceeded expectations set at the time of the RTO and we are delighted with the strong support of existing shareholders in this fund-raising.”
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Binance founder wants out of the US market, and for good reason
13:48 Fri 12 May 2023
William Farrington
Binance chief Changpeng 'CZ' Zhao
What is to be made of Binance founder Changpeng ‘CZ’ Zhao’s determination to reduce his stake in the US segment of the company he founded?
A report from The Information on Thursday quoting “people familiar with the matter” discussed how CZ and Binance.US leaders are discussing ways for CZ to exit his position in order to improve the