Octagonal Plc (LON:OCT) shares were one of the strongest risers in early trading, up 17.5% at 1.9p after the holding company reported a sharp increase in profits from its trading subsidiary, Global Investment Strategy UK (GIS).
In a trading update for the six months to September 30, the company reported a profit for GIS of £2.08mln, a 41.2% increase year-on-year, while revenues climbed 42.7% to £4.79mln.
Chief executive and chairman John Gunn said GIS had delivered strong earnings as markets had “remained active through the summer months against traditional trends”, although the firm cautioned that the business faced an “incredibly broad range of outcomes tied to the coronavirus pandemic” with many challenges remaining.
Also on the up was Minds + Machines Group Limited (LON:MMX), which surged 21.6% to 4.6p after the internet domain name specialist unveiled plans for a £2.3mln share buyback programme.
The company said the buyback is part of a broader programme to deliver shareholder value and was introduced “in light of the cash generative nature of the business” and its available cash and confidence in respect of future cash flows.
MMX also reconfirmed its statements from September 30 that it is profitable and cash generative, adding that it is continuing to see “strong renewal billings” with operating cash flow for 2020 expected to exceed US$4mln, resulting in available cash at the end of the year of over US$8mln.