boohoo.com, Flybe and Bellzone Mining

“Blue-chips edged very tentatively higher in a cautious start to election-day trade,” says AJ Bell Investment Director Russ Mould.

“Online fashion group boohoo.com led the AIM board in early trading after it raised full-year forecasts following a strong first quarter. Revenues more than doubled to £120m in the three months to the end of May. The group’s performance has been encouraging across all brands and geographic regions and full-year growth is now expected to be around 60% compared with previous guidance of approaching 50%. Boohoo’s shares were up by more than 5.4%.

“Regional airline Flybe’s shares fell after it plunged into the red in the year to end of March despite a 13.4% increase in revenues. The group was hit by IT write-downs of £4.8m and while this was at the lower end of guidance further IT costs of around £6m are likely in 2017-18 relating to cancellation penalties on existing contracts. Flybe’s shares were down by over 6% in early trading.

“Bellzone Mining’s shares soared after it reached a provisional agreement with Guinean ministers which paves the way for an early resumption of the Kalia ferronickel project. Talks began in March and the company has now agreed an addendum to the 2010 mining convention which is expected to be ratified by the Guinean National Assembly in the coming weeks. Bellzone’s shares were up by over 143% in early trading.”

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