Armour Energy Ltd (ASX: AJQ), Firstwave Cloud Technology Ltd (ASX: FCT) and FFI Holdings Ltd (ASX: FFI) Under Pressure

Sector Reports > Latest News > ASX > Armour Energy Ltd (ASX: AJQ), Firstwave Cloud Technology Ltd (ASX: FCT) and FFI Holdings Ltd (ASX: FFI) Under Pressure

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Armour Work Program

Armour Energy Ltd (ASX: AJQ) opened the week on the red plummeting by more than 15%. The slide came even on the company confirming it has commenced major field activities as part of its 2019 work program. The exploration and mining company has drilled the first well as part of the Myall Creek North 1 development in the Kincora project.

The drilling works seeks to assess the conventional and tight gas potential in the Permian and Triassic reservoirs. Plans are in advanced stages for the drilling of the well to 2,270 meters in total vertical depth.

As part of the 2019 work program, Armour Energy is planning to increase the liquid-rich gas production and revenue of MCN1. The company is also planning to increase production from existing wells. There are also plans to drill a new well as the company targets gas production of up to 20TJ/day.

Armour Energy is in a solid financial position to bring its work program into fruition. The company preliminary financial results as of June 30, 2019, indicates an increase of $13 million in revenues leading to a rise in gross profit of $4.8 million. The company’s EBITDA stood at $3.7 million.

Firstwave Insider Selling

Firstwave Cloud Technology Ltd (ASX: FCT) poor run in the market continued as the stock tanked 12% in Monday trading session. The decline followed the confirmation that Simon Moore had resigned from the board of directors. The confirmation adds to a wave of a series of negative news that has continued to take a toll on the stocks market sentiments.

Insider selling activity is one of the developments that has continued to fuel the stock’s poor run in the market. Over the last 12 months, Non-Executive Director Scott Lidgett has offloaded stock worth AU$300,000 at a share price of AU$0.30. Insider selling many at times fuels overall market sell-off as it signals pessimism among insiders about a company’s long-term prospects.

FFI Holding Financial Results

FFI Holdings Ltd (ASX: FFI), on the other hand, dropped 12% even on the company reporting impressive financial results for the fiscal year ended June 30, 2019. The company generated net profit amounting to $3.3 million, representing a 42% year over year increase.

Sales in the year were up 12% to $38.4 million, which got a boost from the company’s chocolate, confectionery cake, and bakers filling division. The contributions to the company’s food operations further boosted the net profits. Investment in this area is expected to continue delivering impressive financial results going forward.

During the year, the company achieved significant milestones key among them being the completion of a development of 5,250 square meters of industrial land for investment purposes. The company also achieved a strong financial position of $36 million, representing a 4% increase.

The company has completed an extremely successful financial year, achieving strong organic growth and a record profit from its food operations. The proven strategy of investing for growth through innovation and productivity has continued to deliver sound long term growth in shareholder value,” chair Rodney Moonen in a statement.

 

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