Gleeson, Imagination Technologies and Elecosoft

“The FTSE100 opened in the red with politics to the fore amid elections in Germany and New Zealand and a potential snap election in Japan. Investors are also keeping a close eye on rising geopolitical tensions after President Trump extended the US travel ban and stepped up his rhetorical campaign against North Korea,” says AJ Bell Investment Director Russ Mould.

“Regeneration housebuilder and strategic land specialist MJ Gleeson’s shares were up in early trading following a 17% rise in full-year pre-tax profits. The group’s twin strategy of developing low-cost homes for open market sale in the North of England and strategic land sales in the South produced another excellent year of increased volumes, margins, profit and cash. Gleeson’s shares were up by more than 5.3%.

“Imagination Technologies’ shares soared on a recommended takeover by Canyon Bridge Capital Partners. The 182p per share offer values Imagination at around £550m and represents a 47% premium to the price on 21 June when the group put itself up for sale after losing its contract with Apple. The deal is a very good outcome for Imagination's shareholders and provides certainty at a time when its future had been negatively impacted by Apple’s decision. Imagination’s shares were up by over 33.5%.

“Elecosoft was a double-digit riser after interim pre-tax profits jumped by 81% to £1m and revenues topped £10m. The group, which has unified all its software brands under the Elecosoft name worldwide, has made an excellent start to the second half of the year. Elecosoft’s shares were up by more than 15.6%.”

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