Toople topples as investors sell the half-year news

Toople topples as investors sell the half-year news

 

Shares in telecoms specialist Toople were dialled down The biggest faller in Wednesday afternoon trading was telecoms tiddler Toople PLC ( LON:TOOP ) as investors who had followed the first part of the "buy on the rumour" adage followed it up with the "sell on the fact" kicker as interim results landed.

Chief executive Andy Hollingworth said it had been an “excellent” period for the company, with period-end cash of £1.15mln “sufficient” to allow the business to continue to keep up its marketing strategy, which has led to a record month in April and a “healthy” new business pipeline.

Half-year revenues were up 57% to £1.1mln and gross profit more than doubled to £0.21mln, but pre-tax losses persisted.

The shares, having trundled along at around 0.29p since September, had doubled in the three weeks leading up the release of numbers to heady heights above half a penny, but by mid afternoon Toople had toppled 14% to 0.47p.

Way up in the FTSE 100, the biggest fallers were in the paper and packaging industry, with DS Smith ( LON:SMDS ) bent out of shape by a downgrade from broker Goodbody, which pointed to weak product pricing. Sector peers Smurfit Kappa Group PLC ( LON:SKG ) and Mondi Plc ( LON:MNDI ) was also on the back foot.

Directors of embattled drug developer Indivior ( LON:INDV ) gave the shares a shot in the arm as directors got their wallets out.

Chief executive Sean Thaxter shelled out £44,640 at a price of 44.64p, while two executive directors […]