The morning news update with SSE, Pennon and Mirada

FTSE 100

Rio Tinto (RIO) – has declared a significant increase of its managed thermal coal reserves and resources in the Hunter Valley of New South Wales, Australia.

SSE (SSE) – has received Ofgem’s final determination for the electricity distribution price control for the eight years from 1 April 2015. Ofgem’s final determinations propose a real reduction in the distribution share of the average household bill in SSE’s North of Scotland network area of around £27 next year and in its South of England network area of around £18. 

FTSE 250

Hochschild (HOC) – On track to exceed 2014 production target of 21.0 million attributable silver equivalent ounces.

Pennon (PNN) – H1 revenue up 3.8% to £692.3 million, in line with management expectations and previous guidance.

Drax (DRX) – has agreed to a total of £28 million in settlement with the energy regulator, Ofgem, following the Company’s non-compliance with its obligation under the government’s Community Energy Saving Programme.

Small caps

Plexus (POS) – has received a purchase order from Det Norske Oljeselskap to supply surface wellhead and mudline equipment services worth c.£0.9 million.

Mirada (MIRA) – posts an adjusted EBITDA loss of £0.09 million for the six months to September, on track to meet full year expectations.

Incadea (INCA) – has won a multi-year agreement with Bosch China worth $20 million and expected to commence towards the end of 2015.

Goldstone Resources (GRL) – posts a loss before tax of $459,105 for the six months to August.

New Britain Palm Oil (NBPO) – posts a pre-tax profit of $87.8 million for the nine months to September.