News: World Reach's 37.5% intra-day jump attracts ASX speeding ticket

Information communication and technology focussed World Reach (ASX:WRR) has received an ASX price query following a 37.5% intra-day jump in its shares to $0.275 on Friday, from a close of $0.20 a day before.

World Reach said that it was not aware of any information not known to the market which could explain the trading, but did add in a response to the ASX:

'The company’s Half Yearly Financial Report to 31 December 2014 (H1 Report) was published on 24 February 2015.

'The Directors’ Report and the accompanying financial tables highlighted the Company’s improving sales and profit performance, with a profit before tax for the half of $270,908, following a profit of $439,449 for the financial year to 30 June 2014.'

World Reach also added other information in its response, including the rights issue of August 2014 which raised $2.4m enabling the company to retire all interest bearing debt, including all convertible notes.

The company wholly-owns Beam Communications, which designs, manufactures and distributes a wide range of Iridium and Inmarsat satellite voice, data, tracking terminals and accessories for the global telecommunications market.