European markets recorded early gains on Thursday, following on from improved Asian trading. The minutes from the Federal Reserve's March meeting were seen as broadly favourable, but UK traders will be looking to the BoE's rate announcement later today.
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Consumer products group PZ Cussons (PZC) revealed that overall group performance has been in line with management expectations for the period from January 22, 2014 to April 9, 2014. The Group's financial position is also in line with expectations.
The share price of Hays (HAS) was up by around 8 per cent after the recruiter revealed that its full year profits will be "at the top end of the range," thanks to a boost in UK employment.
The share price of Faroe Petroleum (FPM) was on the up, after the independent oil and gas company announced a successful drill stem test (DST) on the Pil exploration well (Faroe 25 per cent). The measured main period stable flow rate was 6,710 barrels of oil per day. Pressure measurements indicate a prolific reservoir capable of sustainably higher flow rates from future development wells. The driller also announced a gas and condensate discovery in the Solberg well in the Norwegian Sea.
It has been confirmed that Parkmead Group (PMG) has completed the previously announced acquisition of an additional 20 per cent interest in UK production licence containing the Athena oil field, from EWE VERTRIEB GmbH. The Company already holds a 10 per cent stake in the Athena field. So, this acquisition from EWE has trebled Parkmead's total stake in the field to 30 per cent.
Aim-traded Scapa Group (SCPA), a manufacturer of bonding materials has provided a March year-end update. Progress to the interim period has continued, with the group delivering a stronger second half to the year. As a result, Scapa's performance for the full year is anticipated to be slightly ahead of expectations.
Bathroom accessories and shower manufacturer Norcros (NXR) said it expects a 26 per cent lift in underlying pre-tax profits to £14.7m for the year to March 31. The group estimates annual operating profits to rise by 25 percent to £16.3m. Total revenues of £229m are expected – a rise of 16 per cent on a constant currency basis.
KEY STORIES:
Marks and Spencer (MKS) reported its 11th consecutive quarter of falling sales in its non-food general merchandise division. Like-for-like sales in the division fell 0.6 per cent in the March quarter. Food sales rose just 0.1 per cent on a like-for-like basis, while clothing sales where up 0.6 per cent. Online sales grew by 12.5 per cent.
Electronics supplier Acal (ACL) expects its March year-end results to be in line with management forecasts, with robust trading since February’s interim management statement. In the key electronics business, sales for the second half were 22 per cent higher than last year.
Business communications provider Alternative Networks (AN.) said that it is confident of meeting its expectations for the full year, following its strong trading performance in the half-year.
Frontera Resources (FRR) has signed a farm-out agreement with Varang Exploration for up to a 50 per cent working interest in the Taribani field and Taribani field complex, situated within Block 12 in Georgia.
India-focussed resource company Vedanta Resources (VED) said its average gross oil and gas production increased 6 per cent to its March year-end, driven by higher output at its Rajasthan block in India. Gross production for the year rose to 218,651 barrels of oil equivalent per day (boepd) from 205,323 boepd a year earlier. Mined metal production for the year from its zinc business in India was marginally lower at 880,000 tonnes.
OTHER COMPANY NEWS:
Wood Group (WG.) confirmed that Allister Langlands will retire from the board and Ian Marchant will become chairman following the conclusion of the 2014 AGM, scheduled for 14 May 2014. Wood Group now confirms that David Woodward will succeed Mr Marchant as senior independent non-executive director following the AGM.
Balfour Beatty (BBY) has released details of the outcome of the arbitration process in relation to the longstanding contract dispute in its Professional Services division. The arbitration process found against BBY on a number of matters, but the overall award of $8m is significantly lower than management expectations.
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