The listing market sparked back into life following the General Election.There were 20 IPO’s on the LSE during the second quarter, which raised around £3bn – this was well ahead of expectations.
IC TIP UPDATES:
Wood Group (WG.) has entered into a $250m agreement with Antin Infrastructure Partners to provide operating services for the Central Area Transmission System in the North Sea for up to 10 years. In a separate trading update, the oil services and engineering group confirmed that there is no change to overall guidance with full year operating profits broadly in line with analyst consensus.
FTSE 250-listed packaging company DS Smith (SMDS) said pre-tax profit rose in its March year-end as it managed to bring down costs sufficiently to offset lower revenues. The group has also struck a €190m deal to acquire a new corrugated packaging operation in Spain.
Inland Homes (INL), the specialist brownfield land developer, today announces that Southampton City Council's planning committee has resolved to grant planning permission for the redevelopment of the former Meridian TV Studios site, Summers Street, Southampton.
Cohort (CHRT) reported lower profits despite higher revenue, as acquisition-related put a dent in its full-year figures. Pre-tax profits fell 12 per cent to £5.9m, from £6.7m over the same period a year earlier. Earnings per share also slid to 13.7p, from 14.4p.
In a trading update, Stobart Group (STOB) says it is confident of delivering future growth despite falling passenger numbers at its London Southend Airport. Stobart Group revealed that in the three months to May 31, passenger numbers decreased year-on-year by 58,000 to 231,000. However the statement also revealed that Stobart Group’s energy division is on target to supply more than 2m tonnes of biomass fuel by 2017/18.
Engineering services group Costain (COST) said it remains on track to meet its expectations for the full year. The company said it has secured further new contracts and extensions in the first half of 2015 and said its order book has hit a record level of £3.7bn.
LXB Retail Properties (LXB) confirmed that House of Fraser has signed an agreement to lease at Rushden Lakes. This is the third major letting at this location alongside M&S and H&M and brings the amount of space now let to a minimum of 72,000 sq ft of ground floor space.
KEY STORIES:
The entire board of troubled oil firm Afren (AFR) including chairman Egbert Imomoh, will step down after today's AGM. As well as Imomah, Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren will not stand for re-election as directors.
Payment technology business Eckoh (ECK) has revealed it is in advanced discussions regarding the possible acquisition of customer engagement software provider - and Simon Thompson recommendation - Netcall (NET). Subject to the final terms and conditions, it is anticipated that the consideration due to Netcall shareholders would be payable in a mixture of cash and Eckoh shares on the following basis: 1.25 Eckoh shares and 13p in cash for each Netcall share
Full-year turnover for Simon’s Bargain Shares play Mountview Estates’ (MTVW) has increased by 7.7 per cent, while pre-tax profits were up 13 per cent. EPS was up 11.9 per cent to 816p, which still covers the dividend nearly three times. As previously announced, independent non-executive chairman John Fulton will step down at the end of the month.
Walker Crips (WCW) has reported a 50 per cent rise in discretionary and advisory assets over the year to the end of March, marking its transition from traditional private client stockbroker to integrated wealth manager. Group revenues increased 11.1 per cent to £23m, while non-broking income as a percentage of total income increased to 56 per cent.
Photo-Me International (PHTM) reported full-year revenues down 5 per cent to £177m, although underlying cash profits increased 8.4 per cent to £51.8m. There was also a 30 per cent increase in the annual dividend to 4.88p per share.
A trading update from the London Stock Exchange (LSE) said the group is performing well with good demand for Information Services products. Following the acquisition of the Frank Russell Company last year, the combined index businesses of FTSE and Russell were said to be making "good progress".
Drug development company Skyepharma (SKP) said it is trading in line with its expectations for the year on the back of a good performance for its Flutiform asthma treatment.
Debenhams (DEB) said it was on track to deliver full year results in line with expectations despite seeing no underlying sales growth in its third quarter. The group maintained gross margin guidance for its 2014-15 year - growth at the low end of a 10 basis points to 40 basis points range - and said it should achieve pre-tax profits of £111m – flat on the previous year.
The Go-Ahead Group (GOG) said that continuing economic weakness in its key markets is affecting revenue and passenger growth within its bus division. Ahead of the publication its full year results, the North East group released a pre-close trading update in which directors say expectations for year remain unchanged.
OTHER COMPANY NEWS:
Plus500(PLUS) has upgraded its sponsorship agreement with Club Atlético de Madrid, SAD, to be main sponsor for 2015/16 and 2016/17 seasons, with both parties actively considering extending relationship for further seasons.
BT is calling on communications watchdog Ofcom to consent to the dismantling of the UK’s fixed landline network, to enable it to compete more effectively on new technology with the likes of Apple and Facebook.
