With the FCA considering segregating retail funds after the Woodford saga, click here to read the latest plus this morning's Market Outlook from The Trader Nicole Elliott.
IC TIP UPDATES:
John Menzies (MNZS) has renewed its contract with Lufthansa Group to provide ground handling services for five airlines at London Heathrow Airport. Commencing from 1 November and running for three and a half years, the group will service 48 flights per day. The shares are up 1 per cent. We remain sellers.
Eckoh’s (ECK) trading was in line with expectations for the six months to September. The secure payments group said in an update this morning that it had seen “excellent levels” of contracted business and double-digit sales growth in the UK and the US. The US business saw total business contracted of $14.4m, up 15 per cent. In the UK, total business contracted rose by 8 per cent to £7.9m. Net cash as at September sat at £10.9m, up from £3.4m a year earlier. Buy.
Bloomsbury (BMY) said that it delivered an encouraging first half and that performance is in line with management’s expectations for the full year. Sales are expected to be more second-half weighted than in previous years, because of the strong anticipated schedule of consumer titles including the illustrated version of Harry Potter and the Goblet of Fire. Within non-consumer, the academic and professional division saw “outstanding” sales growth of 73 per cent from Bloomsbury Digital Resources, which has moved into profit. The group has proposed a 6 per cent interim dividend hike. Buy.
OTHER COMPANY NEWS:
Though they have a long way to go before they recover to their former heights, profits for spread-betting platform Plus500 (PLUS) are once again on the up. A third-quarter trading update revealed “good revenue growth and a strong increase in EBITDA”, as active client numbers rose 2 per cent since June, average revenue per user rose 15 per cent, and client acquisition costs dropped 4 per cent.
Premier Asset Management (PAM) is to hold an extraordinary general meeting on 13 November where it will seek shareholder approval to change its name to Premier Miton Group plc. Regulatory consent for its merger with Miton Group was finalised last week.
