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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
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FTSE 100 - WINNERS
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Berkeley Group, up 5.1%. The housebuilder said it intends to increase its returns to shareholders by GBP455 million over the next two years, to total GBP1 billion over the period. The FTSE 100 group's existing programme was for returns of GBP125 million to be made by March 31, 2020 and GBP280 million in each of the following financial years up to September 30, 2025. However, Berkeley's new plan is to return GBP500 million through a B share scheme in March 2020, and a further GBP500 million to shareholders through a C share scheme in March 2021.
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Sage Group, up 4.8%. Newcastle-headquartered accounting software provider achieved recurring revenue of GBP410 million in the three months to December, 11% higher than the year before. This, it said, was underpinned by software subscription growth of 25% to GBP286 million. Recurring revenue growth was "principally" driven by the North America and Northern Europe segments, Sage continued, with strong momentum in its financial year ended September continuing. North America recurring revenue was up 12% to GBP154 million, and Northern Europe rose 15% to GBP93 million.
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London Stock Exchange Group, up 2.3%. European Commission competition authorities could give the green light to the acquisition of Refinitv by London Stock Exchange Group by the summer, Raffaele Jerusalmi, an LSEG board member and chief executive of Borsa Italiana, said on Tuesday. "It is a process that is underway, and if it has not been done, it will be shortly. I believe the time for the first authorities assessments will be roughly around the summer," he added during an event in Milan, according to Reuters. Jerusalmi said LSEG has no plan to sell the Milan stock exchange following the acquisition of Refinitiv. "For now, absolutely not, because it is considered a strategic asset, so there is no will to deprive itself of Borsa Italiana," he said.
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FTSE 100 - LOSERS
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Antofagasta, down 2.9%. The miner reported a "good" 2019 despite problems such as drought and social unrest in Chile. The copper miner achieved fourth-quarter copper production of 185,500 tonnes, which it said is "only" 5.8% lower than the previous quarter. The decline was due to planned lower grades and maintenance at the Centinela mine, as well as a strike at Antucoya and fuel delivery disruption at Los Pelambres due to social unrest in Chile. There was also been a major, decade-long drought in central Chile, and Antofagasta said 2019 was the worst year of the drought so far. Antofagasta said making better use of water remains a priority at the Los Pelambres mine in the region. Antofagasta's 2019 production of copper was 770,000 tonnes, however, a record for the company and at the top end of guidance. This was 6.2% higher than 2018 due to increased output at Los Pelambres, Centinela, and Zaldivar.
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J Sainsbury, down 2.2%. The supermarket said Mike Coupe will retire from his role as chief executive officer at the end of May. Coupe, who has served as CEO for almost six years, will be succeeded by Retail & Operations Director Simon Roberts, who will start his new role from June 1. Sainsbury's said Coupe will remain a director from June 1 until the annual general meeting on July 2. During the period, he will support Roberts and the board with the transition and an orderly handover of responsibilities, the company said.
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Burberry, down 2.0%. The luxury goods retailer edged its full-year revenue guidance higher after reporting sales growth over the pivotal Christmas trading period. In the period to December 28, retail sales rose 1.1% year-on-year to GBP719 million from GBP711 million, or by 2% at constant currency. On a like-for-like basis, sales climbed 3% during the period, building on a year before when they grew by 1%. The company, famed for its checked print and trench coats, said the revenue increase was due to a rise in full-price sales, which ultimately offset disruptions from civil unrest in Hong Kong. In its Asia Pacific unit, sales rose by a low-single digit, Burberry said, with mainland China up in the "mid-teens" while Hong Kong sales halved.
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FTSE 250 - WINNERS
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Airtel Africa, up 3.0%. The telecommunications and mobile money services provider said it has signed a strategic partnership agreement with Western Union Co to facilitate a mobile remittance service. "Through this partnership, Airtel Money customers will be able to reliably send and receive international money transfers directly from their phones, using the Airtel Africa mobile money wallet," the company said.
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FTSE 250 - LOSERS
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Close Brothers, down 5.0%. The merchant bank reported "strong" interim inflows in asset management, with the banking business stable. However, Close Bros did note costs in the Banking business are set to rise ahead of income growth. Close Bros said its Asset Management division saw solid net inflows and, combined with positive market movements, managed assets as of December 31 grew to GBP12.6 billion, 7.7% higher than the figure at the end of July. In Banking, the company's loan book was "broadly" flat over the period, rising 0.4% to GBP7.68 billion. Modest growth in the Commercial loan book was offset by a slight decline in Property, Close Bros noted, with Retail flat. London-based Close Bros did note costs in the Banking division are expected to rise ahead of income in its current financial year, due to investments being made in a period of lower activity. In addition, JPMorgan cut the stock to Neutral from Overweight.
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WH Smith, down 2.7%. The magazine and stationery retailer reported a "good" recent performance with the company on track to meet annual performance expectations. WH Smith delivered revenue growth of 7% in the 20 weeks to January 18, with like-for-like revenue falling by 1%. The High Street business's revenue fell by 5% on both a reported and like-for-like basis. Gross margin was ahead of plan, however, and WH Smith has identified further cost savings of GBP3 million, meaning savings in its year ending August will be GBP12 million. Swindon-headquartered WH Smith achieved 19% revenue growth in the Travel business, which was driven by the acquisitions of Marshall Retail Group and InMotion. MRG was bought in October for GBP312 million, with InMotion purchased a year earlier for USD198 million.
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OTHER MAIN MARKET AND AIM - WINNERS
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Goldplat, up 46%. The Benoni, South Africa-based gold recovery firm reported a "strong" performance in South Africa in the six months to December, its first half, as well as improved operations in Ghana. In South Africa, Goldplat achieved an operating profit of GBP2.6 million, nearly quadruple the figure a year before. In Ghana, it posted an operating profit of GBP148,000 after a loss of GBP241,449 a year prior. South African sales rose by 5.7% to GBP9.3 million, while Ghana sales were up 21% to GBP2.3 million. Goldplat was boosted by a higher gold price, it said, as well as cost reductions and better operational efficiency.
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OTHER MAIN MARKET AND AIM - LOSERS
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Dods Group, down 26%. The business technology and publishing company warned its annual earnings will decline year-on-year. For the financial year to March 31, Dods expects adjusted earnings before interest, taxes, depreciation and amortisation to fall 20% to GBP2.8 million from GBP3.5 million the year before. "As highlighted in the half year report, the uncertain political and economic environment during 2019 and the general election in December has adversely impacted our publishing, events and training businesses," the company said. Dods operates PoliticsHome, a UK-focused news and analysis website.
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Air Partner, down 18%. The aviation services firm said it expects annual profit to be below expectations, affected by the slower fourth-quarter trading of its UK Charter division. As a result of the slower trading of its UK Charter division, it now expects to report underlying pretax profit of "no less" than GBP4.3 million, which is lower than expected. In financial 2019, Air Partner reported underlying pretax profit of GBP5.8 million. The UK Charter division was hurt by a single UK customer suspending a complex global flying programme in the first half, which did not revert in the second half as expected, Air Partner said. Also a soft UK private jet market, which worsened in the fourth quarter, affected performance.
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By Lucy Heming; lucyheming@alliancenews.com
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