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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - WINNERS
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Aveva Group, up 6.0%. The industrial software provider said third-quarter revenue was boosted by contract renewals. In the three months to December 31, organic constant currency revenue grew by over 26%, AVEVA said. Following the "strong quarter of renewals", Aveva's revenue in the nine months ended December grew 1.5% annually, on an organic constant currency basis. "The board remains confident in the ful-year outlook for Aveva. Notwithstanding the disruption seen to the trading environment in 2020, the trend towards the digitalisation of the industrial world is strong, and the board remains excited about the significant growth opportunities ahead," the company added.
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Entain up 1.2%. The Ladbrokes-owner is in talks to appoint Jette Nygaard-Andersen as chief executive, which would make her the first woman to run a listed UK gambling group, Sky News reported late Thursday. Sky News said Nygaard-Andersen's appointment was not concluded and would likely be announced in the coming weeks. Nygaard-Andersen is already a non-executive director on the board of Entain, previously known as GVC.
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FTSE 250 - WINNERS
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Indivior, up 9.0%. The drugmaker upped its revenue guidance for last year amid good performance from an opioid addiction treatment. Indivior raised its 2020 revenue guidance to a range between USD645 million and GBP650 million from a previous guided range of USD595 million to GBP620 million. The guidance upgrade came as the FTSE 250-listed drug manufacturer lifted its annual net revenue guidance for opioid addiction treatment Sublocade to between USD128 million to GBP130 million from its previous forecast of USD120 million to GBP125 million. It noted that Sublocade has seen benefits from modest stocking activity in the US in the fourth quarter.
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Meggitt, up 2.5%. The aerospace parts maker backed a 2021 recovery for the civil aerospace sector, though added that it will take some time for passenger numbers and aftermarket activity to rebound. For Covid-19-battered 2020, Meggitt expects revenue to fall by a quarter to GBP1.7 billion from GBP2.28 billion in 2019. Underlying operating profit is expected to land in the middle of a GBP180 million and GBP200 million range, so less than half the GBP402.8 million from 2019. The aerospace industry has been hit by air travel restrictions. Carriers suffered but so too did aftermarket service providers such as Meggitt. Promisingly however for Meggitt, net debt is expected to be below the GBP911.2 million level reported as of the end of 2019.
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FTSE 250 - LOSERS
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Petrofac, down 20%. UK's Serious Fraud Office late Thursday said a former executive of the oilfield services company pleaded guilty to three counts of bribery. The company noted on Friday that no charges were brought against Petrofac or any other officers and employees. In connection with the SFO's ongoing investigation into Petrofac, David Lufkin, its former global head of sales, on Thursday pleaded guilty at Westminster Magistrates' Court to three counts of bribery. "A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged. No current board member of Petrofac Ltd is alleged to have been involved," the company said on Friday. The offences relate to corrupt offers and payments made between 2012 and 2018 to influence the award of contracts to Petrofac in the United Arab Emirates worth approximately USD3.3 billion, the SFO said in a statement on Thursday.
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Babcock International Group, down 15%. The defence contractor said the civil aviation market continued to struggle in its third quarter, as the sector was hit by a resurgent Covid-19, with prospects for its traditionally bumper final stretch of trading also uncertain. And in a worrying update on a "review of contract profitability and balance sheet", the firm cautioned on possible write-downs. Underlying revenue for the nine months to December 31 was GBP3.40 billion, down 4.9% from GBP3.57 billion a year earlier. Babcock said that excluding disposals and foreign exchange, revenue was down 3%. Underlying operating profit for the nine months was down 37% annually to GBP202 million from GBP320 million, or down 34% excluding forex and disposals.
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OTHER MAIN MARKET AND AIM - WINNERS
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Gama Aviation, up 10%. The business aviation service provider said its US subsidiary Gama Aviation Engineering has acquired Trenton, New Jersey-based Jet East Aviation from East Coast Aviation for USD7.7 million. Gama said its subsidiary will pay USD7.7 million upfront from its existing resources, with a further USD1 million in deferred cash payable over two years. It also will assume USD3.2 million of business aviation aircraft maintenance provider Jet East's debt. Gama Aviation said the acquisition will "substantially" enhance its already extensive maintenance capability within the US, capturing "further market share with 15,000 active business aviation aircraft."
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OTHER MAIN MARKET AND AIM - LOSERS
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N Brown Group, down 14%. The clothing retailer said the pace of annual revenue decline slowed in the third quarter, but warned that global container issues and other problems in its supply chain have caused stock delivery delays of up to three weeks. Revenue in the third quarter ended January 2 was down 8.8% annually, slowed from the second quarter's 13% fall and the 22% plunge in the first. The period included the crucial Christmas trading. Product revenue fell 8.9% year-on-year in the third-quarter. For N Brown's five strategic brands - JD Williams, Simply Be, Ambrose Wilson, Jacamo and Home Essentials - there was just a 1.4% slip. However, other brands - which include online-focused Fashion World, plus Premier Man, House of Bath, Marisota, Oxendales, High & Mighty, Figleaves - saw a 26% third-quarter revenue plunge.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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