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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.
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FTSE 100 - WINNERS
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Melrose Industries, up 4.9%. Morgan Stanley initiated the industrial turnaround specialist with an Equal Weight rating.
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FTSE 100 - LOSERS
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Tesco, down 1.8%. The grocer said Chief Financial Officer Alan Stewart will retire from his role and the company on April 30, 2021. Stewart has been in his role at the FTSE 100-listed supermarket chain for six years since 2014, and prior to that was in the same role at food and clothing retailer Marks & Spencer Group PLC for four years since 2010. Tesco said it will now conduct a search both internally and externally to identify a successor. "Alan has made an impressive and sustained contribution both as CFO and as a board member to Tesco's turnaround. On behalf of the board I would like to thank him for his continued contribution and, when the time comes, wish him well for the future," said Tesco Chair John Allan.
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FTSE 250 - WINNERS
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Electrocomponents, up 4.9%. The industrial and electronics products distributor said it has decided to defer final dividend dividend until it has greater visibility over the Covid-19 outbreak situation, despite a rise in annual revenue from all regions. For the financial year to the end of March, the company's pretax profit rose 2.3% to GBP199.6 million from GBP195.2 million the year before, on revenue that grew by 3.7% to GBP1.95 billion from GBP1.88 billion. On a like-for-like basis, revenue increased 2.2%, driven by continued share gains in industrial revenue, more than offsetting a slowdown in electronics. In the first eight weeks of financial 2021, the company's like-for-like revenue dropped by 14% , but the rate of decline moderated slightly during May as lockdown restrictions started to ease in some of key markets.
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OTHER MAIN MARKET AND AIM - WINNERS
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Intu Properties, up 52%. The shopping centre landlord expects rent collection to slump in its current financial year, but its cash position should show an improvement in the 2021 financial year. The firm expects rent collection of GBP310.0 million in the current financial year, down from GBP491.6 million the year before. Closing cash at the end of the year is expected to be GBP24.1 million, though this is expected to recover to GBP62.6 million at the end of the 2021 financial year.
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Galliford Try, up 7.7%. The construction firm said its Scottish business Morrison Construction has been appointed by the University of Strathclyde to design and build the National Manufacturing Institute Scotland in a contract worth GBP42 million. The new facility will be 11,500 square metres, and will be used for advanced manufacturing research and innovation. It will be built on the Advanced Manufacturing Innovation District Scotland adjacent to Glasgow airport. The building will comprise three key components: a "factory of the future", a manufacturing skills academy and a collaboration hub.
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OTHER MAIN MARKET AND AIM - LOSERS
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Card Factory, down 2.7%. The greeting cards retailer reported a drop in annual profit, as like-for-like sales fell on weak consumer confidence and a decline in high street footfall in the second half of the year. For the year to the end of January, the greeting cards retailer reported a pretax profit of GBP65.2 million, 4.4% lower from GBP68.2 million the year before. This was despite revenue increasing by 3.6% year-on-year to GBP451.5 million from GBP436.0 million, on growth from its store network, despite a decline in online revenue. Like-for-like sales meanwhile dropped by 0.5%, compared to a 0.1% drop the prior year.
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By Lucy Heming;Â lucyheming@alliancenews.com
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