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London afternoon: Banks in demand

Thu, 11th Jun 2009 14:47

London is having a languid day, with Footsie lacking direction. Banks are strong but their gains are counterbalanced by losses on mining stocks.Banks are in focus as speculation grows about the timing of the government's withdrawal from ownership of large stakes in Royal Bank of Scotland (RBS), Lloyds Baking and the whole of Northern Rock.RBS is the day's top performing blue-chip, while elsewhere in the sector Barclays, HSBC and Lloyds Banking all show good gains. In contrast, Standard Chartered tends lower. Home Retail Group edges higher after this morning's trading statement. The retailer said both Argos and Homebase enjoyed better than expected sales in the quarter and grew market share, but traders took the opportunity to take profits after the stock's recent good run over the last two days. Electronic components distributor Premier Farnell saw first quarter profit slump 63% as the poor market trends it experienced in the fourth quarter persisted. Consumer packaging group Rexam has refinanced its £775m revolving credit facility and a number of smaller bilateral facilities which mature in 2010. Drug giant AstraZeneca reported broadly positive results from a US Food and Drug Administration review of the use of the bipolar disorder treatment Seroquel in children and teenagers. Elsewhere in the pharmaceutical sector GlaxoSmithKline is wanted after Morgan Stanley upgraded the stock from 'underweight' to 'equal weight'. Broker comment also lifts Invensys and Tomkins after Goldman Sachs upgraded both engineering firms' ratings from 'neutral' to 'buy'.The market has given the thumbs up to a proposed acquisition of Australian engineering services company GRD by UK engineer and project management giant AMEC.Shares in Shaftesbury, the property company focused on London's West End, were sharply lower in early trading on reports that Laxey Partners has offloaded its 19% stake in the firm. However, the placing of some 25m shares in the market appears to have been completed, and the shares have trimmed earlier losses. Attention has now switched to storage group Big Yellow, which is lower on rumours that a broker is seeking to place more than 11m shares in the company.Struggling metals trader Wogen has received an approach about a possible offer from executive directors of the company. The group is being led by Damian Brousse and it controls 61% of the company's shares. Wogen also reported a slump into losses in the six months to March 31 amid deterioration in the speciality metal markets.System C, an information solutions and services provider to the healthcare sector, expects profit for the financial year ending 31 May 2009 to be at or around the top end of market expectations. Charles Stanley said difficulties in the securities division due to the poor financial market conditions hit profits and revenues in the year. Christmas hampers and financial services firm Park Group saw growth in its two principle divisions push profits up for the year. Engineered products developer and manufacturer Elektron swung to a full-year pre-tax loss and said it will continue to face challenging times in the current financial year.Synthetic fibres provider Chapelthorpe said losses for the year swelled as demand from the US automotive sector deteriorated.
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31 Jul 2019 12:03

Elektron Tech To Become Checkit As Sells Bulgin For GBP105 Million

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12 Jun 2019 13:35

Elektron Technology profits leap after 'exceptional' year

(Sharecast News) - Elektron Technology on Wednesday reported a leap in annual profits after a double-digit revenue increase in its unaudited preliminary results following growth at all three of its businesses.

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12 Jun 2019 11:04

Elektron Technology Doubles Profit In "Exceptional" Annual Performance

(Alliance News) - Elektron Technology PLC on Wednesday reported a doubling in annual profit after revenue growth across all three business lines.Elektron, which makes electrical connectors,

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15 May 2019 09:01

Elektron sales growth driven by Bulgin and Checkit subsidiaries

(Sharecast News) - Global technology firm Elektron saw sales move ahead in the first quarter of its trading year, boosted by strong sales growth over at its Checkit and Bulgin units.

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5 Feb 2019 08:15

Elektron trades in line with upgraded market forecasts

(Sharecast News) - Global technology firm Elektron expects to have traded in line with upgraded market forecasts in its recently wrapped up trading year.

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1 Nov 2018 10:35

Elektron Technology Expects Annual Results "Significantly" Ahead

LONDON (Alliance News) - Elektron Technology PLC said Thursday it expects annual results to be "significantly" ahead of expectations after its main unit delivered "record" and

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1 Nov 2018 08:59

Elektron expects annual sales to be 'significantly ahead'

(Sharecast News) - Elektron Technology increased sales 16.5% in the third quarter of the year thanks to an improved showing from its Bulgin branded products following a successful manufacturing scale-up.

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19 Sep 2018 11:45

Elektron Technology Outlook Positive As Interim Profit Increases

LONDON (Alliance News) - Elektron Technology PLC on Wednesday said its profit more than doubled in the first half of its financial year 2019 as revenue grew on higher order intake.The said

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9 Aug 2018 10:07

Elektron Techology set to exceed expectations after double-digit sales growth

(Sharecast News) - Elektron Technology on Thursday reported a 16.9% rise in sales which were "significantly ahead of the prior year" and ahead of market expectations.

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20 Jun 2018 10:17

Elektron Technology Expects Positive Progress From Bulgin Business

LONDON (Alliance News) - Elektron Technology PLC said Wednesday it expects its Bulgin business' interim sales to be ahead of last year, as the division generated a "significantly order of

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31 May 2018 14:41

Chelverton Asset Management Ups Stake In Elektron Technology (ALLISS)

LONDON (Alliance News) - Elektron Technology PLC said on Thursday that Chelverton Asset Management Ltd has increased its stake in the investment company to 5.4% after a transaction on Asset raised

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3 May 2018 12:02

Elektron Swings To Annual Profit, But Cautions On Economic Doubts

LONDON (Alliance News) - Elektron Technology PLC on Thursday said it returned to profitability in its 2018 financial year, helped by "strong" growth in its Bulgin and Checkit connection,

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26 Apr 2018 16:30

UK Earnings, Trading Statements Calendar - Next 7 Days

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Elektron Technology Rises After Successful Checkit Platform Study

LONDON (Alliance News) - Shares in Elektron Technology PLC were up on Tuesday as the company said the UK Food Standards Agency carried out a successful at

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8 Feb 2017 08:49

Elektron Technology cautious on outlook as turnaround makes progress

(ShareCast News) - AIM-listed Elektron Technology said it would report a fall in revenue for 2016 as it turns around the company by selling low growth and non-core businesses, remaining cautious in the wider outlook. In a year-end trading statement, the technology company said revenue from continuin

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