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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - WINNERS
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Compass Group, up 2.5%. The contract caterer said it delivered first-quarter revenue growth, helped by progress in North America. Compass reported that organic revenue climbed 5.3% in the three months to December 31. In North America, where the company reported "strong levels of new business wins and good retention rates", organic revenue was 7.5% higher. In Europe, organic revenue was flat year-on-year, as anticipated. Compass said volumes softened during the quarter in the Business & Industry unit. It also cited a "less favourable" events calendar in Sports & Leisure. Compass held its guidance of organic growth in the mid-point of its 4% and 6% range, following an "encouraging" start to its financial year. "Strong trading in North America is especially reassuring for investors while the flat trading in Europe and currency headwinds are being offset by the cost saving programme. Compass retains its appeal to investors as a strongly defensive business while the steady stream of new business and acquisitions should provide some growth," said the Share Centre.
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FTSE 250 - WINNERS
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Beazley, up 6.5%. The insurer reported it more than doubled its annual profit on a sharp rise in investment income and growth in premiums written. In 2019, pretax profit surged to USD267.7 million from USD76.4 million. Gross premiums were 15% higher at USD3.00 billion from USD2.62 billion, with net premiums rising 11% to USD2.50 billion. Net investment income was six-times higher in 2019, at USD263.7 million, from USD41.1 million the year prior. Revenue, which predominately includes net earned premiums and investment income, was 22% higher year-on-year at USD2.64 billion from USD2.16 billion. Beazley upped its full-year payout by 5.1% to 12.3 pence per share from 11.7p, in line with its target of annual dividend growth between 5% and 10%.
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Ashmore, up 3.5%. The emerging markets-focused asset manager boosted its dividend, reported a rise in assets under management, and said profit climbed by more than a third in the first half of its financial year. In the six months to December 31, assets under management jumped 28% from a year earlier and 7.2% from June to USD98.4 billion. During the six months, the emerging markets asset manager achieved net flows of USD5.7 billion. First half net revenue was 16% higher year-on-year at GBP176.8 million from GBP152.1 million, with pretax profit surging 42% to GBP132.4 million from GBP93.0 million. Ashmore increased its dividend per share by 5.5% to 4.80 pence per share from 4.55p.
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FTSE 250 - LOSERS
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Royal Mail, down 9.5%. The postal operator said it will miss its productivity target, and warned its core UKPIL business could be loss making in the up-coming 2021 financial year. In Royal Mail's UK parcels, international & letters unit, UKPIL, revenue was up 1.0%, led by parcels which saw revenue growth of 3.7% and volume growth of 3.0%. Letter volumes sank 9% - excluding election-related material - and revenue fell 1.5%. For the current financial year, Royal Mail said it expects productivity improvement of 1.5%, against its 2% target. All other guidance, including an adjusted operating profit between GBP300 million to GBP340 million, was confirmed. Looking even further out, things appear "challenging". The third-quarter run rate for addressed letter volumes "has not shown the expected level of recovery", the postal operator said. "One of the major attractions of investing in the firm is its generous dividend yield - one of the highest in the FTSE 250. But if the postal service does not turn things around soon, that dividend will come under threat," said eToro analyst Adam Vettese. The stock fell to an all-time low of 168.05 pence in morning trade. It was priced at 330p in its 2013 initial public offering.
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Energean Oil & Gas, down 4.0%. The oil and gas company said that despite the potential impact of the coronavirus outbreak on work being done, it still expects the Karish project, offshore Israel, to deliver first gas in the first half of 2021. Energean said construction continues on the hull of the project's floating production storage and offloading unit, which is being built in Liuhueng Island, China. China has issued emergency travel and transportation restrictions in order to halt the spread of the virus, which has reduced the availability of labour and resources in affected areas, including Liuhueng. As a result, Energean said it received a notice under its engineering, procurement, construction, installation & commissioning contract with oil & gas services provider TechnipFMC relating to the travel restriction constituting a force majeure event. This can potentially entitle TechnipFMC to claim an extension of time under the EPCIC contract.
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OTHER MAIN MARKET AND AIM - WINNERS
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Stock Spirits, up 1.2%. The distiller saw a surge in first quarter demand in Poland and Czech Republic ahead of an increase in excise tax in the countries. With effect January 1, excise tax in Poland rose 10% and by 13.2% in the Czech Republic. Stock Spirits said it experienced increased demand as customers stock up on products before the tax was imposed. The proposal will get a first reading in Polish parliament shortly. In the three months to December 31, the total vodka market in Poland grew in value by 2.3% year-on-year. During December, Stocks Spirits posted its 32nd successive month of volume share growth in Poland, despite reporting a "competitive" pricing environment.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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