Volution Group PLS Share News (FAN)

LONDON (Alliance News) - Share prices in London are set to open lower on Friday, with focus on the latest UK GDP reading due later in the morning as the pound continued to slip overnight.IG says futures indicate the FTSE 100 index of large-caps to open 24.97 points lower at 7,716.80 on Friday. The FTSE 100 index closed down 0.5%, or 34.88 points, at 7,741.77 on Thursday.Second-quarter UK GDP, due at 0930 BST on Friday, is expected to grow 0.4% quarter-on-quarter, following a first-quarter reading of 0.2%. On an annual basis, the UK economy is expected to have grown 1.3%, accelerating slightly from 1.2% last quarter.Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The main indicators suggest a rebound from the weak first quarter is on the cards. One quarter's reading is of course a fairly brief snapshot. Looking at the bigger picture, UK economic growth is still way below the gains we were used to before the financial crisis."Sterling was quoted at USD1.2787 early Friday ahead of the data, trading around its worst levels since August last year and down from USD1.2873 at the London equities close on Thursday.The pound has continued to tumble this week as fears of a 'no-deal' Brexit mount, following UK international trade secretary Liam Fox putting the chance of a 'no-deal' scenario at "60-40" and Bank of England Governor Mark Carney last week warning the chance of such a situation is "uncomfortably high".Due alongside GDP on Friday is UK manufacturing and industrial production data and the trade balance. Later, at 1330 BST, is the US consumer price index.In the US on Thursday, Wall Street ended broadly lower, with the Dow Jones Industrial Average ending down 0.3%, the S&P 500 down 0.1% and Nasdaq Composite finishing flat.After Wall Street closed, News Corp - the publishing company controlled by Rupert Murdoch - reported that its fourth quarter earnings beat estimates as revenue surged nearly 30%.However, the stock was down 2.3% in after-market trade.Adjusted earnings came in at USD45 million or USD0.08 per share, down from USD65 million or USD0.11 per share last year. Revenue for the quarter rose to 29% to USD2.69 billion from USD2.08 billion last year. Analysts had a consensus revenue estimate of USD2.68 billion. In Asia on Friday, the Japanese Nikkei 225 index closed down 1.3%. In China, the Shanghai Composite is down 0.4%, while the Hang Seng index in Hong Kong is down 0.9%.Japan's gross domestic product expanded a seasonally adjusted 0.5% on quarter in the second quarter of 2018, exceeding expectations for a 0.3% rise following a 0.2% fall in the three months prior.On an annualised basis, the Cabinet Office said GDP was up 1.9%, again topping expectations for 1.4% growth following the 0.6% contraction in the previous three months.Also on Friday, the Bank of Japan said that producer prices in Japan were up 0.5% on month in July. That beat forecasts for a gain of 0.2%, which would have been unchanged from the previous month.Amid a quiet day for company news, the biggest industrial action by pilots in Ryanair's history got under way on Friday, with nearly 400 flights across Europe cancelled due to the 24-hour stoppage.The cancellations constitute about a sixth of the Irish budget airline's 2,400 scheduled flights on Friday, affecting some 55,000 passengers at the peak of the European holiday season.In a statement late Thursday, Ryanair said it had taken "every step to minimize the disruption." It called the strike "regrettable and unjustified" and called on unions to continue negotiations.SSP said it has signed a USD175 million issue of US private placement notes. The notes will be issued in October in five series, with USD40 million at 4.35%, maturing in 2025, USD40 million at 4.50%, maturing in 2028, USD40 million at 4.60%, maturing in 2030, and two sets of GBP21 million at 2.85% and 3.06% each maturing in 2025 and 2028 respectively.Proceeds will largely be used to repay debt, the food and drink concessions operator said, with any remaining funds to be used for general corporate purposes.Volution Group said its annual results are expected in line with board forecasts, with revenue to rise 11% to GBP206 million, comprising organic growth of 2.9%."Organic growth benefited from a stronger performance in our UK sector, most notably in Residential New Build," said the ventilation products supplier.Vitec Group said revenue for the first half of 2018 grew, driving a rise in profit.Revenue for the half rose 11% to GBP183.3 million, as pretax profit gained 20% to GBP19.7 million, compared to GBP16.4 million last year. The company subsequently bumped up its interim dividend by 11% to 11.5p per share from the 10.4p paid a year before.Looking ahead, the broadcast and photographic services provider said its expectations for the full-year are unchanged."We remain on track in the second half of the year; we expect to deliver organic revenue growth and year-on-year margin improvements, and to identify businesses to acquire in core and adjacent niche markets," Vitec said in a statement on Friday.Sky News reported that troubled department store House of Fraser could administrators as soon as Friday following days of talks over a rescue deal.On Thursday, Sky had reported bidders for the retailer - including Sport Direct International Chief Executive Mike Ashley and boss of the Edinburgh Woollen Mill Group Philip Day - were asked to submit "best and final offers" before lunchtime on Thursday.Sports Direct holds an 11.1% stake in House of Fraser.