Futura Medical Share News (FUM)

LONDON (Alliance News) - Hargreaves Lansdown, the FTSE 100-listed fund supermarket, said Chief Executive Ian Gorham will step down next year after seven years in the role, replaced by Chief Financial Officer Chris Hill, who joined Hargreaves in March from IG Group.

The announcement came as Hargreaves reported growth in profit, net revenue and assets under administration in its financial year to the end of June. The stock was off 1.5% in a narrowly mixed early market.

Providing some early excitement among small-cap stocks, Futura Medical shares jumped 55% out of the blocks after reporting positive test results for its erectile dysfunction gel.

Significant, but likely to be considerably less exciting, Bank of England Governor Mark Carney testifies before the Treasury Select Committee of Parliament starting at 1000 GMT.

Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: flat at 6,827.47
FTSE 250: down 0.1% at 17,994.33
AIM ALL-SHARE: up 0.1% at 798.85
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Hang Seng: down 0.2% at 23,737.14
Nikkei 225: closed down 0.4% at 17,012.44
DJIA: closed up 0.3% at 18,538.12
S&P 500: closed up 0.3% at 2,186.48
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GBP: flat at USD1.3414 (USD1.3424)
EUR: firm at USD1.1250 (USD1.1227)

GOLD: up at USD1,350.82 per ounce (USD1,339.59)
OIL (Brent): up at USD47.49 a barrel (USD46.81)

(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Wednesday's Key Economic Events still to come
(all times in BST)

0830 UK Halifax house prices
0930 UK industrial and manufacturing production
1000 UK Inflation Report hearings
1015 UK BoE MPC Member Cunliffe speech
1200 US MBA mortgage applications
1355 US Redbook index
1500 US JOLTS job openings
1500 UK NIESR GDP estimate
1500 Canada BoC interest rate decision and statement
1500 Canada Ivey purchasing managers index
1900 US Fed's Beige Book
2130 US API Weekly crude oil stocks
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UK Prime Minister Theresa May will face a grilling from MPs Wednesday amid concerns that the government is struggling to agree a strategy for Brexit. The Prime Minister has distanced herself from Brexit Secretary David Davis's suggestion that it is "very improbable" the UK can regain control over its own borders while remaining part of the European single market. The apparent rebuke sparked concerns that ministers are "confused" and cannot agree policy on leaving the European Union, and May is expected to face questions on the issue after delivering a Commons statement on the G20 summit in China.
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UK Chancellor of the Exchequer Philip Hammond will on Wednesday meet City grandees to discuss how to use his first mini-Budget to boost the economy amid the backdrop of Brexit. Ahead of the Autumn Statement, Hammond will meet several members of the European Financial Services Chairmen's Advisory Committee, including chairman and Santander UK boss Baroness Vadera. The committee was set up to analyse how Britain's financial services sector can deal with the economic fallout of the shock vote to leave the European Union.
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Germany's industrial production declined unexpectedly in July, data from Destatis showed. Industrial output declined 1.5% month-on-month in July, confounding expectations for an increase of 0.1%. Production had increased 1.1% in June, which was revised up from 0.8%.
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Japan's leading index dropped in July after recovering last month, survey results from the Cabinet Office revealed. The leading index, which measures the future economic activity, fell to 100 in July from revised 100.7 in June. The expected reading was 98.6.
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The Association of South-East Asian Nations and China were expected Wednesday to adopt a protocol aimed at preventing clashes resulting from unplanned encounters in the disputed South China Sea. The signing of the Code for Unplanned Encounters at Sea at a summit in Vientiane, Laos comes as the Philippines warned China might be preparing for fresh construction work. Officials said the agreement on communications protocols would be "very important" in preventing potential clashes.
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The US presidential candidates traded personal attacks as they provided more access to reporters trying to keep up with the quickening pace of the campaign. Republican Donald Trump, in another provocative comment about a woman's appearance, said Democratic candidate Hillary Clinton lacks "a presidential look," while she criticized him for not releasing his tax returns, saying he "clearly has something to hide." "I just don't think she has a presidential look, and you need a presidential look," Trump told ABC News.
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BROKER RATING CHANGES
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GOLDMAN INITIATES SSE WITH 'NEUTRAL' - TARGET 1603 PENCE
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GOLDMAN CUTS CENTRICA TO 'SELL' ('NEUTRAL') - TARGET 213 (211) PENCE
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TRADERS: MERRILL LYNCH CUTS UNITED UTILITIES TO 'UNDERPERFORM'
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TRADERS: MERRILL LYNCH CUTS SEVERN TRENT TO 'UNDERPERFORM'
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DEUTSCHE BANK CUTS EASYJET TO 'HOLD' ('BUY') - TARGET 1,215 (1,310) PENCE
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UBS RAISES AVIVA TO 'BUY' ('NEUTRAL') - TARGET 505 (395) PENCE
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TRADERS: EXANE BNP CUTS RECKITT BENCKISER TO 'NEUTRAL' (OUTPERFORM)
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COMPANIES - FTSE 100
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Fund supermarket Hargreaves Lansdown said its chief executive will step down by the end of September 2017, as it reported growth in profit, net revenue and assets under administration in its financial year to the end of June. Hargreaves said Ian Gorham will step down as CEO, having served seven years in the role, by the end of September 2017. Chris Hill, currently chief financial officer, will become deputy chief executive of the company from October 1 this year and will take over from Gorham when the incumbent CEO leaves. Hill joined Hargreaves in March from online trading firm IG Group Holdings. The news of the CEO succession plan came as Hargreaves said pretax profit for the year to June 30 grew 10% year-on-year to GBP218.9 million from GBP199.0 million a year prior. The group will pay a second interim dividend of 16.30 pence per share, taking its total payout for the year to 34.00p, up 3.0%.
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Barratt Developments said its sales trend since the end of June had been encouraging and underpinned a "business-as-usual" stance following the Brexit decision, as the UK housebuilder reported a 21% rise in pretax profit for its financial year. Barratt reported 267 average weekly net private reservations since July 1, up from 265 in the same period of 2015, resulting in net private reservations per active outlet per average week of 0.75, up from 0.71 the prior year. The comments came as Barratt reported a 13% rise in revenue for its year ended June 30 to GBP4.24 billion from GBP3.76 billion the prior year, after it sold more homes at higher prices. This drove a 21% increase in pretax profit to GBP682.3 million from GBP565.5 million, and Barratt hiked its final dividend to 12.30 pence per share up from 10.3p per share. This, together with a 12.40p per share special dividend and the interim dividend, meant the full-year dividend offered was 30.70p per share, up from 25.10p per share the prior year.
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Private equity firms Advent International and Bain Capital sold a larger-than-planned stake in payments company Worldpay Group through their Ship Global 2 vehicle, Bank of America Merrill Lynch confirmed. The investment bank said the pair had sold 350.0 million shares through the Ship Global 2 vehicle at 282.00p per share, giving the transaction as total value of GBP987.0 million. Shares in Worldpay closed at 294.40p on Tuesday. Following completion of the placing, Ship Global 2 will have a stake of around 11% in Worldpay.
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Equipment rental company Ashtead Group said the weakness of sterling following the UK's EU membership vote will mean its full-year results are likely outpace its current expectations, as it said first quarter profit and revenue grew. Ashtead said pretax profit for the quarter to the end of July grew to GBP177.9 million, from GBP155.4 million a year earlier, while revenue increased to GBP707.1 million from GBP618.6 million. Underlying rental revenue for Ashtead grew 12% in constant currencies, with strong growth from its Sunbelt business in the US and from its A-Plant arm in the UK.
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COMPANIES - FTSE 250
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Sports Direct International said Chairman Keith Hellawell has been asked by the board, and by Founder and Deputy Executive Chairman Mike Ashley, to continue his role at the company. The sporting goods retailer said Hellawell had offered to step down last weekend "in light of the shortcomings" highlighted in the company's working practices report. Separately, Sports Direct, which holds its AGM Wednesday said it expects underlying earnings before interest, tax, depreciation and amortisation for its full financial year to be in the region of GBP300 million, subject to sales growth of at least 9% year-on-year, a gross margin decline of no worse than 275 basis points, and an increase in operating costs of no more than 8%.
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Vectura Group raised its revenue expectations for the nine months to end December 31, thanks to its current strong trading performance. The company, which primarily focuses on treatments for inhaled airways disease, said the combined recurring royalty and product supply revenue from marketed inhaled products are ahead of previous expectations for 2016.
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Online retail trading firm CMC Markets said it has continued to make progress in its current financial year so far but said a lack of volatility in markets will hit its net operating income in the first half. In the five months to the end of August, CMC said new client numbers have increased 19% year-on-year, while active clients are up 9.0%. However, CMC said lower levels of volatility have constrained trading opportunities for clients and, as a result, the value of client trades is lower year-on-year and the group said net operating income for the half to the end of September is anticipated to decline.
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BGEO Group said it has appointed Kakhaber Kiknavelidze as the new chief executive of its Bank of Georgia arm. He will take over from Murtaz Kikoria, who will leave BGEO in order to pursue a career outside the banking sector. Kiknavelidze will report to Irakli Gilauri, BGEO's group CEO.
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Defence contractor Ultra Electronics Holdings said it has secured a GBP7.5 million contract to restore and sustain two Jacinto Class patrol vessels in the Philippines. The contract, awarded by the Philippine Department of National Defence, will include the replacement of the electro-optic fire control system and navigation sensors on the vessels, plus the overhaul of the 25mm and 76mm guns on the ships.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Futura Medical said its MED2002 erectile dysfunction gel achieved its primary endpoint in its recent efficacy study. Futura said MED2002 successfully demonstrated efficacy, safety and speed of onset in the study and showed a statistically significant improvement in treating erectile dysfunction compared to a placebo. Futura shares rocketed at the open on Wednesday, up 58% to 45.00 pence.
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Software firm Servelec Group said it is trading in line with its revised expectations as it reported a sharp decline in profit for the first half of 2016. Servelec warned in June that operating profit in 2016 would be lower than its previous expectations due to contract delays hitting some of its divisions. On Wednesday, it said those issues had meant pretax profit fell 65% in the first half to GBP1.7 million from GBP4.8 million a year prior. Revenue slipped to GBP28.4 million from GBP30.0 million and order intake for the company sunk 15% to GBP37.4 million from GBP44.1 million a year before. Servelec declared a flat interim dividend of 1.65 pence.
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Consort Medical said it continues to trade in line with the board's expectations for its current financial year, on a constant currency basis, as it announced a new contract with pharmaceutical giant AstraZeneca. The drug delivery device company said its new contract with AstraZeneca is for the supply of its Bespak respiratory devices.
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COMPANIES - INTERNATIONAL
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Volkswagen is in advanced talks with China's Anhui Jianghuai Automobile Co about jointly producing electric passenger vehicles in the country, Bloomberg reported citing people familiar with the matter. An announcement could come as early as Wednesday, the report said. Jianghuai Auto plans to sign a memorandum of cooperation that will have major impact, the Hefei, China-based company said late Tuesday, without identifying the partner.
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Airbus Group said it delivered a total of 61 jetliners in August. Airbus said the planes shipped, including six A350 long-range jets, were an August record. Deliveries in August brought to 400 the total number of jetliners provided by Airbus to 70 customers during the first eight months of 2016.
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Dell Technologies announced its fiscal 2017 second quarter results, with revenue of USD13.1 billion from continuing operations, an increase of 1% year-over-year. Non-GAAP revenue in the quarter was USD13.1 billion, flat from the previous year. Last month, Dell Inc and EMC Corp announced they intended to close the transaction to combine Dell and EMC on Wednesday. Dell Technologies, the name of the new combined company, would begin operating immediately following the close of the transaction.
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Starbucks Corp, the world's largest coffee retailer, will start serving calorie-free stevia sweetener in the US and Canada and has has started testing a weekend-only brunch menu in 78 locations in Portland and Seattle. Stevia is a sweetener and sugar substitute extracted from the leaves of the plant. Starbucks will serve Whole Earth Sweetener Company's Nature Sweet packets at all of its outlets in the US and Canada.
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Wednesday's Shareholder Meetings

Ashtead Group
Sports Direct International
Poundland Group (re recommended cash offer by Steinhoff Europe)
Consort Medical
Trakm8 Holdings
Zoltav Resources
Stewart & Wight
Marlowe
Carpetright
CMC Markets
Matchtech Group (re name change to Gattaca)
AEW UK REIT
Vectura Group
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite

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