Hikma Pharmaceuticals Share News (HIK)

LONDON (Alliance News) - Stock prices in London are set to open lower on Wednesday, while the pound was steady after UK Prime Minister Theresa May's latest defeat in Parliament over her Brexit deal.Standard Life Aberdeen said it will end its co-chief executive structure. Wm Morrison Supermarkets reported strong annual like-for-like sales growth and topped up the year's special payout. Dixons Carphone was hit by a GBP29 million fine from the UK Financial Conduct Authority. IG says futures indicate the FTSE 100 index of large-caps to open 20.65 points lower at 7,130.50 on Wednesday. The FTSE 100 index closed up 20.53 points, or 0.2%, at 7,151.15 on Tuesday."European equity markets have struggled for direction this week, with the main focus being on the comings and goings between Brussels and London," commented Michael Hewson, chief market analyst at CMC Markets. UK members of Parliament are set to vote on whether to block a no-deal Brexit after May suffered another humiliating defeat over her EU Withdrawal Agreement.Sterling was firm Wednesday morning, quoted at USD1.3114 versus USD1.3083 at the London equities close on Tuesday.MPs from May's Conservative Party will be given a free vote on Wednesday evening on whether they are willing for the UK to leave the EU without a deal at the end of the month.They will vote on a motion stating "this House declines to approve leaving the EU without a Withdrawal Agreement and a framework on the future relationship on March 29".If MPs reject no-deal - as most Westminster observers expect - a third vote will follow on Thursday on whether to authorise May to request an extension of the two-year Article 50 negotiation process.On Tuesday evening, MPs voted by 391 to 242 against the deal despite the prime minister's assurance new agreements reached with Jean-Claude Juncker in Strasbourg would ensure the UK cannot be trapped in the controversial backstop arrangement indefinitely.Although the 149 margin was reduced from the record 230-vote defeat of the first "meaningful vote" in January, May was left far adrift from a majority with just 17 days to go to the scheduled date of Brexit on March 29.The pound was broadly unmoved following the defeat as it came as "no real surprise", said Chris Beauchamp, chief market analyst at IG."Those expecting further gains for the pound will now hope that 'no deal' is ruled out," Beauchamp said, referring to Wednesday evening's vote.In early UK company news, Standard Life Aberdeen said it delivered a "resilient performance" in 2018 despite a challenging backdrop as it set out plans to end its co-chief executive structure.Assets under management and administration totalled GBP551.5 billion at the end of 2018, down from GBP608.1 million at the end of 2017, with net outflows of GBP40.9 billion versus GBP32.9 billion the year before.Consensus had forecast assets under management and administration to be GBP555.8 billion with net outflows of GBP40.3 billion.Adjusted pretax profit from continuing operations slipped to GBP650 million in 2018 from GBP660 million. This was, however, slightly better than the consensus forecast of GBP617 million.Standard Life proposed a final dividend of 14.3p per share, bringing its total for the year to 21.6p, up 1.4% on 2017. In addition to its annual results, the investment firm announced a board shake-up, ending its co-chief executive structure, following the 2017 merger of Standard Life and Aberdeen Asset Management.Keith Skeoch, former head of Standard Life, will become the sole chief executive officer with his co-CEO Martin Gilbert, founder and former head of Aberdeen, to take up the role of vice chair. Meanwhile, Chief Financial Officer Bill Rattray is to step down from Standard Life at the end of May, to be replaced by Stephanie Bruce. Bruce has been a partner in accountant PricewaterhouseCoopers since 2002, Standard Life said. Elsewhere in the FTSE 100, generic drugmaker Hikma swung to a profit in 2018 and lifted its dividend.Revenue for 2018 rose 7% to USD2.07 billion, as the company swung to a pretax profit of USD293 million from a USD738 million loss in 2017. On a core basis, pretax profit grew to USD408 million from USD328 million.Core Injectables revenue rose 40% to USD832 million, while Generics revenue was up 33% to USD692 million and Branded up 26% to USD542 million.In 2019, Injectables revenue is seen between USD850 million to USD900 million. Generics revenue is expected between USD650 million to USD700 million. Branded revenue is to grow "in the mid-single digits in constant currency".Hikma proposed a full-year dividend of 38 cents per share, up from 34 cents the year before. Grocer Wm Morrison Supermarkets reported strong like-for-like sales growth for 2018, though profit slipped. Like-for-like sales were up 4.8% in the year to February 3, accelerating from the 2.8% achieved in the previous financial year and above consensus of 4.5%, as total revenue grew 2.7% to GBP27.7 billion. However, pretax profit slipped 16% to GBP320 million. Stripping out exceptional items, profit rose 8.6% to GBP406 million. The supermarket chain proposed a final dividend of 4.75p, bringing the year's ordinary dividend to 6.60p. On top of this, Morrisons declared a further special dividend of 4.0p, taking its full-year special payout to 6.0p. In total, Morrisons will pay out 12.60p to shareholders for the recently-ended financial year, up 25% on 10.09p the year before.British American Tobacco's Canadian subsidiary received court protection in the tobacco litigation taking place in Quebec, the FTSE 100-listed tobacco major said.Early March, the Court of Appeal in Quebec rejected the appeal by Imperial Tobacco Canada, Rothmans, Benson & Hedges, and JTI-MacDonald Corp against a CAD15.6 billion judgement against them.The case, running since the 1990s, was brought by smokers who alleged the cigarette makers had failed to warn them of the risks associated with smoking.The three are the Canadian subsidiaries of BAT, Philip Morris International, and Japan Tobacco Inc respectively. BAT's Imperial Tobacco Canada is liable for CAD9.2 million of the CAD15.6 billion judgement.BAT said: "Imperial Tobacco Canada has informed us it disagrees with the court's judgment."However, we understand CCAA protection will provide Imperial Tobacco Canada an opportunity to settle all of its outstanding tobacco litigation under an efficient and court-supervised process whilst continuing to run its business in the normal course."Electronics retailer Dixons Carphone said the UK Financial Conduct Authority has fined the company GBP29.1 million following an investigation into Geek Squad mobile phone insurance selling processes The processes, which took place at The Carphone Warehouse between December 2008 to June 2015, were determined by the FCA to have not met expected standards. "We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015," said Dixons Carphone Chief Executive Alex Baldock.Avast said it had a "successful" year as it swung to a profit, though said its chief executive is to step down. It was the cyber security firm's first annual results since its May 2018 stock market float and subsequent promotion to the FTSE 250 index.Revenue for 2018 rose to USD808.3 million from USD652.9 million, as the firm swung to a USD192.5 million profit from a USD28.9 million loss in 2017. "Looking ahead, we are confident of another good year. Underlying market dynamics remain supportive of Avast's strategy and growth outlook. For the full year 2019 our expectation is high single digit growth for group adjusted revenue, excluding discontinued business and FX, and a stable Ebitda margin percentage," said Chief Executive Vincent Steckler.Meanwhile, the company also said Steckler is to step down on June 30 as CEO and be replaced by president of the Consumer business, Ondrej Vlcek. The Consumer segment is Avast's largest unit.In the US on Tuesday, Wall Street ended mixed, with the Dow Jones Industrial Average ending down 0.4%, weighed down by Boeing. However, the S&P 500 rose 0.3% and Nasdaq Composite closed 0.4% higher. In Asia on Wednesday, the Japanese Nikkei 225 index closed down 1.0%. In China, the Shanghai Composite ended 1.1% lower, while the Hang Seng index in Hong Kong is down 0.5%.In Japan, data showed producer prices were up 0.2% on month in February, exceeding expectations for an increase of 0.1% following the 0.6% decline in January.On a yearly basis, producer prices climbed 0.8% - again exceeding expectations for a gain of 0.7% and up from 0.6% in the previous month.In Wednesday's economic calendar, eurozone industrial production is at 1000 GMT followed by US producer prices at 1230 GMT, with durable goods orders due at the same time. US construction spending is at 1400 GMT.In the UK, Chancellor Phillip Hammond presents his Spring Statement to the House of Commons at 1230 GMT. The event will not hold any new spending or tax measures, but he will communicate the Office for Budget Responsibility's latest borrowing and growth forecasts.