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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.
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FTSE 100 - WINNERS
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Associated British Foods, up 3.9%. The Primark parent said trading in the final quarter of financial 2020 "exceeded" management's expectations but earnings for the year as a whole will be below last year due to Covid-19. "Trading in the fourth quarter in both our food businesses and Primark exceeded our expectations," the company said. Grocery benefited from a continued rise in retail sales volumes in key markets of the US, Europe and Australia, AB Foods explained. Increased demand for yeast and bakery ingredients, particularly across the Americas and China, delivered higher sales for the Ingredients business, while the Sugar unit, as expected, will deliver a "much improved" profit year-on-year. "All Primark stores reopened during May, June and July and trading during the fourth-quarter has been strong. In the latest four-week UK market data for sales in all channels, Primark achieved our highest ever value and volume shares for this time of year," AB Foods added. Adjusted operating profit for fashion chain Primark, excluding exceptional charges, is now expected to be "at least at the top end" of the GBP300 million to GBP350 million range previously advised for the financial year ending September 12, down by two thirds from GBP913 million the year before.
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Barratt Developments, up 3.3%, Taylor Wimpey, up 2.7% and Persimmon, up 2.2%. Housebuilders were higher after data from Halifax showed UK house prices hit a record high in August. On an annual basis, UK house prices were 5.2% higher in August versus the same month a year earlier, picking up pace from the 3.8% annual growth seen in July. Halifax noted August's year-on-year price rise was the strongest since late 2016. On a monthly basis, prices were 1.6% higher in August, which is flat on July's monthly growth - matching the highest ever monthly increase. "House prices continued to beat expectations in August," Halifax Managing Director Russell Galley said. The average price of a house in the UK was GBP245,747 in August versus GBP241,604 in July. Galley said this is the first time the average house price has exceeded GBP245,000.
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FTSE 250 - WINNERS
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Future, up 13%. The magazine publisher said it expects its annual results to be materially ahead of market expectations. Since its last update in July, the company said it has continued to benefit from the trend toward digital media. In August, organic unique online visitors in the UK and US were up 25% and 40%, respectively, compared to the prior year. Combined with a better than expected performance of TI Media in the second half, full-year adjusted operating profit is now expected to be materially ahead of current market expectations, Future highlighted. The current consensus range for adjusted operating profit for the year ending September 30 is between GBP78.2 million to GBP83.2 million. A year ago, adjusted operating profit was GBP52.2 million.
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Dechra Pharmaceuticals, up 8.3%. The veterinary products firm said revenue for the year ended June 30 rose 6.9% to GBP515.1 million from GBP481.8 million the year before, with pretax profit increasing 47% to GBP40.9 million from GBP27.8 million. Dechra proposed a final dividend of 24.00 pence per share, up from 22.10p paid a year ago. When added to the interim payout of 10.29p, the total dividend for financial 2020 was 34.29p, up 8.5% from 31.60p the year before. Turning to the year ahead, Dechra said trading in the first few weeks of the new financial year has been "encouraging".
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OTHER MAIN MARKET AND AIM - WINNERS
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Kibo Energy, up 10%. The Africa-focused energy firm said its UK subsidiary Sloane Developments has agreed heads of terms for the agreement to acquire a flexible gas power project in the UK for GBP1.7 million. The project is a freehold site with established infrastructure including nine megawatts of grid export connection and several operating unit in situ and live. Kibo said the project also has an attractive economic profile. A third-party financial modelling exercise based on 7.5 megawatts generating capacity showed a post-tax annual revenue stream over the project life of GBP7.3 million and internal rate of return of between 19% and 21%. The acquisition is conditional on Sloane completing its listing on the London Stock Exchange. Sloane will pay GBP1.5 million in cash once the listing is completed, and GBP200,000 through the issue of shares in Sloane.
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RDI REIT, up 5.4%. The real estate investment trust has agreed to sell its UK retail parks portfolio to Europe-focused real estate investor M7 Real Estate Ltd, for GBP156.9 million, reflecting a net initial yield of 7.5%. The portfolio consists of six assets, with two in London, and the remaining four in Banbury, Bangor, Edinburgh and Kilmarnock. As at February 29, the portfolio had gross annualised rental income of GBP12.5 million, a weighted average unexpired lease term of 7.3 years and occupancy of 8.4%. The sale is expected to be completed in mid-October, and the London and Johannesburg listed real estate investment trust will use the proceeds to reduce its revolving credit facility by GBP100 million. The remaining proceeds will be held as cash. RDI said the sale is part of its strategy to reposition the company's portfolio, and reflects a pro-forma reduction in the group's overall exposure to 12% from 28% in February.
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By Lucy Heming;Â lucyheming@alliancenews.com
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