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FTSE 250 movers: Meggitt keeps index flying in the black

Tue, 23rd Feb 2016 15:01

(ShareCast News) - In contrast to its older sibling, the FTSE 250 was in the black on Tuesday afternoon, up 16.35 points (0.10%) to 16,305.15.Meggitt led the pack after it posted a small rise in 2015 pre-tax profit and lifted its dividend despite what it referred to as a challenging year.For the year ended 31 December, the aerospace and defence firm said statutory pre-tax profit nudged up 1% to £210.2m from £208.9m in 2014, as revenue grew 6% to £1.65bn.Chief executive Stephen Young said: "2015 was a challenging year for the group, with volatility across a number of our end markets affecting financial performance. However, we are confident that we are taking the right actions in the context of our long-cycle business."The record levels of investment in R&D and new product introduction follow a very successful period of winning work on new platforms. This will drive revenue growth for many decades."Wood Group wasn't too far behind despite the oil services firm reporting a drop in earnings for 2015 amid significantly reduced customer activity, as weak oil prices took their toll.For the year ended 31 December, earnings before interest, taxes and amortisation fell 14.5% to $469.7m (£333m), which was in line with the company's guidance.Total revenue, meanwhile, fell to $5.85bn from $7.62bn.The company said conditions in oil and gas markets became increasingly challenging in 2015, with oil prices down by around a further 30% and exploration and production capital expenditure down around 20%.It said the expectation of a lower-for-longer commodity price environment has led many global E&P customers to reassess capex and opex spending plans, with industry commentators anticipating further spending reductions in 2016.Investors were also happy to place a bet on Ladbrokes, after it saw 3% growth in revenue for 2015 but a hit in profit as it implements its growth strategy.For the year to 31 December 2015, revenue grew from £1.16bn to £1.19bn excluding exceptional items and revenue from high rollers, which can vary significantly from year to year.Retail revenue in the UK grew 2% while digital revenue rose 12.9%, both boosted by a strong fourth quarter.However, profit before tax dropped over 46% from £98m to £52.5m as the company invested more in its products and marketing in line with its growth strategy.Of the fallers, Drax took a big hit despite informing the market its EBITDA for the year to 31 December 2015 is in line with guidance.The power company reported it had dropped from £229m in 2014 to £169m after being hit with the removal of its Levy Exemption Certificates and the deterioration in commodity prices.However, the company said it was mitigated by strong cash flow hedges, flexible operations and increasing biomass generation.Underlying earnings also nearly halved from £96m to £46m, while profit before tax plunged from £166m to just £59m.That led the company to slash its final dividend from 7.2p per share in 2014 to just 0.2p per share.FTSE 250 - RisersMeggitt (MGGT) 432.60p 12.04%Wood Group (John) (WG.) 626.00p 7.28%Ladbrokes (LAD) 129.40p 5.72%Morgan Advanced Materials (MGAM) 227.00p 5.24%Indivior (INDV) 165.70p 4.48%Pets at Home Group (PETS) 272.10p 4.09%TalkTalk Telecom Group (TALK) 212.80p 3.65%Auto Trader Group (AUTO) 393.40p 3.44%Ashmore Group (ASHM) 234.60p 3.35%Serco Group (SRP) 81.15p 2.98%FTSE 250 - FallersRestaurant Group (RTN) 541.00p -3.57%Drax Group (DRX) 249.60p -3.37%Unite Group (UTG) 608.00p -3.34%Mediclinic International (MDC) 825.50p -3.05%Computacenter (CCC) 812.50p -2.69%Evraz (EVR) 65.10p -2.54%Amec Foster Wheeler (AMFW) 357.50p -2.30%Rank Group (RNK) 248.00p -2.25%Weir Group (WEIR) 911.00p -2.20%Essentra (ESNT) 810.50p -2.17%

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Ladbrokes-Coral merger wins final CMA approval with 322 shop disposals

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21 Oct 2016 14:38

Daisy pulls sterling junk bond as investors get tough

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18 Oct 2016 17:12

UPDATE 4-William Hill, Amaya drop short-lived gambling merger talks

* Talks abandoned less than two weeks after announcement * Sector consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Amaya shares drop 8.3 percent (Adds share move, Amaya spokesman

18 Oct 2016 13:24

RPT-UPDATE 3-William Hill, Amaya drop short-lived gambling merger talks

(Repeats for wider distribution, no changes to text) * Talks abandoned less than two weeks after announcement * Sector is consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Ama

18 Oct 2016 08:28

Ladbrokes revenue grows for fourth successive quarter

(ShareCast News) - FTSE 250 betting and gambling company Ladbrokes reported growth for a fourth successive quarter for revenue as it remains confident of delivering full year results in line with expectations. In a trading update for the third quarter ended 30 September, net revenue increased 12.1%,

18 Oct 2016 06:56

Tuesday newspaper round-up: Bonds, Shell, bookmaker levy, farm boost

(ShareCast News) - Investors dumped UK government bonds yesterday in one of the heaviest sell-offs since the Brexit vote as international demand for sterling assets declined rapidly. Overseas investors are becoming increasingly worried that inflation and a move by the Conservative government towards

17 Oct 2016 07:13

Ladbrokes and Coral announce planned sale of 359 shops

(ShareCast News) - Bookmaker Ladbrokes announced on Monday that subsidiaries of both itself and merger partner Gala Coral Group have agreed to sell a total of 359 licensed betting offices to Done Brothers Cash Betting - trading as Betfred - and StanJames Abingdon - trading as Stan James. The FTSE 25

17 Oct 2016 06:58

Monday newspaper round-up: New Brexit plans, dividends, supermarkets

(ShareCast News) - Britain would continue to pay billions of pounds into the EU budget after Brexit to maintain cherished single-market access for the City of London and other sectors under plans being discussed by Theresa May's cabinet. The prime minister's demand that Britain controls its borders

17 Oct 2016 06:20

Ladbrokes, Gala Coral to sell 359 shops ahead of merger

LONDON, Oct 17 (Reuters) - British Ladbrokes and Gala Coral said they agreed to sell 359 shops for 55.5 million pounds ($69 million) to rivals, in a deal which will reduce their footprint and pave the way for competition authorities to allow their merger to proceed. The pair were told in Ju

10 Oct 2016 07:49

BUZZ-William Hill: best day in 3 months after confirming merger talks

** William Hill rises 5.4 pct, its best day since mid-July, after confirming merger talks with Canada's Amaya ** Co says deal would create a global leader in sports betting, poker and casino ** Top riser on Stoxx 600 and most traded by average volumes - 1.5x 30-day average in the firs

7 Oct 2016 07:39

BUZZ-UK gambling companies lower after media reports of TV ad ban

** Shares in British gambling companies fall after The Times newspaper reports that the companies are due to be banned from advertising on television during the day ** William Hill down 2.9 pct, Labrokes down 2.5 pct vs. Britain's midcap index which is up 0.2 pct ** Cenkos analyst Sim

20 Sep 2016 06:57

Tuesday newspaper round-up: May in New York, Ladbrokes, building blocked

(ShareCast News) - Theresa May will canvass leading Wall Street banks over how Britain should structure its departure from the EU to reassure them that Brexit will not damage their UK business. Mrs May will meet "mostly" chief executives from the finance sector along with figures from the technology

31 Aug 2016 07:51

Gala Coral revenue up but losses widen

(ShareCast News) - Ladbrokes said on Wednesday that revenue at Gala Coral, with which it has agreed to merge, rose in the third quarter, but the bookmaker's loss widened due to exceptional costs. In the 12 weeks ended 2 July, net revenue at Gala Coral was up 10% from 2015 to £264m, while earnings be

26 Aug 2016 08:46

Ladbrokes given a boost by Berenberg upgrade

(ShareCast News) - Berenberg has raised its rating on Ladbrokes to 'buy' from 'hold' and lifted its target price to 185p from 130p, saying the company is its second favourite stock in gaming after Playtech. The broker said since it initiated on Ladbrokes a number of positives have materialised with

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FTSE 250 movers: Meggitt keeps index flying in the black

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