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(An item published at 1251 BST mistated the Next guidance reference. The correct version follows.)
LONDON (Alliance News) - The following stocks are among the biggest risers and fallers within the main London indices midday Tuesday.
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FTSE 100 WINNERS
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Intertek Group, up 3.3%. The company has said that is has appointed André Lacroix as Chief Executive with effect from May 16, 2015. He succeeds Wolfhart Hauser who will step down from the board and retire on May 15, after ten years as CEO. Intertek said Hauser will remain available to support Lacroix as required until the end of December 2015. The incoming Chief Executive joins from FTSE 250-listed Inchcape where he has served as group CEO for nearly 10 years.
Royal Bank of Scotland Group, up 2.8%. The bank said it expects to "significantly outperform" its previous impairment guidance for the full year, supported by an improvement in economic conditions and asset prices in its key markets, including Ireland, though it issued a warning on third-quarter corporate and institutional banking revenue. RBS had previously guided about GBP1.0 billion in total impairments for the full year, but gave no specific new guidance. The group said the improved economic climate supported a strong operating performance by RBS Capital Resolution (RCR), the 'bad bank' it set up to run down capital intensive assets. RBS said it expects RCR to record net impairment provision releases in the region of GBP500.0 million in the third quarter. However, the company warned that RCR's future overall costs and speed of wind-down remain subject to significant potential volatility.
Smiths Group, up 1.5%. JP Morgan has upgraded the technology group to Overweight from Neutral.
Wolseley, up 0.8%. The plumbing and heating products distributor hiked its total dividend for the year to end-July by 25% and announced a GBP250 million share buyback programme, as a strong performance in the US and lower exceptional costs helped boost profit. The company proposed a final dividend of 55.0 pence, taking its total dividend to 82.5 pence, up 25% from 66.0 pence the previous year. Wolseley posted pretax profit of GBP698 million, up from GBP460 million a year before despite seeing revenue decline slightly to GBP13.13 billion from GBP13.15 billion. In the previous year, the company posted GBP164 million in exceptional costs, mostly comprised of restructuring and redundancy costs as it reorganised its businesses in Central Europe, France and the Nordic region.
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FTSE 100 LOSERS
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Next, down 4.5%. The clothing retailer said the unseasonably warm weather in the autumn is having a detrimental impact on its performance and said, if the weather conditions continue, it will have to downgrade its profit guidance for the year. Next said the cooler weather in August resulted in some strong weeks, but said the warmer weather conditions since have had the opposite effect. It said its third quarter sales to date are up 6% year-on-year, below its previous guidance of 10% growth. The company added that if the unusually warm weather seen in the UK continues throughout October, the group will have to lower its current full-year profit guidance of GBP775 million to GBP815 million.
ARM Holdings, down 2.3%. Bernstein has cut the stock to Underperform from Market-Perform, with a price target of 750.00 pence. The company currently trades at 903.50p.
Marks and Spencer Group, down 2.1%, and Sports Direct International, down 1.5%. The companies are down as investor sentiment has been hit on the whole clothing sector following Next's warning about the impact of the unseasonably long period of warm weather.
British Land Co, down 0.9%. The company is down despite saying that it has signed an agreement with Plymouth City Council to develop Drake Circus Leisure, a 100,000 square foot leisure scheme next to its 570,000 square foot Drake Circus Shopping Centre in the city centre of Plymouth. The real estate company said the GBP40 million development will include a 12 screen cinema operated by Cineworld Group, 13 restaurant units and 450 car park spaces.
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FTSE 250 WINNERS
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RPC Group, up 5%. The rigid plastic packaging supplier said that it expects revenue to come in significantly ahead of last year due to the contribution from recent acquisitions as well as good growth in the US, coffee capsules and UK DIY markets. In a pre-close trading statement for the period from April 1 to September 30, the company said that it is in a strong financial position with cash flow performance in the first-half expected to be satisfactory. Operating profit, before exceptional items, is set to come in line with management expectations for the first-half, despite ongoing foreign exchange translation impacts and a time lag in passing through polymer prices.
Melrose Industries, up 4.6%. The company said that its Elster Gas business has signed a conditional agreement to buy Eclipse Inc for USD158 million in cash on a debt- and cash-free basis. The deral is set to complete in November, and will be funded using existing debt facilities.
Bank of Georgia, up 1.8%. JSC Bank of Georgia has received a EUR15.0 million senior loan facility from Green for Growth Fund. The loan will initially go towards financing energy efficient construction projects in Tbilisi, which it says will result in primary energy savings of more than 20% for energy compared to conventional buildings.
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FTSE 250 LOSERS
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Inchcape, down 3.1%. The company is down after the news that its CEO for nearly 10 years, André Lacroix, has been appointed Chief Executive of Intertek with effect from May 16, 2015.
Balfour Beatty, down 2.8%. The company has been subject of a series of price target cuts. UBS has cut its price target to 200.00p, from 240.00p, keeping its Neutral rating, while Deutsche Bank has cut its price target to 243.00p from 270.00p, keeping its Buy rating. Liberum has cut its price target on Balfour for the second time in as many days, dropping to 250.00p from 280.00p, but maintaining its Buy rating. The stock trades at 185.15p.
Ferrexpo, down 2.4%. UBS has cut the company to Sell from Neutral with a price target cut to 100.00p from 140.00p and has added it to its Europe metals & minings least preferred list. In addition, Investec has cut its rating to Sell from Buy, while JP Morgan has lowered its price target to 95.00p from 120.00p, reiterating its Underweight rating. The stock currently trades at 112.292p
ICAP, down 2%. The interdealer broker has said it expects first-half revenue to be 10% lower at constant currency and 15% lower on a reported basis, while the company also expects full-year profit to be more heavily weighted to the second half than in previous years because of the way it will realise costs savings targeted from the restructuring of its global broking division. In addition, ICAP said Finance Director Iain Torrens has quit to join TalkTalk Group, where he will replace Steve Makin. ICAP said it has begun to search for his replacement, and has appointed executive search and recruitment company Spencer Stuart to seek a successor. Torrens will remain with the group to ensure a smooth transition, ICAP said.
Bovis Homes, down 2%. The company said Finance Director Jonathan Hill has resigned to join Saga as its chief financial officer. In a statement, Bovis Homes said it will decide with Hill a leaving date, taking account of his contractual notice period of 12 months.
Debenhams, down 1.9%. The company is down as investor sentiment has been hit on the whole clothing sector following the unseasonably long period of warm weather.
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AIM ALL-SHARE WINNERS
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Sovereign Mines of Africa, up 216%. The company has published results from the Phase 3 drilling programme at Mandiana in the Republic of Guinea. It said in the Yagbelen zone at the site, one of the drill holes intersected a high-grade quartz-vein cutting an interval of four metres averaging 18 grams per tonne of gold from 87 metres. A second hole cut a broad zone of 27 metres averaging 1.46 grams per tonne from 43 metres.
Nyota Minerals, up 90%. The gold explorer said its pretax loss narrowed significantly in its last financial year, as it cut costs sharply after selling its main asset to concentrate on exploration. It also said it had made "solid progress" in advancing the mining licence application to rapidly exploit the Abay River, or Blue Nile, gravel terraces transecting its northern exploration blocks in the west of Ethiopia.
Powerflute Oyj, up 28%. The paper and packaging company said it has entered into a conditional agreement to buy cores and coreboard producer Corenso from Finnish pulp and paper manufacturer Stora Enso Oyj in an EUR81 million deal. The company said the deal would constitute a reverse takeover and said the deal would be immediately earnings accretive. Powerflute said it will hold an extraordinary general meeting on November 4 to vote on the agreement. The company added that it would fund the deal with existing cash resources and new debt facilities totalling EUR120 million, including an EUR80 million bond issue and a EUR40 million revolving credit facility.
Independent Resources, up 15%. The company is up despite posting a wider loss for the first-half on the back of a writedown of its Italian assets. The company, which produces no revenue, said its pretax loss for the six months to June 30 was GBP5.4 million, against a loss of GBP568,282 a year earlier. The loss was primarily down to a GBP4.7 million writedown taken by the company on the Fuime Bruna and Casoni assets in Italy. The company said its attempts to combine the work programmes at the two sites and its attempts to farm-out of the programmes have proved unsuccessful, resulting in it having to take the writedown.
Mariana Resources, up 15%. The company said it has entered an agreement to acquire a majority stake in Nassau Gold Ltd for the development of the Nassau Gold project in South America. It said it has entered into an option agreement to earn up to a 50.01% interest in Nassau Gold Ltd, a joint venture company between Mariana and Sumin Resources Ltd for the development of the Nassau Gold Project in the Republic of Suriname.
Verona Pharma, up 12%. The company said it has appointed Biresh Roy as its chief financial officer with immediate effect, taking over from part-time financial officer Richard Bungay. Roy's "experience will be invaluable as we build the company and seek to develop the full potential of RPL554 in respiratory disease to create significant shareholder value," said Chief Executive Jan-Anders Karlsson in a statement.
Aureus Mining, up 10%. Phase Four diamond drilling results at the company's Ndablama gold project in Liberia confirmed the continuity of the mineralised system for a further 300 metres beyond the limits of the initial resource estimate, more than doubling the down dip extent of the mineralised system.
Resource Holding Management, up 10%. The media, advertising and marketing business posted a 27% revenue increase in the first half of the year to MYR28.3 million, from MYR22.3 million in the comparable period last year. However, the company swung to loss due to the costs associated with its transformational takeover deal, reporting a net loss of MYR10.1 million for the six months to June 30, compared with a MYR4.4 million profit a year earlier, mainly due to a MYR12.3 million one-off charge related to the takeover deal.
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AIM ALL-SHARE LOSERS
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Mountfield Group, down 38%. The specialist fit-out and flooring services group has seen its shares fall heavily after its pretax profit all but evaporated in the recent half-year, despite a rise in revenue, as its results were hit by a major contract with low margins. Mountfield's pretax profit in the six months to June 30 was GBP4,391, down from GBP235,835 a year earlier. Revenue in the period was up to GBP5.6 million from GBP5.2 million a year earlier. The company said the fall in profit was the result of the company receiving less payment than anticipated on a major contract.
Nova Resources, down 38%. The investment company said its pretax loss in the first half of the year widened to GBP2.5 million, from a GBP623,000 loss last year. The company didn't earn any revenue in the half, and the loss was mainly due to a loss on financial assets designated at fair value on its profit and loss account. It also reiterated that it is in a critical cash position.
Range Resources, down 32%. The oil and gas explorer said its pretax loss widened to USD64.8 million in the year ended June 30, compared to USD18.3 million in 2013. The loss follows a major write-off of assets and increased finance costs, as it looks to focus on developing its operations in Trinidad through further acquisitions.
Graphene Nanochem, down 29%. The alternative energy company said a series of delays for the Plat Drill Series meant it is likely to miss market expectations for the full year, despite narrowing its loss and doubling its revenue in the recent half-year. Graphene said its pretax loss in the six months to June 30 was GBP3.5 million, improved from GBP5.4 million a year earlier. Revenue was GBP20.4 million, up from the GBP10.1 million posted a year earlier. Despite the better numbers, the company said delays in deployment of the its Plat Drill Series of oilfield chemicals, owing to regulatory and testing constraints, mean results for the full year are likely to be "significantly" below current market expectations.
Herencia Resources, down 25%. The company said it has completed a subscription and placing to raise about GBP2.4 million by issuing 795.7 million new shares at 0.3 pence each, as it looks to advance its Picachos project towards production. The placing was at a discount to Monday's close of 0.405 pence.
Clontarf Energy, down 23%. The oil and gas explorer saw its shares fall after saying that the environment it is currently facing has not improved and said that while it believes its assets in Ghana, Peru and Bolivia have potential, they also have problems. The company said its main focus for the year will be resolving its issues in Ghana. The company said the exact coordinates of the Tano 2A block in the country were agreed upon earlier this year, but the Ghanaian government has been slow to finalise the details of the licence.
DDD Group, down 20%. The imaging and 3D products company posted a widened loss for the half year to end-June, despite cutting costs, as the contraction of the 3D personal computer market hit revenue. DDD posted a pretax loss of USD1.4 million, widened from USD1.1 million, as revenue fell to USD1.2 million from USD2.4 million, although this was partly offset by lower administrative expenses. Revenue was dragged down by the contraction of the 3D PC market, and as a result DDD opted to cut its headcount by 30% to counteract this decline.
Frontera Resources, down 19%. The company reported a slightly narrowed loss and small rise in revenue for the first half of 2014 and said it expects an improved performance in the second half from both its oil and gas operations. The company reported a net loss of USD5.63 million in the six months ended June 30, compared to a USD5.65 loss in the first half of 2013. Frontera increased revenue from crude oil and gas sales to USD3.3 million in the first half, compared to USD3.1 million in the same period in 2013. It reported a cash balance of USD360,311 at June 30, with a total debt of USD37.1 million.
Mosman Oil & Gas, down 19%. The shares have fallen after the company said it is waiting to receive expert reports before deciding the next steps for its Crestal-2 well at its Petroleum Creek project in New Zealand. The Crestal-2 well has been drilled 223 metres, with a 4.5 inch casing cemented. The company said there are indications of hydrocarbons present, but stated the analysis is not conclusive. It indicates good porosity in the Cobden Limestone but suggests there is mainly water with some possible oil zones, it said.
TXO, down 18%. The energy resource and clean technology investment company said it is in advanced discussions over the terms of its convertible loans and settling with all its current convertible lenders. In a statement, it said it expects to make a further announcement shortly on the matter.
Churchill Mining, down 15%. The company denied that it had ever forged any documents, after Indonesian police raided its Jakarta offices while the company was in Singapore reviewing documents related to its mining licenses dispute with the Indonesian government. The company has had its mining licenses for the East Kutai Coal Project in East Kalimantan, Indonesia, revoked. The International Centre for Settlement of Investment Disputes has been arbitrating on the dispute and ordered the review of a bundle of documents relating to the licenses.
Red Emperor Resources, down 14%. The natural resource company reported a significantly widened loss of USD10.2 million for the year to June 30 from the USD181,600 loss it reported a year earlier, due to the write down of an exploration cost and as revenue fell to USD422,650 from USD523.783. The group wrote off USD9.6 million of exploration costs, but it said it is still on the look out for a new asset that can broaden its portfolio and drive shareholder returns.
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By Neil Thakrar; neilthakrar@alliancenews.com
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