LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.
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FTSE 100 - WINNERS
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Inmarsat, up 4.6%. The satellite communications company said pretax profit declined in the first half of 2015 following a sluggish second quarter, which was hit by delays to the launch of its third Global Xpress satellite and to the launch of its GX global commercial service. But shares were higher as it said it will launch the Global Xpress satellite by the end of August and said its global commercial service will be operational by the end of the year.
Old Mutual, up 3%. The Anglo-South African financial services group reported a 19% increase in adjusted operating profit for the first half of 2015, and increased its interim dividend by 8%. It said its adjusted operating profit amounted to GBP904 million in the six months to the end of June, a 20% increase at constant currency. It increased its interim dividend to 2.65 pence from 2.45p. Outgoing Chief Executive Julian Roberts, who is making way for Bruce Hemphill, previously at Standard Bank, said it was an "exceptional" six months for Old Mutual.
Aviva, up 0.7%. The insurer said it is integrating Friends Life, the rival insurer it bought for about GBP5.6 billion, ahead of schedule, as it reported higher operating profit in the first half of 2015 and increased its interim dividend. Aviva said it made an operating profit, excluding amortisation and impairment of acquired value of in-force business, of GBP1.17 billion in the half, compared with GBP1.07 billion in the prior year period, and increased its interim dividend to 6.75 pence from 5.85p.
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FTSE 100 - LOSERS
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RSA Insurance Group, down 1.7%. The insurer reported a GBP288 million pretax profit on a management basis in the first half of 2015, compared with GBP69 million in the corresponding period the prior year. The company is currently the subject of takeover interest from Swiss rival Zurich, and Stephen Hester, RSA's chief executive, said the "ball is in their court" regarding the potential takeover.
Associated British Foods, down 1.3%. The Primark owner and sugar company was cut to Neutral from Buy by UBS, saying it thinks the upside potential from the discount retailer's launch in the US is priced into its current valuation. With some near-term cyclical challenges and operational issues in its sugar business, the bank moves to a neutral stance.
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FTSE 250 - WINNERS
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Cobham, up 6.6%. The aerospace and defence manufacturer said its reported pretax profit was dragged lower by the acquisition of telecommunications equipment maker Aeroflex in the first half, though the same acquisition meant its revenue jumped higher and sent its underlying pretax profit up. Cobham said its pretax profit for the six months to the end of June was down to GBP4.0 million from GBP54.0 million a year earlier, entirely due to a surge in administrative expenses and financing costs in the half related to the Aeroflex deal. Stripping out the effects of the Aeroflex acquisition, and other exceptional costs, pretax profit for the group rose to GBP135.0 million from GBP118.0 million.
Enterprise Inns, up 4.2%. The pub company said its trading performance remains encouraging and said it remains on track with its substantial restructuring plan. Enterprise said its like-for-like net income growth from its leased and tenanted estate in the 44 weeks to August 1 was 0.6%. It said it was particularly encouraged by the growth it saw in the third quarter to June 27, when like-for-like net income was up by 0.4% despite the tough comparative caused by the FIFA World Cup falling the year earlier.
UDG Healthcare, up 2.3%. The healthcare services company confirmed its earnings guidance for the full year as it said trading in the nine months to the end of June had been robust, with solid revenue and profit growth in its Sharp and Ashfield divisions. UDG said its revenue and adjusted operating profit for the nine months to the end of June is significantly ahead year-on-year, with good trading in its operating divisions and a further boost from favourable currency movements.
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FTSE 250 - LOSERS
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Aggreko, down 1%. The temporary power company warned on the short-term outlook for its profit margin and return on capital as it undertakes a restructuring programme following a sharp fall in pretax profit in the first half. Aggreko said its pretax profit in the six months to the end of June was down to GBP102.0 million, 21% lower than the GBP130.0 million it posted a year earlier, following a decline in its trading margin in the first half. Chief Executive Chris Weston has outlined a series of measures it will take in order to mitigate the challenges it faces, including targeting cost savings of GBP80 million in 2017, which will result in it booking exceptional costs totalling GBP30 million.
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AIM ALL-SHARE - WINNERS
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Sound Oil, up 6.8%. The Mediterranean focused upstream gas company said it has signed a gas sales agreement for the Casa Tonetto production concession, with Shell Energy Italia. Sound Oil said the Casa Tonetto production concession will include the Nervesa gas field. Shell Energy Italia is the local arm of Shell Energy Europe Ltd, which is Royal Dutch Shell PLC's gas, power and emissions trading entity in Europe.
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AIM ALL-SHARE - LOSERS
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Quindell, down 28%. The embattled insurance technology and outsourcing company saw its shares plunge as they were restored to trading on Thursday morning, following the publication of its 2014 results on Wednesday, showing a large loss, and the news that the Serious Fraud Office is conducting an investigation into its accounting woes.
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By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
26 Nov 2015 14:42
