Rotork Share News (ROR)

LONDON (Alliance News) - Stock prices in London are seen opening higher on Monday, tracking strong gains in Asia, amid optimism that a trade deal between the US and China is within sight.In early UK corporate news, Rotork reported strong annual results, Daily Mail & General Trust said it will return the equivalent of just under GBP900 million to shareholders in Euromoney shares and cash, and Ted Baker's under-fire chief executive departed permanently. IG futures indicate the FTSE 100 index will open 26.37 points higher at 7,133.10. The blue chip index closed up 32.00 points, or 0.5%, at 7,106.73 Friday.Sentiment was given a boost after the Wall Street Journal over the weekend reported that the US and China are close to reaching a trade deal that could lift US tariffs on imports from China. The newspaper said China is offering to lower tariffs on US products in categories ranging from farms to chemicals and autos.The Japanese Nikkei 225 index closed up 1.0% in response. In China, the Shanghai Composite closed up 1.1%, while the Hang Seng index in Hong Kong is up 0.7%."After months of trade tensions, the world's two largest economies are reportedly nearing a trade deal which would remove US tariffs on Chinese imports," said London Capital Group's Jasper Lawler.Valve actuators maker Rotork said it delivered a strong financial performance, despite an increasingly challenging political and macroeconomic environment.For 2018, Rotork reported pretax profit rose 50% to GBP120.7 million from GBP80.6 million in 2017 and revenue increased 8.3% to GBP695.7 million from GBP642.2 million.Rotork hiked its 2018 dividend by 9.3% to 5.90 pence from 5.40p the prior year.The company said it is in the midst of implementing its Growth Acceleration Programme and expects the cash costs of the restructuring to be largely self-financed through working capital improvements."Following double-digit revenue growth in 2018, and mindful of macroeconomic uncertainty, we are planning for slower growth in 2019. Based on our current assessment of project phasing, we expect to deliver modest sales growth on an organic constant currency basis in 2019, with lower year on year sales in the first half reflecting the strong comparator period," the company said. Daily Mail & General Trust said it will distribute Euromoney Institutional Investor shares directly to DGMT shareholders, plus a GBP200 million cash return, together worth around GBP896 million. The newspaper publisher said the number Of DMGT 'A' shares also will be reduced as part of the capital distributions. Rothmere shareholders will not participate in Euromoney share return and only partially the cash return and share reduction. Voting ordinary shareholders won't participate at all. Daily Mail & General Trust said each 'A' share will receive 0.19933 Euromoney share, plus 68.13p in cash."The proposed distributions that we have announced today are fully aligned with our strategic priorities of increasing the focus of our portfolio and maintaining financial flexibility, whilst at the same time improving the efficiency of our balance sheet", said Paul Zwillenberg, CEO of DMGT. "In total, the distributions will result in almost GBP900 million of assets being returned to shareholders, who will benefit from direct ownership of Euromoney while retaining exposure to a simplified DMGT group."Euromoney said that the DMGT distribution of Euromoney shares will result in a more "diversified shareholder base" for Euromoney, and it expects it to result in increased liquidity in Euromoney's shares.Ted Baker said Chief Executive Officer Ray Kelvin has resigned with immediate effect following allegations of misconduct were made against him.Kelvin took a voluntary leave of absence from his role as CEO of Ted Baker in December last year, after he was accused by the FTSE 250-listed company's staff of forced "hugging" and inappropriate touching and comments. Kelvin has denied all allegations of misconduct.Since then, the company commissioned the law firm Herbert Smith Freehills to investigate the allegations. It is expected that Herbert Smith Freehills will conclude its investigation at the end of the first quarter or early in the second quarter of 2019.The luxury clothing retail company said acting Chief Executive Officer Lindsay Page has agreed to continue in this role. Ted Baker has appointed Non-Executive Chair David Bernstein as executive chair to provide additional support to Lindsay.Irish carrier Ryanair Holdings said February traffic grew 13% to 9.6 million customers, from 8.6 million in February last year. Ryanair reported its February load factor came in at 96% in total and for the core airline, which its Austrian subsidiary Laudamotion had a load factor of 94%. A high load factor indicates that an airline has full planes with most seats occupied by passengers. In February 2018, Ryanair's total load factor was 95%.The pound was quoted at USD1.3230 early Monday, marginally higher from USD1.3222 at the London equities close Friday.In political news, UK Prime Minister Theresa May was given a Brexit boost as key Tories signalled swinging behind her stance in exchange for movement on the Northern Irish backstop.Chairman of the influential 1922 Committee of backbench Tories Graham Brady expressed optimism that a breakthrough on the backstop was close.The hardline European Research Group of Tory MPs led by Jacob Rees-Mogg also indicated a more conciliatory tone on the issue.The ERG has drawn up "three tests" the government must pass to win backing, according to the Sunday Times.A light economic events calendar on Monday has eurozone producer prices at 1000 GMT.