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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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Lloyds Banking Group, up 9.0%. The state-backed lender lifted its payout to shareholders and declared a special dividend in a return of capital, even as the bank's 2015 profit took a dent from a new GBP2.1 billion charge for the payment protection insurance scandal. Lloyds lifted its dividend for the year to 2.25 pence per share from 0.75p in 2014, and declared a special payment of 0.5p in addition. Pretax profit fell to GBP1.64 billion in 2015 from GBP1.76 billion in 2014. Underlying profit, which excludes asset sales and the cost of PPI provisions, rose to GBP8.11 billion from GBP7.76 billion. The total PPI provision for the year was GBP4.0 billion, up from GBP2.2 billion in 2014, including a fourth-quarter charge of GBP2.1 billion.
RSA Insurance Group, up 12%. The insurer reported a 43% jump in annual operating profit, beating analyst expectations, and raised its full-year dividend to 10.5 pence from 2.0p the prior year. Operating profit before tax rose to GBP523 million in 2015, RSA said, up from GBP365 million at actual exchange rates and from GBP334 million at constant currency. Analysts had expected operating profit of GBP481.0 million for the year, according to company-compiled consensus estimates. Annual net written premiums for the core group, excluding discontinued and non-core operations, amounted to GBP5.72 billion in 2015, down from GBP6.09 billion at actual currency rates and slightly lower than the GBP5.75 billion constant currency comparative.
Merlin Entertainments, up 4.7%. The theme park and attractions operator reported growth in profit and revenue in its recently-ended financial year, despite a tough summer when a rollercoaster crashed at Alton Towers, and said it has signed a partnership deal with Big Bus Tours. The group said pretax profit in the year ended December 26 rose to GBP237 million from GBP226 million the year before, as revenue increased by 2.3% to GBP1.28 billion from GBP1.25 billion. Merlin said strong performances from its LEGOLAND Parks and Midway Attractions divisions offset difficult trading at Resort Theme Parks, the latter which saw the temporary closure of Alton Towers last summer following a rollercoaster crash.
BT Group, up 2.7%. UK telecoms regulator Ofcom said that BT Group's Openreach division must be reformed to better serve customers and businesses and that BT "must open up" its network. But importantly Ofcom didn't demand Openreach be spun off immediately, though it kept that open as a future possibility.
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FTSE 100 - LOSERS
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Capita, down 4.1%. The outsourcer said it is looking for organic revenue growth of at least 4.0% in 2016, as the group reported lower pretax profit in 2015. Pretax profit fell to GBP112.1 million in 2015, from GBP292.4 million in 2014. On an underlying basis, which is stated before the cost of business exits and other items, pretax profit rose to GBP585.5 million from GBP535.7 million. Capita lifted its dividend for the year as a whole to 31.7 pence from 29.2p.
British American Tobacco, down 0.7%. The tobacco company said revenue declined in 2015 as it continued to be hit by negative currency movements throughout the year. BAT said pretax profit in 2015 grew to GBP5.86 billion from GBP4.85 billion in 2014, despite revenue decreasing by 6.2% to GBP13.10 billion from GBP13.97 billion. BAT said revenue dropped as a result of adverse movements in foreign exchange rates, and that revenue would have risen by 5.4% to GBP14.72 billion if currencies had remained constant. Profit, however, benefited from gains on the disposal of assets and tax repayments.
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FTSE 250 - WINNERS
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Serco Group, up 14%. The outsourcer said its pretax loss narrowed significantly in 2015 as the costs of its restructuring eased, but reiterated its guidance for revenue and underlying profit to fall again in 2016. Serco, which has suffered significant writedowns on the value of its contract book in recent years, said its pretax loss narrowed significantly in the year to GBP69.4 million from GBP990.5 million as the severity of the one-off charges it had to book eased substantially. Revenue fell to GBP3.18 billion from GBP3.60 billion as the group closed out onerous contracts, but Serco said its pipeline of bid opportunities increased by around GBP1.5 billion against the end of 2014 to GBP6.5 billion. Operating costs also fell, broadly in line with the decline in revenue.
National Express Group, up 9.4%. The transport company said a lack of exceptional costs meant its pretax profit nearly doubled in 2015, as revenue increased thanks to positive performances across the business. The rail and bus services provider said its pretax profit rose to GBP124.4 million in the year to the end of December, an 87% rise on the GBP66.5 million it posted the year earlier, when it was hit by one-off costs. Revenue rose 2.8% to GBP1.92 billion from GBP1.87 billion, driven by good trading in National Express's bus and coach operations in the UK and US, along with the start of new rail contracts in Germany and a bus deal in Bahrain.
UBM, up 7.4%. The events planning, marketing and communications group said it expects continued good growth in 2016 following a "transformational" 2015, as it focuses on its 'Events First' strategy, investing in new events and rationalising its portfolio. UBM reported a pretax profit from continuing operations of GBP119.6 million, up from GBP101.6 million a year before, on revenue of GBP769.9 million, up from GBP550.5 million.
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FTSE 250 - LOSERS
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John Laing Infrastructure Fund, down 0.9%. The property investment company reported growth in its underlying portfolio in 2015, but a decline in net asset value per share, as it announced a share placing in order to pay down debt and finance acquisitions. The company said its underlying portfolio grew by 8.3% in 2015 to GBP867.8 million, while its net asset value as at December 31 was 108.4 pence per share, representing a 0.8% decline and total return of 5.4% over the course of the year. John Laing said it will issue up to 81.2 million shares in a placing, with the exact number and price to be determined at the close of the bookbuilding process expected on March 7.
SEGRO, down 0.5%. Exane BNP downgraded the property investor to Neutral From Outperform.
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MAIN MARKET AND AIM - WINNERS
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Red Leopard Holdings, up 67%. The mining investment group said market conditions appear to be recovering, and it will start progressing plans for its Idora Tunnel project in Idaho in the US, sending shares in the group higher. The Idora Tunnel silver project had previously been delayed by an unfavourable trading environment. Red Leopard said it is holding talks with engineers on the cost of repairs to clear the rock fall inside the Idora Tunnel.
Crimson Tide, up 31%. The mobile software provider said it will beat market expectations with its pretax profit for 2015, expecting to report a figure "significantly higher" than in 2014. The company reported a pretax profit of GBP84,000 in 2014. Revenue will come in line with market expectations, Crimson Tide said. Crimson Tide also expressed confidence for further growth during 2016 and beyond, saying trading in the early part of the year has been "robust".
KAZ Minerals, up 5.5%. The miner said it managed to squeeze out a tiny profit in 2015 despite experiencing a decline in revenue, as the copper miner aims to grow production and lower costs over the next few years. KAZ, which operates in Kazakhstan, reported a pretax profit of USD12.0 million in 2015. Although a tiny sum, that profit compares to the USD169.0 million loss booked in 2014.
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MAIN MARKET AND AIM - LOSERS
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Beowulf Mining, down 27%. The miner said it raised GBP1.25 million through a discounted share subscription. The company said it will issue 38.5 million shares at 3.25 pence per share. The funding will back Beowulf's plans to extend its mineral portfolio through further acquisitions, along with covering costs at its Kallak iron ore project in Sweden and graphite portfolio in Finland.
Molins, down 15%. The tobacco machinery and control instruments manufacturer said pretax profit sank in 2015 under the weight of tough market conditions, prompting it to cut its dividend. The company said its pretax profit for the year to the end of December nearly halved to GBP2.0 million from GBP3.9 million. Revenue was essential steady at GBP87.0 million from GBP87.4 million but cost of sales increased, hitting margins. The group also cut its dividend payout for the year, declaring a final dividend of 1.5 pence, meaning its total payout falls to 4.0p from 5.5p. Molins said it needed to conserve cash for a likely increase in the UK pension levy and other purposes.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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