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LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices Wednesday.
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FTSE 100 - WINNERS
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Hikma Pharmaceuticals, up 3.5%. The pharmaceutical company has been upgraded to Buy from Hold by Jefferies. On Tuesday, the group said it has agreed a USD2.65 billion deal to acquire Roxane Laboratories Inc and Boehringer Ingelheim Roxane Inc from Boehringer Ingelheim, the German pharmaceutical company.
British American Tobacco, up 2.8%. The tobacco company reported growth in profit in the first half of 2015, although revenue was hit by adverse exchange rate movements, but it said it remains confident it will deliver an improved performance in the second half. BAT posted a rise in pretax profit in the six months to June 30 to GBP3.5 billion from GBP2.6 billion, as revenue grew 2.4% at constant rates to GBP7 billion from GBP6.8 billion, but declined 5.9% to GBP6.4 billion at current rates. It said that revenue was driven by good pricing, but was hit by adverse exchange movements.
Barclays, up 1.6%. The bank reported an increase in second-quarter net profit, and revealed plans to intensify the scaling down of its non-core assets. In its first set of results since the board sacked Antony Jenkins as chief executive earlier this month, Chairman John McFarlane said he wants to ensure the bank's non-core division, which houses the assets that don't fit within its strategy, has less of an influence on overall results, primarily by cutting its capital requirements and operating losses.
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FTSE 100 - LOSERS
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Compass Group, down 4.0%. The catering services and outsourcing company said sales growth in the third quarter was slightly slower than for the rest of the year, but said it is having a strong year, though it will book some restructuring charges related to its offshore and remote business. Compass said it is in the process of reducing the cost base for its offshore and remote business and expects to book incremental restructuring costs of GBP20 million to GBP25 million a year for its 2015 and 2016 financial year. Thanks to those costs, Compass expects its full-year operating margin in 2015 will be broadly flat year-on-year.
Capita, down 2.4%. The outsourcing company said its pretax profit fell in the first half of 2015 despite a rise in revenue, as the group said it has won more contracts in the period and hiked its interim dividend. The company's pretax profit in the half to the end of June was GBP146.1 million, down from GBP152.3 million a year earlier, despite revenue rising to GBP2.29 billion from GBP2.07 billion.
Antofagasta, down 1.4%. The miner said it has lowered its full year copper production guidance and said its cash costs will rise in the second half of 2015 after it delayed the start of production from its new Antucoya mine in Chile. The company has delayed the start of production at the Antucoya mine, also in Chile, until the end of the third quarter of 2015, which will hit its costs and production guidance for the full year.
Sky, down 1.3%. The broadcaster trades lower even after it sweetened its full year dividend and posted a rise in pretax profit. Sky posted a pretax profit of GBP1.52 billion for the year to end-June, up from GBP1.03 billion a year before, as revenue rose to GBP9.99 billion from GBP7.45 billion. The reported results include Sky Italia and Sky Deutschland following their acquisition in November.
St James's Place, down 1.3%. The wealth management and financial advice company said it has agreed to acquire Rowan Dartington Holdings Ltd, a stockbroker and discretionary investment manager with more than GBP1 billion in funds under management. The acquisition was revealed as St James's Place said it had a net inflow of funds under management of GBP2.67 billion in the six months to the end of June, compared with GBP2.44 billion in the corresponding period the prior year. Pretax profit for the first half fell to GBP103.7 million from GBP110.4 million year-on-year. Underlying profit before shareholder tax, a closely watched measure, fell to GBP72.9 million from GBP78.3 million year-on-year.
Taylor Wimpey, down 0.5%. The housebuilder said its pretax profit surged in the first half of 2015, driven by higher housing completions and better selling prices, prompting the company to say it will return a further GBP300 million in cash to shareholders. It said its pretax profit for the six months to the end of June was GBP237.2 million, up from GBP197.3 million a year earlier, as revenue for the group increased to GBP1.34 billion from GBP1.19 billion.
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FTSE 250 - WINNERS
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Foxtons Group, up 8.7%. The estate agency said it expects to meet market expectations for its full year, as it posted a fall in pretax profit for its first half. Foxtons posted a pretax profit of GBP18.1 million for the half year to end-June, down from GBP23.1 million a year before, as revenue fell to GBP71.1 million from GBP72.8 million and administrative costs rose to GBP53.0 million from GBP49.8 million as a result of an increase in the company's branch network.
Man Group, up 7.6%. The alternative investment manager reported stronger first-half profit after generating higher performance fees, and said it remains cautious about the remaining months of the year due to "very challenging" financial markets. It said it made a USD163 million pretax profit in the six months to the end of June, compared with USD106 million in the corresponding period the prior year, as performance fees doubled to USD200 million.
Tate & Lyle, up 6.8%. The sugar and sweeteners company said that trading in the first quarter of its financial year was in line with its expectations and said that guidance for the full year remains unchanged. It said the Speciality Food Ingredients business made an encouraging start to the year and performed ahead of the comparative period, as SPLENDA Sucralose performed "solidly" in the quarter to June 30.
Renishaw, up 4.9%. The components manufacturer met expectations with a big rise in pretax profit and revenue in its 2015 financial year but said its pretax profit is expected to be lower next year thanks to the large orders it secured. It said its pretax profit for the year to the end of June was GBP144.2 million, up 50% on the GBP96.4 million it posted a year earlier as revenue rose to GBP494.7 million from GBP355.5 million. It said it would pay final dividend of 34 pence per share, pushing its total dividend up to 46.5 pence, up 13% year-on-year.
Dignity, up 4.1%. The funeral services provider said its pretax profit surged higher in the first half on the back of improved revenue and said it will beat its expectations for the full year thanks to the high number of deaths in the first half. It said its pretax profit for the 26 weeks to June 26 was GBP45 million, up 43% from the GBP31.5 million it posted a year earlier as revenue rose to GBP158.7 million from GBP133.1 million. It said it will pay an interim dividend of 7.14 pence, up 10% from the 6.49 pence it paid a year earlier.
Rightmove, up 3.3%. The online property portal said its pretax profit for the first half of 2015 was higher on the back of a strong rise in revenue and good growth in its average revenue per advertiser in the period. It said its pretax profit for the six months to the end of June was GBP66.6 million, up from GBP58.8 million a year earlier, as its revenue rose to GBP93.1 million from GBP80.4 million, a 16% rise.
Greggs, up 3.1%. The bakery and food-to-go retailer reported a big rise in profit in the first half of 2015 and said it is confident it will deliver a good year of growth ahead of its previous expectations. The company reported a jump in pretax profit in the 26 weeks to July 4 to GBP25.6 million from GBP8.6 million, as revenue grew to GBP398.4 million from GBP374.4 million. It said that revenue was boosted by an improvement in its products and due to investments it made into its shop estate. Profit also had been hit the year before by exceptional costs of GBP8.3 million.
Jupiter Fund Management, up 3.1%. The investment management house said its pretax profit doubled in the first half of 2015, primarily thanks to exceptional charges taken a year earlier not recurring, though its assets under management increased in the period, as did its net management and performance fees. Jupiter said its pretax profit in the six months to the end of June was GBP84 million, up from GBP48.4 million a year earlier when it booked one-off costs related to the unwinding of investment management contracts and costs associated with a private client transaction.
Indivior, up 1.9%. The pharmaceutical company raised its guidance for the full year despite seeing pretax profit fall in its first half, as the market environment continued to be favourable, with generic competition in the US not yet disrupting the company's market share. The company also announced that the US Food and Drug Administration had given a priority review designation to its new drug application for its Naloxone nasal spray for the treatment of an opioid overdose.
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FTSE 250 - LOSERS
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Premier Farnell, down 15%. The technology products and services company warned it now expects its adjusted operating profit for its first half to be down 10% compared to the previous year, hit by slowing sales, challenging market conditions and the continued weakness of the euro. As a result it now expects full-year adjusted operating profit to be down around 6% compared to the previous year.
Lancashire Holdings, down 4.8%. The specialty insurer reported an 11% drop in second-quarter pretax profit, with the value of gross premiums written by the company down and a key indicator of underwriting profit weakening. It said its pretax profit decreased to USD37.1 million in the three months to the end of June, compared with USD41.5 million in the corresponding quarter the prior year, as gross written premiums fell by 44% to USD179.3 million. Net investment income was down by 8.0% to USD7.0 million.
Pets At Home, down 4.5%. The specialist retailer of pet food, accessories and pet-related products and services trades lower despite reporting a rise in revenue in the first quarter of its financial year and said its full-year outlook remains in line with market expectations. It said that total revenue grew 6.4% to GBP224.2 million in the 16 weeks to July 16 on the same period the year before, as like-for-like sales rose 1.7%.
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AIM ALL-SHARE - WINNERS
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Image Scan Holdings, up 46%. The company said it has secured a grant from the UK government's Innovate UK body and said it has secured a technology licence deal with IBEX Innovations Ltd.
DDD Group, up 9.1%. The imaging and 3D products company said it has renewed its licence deal with South Korean electronics group Samsung Electronics. DDD said the 3D video processing chip technology licence agreement has been renewed to the end of 2016.
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AIM ALL-SHARE - LOSERS
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Global Invacom Group, down 21%. The satellite equipment company said it expects to swing to a net loss in the first half. The Singapore-based company said it expects to post a net loss of USD2.5 million to USD3.0 million for the six months to the end of June, compared to the USD4.3 million profit it posted a year earlier.
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By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1
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