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(Alliance News) - Coca-Cola Europacific Partners PLC and THG PLC are set to join the FTSE 100 and FTSE 250, after both changed listing arrangements, while John Wood Group PLC's share price slump means an exit from the mid-cap index is likely.
The findings were announced by FTSE Russell in its indicative quarterly index review changes for March. The indicative findings are based on data as of the market close on Friday. The actual review is conducted using data this time next week and is announced after the market close next week Wednesday.
Soft drink bottler Coca-Cola Europacific Partners transferred to the Equity Shares Commercial Companies category of the Main Market in November. It paved the way for inclusion in the FTSE Index Series from March.
It has a market capitalisation of over GBP30 billion.
It will replace insurer Hiscox Ltd in the FTSE 100. Hiscox shares have fallen around 4% over the past year.
E-commerce firm THG also announced a listing category change, and it is now set for the FTSE 250 index. Atalaya Mining Copper SA is also set for promotion to the mid-cap benchmark.
Exiting, however, may be Essentra PLC, STEM-focused recruiter SThree and engineering and consulting business Wood Group.
Wood Group shares have slumped around 70% over the past six months. Despite perking up on Tuesday, shares are down some 45% since the end of February.
Earlier this month, Wood announced further cost cuts, weak trading, a financing review and said it would be free cash flow negative in 2025.
Wood has been hit by issues surrounding the value of reported positions on contracts in projects, which prompted it to take a number of one-off charges and request Deloitte review the contracts plus the firm's accounting and governance controls.
In addition to cost-saving measures, John Wood is targeting proceeds from disposals in 2025 of USD150 million to USD200 million to offset the negative free cash outflow in 2025 and maintain debt levels at 2024 levels.
On Monday, Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara, confirmed it made a bid approach to Wood.
In a brief statement, Sidara said it has made a "preliminary approach" regarding a "possible cash offer" for the Aberdeen-based engineering and consulting business.
"Further announcements will be made in due course, as appropriate, but there can be no certainty that an offer will ultimately be made nor as to the terms on which an offer will be made," Sidara added.
John Wood, had earlier Monday confirmed talks were taking place between the two companies.
Talks between the two firms broke down last year after Sidara made a series of attempts to buy the Aberdeen-based engineering and consulting business. Sidara's final tilt, priced around 230p per share, valued John Wood at GBP1.58 billion.
In May 2023, John Wood rejected the fifth in a series of bids from Apollo Global Management, with the final approach worth 240p per share, or around GBP1.7 billion.
Oxford, England-based manufacturer and distributor of plastic injection moulded, vinyl dip moulded and metal components Essentra last month said it expects to post a decline in both profit and revenue for 2024, as it contended with "softening" end-market activity and unfavourable foreign exchange rates.
SThree last month reported a fall in annual profit and revenue and reduced its dividend. The London-based recruiter focused on science, technology, engineering and mathematics said pretax profit fell 13% to GBP67.6 million in the financial year that ended November 30 from GBP77.9 million a year prior.
Revenue declined 10% to GBP1.49 billion from GBP1.66 billion.
SThree proposed a final dividend per share of 9.2 pence each, slashed by 21% from 11.6p. That brings the total payout to 14.3p for financial 2024, cut 14% from 16.6p a year ago.
By Eric Cunha, Alliance News news editor
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