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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.
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FTSE 100 - LOSERS
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Diageo, down 1.8%. JPMorgan downgraded the brewer and distiller to Underweight from Neutral.
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FTSE 250 - WINNERS
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AG Barr, up 12%. The soft drinks maker said financial 2020 adjusted pretax profit will beat market estimates thanks to an increase in average realised prices due to adjustments in promotions and pricing. AG Barr said it adjusted its pricing and promotions in the year ended January 25 to align more closely with market conditions, which resulted in an increase in average realised prices. For financial 2020, AG Barr hopes adjusted pretax profit to be at the top end of current market expectations, just ahead of GBP37 million, but down from GBP45.2 million a year ago. Revenue is predicted to total GBP255 million versus GBP279 million a year ago. AJ Bell's Russ Mould said: "The Irn-Bru maker had been a victim of a soggy summer, the sugar tax and shortages of carbon dioxide but also a strategy shift to focus on maintaining prices rather pushing volumes. In the long run this may prove to have been a smart move, as too much discounting can damage the integrity of a brand. And while the volume of drinks fell, average prices increased, helping drive today's guidance for profit to be at the upper end of expectations."
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Crest Nicholson, up 3.0%. The housebuilder maintained its dividend payment despite posting a 39% year-on-year drop in profit for financial 2019 amid lower home completions. For the year ended October 31, the company's pretax profit slumped to GBP102.7 million from GBP168.7 million in financial 2018, and revenue slipped 3% to GBP1.08 billion from GBP1.12 billion. Home completions fell 4% to 2,912 units from 3,048. The company maintained its full-year dividend at 33.0 pence per share. Crest said it remains confident in its ability to deliver on previous guidance and reiterated expectations for financial 2020 adjusted pretax profit in a range of GBP110 million to GBP120 million. Adjusted pretax profit in financial 2019 was GBP121.1 million.
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Virgin Money UK, up 1.8%. The challenger bank said trading in the final three months of 2019 was in line with board expectations. Virgin Money UK - formerly known as CYBG - said it continued to perform well in the first quarter of its financial year, despite a "difficult market". The lender ended December 31 with a loan book of GBP72.9 billion, down slightly from GBP73.0 billion at the end of September. Virgin Money's Mortgage book slipped 0.8% in the three months to GBP59.6 billion from GBP60.1 billion. Virgin Money said its net interest margin in the first quarter was stable at 1.60%, flat on the fourth quarter of financial 2019. The bank continues to expect its NIM in financial 2020 to be between 160 and 165 basis points.
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FTSE 250 - LOSERS
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Euromoney Institutional Investor, down 2.5%. The publishing and events company said trading in the three months to the end of 2019 was in line with internal expectations. Euromoney said underlying revenue was flat year on year in the first quarter of its financial year. Giving an update to investors at its annual general meeting, Euromoney said its first quarter revenue reflected recent trends, with growth from its Pricing and Data & Market Intelligence units, offset by "ongoing challenges" in its Asset Management business. The company said its group full-year outlook is unchanged.
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OTHER MAIN MARKET AND AIM - WINNERS
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Yu Group, up 29%. The gas, electricity and water supplier expressed confidence for the year ahead after 2019 revenue rose ahead of market forecasts. Yu Group said it expects to report revenue for 2019 of GBP110 million, up 35% from GBP80.6 million a year earlier and ahead of market forecasts. Adjusted earnings before interest, tax, depreciation and amortization, meanwhile, is anticipated to be in line with market expectations. Yu Group said its Ebitda has "significantly" improved in the second half compared with the first half, and it expects further "material" improvement in 2020 amid strategic actions. The company said bookings, representing the annualised value of new or renewed contracts entered into with customers during 2019, averaged GBP4.2 million per month versus GBP8.4 million a year ago, as processes and systems were redesigned.
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Itaconix, up 15%. The polymers manufacturer said it has expanded its high-performance detergent polymer offerings with the introduction of TSI 322. The move follows engagement with current and potential customers on a new generation of non-phosphate dishwashing detergents to meet changing consumer buying behaviour. The company explained that the key advance with the new polymer is the ability to deliver excellent performance while replacing multiple ingredients to achieve cost savings and more sustainable and compact products. Itaconix's detergent polymer product line will now consist of DSP 2K, CHT 122, and TSI 322.
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Saga, up 7.9%. The over 50s travel and insurance services provider said underlying profit is expected to align with prior guidance. Last year, Saga had guided for underlying financial 2020 pretax profit to be between GBP105 million to GBP120 million, down from GBP180.3 million in financial 2019. This guidance has now been affirmed. According to Saga, its Insurance Broking business has demonstrated "clear signs of progress", with around 57% of customers coming to Saga on a direct basis versus 50% the year before and customer retention 2 percentage points ahead of the prior year at 75%. However, Saga brand home and motor insurance policies are forecast to drop 3% from the prior year due to "a highly competitive market and a disciplined approach to new business", with margins likely to be near the top end of its GBP71 to GBP74 range due to "lower new business strain". Hargreaves Lansdown's Will Ryder said: "It's been a rough year for Saga investors, but the business looks like it's stabilised. The absence of bad news is good news, and the group can now look to recover lost ground."
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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