WINNERS & LOSERS SUMMARY: Intu Properties Slumps After Axing Dividend

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------Next, up 9.0%. The clothing and homewares retailer raised its annual guidance following a better-than-expected trading performance in the second quarter of its current financial year. Next reported full price sales growth in the 26 weeks to last Saturday of 4.3%. Total sales, including markdown sales, were up 3.8%. Sales from retail outlets fell by 3.9% during the period, but this was more than offset by 12% sales growth in Online. For the 13 weeks to last Saturday, full price sales have beaten expectations, rising by 4.0% on the prior year. At the end of May, Next had guided for a 0.5% decline in full price sales in the second quarter. Looking ahead, the company said it has entered the end-of-season sale period on July, with surplus stock down 1% on last year and clearance rates 2.0% below expectations. As such, Next adjusted its guidance to assume a similar reduction in sale clearance rates in the second half. Following the strong first-half showing, Next increased its annual full price sales guidance to 3.0% from 1.7%. ----------Rentokil Initial, up 4.5%. The pest control company reported its best interim organic growth performance in over five years. Rentokil posted 4.2% organic revenue growth in the first half of 2019, the best in over half a decade, despite wet weather in North America during the second quarter. Overall revenue growth was 10% at actual currency, and 8.5% constant currency, reaching GBP1.30 billion. Rentokil has posted a pretax profit of GBP113.8 million, 3.7% higher at actual rates on the year before. The adjusted figure rose 14% actual rates to GBP141.6 million. FTSE 100-listed Rentokil increased its interim dividend to shareholders by 15% on the year before to 1.51 pence per share.----------Smith & Nephew, up 2.5%. The medical devices maker boosted its dividend and annual guidance after interim revenue and profit both expanded. For the six months ended June, pretax profit widened 12% to USD383 million from USD341 million the year prior. This was after reported revenue rose 2.0% to USD2.49 billion from USD2.44 billion the year before, on an underlying basis revenue rose 3.9%. Looking forward, Smith & Nephew now expects 2019 underlying revenue to grow between 3.0% and 4.0%. This is up from the 2.5% to 3.5% range previously forecast. Smith & Nephew proposed a 14.4 US cent interim dividend, up from 14.0 cents the year prior. ----------BAE Systems, up 2.1%. The defence company hiked its interim dividend after profit and revenue both grew amid an improving operational performance. BAE proposed a 9.4 pence per share interim dividend, up 4.4% from 9.0p the year prior. For the six months ended June, pretax profit widened 36% to GBP776 million from GBP571 million the year prior. This was after revenue rose 6.8% to GBP9.42 billion from GBP8.82 billion the year before. Performance was helped by strong revenue and profit growth from its Electronic Systems, US Platforms & Services and Maritime units. Meanwhile, its Air and Cyber & Intelligence units delivered a fairly stable performance. Looking forward, BAE forecasts underlying earnings per share to grow by a "mid-single digits" percentage on the 42.9 pence per share reported in 2018. ----------Smurfit Kappa, up 1.5%. The Irish corrugated packaging company reported "another excellent" set of interim results, with Europe and the Americas doing well. Revenue for the six months to June has risen 4% to EUR4.62 billion, with pretax profit rising 9% to EUR456 million. Smurfit's earnings before interest, tax, depreciation, and amortisation climbed 17% to EUR847 million, with the Ebitda margin improving to 18.3% from 16.4%. This was ahead of Irish broker Davy's forecast of EUR837 million, a prediction which was in line with consensus. Smurfit increased its interim dividend by 10% to 27.9 euro cents. ----------FTSE 100 - LOSERS----------Fresnillo, down 6.5%. RBC Capital downgraded the Mexican gold miner to Sector Perform from Top Pick. On Tuesday, Fresnillo slashed its interim dividend after lower production and gold prices led to a steep decline in earnings. ----------St James's Place, down 5.0%. The wealth manager reported record funds under management but left its interim dividend unchanged due to a challenging operating environment. The company kept its dividend flat at 18.49 pence per share. St James's Place said it did so in recognition of the "challenges in the shorter-term operating environment". St James's Place ended the half with GBP109.3 billion in funds under management, which represents a record for the company. At the same point last year, the wealth manager held GBP96.6 billion in funds under management with its funds standing at GBP95.6 billion at the end of 2018.----------Lloyds Banking Group, down 4.5%. The lender reported a dip in interim profit and income but was pleased with improving margins and efficiency. In the six months to June 30, Lloyds's pretax profit slipped 7.1% to GBP2.90 billion from GBP3.12 billion the year before. The bank's net interest income declined 3.0% to GBP6.15 billion from GBP6.34 billion, while total net income slipped 1.7% to GBP8.82 billion. Lloyds's operating costs in the first half improved to GBP3.91 billion from GBP4.02 billion. Restructuring costs were halved to GBP182 million. The bank has upped its payment protection insurance provisions, however, to GBP650 million from GBP550 million last year. "While there has been a late surge in PPI claims the deadline coming shortly should finally draw a line under an issue that has blighted the shares for several years. The cut in costs is welcome but clearly Brexit uncertainty is weighing on what is a heavily UK-orientated bank," said analysts at the Share Centre. ----------Taylor Wimpey, down 4.2%. The housebuilder said profit in the first half of 2019 dipped slightly despite revenue growth due to higher sales costs. For the six months to the end of June, the FTSE 100-listed housebuilder reported a pretax profit of GBP299.8 million, down 0.4% from GBP301.0 million. Operating profit for the period was down 9.4% at GBP311.9 million from GBP344.3 million, due to higher build costs and Taylor Wimpey's geographic mix. Revenue, however, grew by 0.8% to GBP1.73 billion from GBP1.72 billion the prior year, as the number of completions rose to 6,541 homes from 6,497 year-on-year. The average selling price on private completions increased by 2.0% to GBP301,000 from GBP295,000. Looking ahead, Taylor Wimpey expects its performance for 2019 to be in line with forecasts, with volumes for the year set to be higher than in 2018 but in an environment with flat pricing and increased build cost pressure, with margins to be lower.----------FTSE 250 - WINNERS----------Computacenter, up 12%. The IT services provider said it expects full year profit to be "materially" higher than the current market forecasts of nearly 8% growth on the year prior. For the six months ended June, the FTSE 250-listed firm expects adjusted pretax profit to be "marginally" ahead of the the year prior. The firm had previously described the six months period the year before as being a "challenging comparison". Consequently, Computacenter now expects 2019 adjusted pretax profit to be "materially ahead" of the GBP127.5 million market expectation. In 2018, Computacenter generated GBP118.2 million adjusted pretax profit on revenue of GBP4.35 billion. The improved performance follows the mid-cap reporting a "strong" first quarter, with this momentum being continued into the remainder of the first half of the year within its Technology Sourcing unit. ----------Centamin, up 8.2%. The Egyptian gold miner boosted its interim payout, while it also sees production rising over the next two years. Centamin is paying a 4.0 US cent dividend for the six months to June, from 2.5 cents the year before. The firm has now passed the USD500 million mark in total shareholder returns since dividends began in 2014. This represents a 60% year-on-year rise in the interim dividend. The 2018 interim had been a 25% increase year-on-year. Production in the first half was 234,096 ounces, as reported earlier in July, up 8% on the year before. Gold sales fell 2%, however, to 221,129 ounces, at an average price 1% lower on the year before. Guidance for 2019 as a whole has been maintained at 490,000 ounces to 520,000 ounces. In 2020 and 2021, early guidance is for 510,000 ounces to 540,000 ounces, but this excludes potential changes in a number of factors, such as underground grade changes and open pit improvements. ----------FTSE 250 - LOSERS----------Intu Properties, down 30%. The shopping mall operator axed its interim dividend as it looked to strengthen its balance sheet amid intense pressure on its assets and income performance. For the six months ended June, net asset value per share fell 19% to 252 pence from 312 pence the year prior. Meanwhile, net rental income fell 8.0% to GBP205.2 million from GBP223.1 million the year before. NAV per share was particularly hurt by the property revaluation deficit growing to GBP872.1 million from GBP650.4 million the year prior. The larger units in the portfolio were noticeably hit following a "higher level" of administrations and company voluntary arrangements. Intu axed its interim dividend for 2019, having paid out 4.6 pence per share the year prior. This is in line with its decision to not pay a final dividend for 2018 in order to reduce debt levels. Net debt fell to GBP4.71 billion as at June 30 from GBP4.87 billion a year prior.----------Aston Martin Lagonda, down 15% at 488.60p. The Valkyrie hypercar maker's woes continued after it swung to a significant interim loss. Last week, Aston Martin shares dropped after it slashed sales and profit forecasts. On Wednesday, Aston Martin posted a pretax loss for the six months to June of GBP78.8 million, after a pretax profit of GBP20.8 million the same period a year prior. Revenue fell 4%, to GBP407.1 million, with total wholesale volumes increased by 6% to 2,442 units. Retail sales rose 26%, but revenue was hit by lower sales in Specials. The stock is down 36% over the past week and shares are down 76% from October's initial public offering price of 1,900p.----------