The Munro Fund monthly fact sheet is available by clicking the following link - Latest Monthly Fact Sheet - or link to our Archive of Monthly Fact Sheets .
Monday 8th February
On Friday the FTSE 350 Index closed at 2652.3, a fall of 1.6% on the day and 2.4% on the week.
Randgold Resources announced a 30% increase in its dividend to 17 cents a share after reporting an increase in attributable profits from $42m to $69.5m.
The BSS Group has acquired UGS for £5.1m.
Tullow will progress the sale of Tullow Uganda to Heritage Oil following the withdrawal of ENI from the deal.
Xstrata has returned to paying dividends with a final of 8 cents after reporting an attributable profit of $2.7 billion down from $4.7b.
Alliance Pharma is to buy Cambridge Laboratories for up to £16.4m part funded by a vendor placing of £7.5m. It is also reported that the Group's PBT for 2009 will be not less than £8.5m and that it expects to declare a final dividend of 0.23p a share.
St Modwen Property is not recommending paying a dividend after reporting a trading profit of £8.4m.
Anglo American announced that it will subscribe in full to the $1.6 billion rights issue announced by its 79.72% owned subsidiary Anglo Platinum.
Friday 5th February
Yesterday the FTSE 350 Index closed down 2.2% at 2695.1.
Electrocomponents saw a sharp improvement in sales in the period 1st October 2009 to 31st January 2010. There has been no significant change in the Group’s financial position during the period. As a result of the improving sales trend it is anticipated that headline profit before tax will be at the upper end of market expectations.
British Airways reported a nine month operating loss of £86m and a loss before tax of £342m. Overall revenue was down 12.9% while costs were down 10.5%.
ICAP has agreed to acquire all the outstanding share capital of TriOptima AB, the leading post-trade financial technology company, for an initial e109m in cash. The Company also reported that Group revenue for the three months ended 31st December 2009 was slightly ahead of the same period last year and consistent with expectations.
Compass Group has had a good start to the year. Organic revenue has improved from a decline of approximately 3% in the fourth quarter of 2009, to a decline of 1.7% in the first quarter of the year. The Company has also been able to deliver an improvement in operating margin compared to the same period last year.
BG Group said that production volumes were up 4% for the full year 2009 although total operating profit was down 28% to £3,773m. The Board has recommended a final dividend of 6.73p, bringing the full year dividend to 12.35p, an increase of 10% over last year.
Liberty International has noted the recent press speculation in relation to a potential separation of Liberty International into two separate businesses, a shopping centre business and a London focussed business. The Board confirms that it is actively considering a reorganisation of the group by way of a demerger of a London focussed entity from its shopping centre business, Capital Shopping Centres. Such a transaction requires a number of third party approvals which have been requested and some of which are currently outstanding. The Board will only be in a position to decide whether to proceed or not once it has progressed these matters further. A further announcement will be made when appropriate.
Thursday 4th February
Yesterday the FTSE 350 Index closed down 0.6% at 2754.4.
Yell Group released third quarter results which were slightly ahead of expectations with declines stabilising and strong cash flow. Revenue was down 8.0% to £1,522.9m while profit after tax was down 61.9% to £47.6m. EBITDA for the full year is expected to be at least £600m.
McBride saw revenue increase 5% to £412.4m in the half year ended 31st December. The interim dividend has been increased by 18% to 2.0p.
Aviva increased sales across all regions in the fourth quarter. Life and pensions sales were up 21% on the third quarter at £8b. The IGD solvency surplus is estimated at £4.5b compared to £2.0b for the previous year.
National Grid continues to trade in line with expectations, delivering both strong operational performance and financial performance this year.
Vodafone reported an increase in Group revenue of 10.3% to £11.5b in the quarter ended 31st December 2009. Adjusted operating profit for the year is expected to be in the range of £11.4b to £11.8b.
Unilever released full year results for 2009 in which it saw underlying sales growth of 3.5% while turnover declined by 1.7% to e39,823m. Overall net profit was down by almost a third to e3,659m. As previously announced the Company has moved to the payment of quarterly dividends and has declared a first quarterly dividend of e0.195.
Royal Dutch Shell said that full year 2009 earnings, on a current cost of supplies basis, were $9.8b compared to $31.4b a year ago. A fourth quarter 2009 dividend has been announced of $0.42, an increase of 5% over the dividend for the same period in 2008.
Wednesday 3rd February
Yesterday the FTSE 350 Index closed up 0.8% at 2770.6.
Chloride Group said that trading in the third quarter was in line with management expectations.
Eurasian Natural Resources Corporation reported that group production volumes for the quarter ended 31st December 2009 further improved on the levels of Q3 2009, in line with expectations.
Carpetright saw group sales increase 7.0% in the 13 weeks to 30th January 2010. Expectations for the full year remain unchanged.
PartyGaming announced that group revenue was up 32% versus the prior year and up 17% versus the previous quarter to $132.2m. EBITDA for the full year is expected to be slightly ahead of the Board’s expectations.
Autonomy Corporation released record Q4 and full year results with strong organic growth. Full year EPS was up 42%, with record revenue of $740m, up 47%, and record profit before tax of $323m, up 55%.
Scottish and Southern Energy remains on course to deliver the financial and operational goals for the period to 31st March 2010.
Tuesday 2nd February
Yesterday the FTSE 350 Index closed up 1.1% at 2748.0.
Dairy Crest Group said that profit before tax for the nine months ended 31st December is slightly ahead of expectations, buoyed by a strong performance in the last three months.
Babcock International Group reported that overall trading for the Group remains consistent with expectations and there has been no significant change to market conditions.
ARM Holdings saw revenue fall by 10% in the final quarter of the year to £85.2m. As a result profit before tax was down slightly to £32.3m. The full year dividend has been increased by 10% to 2.42p.
BP announced a fourth-quarter replacement cost profit of $3,447m, compared with $2,587m a year ago, an increase of 33%. For the full year, replacement cost profit was $13,955m compared with $25,593m a year ago, down 45%. The quarterly dividend is to be maintained at 14 cents.
Cable & Wireless set out the final steps for the de-merger of the business into two separate businesses. The total dividend for 2009/10 has been reconfirmed at 9.5p to be split between Cable & Wireless Communications (3.34p) and Cable & Wireless Worldwide (3.0p). The aggregate dividend for 2010/11 has also been confirmed at 9.5p, subject to final trading performance to be split 5p and 4.5p between the two companies respectively. The Company also reconfirmed the EBITDA guidance for the full year.
Shanks Group said that whilst underlying trading remains satisfactory, due in principal to the exceptionally adverse weather conditions, the outcome for the year is now expected to be slightly below the Board’s previous expectations.
Imperial Tobacco Group confirmed that the overall performance and financial position of the Group for the financial year to 30th September 2010 is in line with the Board’s expectations.
Monday 1st Febraury
On Friday the FTSE 350 Index closed up 0.8% at 2718.2, a fall of 2.0% over the week.
Cranswick saw the positive trading performance in the first half of the year continue into the three months to December 2009. Total sales in the period were up 31% on the previous year at £200m.
Dimension Data Holdings traded in line with expectations in the period from 1st October 2009 to 31st January 2010. Guidance for the full year remains unchanged.
Dawson International said that a strong final quarter from both the UK and US knitwear businesses more than offset continued weakness in the Home Furnishings business and so it is anticipated that sales and profit for continuing operations will be ahead of market expectations for the full year.
Evolution Group reported that the Group’s strong performance continued into the final quarter with full year revenues more than double the previous year. Full year earnings are expected to be in line with market expectations.
SThree released preliminary results for the year ended 29th November 2009 in which it reported a reduction in revenue of 17.8% to £519.4m while profit before tax was down 67.9% to £18.0m. A final dividend of 8.0p has been proposed meaning the total dividend for the year has been maintained at 12.0p.
Mouchel Group has entered into an arrangement with its banks, as a precautionary measure, to ease the fixed charge cover covenant on its banking facilities.
Xstrata announced record annual production of thermal coal, mined nickel, zinc in concentrate and lead metal. The Company also said that there were stronger second half volumes of chrome, platinum, semi-soft and coking coal, with a significant increase in fourth quarter volumes across almost all commodities compared to the third quarter.
Friday 29th January
Yesterday the FTSE 350 Index closed down 1.3% at 2697.7.
Mitie Group has performed well since 1st October 2009 and has had a good start to the second half of the year. Earnings continue to grow in line with management expectations and the Board is confident that earnings for the full year will also meet expectations.
Marston’s said that trading over the 16 weeks to 23rd January 2010 has been encouraging and in line with expectations.
F&C Asset Management saw assets under management fall £1.4b to £97.8b in the period ended 31st December 2009.
Thursday 28th January
Yesterday the FTSE 350 Index closed down 1.1% at 2731.8.
Lonmin reported a solid start to the year and reiterated its 2010 sales guidance of 700,000 ounces of platinum.
A. G. Barr announced that sales over the first quarter of the year exceeded expectations following continued strong performance from its carbonate brands, including Irn-Bru and an excellent overall performance from the Rubicon brand. Total sales revenue for 2009/10 is expected to reach £200m and full year profit is also expected to be ahead of market expectations.
Brewin Dolphin Holdings saw income in the first quarter increase 11.5% to £56.9m while total funds under management increased 5.9% to £21.7b.
VT Group continues to perform well in the second half of the financial year and is making good progress towards meeting the Board’s expected performance for the full year.
Robert Wiseman Dairies reported excellent performance for the second half-year to date in an interim management statement released today with the Company’s sales volumes and turnover for the seventeen week period to 23rd January 2010 slightly ahead of management’s expectations. The Board is proposing a second interim dividend of 12.25p. In light of this, the Company is unlikely to make a final dividend payment in September. This second payment will make a total dividend to date of 18p in respect of 2009/10, compared with a total payout in 2008/09 of 15p.
Eaga said that revenue rose 15.3% to £391.5m in the six months ended 30th November 2009. The interim dividend has been increased 10% to 1.21p.
British Sky Broadcasting saw total revenue increase 10% in the first half of the year to £2.9b. Operating profit was up 4% to £401m. The interim dividend has been increased by 5% to 7.875p.
Wednesday 27th January
Yesterday the FTSE 350 Index closed up 0.3% at 2760.8.
W H Smith said that the Group delivered a good performance during the period. The Company made further progress in its High Street business and the Travel business continued to perform well, despite soft passenger numbers at airports. Although the Board remains cautious about consumer spending, it has planned accordingly and is confident in the outcome for the full year.
Britvic reported total revenues of £242.7m for the 12 weeks to 20th December 2009, an increase of 11.0% on the prior year. The Board is confident of meeting expectations for the 53-week financial year ending 3rd October 2010.
Johnson Matthey performed well in the third quarter with group sales excluding precious metals 9% ahead of the same period last year. Overall, the results for the full year are expected to be slightly ahead of current market consensus expectations.
Greene King is confident that it will meet expectations for the financial year.
Tuesday 26th January
Yesterday the FTSE 350 Index closed down 0.8% at 2753.2.
Sage Group said that trading for the period was consistent with management expectations.
De La Rue reported strong trading since the 26th September 2009, with banknote and paper volumes showing an increased run rate compared to the first half of 2009/10 and well ahead of the comparable period last year. The Board remains confident in the Group’s outlook for the year which is in line with previous expectations.
PZ Cussons released its half yearly reported for the six months ended 30th November 2009. Revenue was up slightly by 0.7% to £369.9m while profit before tax was up 28.4% to £44.7m. The interim dividend has been increased to 1.930p from 1.185p reflecting an underlying increase of 10% and a rebalancing of the interim / final payout ratio in line with normal practice.
Monday 25th January
On Friday the FTSE 350 Index closed at 2773.94,a fall of 0.6% on the day and 2.7% on the week.
Hiscox reported that it continues to benefit from a benign period for catastrophe losses. It intends to announce a second interim dividend instead of a final in March at a level to be determined then.
Friday 22nd January
Yesterday the FTSE 350 Index closed at 2792.06, a fall of 1.5%.
Stobart Group reported that it is confident of meeting expectations for year end pre-tax profits.
Halma is to buy SphereOptics for £1.5m.
Close Brothers said it remains confident that it will deliver a good overall result for the first half and a solid outcome for the year dependent on the prevailing economic and financial conditions.
Invensys said it produced an operating profit for the last quarter of 2009 and expects to deliver an improvement in performance in the current year.
Thursday 21st January
Yesterday the FTSE 350 Index closed down 1.6% at 2833.4.
Enterprise Inns said that trading in the year has been variable, although generally strong Christmas trade brought a welcome uplift in sales for many of its licensees. Across the whole estate the decline in average net income per pub eased to around 4%, having fallen by 8% during the last financial year.
PayPoint reported that bill and general payment transactions in the UK are in line with expectations. Earnings before tax and interest for the period to 27th December are in line with pre-rated market expectations, taking seasonality of trading into account.
easyJet announced an increase in total revenue of 10.5% to £607.5m for the quarter ended 31st December 2009. Economic conditions remain challenging and the Company continues to expect a tough trading environment. However, the underlying performance of the business in the first quarter has been encouraging and the Company remains on track to deliver substantial profit improvement during 2010.
BTG said that Group performance in the second half of the year has been in line with the Board’s expectations, and BTG remains on track to deliver the planned synergies and cost savings anticipated from the acquisition of Protherics.
BlueBay Asset Managment released a second quarter trading statement in which it said assets under management increased 10.4% to $34.3b. Performance fees for the six month period ended 31st December 2009 will amount to £20.1m.
London Stock Exchange Group saw revenue decline 9% to £154.9m in the third quarter compared to the same period the previous year. Market conditions are expected to remain testing in the current quarter.
Wm Morrison Supermarkets said the Group traded well through the Christmas period, continuing strong momentum already reported. In the 6 weeks to 3rd January total sales excluding fuel were up by 11.2%. Like-for-like sales grew by 6.5%. The Board’s expectations for the full year remain unchanged.
Petropavlovsk announced that the Group’s total attributable gold production for the full year ended 31st December 2009 increased by 21% compared to 2008 to 486,800oz, which is in the upper half of the Group 2009 original production target. In light of the excellent preliminary results the Board has declared an interim dividend of 7.0p. No final dividend will be paid but in future years the Board expects to pay both interim and final dividends.
SSL International remains confident of achieving its stated target of increasing earnings per share by 50% over three years to March 2012.
Wednesday 20th January
Yesterday the FTSE 350 Index closed up 0.3% at 2878.8.
JD Wetherspoon said that like-for-like sales increased by 1.2% in the first quarter of the year. The Company expects operating margins for the first half year ending 24th January 2010 to be in line with the same period last year, with the benefit from lower energy costs being off-set by a higher level of repairs expenditure.
BHP Billiton released a production report for the half year ended 31st December 2009. Production of petroleum and iron ore was at record levels while records were also set for nickel and zinc. The Company expects some degree of volatility in the short term outlook for commodities.
Kesa Electricals saw total Group revenue growth of 1.3% in the period 1st November 2009 to 8th January 2010.
William Hill expects total Group net revenue for the full year to have increased by approximately 4% compared with 2008 and earnings before interest and tax to be around £250m.
Soco International anticipates operating profit for 2009 to be broadly in line, on a basis pro-rata to production, with that achieved in 2008 on continuing operations. The Company also announced a proposed placing of up to 7m new shares which will give the Company financial flexibility to exploit fully its asset base whilst meeting all of its mid-term financial commitments.
Tuesday 19th January
Yesterday the FTSE 350 Index closed up 0.7% at 2870.8.
Pearson expects to report headline growth in adjusted earnings per share of around 10%, ahead of previous guidance and the current consensus of market expectations.
Burberry Group announced total sales of £380m in the third quarter, up 12% on an underlying basis. As a result the Board expects adjusted profit before tax for the financial year to be towards the upper end of market expectations.
SABMiller said that the financial performance of the Group in the third quarter was in line with expectations.
Land Securities Group announced a third interim dividend payment of 7.0p which will be paid entirely as a Property Income Distribution.
The Carphone Warehouse has increased its guidance for the full year following strong results for the third quarter. Headline EPS for March 2010 is now expected to be at the top end of the existing 14.0p to 15.0p range.
Kraft Foods has made a recommended final offer for Cadbury which the Board of Cadbury unanimously recommends Cadbury Securityholders to accept. Under the terms of the offer, Cadbury shareholders will be entitled to receive 500p in cash and 0.1874 new Kraft Foods shares. In addition, Cadbury shreholders will be entitled to receive 10p per Cadbury share by way of a Special Dividend following the date on which the Final Offer becomes or is declared unconditional.
Monday 18th January
On Friday the FTSE 350 Index closed down 0.7% at 2851.7, a fall of 1.4% over the week.
SDL expects revenue for the year ended 31st December 2009 to be in the range of £171m to £172m, slightly ahead of analyst consensus forecast. Profit before tax is also expected to be slightly ahead of forecasts at around £30m.
Taylor Wimpey said that market conditions in both the UK and North America during 2009 were better than those experienced during 2008, although they still remained challenging. The Group continued its focus on cash generation with net debt being reduced from £1,529m as at 31st December 2008 to around £750 as at 31st December 2009. The Board expects to report full year results in line with expectations.
Friday 15th January
Yesterday the FTSE 350 Index closed up 0.4% at 2872.4.
Balfour Beatty said that overall trading and the order book remain in line with the Interim Management Statement of 11th November 2009.
Spectris expects sales for the full year to match the prior year, including a contribution from acquisitions of 6% and beneficial effects from currency of 10%. Adjusted operating profit is expected to be in line with market expectations.
Experian delivered growth in line with expectations during the third quarter. For the year as a whole the Company remains on track to grow profits at constant currency and deliver strong free cash flow.
Man Group reported funds under management of $42.4b as at 31st December 2009 compared to $44.0b as at 30th September 2009. The Board believes that the Company remains well placed to grow assets.
QinetiQ said that conditions since the interim management statement have not improved and delays have been seen in orders from government customers both in the UK and US. The Board now believes that the normal trading pattern of a seasonally stronger second half performance will not occur in the current financial year. As a result, the Group’s performance in the second half is expected to be broadly similar to that of the first half.
Thursday 14th January
Yesterday the FTSE 350 Index closed down 0.4% at 2861.1.
Big Yellow Group saw occupancy levels fall in the traditionally weakest trading quarter as anticipated, although performance in the month of December was ahead of expectations. Current trading has led to increased optimism for 2010 although the Board still believe that it will remain a patchy year for the business.
Associated British Foods released an interim management statement for the 16 weeks to 2nd January 2010 in which it said Group revenue was up 17%. Overall trading is ahead of expectations.
Filtrona has traded in line with expectations since the interim management statement released on 23rd October 2009.
HMV Group saw total group sales increase 6.7% in the five weeks to 2nd January 2010, with like-for-like sales down 1.2%. The Board remains confident in the outlook for the Group for the current financial year.
Halfords Group said that operating profit in the quarter was ahead of management expectations reflecting the strong performances from higher margin product categories, margin enhancing initiatives and continued control of costs. As a consequence, earnings for the full year are expected to be towards the upper end of market expectations.
Mothercare reported an increase in total group sales of 4.6% in the third quarter ended 8th January 2010.
Misys announced an increase in adjusted operating profit of 11% for the six months ended 30th November 2009. Revenue was up 29% to £361m. As in the previous year, the Board is not recommending a dividend for this period. The board is comfortable with earnings expectations for the full year.
Home Retail Group expects Group benchmark profit before tax for this financial year to be about £20m ahead of the current market consensus of £265m.
Premier Foods anticipates trading profit of around £320m, an increase of approximately 3.5% on 2008 and net regular interest of around £155m. Adjusted profit before tax is expected to be around £165m.
DSG International said that underlying group sales were up 11% in sterling and like-for-like sales were up 8% for the 12 weeks ended 9th January 2010.
Premier Oil estimated average production for the full year 2009 was 44.2 kboepd in line with previous guidance. Group production in 2010 is expected to be at a similar level to that of 2009.
Barratt Developments expects completions for FY 2010 to be around 12,000 units with average selling prices increasing by around 8 to 10%.
Wednesday 13th January
Yesterday the FTSE 350 Index closed down 0.8% at 2873.9.
Greggs reported strong Christmas sales with total sales up 3.1% and like-for-like sales up 1.1%.
SIG said that sales in the year ended 31st December 2009 were in the range anticipated by management. Full year underlying profit before tax is not expected to be less than current analysts’ consensus expectations of £60m.
Ashmore Group saw assets under management increase 2% to $31.6b as at 31st December 2009. Trading conditions are in line with management expectations and the Group remains confident of its prospects for the current year.
N Brown Group is confident full year performance will be in line with expectations.
Tuesday 12th January
Yesterday the FTSE 350 Index closed up 0.1% at 2896.5.
Dunelm Group saw total sales growth of 26.0% in the first half of the financial year. The Board remains cautious in its expectations for trading in the second half.
Debenhams said that overall performance in the first 18 weeks of the year was in line with expectations.
The Weir Group reported that during the final quarter of the year the Group continued to perform well, with strong profitability and more robust input trends. As a result the Board now expects profit from continuing operations before tax, intangibles amortisations and exceptional items for the 53 weeks ending 1st January 2010 to increase to around £185m.
Moneysupermarket.com confirmed that the Group’s performance for 2009 was in line with that expected at the time of the Interim Management Statement and that it therefore expects adjusted EBITDA for 2009 of around £36m.
The Game Group released a trading statement for the 5 week Christmas period ended 9th January 2010. Total Group sales decreased by 12.1% while like-for-like sales were down 13.8%. Since Christmas, however, the Company has seen significant improvement. Group profit before non-recurring costs and tax for the full year is expected to be between £87m and £93m.
Tesco delivered record Christmas sales with Group sales up 7.5% in the six weeks to 9th January 2010. Preliminary results for 2009/10 will be released on 20th April 2010.
Monday 11th January
On Friday the FTSE 350 Index closed up 0.2% at 2893.4, a rise of 2.5% over the week.
Wolseley has agreed to dispose of 100% of its shareholding in Wolseley Ireland Holdings Ltd to WIBMH Ltd for a total consideration of e26.5m.
Friday 8th January
Yesterday the FTSE 350 Index closed unchanged at 2887.8.
The Restaurant Group expects to report full year results well ahead of the top end of the range of current market forecasts, with net debt significantly lower than at the end of the 2008 financial year.
Spriax-Sarco Engineering said that trading margin for the full year is expected to be broadly similar to the 17.1% achieved in 2008. Pre-tax profits for 2009 are therefore expected to be above the top end of the current range of analyst’s forecasts.
Michael Page International reported full year gross profit of £351.7m, a decrease of 36.4% against 2008. Performance in 2010 is expected to be significantly improved.
Rank Group announced 3% growth in Group revenues for the 52 weeks to 27th December 2009. This performance was due in large to the expansion of the casinos business as well as the effect of tax changes contained in the Budget 2009. As a result of the Group’s resilient trading performance Group adjusted earnings per share for 2009 will be significantly higher than in 2008 and will be above the upper end of analysts’ forecasts.
Mitchells & Butlers said that trading in the new financial year has remained strong, driven by sales growth across many main brands with same outlet like-for-like sales growth of 3.4% in the 6 weeks to 2nd January 2010.
Aberdeen Asset Management has entered into a definitive agreement with The Royal Bank of Scotland to acquire certain fund management assets and contracts and a long-term distribution agreement for certain products. The purchase consideration will be satisfied by a cash payment of £84.7m. To re-finance the cash consideration plus associated costs and regulatory capital for the Acquisition, Aberdeen today also announces a non pre-emptive placing of approximately 84 million new ordinary shares of 10p, which represents 8.3% of the current issued ordinary share capital. The Company also issued an Interim Management Statement in which it said assets under management were 1.4% lower than at 30th September 2009 at £144.1b.
Thursday 7th January
Yesterday the FTSE 350 Index closed up 0.2% at 2887.8.
Pace is on target to meet management expectations for the twelve months ended 31st December 2009.
Rathbone Brothers said that total funds under management as at 31st December 2009 were £13.10b, up 25% compared with £10.46b as at 31st December 2008. It is the board’s intention to recommend the payment of a second interim dividend to be paid in March 2010, in place of a final dividend in May 2010.
Wellstream Holdings reported that the Company has maintained its good performance, delivering revenues ahead of last year and earnings broadly in line with expectations, despite difficult trading conditions.
Sainsbury (J) released a trading statement in which it reported record Christmas performance which completed a strong third quarter. Total sales for the quarter were up 6.2%, with like-for-like sales up 3.8%, while weekly transactions were up one million year-on-year. The Company is well placed to make continued good progress in 2010.
Davis Service Group has made two acquisitions for a combined cash consideration of £44.5m.
Wednesday 6th January
Yesterday the FTSE 350 Index closed up 0.4% at 2883.2.
Domino’s Pizza said that system sales for the fourth quarter were up 15.6% to £112.4m. During the year, a total of £18.0m was returned to shareholders via share buybacks. Full year 2009 profits are expected to be comfortably ahead of expectations.
Marks and Spencer Group released an interim management statement for the 13 weeks to 26th December 2009 in which it reported total group sales were up 2.6%. Trading over the coming year is expected to remain challenging as a result of continuing economic uncertainty.
Tuesday 5th January
Yesterday the FTSE 350 Index closed up 1.7% at 2871.3.
Next reported that total retail sales for the 22 weeks to Christmas Eve were up 4.6%. As a result the full year forecast profit before tax has been upgraded to between £490m and £500m.
Kraft Foods announced today that it is to include a partial cash alternative as part of its offer for Cadbury. Following the definitive agreement to sell the assets of its North American pizza business to Nestle for a total consideration of $3.7b, it will use an amount equivalent to the full net proceeds from the sale (less taxes and deleveraging) to fund a partial cash alternative as part of its offer for Cadbury. Nestle also announced that it does not intend to make, or participate in, a formal offer for Cadbury.
Monday 4th January 2010
The FTSE 350 index closed at 2823.73 on New Years Eve for a gain of 4.3% on the month and a gain of 24.5% over the year.
Thursday 31st December
Yesterday the the FTSE 350 Index closed at 2816.84,a fall of 0.7%.
Wednesday 30th December
Yesterday the FTSE 350 Index closed at 2835.47, a gain of 0.7%.
British Land has acquired SEGRO's 50% interest in a JV with Tesco.
Tuesday 29th December
The FTSE 350 Index closed at 2815.48 on Christmas Eve, a gain of 15 points in the half day of trading.
Vodafone has agreed to acquire Borusan Telekon of Turkey for $18m.
Thursday 24th December
Yesterday the FTSE 350 Index closed at 2801.05, a gain of 0.8%.
Balfour Beatty has bought Strata Construction for £10.3m.
Carlyle Group has confirmed it is evaluating a possible cash offer for Shanks.
Fresnillo, through its Penmont venture with Newmont, has offered to acquire Canplats Resources for $240m.
Wednesday 23rd December
Yesterday the FTSE 350 Index closed up 0.6% at 2779.3.
Rio Tinto has accepted the offer by Amcor for the sale of Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia Divisions, following completion of the required Works Councils consultations. The total consideration is $2.025b.
Tuesday 22nd December
Yesterday the FTSE 350 Index closed up 1.7% at 2761.6.
VPhase said that the Group’s tight financial control has resulted in the expected loss for the year being approximately £300,000 lower than expectations. The Board is confident that the Group will achieve increasing sales as it enters into 2010.
888 Holdings has announced the acquisition of Wink Bingo Online. The Company also said that trading remains strong and is in line with management’s expectations.
The OFT has decided, following the judgement of the Supreme Court that found that unarranged overdraft charging terms are not assessable in full under the Unfair Terms in Consumer Contract Regulations 1999, that it will not take forward any such investigation.
Monday 21st December
On Friday the FTSE 350 Index closed down 0.4% at 2713.3, a fall of 1.1% over the week.
London Stock Exchange Group and Turquoise Trading Limited announced their agreement to create a new pan-European trading venture through a merger of the businesses of Turquoise and Baikal Global Limited.
Hunting anticipates a trading performance for 2009 towards the high end of market expectations despite recessionary global markets, volatile commodity prices and depressed drilling activity, primarily in natural gas.
National Express Group said that trading has continued in line with the trends reported in the third quarter Interim Management Statement on 22nd October 2009, with full year profit expected to be consistent with the previous outlook.
Hammerson and Canada Pension Plan Investment Board announced today that they have entered into a 50:50 joint venture which has acquired Retail Property Holdings’ Ltd, whose main asset in the freehold interest in the Silverburn prime region shopping centre near Glasgow, for a total cost of £297m.
Friday 18th December
Yesterday the FTSE 350 Index closed down 1.8% at 2725.0.
Forth Ports said that trading overall within the ports in Scotland and Tilbury has been broadly in line with expectations. Results for 2009 are expected to be within the current range of expectations, although at the lower end principally due to trading in TCS and Nordic. The Company has separately announced that it has acquired the remaining 50% equity interest in Ocean Terminal Limited from its joint venture partner for a cash consideration of £2m.
PartyGaming expects revenue for the year to 31st December to be in-line with expectations while Clean EBITDA is expected to be slightly ahead of the Board’s expectations.
Aggreko experienced better than anticipated trading in the fourth quarter, driven by strong performance in International Power Projects. Therefore, Group revenue for the year is expected to be slightly over £1b, and operating profit will be around £260m.
Thursday 17th December
Yesterday the FTSE 350 Index closed up 0.7% at 2775.2.
Travis Perkins said that Group turnover for the eleven months to the end of November 2009 was down 8.5% compared to the equivalent period in 2008. Earnings for the full year are expected to be at the upper end of market expectations.
Inchcape said performance remains strong despite challenging market conditions and the Group is expected to close 2009 slightly ahead of expectations.
McBride expects first half revenues to be ahead of last year, driven by continuing growth in the France and Italy household markets, and in personal care, as well as a favourable currency translation impact.
Morgan Sindall remains on track to achieve its expectations for the current year, despite the challenging market conditions in which it is operating.
Savills anticipates that thanks to a combination of cost saving factors, continued strength in the transaction markets of the Asia Pacific region and higher than expected levels of transaction in the UK market underlying performance for 2009 is to be significantly ahead of previous expectations.
JJB Sports reported that Group revenue for the period to 13th December 2009 was 52% lower than for the same period the previous year. On a like-for-like basis the total revenue was 29% lower. The Company expects trading within the current environment to remain difficult.
Wednesday 16th December
Yesterday the FTSE 350 Index closed down 0.5% at 2755.2.
Kesa Electricals said that Group revenue increased by 7.6% to £2,347.2m in the six months ended 31st October 2009. The Company reported a profit before tax of £6.0m compared to a loss of £103.8m for the same period the previous year. The Board has declared an unchanged interim dividend of 1.75p.
Drax Group anticipates that full year EBITDA for 2009 will be modestly ahead of current market consensus.
Punch Taverns said that trading into this financial year has remained difficult, and the challenging economic environment and its smaller pub estate will affect profitability in the short term.
Xchanging expects results for the year ending 31st December 2009 to be in line with market expectations.
Tuesday 15th December
Yesterday the FTSE 350 Index closed at 2769.21, a gain of 0.9%.
Renovo reported a loss of £17m for the year to end September. The Company has £65.3m in cash and investments as at 30th September 2009 which provides it with a firm financial foundation on which to develop its pipeline.
Go-Ahead Group released a pre-close trading update in which it said it remains on track to report a profit before tax and exceptional items for the first half of the year in line with expectations.
Connaught has made a strong start to the year with trading in line with management expectations.
The Rank Group has noted the decision from the VAT and Duties Tribunal regarding the Group's claim for VAT overpaid on certain types of amusement machines between 2002 and 2005. As a consequence of this ruling, Rank will request payment of £25.9m of overpaid VAT.
Carpetright announced a 100% increase in the interim dividend to 8.0p on the back of a strong first half recovery, underlining the Board's confidence in the future prospects of the Company. Group revenue was up 9.0% to £258m while net debt has been reduced by £23.7m to £73.4m in the period. Overall the Company reported a profit before tax of £11.0m, an increase of 15.8%.
National Express Group has received valid acceptances in respect of approximately 90.47% of the new shares offered pursuant to the 7 for 3 rights issue announced on 11th November.
Monday 14th December
On Friday the FTSE 350 Index closed up 0.3% at 2743.2, a fall of 1.3% over the week.
Bunzl said that overall trading is consistent with the recent interim statement and is in line with full year expectations.
Whitbread has been encouraged by its trading results for the third quarter, with total sales up 6.7%. The positive momentum in sales and rigorous cost control leads the Company to expect the results for 2009/10 will somewhat exceed the top end of market estimates.
Lloyds Banking Group has announced strong support for the rights issue with valid acceptances in respect of 95.314% of the new shares offered.
British Airways and the trustees of the Airways Pension Scheme and the New Airways Pension Scheme have reached provisional agreement on the actuarial basis to calculate the deficits in each pension scheme as at 31st March 2009. On the basis of this agreement, the deficit in each scheme would be £1.0b and £2.7b respectively.
Mouchel Group has confirmed that is has been in receipt of two unsolicited approaches from VT Group to acquire the entire issued and to be issued share capital of the Company. The Board believes these approaches to be wholly inadequate and at a level which substantially undervalues the Company. The Board has discussed these approaches with its advisors and has unanimously rejected them. The Board understands that VT Group remains interested in pursuing a transaction.
Friday 11th December
Yesterday the FTSE 350 Index closed up 0.7% at 2733.7.
Carillion released a pre-close trading update on trading in the 12 months to 31st December 2009. It said that operating performance was strong despite challenging market conditions, with underlying earnings per share expected to grow by at least 10%.
Mouchel Group remains on track to deliver performance in line with the Board’s expectations for the year ending 31st July 2010.
HMV Group reported total sales up 5.6% to £797.0m in the 26 weeks ended 24th October 2009. Like-for-like sales were down 2.1%. Overall the Company reported a loss after tax of £17.8m compared to a loss of £19.8m for the same period the previous year. The interim dividend has been maintained at 1.8p.
Thursday 10th December
Yesterday the FTSE 350 Index closed at 2713.71, a fall of 0.5%.
Kazakhmys has increases the size of the stake it is selling in Ekibastuz power plant from 25% to 50%. As a consequence the consideration will rise from $339m to $681m.
eaga reported that trading conditions are unchanged from those stated in its release in mid October.
DS Smith declared an interim dividend of 1.5p, down from 2.6p on attributable profit of £24.4m, up from £17.3m. Despite uncertain trading conditions the group now expects to exceed earlier expectations for the full year.
Sports Direct International has not declared an interim dividend after reporting PBT of £57.8m, down from £97.7m last year. The company expects to report underlying EBITDA of at least £155m for the full year.
Premier Farnell reported PBT for the third quarter of £11.1m, down from £17.7m.
Wednesday 9th December
Yesterday the FTSE 350 Index closed at 2726.61, a fall of 1.6%.
BHP Billiton has sold its Ravensthorpe Nickel Operation to First Quantum for $340m.
PZ Cussons confirmed that results for its first half have been in line with expectations and ahead of last year.
IG Group expects to report revenue of £143m for the six months to end November, up from £127m, and adjusted PBT of £77m against £58m last year.
Stagecoach increased its interim dividend by 11.1% to 2p after declaring net profits of £60.6m, down from £69.4m. It says the group is well placed for recovery.
Micro Focus increased its interim dividend by 24% to 5.6 cents after declaring statutory PBT of $39m, down from $44m last year.
Impax Asset Management is proposing to increase its dividend to 0.4p a share from 0.35p after reporting attributable profit of £2.47m, down from £3.51m.
Standard Chartered says it is tracking towards a strong performance in 2009.
Tenon Group is to acquire RSM Bentley Jennison for £76.3m funded by placing 88m shares at 45p to raise £40m and the issue of 48m shares to the vendors.
Tuesday 8th December
Yesterday the FTSE 350 Index closed down 0.2% at 2772.0.
Game Group said that in the 44 weeks to 5th December 2009, total Group sales were down by 10.8% while like-for-like sales were down by 15.1%. The Board believes the Group is well positioned to deliver a solid outturn for the year.
Victrex released results for the year ended 30th September 2009 in which it reported a fall in Group revenue of 26% to £103.8m. Overall the Company has seen a reduction in demand across all major industrial markets although recovery commenced in the second half. The full year dividend has been increased by 5% to 19.2p.
Northgate announced interim results in which it said Group revenue was down £16.2m to £375.9m. Underlying profit before tax was down slightly from £26.5m to £22.0m. As the Company is in the early stages of recovery the Board has decided not to declare an interim dividend.
Tesco saw Group sales increase by 8.8% excluding petrol in the thirteen weeks ended 28th November 2009. Operationally the business is performing in line with expectations and the outlook for the year as a whole remains unchanged.
Monday 7th December
On Friday the FTSE 350 Index closed up 5 points at 2778.17, a rise of 1.5% over the week.
Carillion has sold equity in two Public Private Partnership projects for £86.9m and expects to move to a net cash position by the year end.
Shanks Group has announced that it has received a highly preliminary and unsolicited approach from a private equity group regarding a potential cash offer of 135p per Shanks share. After careful consideration and supportive discussions with Shanks' two largest shareholders, the Board believes that a cash offer of 150p or more would deliver an appropriate value to shareholders. A further announcement will be made when appropriate.
OFGEM has set tough investment-led price controls on regional electricity networks that will govern the revenue of the 14 Distribution Network operators for five years from April 2010. With an average increase in electricity bills of £4.30 a year, households will get better customer service, improved reliability and a greener electricity supply.
Friday 4th December
Yesterday the FTSE 350 Index closed down 0.2% at 2773.1.
SThree said that performance for the year ended 29th November 2009 was solid despite highly challenging market conditions. Full year results are expected to be in line with expectations.
The Berkeley Group Holdings released interim results in which it reported a reduction in pre-tax profit of 34.7% to £52.0m for the period. The principle reason for this reduction was a fall in Group revenue from £452.6m to £290.1m. Overall there was a £59.9m increase in net cash during the period.
Thursday 3rd December
Yesterday the FTSE 350 Index closed up 0.3% at 2779.5.
Halma released results for the half year ended 3rd October 2009 in which it reported that revenue held steady at £222.1m. Pre-tax profit was down by 2% to £38.1m. On the back of very strong cash generation the Board has decided to increase the interim dividend by 5% to 3.31p.
Midas Capital has announced that it is in advanced negotiations regarding the disposal of iimia Wealth Management to Jardine Lloyd Thompson Group.
Marston’s have announced a rebased dividend of 3.7p in preliminary results for the period ended 3rd October 2009 on the back of the completed £165.6m rights issue.
Kingfisher said that total reported sales were up 5.6% in the 13 weeks ended 31st October 2009 while reported retail profit was up 28%.
Wednesday 2nd December
Yesterday the FTSE 350 Index closed up 2.3% at 2771.3.
Sage Group released preliminary results for the year ended 30th September 2009 in which it reported an increase in revenue of 11% to £1,439.3m. The proposed total dividend has been increased by 3% to 7.43p reflecting the strength of cash flows and robust business performance.
Brewin Dolphin Holdings saw total income increase slightly to £212.3m for the year ended 27th September 2009 although profit before tax was down £10m to £21.9m. The total dividend for the year has been maintained at 3.55p.
Tuesday 1st December
Yesterday the FTSE 350 Index closed down 1.1% at 2707.6.
Shaftesbury reported a reduction in net asset value per share of 41p to £3.35 for the year ended 30th September 2009. A final dividend of 4.75p has been declared, reduced from 6.0p the previous year reflecting the increased number of shares in issue following the rights issue.
A.G. Barr said that revenue for the quarter ended 31st October 2009 increased by 21.4% compared to the same period the previous year with like-for-like sales increased by 10.8%. Overall, current trading remains in line with expectations.
Green King released interim results for the 24 weeks ended 18th October in which it announced an increase in revenue of 4.3% to £464.5m. Profit before tax was up by 2.8% to £62.4m. The dividend has been maintained at 5.9p.
TUI Travel delivered strong performance despite significant economic headwinds with underlying operating profits up 11% to £443m in the year ended 30th September 2009. A final dividend of 7.7p has been declared, resulting in a 10% increase in the full year dividend to 10.7p.