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.
Friday 30th July
Yesterday the FTSE 350 Index closed unchanged at 2806.2.
Homeserve said that it continues to make good progress in the first four months of the year, with increasing policy numbers and retention rates remaining high across all divisions.
Foreign & Colonial Investment Trust reported a 3.4% decrease in net asset value per share, which was down to 294.4p in the six months ended 30th June 2010. The interim dividend has been maintained at 3.0p.
Dignity saw a slight rise in revenue in the half year to 30th June 2010, up 5.5% to £100.9m. Profit before tax was up by the same percentage to £24.0m. The interim dividend has been increased 10% to 4.43p.
British Airways announced an operating loss of £72m in the three months to 30th June 2010. The overall loss before tax for the period was £164m. The impact of all disruptions was in line with previous estimates at £250m.
Rentokil Initial released interim results for the six months ended 30th June 2010. Revenue for the period was maintained at around £624.5m while profit before tax was up by around one third to £46.1m. As previously announced the Board will not declare an interim dividend to focus on reducing debt levels but will resume dividend payments when conditions allow.
Jardine Lloyd Thompson has increased the interim dividend by 0.3p to 8.8p on the back of good interim results released today.
Anglo American has reinstated its dividend after announcing an operating profit of $4.4b for the six months ended 30th June 2010. The interim dividend has been set at $0.25 per share. The Company intends to follow a progressive dividend policy which seeks to maintain or steadily increase dividends in dollar terms, taking into account earnings potential, investment needs and resultant cash flows of the Group.
Investec said that performance in the first period of the year was satisfactory.
Thursday 29th July
Yesterday the FTSE 350 Index closed down 0.9% at 2806.8.
BSS Group has had a strong start to the year with all three divisions showing encouraging like-for-like growth in revenue and, as anticipated, improving gross trend margins.
A. G. Barr expects the full year trading performance to be ahead of management’s expectations.
Halma said that trading since the start of the financial year has been strong and in line with expectations.
The Rank Group saw revenue increase £15.1m to £281.1m in the six months to 30th June 2010. EBITDA was around the same level as the previous year at £43.1m. The board has reinstated the interim dividend which has been set at 0.74p.
RPS Group released results for the first half year ended 30th June 2010 which saw a continuation in trends from the second half of 2009 and are in line with expectations. The Group’s financial position remains strong and the interim dividend has been increased by 15% to 2.31p.
BAE Systems reported an increase in sales of around £900m to £10,643m for the six months ended 30th June 2010. Operating profit increased by over 70% to £866m. The interim dividend has been increased from 6.4p to 7.0p.
Northumbrian Water Group confirmed that trading has been in line with expectations for the first quarter of the year.
Travis Perkins announced a 5% increase in revenue in the first half of the year to £1,522m. Adjusted profit before tax was up 24% to £112m. The dividend payments have resumed with a 5.0p interim dividend payout.
National Express Group reported a strong first half performance with improved operating margins in the UK, North America and Spain. Although overall revenue was down 26%, profit before tax was up by one third to £75.7m. The Board expects to recommence dividend payments at the year end.
Inchcape said that given the trading performance in the first half and the strong financial position of the Group, the Board intends to recommend a final dividend for the current year.
BT Group reported a slight reduction in revenue of 4% to £5,006m in the first quarter of the year. Despite this adjusted profit before tax increased 17% to £446m. The full year outlook remains unchanged.
Reed Elsevier has declared an unchanged interim dividend of 5.4p on the back of interim results for the first half of 2010.
British Sky Broadcasting announced an increase in revenue of 11% to £5,912m in the results for the 12 months ended 30th June 2010, with strong customer demand driving performance. Reported operating profit is up 35% to £1,096m. The full year dividend has been increased by 10% to 19.4p.
AstraZeneca has recommended a first interim dividend of 70 cents which reflects the Board’s intent to rebalance over time the first and second interim dividends, with the aim of setting the first interim dividend at around a third of the prior year dividend, which last year was $2.30. To date the Company has completed net share repurchases of $516m towards its initial target of $1b and has now determined that a total of $2b net share repurchases will be completed in 2010.
QinetiQ Group said that defence markets in both the UK and the US remain challenging as Governments seek to reduce costs and focus on direct operational requirements. The Board believes that in the current financial year, the performance of the services business is likely to remain steady overall compared to last year. The Global Products business is likely to benefit from strong results in the US which will be offset by delays and curtailments in the UK products business caused by uncertainty in the defence sector. Overall, the Board believes it will meet expectations for the current year.
Wednesday 28th July
Yesterday the FTSE 350 Index closed up 0.2% at 2831.1.
Renishaw released results for the year ended 30th June 2010 in which it reported an increase in revenue of 6% to £181.6m. Profit before tax more than quadrupled to £28.1m. The dividend has been increased from 7.76p to 17.6p.
St James’s Place reported a net inflow of funds management of £1.5b in the half year to 30th June 2010. Funds under management now stand at £22.4b.
Yell Group said that revenue was in line with guidance in the first quarter of the year, down 7.5% to £439.6m.
Sage Group said current trading is in line with expectations.
Brewin Dolphin Holdings announced income for the third quarter to 27th June 2010 was 19.5% higher than the same period the previous year at £61.5m. Funds under management are 10.2% higher than the previous year at £13.0b.
Derwent London has exchanged contracts for the acquisition of Central Cross and 1-2 Stephen Street for £146m before costs.
Synergy Health said trading has been in line with the Board’s expectations for the first quarter and the Company remains on track to achieve the Board’s expectations for the full year.
Bodycote saw revenue increase 8.1% to £246.3m in the six months ended 30th June 2010. The Company also reported an operating profit of £22.0m for the period compared to a loss of £50.8m the previous year. The interim dividend has been maintained at 2.95p and the payment date has been brought forward to November from January.
Rathbones announced an 11% growth in profits for the first half, benefiting from good growth in funds under management, stronger equity markets and commission levels. Total funds under management were £13.29b as at 30th June, up 1.5% since 31st December 2009. The interim dividend has been maintained at 16.0p.
easyJet said that total revenue was up 5.3% to £759.2m in the quarter ended 30th June 2010. The Company expects to make a pre-tax profit for the year of between £100m and £150m at current exchange rates and fuel prices.
Invensys continues to expect to deliver improved performance in the current year after announcing first quarter results.
Carphone Warehouse reported a good start to the year with like-for-like revenue up 3.7% in the first quarter. The Company has re-iterated its guidance for the full year.
Rexam has reinstated an interim dividend of 4.0p after reporting first half results. Sales were down slightly in period although profit before tax was up over £60m to £198m. Results in the second half are expected to be similar to those in the first.
Compass Group expects organic revenue growth to be over 2.5% for the full year.
BG Group has announced an increase in the interim dividend of 7% to 9.82 cents after reporting good half year results.
British American Tobacco saw revenue increase 8% in the half year to 30th June 2010 to £7,298m. Profit was up by the same amount to £2,271m. The interim dividend has been increased by 19% to 33.2p.
Morgan Crucible announced a slight increase in revenue to £501.1m in the six months ended 4th July 2010 while underlying profit before tax increased by 53.4% to £35.9m. The interim dividend has been increased by 8% to 2.7p.
Tuesday 27th July
Yesterday the FTSE 350 Index closed up 0.7% at 2825.6.
BP announced that it has taken a pre-tax charge of $32.2b for the Gulf of Mexico oil spill, including the $20b escrow compensation fund. In the second quarter the Company reported a replacement cost loss of $17b. After adjusting for all non-operating items and fair value accounting effects, second-quarter underlying replacement cost profit was $5b compared to $2.9b in the second quarter of 2009. The Company also plans to sell assets for up to $30b over the next 18 months, primarily in the upstream business, and selected on the basis that they are worth more to other companies to BP. It plans to take a prudent approach to managing the balance sheet and aims to reduce net debt to a range of $10-15b within the next 18 months, compared to a net debt of $23b at the end of June. As previously announced no second or third interim dividend will be paid and dividends thereafter will be decided at the time of the final results.
Provident Financial reported pre-tax profit of £54.0m for the first half of the year, up 1.7% on the same period the previous year. The interim dividend is unchanged 25.4p.
Halfords Group saw Group revenue increase by 9.6% year-on-year, reflecting the acquisition of Nationwide Autocentres in February 2010. Group revenue declined 1.9% on a like-for-like basis.
PZ Cussons released preliminary results for the year ended 31st May 2010 in which it reported a slight decline in revenue of 1.3% to £771.6m. Profit before tax was up 20.6% to £101.8m as a result of improved margins. The total dividend for the year has been increased 12.0% to 5.9p.
Croda International saw pre-tax profit double to £94.3m on strong Group performance in the six months to 30th June 2010. As a result the Board has decided to increase the interim dividend by 50% to 9.75p.
ARM Holdings announced an increase in revenue of 54% to £100m in the second quarter of 2010. Profit before tax was up 167% to £43.5m. The interim dividend has been increased by 20% to 1.16p.
Xstrata said that production volumes had increased in the first half of 2010 for ferrochrome, PGMs, Australian coking and semi-soft coal, refined nickel, zinc in concentrate and lead in concentrate.
Misys reported adjusted operating profit of £148m for the year ended 31st May 2010, an increase of 26% on the previous year. The Company is also in the process of disposing of its majority stake in Allscripts which is expected to generate approximately $1b of proceeds for return to shareholders.
Tomkins has recommended a takeover approach from Pinafore Acquisitions Limited for the entire issued and to be issued share capital of Tomkins. Under the terms of the acquisition, Tomkins shareholders will receive 325p in cash for each Tomkins share which values the Company at approximately £2.89b.
Monday 26th July
On Friday the FTSE 350 Index closed up 0.1% at 2806.4, a rise of 3.0% over the week.
Aberdeen Asset Management said that it won £11.2b worth of new business in the third quarter of the year bringing its total assets under management to £164.7b as at 30th June 2010.
Pearson upgraded the outlook for the full-year after it reported strong growth in all its businesses in interim results released today. The interim dividend has been increased by 7% to 13.0p.
William Hill has announced that it is to establish a new Telephone betting operation based in Gibraltar. At the same time, the Group’s Telephone betting subsidiary, William Hill Credit Limited, will close its operation in the UK.
National Grid said the outlook for the full year remains positive and in line with expectations.
Connaught has identified an urgent requirement for additional funds to meet current and ongoing needs of the business, in part caused by additional pressure from suppliers and sub-contractors. The Group has also advised that net debt will be significantly ahead of the previously advised level of £120m at its year end and that it will breach its banking covenants. It has therefore entered into negotiations with its lenders to secure additional funding and these discussions have been constructive. Concurrently, the Group is undertaking a review of its current trading performance and the implications this may have on its full year financial performance.
Pace reported an increase in revenue of 21% to £635.2m in the six months ended 30th June 2010. Profit before tax was up 46% to £45.4m. The interim dividend has been increased by 45% to 0.725p. The Company also announced the proposed acquisition of 2Wire Inc. for a cash consideration of $475m.
Friday 23rd July
Yesterday the FTSE 350 Index closed up 1.8% at 2803.5.
Close Brothers Group has continued to benefit from favourable market conditions and has performed well over the period. The Group remains confident that it will deliver a solid overall performance for the 2010 full financial year.
Britvic reported revenue of £289.5m in the third quarter of the year, which represents an increase of 16.2% on the previous year. The Board remains confident of meeting current market expectations for the full 2010 financial year.
Vodafone confirmed the previous outlook for the full year in an interim management statement released today. Overall revenue was up 4.8% to £11,262m, with particularly strong performance from Africa and Central Europe. The Company said that the sustained free-cash-flow generation of £1.8b supports capital investment and the 7% p.a. dividend growth policy.
Beazley reported profit before tax of $115.5m for the six months ended 30th June 2010 which included an exceptional foreign exchange gain of $33.7m. This compared with a profit before tax of $30.1m for the same period the previous year. The interim dividend has been increased by 0.1p to 2.4p.
Thursday 22nd July
Yesterday the FTSE 350 Index closed up 1.5% at 2752.3.
Shanks Group said that trading for the period was in line with expectations.
Scottish & Southern Energy remains on course to deliver its dividend growth targets in the years ahead and, specifically, to deliver a dividend increase of at least 2% more than RPI inflation in respect of 2010/11.
Great Portland Estates saw its portfolio increase in value by 4.6% since 31st March 2010. NAV was up 4.2% in the quarter to 295p.
Mitchells & Butlers reported an increase in like-for-like sales in the first 42 weeks of the financial year of 1.6% with total sales up 2.1%. The retail operating margin continues to improve with third quarter margins being slightly ahead of the same period last year.
Lonmin announced that year-to-date underground tonnage is up on the comparable prior year period whilst metal in concentrate is at the same level as last year. The Company continues to expect to meet its sales target of 700,000 Platinum ounces for the full year.
Colt Group saw continued improvement in EBITDA margins in the six months to 30th June 2010. Revenue for the period was down by 2.8% to e794.2m while profit before tax and exceptional was down over 25% to e34.4m.
Kingfisher reported an increase in total sales of 0.3% for the 10 weeks to 10th July, down 0.8% on a like-for-like basis. As a result expectations for first half cash and profit outturn remain on track.
Sports Direct International released preliminary results for the year ended 25th April 2010 in which it reported an increase in Group revenue of 6.2% to £1,452m. Reported profit before tax was up 1,016.8% to £119.5m. No final dividend has been declared.
Autonomy Corporation announced record six-month results which were in-line with analyst expectations. Revenue was up 28% and net profit was up over 30%. The Company remains confident in will deliver strong growth for the full year.
Petropavlovsk has won an auction for gold exploration and mining rights in the Amur region. As previously announced, because of planned works, the production for the first half of 2010 was lower than for the same period in 2009. The total 2010 annual production is likely to be at the lower end of the previously announced 670,000-760,000oz range.
Imperial Tobacco confirmed that the overall financial performance and position of the Group for the financial year to 30th September 2010 remains in line with the Board’s expectations.
Wednesday 21st July
Yesterday the FTSE 350 Index closed down 0.2% at 2712.2.
GlaxoSmithKline reported an increase in first half sales of 7%, 1% excluding pandemic products. There are ongoing efforts to resolve long-standing legal cases with a pre-announced second quarter legal charge of £1.57b. The second quarter dividend has been increased by 7% to 15.0p.
BHP Billiton delivered its production report for the year ended 30th June 2010. Petroleum delivered its third consecutive annual production record following the successful delivery of a series of growth projects in the Gulf of Mexico and Australia. Western Australia Iron Ore achieved its tenth consecutive annual production record. The Company continues to be cautious on the short term outlook for the global economy.
BP has entered into several agreements to sell upstream assets in the United States, Canada and Egypt to Apache Corporation. The deals are worth a total of $7b with the proceeds being used to increase the cash available to the Group.
Helical Bar said that since the preliminary announcement on the 3rd June 2010, there has been no further evidence to support its view that the previous strong recovery in property values is stalling.
Johnson Matthey has made a good start to the financial year with the first quarter benefiting from a continuation of the positive trends seen in its major markets during the second half of 2010. In the 3 months to 30th June 2010 the Group’s sales, excluding precious metals, were 32% ahead of the same period last year and slightly up on those in the fourth quarter of 2009/10. Underlying profit before tax was 47% ahead of the first quarter of last year and in line with that in the previous three months.
British Airways, American Airlines and Iberia have received the regulatory green light to operate a joint business on transatlantic flights.
Reckitt Benckiser Group has made a recommended cash offer of 1163p per share for SSL International.
Hochschild Mining saw a 12% quarter-on-quarter increase in production to 6.8 million attributable silver equivalent ounces.
Tuesday 20th July
Yesterday the FTSE 350 Index closed down 0.2% at 2717.5.
Cable & Wireless Worldwide said that it performed in line with expectations in the first quarter of the year. However, following the new Government’s emergency budget in late June, non-contracted spending in the UK public sector has slowed very significantly which will adversely impact trading in the current year.
Enterprise Inns has seen an improvement in trading and as a result expects to report result for the full year in line with expectations.
Dairy Crest Group has started the year well and trading in the first quarter has been in line with expectations.
William Hill said that despite the fact that it was its worst ever Royal Ascot, with a loss on the meeting, the World Cup proved to be one of the best for bookmakers in 40 years. Overall, performance in the period has been good, with a particularly strong contribution from William Hill Online.
IG Group Holdings released preliminary results for the year ended 31st May 2010 in which it reported an increase in revenue of 16% to £298.6m. Adjusted profit before tax was up 25% to £157.6m. The total dividend for the year has been increased by 23.3% to 18.5p.
Monday 19th July
On Friday the FTSE 350 Index closed at 2724.14, a fall of 1% on the day but a gain of 0.5% on the week.
Unilever has sold its Italian Frozen Foods business for e805m.
International Power has announced that it is in preliminary discussions with GDF Suez about a possible combination of certain power assets in the UK and Turkey.
Tomkins confirmed that it has received an approach about a possible bid for the company. It also reported that while its performance continued to improve in the first half of 2010 it is expecting a negative impact on its business in the second half from global macroeconomic factors. For that reason it expects sales and margins in the second half will be lower.
SThree announced an unchanged interim dividend of 4p on profits before tax up 170% to £7.3m. It reported a strong start to the second half.
Friday 16th July
Yesterday the FTSE 350 Index closed down 0.8% at 2751.
Spectris expects sales for the first six months of 2010 to be 8% higher than the comparable period last year. On a reported basis, revenue will increase by approximately 9%, including a contribution from acquisitions of 1%. As a result, results for the full year are expected to be ahead of the Board’s earlier expectations.
Bluebay Asset Management saw funds under management fall 7.2% to $34.3b since the 31st March 2010.
Chloride Group released an interim management statement for the period from 1st April 2010 to date in which it said trading for the period has been satisfactory.
Thursday 15th July
Yesterday the FTSE 350 Index closed down 0.3% at 2771.9.
Electrocomponents said that trading since the end of May has continued to improve further, with Group revenue in the first quarter growing by over 24% year-on-year. The Board remains confident of making continued progress in the year.
Smiths News said that it continues to trade in line with expectations.
Experian delivered good growth during the first quarter of the year, with improved performance across all geographies. At constant exchange rates, total revenue growth was 7%.
SDL is acquiring Language Weaver for a consideration of $42.5m in cash.
Tullow Oil said that it continues to make good progress towards its 75,000 boepd production target for 2012. The Company will release its interim management statement at the end of August.
NTT has made a recommended cash offer of 120p per share for Dimension Data Holdings.
Wednesday 14th July
Yesterday the FTSE 350 Index clsoed up 1.9% at 2781.5.
Barratt Developments announced that it expects to report an operating profit of at least £85m for the year to end June which is ahead of expectations.
Fresnillo announced record silver production of 9.6 million ounces in its second quarter, up 0.3% on last year. Gold production rose 33.9% to 91,254 ounces. It said it is on track to meet its production target of 38 million ounces of silver for 2010.
London Stock Exchange Group reported total income up 2% of £166m for the quarter to end June.
MITIE Group announced a positive start to the year and has not experienced any material changes in its public sector markets.
Ashmore announced a 7% rise in assets under management to $35.3 billion in the three months to end June.
J D Wetherspoon announced that sales increased by 4.4% for the first 50 weeks of its current financial year and says it expects a resilient performance in its next financial year.
ICAP announced that group revenue rose by 8% in the quarter to end June and profits rose by 5%. It reported that current profit forecasts for the company appear reasonable if the existing mixed business pattern continues for the rest of the year, although June saw reduced revenues in all asset classes except commodities and emerging markets.
Rio Tinto reported that 2010 is shaping up well and most operations are at capacity. Markets are strong and the overall long term outlook is positive, although there has been some weakening of sentiment in recent weeks. Second quarter iron ore production was 2% down while mined copper and gold were down 19 and 34% respectively.
Tuesday 13th July
BP has installed a three ram capping stack on the MC252 well and will commence testing it.
BTG announced that trading since 1st April has been in line with expectations.
Burberry Group reported a 30% increase in revenue for the second quarter.
Dunelm reported an 18.2% increase in sales for the year to 3rd July and expects operating profits to be a little ahead of current expectations.
Cranswick announced that sales in its first quarter were up 19% and the current year has started in line with the expectations of the Board.
Monday 12th July
On Friday the FTSE 350 Index closed at 2711.18, a gain a 0.5% on the day and 6% on the week.
Thomas Cook Group has agreed to buy Öger Tours of Germany for e30m.
Rio Tinto has referred the Shareholder Rights Plan adopted by Ivanhoe to arbitration.
Kier Group announced that it expects to report full year underlying profits before tax towards the upper end of expectations.
Morson Group has acquired Acetech Personnel for £2.35m.
Domino's Pizza announced a 28.6% increase in its dividend to 4.5p a share on profits before tax of £17.5m for the half year ending on 27th June.
Standard Chartered has agreed to acquire GE Commercial Financing in Singapore.
Friday 9th July
Yesterday the FTSE350 Index closed up 1.8% at 2697.6.
Moneysupermarket.com announced that it expected revenues for the first half to rise about 5% to £71.5m to give EBITDA of about £18m compared to £18.6m last year.
SIG reported that first half sales were down 4% to £1,291m as a result of extreme weather and competitive pricing and is cautious for its prospects for the rest of the year.
Michael Page announced Q2 gross profits up 33% to £111.5m driven by the 70% of the business outside the UK.
Bodycote reported a steady and broad based improvement in demand since the end of April. Revenue in H1 is expected to be 8% higher than last year. Although sales in the second half will be lower the Board now expects headline operating profit for the year to be significantly above the current range of forecasts.
Thursday 8th July
Yesterday the FTSE 350 Index closed up 0.9% at 2650.3.
Hays reported that sales in the second quarter rose by 14%.
Henderson Group announced that it expects recurring profit for the first half to be about £48m, up from £27.1m last year.
The Board of Chloride has agreed to recommend the cash offer from Emerson Electric.
Connaught announced some management changes and confirmed the delays and reductions in the Social Housing division but says the business continues to perform well and the outlook remains robust.
Man Group reported FUM at 30th June of $38.5b, down from $39.4b at the end of March.
Babcock International Group announced that the year has started well and trading is resilient. The acquisition of VT has received all necessary clearances.
Robert Wiseman Dairies reported at its AGM that the year has started positively.
Associated British Foods announced a 14% increase in sales for the 40 weeks to 19th June.
Wednesday 7th July
Yesterday the FTSE 350 Index closed up 2.6% at 2625.23.
Investec has received a number of expressions of interest in its Rensburg Fund Management subsidiary that currently manages £800m in six unit trusts.
AVEVA reported that it continues to trade in line with the Board's expectations.
Dechra Pharma announced that Group revenue is 5.3% ahead of the previous year, that it continues to perform robustly and in line with management expectations.
Big Yellow Group reported that it had enjoyed a robust quarter with a particularly strong June but it still has limited visibility.
3i Group stated that its business continues to perform well despite uncertain markets.
Carillion reported that it continues to perform well and that underlying earnings are expected to increase despite market challenging market conditions. It expects to make further progress in the second half and has anticipated cuts in government spending.
Marks and Spencer reported that Group sales rose 4.4% in the 13 weeks to 3rd July as it grew market share. It is cautious about the outlook for consumer confidence due to the actions needed to reduce the national deficit.
Tullow Oil reported that the Uganda Government has approved the sale by Heritage Oil & Gas of its 50% stake in Blocks 1 and 3A to its subsidiary.
Tuesday 6th July
Yesterday the FTSE 350 Index closed down 0.2% at 2553.1.
N Brown Group said that in the 18 weeks ended 3rd July 2010 total Group revenue increased by 1.1% with sales 0.1% ahead on a like-for-like basis. The Board has confidence in the future outlook for the Company.
Persimmon reported that legal completions for the six months to 30th June 2010 increased by over 16% to 4,657 homes. Average selling price was around 8% ahead of the previous year at £168,500. Turnover was up more than 25% to around £785m and operating margins for the first half are expected to have increased to 7.5%.
Spirax-Sarco Engineering said that trading conditions continue to be positive and sales for the first half-year were 8% ahead at constant currency, including a 2% contribution from acquisitions.
Punch Taverns is on track to meet expectation and recent trading has been encouraging.
Party Gaming said that overall trading has been in-line with the Board’s expectations despite the adverse impact of the World Cup being greater than expected on poker.
Balfour Beatty said that trading performance for the year continues to be consistent with its expectations.
Monday 5th July
Yesterday the FTSE 350 Index closed up 0.8% at 2558.8.
Genus said that it remains on course to deliver an improved underlying performance in the second half of the year.
Travis Perkins and The BSS Group have agreed the terms of a recommended proposal whereby Travis Perkins will acquire, for cash and shares, the entire issued and to be issued share capital of BSS. The consideration for each BSS share is 232.91p in cash and 0.2608 new Travis Perkins shares.
Lloyds Banking Group has announced that it is selling a portfolio of 40 private equity investments in its Bank of Scotland Integrated Finance business to a new joint venture called Cavendish Square Partners LP. The new joint venture will be majority owned by Coller Capital with Lloyds Banking Group owning a stake of approximately 30%. The total cash consideration for Coller Capital’s majority stake is £332m.
Friday 2nd July
Yesterday the FTSE 350 Index closed down 2.3% at 2538.9.
Rio Tinto, BHP Billiton and Xstrata said today that they are encouraged by the Federal Government’s announcement that it proposes to replace the Resource Super Profits Tax with a Mineral Resource Rent Tax.
Travis Perkins said that the strong rebound in trading reported in the Interim Management Statement in May has continued and as a result expects to report results for the six months to 30th June ahead of management’s expectations.
Morgan Sindall Group remains on track to meet expectations for the current year.
Intercontinental Hotels Group has announced the sale of the 422 room InterContinental Buckhead Atlanta to Pebblebrook Hotel Trust for $105m in cash.
Thursday 1st July
Yesterday the FTSE 350 Index closed unchanged at 2598.2.
Forth Ports expects underlying results for the first half of the year to be well ahead of last year. Results for the full year are expected to be in line with expectations.
Debenhams reported a decrease in line-for-like sales in the 42 weeks to 19th June 2010. Gross margin for the year is expected to exceed previous guidance of an increase of 80 basis points excluding Magasin and flat including Magasin.
Diageo has announced that it has reached agreement with the Trustee of UK Diageo Pension Scheme on a 10 year funding plan to tackle the £862m deficit.
Barclays has signed a Joint Venture Agreement with Sumitomo Mitsui Banking Corporation and Nikko Cordial Securities Inc. to provide wealth management services to high net worth individuals in Japan.
Wellstream Holdings reported that the Company has continued to deliver good operational performance with first half trading in line with expectations.
Greene King released preliminary results for the year ended 2nd May 2010 in which it reported an increase in revenue of 3.1% to £984.1m. Profit before tax was up 3.8% to £123.0m while the full year dividend is up 2.4% to 21.5p.
Chloride Group has noted the announcement made by AAB that it has reviewed the Emerson Electric Co. offer and has decided not to exercise its right to match the offer. In light of this announcement, the Board of Chloride Group intends to enter into discussions with Emerson with respect to its offer for Chloride announced on 29th June 2010.
Wednesday 30th June
Yesterday the FTSE 350 Index closed down 3.2% at 2597.0.
Standard Chartered will invest $500m as a cornerstone investor in Agricultural Bank of China Limited’s H-Share IPO in Hong Kong. The two banks recently signed an agreement to develop new business opportunities together.
Hunting said that despite the current events in the Gulf of Mexico and sluggish natural gas prices, overall trading in the first half of 2010 has been very positive. The Board remains confident in the current outlook for the overall group in the current year.
HMV Group reported an increase in total group sales of 3.1% for the 52 weeks ended 24th April 2010, resulting in record sales in excess of £2b. As a result profit before tax was up 17.7% to £74.2m. The board has recommended a final dividend of 5.6p making a maintained total dividend for the year of 7.4p.
AstraZeneca announced today that the substance patent protecting CRESTOR is valid and enforceable.
Tuesday 29th June
Yesterday the FTSE 350 Index closed up 0.5% at 2679.4.
Rutherford Acquisitions Limited, a wholly owned subsidiary of Emerson Electric Company, has made a cash offer to acquire the entire issued and to be issued share capital of Chloride Group. The offer will comprise 375p in cash for each Chloride share, which values the Company at approximately £997m. In addition, Chloride shareholders will be entitled to receive the final dividend of 3.3p.
Catlin Group has announced that it intends to form a reinsurance Company in Switzerland to significantly expand the European-based reinsurance business underwritten by the Group.
National Express has said that trading continues to be in line with expectations through the second quarter of the year.
Carpetright released preliminary results for the year ended 1st May 2010 in which it reported an increase in Group revenue of 7.0% to £516.6m. Profit before tax increased from £16.7m to £22.3m. The Board has proposed a final dividend of 8.0p making a full year dividend of 16.0p, up from 8.0p the previous year.
Monday 28th June
On Friday the FTSE 350 Index closed down 1.1% at 2666.4.
Standard Chartered expects income in the first half of 2010 to be broadly flat on the first half of 2009, but to show double digit growth over the second half of 2009.
Taylor Wimpey said that the Group as a whole continues to perform in line with expectations in gradually improving, but still uncertain, trading environment.
Friday 25th June
Yesterday the FTSE 350 Index closed at 2694.56, a fall of 1.5%.
Berkeley Group is not declaring a dividend for the year to end April. It said it preferred to spend the money on land acquisitions. It reported a profit before tax of £110.3m , 8.4% less than last year. The company holds £317m of net cash on its balance sheet.
Investec has completed the acquisition of Rensburg Sheppards.
Davis Service Group announced that trading is continuing in line with expectations.
MITIE has acquired Dalkia for e12.5m
BP reported that the first relief well has detected the MC252 oil well and work is proceeding to make an interception to enable the failed well to be killed.
Thursday 24th June
Yesterday the FTSE 350 Index closed down 1.3% at 2735.3.
Resolution has announced the acquisition of AXA’s UK Life Business. The total consideration payable is up to £2,750m and is being funded by a fully underwritten rights issue of approximately £2,055m and an acquisition finance facility of £400m.
McBride expects operating profits for the year to be in line with its expectations.
The Go-Ahead Group said that trading has been in line with expectations and is confident it will meet expectations for the current financial year.
DS Smith released final results for the year ended 30th April 2010 in which it reported revenue of £2,070.6m, down slightly from £2,106.6m the previous year. EBITDA was up 1.3% to £166.0m. The full year dividend has been increased by 4.5% to 4.6p.
EAGA said that trading for the year is in line with the guidance given in the interim management statement on the 15th April.
DSG International reported full year profits at the top end of expectations, up 61% to £90.5m for the year ended 1st May 2010. The revolving credit facility prohibits the payments of dividends to shareholders in respect of the 2009/10 financial year.
Micro Focus International announced an increase in revenue of 57% to $432.6m in preliminary results for the year ended 30th April 2010. Profit before tax is up 39% to $160.9m. The Board has proposed a final dividend of 16.2 cents making a total dividend for the year of 21.8 cents, up 40% on the previous year.
Petrofac said that operations were performing in line with expectations in a trading update released today.
Wednesday 23rd June
Yesterday the FTSE 350 Index closed down 0.9% at 2770.5.
Stagecoach Group reported good results in a challenging environment for the year ended 30th April 2010. Revenue was up slightly to £2,164.4m while profit before tax was down £41m to £129.8m. In light of the fact that the Board declared a second interim dividend of 4.5p in addition to the first interim dividend of 2.0p it has not declared a final dividend. Therefore the full year dividend is 6.5p, an increase of 8.3% over the previous year.
Kesa Electricals reported full year results in line with guidance for the year ended 30th April 2010. Group revenue increased 3.4%to £5,124.1m while profit before tax was up 17.8% to £81.9m. The Board is recommending a final dividend of 4.15p bringing the total dividend for the year to 5.9p, an increase of 18% over the previous year.
Tuesday 22nd June
Yesterday the FTSE 350 Index closed at 2796.59,a gain of 0.9%.
Bunzl reported that overall trading is in line with expectations and revenue grew 2% in the six months to end June.
Halma declared a final dividend of 5.19p making a total of 8.5p for the year, up from 7.93p last year. It reported a 9% increase in profit before tax to £86.2m and looks forward to a year of growth.
Chemring declared an interim dividend of 17p, up 21% on profits before tax of £25.3m compared to £29.9m last year. The Group expects a stronger second half and to meet expectations for the full year.
Whitbread reported that it has started the new financial year well with sales up 7.6%.
Monday 21st June
On Friday the FTSE 350 Index closed up 0.1% at 2772.8.
Rio Tinto and BHP Billiton have reached agreement with the Western Australian Government to amend royalties and state agreements. The agreement will enable greater flexibility and efficiency in managing their iron ore mining operations and infrastructure in the Pilbara.
Hammerson has acquired the remaining 75% of the Battery Retail Park in Birmingham for a consideration, including costs, of £49.5m.
BP has reiterated its pledge to clean up the oil and gas spill in the Gulf of Mexico and to pay all legitimate claims arising from the spill, even through another party already is disputing its responsibility for costs associated with the Deepwater Horizon incident and the resulting spill.
Friday 18th June
Yesterday the FTSE 350 Index closed up 0.3% at 2771.
Henderson Group and SunTrust have announced that discussions regarding a potential acquisition by Henderson of RidgeWorth Capital Management, the US asset manager owned by SunTrust, have been discontinued as the parties have not reached agreement on terms.
Banco Santander announced that its affiliate Santander UK has submitted an offer in the tender process of approximately 300 branches of Royal Bank of Scotland that is taking place. Currently, it is not possible to say when the tender process will conclude.
Thursday 17th June
Yesterday the FTSE 350 Index closed up 0.3% at 2763.5.
BP has agreed to establish a $20b claims fund over the next three and a half years to meet its obligations as a responsible party arising from the Deepwater Horizon spill. As a consequence of this agreement, the BP Board has reviewed its dividend policy. It has been decided that it would be prudent to cancel the previously declared first quarter dividend and that no interim dividend will be declared in respect of the second and third quarters of 2010.
WS Atkins announced final results for the year ended 31st March 2010 in which it reported a 6.7% reduction in revenue to £1,387.9m. Operating profit was up 9.6% however to £113m as a result of the operating margin improving 1.2% to 8.1%. The total dividend for the year has been increased 5.8% 27.5p.
Land Securities Group has agreed to forward sell its proposed 310,000 sq ft retail, office and residential development at Park House, Oxford Street, to Barwa Estate Q.S.C. Barwa will pay £250m for the site, all of the construction costs and a profit share on completion.
Game Group said that total Group sales for the first 19 weeks to 12th June 2010 were down by 11.4% and like-for-like sales in the same period were down by 12.3%. The Board expects full year gross margins to decrease by around 100 basis points year-on-year.
Wednesday 16th June
Yesterday the FTSE 350 Index closed up 0.4% at 2755.0.
Filtrona said that trading since the first quarter has continued to be ahead of expectations. As a result it is now anticipated that the Company’s performance for the half year ending 30th June 2010 will be materially ahead of the Board’s previous expectations.
J Sainsbury released a first quarter trading statement in which it said total sales were up 7.6% and overall performance was in line with expectations.
Mouchel Group expects the Group’s underlying performance for the current year to the end of July to be in line with the Board’s expectations, excluding any one-off restructuring costs.
Tuesday 15th June
Yesterday the FTSE 350 Index closed up 0.8% at 2744.7.
Tesco has made a solid start to the year with Group sales for the thirteen weeks ending 30th May 2010 increasing by 8.2%. The outlook for the year as a whole remains unchanged.
News Corporation has announced that it approached the Board of British Sky Broadcasting Group and proposed making an offer to acquire the entire issued and to be issued share capital of BSkyB not already owned by it for 675p in cash. Following discussions News Corp increased the proposal to 700p, although both Boards have been unable to agree a mutually agreeable price at the current time. However, both parties have agreed to work together to proceed with the regulatory process in order to facilitate a proposed transaction.
N Brown Group has acquired Figleaves Global Trading Limited for a total consideration of £11.5m.
Monday 14th June
On Friday the FTSE 350 Index closed up 0.6% at 2722.2.
National Grid has received valid acceptances in respect of 94.2% of the new share offered pursuant to the 2 for 5 rights issue announced on 20th May 2010.
Weir Group said that trading for the 9 week period to 4th June 2010 has been stronger than expected. The Company now expects profit before intangibles, amortisation and tax for the 26 weeks ending 2nd July 2010 to be around £140m. In addition, it expects profit for the second half to be significantly ahead of the same period the previous year. The Company also announced the acquisition of the Linatex group of companies for a consideration of $172.5m.
Resolution has confirmed that it is in discussions regarding the potential acquisition of the majority of AXA’s UK life assurance business by Resolution. The total consideration under discussion is £2.75b, which it expected to be funded by a pre-emptive rights issue by Resolution and approximately £2b, £0.5b of deferred consideration notes and also by acquisition on bank debt.
Dana Petroleum has entered into an agreement to acquire the entire issued share capital of Petro Canada Netherlands BV for an estimated net cash consideration of approximately e328m.
Friday 11th June
Yesterday the FTSE 350 Index closed up 1.0% at 2706.0
Greene King has acquired four pub restaurants from Punch Taverns for a total consideration of £5.3m.
Thursday 10th June
Yesterday the FTSE 350 Index closed up 1.2% at 2680.1.
Halfords Group released preliminary results for the year ended 2nd April 2010. Revenue was up £36.9m to £831.6m while profit before tax was up £24.7m. The Board has recommended a final dividend of 14.0p making a full year dividend of 20.0p, up 25.8% on the previous year.
Wincanton saw revenue decline 7.6% to £2,182.9m for the year ended 31st March 2010. The full year dividend has been maintained at 14.91p.
Home Retail Group said that economic conditions remain both challenging and uncertain, with this quarter proving difficult in terms of consumers’ willingness to spend. The Company is targeting to achieve a similar level of profitability to last year.
BP has noted the fall in its share price in US trading last night. The Company is not aware of any reason which justifies this share price movement.
Wednesday 9th June
Yesterday the FTSE 350 Index closed down 0.9% at 2648.9.
IG Group Holdings expects to report revenue of approximately £298m and adjusted profit before tax of approximately £157m, representing revenue growth of 16% and profit growth of 25%, for the year ended 31st May 2010.
Misys has agreed to sell the majority of its 54.6% interest in its Allscripts subsidiary, and that Misys intends to return substantially all of the proceeds to shareholders.
Tuesday 8th June
Yesterday the FTSE 350 Index closed down 1.1% at 2672.1.
Choride Group has agreed to recommend the all cash offer by ABB for the Group of approximately £860m. The Boards of Directors of both companies have agreed on a recommended offer price of 325p per Chloride share.
WH Smith said that total Group sales in the first 14 weeks of the second half of the financial year were down 3% were down 3% with like-for-like sales down 4% compared to the same period last year. The Board remains confident in the outcome for the full year.
Compass Group has announced the acquisition of Southeast Service Corporation for a cash consideration of $65m.
Aggreko expects Group revenue for the first half of the year to grow by around 10% and trading profit will increase by around 20%.
Monday 7th June
On Friday the FTSE 350 Index closed down 1.7% at 2702.7.
Prudential released a trading update in which it reported Group-wide sales of £1,355m for the first five months of the year, up 27% on the previous year. Performance in Asia was particularly strong with sales up 33% to £579m while the Company also reported record retail sales in the US of £454m which was an increase of 41% on the previous year.
Friday 4th June
Yesterday the FTSE 350 Index closed up 1.2% at 2749.1.
HSBC has confirmed that it is in discussions with the management teams of its private equity fund management businesses in Hong Kong, UK, USA, Canada and the Middle East which are expected to lead to five separate management buy-outs.
SThree announced gross profit was up 8% in the second quarter of the year, consistent with markets showing continuing signs of improvement.
Thursday 3rd June
Yesterday the FTSE 350 Index closed down 0.2% at 2716.5.
Kingfisher said that total sales in the first 13 weeks of the year were flat and reported retail profit was up 14.5%.
Johnson Matthey released final results for the year ended 31st March 2010 in which it reported revenue of £7,839m, maintained at the previous year’s level. Profit before tax was down 8% to £228.5m. The total dividend for the year has been increased 5% to 39.0p.
Hellical Bar announced profit before tax of £7.9m for the year to 31st March 2010 compared to a loss of £71.9m the previous year. The final dividend is 0.25p making a total dividend for the year of 4.75p, up 5.6% on the previous year.
Wednesday 2nd June
Yesterday the FTSE 350 Index closed down 0.4% at 2720.6.
Prudential has announced that it is in negotiations with American International Group for termination of the agreement for the combination of Prudential with AIA Group Limited.
A.G. Barr said that total like-for-like revenue increased 17.9% in the period since 31st January 2010. Overall operating margins continue to be in line with expectations. The strong start combined with the future plans gives the Board confidence that it will meet expectations despite the continued uncertain economic backdrop.
Northumbrian Water Group released preliminary results for the year ended 31st March 2010 in which it reported a 1.5% increase in revenue to £704.7m. Profit before tax was up 11.5% to £170.2m. The Board has proposed a final dividend of 8.85p giving a full year dividend of 13.24p, an increase of 3.5%.
Tuesday 1st June
On Friday the FTSE 350 Index closed down 0.1% at 2732.7, a rise of 2.4% over the week.
Whitbread has confirmed, following press speculation, that it has no current intention of raising funds through the issue of equity.
Prudential has noted the announcement by AIG that it will not consider a revision to the terms of the proposed combination of Prudential with AIA Group Limited. Prudential had proposed a revision to the terms that would have reduced the value of the consideration for the acquisition to $30.375b.
Friday 28th May
Yesterday the FTSE 350 Index closed up 3% at 2736.1.
Electrocomponents saw revenue decline by 5.0% to £972.6min the year ended 31st March 2010. Profit before tax was also lower than the previous year, down from £86.6m to £74.4m. The total dividend for the year has been maintained at 11.0p.
888 Holdings has continued to see a difficult trading environment across its products.
Travis Perkins has made an indicative offer for the BSS Group. The cash and share offer values BSS at 433p per share.
Thursday 27th May
Yesterday the FTSE 350 Index closed up 2.0% at 2654.8.
Ferrexpo said that sales demand for the year-to-date has been very strong. Prices have been significantly ahead of the first quarter and as a result the Board expects the Group to realise a strong performance as a result of a positive outlook for prices in the remainder of the year compared to 2009 levels.
Cable & Wireless Communications released result for the year ended 31st March 2010 in which it reported a successful year following the demerger. The Group reported EBITDA of $866m. As indicated in the demerger prospectus the Board has recommended a final dividend of 3.34p.
JJB Sports saw revenue fall 22.6% to £361.1m in the year ended 31st January 2010. Overall, the Company reported a loss before tax of £68.6m compared to a loss of £170.2m for the previous year. As with the previous year, the Board has not recommended the payment of a final dividend.
Man Group reported profit before tax of $541m for the year ended 31st March 2010, down from $743m the previous year. The Board has confirmed that it will recommend a final dividend of 24.8 cents giving a total dividend of 44 cents for the year. As previously announced, the Board intends to rebase the dividend to a sensible level, and to adopt a progressive dividend policy henceforward. Therefore, it is the intention of the Board to recommend a total dividend of at least 22 cents for 2011.
QinetiQ Group said that revenue for the year was up slightly to £1,524.4m. Profit before tax was down £44.5m to £120.3m. The Board is recommending that no dividend payment be made either of a final dividend for the year just ended or of an interim dividend for the current year. It is the Board’s expectation that the Group will pay a final dividend with respect to the financial year ending 31st March 2011.
Wednesday 26th May
Yesterday the FTSE Index closed at 2602.64, a decline of 2.6%.
Shaftesbury reported a a diluted NAV per share of 383p as at 31st March 2010 and adjusted profit before tax of £11.1m. It declared an interim dividend of 5p a share for a total distribution of £11.3m, 10.8% more than last year. It says London's West End is prospering.
Brewin Dolphin declared an unchanged interim dividend of 3.55p on profits before tax of £15.2m, up 37%.
Aveva declared a final dividend of 13.9p, to make a total payment of 16.9p, an 81% increase on last year. Profit before tax fell from £59.2m to £49.6m. It says the key drivers for growth remain in Power and Oil and Gas in new markets such as the CIS and Brazil.
Cable and Wireless Worldwide reported profit after tax of £211m, up 380%, for the year to end March. It declared a final dividend of 3p and said market conditions are improving and it is experiencing good momentum.
Burberry declared a final dividend of 10.5p to make total of 14p, a 17% increase. It said adjusted profit before tax rose 23% to £215m and it intends to accelerate investment in growth.
Tuesday 25th May
Yesterday the FTSE 350 Index closed up 0.2% at 2672.3.
Victrex released results for the six months ended 31st March 2010 in which it reported an increase in Group sales volumes of 52% to 1,171 tonnes. As a result Group revenue was up 88% to £89.3m. The interim dividend has been increased 23% to 6.4p. The Company expects second half revenues to be broadly in line with the first half.
De La Rue said revenue was up 12% to £561.1m in the year ended 27th March 2010. Profit before tax was maintained at £96.6m. The final dividend has been increased to 28.2p making a total dividend of 42.3p for the year, an increase of 3% over the previous year.
Marks and Spencer Group saw revenue increase 5.2% to £9.5b in the 53 weeks ended 3rd April 2010. The Company reported a profit before tax of £702.7m, down from £706.2m the previous year. The Board has recommended a final dividend of 9.5p making a total dividend for the year of 15.0p compared to 17.8p the previous year.
BSS Group announced an increase in the final dividend of 10% to 6.09p in preliminary results for the year ended 31st March 2010. Revenue was up 0.9% to £1,352.4m while profit before tax was down £13.6m to £44.2m. The Company has made a strong start to 2010/11 with underlying business momentum.
Pennon Group said underlying profit before tax was up 14.2% to £189.1m in the year ended 31st March 2010. The Board has recommended a final dividend of 15.6p making a total dividend for the year of 22.55p, an increase of 7.4% over the previous year. The Board also announced a policy of 4% per annum real dividend increases from 2010/11 until at least 2014/15.
Homeserve reported strong growth and a step change in international operations in results released for the year ended 31st March 2010. Revenue was up 21% to £369.0m while profit before tax was up 27% to £102.2m. The total dividend for the year has been increased 24% to 44.0p.
Monday 24th May
On Friday the FTSE 350 Index closed down 0.2% at 2668.1.
Cranswick reported an increase in revenue of 22% to £740m for the year ended 31st March 2010. Pre-tax profit was up 26% to £43.8m. The Board has recommended a final dividend of 17.0p, an increase of 16% over the previous year.
Chloride Group saw sales increase 3% to £336.0m in the year ended 31st March 2010. Profit before tax was down 25% to £29.9m. The total dividend for the year has been increased by 11% to 5.2p.
Invensys released preliminary results for the year ended 31st March 2010 in which it reported a slight reduction in revenue of 2% to £2,243m. The Group order book increased 11% to £2,307m. The Board has recommended a final dividend of 2.0p making a total dividend for the year of 3.0p compared with 1.5p the previous year.
Friday 21st May
Yesterday the FTSE 350 Index closed down 1.8% at 2672.3.
Close Brothers Group said performance in the third quarter of the financial year was good and is confident of delivering solid overall results for the 2010 financial year.
London Stock Exchange Group announced preliminary results for the year ended 31st March 2010 in which it reported total income of £628.3m, down from £671.4m the previous year. Adjusted operating profit was down £25.3m to £280.3m. The total dividend for the year has been maintained at 24.4p.
British Airways reported a loss before tax of £531m for the year ended 31st March 2010, compared to a loss of £401m for the previous year. Revenue for the year was down £1b to £7,994m. In light of the current financial situation the Board is unable to recommend a dividend.
Thursday 20th May
Yesterday the FTSE 350 Index closed down 3.0% at 2720.0.
Investec reported good operating performance for the year ended 31st March 2010, with all divisions and geographies profitable. The Company reported an increase in operating profit before tax of 8.9% to £423.3m. Third party assets under management increased by 50.7% to £73.6b and Investec Asset Management recorded significant inflows of £4.7b. The total dividend for the year has been increased by 23.1% to 16.0p.
Mothercare saw sales increase 5.9% to £766.4m in the year ended 27th March 2010. The total dividend for the year has been increased by 15.9% to 16.8p.
Marston’s released results for the 26 weeks ended 3rd April 2010 in which it reported a slight increase in Group revenue of 0.6% to £309.2m. Profit before tax was also up slightly by 0.4% to £27.8m. An interim dividend of 2.1p has been declared in line with expectations.
Shanks Group reported robust performance in a challenging environment in the year ended 31st March 2010. Revenue was maintained at £684m while EBITDA was down slightly to £102.1m. The total dividend for the year is 3.0p which, allowing for the effects of the rights issue, is an increase of 76% over the previous year.
SABMiller said that lager volumes for the year ended 31st March 2010 were in line with the previous year at 213m hectolitres. Group revenue was up 4%, EBITDA up 6% and margin increased by 30 basis points. The Board has recommended a total dividend for the year of 68.0 cents, an increase of 17% on the previous year.
Great Portland Estates announced an increase in NAV per share of 15.5% for the year ended 31st March 2010. Overall the Company made a profit before tax of £28.8m up 31.5% on 2009. The total dividend for the year amounts to 8p which is in line with previous guidance.
National Grid said performance in the year ended 31st March 2010 was strong, with earnings per share up 14%. Pre-tax profit was up 12% to £1,974m. The Board is recommending an 8% increase in the full year dividend to 38.49p and intends to maintain the policy of 8% per annum growth until 31st March 2010. Current trading for 2010/11 is in line with expectations. The Company also announced a 2 for 5 rights issue to raise approximately £3.2b through the issue of 990,439,017 new shares at a price of 335p each. The Board believes that raising the money through the rights issue will allow the Group to fund a significant increase in the UK capital investment, maintain a single A credit rating and also strengthen the Company’s long-term competitive position.
Wednesday 19th May
Yesterday the FTSE 350 Index closed up 0.8% at 2800.2.
Pearson has reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Melorio to be made by Pearson. The offer will be 225p in cash for each Melorio share and values Melorio’s issued and to be issued share capital at approximately £99.3m.
Melrose Resources is maintaining its current 2010 production guidance at 40.0 Mboepd on a working interest basis.
Spectris said on a like-for-like basis sales for the four months ended 30th April 2010 were 6% higher than the comparable period last year. The Board anticipates that Spectris will continue to make good progress in line with its expectations for the remainder of 2010.
Scottish & Southern Energy released preliminary results for the year ended 31st March 2010. Profit before tax was up 2.9% on the previous year to £1,290.1m. The full year dividend is up 6.1% to 70.0p. The Board has concluded that the Company’s new dividend target should be an increase of at least 2% more than inflation in each of the three years to 2013.
Land Securities Group saw NAV per share increase 17.4% to 750p in the year ended 31st March 2010. Overall the Company made a profit before tax of £3,263.4m in the year compared to a loss of £4,773.2m the previous year. The Board has recommended a final dividend of 7.0p which, together with the three quarterly dividends of 7.0p, makes a full year dividend of 28.0p. This was in line with guidance given at the time of the rights issue but down 23.7p on the previous year.
ICAP reported a slight increase in revenue of 1% to £1,605m and a decrease in profit before tax of 5% to £247m in preliminary results for the year ended 31st March 2010. The dividend has been increased by 3% to 17.55p.
Mitchells & Butlers said that revenue grew by 1.3% to £1.037m in the half year ended 10th April 2010. Profit before tax was up over 50% to £73m. As previously announced the Board is currently targeting the Company’s cash flow generation on reducing debt levels and has therefore not proposed an interim dividend.
Experian released preliminary results for the year ended 31st March 2010 in which it reported strong performance with organic revenue growth, further margin progressions and excellent cash flow. Revenue was up 2% to $3.9b while margins were up 80 basis points to 24.4%. Profit before tax was up 8% to $910m. The Board has announced a second interim dividend of 16 cents to give a full year dividend of 23.0 cents, up 15% on the previous year.
Tuesday 18th May
Yesterday the FTSE 350 Index closed down 0.1% at 2777.5.
Vodafone announced results for the year ended 31st March 2010 with an improvement in revenue trends in the fourth quarter and 2010 guidance exceeded. In the year Group revenue increased by 8.4% to £44.5b while EBITDA was up 1.7% to £14.7b despite the expected decline in margin. The Board has decided to increase the final dividend by 9% to 5.65p making a total dividend for the year of 8.31p, up 7% on the previous year. The Board has also said that it expects annual dividend per share growth of no less than 7% for the next three financial years.
Regus has continued to make progress in a challenging trading environment and is trading broadly in line with expectations.
Smiths Group delivered margin improvement and strong cash generation through its programme of operational improvement in the nine months to 1st May 2010. Trading for the three months ended 1st May 2010 is in line with guidance and the Company remains on track to meet expectations for the full year.
Drax Group is trading in line with expectations.
Aegis Group said trading was in line with expectations and is able to reiterate its expectation of delivering modest growth for the full year.
Dairy Crest Group saw a modest decline in revenue of 1% to £1,629.7m for the year ended 31st March 2010. Profit before tax was down 25% to £77.8m. The final dividend has been increased by 5% to 13.6p. Trading at the start of the current year is in line with expectations.
Yell Group reported performance ahead of guidance for the year ended 31st March 2010. Revenue was down 11.5% to £2,122.7m while EBITDA was down 24.1% to £619.6m.
Britvic saw a 39.0% increase in Group profit before tax to £27.8m in the 28 weeks ended 11th April 2010. The interim dividend has been increased by 14.6% to 4.7p. The Company also announced that it has a submitted a binding offer for the acquisition of Fruite for e237.0m in cash which will be funded from existing bank facilities and the net proceeds of a Placing of up to 21.7m ordinary shares.
Heritage Oil has had approval from the Ugandan Government for the disposal of the interests in Uganda and is proposing a dividend of 75p to 100p per share following the completion of the sale. Production in the first quarter of the year averaged 583 boepd, 77% higher than the daily average for 2009.
SSL International announced an increase in sales of 24.9% for the year ended 31st March 2010. Operating profit was 40.8% ahead of the prior year at £126.0m. The final dividend has been increased from 6.4p to 8.0p.
British Land said that 2009/10 was a good year for British Land in a market which remained challenging and volatile. The portfolio performed strongly with its value rising 13.5% in the year. Income remains strong and secure with occupancy up to 97%. NAV per share as at 31st March 2010 was 504p, a rise of 27%, while underlying pre-tax profits for the year were down 7% to £249m. The Board is proposing a dividend for the fourth quarter of 6.5p bringing the total for the year to 26.0p.
Monday 17th May
On Friday the FTSE 350 Index closed down 3.2% at 2780.9.
Big Yellow Group reported profit before tax of £10.2m for the year ended 31st March 2010 compared to a loss of £71.5m for the previous year. The Board has declared a final dividend of 4p after passing the final dividend last year.
Travis Perkins said that group revenue for the four months ended 30th April 2010 was up by 2.2%, with like-for-like sales up 1.4%.
MITIE Group released preliminary results for the year ended 31st March 2010 in which it reported an increase in revenue of 13.0% to £1,720.1m. As a result, profit before tax was up 17.0% to £91.7m. The total dividend for the year has been increased by 13.0% to 7.8p.
Robert Wiseman Dairies reported record sales volumes for the year ended 3rd April 2010, up 9.1% to 1.77b litres. Turnover was up 4.5% to £886.2m while operating profit was up 43.1% to £50.3m. The Board has proposed a full year dividend of 18.0p, an increase of 20% over the previous year.
Prudential announced record first quarter new business sales of £807m with an outstanding performance in Asia. The capital position remains strong with an IGD surplus of £3.4b. The Company also released further details of the proposed combination of the Prudential Group and the AIA Group, including the terms of its fully underwritten rights issue to raise approximately £14.5b. The rights issue will be made on the basis of 11 rights issue shares for every 2 existing shares at an issue price of 104p.
Soco International said that it is on target to deliver the largest development project in the Company’s history in mid 2011.
EnQuest reaffirmed that it is on track to produce approximately 18,000 boepd in 2010.
Kier Group has continued to perform well with trading to date as expected and net cash balances at healthy levels.
Man Group has announced that it has reached agreement on the terms of the recommended acquisition of GLG Partners. The acquisition values GLG at approximately $1.6b. In light of the acquisition, the Man Board has brought forward its decision regarding the level of dividend it intends to recommend for the year ending 31st March 2011. The Man Board intends to recommend a dividend of at least 22 cents in total for the year. The Board also confirmed that it will recommend a final dividend of 24.8 cents for the year ended 31st March 2010, giving a total dividend of 44 cents as previously announced.
Friday 14th May
Yesterday the FTSE 350 Index closed at 2868.9, a gain of 0.9%.
Henry Boot reported that it continues to trade profitably in line with expectations but is cautious about government related activities. It is says the recovery is patchy and not fully established.
Renishaw announced that it has seen an improvement in activity and now expects group profits to be significantly ahead of current market expectations.
Ladbrokes reported that group profitability was in line with expectations for the first four months of the year.
Intertek announced it had made a solid start to the year and expects organic revenue this year to grow at the same rate as last year. It said there are signs of recovery but markets remain challenging.
Wolseley reported a 10% fall in trading profit for its first three quarters to £268m. It expects to see decline in commercial markets but improvement in residential and RMI markets. Group trading profits for the year are expected to exceed current consensus forecasts of £374m.
Thursday 13th May
Yesterday the FTSE 350 Index closed up 1.1% at 2842.2.
Melrose said that current trading is ahead of management’s expectations for 2010.
Thomas Cook Group announced solid financial performance despite the global recession in interim results for the six months ended 31st March 2010. Revenue was down 5% to £3,309m as a result of planned capacity cuts. The reported loss before tax was reduced by 18% to £252.2m. The interim dividend is unchanged at 3.75p.
Hikma Pharmaceutical has maintained its guidance for 2010 with Group revenue growth in the low teens and gross margin broadly in line with 2009.
SIG said that excluding the exceptional impact of the extreme weather, underlying trading in the first quarter was in line with management’s expectations.
Inchcape made a good start to the year with total revenues up 13.0% in the first quarter. The Board remains cautious about the remainder of the year as demand for new cars will remain below last year in several core markets.
Amlin said the trading environment proved more challenging in the first four months of 2010 than during 2009. Overall pricing remains steady but there remains considerable variance by class. Loss activity has also risen with a number of notable catastrophe events.
Petrofac reported that continuing operations were performing in line with expectations.
DSG International announced strong performance in all markets in the second half ended 1st May 2010. Underlying Group sales were up 8% and like-for-like sales were up 6%. Underlying Group profit before tax is expected to be in line with market expectations of £80-90m.
Eurasian Natural Resources Corporation said the Group production volumes in the first quarter of the year were significantly ahead of the same period the previous year. Production for the full year is expected to be at broadly full capacity.
Premier Oil saw good production performance in the period ended 13th May 2010 and as a result the full-year production guidance remains unchanged at 44kboepd.
Old Mutual saw funds under management increase 8% in the quarter to £309b. The Company also saw the strongest quarter to date on the UK Platform with net inflows of nearly £1b.
Sainsbury reported an increase in total sales of 5.1% to £21,421m for the 52 weeks ended 20th March 2010. Underlying profit before tax was up 17.5% to £610m. The Board has proposed a full year dividend of 14.2p, up 7.6% on the previous year.
BT Group announced full year results ahead of its outlook for the year. Revenue was down 2% in the year to £20,911m, ahead of expectations. Adjusted EBITDA was up 6% to £5,781m. The Board has proposed a final dividend of 4.6p making a full year dividend of 6.9p, an increase of 6% on the previous year.
AMEC said that it is trading in line with expectations in the year-to-date. It is on track to deliver 8.5% EBITDA margin target in 2010.
Wednesday 12th May
Yesterday the FTSE 350 Index closed down 0.9% at 2812.0.
Genus has traded in line with expectations since 31st December 2009.
Micro Focus International said that following a solid close to the second half of the financial year to 30th April 2010, the Group expects to report total revenues of approximately $432m for the period. Group EBITDA margin, excluding exceptional items and stock based compensation, for the same period, is expected to be approximately 40% for the full year.
Tullow Oil has continued to perform very strongly in 2010 and in line with expectations.
Greggs reported an increase in total sales of 2.6% in the 18 weeks ended 8th May 2010, consistent with expectations.
Hiscox’s gross written premiums grew year-on-year by 6.4% in local currencies to £504.1m in the first three month of the year.
Kesa Electricals is satisfied that overall the Group traded in line with or ahead of its markets during the period and expects adjusted profit before tax for the full year to be significantly ahead of last year and in line with the average of current market expectations of £76m.
Balfour Beatty said that trading in 2010 to date is consistent with expectations for the year.
Compass Group reported revenue of £7.1b in the six months ended 31st March 2010, an increase of 2.6% over the previous year. Underlying operating profit was up 10.8% to £504m. The Board has recommended an increase of 13.6% in the interim dividend to 5.0p.
Wellstream Holdings said that overall trading remains in line with the Board’s expectations and the level of award activity currently being experienced gives the Board confident in the outlook for the business.
Dimension Data Holdings reported revenue growth of 11.1% for the six months ended 31st March 2010 to $2.166b. Operating profit was up from $87.5m to $107.5m. No interim dividend has been proposed.
Stobart Group announced a final dividend of 4.0p to making a maintained total dividend for the year of 6.0p.
Barratt Developments said that for the six months to 30th June 2010 average selling price is expected to increase by around 15% on the prior equivalent period. The Group is back on track to deliver a profit for the second half.
Beazely continued to grow its business in the early stages of 2010. Gross premiums written increased 19% to $438.2m in the 3 months ended 31st March 2010.
Tuesday 11th May
Yesterday the FTSE 350 Index closed up 4.9% at 2837.4.
Inmarsat reported an increase in revenue of 11.8% to $281.5m in the 3 months ended 31st March 2010. The Board says it is on track to deliver its objectives for the year.
Intercontinental Hotels released first quarter results in which it reported an increase in revenue of 3% and an increase in operating profit of 15% to $362m and $83m respectively. Net debt is around $210m lower at $1,077m.
Enterprise Inns saw average net income per pub fall £1000 to £31,200 in the six months ended 31st March 2010. As a result, profit before tax was £18m lower than the previous year at £86m. The Board continues to focus on debt reduction and has therefore not declared an interim dividend. Results for the full year are expected to be in line with expectations.
Babcock International Group reported excellent profit growth and strong cash generation in preliminary results released for the year ended 31st March 2010. Profit before tax was up £22.5m to £129.2m. The full year dividend has been increased by 22% to 17.6p.
Aviva announced a second quarter of growth with long term savings sales up 16% to £10b. Group margin is in line with the previous year and the IGD solvency surplus remains strong at £4.4b.
EasyJet said that total revenue per seat grew by 5.1% in the six months ended 31st March 2010. As a result total revenue was up 13.3% to £1,170.7m. The Company made an underlying pre-tax loss of £78.7m, slightly better than the Board’s guidance and around £50m better than the previous year.
TUI Travel saw revenue fall 8% to £4,933m in the six months ended 31st March 2010. For the period the Company made a loss before tax of £367m, 10% worse than the previous year. The Board has proposed an interim dividend of 3.2p, an increase of 7%.
Henderson Group said that assets under management increased by £2.2b in the first quarter to £60.3b.
Monday 10th May
On Friday the FTSE 350 Index closed down 2.9% at 2697.4.
Dignity reported an increase in revenue of 1.9% to £53.9m for the 13 weeks ended 26th March 2010. Operating profit was unchanged at £20.4m. Trading since the 26th March continues to be in line with expectations.
Anglo American has announced that it has agreed to sell its portfolio of zinc assets to Vedanta Resources for a total consideration of $1,338m.
Lonmin released interim results for the half year period ending 31st March 2010. Underlying profit before tax was $82m, $195m greater than the prior year period. Production has been in line with the prior period. Despite the much improved trading conditions in the period market certainties remain and in light of this, and the fact that the Group’s debt levels have increased, the Board has decided not to declare an interim dividend.
Friday 7th May
Yesterday the FTSE 350 Index closed down 1.4% at 2775.7.
ITV reported an increase in revenue of 6% to £450m in the first quarter of the year. The outlook for the second half of the year is said to be highly uncertain.
Royal Bank of Scotland reported a first quarter operating profit of £713m, compared with a loss of £1,353m in the fourth quarter of 2009. Total Group impairments fell from £3,099m in the fourth quarter of 2009 to £2,675m in the first quarter of 2010. The Core Tier 1 capital ratio was 10.6% compared with 11.0% as at 31st December 2009.
Catlin Group released an interim management statement in which it reported a 9% increase in gross premiums written to $1,272m. The investment markets remain challenging and the Group does not necessarily expect the first quarter performance to be repeated in future periods.
HSBC said that its financial performance in the first quarter of 2010 was very good and well ahead of the first quarter of 2009, substantially driven by lower impairment charges. As previously announced the first interim dividend for 2010 is 8 cents.
Thursday 6th May
Yesterday the FTSE 350 Index closed down 1.3% at 2815.7.
Tomkins continued to show encouraging improvement in both sales and adjusted operating profit in the first quarter compared to the fourth quarter of 2009. The remainder of the first half of 2010 is expected to remain strong, but continued momentum in the second half is uncertain.
Morgan Sindall has made a positive start to the year and is trading in line with expectations.
Diageo reported third quarter net sales growth of 12% and maintains its guidance for single digit organic operating profit growth for the year ending 30th June 2010.
The Restaurant Group has continued its positive start to 2010 with total sales 6% ahead of 2009 and like-for-like sales 0.5% ahead for the 18 weeks to 2nd May 2010. Overall the Group’s margins and profits are running at a level in line with management’s expectations.
Rexam said first quarter results were ahead of expectations.
Schroders announced record net inflows of £9.3b to take total funds under management to £167.9b as at 31st March 2010 compared to £148.4b as at 31st December 2010. Profit before tax increased from £12.2m to £93.2m. The Board believes the business remains well placed for long term growth.
Petropavlovsk reported first quarter production figures in line with its mining plan for 2010. The Company is confident that it is on schedule to achieve its production target for the year.
Wm Morrison Supermarkets said that total sales excluding fuel in the 13 weeks to 2nd May were up 5.9%, with like-for-like sales up 0.8%. The Group’s debt position remains in line with expectations. Expectations for the current year remain unchanged.
PartyGaming saw Group revenue increase 27% to $127.1m in the first quarter of the year.
Smith & Nephew delivered underlying revenue growth of 9% in the first quarter of the year.
Vedanta Resources released results for the year ended 31st March 2010 in which it reported an increase in revenue of 21% to $7.9b. A final dividend of 27.5 cents has been proposed, up 10% on the previous year.
Wednesday 5th May
Yesterday the FTSE 350 Index closed down 2.6% at 2853.6.
JD Wetherspoon saw like-for-like sales decrease 0.8% in the 13 weeks to 25th April 2010. Margins have remained at 10.0%. The Board remains confident about the Company’s prospects for the remainder of the financial year.
News Corporation reported third quarter revenue growth of 19% generating net income of $839m.
BAE Systems said that trading in the period from 1st January 2010 to 4th May 2010 has been consistent with management expectations.
Spirent Communications said that trading for the period since 31st December 2009 is in line with the Board’s expectations.
Rathbone Brothers had a strong first quarter with total funds under management up 7.3% to £14.05b.
Legal & General delivered 32% growth in net cash and 32% growth in assets under management. The board remains confident about the Group’s medium term growth prospects with significant opportunities to grow across the Risk, Savings and Investment Management franchises.
JKX Oil & Gas has started the year positively with good progress being made on all development and exploration assets in the first quarter.
National Express is on track to meet expectations for margin and profit in the full year and continues to build its financial strength.
Millennium & Copthorne Hotels reported an increase in revenue per available room in the first quarter of 2.1% to £51.78. Headline operating profit increased 39.7% to £21.1m.
Next announced an increase in sales of 4.1% in the 13 week period ended 1st May 2010, at the top end of expectations.
Sage Group saw a slight decrease in revenue of 2% to £718.9m in the first half of 2010. Pre-tax profit was up 15% to £159.6m. The interim dividend has been increased by 3% to 2.58p.
Xstrata reported an increase in production volumes across all commodity businesses during the first quarter compared to the same period in 2009. In the period from 1st January 2010, Xstrata’s operating and financial performance continues to be strong and the Company’s financial position remains robust.
Tuesday 4th May
On Friday the FTSE 350 Index closed down 1.0% at 2926.7, a fall of 2.9% over the week.
BHP Billiton expressed its disappointment with the Australian Government’s plan to impose a new resource rent tax.
Xstrata has also noted the Australian Government’s plan with disappointment.
Standard Chartered has had a very strong start to the year, with income and profit both higher than in the first quarter of 2009.
Aberdeen Asset Management saw profit before tax almost triple to £92.6m in the six months ended 31st March 2010. Net gearing has been reduced to 8.3% in the period from 17.2%. The interim dividend has been increased by 0.4p to 3.2p.