As owners and prospective owners of these companies we try and keep investors abreast of the major developments in the shares they own. In the short term movements in the stock market are essentially random so seeking explanations for sudden moves can be a frustrating exercise. However, over the long term the steady flow of dividends into a portfolio should ensure a consistent satisfactory return which is why our news summary focusses on this aspect.
The Munro Fund is committed to exercising its powers of corporate governance as an agent of the ultimate owners of these assets through the Stewardship Code. If you become aware of an issue that you would like us to vote on please let us know by emailing us at enquiries@themunrofund.com.
Wednesday 22nd February
Yesterday the FTSE 350 Index closed down ten points at 3135.
Micro Focus International announced that trading in the three months to end January was in line with management expectations.
St. James's Place is proposing a final dividend of 4.8p a a share, up 21% to make 8p a share for the year, an increase of 33%. It reported an EEV operating profit of £371m, up 12%.
Rexam increased its total dividend per share in 2011 by 20% to 14.4p. Underlying profit before tax rose 15% to £450m.
Filtrona has acquired Securit World for £6m. It also announced a 17% increase in dividends to 10.5p a share after reporting a 20% rise in adjusted net income to £53m.
Travis Perkins increased its total dividend by 33% to 20p a share of which 13.5p is the final. Profit after tax increased 141% to £212m.
Millennium & Copthorne increased its dividend by 65% to 16.6p a share after reporting a 47% increase in profit before tax to £193.3m.
Barratt Developments declared a profit before tax of £21.6m for the six months to end December compared to a loss of £4.6m last year.
DS Smith announced that 98.61% of the New Ordinary Shares being offered in its rights issue had been taken up.
Logica is recommending a final dividend of 4.4p a share, 5% up on last year, after reporting a fall in operating profit to £247m from £278m.
Tuesday 21st February
Yesterday the FTSE 350 rose 0.7% to 3,145 as optimism built up over an agreement eventually being reached on the second Greek bail-out. This was duly signed after the market closed.
Segro reported full year results to December 2011 showing the value of its properties had fallen 9.6% in net asset value terms. Profits using the real estate sector's EPRA measure rose 9%. The dividend for the year was raised 3.5% to 14.8p.
Drax Group released full year figures to December 2011 that showed profits as measured by EBITDA down 15% on unchanged electrical output. The dividend was cut by 13% to 27.8p for the year. Progress on replacing coal with biomass is on track but requires clarity on regulatory support.
Amec issued full year results for the year to December 2011 that demonstrated progress on all fronts. Turnover rose 11%, adjusted profits before tax rose 11% and the dividend was raised 15% to 30.5p for the full year. The order book is up about a fifth from last year. A £400m share buyback programme was announced, equivalent to about 10% of the shares in issue.
Croda announced full year results featuring a much increased dividend as the payout ratio was increased to 45%. The total for the year was raised 57% to 55p on top of a £50m share buyback during the year. Profits rose 26% on sales up 6.6%.
Genus issued half year results which showed revenues up 10% and profits up 25%. A first interim dividend has been announced of 4.5p.
Monday 20th February
Last week the FTSE 350 rose 1% to 3,123 despite mixed news on the UK economy and delays to a settlement over the details of the Greek bail-out, which was postponed to today.
CSR reported full year results to December 2011 which showed underlying profits falling 52% on revenues ahead 6%. The balance sheet remains strong which supports a dividend rise of 5% to 10.3 cents for the full year and a proposed $50m share buyback.
Friday 17th February
The FTSE 350 closed down 6 points yesterday at 3115.
Spectris announced a 20% increase in its dividend to 33.6p a share after announcing a 38% rise in profit before tax to £166m.
Melrose Resources said its net entitlement production in 2011 was 35.4 BcF of gas and 0.7 MMbbl of oil, condensate and LPG and is 5% up on 2010.
Severn Trent confirmed that trading has been in line with expectations.
IMI has acquired Grupo InterAtiva for £22m.
Anglo American increased its final dividend by 15 cents to 46c a share to make a total of 74 c a share for the full year, 14% up on last year. It reported a 23% increase in underlying earnings to $6.1b, although attributable profit fell 6% to $6.2b.
Thursday 16th February
The FTSE 350 hardly moved yesterday, falling only 2 points to 3,116 despite further uncertainty over the outlook for the Greek settlement.
BAE Systems reported full year results which showed sales falling 14% and earnings as measured by EBITA falling by 7%. The dividend was raised by 7.4% to 18.8p for the full year. Modest underlying earnings per share growth is anticipated by the company for this year, based on sales remaining flat.
Ladbrokes announced full year results which showed pre-tax profits down 8.5% on revenue unchanged from the previous year. The dividend was raised 2.6% giving 7.8p for the full year.
Reed Elsevier reported full year results which showed underlying sales up 2% and underlying adjusted operating profit up 5%. The full year dividend was raised 6% to 21.55p. Further underlying revenue and profit growth is anticipated for 2012.
Kingfisher reported fourth quarter sales figures which were up 2.2% on the year before and like-for-likes were up 0.9%. The company stated it was on track to deliver profits up around 20% for the full year, in line with market estimates.
Cable & Wireless Worldwide issued a trading statement for the 3 months to December 2011. Outlook for the full year remained unchanged and trading during the third quarter had been in line with expectations.
Wednesday 15th February
Yesterday the FTSE 350 fell 0.1% to 3,118 on little corporate news. Moody's placing of the UK on "negative outlook" had marginal impact on the bond and equity markets.
Morgan Crucible reported full year results that showed turnover had risen 8% and underlying pre-tax profit had risen 58%. The final dividend was raised 20% to 6p, making 9.25p for the full year.
Domino's Pizza released full year figures for its franchises in the UK and Ireland. Turnover rose 9% from a total of 726 stores, up from 665 at the end of the previous year. Like-for-like sales were up 3% and the dividend was raised 21% to 12.3p.
Sports Direct announced an interim management statement for the third quarter. Sales for the 13 weeks to February 14th were up 9% and gross profit was ahead 10%. "Super Stretch" profits for the full year should be achievable and the company indicated it will review the dividend policy in the light of this performance.
Tuesday 14th February
Yesterday the FTSE 350 rose 0.9% to 3121.
Yell Group reported a profit after tax of £16.6m, an increase of £15m, for the year to end December. Net debt was £2,566m.
Intercontinental Hotels increased it dividend by 15% to 55 cents a share in 2011. It reported a profit for the year of $460m, up from $293m.
Pennon Group announced that it is on track to meet management expectations.
Hargreaves Services increased its interim dividend 17.6% to 6p a share despite a 16.1% fall in profit before tax to £13.6m.
Monday 13th February
On Friday the FTSE 350 closed down 22 points at 3093 to give a fall of 0.8% on the week.
Helical Bar stated it is making further progress in operational and financing activities.
Anglo American reported that Anglo American Platinum will contribute $410m to its earnings in 2011, down from $425m.
Vodafone confirmed it is in early stage evaluation of a potential offer for Cable & Wireless Worldwide.
Dairy Crest will suffer a £4m bad debt charge as a result of Quadra Foods, one of its customers, going into administration.
Friday 10th February
Yesterday the FTSE 350 Index closed up 12 points at 3115.
Shaftesbury reported that trading had been buoyant through the festive season and said occupancy continues at historically high levels with good demand for all uses.
Anglo American announced that the contribution to its earning from De Beers rose from $302m to $443m in 2011.
Barclays declared dividends of 6p a share for 2011, up 9%, after reporting a 13% fall in profits after tax to £3,951m.
Thursday 9th February
Yesterday the FTSE 350 closed down 0.2% at 3,104 as a multitude of corporate results failed to provide any sense of direction in the face of continuing uncertainty over the Greek settlement.
British Land announced third quarter figures showing an improvement in net asset value of 4.5% year-on-year or 0.1% on the previous quarter. The quarterly dividend is 6.5p, the same as quarter 2.
Rio Tinto reported full year results that showed earnings as measured by underlying EBITDA was up 10% on the year and the dividend was raised by 34% to 145 cents. A programme to buy back $7bn of shares should be completed by the end of March. So far $6.2bn shares have been bought, representing 5% of the shares.
Hargreaves Landsdown released half year results showing profits ahead 28% on revenues up 16% despite some of the poorest investment conditions experienced in its 30 year history. The dividend was raised 13% to 5.1p. The Vantage platform took on 16,000 new customers in the first half and stockbroking market share rose to 12.7% from 10.7%.
Rank Group issued first half results that featured an adjusted pre-tax rise of 8% on revenues up 3%. The company is paying a 1.1p second interim dividend.
BG Group issued full year results showing operating profit up 19% and a healthy three-year reserve replacement ratio of over 200%. The dividend was raised 10% to 23.8 cents.
Catlin Group produced full year results that reflected the cost of major catastrophes last year. Despite a big fall in profits the dividend was raised by 6% to 28p.
Diageo reported half year results showing 7% organic sales growth and 9% organic operating profit increase. The dividend was raised 7% to 16.6p. Sales grew 18% in emerging markets to represent 40% of the group. Strongest growth came from whisky and vodka.
Vodafone released an interim management statement for the third quarter to December 2011. The company are on target to achieve the full year adjusted operating profit of £11.4-£11.8bn forecasted back in November 2011.
Rolls Royce reported full year results to December 2011 showing underlying revenue up 4% and underlying profits up 21%. The dividend was raised 9% to 17.5p for the full year. The order book stands at a record £62.2bn, up 5% from the previous year.
Wednesday 8th February
Yesterday the FTSE 350 Index closed down 3 points at 3,111.
BHP Billiton declared an interim dividend of 55 cents a share, up 20%, on the back of 5.5% fall in attributable profit to $9,941m.
Thomas Cook saw a 3% increase in revenue in its first quarter to £1,861m but had an underlying loss from operations of £91m.
Dunelm declared an interim dividend of 4p a share, up from 14% last year when it announced 7.8% rise in profit before taxation to £52.2m.
Homeserve stated that it expects adjusted profit before tax to be in line with market expectations.
International Power is proposing a full year dividend of e0.11 a share, up from e0.109 last year. At the EBITDA level it earned e4,339m, up 8%.
Daily Mail and General Trust said revenue in its first quarter rose by an underlying 2% to £495m and said its outlook was unchanged.
Reckitt Benkiser declared a final dividend of 70p a share, up 8%, to give a full year payout of 125p, after reporting an 11% rise in net income to £1,745m.
Tuesday 7th February
Yesterday the FTSE 350 fell 0.1% to 3,114 with little corporate news to move markets.
GlaxoSmithKline declared total ordinary dividends per share for 2011 of 70p, up 8% on 2010 and will also pay a supplemental dividend of 5p related to the divestment of North American OTC brands in January 2012. The company spent £2.2 billion on the repurchase of 169.2m shares in 2011. It reported attributable profit of £5,498m, up from £1,853m.
Xstrata-Glencore merger was officially announced with Glencore offering 2.8 of its shares for every Xstrata share valuing Xstrata at £39bn. The combined entity will be the fourth largest mining company in the world with sales of $209bn. Both companies announced results for the full year to December 2011. Glencore reported revenue of $186bn and adjusted EBITDA earnings of $6.5bn and a proposed final dividend of 10c. Xstrata achieved EBITDA earnings of $11.7bn on revenues of $33.9bn. The dividend for the full year of 40c is an increase of 60% on the previous year.
BP announced the results for the fourth quarter to the end of 2011 which showed underlying replacement cost profit for the quarter rose by 14% on the previous year. The quarterly dividend was raised by 14% to 8c, the first rise since the company re-started paying dividends a year ago.
Amlin announced a trading statement setting out the prospects for the Lloyds insurance market for 2012. Amlin has written a 19% increase in total income and insurance rates have shown an average rise of 4% on renewed business.
Beazley released results for the year to December 2011 which reflected the poor underwriting environment last year. Lloyds underwriters suffered the worst year on record for insured natural catastrophes. The dividend for the year of 7.9p was down on the 10p from the year before, though the latter included a 2.5p special dividend.
Monday 6th February
Last week the FTSE 350 rose 3% to 3,118 as a series of more positive economic data emerged from the US and Europe. Employment data from the US on Friday was especially encouraging.
Vodafone announced that it was calling off its proposed merger with the Greek mobile phone company, Wind Hellas, in the face of regulatory obstacles. The deal would have united the second and third largest operators in Greece.
Cairn Energy shares appeared to fall 249p at the opening today. This in fact reflects the large cash release being paid out to shareholders as a result of the eventual sale of its Indian interests to Vedanta.
Press comment over the weekend featured a detailed review of the Munro Fund and its investment process in the Sunday Herald. See:
http://www.heraldscotland.com/business/personal-finance/how-to-load-the-stock-market-dice-in-your-favour.16622902
Friday 3rd February
Yesterday the FTSE 350 rose 0.2% to 3,064 as corporate news dominated the news. Negative reaction to results from Unillever and AstraZeneca was offset by merger activity in the mining sector.
BT reported third quarter results which showed revenues falling 5% but underlying adjusted profit rose 18% on the year earlier. The 2013 cash flow target (EBITDA) is now expected to be achieved a year earlier. Super-fast fibre optic broadband in the UK is now within reach of 7m homes and BT remains the leader with over 6m customers.
Investec released a third quarter trading statement that suggested the underlying operating profits would be down 6% against the prior year. The chairman, Fani Titi, explained that the volatile markets and low activity levels had made the period "challenging".
Electrocomponents issued a trading statement for the 4 months ending January 2012 which showed turnover up 4%, but within this the UK grew only by 1%.
Admiral announced it had extended its reinsurance cover on its motor book into 2014 at no change in the costs. The company thus continues to hold onto only a quarter of the risks in its insurance business.
Thursday 2nd February
Yesterday the FTSE 350 rose 2% to 3,060 as signs of a global pick-up in manufacturing was seen in US and Chinese economic data.
Unilever reported full year figures showing turnover up 5% and operating profit up 1%. Margins remained under some pressure from rising commodity prices which will continue to test margins in 2012. The fourth quarter dividend is Euro 0.225.
AstraZeneca released full year results which revealed turnover at constant exchange rates down 2% and core operating profit down 4% on the same basis. Earnings per share were up 7% as a result of $5.6bn of share repurchases in 2011, with another $4.5bn planned for 2012. The dividend was raised by 10% to $2.80 for the full year.
Smith & Nephew reported full year results showing trading profit down 1% and turnover up 6%. Adjusted earnings were up 1% and the final dividend was increased by 10% to 10.8 US Cents a share.
Xstrata confirmed it had received an all share merger offer from Glencore. Glencore already holds 34% of the shares in Xstrata.
Compass reported a trading update for the first 3 months of the year that suggested the company had made a good start to the year and had achieved organic sales growth of 5% and expected operating margins to improve further.
The Munro Fund went ex-dividend yesterday. Strong dividend growth was achieved last year as the resource stocks raised their pay-outs and BP returned to the dividend list. This is reflected in the final dividend to be paid to holders of the X Income shares rising 63% to 1.271p.
Royal Dutch Shell announced final results for the year ending December 2011 which included a fourth quarter dividend of $0.42 per share. The company is forecasting an increase of 2% in the next quarterly dividend to $0.43 a share.
Wednesday 1st February
Yesterday the FTSE 350 Index closed up 8 points at 3.000.4, to give a net gain of 3.2% over January.
Johnson Matthey reported that sales rose 22% to £649m in its third quarter to 31st January and underlying profit before tax increased 34% to £104.3m.
Imperial Tobacco announced a 3% rise in tobacco net revenues despite a 1% fall in stick volumes in the three months to end December.
Brewin Dolphin stated that income for the quarter to end December fell 6.3% to £59.7m.
ICAP reported a 2% fall in revenue for the December quarter. As a result of cost cutting it now expects pre-tax profits for the year to 31st March to be at the upper end of the current range of analyst's forecasts of £336m to £358m.
Tuesday 31st January
Yesterday the FTSE 350 fell 1.1% as the market worried about the Greek bail-out requiring even greater sums to cover the country's growing deficit.
BSkyB reported half year figures to the end of December that showed adjusted operating profits up 16% on revenues ahead 6%. The company added 100,000 subscribers over the period, reaching a total customer count of 10.47m. The dividend was raised 5% to 9.2p.
National Grid issued an interim management statement for the period to the end of January 2012. The company has committed itself to paying a nominal increase of 4% in the dividend for the year ending March 2013.
Babcock issued an interim management statement for the 4 months ending January. Trading conditions "remain positive" and performance remains in line with expectations.
SSE reported an interim trading statement for the nine month period to the end of December. Although gas volumes are down significantly due to a milder winter, the company is still anticipating a rise in the full dividend of 2% above RPI, to give about 80p a share.
ARM reported full year results that featured a rise in "normalised" profits of 37% on revenues up 24%. The dividend was increased by 20% to 3.5p.
Monday 30th January
On Friday the FTSE 350 Index closed down 1% at 3027 for a net gain of 0.3% on the week and 2.9% on the year to date.
Aegis has acquired a minority stake in The Upper Story in Singapore.
Mitie reported that it had made good progress in each of its target markets during the year to date.
SThree declared a 108% increase in its dividend to 25p a share for the year to 27th November 2011. This consists of the 11p special dividend declared at the half year and the 14p final dividend. Profit before taxation rose 40% to £30.3m.
Cranswick announced a 10% rise in sales in the last quarter of 2011.
Rank Group confirmed it is in discussions with Gala Coral Group about the potential acquisition of its casino business.
Aviva is to sell its Czech, Hungary and Romania Life businesses.
Friday 27th January
Yesterday the FTSE 350 closed up 1.3% at 3,058, a 6 month high, after the US Fed Reserve indicated interest rates would remain exceptionally low until at least late 2014.
Marston's announced an interim management statement covering the 16 weeks to January 21st which showed managed pubs' like-for-like sales up 5.0% on the previous year which was affected by wintry weather. Profits in the leased, tenanted and franchised pubs were up 3%.
London Stock Exchange announced a third quarter trading statement which included a 17% rise in top-line revenue. The company has recently completed the purchase of FTSE which has seen profit growth of 34% in the year to December.
Thursday 26th January
Yesterday the FTSE 350 fell 0.4% to 3,019 as news of the weak UK GDP figure depressed markets.
Mitchells & Butlers reported like-for-like sales up 4.4% over the 17 weeks to January 21st on the same period the year before. Warmer weather over Christmas 2011 was a critical factor.
A.G. Barr issued a year end trading statement that suggested trading in the last quarter had been strong and like-for-like sales for the full year were up 6% on maintained margins. Profits for the year would thus be in line with market expectations.
easyJet issued a trading statement covering the first quarter of their financial year to the end of December. Passenger numbers rose 8% on the same period last year, a quarter that was disrupted by poor winter weather. 70% of flights in the first half are now booked and the company are confident in restricting first half losses to similar levels to those of 2010 over this period.
Wednesday 25th January
Yesterday the FTSE 350 fell 0.6% to 3,031 as markets digested gloomy economic forecasts from the IMF and no further news emerged over Greek debt negotiations.
WH Smith released a trading statement for the 21 weeks to 21st January that showed like-for-like sales down 5% over the period. Sales from Travel were ahead by 2% against 3% down for the high street stores. Gross margins have improved further and the company has another £36m to spend on share buy-backs.
Renishaw reported half year figures for the 6 months to the end of December 2011 that revealed revenues jumped 11% but profits fell 11% as investment in plant and people held back margins. The interim dividend was maintained at 10.3p.
UK Economy shrank 0.2% in the fourth quarter, when compared with the third quarter, according to preliminary estimates released today. This represents a growth rate of 0.8% year-on-year.
Tuesday 24th January
Yesterday the FTSE 350 rose 0.9% to 3,050 as European optimism more than offset the lack of news on Greek debt restructuring negotiations.
Chemring Group reported full year figures to October that showed underlying profits up 6% and dividends raised by 25% as dividend cover was reduced from 4 times to 3.5 times. The order book is up 12% on the year end level.
PZ Cussons reported half year profits to the end of November down 13% on revenues ahead 10% as higher raw material costs were not fully recovered. The dividend was raised 5%.
Land Securities, the largest UK listed property company, announced a third quarter update. This included news that the CEO Francis Salway is to hand over the post to another internal candidate, Robert Noel at the end of the financial year in March. A third quarter dividend of 7.2p will be paid.
Monday 23rd January
On Friday the FTSE 350 Index closed down 5 points at 3024 to give a rise of 1.8% over the week and 3.7% for the YTD.
Hunting announced that trading has exceeded its expectations since mid-November and earnings will exceed the current expectations of the market.
Friday 20th January
Yesterday the FTSE 350 Index closed 14 points higher at 3029.
Close Brothers said in a trading update that Banking had been strong but the Securities division had been affected by the difficult market conditions. Asset Management recorded a small loss as AUM fell to £8.4b.
Thursday 19th January
Yesterday the FTSE 350 index closed up 6 points at 3005. For the year to date the FTSE 100 is up 2.3% while the FTSE 250 has risen 6%.
Pearson announced that it expects to report a growth of about 10% for 2011 adjusted earnings per share.
St James's Place reported total new business on an APE basis of 10% and a 6% rise in funds under management.
SABMiller announced that its financial performance in the quarter to the end of December was in line with its expectations.
Associated British Foods said in a trading update that group revenue rose 12% in the 16 weeks to 7th January. Falling commodity prices are starting to benefit the Group although higher sugar prices are still positive.
Kesa Electricals declared that revenue increased by 1.1% in the period from 1st November to 8th January with an 18% increase in web-generated sales.
William Hill announced that the group's performance in 2011 was in line market expectations with net revenue growth of 6% but a fall in operating profit to £274m from £276.8.
Premier Oil reported that it had met its year end production target of 60,000 boepd.
Aberdeen Asset Management announced that its assets under management rose by 2.4% over the last quarter of 2011.
Wednesday 18th January
Yesterday the FTSE 350 closed up 0.7% at 2,999.6 (just failing to make the figure in feet required to be called a Munro peak in Scotland). Chinese growth figures for the fourth quarter encouraged commentators to believe a "soft landing" was possible here.
Man Group announced a trading statement covering the third quarter. Although redemptions still outweigh inflows to the funds, and the flagship AHL's performance has recently been lack lustre, the management confirmed the pro-rata dividend for the first 9 months will be maintained at 16.5 cents. A further $75m of cost-savings have been found, equivalent to 20% of the PBT management charge. The stock yields about 13% at this level.
Tullow Oil issued a full year trading update which revealed further delays to its production of oil from its Jubilee field in Ghana..
Tuesday 17th January
Yesterday the FTSE 350 closed up 0.3% at 2,978, shrugging off the news that broke over the week-end that S&P had downgraded several European countries' sovereign debt.
SDL released a trading statement which suggested results for the year to December 2011 would be slightly ahead of market expectations. Profits are expected to rise 12% or so from the previous year.
Burberry Group issued a third quarter trading statement which showed total underlying revenues were up 21%. Growth remains strong in the Rest of the World and China, at over 30%, with international travellers boosting sales in flagship markets of London, Paris and Hong Kong.
Taylor Wimpey issued a trading statement for the full year ending December 2011 which highlighted improved volumes and margins and a healthy land bank representing 6.4 years worth of building land. House prices were only slightly ahead of last year but house completions were ahead 2% and operating profits should rise 80% in the second half year-on-year.
Greene King released a trading update for the first 37 weeks of the year. Sales over the Christmas period were strong, with like-for-like sales up between about 6-8% in its Retail, Pub Partners and Brewing divisions. The former, the largest division, saw like-for-like sales up 4.7% for the first 37 weeks.
IG Group reported first half results to the end of November showing profits up 28% and the interim dividend increased by 10% to 5.75p. Client numbers rose 15% globally and all regions showed solid growth apart from Japan.
Royal Bank of Scotland has sold its Aviation Capital division for £4.7bn to a Japanese consortium.
DS Smith announced the acquisition of SCA Packaging, the second largest European packaging company, for £1.3bn, to be funded by a 9 for 8 rights issues to raise £466m.
Monday 16th January
Last week the FTSE 350 closed marginally lower over the week, at 2,968, a fall of 0.1%.
Carnival the cruise ship operating company fell sharply as the market worried about the impact of the recent sinking of one of its cruise ships off Italy. The company announced the cost of having the vessel out of commission all year but could give little guidance on the effect on bookings.
Wiseman Dairies confirmed an agreed bid for the company at 390p in cash from the German dairy products company Muller, valuing the company at £280m.
Bovis issued a trading statement covering the 12 months to the end of December. House sales were up 8% in 2011 and profits are expected to be in line with market expectations.
Friday 13th January
Yesterday the FTSE 350 Index closed unchanged at 2980.
Invensys issued a profit warning saying it now expects reported operating profit to be significantly below that of last year.
Spectris announced that sales in 2011 are expected to be 23% higher than the 2010 and adjusted operating profit to be in the region of £200m, up from £142m.
Thursday 12th January
Yesterday the FTSE 350 fell 0.3% to 2,981 as the Euro fell to a 16 month low against the dollar.
Provident Financial released a year-end trading statement suggesting that profits for the year to December 2011 would be in line with expectations.
Tesco announced a trading statement for the 6 weeks over Christmas which showed a disappointing fall in UK sales like-for-like sales of 1.3%, though international sales were much stronger. Forecasts for the year will be reduced.
Barratt Developments released a trading update for the latest 6 months stating that turnover was ahead 8%, operating profits up 40% and the average selling price of houses was 3% higher than the year before.
Royal Bank of Scotland has announced a plan to scrap 3,500 investment bank jobs over the next 3 years in an attempt to reduce costs and streamline the business.
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