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Tuesday 9th March
Yesterday the FTSE 350 Index closed up 0.1% at 2930.2.
Weir Group reported record operating profit of £205m for the 53 weeks ended 1st January 2010, benefiting from positive currency effect. Overall net debt halved during the year to £119m. The total dividend for the year is up 14% to 21.0p and expectations for 2010 have been upgraded.
Antofagasta saw turnover fall 12% to $2,962.6m in the year ended 31st December 2009. The total dividend for the year including special dividends was 23.4 cents. This represents a payout ratio of 35% and compares with 60.0 cents in 2008, when profits included the exceptional gain on the Marubeni transaction.
Inmarsat released full year results for 2009 in which it said total revenue was up 4.2% to $1,038.1m. EBITDA was up 11.9% to $594.2m. A second interim dividend of 20.63 cents has been declared, up 13.4% on the 2008 final dividend. The total dividend for the year is 10% higher than the previous year.
Shanks Group announces that it has ended discussions with Carlyle Europe Partners III Participations S.a.r.l. about a possible offer for Shanks.
International Power reported another year of earnings growth with a strong increase in free cash flow. Profit from operations was up 10% to £1,157m while net debt is down 20% to £5,059m. The board has proposed a full year dividend of 12.53p, up 3% on the previous year.
Liberty International has responded to press comment and has announced its intention to separate into two businesses, Capital Shopping Centres and Capital & Counties. The separation will be effected by way of a demerger of Liberty International’s central London focussed property investment and development division, to a new company call Capital & Counties Properties, from the rest of the Group comprising predominantly the UK shopping centres business. Liberty International will be renamed Capital Shopping Centres Group. The Company also released preliminary results for the year ended 31st December 2009 in which it reported a loss before tax of £329m, down from a loss of £2,662m the previous year. The total dividend for the year has been maintained at 16.5p.
Monday 8th March
On Friday the FTSE 350 Index closed up 1.3% at 2926.6, a rise of 4.6% over the week.
SThree released an interim management statement in which it reported a reduction in Group Gross Profit in the first quarter of 27% to around £36m. The Group remains strongly cash generative with net cash of £40m as at 28th February 2010.
Stagecoach Group said that the overall profitability of the Group since 1st November 2009 has remained in line with management’s expectations.
Bovis Homes Group released results for the year ended 31st December 2009 in which it reported pre tax profit for the year of £4.8m compared to a loss for the previous year of £78.7m. As previously announced the Board does not propose the payment of a final dividend for 2009 although it recognises the importance of dividends to shareholders, and anticipates that delivery of the Group’s trading and investment plans will create a solid basis for the resumption of dividends.
Intertek Group saw revenue increase 23.3% to £1,237.3m in the year ended 31st December 2009. Profit before tax was up 22.1% to £169.2m. The total dividend for the year is 22.6% higher than the previous year at 25.5p.
Petrofac announced an increase in the final dividend of 40% to 25.20 cents on the back of record results and record order intake for 2009. Net profit was up 33% to $353.6m while the order intake for 2009 was $7.3b compared to $2.9b for the previous year.
Friday 5th March
Yesterday the FTSE 350 Index closed unchanged at 2889.3.
Michael Page International released results for the full year ended 31st December 2009 in which it reported a reduction in revenue of 26% to £716.7m. Profit before tax was down 85% to £21.1m. The dividend has been maintained at 8.0p.
WPP said that billings were up 2.7% to £37.9b in preliminary results released for 2009. Overall revenue was up over 16% to £8.7b although like-for-like revenue was down 8% while headline profit before tax was down 16% to £812m. The second interim dividend has been declared at 10.28p, maintaining the full year dividend at 15.47p.
BAE Systems has agreed the sale of half of its 20.5% shareholding in Saab AB.
Thursday 4th March
Yesterday the FTSE 350 Index closed up 0.8% at 2890.1.
Spirent Communications said that revenue grew by 6% to £272.1m in the year ended 31st December 2009. Operating profit was ahead of expectations, up 14% to £55.3m. The final dividend has been increased by 10% to 0.66p.
Spirax-Sarco Engineering saw revenue increase 3% to £518.7m while profit before tax was down 10% to £76.4m. The dividend is up 8% to 36.1p.
Whitbread released a trading statement in which it said trading performance continues to be robust and in the last quarter all of its businesses have demonstrated further positive momentum with like-for-like sales growth. It is anticipated that results for the year ended 4th March 2010 will be in line with management expectations.
DS Smith Group said that trading in the third quarter has been ahead of management’s expectations. Primarily this reflects better sales than previously anticipated, across both Packaging and Office Products Wholesaling.
IMI announced revenue of £1,792m for the year ended 31st December 2009, down 6% from the previous year. Reported profit before tax was up 6% to £186.2m. The Board has announced a final dividend of 13.2p making a total dividend for the year of 21.2p, up 2% on the previous year.
PartyGaming reported a loss after tax of $26.5m for the year ended 31st December 2009 compared to a profit of $66.9m the previous year. Total revenue of $446.2m was down $26.7m from the previous year, with a softer performance in poker mitigated by growth in all other vehicles. Given the wealth of consolidation opportunities, the Board believed it was imprudent to recommend that payment of a final dividend in 2009.
Aggreko released preliminary results for 2009 with Group revenue up 8.2% and profit before tax up 26.1% to £946.6m and £191.6m respectively. The total dividend for the year has been increased by 25.0% on the previous year to 12.6p.
Balfour Beatty saw pre-tax profit increase 7% to £267m in the year ended 31st December 2009. A final dividend of 7.2p has been declared making a total dividend for the year of 12.0p, up 8% on the previous year.
Cobham announced strong results for 2009 with revenue up 28% to £1,880m. Profit before tax more than doubled to £245m. The full year dividend has been increased by 10% to 5.45p.
AMEC reported another record operating performance for 2009 with EBITA up 13% to £208.3m, thanks in part to an improvement in margin of 110 basis points to 8.2%. The order book is strong at £3.2b. The total dividend for the year is up 15% to 17.7p.
Kazakhyms released a trading update in which it said the production of all metals was ahead of target. EBITDA of $1,211m is a reduction of 26%, reflecting lower copper prices, but partially offset by lower costs and improved efficiencies. The Board also announced the reinstatement of the full year dividend of 9.0 cents.
Aviva announce a year of significant progress with a strong return to profit. IFRS profit after tax for the year ended 31st December 2009 was £1,315m compared to a loss of £885m the previous year. The IGD surplus has more than doubled to £4.5b. The total dividend for the year is 24p, down from 33p the previous year.
VT Group confirmed that it had made a final proposal to Mouchel Group regarding a possible offer for Mouchel Group and that it was looking to enter constructive discussions on the basis of the final proposal. As previously stated, the Final Proposal was conditional inter alia on the completion of satisfactory due diligence. To date, Mouchel has not engaged with VT. On 22 January 2010, the Takeover Panel issued a deadline of 8 March 2010 by which VT must decide whether to announce a firm intention to make an offer for Mouchel. On 15 February 2010, Babcock International Group announced that it had made a preliminary approach regarding a possible offer for VT. In view of there being no engagement with Mouchel at this time, and the interest of Babcock in VT, the Board of VT has decided not to make an offer for Mouchel at this point.
Schroders reported record net inflows of £15.0b in the year ended 31st December 2009, with fund under management now standing at £148.4b compared to £110.2m at the same point the previous year. Total profit before tax was up slightly to £137.5m. The Board has maintained the full year dividend at 31.0p.
Wednesday 3rd March
Yesterday the FTSE 350 Index closed up 1.4% at 2867.1.
Carillion said that total revenue for the year ended 31st December 2009 was up 4% to £5.4b. Operating margin improved by 0.3% to 4.0% whilst reported profit before taxation was up 27% to £147.7m. The Board has proposed an increase of 12% in the dividend to 14.6p.
Arriva released preliminary results for 2009 with profit before tax down 19% to £121.7m. The final dividend is up 5% to 18.8p.
The Restaurant Group reported a resilient 2009 with revenue up 5% and profit before tax up 2% to £436m and £50m respectively. The Board announced a second interim dividend of 6.3p and has proposed a final dividend of 0.3p giving a full year dividend of 8.0p, up 4% on the previous year.
RPS Group announced a slight decrease in revenue of £26.6m to £443.9m for the year ended 31st December 2009. Profit before tax was also down slightly to £52.5m. The total dividend for the year has been increased from 3.66p to 4.20p.
ITV held EBITA before exceptional items at £202m in a declining television advertising market. In light of the continuing economic uncertainty, the Board is not proposing the payment of a final dividend.
Taylor Wimpey saw significant stabilisation in the UK and North America housing markets through 2009. Performance in the second half of 2009 was significantly improved with no exceptional charges and a Group operating profit of £40.5m. Overall, revenue for the year was down almost £1b to £2,595.6m whilst the Company reported a loss before tax and exceptional items of £96.1m, up from a loss of £74.7m reported the previous year. After exceptional items the Company reported a loss of £640.6m, a significant improvement on the previous year when a loss after exceptional of £1840m was reported. The Board did not proposed an interim dividend and in not proposing a final dividend for 2009.
Standard Chartered announced results for the year ended 31st December 2009 with profit before tax up 13% to $5,151m. The Core tier 1 capital ratio has improved from 7.5% to 8.9% and the total capital ratio has also improved from 15.6% to 16.5%. The Board has recommended a final dividend of 44.80 cents resulting in an annual dividend for 2009 of 66.03 cents, up 7.2% from 61.62 cents for 2008.
Tuesday 2nd March
Yesterday the FTSE 350 Index closed up 1.0% at 2826.9.
Rotork saw an increase in revenue of 10.4% to £353.5m in 2009 whilst profit before tax was up 20.0% to £90.9m. The Board has announced a final dividend of 17.25p, up from 16.75p the previous year. The Board has also announced a special dividend of 11.5p to return an additional £10.0m to shareholders.
Meggitt maintained revenue at around £1,150.5m for the year ended 31st December 2009. Profit before tax was down by 4% to £234.2m. The dividend has been maintained at 8.45p.
Provident Financial released results for the year ended 31st December 2009 in which it reported a slight increase in profit before tax and exceptional items of 1.0% to £130.1m. The Board has maintained the final dividend at 38.1p making a total dividend for the year of 63.5p.
Cookson Group saw revenue decline 11% to £1,961m for the 12 months to end of December 2009. The Company reported a trading profit of £11.7m, of which 85% was earned in the second half, in line with the guidance given in November. No interim dividend was paid during the year and the Board is not recommending a final dividend.
Jardine Lloyd Thompson said that profit before tax was up 10% to £102.0m for 2009. The total dividend for the year is up 2.4% to 21.0p.
Pace saw revenue increase 52% in 2009 to £1,133.4m whilst profit before tax was up 405% to £69.9m. A final dividend of 1.0p has been proposed taking the total dividend for the year to 1.5p compared to 0.6p for the previous year.
Persimmon released final results for 2009 in which it said there were 8,976 legal completions in the year at an average selling price of £160,513. This compares to 10,202 legal completions for the previous year at an average selling price of £172,994. Overall revenue was down £0.34b to £1.42b and profit before tax was £77.8m. As previously announced the Board does not intend to pay a dividend for 2009.
Fresnillo announced record attributable silver production of 37.9m ounces for 2009, up 9% on the previous year. Total revenue for the year was up 18% to $850m and EBITDA increased by 47% to $497m. The final dividend will be approved at the next Board meeting and communicated thereafter to shareholders. The dividend will be in line with the company’s stated dividend policy.
Sports Direct International has confirmed that it is evaluating a possible cash offer for the entire issued and to be issued share capital of Blacks.
Monday 1st March
On Friday the FTSE 350 Index closed up 1.4% at 2798.3, a fall of 0.2% over the week.
Rio Tinto is to acquire 15.7m shares in Ivanhoe Mines Ltd at a subscription price of C$16.31, increasing its ownership by 2.7% to 22.4%.
Resolution has noted the recent press speculation regarding Prudential plc’s potential acquisition of AIA and a possible subsequent disposal of its UK life assurance operations to Resolution. Resolution confirms that it is not is discussions with Prudential regarding the acquisition of its UK life operations. Prudential has confirmed that it is in advanced discussions with AIA regarding a possible combination of its business and has requested the temporary suspension of trading in its ordinary shares pending the release of a further announcement.
Ultra Electronics announced an increase in revenue of 26% to £651.0m for the year ended 31st December 2009. Profit before tax was up 24% to £89.5m. A final dividend of 21.6p has been declared making a total dividend for the year of 31.2p, up 20% on the previous year.
Xchanging released results for the 12 months ended 31st December 2009 in which it reported an increase in revenue of 35% and an increase in underlying profits of 36% to £750.4m and £52.4m respectively. The dividend has been increased by 10% to 2.75p.
Amlin recorded record profit before tax of £509.1m for the year ended 31st December 2009, up from £121.6m the previous year. The total dividend for the year has been increased by 17.5% to 20.0p.
SDL reported resilient performance for 2009 with revenue up by 8% t £171.9m. Profit before tax was up 21% to £24.0m. Given the excellent cash generation of the business the Board anticipates paying its first dividend for the 2010 financial year. This will not alter the Board’s strategy of pursuing strong growth, but will provide a return for those investors that value income as well as growth.
Tomkins saw sales dip by 21.8% in 2009 to $4,143.6m. Adjusted operating profit was also down to $262.9m from $404.8m the previous year. Despite this the Board has recommended a final dividend of 6.5 cents, up from 2.0 cents.
Pearson said that it performed strongly in 2009 and made market share gains. Sales were up 4% at constant exchange rates to £5.6b while adjusted operating profit was up 4% to £858m. The dividend has been increased by 5% to 35.5p. The Board expects another year of underlying profit growth in 2010.
Hiscox announced an increase in the total dividend for the year of 17.6% to 15.0p on the back of increased profits for 2009 of £320.6m, up from £105.2m the previous year.
HSBC released final results for 2009 in which it reported underlying pre-tax profit of $13.3b, up 56% on the previous year after excluding the goodwill impairment in North America in 2008. On a reported basis, pre-tax profit was down 24% to $7.1b. The Board has declared a fourth interim dividend of 10 cents, making a total dividend for the year of 34 cents. As at 31st December 2009 the core tier 1 ratio and the tier 1 ratio for the Group remained strong at 9.4% and 10.8% respectively.
Friday 26th February
Yesterday the FTSE 350 Index closed down 1.3% at 2759.0.
The Davis Service Group said that revenue was up 2% to £970.9m for the year ended 31st December 2009, down 3% in constant currency terms. Adjusted profit before tax was up slightly to £91.7m. The dividend has been maintained at 20.0p.
Colt Telecom Group reported a slight reduction in revenue of 3.2% to e1,622.5m for the year ended 31st December 2009. Profit before tax was up over 50% to e85.0m.
William Hill reported solid performance in 2009 with revenue up 4% to £997.9m. Profit before tax was down slightly to £197.5m but after exceptional items was down over 50% to £120.9m. The Board has approved a second interim dividend, in lieu of a 2009 final dividend, of 5.0p. Together with the first interim dividend this makes a total dividend for the year of 7.5p.
Lloyds Banking Group released results for the year ended 31st December 2009 in which it reported a statutory profit before tax of £1,042m which included a negative acquisition-related negative goodwill credit of £11,173m. Overall, the Company reported a combined business loss of £6,300m for the year. Total impairments for the year were significantly higher at £23,988m. Despite this the Board have said that the capital position is robust with Core tier one capital at 8.1% following the successful capital raising in December 2009.
Thursday 25th February
Yesterday the FTSE 350 Index closed at 2793.54, a gain of 0.4%.
BBA Aviation declared an unchanged final dividend of 5.3p after reporting a profit before tax of £60m, down from £84.2m. It remains confident about the outlook.
The Go-Ahead Group has announced a one-off increase in the interim dividend of 100% to 51p that will be compensated by a corresponding reduction in the final dividend. The company reported profit before tax of £12m, down from £40.3m and has not changed its expectations for the full year results.
Redrow is not declaring a dividend after reporting a loss before tax of £8.7m for the six months to end December. Last year it lost £46.2m. It says it is difficult to see further progress until mortgage availability improves.
Hunting has declared a second interim dividend of 7p after reporting a profit for the year before exceptionals of £26.3m, down from £37.9m.
Ashmore Group has declared an unchanged interim dividend of 3.66p after reporting a 50% increase in profit before tax to £112.4.
Rank Group has resumed dividend payments with a final dividend of 1.35p after reporting an 18% increase in adjusted profit before tax to £48.5m
Filtrona declared an unchanged dividend for 2009 of 7.78p after announcing a 7.6% decline in adjusted profit before tax to £46.2m.
Bodycote has maintained its final dividend to give an unchanged payout of 8.3p for the year. It announced a loss before tax of £54.5m compared with a loss last year of £55.3m
GKN said it will not pay a dividend in respect of 2009 but intends to pay an interim dividend in 2010. Profit before tax for the year was £83m compared with £170m in 2008.
Genus is not recommending an interim dividend but expects to declare a final dividend. It reported an interim profit before tax of £15.5m, down from £16.9m.
British American Tobacco is recommending a final dividend of 71.6p which increases its total payout for the year by 19%. Adjusted profit from operations rose by 20% to £4,461m.
Dunelm Group is increasing its interim dividend by 50% to 3p a share It is also proposing to return £43m of capital via a bonus issue of B shares which can be redeemed for 21.5p a share or kept to receive a once only dividend of 21.5p. Profit before taxation for the first six months rose 69.3% to £46.2m.
National Express is not paying a dividend for 2009 after reporting a statutory loss of £52.7m compared to a profit of £119.7m in 2008. It expects 2010 to be another challenging year.
STV Group will not pay a dividend for 2009 after reporting a loss for the year of £8.8m against a loss of £27.4m in 2008.
Segro declared a final dividend of 9.4p making 14p for the year, up from 13.7p. It reported a loss for the year of £234.1m against a loss of £938.1m in 2008.
Royal Bank of Scotland reported a net attributable loss for 2009 of £3.6 b, down from the £24.3b loss in 2008. It did not declare a dividend.
Hays maintained its interim dividend at 1.85p after reporting a 70% fall in pre tax profits to £30.4m.
Centrica increased its full year dividend by 4.9% to 12.8p after reporting a 22% rise in earnings to £1,111m.
Capita Group increased its dividend by 17% to 16.8p after reporting a 17% rise in underlying profit before tax to £325.1m.
Wednesday 24th February
Yesterday the FTSE 350 Index closed down 0.7% at 2781.8.
Kier Group saw underlying pre-tax profits increase by 20.8% to £31.9m in the six months ended 31st December 2009. The interim dividend has been increased by 2.8% to 18.5p.
Galliford Try released interim results for the six months ended 31st December 2009 in which it reported Group revenue of £570m, down from £774 for the same period the previous year. Overall, the Company reported profit before tax of £6.4m, down from £37.5m. An interim dividend of 3.3p has been declared, an equivalent level to the prior year taking into account the 1 for 10 share consolidation and the subsequent 7 for 6 rights issue.
St James’s Place reported an increase in operating profit of 12% to £228.9m for 2009. Funds under management increased 31% in the year to £21.4b. An increase of 4% has been proposed in the final dividend to 2.66p making a total dividend of 4.5p for the year, up 2.5% on the previous year.
Rathbone Brothers said that funds growth of over 12% helped to return funds under management to 2007 levels. Profit before tax from continuing operations decreased by 30.3% to £29.5m from £42.3m in 2008. The Board has recommended a second interim dividend of 26.0p replacing a final dividend for 2009, maintaining a total dividend of 42.0p for the year.
Moneysupermarket.com reported solid financial results and cash generation in a challenging environment. Revenue for the 12 months to the end of December 2009 was down 23% to £136.9m. The Company made a small profit after tax and impairment charges of £1.9m compared to a loss of £59.1m the prior year. The Board has announced a further special dividend of 4.91p together with a maintained final dividend of 2.2p.
Travis Perkins released preliminary results for the year ended 31st December 2009 in which it reported a decline in Group revenue of 8% to £2,931m. Profit before tax was up £66.4m to £212.7m. Although the Company has performed well during 2009 and exits the year in a strong position, the Board has concluded that there remains too much economic uncertainty for it to be able to recommend to shareholders the reinstatement of the dividend at this time. The Board expects to resume dividend payments once certainty is reduced and improved prospects for its markets are visible.
Barratt Developments said that Group revenue in the six months ended 31st December 2009 was £872.4m, down from £1,261.8m the previous year. The average selling price increased by 3.5% to £166,300 largely driven by changes in mix. The Group made a loss before tax and exceptional items of £48.5m, and a loss before tax after exceptional items of £178.4m. The Board is not paying an interim dividend.
Tuesday 23rd February
Yesterday the FTSE 350 Index closed down 0.1% at 2800.7.
Dechra Pharmaceuticals announced revenue of £184.8m and adjusted profit before tax of £13.7m for the six months ended 31st December 2009, up 6.7% and 30.4% respectively. The interim dividend has been increased by 10% to 3.3p.
The Office of Fair Trading has today issued a statement of Objections alleging that Reckitt Benckiser abused its dominant position in the market for the NHS supply of alginate and antacid heartburn medicines.
Spectris released results for the year ended 31st December in which it reported sales of £787.3m, down 10% in constant currency terms. Profit before tax for the year was down 49% to £54.2m. The dividend has been increased by 3.6% to 24.25p.
Morgan Sindall saw revenue decline 13% to £2,214m in the year ended 31st December 2009. Profit before tax was down 28% to £44.7m. The total dividend has been maintained at 42.0p.
Croda International said that a strong second half of the year has lead to record results for the full year. Sales were up slightly to £916.2m while profit before tax and exceptional items was up 10.5% to £106.4m. The total dividend for the year has been increased by 8.9% to 21.5p.
Wolseley expects Group trading profit before exceptional items to exceed current analysts’ consensus forecast for the full year.
Drax Group reported EBITDA for 2009 of £355m, down from £454m the previous year, reflecting a decrease in margins and weak commodity markets. A final dividend of 9.6p has been proposed, down from 38.3p the previous year. As previously announced, the dividend policy has been revised to target 50% pay-out of underlying earnings effective from 2010 onwards.
AstraZeneca has settled a long-running transfer pricing issue with HMRC in the UK. Under the agreement, AstraZeneca will pay £505 to HMRC to resolve all claims made by HMRC in relation to this issue for the 15-year period from 1996 to the end of 2010.
Monday 22nd February
On Friday the FTSE 350 Index closed up 0.6% at 2803.2, a rise of 4.0% over the week.
Bunzl saw an increase in revenue of 11% to £4,648.7m for the year ended 31st December 2009. Profit before tax was up 4% to £216.0m. The total dividend for the year is up 5% to 21.55p.
Associated British Foods said that the interim results due to be announced in April will show a strong increase in revenue with growth achieved in all segments. Operating profit will be substantially higher than in the corresponding period last year in all segments except Agriculture, where trading last year benefited from unusually high volatility in commodity prices.
Hammerson reported a loss before tax of £453.1m for the year ended 31st December 2009, an improvement on the previous year where they reported a loss of £1,611.5m. The Board has declared a second interim dividend of 8.5p making a total dividend for the year of 15.45p.
Friday 19th February
Yesterday the FTSE 350 Index closed up 0.9% at 2786.3.
Millennium & Copthhorne Hotels reported that total revenue for the year ended 31st December 2009 was down 7.0% at £654.0m. Profit before tax was down one fifth to £81.9m. A second interim dividend of 4.17p has been declared making an unchanged dividend of 6.25p for the year.
Rentokil Initial saw revenue growth of 5.0% to £3,530.8m for the year ended 31st December 2009. Adjusted profit before tax was up 54.3% in the year to £166.5m. In view of the continuing economic uncertainty in the markets, and the desire to strengthen the balance sheet, the board has decided not to pay a final dividend to shareholders.
Anglo American announced group operating profit of $5.0b in 2009 preliminary results released today. Net debt has been maintained at $11b and the Company has over $12b of committed undrawn bank facilities and cash in place. No final dividend has been declared although the Board expects to resume paying dividends in 2010.
Charter International said that revenue fell by 12.1% to £1,659.2m in the year to 31st December 2009. Profit before tax was down 53.1% to £92.7m while net cash was down slightly to £50.9m. A second interim dividend of 14.5p has been declared making a total dividend for the year of 21.5p, up 2.4% on the previous year.
Thursday 18th February
Yesterday the FTSE 350 Index closed up 0.7% at 2762.0.
London Stock Exchange Group has completed the acquisition of Turquoise Trading Limited.
Halfords Group has announced the acquisition of Nationwide Autocentres for a cash consideration of £73.2m.
Kingfisher reported that Q4 total sales were down 1% to £2.3b impacted by adverse weather. The Board expects adjusted full year pre-tax profit to be up strongly on the prior year and slightly ahead of current consensus estimates.
BAE Systems released preliminary results for 2009 in which it reported a 21% increase in sales to £22,415m. The dividend for the year has been increased by 10% to 16.0p. The Company also announced a share buy-back programme of up to £500m for 2010.
Eurasian Natural Resources today announced that it has entered into a conditional agreement to acquire 100% of Enya Holdings BV which holds a 90% interest in Chambishi Metals together with a 100% interest in Comit Resources. The aggregate consideration for the transaction amounts to $300m, which will be wholly funded from ENRC’s existing cash resources.
Morgan Crucible said that full year revenue increased to £942.6m up 12.9% on 2008. Profit before tax was down from £82.8m to £31.4m. The final dividend has been maintained at last year’s level of 4.5p, giving a full year dividend of 7.0p.
Ladbrokes announced its results for the year ended 31st December 2009 with Group net revenue around £100m lower at £963.7m. Profit before tax was down from £265.6m to £191.3m. As announced at the rights issue, the Group will not be paying a final dividend, giving a total dividend for 2009 of 3.5p.
Reed Elsevier said that performance for 2009 was robust, with revenue up 14% to £6,071m and adjusted pre-tax profit up 6% to £1,279m. The total dividend for the year is up 0.1p to 20.4p.
VT Group has confirmed that it received a revised proposal from Babcock International Group on 16th February which the Board of VT Group has unanimously rejected.
Wednesday 17th February
Yesterday the FTSE 350 Index closed up 1.4% at 2741.5.
Legal & General released an interim management statement covering the fourth quarter in which it reported that UK net cash generation has doubled to over £650m. Assets under management grew by around 20% to £392m. As at the 31st December 2009 the IGD surplus was £3.1b compared to £1.9b for the previous year.
WS Atkins said the Group has continued to perform strongly following the good performance in the first half, and the year-to-date results have been in line with expectations.
Rexam announced an increase in sales of 5% to £4,866m for the year ended 31st December 2009. The Company reported an operating profit of £92m compared to £380m the previous year. As previously announced the Board has recommended a final dividend of 8.0p, down from 18.7p the previous year.
Tuesday 16th February
Yesterday the FTSE 350 Index closed up 0.5% at 2702.6.
Domino’s Pizza saw profit before tax increase 27.8% to £29.9m in the 52 weeks ended 27th December 2009. The total dividend for the year has been increased by 31.4% to 7.75p.
Anglo American has agreed the sale of Tarmac’s construction aggregates businesses in France, Germany, Poland, and the Czech Republic to Eurovia, a subsidiary of the Vinci Group.
Intercontinental Hotels Group released preliminary full year results for the year ended 31st December 2009. Revenue of $1,538m was reported, 19% lower than the previous year while operating profit was one third lower at $363m. The total dividend for the year has been maintained at 41.1 cents.
Barclays announced profit before tax, excluding the sale of Barclays Global Investors, of £5,311m for the year ended 31st December 2009, down 13% from the previous year. After the sale of Barclays Global investors, profit before tax was up 92% on the previous year at £11,642m. A final dividend of 1.5p has been declared, making a total dividend for the year of 2.5p, down from 11.5p the previous year.
Premier Foods said that total sales were up 2.2% to £2,661m for the year ended 31st December 2009. A profit before tax of £47m was declared for the year compared to a loss of £405m for the previous year.
Monday 15th February
On Friday the FTSE 350 Index closed down 0.4% at 2690.4, a rise of 1.4% over the week.
Fidessa Group released preliminary results for the year ended 31st December 2009 in which it reported an increase in revenue of 26% to £238.5m while operating profit was up 33% to £29.9m. The Board has declared an annual dividend of 30.0p, up 22% on the previous year, and a special dividend of 40.0p.
Speedy Hire is encouraged that trading in the third quarter increasingly stabilised compared to earlier quarters and early fourth quarter trading has progressively recovered following the annual Christmas shutdown.
Mouchel Group has responded to recent press speculation and confirms that it has received a proposal of 0.579 new VT Group shares per Mouchel share, with a 50% cash alternative on a mix and match basis funded through debt facilities. This proposal includes Mouchel’s interim dividend and is, therefore, on the basis that Mouchel does not pay a dividend for the six months ended 31st January 2010. The Board is considering the terms of the proposal and is consulting with the Company’s principle shareholders. At present, there can be no certainty that any formal offer will be forthcoming nor as to the terms on which any offer might be made.
ICAP said that following weekend press comment, ICAP confirms that the group is conducting a broad ranging strategic review of some of its cash equities businesses. A further announcement will be made once the review is completed.
Friday 12th February
Yesterday the FTSE 350 Index closed up 0.6% at 2701.8.
Helical Bar said that since the half year results at the end of November, investment values have continued their recovery with IPD reporting growth of 8.1% in the last quarter of 2009. Despite the optimism this has generated, the occupational market remains weak in nearly all sectors, with rental values continuing to decline and tenants taking advantage of the market to secure more advantageous lease terms.
Micro Focus International reported that following a solid third quarter, the trading outlook across the Group remains in line with management expectations for the full year.
Thursday 11th February
Yesterday the FTSE 350 Index closed up 0.4% at 2686.0.
Halma expects profit for the full year to be higher than the top range of market expectations. The Board believes the current range of market expectations is £78.9m to £82.1m.
BSS Group said that as anticipated, market conditions have remained challenging throughout the third quarter. However, revenue has held up well and in line with expectations at £473.4m. The Board expects profits to be in line with market expectations for the year ended 31st March 2010 and the financial position of the Group to strengthen further in the current financial year.
Resolution said that in the fourth quarter of 2009 Lombard and Friends Provident International reported strong performances.
Sports Direct International reported that total sales for the 13 weeks ending 24th January 2010 were £370m and gross profit was £154m compared to £355m and £143m respectively for the previous year. Based on the current trading and subject to current exchange rates, the Company is now targeting underlying EBITDA of at least £160m.
Rio Tinto announced underlying earnings of $6.3b for the full year to 31st December 2009. The Board has recommended a final dividend of 45 cents, which after no interim dividend is down 60% on the total dividend for the previous year of 111.22 cents.
Thomas Cook Group is confident that it will perform in line with expectations for the full year.
Smith & Nephew released preliminary results for 2009 in which it reported a 2% increase in revenue and a 15% increase in trading profit to $3,772m and $857m respectively. The second interim dividend has been increased by 10% to 8.93 cents.
Catlin Group reported record profit before tax of $603m for the year ended 31st December 2009. The total dividend for the year has been increased by 8% to 25p.
BT Group released results for the third quarter with revenue down 4% to £5,198m. Adjusted EBITDA was up 11% to £1,444m largely due to improvements in BT Global Services. The Board expects to deliver adjusted EBITDA of around £5.7b and free cash flow of around £1.7b for the full year. The Company also announced their agreement on the triennial actuarial valuation and recovery plan for the pension fund and the deficit as at 31st December 2008 was £9.0b. As previously announced, BT will make deficit payments of £525m per annum for the first three years of the 17 year recovery plan, the first payment of which was made in December 2009. The payment in the fourth year will be £583m, then increasing at 3% per annum.
Mouchel Group said that it has made good progress in the six months ended 31st January 2010 and continues to trade in line with the Board’s expectations. The Company announced contract wins totalling up to £550m.
Anglo American has announced that it has undertaken to subscribe in full to its entitlement to the $1b rights issue announced today by its 45% owned associate company, De Beers. Anglo American will invest $450m in equity as part of a commitment by each of the three shareholders in De Beers to pro rata equity contributions.
Wednesday 10th February
Yesterday the FTSE 350 Index closed up 0.3% at 2675.1.
BHP Billiton released results for the half year ended 31st December 2009 in which it said record sales in three key commodities delivered a sound financial performance. However, lower commodity prices and a weak US dollar adversely impacted earnings compared to the prior period. Overall, revenue was down 17.5% to $24,576m while Underlying EBITDA was down 22.2% to $10,838m. The interim dividend has been increased by 2.4% to 42.0 cents.
Hargreaves Lansdown saw revenue increase 14% to £74.6m in the six months ended 31st December 2009. As a result profit before tax for the period was up 16% to £43.1m. Total assets under administration increased 58% in the period to £15.6b. The Board has declared a total interim dividend of 9.6p comprising an interim dividend of 8.0p and a special dividend of 1.6p.
Synergy Health said that overall trading continued in line with the first half of the year and the Company remains on track to meet the Board’s expectations for the full year.
Dana Petroleum has made a second gas discovery in the West El Burullus concession, offshore Nile Delta, Egypt.
Tuesday 9th February
Yesterday the FTSE 350 Index closed up 0.5% at 2665.8.
Victrex reported that Group sales volume for the four months to the end of January amounted to approximately 714 tonnes. The Group remains in a strong financial position with a healthy balance sheet and good cash generation and there have been no significant changes in the financial position of the Company since 30th September 2009.
Pennon Group said that performance since the 1st October 2009 has been in line with management expectations.
Mothercare has announced a strategic partnership with Boots to design, source and supply a new children’s clothing and accessories brand to be sold exclusively through Boots stores in the UK and the Republic of Ireland.
888 Holdings reported total operating income of $68m for the fourth quarter, a 14% increase compared to the same quarter the previous year and up 12% compared to the previous quarter. Current trading for 2010 has started well with average daily operating income up more than 7% on the previous quarter.
Homeserve has announced a second interim dividend of 24p. The payment of a second interim dividend, together with the first interim dividend of 11.5p, matches last year’s full year dividend and represents the acceleration of part of the final dividend payment. It remains the Board’s intention to pay a final dividend which will be announced as part of the preliminary results in May, the quantum of which will take into account the second interim dividend payment.
TUI Travel saw revenue decline by 8% in the first quarter of the year to £2,533m. The Group reported an underlying operating loss of £107m primarily due to the planned capacity-led volume reductions and continued competitive and yield pressure in Corsair. With seven weeks remaining in Q2 results for the first half are expected to be in line with expectations.
The British Land Company released third quarter results in which it reported an increase in NAV of 18% to 438p. Portfolio valuation is up 8.2% with strong growth in all sectors. A quarterly dividend of 6.5p has been announced.
Beazley delivered strong profits and growth in 2009 with profit before tax up 15% to £100.7m. A second interim dividend of 4.7p has been announced, taking the full year dividend to 7.0p, up 6% on the previous year.
Monday 8th February
On Friday the FTSE 350 Index closed at 2652.3, a fall of 1.6% on the day and 2.4% on the week.
Randgold Resources announced a 30% increase in its dividend to 17 cents a share after reporting an increase in attributable profits from $42m to $69.5m.
The BSS Group has acquired UGS for £5.1m.
Tullow will progress the sale of Tullow Uganda to Heritage Oil following the withdrawal of ENI from the deal.
Xstrata has returned to paying dividends with a final of 8 cents after reporting an attributable profit of $2.7 billion down from $4.7b.
Alliance Pharma is to buy Cambridge Laboratories for up to £16.4m part funded by a vendor placing of £7.5m. It is also reported that the Group's PBT for 2009 will be not less than £8.5m and that it expects to declare a final dividend of 0.23p a share.
St Modwen Property is not recommending paying a dividend after reporting a trading profit of £8.4m.
Anglo American announced that it will subscribe in full to the $1.6 billion rights issue announced by its 79.72% owned subsidiary Anglo Platinum.
Friday 5th February
Yesterday the FTSE 350 Index closed down 2.2% at 2695.1.
Electrocomponents saw a sharp improvement in sales in the period 1st October 2009 to 31st January 2010. There has been no significant change in the Group’s financial position during the period. As a result of the improving sales trend it is anticipated that headline profit before tax will be at the upper end of market expectations.
British Airways reported a nine month operating loss of £86m and a loss before tax of £342m. Overall revenue was down 12.9% while costs were down 10.5%.
ICAP has agreed to acquire all the outstanding share capital of TriOptima AB, the leading post-trade financial technology company, for an initial e109m in cash. The Company also reported that Group revenue for the three months ended 31st December 2009 was slightly ahead of the same period last year and consistent with expectations.
Compass Group has had a good start to the year. Organic revenue has improved from a decline of approximately 3% in the fourth quarter of 2009, to a decline of 1.7% in the first quarter of the year. The Company has also been able to deliver an improvement in operating margin compared to the same period last year.
BG Group said that production volumes were up 4% for the full year 2009 although total operating profit was down 28% to £3,773m. The Board has recommended a final dividend of 6.73p, bringing the full year dividend to 12.35p, an increase of 10% over last year.
Liberty International has noted the recent press speculation in relation to a potential separation of Liberty International into two separate businesses, a shopping centre business and a London focussed business. The Board confirms that it is actively considering a reorganisation of the group by way of a demerger of a London focussed entity from its shopping centre business, Capital Shopping Centres. Such a transaction requires a number of third party approvals which have been requested and some of which are currently outstanding. The Board will only be in a position to decide whether to proceed or not once it has progressed these matters further. A further announcement will be made when appropriate.
Thursday 4th February
Yesterday the FTSE 350 Index closed down 0.6% at 2754.4.
Yell Group released third quarter results which were slightly ahead of expectations with declines stabilising and strong cash flow. Revenue was down 8.0% to £1,522.9m while profit after tax was down 61.9% to £47.6m. EBITDA for the full year is expected to be at least £600m.
McBride saw revenue increase 5% to £412.4m in the half year ended 31st December. The interim dividend has been increased by 18% to 2.0p.
Aviva increased sales across all regions in the fourth quarter. Life and pensions sales were up 21% on the third quarter at £8b. The IGD solvency surplus is estimated at £4.5b compared to £2.0b for the previous year.
National Grid continues to trade in line with expectations, delivering both strong operational performance and financial performance this year.
Vodafone reported an increase in Group revenue of 10.3% to £11.5b in the quarter ended 31st December 2009. Adjusted operating profit for the year is expected to be in the range of £11.4b to £11.8b.
Unilever released full year results for 2009 in which it saw underlying sales growth of 3.5% while turnover declined by 1.7% to e39,823m. Overall net profit was down by almost a third to e3,659m. As previously announced the Company has moved to the payment of quarterly dividends and has declared a first quarterly dividend of e0.195.
Royal Dutch Shell said that full year 2009 earnings, on a current cost of supplies basis, were $9.8b compared to $31.4b a year ago. A fourth quarter 2009 dividend has been announced of $0.42, an increase of 5% over the dividend for the same period in 2008.
Wednesday 3rd February
Yesterday the FTSE 350 Index closed up 0.8% at 2770.6.
Chloride Group said that trading in the third quarter was in line with management expectations.
Eurasian Natural Resources Corporation reported that group production volumes for the quarter ended 31st December 2009 further improved on the levels of Q3 2009, in line with expectations.
Carpetright saw group sales increase 7.0% in the 13 weeks to 30th January 2010. Expectations for the full year remain unchanged.
PartyGaming announced that group revenue was up 32% versus the prior year and up 17% versus the previous quarter to $132.2m. EBITDA for the full year is expected to be slightly ahead of the Board’s expectations.
Autonomy Corporation released record Q4 and full year results with strong organic growth. Full year EPS was up 42%, with record revenue of $740m, up 47%, and record profit before tax of $323m, up 55%.
Scottish and Southern Energy remains on course to deliver the financial and operational goals for the period to 31st March 2010.
Tuesday 2nd February
Yesterday the FTSE 350 Index closed up 1.1% at 2748.0.
Dairy Crest Group said that profit before tax for the nine months ended 31st December is slightly ahead of expectations, buoyed by a strong performance in the last three months.
Babcock International Group reported that overall trading for the Group remains consistent with expectations and there has been no significant change to market conditions.
ARM Holdings saw revenue fall by 10% in the final quarter of the year to £85.2m. As a result profit before tax was down slightly to £32.3m. The full year dividend has been increased by 10% to 2.42p.
BP announced a fourth-quarter replacement cost profit of $3,447m, compared with $2,587m a year ago, an increase of 33%. For the full year, replacement cost profit was $13,955m compared with $25,593m a year ago, down 45%. The quarterly dividend is to be maintained at 14 cents.
Cable & Wireless set out the final steps for the de-merger of the business into two separate businesses. The total dividend for 2009/10 has been reconfirmed at 9.5p to be split between Cable & Wireless Communications (3.34p) and Cable & Wireless Worldwide (3.0p). The aggregate dividend for 2010/11 has also been confirmed at 9.5p, subject to final trading performance to be split 5p and 4.5p between the two companies respectively. The Company also reconfirmed the EBITDA guidance for the full year.
Shanks Group said that whilst underlying trading remains satisfactory, due in principal to the exceptionally adverse weather conditions, the outcome for the year is now expected to be slightly below the Board’s previous expectations.
Imperial Tobacco Group confirmed that the overall performance and financial position of the Group for the financial year to 30th September 2010 is in line with the Board’s expectations.
Monday 1st Febraury
On Friday the FTSE 350 Index closed up 0.8% at 2718.2, a fall of 2.0% over the week.
Cranswick saw the positive trading performance in the first half of the year continue into the three months to December 2009. Total sales in the period were up 31% on the previous year at £200m.
Dimension Data Holdings traded in line with expectations in the period from 1st October 2009 to 31st January 2010. Guidance for the full year remains unchanged.
Dawson International said that a strong final quarter from both the UK and US knitwear businesses more than offset continued weakness in the Home Furnishings business and so it is anticipated that sales and profit for continuing operations will be ahead of market expectations for the full year.
Evolution Group reported that the Group’s strong performance continued into the final quarter with full year revenues more than double the previous year. Full year earnings are expected to be in line with market expectations.
SThree released preliminary results for the year ended 29th November 2009 in which it reported a reduction in revenue of 17.8% to £519.4m while profit before tax was down 67.9% to £18.0m. A final dividend of 8.0p has been proposed meaning the total dividend for the year has been maintained at 12.0p.
Mouchel Group has entered into an arrangement with its banks, as a precautionary measure, to ease the fixed charge cover covenant on its banking facilities.
Xstrata announced record annual production of thermal coal, mined nickel, zinc in concentrate and lead metal. The Company also said that there were stronger second half volumes of chrome, platinum, semi-soft and coking coal, with a significant increase in fourth quarter volumes across almost all commodities compared to the third quarter.
Friday 29th January
Yesterday the FTSE 350 Index closed down 1.3% at 2697.7.
Mitie Group has performed well since 1st October 2009 and has had a good start to the second half of the year. Earnings continue to grow in line with management expectations and the Board is confident that earnings for the full year will also meet expectations.
Marston’s said that trading over the 16 weeks to 23rd January 2010 has been encouraging and in line with expectations.
F&C Asset Management saw assets under management fall £1.4b to £97.8b in the period ended 31st December 2009.
Thursday 28th January
Yesterday the FTSE 350 Index closed down 1.1% at 2731.8.
Lonmin reported a solid start to the year and reiterated its 2010 sales guidance of 700,000 ounces of platinum.
A. G. Barr announced that sales over the first quarter of the year exceeded expectations following continued strong performance from its carbonate brands, including Irn-Bru and an excellent overall performance from the Rubicon brand. Total sales revenue for 2009/10 is expected to reach £200m and full year profit is also expected to be ahead of market expectations.
Brewin Dolphin Holdings saw income in the first quarter increase 11.5% to £56.9m while total funds under management increased 5.9% to £21.7b.
VT Group continues to perform well in the second half of the financial year and is making good progress towards meeting the Board’s expected performance for the full year.
Robert Wiseman Dairies reported excellent performance for the second half-year to date in an interim management statement released today with the Company’s sales volumes and turnover for the seventeen week period to 23rd January 2010 slightly ahead of management’s expectations. The Board is proposing a second interim dividend of 12.25p. In light of this, the Company is unlikely to make a final dividend payment in September. This second payment will make a total dividend to date of 18p in respect of 2009/10, compared with a total payout in 2008/09 of 15p.
Eaga said that revenue rose 15.3% to £391.5m in the six months ended 30th November 2009. The interim dividend has been increased 10% to 1.21p.
British Sky Broadcasting saw total revenue increase 10% in the first half of the year to £2.9b. Operating profit was up 4% to £401m. The interim dividend has been increased by 5% to 7.875p.
Wednesday 27th January
Yesterday the FTSE 350 Index closed up 0.3% at 2760.8.
W H Smith said that the Group delivered a good performance during the period. The Company made further progress in its High Street business and the Travel business continued to perform well, despite soft passenger numbers at airports. Although the Board remains cautious about consumer spending, it has planned accordingly and is confident in the outcome for the full year.
Britvic reported total revenues of £242.7m for the 12 weeks to 20th December 2009, an increase of 11.0% on the prior year. The Board is confident of meeting expectations for the 53-week financial year ending 3rd October 2010.
Johnson Matthey performed well in the third quarter with group sales excluding precious metals 9% ahead of the same period last year. Overall, the results for the full year are expected to be slightly ahead of current market consensus expectations.
Greene King is confident that it will meet expectations for the financial year.
Tuesday 26th January
Yesterday the FTSE 350 Index closed down 0.8% at 2753.2.
Sage Group said that trading for the period was consistent with management expectations.
De La Rue reported strong trading since the 26th September 2009, with banknote and paper volumes showing an increased run rate compared to the first half of 2009/10 and well ahead of the comparable period last year. The Board remains confident in the Group’s outlook for the year which is in line with previous expectations.
PZ Cussons released its half yearly reported for the six months ended 30th November 2009. Revenue was up slightly by 0.7% to £369.9m while profit before tax was up 28.4% to £44.7m. The interim dividend has been increased to 1.930p from 1.185p reflecting an underlying increase of 10% and a rebalancing of the interim / final payout ratio in line with normal practice.
Monday 25th January
On Friday the FTSE 350 Index closed at 2773.94,a fall of 0.6% on the day and 2.7% on the week.
Hiscox reported that it continues to benefit from a benign period for catastrophe losses. It intends to announce a second interim dividend instead of a final in March at a level to be determined then.
Friday 22nd January
Yesterday the FTSE 350 Index closed at 2792.06, a fall of 1.5%.
Stobart Group reported that it is confident of meeting expectations for year end pre-tax profits.
Halma is to buy SphereOptics for £1.5m.
Close Brothers said it remains confident that it will deliver a good overall result for the first half and a solid outcome for the year dependent on the prevailing economic and financial conditions.
Invensys said it produced an operating profit for the last quarter of 2009 and expects to deliver an improvement in performance in the current year.
Thursday 21st January
Yesterday the FTSE 350 Index closed down 1.6% at 2833.4.
Enterprise Inns said that trading in the year has been variable, although generally strong Christmas trade brought a welcome uplift in sales for many of its licensees. Across the whole estate the decline in average net income per pub eased to around 4%, having fallen by 8% during the last financial year.
PayPoint reported that bill and general payment transactions in the UK are in line with expectations. Earnings before tax and interest for the period to 27th December are in line with pre-rated market expectations, taking seasonality of trading into account.
easyJet announced an increase in total revenue of 10.5% to £607.5m for the quarter ended 31st December 2009. Economic conditions remain challenging and the Company continues to expect a tough trading environment. However, the underlying performance of the business in the first quarter has been encouraging and the Company remains on track to deliver substantial profit improvement during 2010.
BTG said that Group performance in the second half of the year has been in line with the Board’s expectations, and BTG remains on track to deliver the planned synergies and cost savings anticipated from the acquisition of Protherics.
BlueBay Asset Managment released a second quarter trading statement in which it said assets under management increased 10.4% to $34.3b. Performance fees for the six month period ended 31st December 2009 will amount to £20.1m.
London Stock Exchange Group saw revenue decline 9% to £154.9m in the third quarter compared to the same period the previous year. Market conditions are expected to remain testing in the current quarter.
Wm Morrison Supermarkets said the Group traded well through the Christmas period, continuing strong momentum already reported. In the 6 weeks to 3rd January total sales excluding fuel were up by 11.2%. Like-for-like sales grew by 6.5%. The Board’s expectations for the full year remain unchanged.
Petropavlovsk announced that the Group’s total attributable gold production for the full year ended 31st December 2009 increased by 21% compared to 2008 to 486,800oz, which is in the upper half of the Group 2009 original production target. In light of the excellent preliminary results the Board has declared an interim dividend of 7.0p. No final dividend will be paid but in future years the Board expects to pay both interim and final dividends.
SSL International remains confident of achieving its stated target of increasing earnings per share by 50% over three years to March 2012.
Wednesday 20th January
Yesterday the FTSE 350 Index closed up 0.3% at 2878.8.
JD Wetherspoon said that like-for-like sales increased by 1.2% in the first quarter of the year. The Company expects operating margins for the first half year ending 24th January 2010 to be in line with the same period last year, with the benefit from lower energy costs being off-set by a higher level of repairs expenditure.
BHP Billiton released a production report for the half year ended 31st December 2009. Production of petroleum and iron ore was at record levels while records were also set for nickel and zinc. The Company expects some degree of volatility in the short term outlook for commodities.
Kesa Electricals saw total Group revenue growth of 1.3% in the period 1st November 2009 to 8th January 2010.
William Hill expects total Group net revenue for the full year to have increased by approximately 4% compared with 2008 and earnings before interest and tax to be around £250m.
Soco International anticipates operating profit for 2009 to be broadly in line, on a basis pro-rata to production, with that achieved in 2008 on continuing operations. The Company also announced a proposed placing of up to 7m new shares which will give the Company financial flexibility to exploit fully its asset base whilst meeting all of its mid-term financial commitments.
Tuesday 19th January
Yesterday the FTSE 350 Index closed up 0.7% at 2870.8.
Pearson expects to report headline growth in adjusted earnings per share of around 10%, ahead of previous guidance and the current consensus of market expectations.
Burberry Group announced total sales of £380m in the third quarter, up 12% on an underlying basis. As a result the Board expects adjusted profit before tax for the financial year to be towards the upper end of market expectations.
SABMiller said that the financial performance of the Group in the third quarter was in line with expectations.
Land Securities Group announced a third interim dividend payment of 7.0p which will be paid entirely as a Property Income Distribution.
The Carphone Warehouse has increased its guidance for the full year following strong results for the third quarter. Headline EPS for March 2010 is now expected to be at the top end of the existing 14.0p to 15.0p range.
Kraft Foods has made a recommended final offer for Cadbury which the Board of Cadbury unanimously recommends Cadbury Securityholders to accept. Under the terms of the offer, Cadbury shareholders will be entitled to receive 500p in cash and 0.1874 new Kraft Foods shares. In addition, Cadbury shreholders will be entitled to receive 10p per Cadbury share by way of a Special Dividend following the date on which the Final Offer becomes or is declared unconditional.
Monday 18th January
On Friday the FTSE 350 Index closed down 0.7% at 2851.7, a fall of 1.4% over the week.
SDL expects revenue for the year ended 31st December 2009 to be in the range of £171m to £172m, slightly ahead of analyst consensus forecast. Profit before tax is also expected to be slightly ahead of forecasts at around £30m.
Taylor Wimpey said that market conditions in both the UK and North America during 2009 were better than those experienced during 2008, although they still remained challenging. The Group continued its focus on cash generation with net debt being reduced from £1,529m as at 31st December 2008 to around £750 as at 31st December 2009. The Board expects to report full year results in line with expectations.
Friday 15th January
Yesterday the FTSE 350 Index closed up 0.4% at 2872.4.
Balfour Beatty said that overall trading and the order book remain in line with the Interim Management Statement of 11th November 2009.
Spectris expects sales for the full year to match the prior year, including a contribution from acquisitions of 6% and beneficial effects from currency of 10%. Adjusted operating profit is expected to be in line with market expectations.
Experian delivered growth in line with expectations during the third quarter. For the year as a whole the Company remains on track to grow profits at constant currency and deliver strong free cash flow.
Man Group reported funds under management of $42.4b as at 31st December 2009 compared to $44.0b as at 30th September 2009. The Board believes that the Company remains well placed to grow assets.
QinetiQ said that conditions since the interim management statement have not improved and delays have been seen in orders from government customers both in the UK and US. The Board now believes that the normal trading pattern of a seasonally stronger second half performance will not occur in the current financial year. As a result, the Group’s performance in the second half is expected to be broadly similar to that of the first half.
Thursday 14th January
Yesterday the FTSE 350 Index closed down 0.4% at 2861.1.
Big Yellow Group saw occupancy levels fall in the traditionally weakest trading quarter as anticipated, although performance in the month of December was ahead of expectations. Current trading has led to increased optimism for 2010 although the Board still believe that it will remain a patchy year for the business.
Associated British Foods released an interim management statement for the 16 weeks to 2nd January 2010 in which it said Group revenue was up 17%. Overall trading is ahead of expectations.
Filtrona has traded in line with expectations since the interim management statement released on 23rd October 2009.
HMV Group saw total group sales increase 6.7% in the five weeks to 2nd January 2010, with like-for-like sales down 1.2%. The Board remains confident in the outlook for the Group for the current financial year.
Halfords Group said that operating profit in the quarter was ahead of management expectations reflecting the strong performances from higher margin product categories, margin enhancing initiatives and continued control of costs. As a consequence, earnings for the full year are expected to be towards the upper end of market expectations.
Mothercare reported an increase in total group sales of 4.6% in the third quarter ended 8th January 2010.
Misys announced an increase in adjusted operating profit of 11% for the six months ended 30th November 2009. Revenue was up 29% to £361m. As in the previous year, the Board is not recommending a dividend for this period. The board is comfortable with earnings expectations for the full year.
Home Retail Group expects Group benchmark profit before tax for this financial year to be about £20m ahead of the current market consensus of £265m.
Premier Foods anticipates trading profit of around £320m, an increase of approximately 3.5% on 2008 and net regular interest of around £155m. Adjusted profit before tax is expected to be around £165m.
DSG International said that underlying group sales were up 11% in sterling and like-for-like sales were up 8% for the 12 weeks ended 9th January 2010.
Premier Oil estimated average production for the full year 2009 was 44.2 kboepd in line with previous guidance. Group production in 2010 is expected to be at a similar level to that of 2009.
Barratt Developments expects completions for FY 2010 to be around 12,000 units with average selling prices increasing by around 8 to 10%.
Wednesday 13th January
Yesterday the FTSE 350 Index closed down 0.8% at 2873.9.
Greggs reported strong Christmas sales with total sales up 3.1% and like-for-like sales up 1.1%.
SIG said that sales in the year ended 31st December 2009 were in the range anticipated by management. Full year underlying profit before tax is not expected to be less than current analysts’ consensus expectations of £60m.
Ashmore Group saw assets under management increase 2% to $31.6b as at 31st December 2009. Trading conditions are in line with management expectations and the Group remains confident of its prospects for the current year.
N Brown Group is confident full year performance will be in line with expectations.
Tuesday 12th January
Yesterday the FTSE 350 Index closed up 0.1% at 2896.5.
Dunelm Group saw total sales growth of 26.0% in the first half of the financial year. The Board remains cautious in its expectations for trading in the second half.
Debenhams said that overall performance in the first 18 weeks of the year was in line with expectations.
The Weir Group reported that during the final quarter of the year the Group continued to perform well, with strong profitability and more robust input trends. As a result the Board now expects profit from continuing operations before tax, intangibles amortisations and exceptional items for the 53 weeks ending 1st January 2010 to increase to around £185m.
Moneysupermarket.com confirmed that the Group’s performance for 2009 was in line with that expected at the time of the Interim Management Statement and that it therefore expects adjusted EBITDA for 2009 of around £36m.
The Game Group released a trading statement for the 5 week Christmas period ended 9th January 2010. Total Group sales decreased by 12.1% while like-for-like sales were down 13.8%. Since Christmas, however, the Company has seen significant improvement. Group profit before non-recurring costs and tax for the full year is expected to be between £87m and £93m.
Tesco delivered record Christmas sales with Group sales up 7.5% in the six weeks to 9th January 2010. Preliminary results for 2009/10 will be released on 20th April 2010.
Monday 11th January
On Friday the FTSE 350 Index closed up 0.2% at 2893.4, a rise of 2.5% over the week.
Wolseley has agreed to dispose of 100% of its shareholding in Wolseley Ireland Holdings Ltd to WIBMH Ltd for a total consideration of e26.5m.
Friday 8th January
Yesterday the FTSE 350 Index closed unchanged at 2887.8.
The Restaurant Group expects to report full year results well ahead of the top end of the range of current market forecasts, with net debt significantly lower than at the end of the 2008 financial year.
Spriax-Sarco Engineering said that trading margin for the full year is expected to be broadly similar to the 17.1% achieved in 2008. Pre-tax profits for 2009 are therefore expected to be above the top end of the current range of analyst’s forecasts.
Michael Page International reported full year gross profit of £351.7m, a decrease of 36.4% against 2008. Performance in 2010 is expected to be significantly improved.
Rank Group announced 3% growth in Group revenues for the 52 weeks to 27th December 2009. This performance was due in large to the expansion of the casinos business as well as the effect of tax changes contained in the Budget 2009. As a result of the Group’s resilient trading performance Group adjusted earnings per share for 2009 will be significantly higher than in 2008 and will be above the upper end of analysts’ forecasts.
Mitchells & Butlers said that trading in the new financial year has remained strong, driven by sales growth across many main brands with same outlet like-for-like sales growth of 3.4% in the 6 weeks to 2nd January 2010.
Aberdeen Asset Management has entered into a definitive agreement with The Royal Bank of Scotland to acquire certain fund management assets and contracts and a long-term distribution agreement for certain products. The purchase consideration will be satisfied by a cash payment of £84.7m. To re-finance the cash consideration plus associated costs and regulatory capital for the Acquisition, Aberdeen today also announces a non pre-emptive placing of approximately 84 million new ordinary shares of 10p, which represents 8.3% of the current issued ordinary share capital. The Company also issued an Interim Management Statement in which it said assets under management were 1.4% lower than at 30th September 2009 at £144.1b.
Thursday 7th January
Yesterday the FTSE 350 Index closed up 0.2% at 2887.8.
Pace is on target to meet management expectations for the twelve months ended 31st December 2009.
Rathbone Brothers said that total funds under management as at 31st December 2009 were £13.10b, up 25% compared with £10.46b as at 31st December 2008. It is the board’s intention to recommend the payment of a second interim dividend to be paid in March 2010, in place of a final dividend in May 2010.
Wellstream Holdings reported that the Company has maintained its good performance, delivering revenues ahead of last year and earnings broadly in line with expectations, despite difficult trading conditions.
Sainsbury (J) released a trading statement in which it reported record Christmas performance which completed a strong third quarter. Total sales for the quarter were up 6.2%, with like-for-like sales up 3.8%, while weekly transactions were up one million year-on-year. The Company is well placed to make continued good progress in 2010.
Davis Service Group has made two acquisitions for a combined cash consideration of £44.5m.
Wednesday 6th January
Yesterday the FTSE 350 Index closed up 0.4% at 2883.2.
Domino’s Pizza said that system sales for the fourth quarter were up 15.6% to £112.4m. During the year, a total of £18.0m was returned to shareholders via share buybacks. Full year 2009 profits are expected to be comfortably ahead of expectations.
Marks and Spencer Group released an interim management statement for the 13 weeks to 26th December 2009 in which it reported total group sales were up 2.6%. Trading over the coming year is expected to remain challenging as a result of continuing economic uncertainty.
Tuesday 5th January
Yesterday the FTSE 350 Index closed up 1.7% at 2871.3.
Next reported that total retail sales for the 22 weeks to Christmas Eve were up 4.6%. As a result the full year forecast profit before tax has been upgraded to between £490m and £500m.
Kraft Foods announced today that it is to include a partial cash alternative as part of its offer for Cadbury. Following the definitive agreement to sell the assets of its North American pizza business to Nestle for a total consideration of $3.7b, it will use an amount equivalent to the full net proceeds from the sale (less taxes and deleveraging) to fund a partial cash alternative as part of its offer for Cadbury. Nestle also announced that it does not intend to make, or participate in, a formal offer for Cadbury.
Monday 4th January 2010
The FTSE 350 index closed at 2823.73 on New Years Eve for a gain of 4.3% on the month and a gain of 24.5% over the year.